RAKBANK net profits up 51pc

In a statement, the bank said its net interest income also jumped by 47 per cent to Dh398 million from January to September due to growth in the mortgage finance, commercial loan and credit card portfolios. It stressed that the bank enhances fee income by providing customers quality services. It said that fees, commission and other income reached Dh259 million, a 29-per cent increase from January to September 2006. "The bank continues to invest in product development, technology and other delivery channels and remains in the forefront for Emiritisation in the banking industry," the statement said. It added that gross loans and advances totalled Dh8 billion, up 13 per cent from the whole 2006 and an increase of 18 per cent compared to the first nine months last year.

Customer deposits were up by Dh1.2 billion from the end of 2006 mostly in time deposits and transaction account deposits, it said.

"The growth in the asset book has been supported by a combination of increases in customer deposits and shareholders' equity," it added. It stressed that total assets amounted to Dh10.31 billion as of end-September, a 17 per cent increase from Dh8.84 billion posted by end-2006.