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The bank expects
“In the midst of current problems, we still see good lending opportunities and, subject to liquidity considerations, we will continue to lend in our chosen markets, particularly the SME segment, which is a crucial component in the economic health of the country,” said Graham Honeybill, General Manager of Rakbank.
The bank has seen an overall very strong performance for the year - its most profitable yet - despite a global financial crisis and adverse local economic conditions.
“The bank has achieved a record performance for 2008, with very positive growth in Retail Loans, the SME sector, Mortgages and Cards,” says Graham Honeybill, General Manager of Rakbank. “It continues to be one of the leading issuers of credit cards in the UAE and has established a strong presence in the retail mortgage market.”
The bank, which is predominantly a retail institution, also said that the liquidity situation continues to remain one of concern despite the monetary infusions by the Ministry of Finance and the emergency liquidity support provided by the UAE Central Bank.
“The greatest challenge for 2009 is sourcing sufficient customer deposits at a realistic rate in order to be able to grow our loan book,” says Honeybill. “That said, the bank is very well-placed to meet the challenges of 2009 and will continue to drive forward and invest in products, services and technology to further improve its offering.”
On the Corporate Banking front, due to the bank’s withdrawal in 2006 from lending in the construction and civil engineering segments outside of its base Emirate, it has a very small residual exposure in those segments and has no exposure to construction involving high-rise office or apartment towers. The Bank’s capital adequacy ratio at the end of the year was 12.3 per cent against a minimum of 10 per cent prescribed by the UAE Central Bank.
The ratio will significantly improve after appropriation of profit for 2008.
abdulbasit@khaleejtimes.com
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