RAKBank reaped double-digit earnings growth last year after switching focus from consumer lending to small business loans, dodging a bigger impact from regulation of retail banking.
The bank, based in Ras Al Khaimah, reported full-year net profit of Dh1.2 billion (US$326.7 million) for last year, an increase of 20 per cent on the previous year.
The bank performed strongly despite difficult trading conditions, said Graham Honeybill, its chief executive.
The ability to secure "Working Capital" when we need it is one of the biggest challenge faced by business owners these days! Getting cash advances or cash in advance for businesses is becoming more difficult even for businesses with long-term banking relationships.
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