Recent Research

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  FIRST LOOK NOTES

  12 Feb 2026

  RAKBANK

  HOLD

  Last Closing Price

  9.85

  Target Price

  9.50

  Upside (%)

  -3.55%

  UAE Equity Research - National Bank of Ras Al Khaimah (RAKBANK) 4Q25 - First Look Note

  Gross advances grew 11.7% YOY and 3.9% QOQ to AED 55.9 Bn in 4Q25, supported by strong performance across business segments. Reported risk-adjusted NIM remained stable at 3.7% in 2025 compared to 2024, despite the impact of interest rate cuts.

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• 

  FIRST LOOK NOTES

  27 Oct 2025

  RAKBANK

  ACCUMULATE

  Last Closing Price

  7.68

  Target Price

  8.60

  Upside (%)

  +11.98%

  UAE Equity Research - National Bank of Ras Al Khaimah (RAKBANK) 3Q25 - First Look Note

  Net advances grew 10.9% YOY and 5.3% QOQ to AED 51.2 Bn during 3Q25, supported by solid performance across all business segments. Between 2024 and 2025, RAKBANK increased its technology CAPEX by 47% and introduced new offerings, including crypto brokerage and escrow services.

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• 

  FIRST LOOK NOTES

  23 Jul 2025

  RAKBANK

  HOLD

  Last Closing Price

  7.91

  Target Price

  8.60

  Upside (%)

  +8.72%

  National Bank of Ras Al Khaimah (RAKBANK)-2Q25 First Look Note

  Net advances grew 18.7% YOY and 2.3% QOQ to AED 48.7 Bn during 2Q25, supported by solid performance across all business segments. Asset quality slightly improved with the NPL ratio declining from 2.1% in 1Q25 to 1.9% in 2Q25.

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• 

  FIRST LOOK NOTES

  23 Apr 2025

  RAKBANK

  HOLD

  Last Closing Price

  6.60

  Target Price

  7.15

  Upside (%)

  +8.33%

  UAE Equity Research - National Bank of Ras Al Khaimah (RAKBANK) 1Q25 - First Look Note

  Net advances grew 17.2% YOY and 0.8% QOQ to AED 47.6 Bn, supported by solid performance across all business segments. RAKBANK opened more than 5,000 accounts for entrepreneurs and small businesses and disbursed over AED 1.2 Bn in loans during 1Q25.

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  FIRST LOOK NOTES

  22 Apr 2025

  RAKBANK

  HOLD

  Last Closing Price

  6.44

  Target Price

  7.15

  Upside (%)

  +11.02%

  UAE Equity Research - National Bank of Ras Al-Khaimah (RAKBANK) 1Q25 - Earnings Flash

  RAKBANK’s Net profit rose by 22.4% YoY to AED 702.2 Mn in 1Q25 which was higher than our estimate of AED 519, driven by Non-funded Income momentum and improvement in asset quality.

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  FIRST LOOK NOTES

  06 Feb 2025

  RAKBANK

  BUY

  Last Closing Price

  6.73

  Target Price

  7.15

  Upside (%)

  +6.24%

  UAE Equity Research - National Bank of Ras Al Khaimah (RAKBANK) 4Q24 - First Look Note

  Net advances grew strongly, 19.7% YOY and 2.2% QOQ to AED 47.2 Bn in 4Q24, driven by strong growth across all the segments with major increase in retail and wholesale banking.

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