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RAK Bank reports increase in net profit for first half of 2008
The National Bank of Ras Al Khaimah (RAK Bank) has reported a net profit of Dh311.62 million for the first half of 2008, which is 71 per cent higher than the same period in 2007.
Net interest income at Dh402 million increased by 60 per cent compared with June 2007, as a result of growth in the small business, commercial loans, mortgage finance and credit card portfolios, the Bank’s statement said.
The personal banking portfolio continued to grow during the quarter in line with targeted expansion, while the mortgage loan portfolio saw a rise of 18 per cent since the end of 2007.
"The bank continues to invest in product development, technology and other delivery channels and remains in the forefront of emiritisation in the banking industry," the statement said.
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