The National Bank Of Ras Al KhaimahADX: RAKBANK

Q1 Results (results q1 2025 en)

Apr 20, 2025 at 10:00 PM UTC · Issued by The National Bank Of Ras Al Khaimah

The National Bank of Ras Al-Khaimah (P.S.C.) Review report and condensed consolidated interim financial information for the period from 1 January 2025 to 31 March 2025

The National Bank of Ras Al-Khaimah (P.S.C.)

TABLE OF CONTENTS Pages Report on review of interim financial information 1 Condensed consolidated interim statement of financial position 2 Condensed consolidated interim statement of profit or loss 3 Condensed consolidated interim statement of comprehensive income 4 Condensed consolidated interim statement of changes in equity 5 Condensed consolidated interim statement of cash flows 6 Notes to the condensed consolidated interim financial information 7 - 37

Deloitte & Touche (M.E.) Building 2, Level 3 Emaar Square Downtown Dubai

P.O. Box 4254

Dubai

United Arab Emirates

Tel: +971 (0) 4 376 8888

Fax:+971 (0) 4 376 8899

https://www.deloitte.com

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

The Board of Directors The National Bank of Ras Al-Khaimah (P.S.C.) Ras Al Khaimah United Arab Emirates

Introduction

We have reviewed the accompanying Group condensed consolidated interim statement of financial position of The National Bank of Ras Al-Khaimah (P. S.C.) (the "Bank") and its Subsidiaries (together referred to as the "Group") as at 31 March 2025 and the related Group statements of profit or loss, comprehensive income, changes in equity and cash flows for the three-month period then ended and a summary of material accounting policy information and other explanatory notes. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard 34 Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Other matter

The consolidated financial statements of the Group for the year ended 31 December 2024 were audited by another auditor who expressed an unmodified opinion on those statements on 23 January 2025. The interim financial information of the Group for the three-month period ended 31 March 2024 was reviewed by another auditor who expressed an unmodified conclusion on 26 April 2024.

Deloitte & Touche (M.E.)

Musa Ramahi Registration No. 872

21 April 2025 Dubai

United Arab Emirates

Akbar Ahmad (1141), Cynthia Corby (995), Faeza Sohawon (5508), Firas Anabtawi (5482), Georges Najem (809), Jazala Hamad (1267), Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Nurani Subramanian Sundar (5540), Obada Alkowatly (1056), Rama Padmanabha Acharya (701) and Samir Madbak (386) are registered practicing auditors with the UAE Ministry of Economy.

The National Bank of Ras Al-Khaimah (P.S.C.)

Condensed consolidated interim statement of financial position as at 31 March 2025

Notes

31 March

2025

31 December

2024

(Unaudited)

(Audited)

AED'000

ASSETS

Cash and balances with UAE Central Bank

9,870,601

8,770,312

Due from other banks, net

12,504,187

12,360,600

Investment securities measured at fair value

9,519,947

9,159,322

Investment securities measured at amortised cost

8,000,515

7,444,281

Loans and advances, net

47,590,410

47,223,940

Reinsurance contract assets

219,318

231,578

Customer acceptances

187,640

406,612

Other assets

1,833,562

1,682,252

Property and equipment

580,806

552,246

Right-of-use assets

120,240

117,632

Goodwill and intangible assets

376,453

376,632

Total assets

90,803,679

88,325,407

LIABILITIES AND EQUITY

LIABILITIES

Due to other banks

6,929,184

7,099,475

Deposits from customers

61,037,794

59,649,678

Customer acceptances

187,640

406,612

Debt securities issued and other long-term borrowings

5,718,590

4,937,818

Insurance contract liabilities

451,151

481,321

Other liabilities

3,859,843

2,922,985

Lease liabilities

108,410

106,807

Deferred tax liability

16,536

8,921

Subordinated note

915,279

915,111

Total liabilities

79,224,427

76,528,728

EQUITY

Share capital

2,011,495

Legal reserve

1,128,804

Retained earnings

5,151,209

5,458,933

Other reserves

3,253,865

3,166,371

Equity attributable to owners of the Bank

11,545,373

11,765,603

Non-controlling interests

33,879

31,076

Total equity

11,579,252

11,796,679

Total Liabilities and Equity

90,803,679

88,325,407

This condensed consolidated interim financial information was duly approved and authorised by the Board of Directors on 21 April 2025 and signed on their behalf by:

Raheel Ahmed

Chief Executive Officer Chief Financial Officer

The accompanying notes form an integral part of these condensed consolidated interim financial information. 2

Three months period

Notes ended 31 March

		2025 (Un-audited) AED'000	2024 (Un-audited) AED'000
Interest income	18	1,117,383	1,091,194
Interest expense	18	(370,248)	(306,310)
Net interest income		747,135	784,884
Income from Islamic financing	19	183,953	158,564
Distribution to depositors	19	(64,199)	(63,997)
Net income from Islamic financing		119,754	94,567
Net interest income and net income from Islamic financing		866,889	879,451
Net fees and commission income	20	188,018	160,976
Foreign exchange & derivative income		97,578	84,863
Investment income	21	126,451	43,284
Insurance revenue		126,005	141,101
Insurance expense		(128,916)	(155,199)
Other operating income		24,235	19,829
Non-interest income		433,371	294,854
Operating income		1,300,260	1,174,305
General and administrative expenses	22	(434,375)	(388,463)
Operating profit before net impairment charge and tax		865,885	785,842
Net impairment charge	23	(93,713)	(156,553)
Profit for the period before tax		772,172	629,289
Income tax expense	24	(67,677)	(55,097)
Profit for the period after tax		704,495	574,192
Attributed to: Owners of the Bank		702,215	573,487
Non-controlling interests		2,280	705
Profit for the period Earnings per share:		704,495 =============	574,192 =============
Basic and diluted in AED	25	0.35 =============	0.29 =============

Three months period

ended 31 March

Profit for the period after tax	2025 (un-audited) AED'000 704,495	2024 (un-audited) AED'000 574,192
Other comprehensive income/(loss): Items that will not be reclassified subsequently to profit or loss: Changes in fair value of financial assets measured at fair value through other comprehensive income, net (equity instruments)	12,041	(8,876)
Loss on sale of equity investments held at fair value through other comprehensive income	(4,606)	-
Income tax expense related to the above	(669)	799
Items that may be reclassified subsequently to profit or loss: Changes in fair value of financial assets measured at fair value through other comprehensive income, net (debt instruments)	92,481	27,369
Profit on sale of debt instruments transferred to profit and loss	(8,266)	(7,930)
Net changes in fair value arising from cash flow hedges	460	(11,316)
Deferred tax expense related to the above	(7,615)	(729)
Other comprehensive income/(loss) for the period	83,826	(683)
Total comprehensive income for the period Attributed to:	788,321 =============	573,509 =============
Owners of the Bank	785,518	572,851
Non-controlling interests	2,803	658
Total comprehensive income for the period	788,321 =============	573,509 =============

The National Bank of Ras Al-Khaimah (P.S.C.)

