Recent Research

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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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  FIRST LOOK NOTES

  01 Nov 2024

  RAKBANK

  BUY

  Last Closing Price

  5.50

  Target Price

  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

  5.32

  Target Price

  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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