23/10/2026 03:11 AST
Rakbank reported a 21.3 per cent increase in net profit for the first nine months of 2026, driven by lending growth across its core businesses, stronger fee-based income and a one-off gain from the sale of part of its payments business.
The UAE lender posted profit after tax of Dh2.5 billion for the nine months ended September 30, compared with the same period a year earlier. The results included a Dh473 million gain from the sale of its merchant acquiring business.
Total assets rose 21 per cent year-on-year to Dh120.2 billion, while deposits increased by the same rate to Dh79.6 billion, underscoring continued balance-sheet expansion in a banking sector benefiting from strong economic activity and business formation across the UAE.
The bank said growth was recorded across its personal, business and wholesale banking divisions, supported by an 11 per cent increase in current and savings account balances to Dh48.3 billion. It also added 12,000 small and medium-sized enterprises to its customer base during the period and extended Dh4.2 billion in new financing.
"Rakbank delivered Dh2.5B of profit after tax in 9M'26, up 21.3% YoY, reflecting growth across our core businesses, a diversified income stream and disciplined execution," the bank said in its results statement.
The lender's asset quality also improved during the period. Impaired loans declined to 1.7 per cent, while Stage 3 loan coverage stood at 85.9 per cent, which the bank described as among the strongest levels in the sector.
Capitalisation and liquidity remained robust, with a capital adequacy ratio of 18.4 per cent and an Eligible Liquid Asset Ratio (ELAR) of 14.5 per cent.
Profitability metrics strengthened further, with return on equity reaching 23.3 per cent and return on assets at 3.1 per cent.
Alongside its financial performance, Rakbank said it continued to invest in digital banking services, including a refreshed brand identity and a new personal banking mobile application.
"A diversified business and durable earnings continued to deliver outstanding returns, with ROE at 23.3% and ROA at 3.1%," the bank said, adding that it was investing "in the future with our refreshed brand and new Personal Banking mobile app bringing together simpler, more intuitive digital experiences with the human touch".
Khaleej Times
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