Condensed consolidated interim statement of changes in equity for the period from 1 January 2025 to 31 March 2025

Equity

	Share capital	Legal reserve	Retained earnings	Other reserves	attributable to owners of the Bank	Non- controlling interests	Total
	AED'000	AED'000	AED'000	AED'000	AED'000	AED'000	AED'000
Balance at 1 January 2024 (audited)	2,011,495	1,128,804	4,019,394	3,167,378	10,327,071	27,456	10,354,527
Profit for the period	-	-	573,487	-	573,487	705	574,192
Other comprehensive loss	-	-	-	(636)	(636)	(47)	(683)
Total comprehensive income for the period	-	-	573,487	(636)	572,851	658	573,509
Dividend paid during the period (Note 15)	-	-	(623,563)	-	(623,563)	-	(623,563)
At 31 March 2024 (un-audited)	2,011,495	1,128,804	3,969,318	3,166,742	10,276,359	28,114	10,304,473
Balance at 1 January 2025 (audited)	2,011,495	1,128,804	5,458,933	3,166,371	11,765,603	31,076	11,796,679
Profit for the period	-	-	702,215	-	702,215	2,280	704,495
Other comprehensive (loss)/gain	-	-	(4,191)	87,494	83,303	523	83,826
	----------------------	----------------------	----------------------	----------------------	----------------------	----------------------	----------------------
Total comprehensive income for the period	-	-	698,024	87,494	785,518	2,803	788,321
	----------------------	----------------------	----------------------	----------------------	----------------------	----------------------	----------------------
Dividend payable for the period (Note 13 and 15)	-	-	(1,005,748)	-	(1,005,748)	-	(1,005,748)
	----------------------	----------------------	----------------------	----------------------	----------------------	----------------------	----------------------
At 31 March 2025 (un-audited)	2,011,495	1,128,804	5,151,209	3,253,865	11,545,373	33,879	11,579,252
	===========	===========	===========	===========	===========	===========	===========

The National Bank of Ras Al-Khaimah (P.S.C.)

Condensed consolidated interim statement of cash flows for the period from 1 January 2025 to 31 March 2025

Three months period ended

31 March

	2025 (un-audited) AED'000	2024 (un-audited) AED'000
Cash flows from operating activities Profit for the period before tax	772,172	629,289
Adjustments: Provision for credit losses, net	93,713	156,553
Depreciation and amortization of property and equipment and intangibles	28,335	27,759
Net changes in fair value arising from hedge and forex revaluation	(14,618)	24,984
Depreciation on right-of-use assets	5,251	5,635
Interest cost on lease liability	1,005	1,092
Loss on disposal of property and equipment	-	1,889
Amortisation of discount relating to investments securities	(38,203)	(32,089)
Gain on sale of debt securities measured at FVOCI	(8,021)	(7,930)
Gain on sale of investment securities held at FVTPL	(98,283)	(5,955)
Fair value change on FVTPL investment securities	(531)	(11,789)
Amortization of discount on debt securities issued	9,307	4,740
Changes in operating assets and liabilities	750,127	794,178
Increase in due from other banks (original maturities of three month or over)	(558,572)	(1,029,845)
Increase in loans and advances, net	(462,866)	(1,291,159)
Decrease/(increase) in Investment securities measured at fair value	123,174	(330,358)
Decrease in reinsurance contract assets	12,260	28,329
Decrease/(Increase) in other assets	68,121	(69,828)
Decrease in due to other banks	(170,291)	(1,621,143)
Increase in deposits from customers	1,388,116	4,998,382
(Decrease)/Increase in insurance contract liabilities	(30,170)	13,972
(Decrease)/Increase in other liabilities and customer acceptances	(362,818)	123,815
Net cash generated from operating activities	757,081	1,616,343
Cash flows from investing activities Purchase of investment securities	(3,621,991)	(4,569,631)
Proceeds from maturity/disposal of investment securities	2,831,267	2,587,770
Purchase of property and equipment	(56,715)	(31,829)
Proceeds from disposal of property and equipment	-	34
Net cash used in investing activities	(847,439)	(2,013,656)
Cash flows from financing activities Issue of debt security and other borrowings	771,634	1,099,938
Dividends paid	-	(623,563)
Payment for rentals on lease contracts	(7,721)	(7,034)
Net cash generated from financing activities	763,913	469,341
Net increase in cash and cash equivalents	673,555	72,028
Cash and cash equivalents, beginning of the period	10,063,881	7,946,799
Cash and cash equivalents, end of the period (Note 27)	10,737,436 =============	8,018,827 =============

for the period from 1 January 2025 to 31 March 2025

Incorporation and Principal Activities

The National Bank of Ras Al-Khaimah (P.S.C.) (the "Bank") is a public shareholding company incorporated in the Emirate of Ras Al-Khaimah in the United Arab Emirates ("UAE"). The head office of the Bank is located at the National Bank of Ras Al-Khaimah building, Al Rifa area, Exit No. 129, Sheikh Mohammed Bin Zayed Road, Ras Al-Khaimah, UAE.

The Bank is engaged in providing Retail, Commercial, Islamic banking and Treasury services through a network of nineteen branches in the UAE. The Bank is controlled by the Government of Ras Al-Khaimah by majority of voting rights.

