RAKBANK Integrated Annual Report 2022
RAKBANK
INTEGRATED ANNUAL REPORT 2022
The digital bank with a human touch, with our
customers in their key moments of truth
The National Bank of Ras Al Khaimah (P.S.C.) | 0
RAKBANK Integrated Annual Report 2022
His Highness Sheikh Mohammed
Bin Zayed Al Nahyan
President of the United Arab Emirates
His Highness Sheikh Saud Bin Saqr Al Qasimi
Member of the Supreme Council
Ruler of Ras Al Khaimah
His Highness Sheikh Mohammed Bin Saud Bin
Saqr Al Qasimi
Crown Prince of Ras Al Khaimah
Awards and Accolades in 2022
Titanium Award | Best SME Bank | Best SME Bank in UAE |
The Asset ESG Awards | Banking Excellence Awards | Global Finance Magazine |
UAE's SME Bank of the Year | UAE's Mid-Sized Domestic | UAE's Fraud Initiative of the |
Asian Banking & Finance Awards | Retail Bank of the Year | Year |
Asian Banking & Finance Awards | Asian Banking & Finance Awards | |
The Number 2 Top | Excellence in SME Banking | Advertiser of the Year |
Investment House in MENA | Finnovex Awards | MMA Awards |
The Asset Benchmark Research | ||
Machine Learning and AI | Audio Sonic Branding | Customer Experience |
MMA Awards | MMA Awards | MMA Awards |
Data Insights | Lead Generation / Direct | Best Vertical Acceptance |
MMA Awards | Response / Conversions | Product MENA for Skiply |
MMA Awards | EDGE 2022 | |
The National Bank of Ras Al Khaimah (P.S.C.) | 1
RAKBANK Integrated Annual Report 2022
2022 AT A GLANCE
The Year of Performance Reset
2022 in Numbers
Net Profit increased by | Impairment Charges | Gross Loans and | Return on Equity was | ||||||||||||
AED 405.1 million | decreased by | Advances increased by | 13.5% | ||||||||||||
YoY | AED 272.6 million | AED 2,687.9 million | for FY 22 | ||||||||||||
YoY | YoY | ||||||||||||||
Full Year Results | FY'18 | FY'19 | FY'20 | FY'21 | FY'22 | ||||||||||
(AED million) | |||||||||||||||
Net Interest Income | 2,768.7 | 2,802.1 | 2,525.6 | 2,168.4 | 2,489.3 | ||||||||||
Non-Interest Income | 1,058.3 | 1,176.8 | 1,038.4 | 1,062.1 | 962.5 | ||||||||||
Total Income | 3,827.0 | 3,978.9 | 3,564.0 | 3,230.5 | 3,451.8 | ||||||||||
Operating Expenditures | (1,488.3) | (1,570.4) | (1,395.3) | (1,395.6) | (1,484.4) | ||||||||||
Operating Profit Before Provisions | 2,338.7 | 2,408.5 | 2,168.7 | 1,835.0 | 1,967.5 | ||||||||||
for Impairment | |||||||||||||||
Provisions for Impairment | (1,421.1) | (1,313.2) | (1,663.3) | (1,076.7) | (804.0) | ||||||||||
Net Profit | 917.5 | 1,095.3 | 505.4 | 758.3 | 1,163.4 | ||||||||||
Balance Sheet Highlights | FY'18 | FY'19 | FY'20 | FY'21 | FY'22 | ||||||||||
(AED billion) | |||||||||||||||
Total Assets | 52.7 | 57.1 | 52.8 | 57.6 | 66.5 | ||||||||||
Gross Loans and Advances | 34.8 | 36.3 | 32.2 | 35.5 | 38.1 | ||||||||||
Deposits | 34.1 | 36.8 | 36.9 | 38.9 | 44.9 | ||||||||||
Digital Transformation | FY'18 | FY'19 | FY'20 | FY'21 | FY'22 | ||||||||||
Number of Digital Transactions | 4,775,486 | 6,202,560 | 7,499,599 | 9,204,447 | 10,595,609 | ||||||||||
Logins made by Customers | 23,939,907 | 29,891,658 | 32,309,338 | 34,674,183 | 38,310,369 | ||||||||||
Simply Better Customer Satisfaction
Overall Customer Satisfaction score:
87%
(2021: 87%)
The National Bank of Ras Al Khaimah (P.S.C.) | 2
RAKBANK Integrated Annual Report 2022
Diversity and Inclusion at Year-end
% Senior Management positions | Number of nationalities | Emiratisation ratio: |
occupied by women: | represented on RAKBANK | 19% |
workforce: | ||
20% | (2021: 16%) | |
56 | ||
(2021: 18%) | ||
(2021: 49) | ||
Preserving Natural Resources |
Direct Electricity Consumption
21,144 million kWh
(2021: 22,042 million kWh)
Total Water Consumption
48,407 million litres
(2021: 47,480 million litres)
The National Bank of Ras Al Khaimah (P.S.C.) | 3
RAKBANK Integrated Annual Report 2022
Contents | |
2022 At a Glance | 2 |
YEAR IN REVIEW | 7 |
RAKBANK Overview | 10 |
Chairman's Statement | 10 |
Our Business in Context | 12 |
WHO WE ARE | 12 |
WHAT WE DO | 12 |
WHERE WE OPERATE | 13 |
VISION, MISSION, VALUES AND PERSONALITY | 14 |
OUR KEY RELATIONSHIPS | 15 |
OUR BUSINESS MODEL | 16 |
Strategic Review | 17 |
CEO's Statement | 17 |
Our Value Creating Business Strategy | 19 |
Group performance | 21 |
Digital Transformation and Innovation | 25 |
Personal Banking | 26 |
Business Banking | 29 |
Wholesale Banking Group | 31 |
Islamic Banking | 35 |
RAKINSURANCE | 37 |
Sustainability Review | 38 |
Our Sustainability Management Approach | 38 |
A new sustainability management strategy | 38 |
Vision 2031 | 39 |
Looking ahead: Our commitments for 2023 | 39 |
Our Materiality | 40 |
Developing Our Workforce | 43 |
Diversity, Inclusion and Talent Attraction | 43 |
The National Bank of Ras Al Khaimah (P.S.C.) | 4