Complex Made Simple

RakBank profit up 48%

The National Bank of Ras Al-Khaimah reported a profit of $24m for the half year ended 30 June 2005, a 48% increase over the same period in 2004. The bank said net interest income of $40m, up 31%, was due to an increase in the issue of credit cards, auto loans and mortgage finance. Total assets stood at $1.68bn, an 18% increase from the end of 2004, while the bank's investment portfolio is being diversified and closed at $39.5m.