At 31 March 2025, The National Bank of Ras Al-Khaimah (P.S.C.) comprises the Bank and five subsidiaries (together referred to as the "Group"). The condensed consolidated interim financial information for the three months period ended 31 March 2025 comprises the Bank and following direct subsidiaries:

Subsidiary	Authorized and issued capital	Ownership interest	Incorporated	Principal Activities
Ras Al Khaimah National Insurance	AED 121.275			Underwriting all types of
Company PSC	million	79.23%	UAE	Insurance business.
BOSS FZCO	AED 0.5 million	80.00%*	UAE	Back-office support services to the Bank.
RAK Technologies FZCO	AED 0.5 million	80.00%*	UAE	Technological support services to the Bank.
Protego Insurance Brokers L.L.C.	AED 28.5 million	100.00%	UAE	Insurance brokerage

*These represent legal ownership of the Bank. However, beneficial ownership is 100% as the remaining interest is held by a related party on trust and for the benefit of the Bank.

As part of ongoing efforts to streamline operations and optimize business structure, the Group initiated voluntary liquidation of four subsidiaries RAK Technologies FZCO, RAK funding Cayman Limited, RAK Global Markets Cayman Limited and RAK Financial Services Limited (RAKFS) in 2024. As of 31 March 2025, the license/certificate of RAK funding Cayman Limited, RAK Global Markets Cayman Limited and RAKFS have been revoked. Liquidation formalities are in progress for RAK Technologies.

Further, during the current period, the Group incorporated two new wholly owned subsidiaries viz. RAKAZA and RAKBANK Digital Assets LLC. RAKAZA's principal activity is to provide sales and support services to the Bank, while RAKBANK Digital Assets LLC's principal activity is to issue payment tokens. The formalities with regards to capital infusion are in progress.

Application of new and revised IFRS Accounting Standards

New and revised IFRS Accounting Standards applied with no material effect on the condensed consolidated financial information

The following new and revised IFRS Accounting Standards, which became effective for annual periods beginning on or after 1 January 2025, have been adopted in condensed consolidated interim financial statements. Their adoption has not had any material impact on the disclosures or on the amounts reported in these condensed consolidated interim financial statements.

New and revised IFRS Accounting Standard	Summary
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates relating to Lack of Exchangeability	The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not.

Material accounting policy information
1. Basis of preparation
  The condensed consolidated interim financial information of the Group is prepared under the historical cost basis except for certain financial instruments which are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
  These condensed consolidated interim financial information are prepared in accordance with International Accounting Standard 34: Interim Financial Reporting ("IAS 34"), issued by the International Accounting Standard Board ("IASB") and also comply with the applicable requirements of the laws in the U.A.E.
  The accounting policies used in the preparation of these condensed consolidated interim financial information are consistent with those used in the audited annual consolidated financial statements for the year ended 31 December 2024.
  As required by the Securities and Commodities Authority of the U.A.E. ("SCA") Notification No. 2624/2008 dated 12 October 2008, accounting policies relating to financial assets, cash and cash equivalents and Islamic financing and investing assets have been disclosed in the condensed consolidated interim financial information.
  These condensed consolidated interim financial information do not include all the information required for full annual consolidated financial statements and should be read in conjunction with the Group's audited annual consolidated financial statements as at and for the year ended 31 December 2024. In addition, results for the three months period ended 31 March 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025.
2. Consolidation
  The condensed consolidated interim financial information incorporate the condensed consolidated interim financial information of National Bank of Ras Al-Khaimah (P.S.C.) and its subsidiaries (collectively referred to as "Group").
  1. Subsidiaries
    Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
  2. Transactions eliminated on consolidation
    Intra-group balances and income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated in preparing the condensed consolidated interim financial information. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
  3. Acquisition accounting
    The acquisition method of accounting is used to account for the acquisition of subsidiaries. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest, and the Group allocates the purchase price to these net assets acquired. The measurement period for purchase price allocations ends as soon as information on the facts and circumstances becomes available but does not exceed 12 months. The Group policy is aligned with that laid out in IFRS 3.
    3. Material accounting policy information (continued)
    1. Consolidation (continued)
  4. Acquisition accounting (continued)

The consideration transferred for the acquiree is measured at the fair value of the assets given up, equity instruments issued and liabilities incurred or assumed, but excludes acquisition related costs such as advisory, legal, valuation and similar professional services which are charged to the statement of profit or loss.

The Group measures non-controlling interest that represents present ownership interest and entitles the holder to a proportionate share of net assets in the event of liquidation on a transaction by transaction basis.

Goodwill is measured by deducting the net assets of the acquiree from the aggregate of the consideration transferred for the acquiree, the amount of non-controlling interest in the acquiree and fair value of an interest in the acquiree held immediately before the acquisition date.

Islamic financing
The Group engages in Shari'ah compliant Islamic banking activities through various Islamic instruments such as Murabaha, Salam, Mudaraba, and Wakala. The accounting policy for initial recognition, subsequent measurement and derecognition of Islamic financial assets and liabilities are below:
1. Murabaha financing
  A sale contract whereby the Group sells to a customer commodities and other assets at an agreed upon profit mark up on cost. The Group purchases the assets based on a promise received from customer to buy the item purchased according to specific terms and conditions. Profit from Murabaha is quantifiable at the commencement of the transaction. Such income is recognised as it accrues over the period of the contract on effective profit rate method on the balance outstanding.
2. Salam
  Bai Al Salam is a Sale contract where the Customer (Seller) undertakes to deliver/supply a specified tangible asset to the Group (Buyer) at mutually agreed future date(s) in exchange for an advance price fully paid on the spot by the buyer.
  Revenue on Salam financing is recognised on the effective profit rate basis over the period of the contract, based on
  the Salam capital outstanding.
3. Mudaraba
  A contract between the Group and a customer, whereby one party provides the funds (Rab Al Mal - customer) and the other party (the Mudarib - the Group) invests the funds in a project or a particular activity and any profits generated are distributed between the parties according to the profit shares that were pre-agreed in the contract. The Mudarib would bear the loss in case of default, negligence or violation of any of the terms and conditions of the Mudaraba, otherwise, losses are borne by the Rab Al Mal.
  3. Material accounting policy information (continued)
  1. Islamic financing (continued)
4. Wakala
  An agreement between the Group and customer whereby one party (Rab Al Mal - principal) provides a certain sum of money to an agent (Wakil), who invests it according to specific conditions in return for a certain fee (a lump sum of money or a percentage of the amount invested). The agent is obliged to return the invested amount in case of default, negligence or violation of any of the terms and conditions of the Wakala. The Group may be Wakil or Rab Al Mal depending on the nature of the transaction.
  Estimated income from Wakala is recognised on an accrual basis over the period, adjusted by actual income when received. Losses are accounted for on the date of declaration by the agent.
5. Ijara
  Ijara financing is a finance lease agreement whereby the Group (lessor) leases an asset based on the customer's (lessee) request and promise to lease the assets for a specific period in lieu of rental instalments. Ijara ends in transferring the ownership of the asset to the lessee at the end of the lease inclusive of the risks and rewards incident to an ownership of the leased assets. Ijara assets are stated at amounts equal to the net investment outstanding in the lease including the income earned thereon less impairment provisions.
6. Profit distribution mechanism

