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December 1, 2023

Fitch Ratings affirms RAKBANK’s ‘BBB+’ rating; outlook stable

Fitch Ratings has affirmed the long-term issuer default rating (IDR) of the National Bank of Ras Al Khaimah (RAKBANK) at ‘BBB+’, with a stable outlook.

Affirming the bank’s rating reflects low default risk and adequate capacity for payment of financial commitments, according to a bourse filing on Thursday.

It is noteworthy to mention that in 2021, RAKBANK recorded a 50% year-on-year (YoY) rise in net profits to AED 758.3 million, compared to AED 505.4 million.