Recent Research

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  FIRST LOOK NOTES

  06 Feb 2025

  RAKBANK

  BUY

  Last Closing Price

  AED 6.73

  Target Price

  AED 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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• 

  FIRST LOOK NOTES

  01 Nov 2024

  RAKBANK

  BUY

  Last Closing Price

  AED 5.50

  Target Price

  AED 7.15

  Upside (%)

  +30.00%

  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.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  RAKBANK

  BUY

  Last Closing Price

  AED 5.32

  Target Price

  AED 6.30

  Upside (%)

  +18.42%

  Continuation of sales momentum and healthy asset quality boosted profitability

  RAKBANK’s net advances grew 8.9% YOY and 1.0% QOQ to AED 41.0 Bn in 2Q24 driven by growth in Retail, and Business banking segments.

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• 

  FIRST LOOK NOTES

  06 May 2024

  RAKBANK

  BUY

  Last Closing Price

  AED 5.35

  Target Price

  AED 6.15

  Upside (%)

  +14.95%

  Strong loan growth and healthy asset quality supported profitability

  RAKBANK’s net advances grew 11.4% YOY and 2.9% QOQ to AED 41 Bn driven by growth in Retail, Wholesale and Business banking segments in 1Q24. NIMs declined 4 bps YOY and 21 bps QOQ to 4.8% in 1Q24 mainly due to higher cost of funds. While, cost-to-income improved 236 bps YOY to 33.1% in 1Q24.

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• 

  FIRST LOOK NOTES

  08 Feb 2024

  RAKBANK

  BUY

  Last Closing Price

  AED 5.10

  Target Price

  AED 6.15

  Upside (%)

  +20.59%

  Strong loan growth and improved margins supported profitability

  RAKBANK’s net advances grew 9.4% to AED 39.5 Bn in 4Q23. Retail and Wholesale Banking accounted for 47.9% and 28.5%, respectively, of total loans in 2023

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• 

  FIRST LOOK NOTES

  27 Oct 2023

  RAKBANK

  BUY

  Last Closing Price

  AED 5.31

  Target Price

  AED 6.15

  Upside (%)

  +15.82%

  Strong loan growth and product mix boosted profitability

  The Bank continued to maintain its business momentum and facilitated the opening of 3,750 business accounts and disbursed AED 595 Mn business loans in 3Q23. RAKBANK’s asset quality stood deteriorated marginally from 2.6% in 2Q23 to 2.9% in 3Q23 with a coverage ratio of 204.4% in 3Q23

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