Deposits of Islamic banking are managed in accordance with Shari'ah principles through a Mudaraba pool and profit is distributed in accordance with the Shari'ah approved profit distribution mechanism. To ensure the competitive return to the depositors, Shari'ah compliant reserves are maintained as followed;

Profit Equalisation Reserves (PER) is appropriated out of the Common Mudaraba Pool's profit in order to maintain the adequate return on investments for participants of Common Mudaraba Pool.
Investment Risk Reserve (IRR) is appropriated from the depositors' share of profits set aside as a reserve.

Cash and cash equivalents

In the condensed consolidated interim statement of cash flows, cash and cash equivalents include cash on hand, money in current and call accounts and placements with original maturity of less than three months excluding the statutory deposit required to be maintained with the UAE Central Bank.

4. Cash and balances with UAE Central Bank
	31 March 2025	31 December 2024
	AED'000	AED
	(Un-audited)	(Audited)
Cash in hand	871,310	895,228
Balances with the UAE Central bank	8,999,291	7,875,084
	9,870,601	8,770,312
	=============	=============

As per the CBUAE regulations, the Bank is allowed to draw their balances held in the UAE Central Bank reserve account, while ensuring that they meet the reserve requirements over 14 days period. Therefore, the balances have been classified as part of cash and cash equivalents (Note 27).

5. Due from other banks, net
	31 March 2025	31 December 2024
	AED'000	AED
	(Un-audited)	(Audited)
Placements with other banks	1,466,666	955,505
Demand deposits	679,111	1,127,681
Banker's acceptances	5,878,769	6,076,344
Syndicated loans	3,910,684	3,651,141
Trade loans	550,950	550,950
Others	53,972	46,693
Total due from other banks	12,540,152	12,408,314
Provision for expected credit loss	(35,965)	(47,714)
Due from other banks, net	12,504,187	12,360,600
	==============	==============
The below represents deposits and balances due from:
Banks in UAE	403,381	361,023
Banks outside UAE	12,136,771	12,047,291
Total due from other banks	12,540,152	12,408,314
	==============	==============
6. Investment securities, net
	31 March 2025	31 December 2024
	AED'000	AED
	(Un-audited)	(Audited)
Securities at fair value through other comprehensive income (FVOCI)
Quoted equity securities	500,202	483,497
Unquoted equity securities	250	-
Quoted debt securities*	8,217,014	7,861,347
Unquoted debt securities	373,126	360,763
	9,090,592	8,705,607
	==============	==============
Securities at fair value through profit or loss (FVTPL)
Quoted funds	90,953	92,958
Unquoted funds	49,314	47,901
Quoted equity securities	54,483	54,307
Quoted debt securities	234,605	258,549
	429,355	453,715
	==============	==============
Investment securities measured at fair value	9,519,947	9,159,322
	==============	==============

6. Investment securities, net (continued)
	31 March 2025	31 December 2024
	AED'000	AED
	(Un-audited)	(Audited)
Securities held at amortised cost
Quoted debt securities*	8,044,384	7,489,118
	8,044,384	7,489,118
Provision for expected credit loss for Securities held at amortised cost	(43,869)	(44,837)
Investment securities measured at amortised cost	8,000,515	7,444,281
	==============	==============
Investment securities, net	17,520,462	16,603,603
	==============	==============

*As at 31 March 2025, quoted debt securities with fair value of AED 3,172 million and carrying value of AED 3,159 million (31 December 2024: fair value of AED 3,089 million and carrying value of AED 3,086 million) have been given as collateral against repo borrowings of AED 2,709 million (31 December 2024: AED 2,646 million) [Note 9].

The composition of the investment portfolio by category is as follows:
	31 March 2025	31 December 2024
	AED'000	AED
	(Un-audited)	(Audited)
Federal and local Government - UAE	3,295,224	3,360,126
Government related entity - UAE	1,000,312	957,828
Government - GCC	842,216	828,242
Government - Other	864,538	868,770
Banks and financial institutions - UAE	1,704,616	1,534,221
Banks and financial institutions - GCC	1,445,271	1,266,776
Banks and financial institutions - Other	3,299,258	3,030,966
Public limited companies - UAE	944,579	849,907
Public limited companies - GCC	1,808,087	1,609,165
Public limited companies - Other	1,665,028	1,663,776
Total debt securities	16,869,129	15,969,777
Quoted equity securities	554,685	537,804
Unquoted equity securities	250	-
Quoted funds	90,953	92,958
Unquoted funds	49,314	47,901
Total investment securities	17,564,331 ==============	16,648,440 ==============

