UAE Equity Research - National Bank of Ras Al Khaimah (RAKBANK) 3Q24 - First Look Note
Net advances grew strongly, 19.5% YOY and 12.7% QOQ to AED 46 Bn in 3Q24, driven by strong growth across all the segments, particularly in wholesale banking segments. The Bank added 83,000 new customers as of 9M24. NPLs declined 32 bps YOY and 5 bps QOQ to 4.6% in 3Q24, while cost-to-income improved 464 bps YOY to 33.5% in 3Q24.