7. Loans and advances, net
	31 March	31 December
(a) Loans and advances	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Retail Banking	23,113,599	23,303,622
Wholesale Banking	16,509,755	16,160,978
Business Banking	10,807,801	10,609,394
Total loans and advances [Note 7(b)]	50,431,155	50,073,994
Provision for expected credit loss [Note 7(c)]	(2,840,745)	(2,850,054)
Net loans and advances (b) Analysis of loans and advances	47,590,410 ==============	47,223,940 ==============
Personal loans	5,623,658	5,595,253
Mortgage loans	11,766,367	11,953,601
Credit cards	2,508,219	2,554,683
Auto loans	441,706	430,513
RAK Business loans	4,113,602	4,057,184
Other Business banking loans	6,694,199	6,552,210
Wholesale banking loans	16,509,755	16,160,978
Other retail loans	2,773,649	2,769,572
Total loans and advances	50,431,155 ==============	50,073,994 ==============
(c) Movement in provision for expected credit loss Balance at the beginning of the period/year	2,850,054	2,514,887
Impairment allowance for the period/year	135,181	904,440
Written-off during the period/year	(144,490)	(569,273)
Balance at the end of the period/year	2,840,745 ==============	2,850,054 ==============

Net impairment charge on loans and advances - for the three months period ended:

	31 March 2025 AED'000 (Un-audited)	31 March 2024 AED'000 (Un-audited)
Impairment allowance for the period	135,181	196,587
Net recoveries during the period	(38,785)	(42,756)
Net impairment charge for the period (Note 23)	96,396 ==============	153,831 ==============

Net recovery mainly represents amounts subsequently recovered from fully written-off loans.

7. Loans and advances, net (continued)

Islamic financing assets:

The below table summarises the Islamic financing assets that are part of loans and advances above:

	31 March	31 December
i) Islamic financing assets	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Islamic retail financing assets	3,461,514	3,402,960
Islamic business banking assets	2,468,891	2,479,573
Islamic wholesale banking assets	763,166	586,007
Total Islamic financing assets	6,693,571	6,468,540
Provision for expected credit loss	(333,490)	(341,089)
Net Islamic financing assets	6,360,081 ==============	6,127,451 ==============
ii) Analysis of Islamic financing assets Islamic Business Banking Finance	2,468,891	2,479,573
Islamic Salam Personal finance	2,334,355	2,201,306
Islamic Ijara Property Finance	1,038,820	1,117,606
Islamic Wholesale Banking	763,166	586,007
Islamic Auto Murabaha	44,160	38,425
Islamic Credit Cards	44,179	45,623
Total Islamic financing assets	6,693,571 ==============	6,468,540 ==============
8. Other assets
	31 March	31 December
	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Interest receivable	595,424	594,660
Profit receivable on Islamic financing assets	85,156	95,327
Prepayments	111,027	68,539
Foreign exchange and other derivative contracts (Note 17)	481,387	502,670
Gold in hand	1,647	-
Islamic profit paid in advance	38,663	51,716
Assets acquired in settlements of debts*	20,000	-
Others	500,258	369,340
	1,833,562 ==============	1,682,252 ==============

*The carrying amount of assets acquired in settlement of debts will be recovered principally through a sale transaction rather than through continuing use. Assets acquired in settlement of debts are subject to revaluation, and recorded at lower of fair value less cost of sale and the carrying amount in the books.

9. Due to other banks
	31 March	31 December
	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Term borrowings	3,574,182	4,194,217
Repurchase agreements (Note 6)	2,807,764	2,646,762
Demand deposits	547,238	258,496
	6,929,184 =============	7,099,475 ==============
10. Deposits from customers
	31 March	31 December
	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Current accounts	35,243,961	32,952,421
Time deposits	21,275,557	22,286,210
Saving deposits	3,178,759	2,959,660
Call deposits	1,339,517	1,451,387
	61,037,794 =============	59,649,678 ==============

Deposits include AED 2,058 million (31 December 2024: AED 2,004 million) held by the Group as cash collateral for loans and advances granted to customers.

The below table summarises the Islamic deposits of customers that are part of deposits from customers above:

	31 March 2025	31 December 2024
	AED'000 (Un-audited)	AED'000 (Audited)
Murabaha term deposit	3,047,401	3,439,143
Qard-E-Hassan - current accounts	1,473,026	1,433,110
Wakala deposits	526,605	554,072
Mudaraba - current accounts	461,761	424,954
Mudaraba - saving accounts	209,235	214,192
Mudaraba - call deposits	7,437	8,075
Mudaraba term investment deposits	5,411	4,492
	5,730,876 =============	6,078,038 ==============

11. Debt securities issued and other long-term borrowings
	31 March 2025	31 December 2024
	AED'000 (Un-audited)	AED'000 (Audited)
AED 370 million bilateral borrowing (a)	370,000	370,000
USD 50 million bilateral borrowing (b)	183,650	183,650
AED 370 million Islamic bilateral borrowing (c)	370,000	370,000
USD 100 million bilateral borrowing (d)	367,300	367,300
USD 100 million bilateral borrowing (e)	367,300	367,300
AED 550 million bilateral borrowing (f)	550,000	550,000
AED 550 million Islamic bilateral borrowing (g)	550,000	550,000
USD 600 million medium term note issued at discount in July 2024 (h)	2,198,587	2,198,254
USD 75 million Islamic bilateral borrowing (i)	275,475	-
AED 500 million Islamic bilateral borrowing (j)	500,000	-
Less: Debt securities and other borrowing issue costs	(15,014)	(12,398)
Fair value adjustment on hedged medium term note	1,292	(6,288)
	5,718,590 =============	4,937,818 ==============

In June 2023 the Group borrowed AED 370 million at an interest rate of 6 months EIBOR + 0.90% per annum which matures in June 2026.
In June 2023 the Group borrowed USD 50 million at an interest rate of daily SOFR + 1.10% per annum which matures in June 2026.
In June 2023 the Group borrowed AED 370 million at a profit rate of 3 months EIBOR + 0.90% per annum which matures in June 2026.
In July 2023 the Group borrowed USD 100 million at an interest rate of USD 3 month SOFR + 1% which matures in July 2026.
In September 2023 the Group borrowed USD 100 million at an interest rate of USD daily SOFR + 1% which matures in September 2026.
In February 2024 the Group borrowed AED 550 million at an interest rate of 3 months EIBOR + 0.75% per annum which matures in February 2027.
In March 2024 the Group borrowed AED 550 million at a profit rate of 3 months EIBOR + 0.75% per annum which matures in March 2027.
In July 2024, the Group issued five-year USD 600 million EMTN Bonds under the Groups Social Finance Framework. These were issued at a discounted rate of 99.723% and carries a fixed interest rate of 5.375% per annum. These notes mature in July 2029.
In January 2025 the Group borrowed USD 75 million at a profit rate of USD 3 months SOFR + 0.95% per annum which matures in January 2028.
In March 2025 the Group borrowed AED 500 million at a profit rate of 3 months EIBOR + 0.75% per annum which matures in March 2028.

12. Reinsurance contract assets and insurance contract liabilities
	31 March	31 December
Reinsurance contract assets	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Incurred claims for contracts under Premium Allocation Approach (PAA) Present value of future cashflows	249,667	295,802
Risk adjustment for non-financial risk	7,487	7,788
	257,154	303,590
Remaining coverage excluding loss-recovery component	(38,509)	(73,642)
Remaining coverage loss recovery component	673	1,630
Insurance contract liabilities	219,318 =============	231,578 ==============
Liabilities for Incurred Claims (LIC) under Premium Allocation Approach (PAA) Present value of future cashflows	304,012	312,650
Risk adjustment for non-financial risk	11,591	11,949
	315,603	324,599
Liabilities for Remaining Coverage (LRC) Excluding loss component	130,189	151,227
Loss component	5,359	5,495
	135,548	156,722
	451,151 =============	481,321 ==============
13. Other liabilities
	31 March	31 December
	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Interest payable	342,157	531,120
Profit distributable on Islamic deposits	43,824	38,615
Accrued expenses	545,928	623,832
Provision for staff end-of-service benefits	134,294	133,033
Foreign exchange and other derivatives contracts (Note 17)	472,487	443,871
Credit card payables and liabilities	171,269	87,910
Managers cheques issued	255,513	316,038
Mortgage payables and liabilities	19,168	23,547
Insurance related payables	8,126	4,339
Reinsurance contract liabilities	32,678	27,920
Provision for Corporate Tax	274,613	206,266
Dividend payable (Note 15)	1,005,747	-
Others	554,039	486,494
	3,859,843 =============	2,922,985 ==============

14. Subordinated note
	31 March	31 December
	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
September 2024 issue (5.8732 percent fixed rate maturing on 10 December 2034)	915,279	915,111
	915,279 =============	915,111 =============

In September 2024, the Bank issued USD 250 million of Subordinated Tier 2 notes. The notes, were issued at a par with coupon rate of 5.8732% p.a. The notes are callable after 5 years and have a final maturity of 10.25 years. The notes will rank pari passu among themselves, rank subordinate and junior to all senior obligations and rank in priority only to all junior obligations.

15. Share capital

At 31 March 2025, the authorised, issued and fully paid share capital of the Bank comprised 2,011 million shares of AED 1 each (31 December 2024: 2,011 million shares of AED 1 each).

In the annual general meeting held on 18 March 2025 the shareholders of the Bank approved a cash dividend of 50% amounting to AED 1,005.7 million of the issued and paid-up capital for the year ended 31 December 2024 (2024: 31% amounting to AED 623.6 million).

16. Contingencies and commitments
	31 March	31 December
	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Irrevocable commitments to extend credit	5,286,314	3,207,468
Letters of guarantee - Financial	1,760,171	1,549,175
Letters of guarantee - Non-financial	1,171,733	992,318
Letters of credit	423,372	365,569
Capital commitments and other contingencies	170,761	70,588
	8,812,351 =============	6,185,118 =============

The Group is holding AED 28.6 million (31 December 2024: AED 20.8 million) provision for expected credit loss on contingencies and commitments.

Commitments to extend credit shown above represent unfunded amounts out of approved limits offered to customers, which are irrevocable by the Group. Commitments to extend credit amounting to AED 9,503 million (31 December 2024: AED 11,097 million) are revocable at the option of the Group and not included in the above table.

Forward foreign exchange and other derivative contracts

Foreign exchange contracts comprise commitments to purchase foreign and domestic currencies on behalf of customers and in respect of the Bank's undelivered spot transactions.

Outstanding forward foreign exchange contracts, interest rate swaps and other derivative contracts at 31 March 2025 and 31 December 2024 are as follows:

Fair Values

31 March 2025	Assets AED'000	Liability AED'000	Notional AED'000
Foreign exchange contracts	145,601	179,550	31,875,727
Interest rate swaps	275,062	171,571	13,601,807
Other derivative contracts 31 December 2024	60,724 -------------------------- 481,387 =============	121,366 -------------------------- 472,487 =============	6,453,723 -------------------------- 51,931,257 =============
Foreign exchange contracts	129,372	128,988	31,041,245
Interest rate swaps	333,839	186,820	12,657,119
Other derivative contracts	39,459	128,063	6,221,820
	502,670 =============	443,871 =============	49,920,184 =============

Interest income and expense

Three months period

ended 31 March

Interest income	2025 (Un-audited) AED'000	2024 (Un-audited) AED'000
Personal loans	62,898	67,269
Mortgage loans	94,269	76,019
Credit cards	78,128	83,310
Auto loans	6,726	6,714
RAK Business loans	125,751	128,552
Wholesale banking loans	226,661	205,064
Other Business banking loans	126,773	114,535
Other retail banking loans	36,296	33,891
Investment securities	170,819	155,297
Deposits with the U.A.E. Central Bank	27,500	23,550
Other banks	161,562	196,993
Interest expense	1,117,383 =============	1,091,194 =============
Deposits from customers	224,578	179,917
Debt securities issued and other borrowings	31,489	23,332
Borrowings from other banks	100,531	103,061
Subordinated note	13,650	-
	370,248 =============	306,310 =============
19. Income from Islamic Financing and distribution to depositors

Three months period

ended 31 March

Income from Islamic financing	2025 (Un-audited) AED'000	2024 (Un-audited) AED'000
Islamic Salam Personal finance	43,335	34,424
Islamic Auto Murabaha	749	809
Islamic Business Banking finance	78,582	71,310
Islamic Wholesale Banking finance	19,488	15,087
Islamic Ijara Property finance	13,236	14,965
Islamic Investment Income	28,563	21,969
Distribution to depositors	183,953 =============	158,564 =============
Distribution of Profit on Islamic term investment deposits	47,688	55,120
Distribution of Profit on Islamic demand deposits	249	241
Bilateral long-term borrowing	16,262	8,636
	64,199 =============	63,997 =============

20. Net fees and commission income

Three months period ended 31 March
	2025	2024
	(Un-audited)	(Un-audited)
	AED'000	AED'000
Personal loans	5,815	6,103
Mortgage loans	4,858	3,014
Credit cards	50,540	53,174
Auto loans	1,069	1,237
RAK Business loans	8,120	4,000
Wholesale banking loans	25,537	14,201
Other Business banking	50,026	52,440
Fiduciary income	17,407	13,415
Bancassurance	3,422	6,145
Others	21,224	7,247
	188,018	160,976
	=============	=============
21. Investment income
Three months period ended 31 March
	2025	2024
	(Un-audited)	(Un-audited)
	AED'000	AED'000
Dividend income	19,616	17,610
Net gain on disposal of investments	106,304	13,885
Fair value gain	531	11,789
	126,451	43,284
	=============	=============
22. General and administrative expenses
Three months period ended 31 March
	2025	2024
	(Un-audited)	(Un-audited)
	AED'000	AED'000
Staff costs	236,408	235,628
Outsourced staff costs	24,974	8,071
Occupancy costs	13,982	11,749
Marketing expenses	10,211	8,042
Depreciation and amortisation	28,044	27,482
Communication costs	14,280	12,665
Credit card expenses	16,233	19,929
Information and technology expenses	53,860	36,634
Others	36,383	28,263
	434,375	388,463
	=============	=============

Net impairment charge

Three months period

ended 31 March

	2025 (un-audited) AED'000	2024 (un-audited) AED'000
Net impairment charge on loans and advances	96,396	153,831
Net impairment (release)/charge on due from other banks	(11,749)	12,536
Net impairment charge/(release) on debt securities measured at FVOCI	2,966	(3,995)
Net impairment release on debt securities measured at amortised cost	(968)	(2,368)
Net impairment release on other receivables and acceptances	(693)	(3,048)
Net impairment charge/(release) on off balance sheet items	7,761	(403)
Total net impairment charge	93,713 =============	156,553 =============
Expected credit loss allowance

A summary of the provision for credit loss and the net movement on financial instruments by category are as follows:

	At 31 December		Other	At 31 March
	2024 AED'000	Net change AED'000	movement AED'000	2025 AED'000
Due from other banks	47,714	(11,749)	-	35,965
Loans and advances	2,850,054	135,181	(144,490)	2,840,745
Debt investment securities - FVOCI	67,983	2,966	813	71,762
Investment securities - amortised cost	44,837	(968)	-	43,869
Other receivables	47,585	793	(407)	47,971
Customer acceptances	2,388	(935)	-	1,453
Off balance sheet items	20,838	7,761	(2)	28,597
Total	3,081,399 =============	133,049 =============	(144,086) =============	3,070,362 =============
24. Taxation

On December 9, 2022, UAE Ministry of Finance (MoF) released Federal Decree Law No 47 of 2022 on the Taxation of Corporations and Businesses, Corporate Tax Law (CT Law) to enact a new CT regime in the UAE. The new CT regime has become effective for accounting periods beginning on or after June 1, 2023. As the Group's accounting year ends on December 31, the first tax period was the period from January 1, 2024 to December 31, 2024, with the respective tax return to be filed on or before September 30, 2025.

The taxable income of the entities that are in scope for UAE CT purposes are subject to the rate of 9% on taxable profits above AED 375,000.

Taxation (continued)

Below is an analysis of the group's income tax recognized during the period/year:

Three months period

ended 31 March

	2025 (Un-audited) AED'000	2024 (Un-audited) AED'000
Current tax recognized in profit or loss for the period Current tax expense on profits for the period	67,677	55,097
	=============	=============
Current tax recognized in Other comprehensive income for the period Current tax expense/(income) for the period recognized on items that will not be reclassified subsequently to profit or loss	669	(799)
	=============	=============
	31 March	31 December
Deferred income tax liability	2025 AED'000 (Un-audited)	2024 AED'000 (Audited)
Deferred tax liability at the beginning of the period/year Increase/(decrease) during the period/year recognized in OCI on items that may be reclassified subsequently to profit or loss	8,921 7,615	13,733 (4,812)
	16,536 =============	8,921 =============

For determining the tax expense for the period the accounting profit has been adjusted for tax purposes. Adjustments for tax purpose include items relating to both income and expense. After giving effect to these adjustments the average effective tax rate is estimated to 8.76%.

Earnings per share

The basic earnings per share is calculated by dividing the net profit attributable to owners of the Parent by the weighted average number of ordinary shares in issue during the period:

Three months period

ended 31 March

	2025 (Un-audited) AED'000	2024 (Un-audited) AED'000
Profit for the period (attributed to owners of the Bank)	702,215	573,487
Weighted average number of shares in issue (in thousands)	2,011,495	2,011,495
Basic and diluted earnings per share (AED)	0.35 =============	0.29 =============

Fiduciary activities

The Group holds assets in a fiduciary capacity for its customers without recourse. At 31 March 2025, market value of such assets amounted to AED 6,014 million (31 December 2024: AED 5,905 million) and are excluded from the condensed consolidated interim financial information of the Group.

27. Cash and cash equivalents
	31 March	31 March
	2025 (Un-audited) AED'000	2024 (Un-audited) AED'000
Cash in hand and balances with UAE Central Bank	9,870,601	5,765,000
Due from other banks	12,540,152	13,500,111
	22,410,753	19,265,111
Less: Due from other banks original maturity of three months or more	(11,673,317)	(11,246,284)
Cash and cash equivalents	10,737,436 =============	8,018,827 =============
28. Operating segments

Following the management approach of IFRS 8, operating segments are reported in accordance with the internal reporting to the management, which is responsible for allocating resources to the reportable segments and assesses its performance. All operating segments used by the Group meet the definition of a reportable segment under IFRS 8.

The Group has four main business segments:

Retail banking - incorporating individual customer and certain business current accounts, savings accounts, deposits, credit and debit cards, individual customer loans and mortgages;
Wholesale banking - incorporating transactions with corporate bodies including government and public bodies and comprising of loans, advances, deposits and trade finance transactions of corporate customers and financial institutions, including Treasury related activities on the dealing room, related money market, and foreign exchange transactions and hedging activities with other banks and financial institutions;
Business banking - incorporating transactions comprising of loans, advances, deposits and trade finance transactions of SME; and
Head Office and Others - Comprises Central funding & other support functions including insurance related transactions of Raknic subsidiary.

The above segments include conventional and Islamic products and services of the Group.

As the Group's segment operations are all financial with a majority of revenues deriving from interest and fees and commission income, the management relies primarily on revenue and segmental results to assess the performance of the segment.

28. Operating segments (continued)

Funds are ordinarily allocated between segments, resulting in funding cost transfers disclosed in inter-segment revenue. Interest charged for these funds is based on the Group's funds transfer pricing guidelines. There are no other material items of income or expense between the business segments.

The Group's management reporting is based on a measure of net profit comprising net interest income, loan impairment charges, net fee and commission income, other income and non-interest expenses.

Operating segments are identified on the basis of internal reports about the components of the Group that are regularly reviewed by the CEO (the chief operating decision maker) in order to allocate resources to the segment and to assess its performance.

The segment information provided to the management for the reportable segments for the periods ended 31 March 2025 and 31 March 2024 are as follows:

	Retail Banking	Wholesale Banking	Business Banking	Head office and Others	Total
	AED'000	AED'000	AED'000	AED'000	AED'000
31 March 2025 Net external interest income	222,663	370,622	225,519	(71,669)	747,135
Income from Islamic financing net of distribution to depositors	51,979	6,477	77,549	(16,251)	119,754
Internal revenue	(10,780)	(157,429)	138,706	29,503	-
Net interest income and net income from Islamic financing	263,862	219,670	441,774	(58,417)	866,889
Non-interest income	124,525	223,917	82,376	2,553	433,371
Operating income	388,387	443,587	524,150	(55,864)	1,300,260
General and administrative expenses	(201,862)	(66,370)	(152,628)	(13,515)	(434,375)
Operating profit before net impairment charge and tax	186,525	377,217	371,522	(69,379)	865,885
Net impairment charge	(72,447)	(14,129)	(7,082)	(55)	(93,713)
Profit for the period before tax	114,078	363,088	364,440	(69,434)	772,172
Income tax expense	-	-	-	(67,677)	(67,677)
Profit for the period after tax As at 31 March 2025	114,078 ==========	363,088 ==========	364,440 ==========	(137,111) ==========	704,495 ==========
Segment assets Segment liabilities	22,487,026 ========== 20,344,351 ==========	55,840,692 ========== 24,143,360 ==========	10,220,627 ========== 23,955,933 ==========	2,255,334 ========== 10,780,783 ==========	90,803,679 ========== 79,224,427 ==========

28. Operating segments (continued)

	Retail Banking	Wholesale Banking	Business Banking	Head Office and Others	Total
	AED'000	AED'000	AED'000	AED'000	AED'000
31 March 2024 Net external interest income	214,050	412,733	216,382	(58,281)	784,884
Income from Islamic financing net of distribution to depositors	43,456	(9,893)	69,663	(8,659)	94,567
Internal revenue	16,268	(192,870)	124,859	51,743	-
Net interest income and net income from Islamic financing	273,774	209,970	410,904	(15,197)	879,451
Non-interest income	105,184	116,042	79,839	(6,211)	294,854
Operating income	378,958	326,012	490,743	(21,408)	1,174,305
General and administrative expenses	(176,372)	(65,901)	(145,188)	(1,002)	(388,463)
Operating profit before net impairment charge and tax	202,586	260,111	345,555	(22,410)	785,842
Net impairment charge	(71,172)	(8,257)	(76,858)	(266)	(156,553)
Profit for the period before tax	131,414	251,854	268,697	(22,676)	629,289
Income tax expense	-	-	-	(55,097)	(55,097)
Profit for the period after tax As at 31 December 2024	131,414 ==========	251,854 ==========	268,697 ==========	(77,773) ==========	574,192 ==========
Segment assets Segment liabilities	22,999,414 ========== 18,936,509 ==========	53,611,658 ========== 24,693,886 ==========	9,545,088 ========== 23,492,182 ==========	2,169,247 ========== 9,406,151 ==========	88,325,407 ========== 76,528,728 ==========

29. Related parties

Related parties comprise key management, businesses controlled by shareholders and directors as well as businesses over which they exercise significant influence. During the period, the Group entered into transactions with related parties in the ordinary course of business. No stage 3 provisions for impairment have been recognised pertinent to related parties (2024: Nil). Further, stage 1 and 2 ECL amounted to AED 33.5 million (2024: AED 32.9 million).

The transactions with related parties and balances arising from these transactions are as follows:

Three month period ended

31 March

Transactions during the period	2025 (Un-audited) AED'000	2024 (Un-audited) AED'000
Interest income	27,914	26,304
Insurance income	24,317	16,490
Commission income	1,429	207
Other income	1,133	1,133
Interest expense	38,149	35,501
Insurance expense	18,209	11,206
Other expenses	100	67
Directors' and key management personnel's remuneration and sitting fees	43,551	35,926
	31 March	31 December
Balances	2025 (Un-audited) AED'000	2024 (Audited) AED'000
Loans and advances: - Shareholders and their related companies	1,827,967	1,988,941
- Directors and their related companies	4,793	4,469
- Key management personnel	13,349	16,861
Deposits	1,846,109 ==============	2,010,271 ==============
- Shareholders and their related companies	4,684,310	4,898,438
- Directors and their related companies	28,018	22,316
- Key management personnel	27,740	12,911
Other assets	4,740,068 ==============	4,933,665 ==============
- Shareholders and their related companies Other liabilities	105,328 ==============	29,121 =============
- Shareholders and their related companies	-	1,250
- Post-retirement benefits payables	9,556	9,011
Commitments, contingent liabilities and derivative contracts	9,556 ==============	10,261 =============
- Shareholders and their related companies	7,320,362	5,899,271
- Directors and their related companies	1,057	1,050
- Key management personnel	1,876	1,288
	7,323,295 ==============	5,901,609 =============

Interest income and expense majorly relates to transactions with major shareholder and their related entities.