New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 18% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: د.إ0.50 (vs د.إ0.35 in 1Q 2025) First quarter 2026 results: EPS: د.إ0.50 (up from د.إ0.35 in 1Q 2025). Revenue: د.إ1.58b (up 31% from 1Q 2025). Net income: د.إ1.01b (up 44% from 1Q 2025). Profit margin: 64% (up from 58% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 15
The National Bank of Ras Al-Khaimah (P.S.C.) to Report Q1, 2026 Results on Apr 20, 2026 The National Bank of Ras Al-Khaimah (P.S.C.) announced that they will report Q1, 2026 results at 2:00 PM, Arabian Standard Time on Apr 20, 2026 Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to د.إ7.83, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Banks industry in United Arab Emirates. Total returns to shareholders of 153% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ3.37 per share. Board Change • Feb 19
High number of new directors Independent Non-Executive Director Abhijit Choudhury was the last director to join the board, commencing their role in 2024. Announcement • Feb 10
The National Bank of Ras Al-Khaimah (P.S.C.), Annual General Meeting, Mar 02, 2026 The National Bank of Ras Al-Khaimah (P.S.C.), Annual General Meeting, Mar 02, 2026, at 10:00 Arabian Standard Time. Location: ras al khaimah United Arab Emirates Reported Earnings • Jan 28
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: د.إ1.30 (up from د.إ1.03 in FY 2024). Revenue: د.إ4.72b (up 20% from FY 2024). Net income: د.إ2.61b (up 26% from FY 2024). Profit margin: 55% (up from 53% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 28
The National Bank of Ras Al-Khaimah (P.S.C.) Recommends Distribution of Cash Dividend The Board of Directors of The National Bank of Ras Al-Khaimah (P.S.C.) at the meeting held on 27 January 2026, recommended distribution of cash dividend of payout ratio 48.6% (63 fils per share) for shareholders' consideration and approval at the AGM. Announcement • Jan 26
The National Bank of Ras Al-Khaimah (P.S.C.) to Report Fiscal Year 2025 Results on Jan 27, 2026 The National Bank of Ras Al-Khaimah (P.S.C.) announced that they will report fiscal year 2025 results on Jan 27, 2026 Price Target Changed • Jan 21
Price target increased by 7.9% to د.إ8.83 Up from د.إ8.18, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of د.إ8.60. Stock is up 41% over the past year. The company is forecast to post earnings per share of د.إ1.30 for next year compared to د.إ1.03 last year. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: د.إ0.35 (vs د.إ0.30 in 3Q 2024) Third quarter 2025 results: EPS: د.إ0.35 (up from د.إ0.30 in 3Q 2024). Revenue: د.إ1.23b (up 15% from 3Q 2024). Net income: د.إ705.3m (up 18% from 3Q 2024). Profit margin: 57% (up from 56% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 24% per year and the company’s share price has also increased by 24% per year. Announcement • Oct 16
The National Bank of Ras Al-Khaimah (P.S.C.) to Report Nine Months, 2025 Results on Oct 23, 2025 The National Bank of Ras Al-Khaimah (P.S.C.) announced that they will report nine months, 2025 results on Oct 23, 2025 Price Target Changed • Aug 16
Price target increased by 7.7% to د.إ8.18 Up from د.إ7.59, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of د.إ8.12. Stock is up 53% over the past year. The company is forecast to post earnings per share of د.إ1.32 for next year compared to د.إ1.03 last year. Reported Earnings • Jul 22
Second quarter 2025 earnings released: EPS: د.إ0.33 (vs د.إ0.26 in 2Q 2024) Second quarter 2025 results: EPS: د.إ0.33 (up from د.إ0.26 in 2Q 2024). Revenue: د.إ1.19b (up 23% from 2Q 2024). Net income: د.إ669.0m (up 30% from 2Q 2024). Profit margin: 56% (up from 53% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 28% per year. Announcement • Jul 15
The National Bank of Ras Al-Khaimah (P.S.C.) to Report Q2, 2025 Results on Jul 21, 2025 The National Bank of Ras Al-Khaimah (P.S.C.) announced that they will report Q2, 2025 results on Jul 21, 2025 Announcement • Jun 20
Rakbank Announces Resignation of Group Company Secretary, Effective June 2, 2025 RAKBANK (the National Bank of Ras Al Khaimah) announced the resignation of Mr. Mohamed Alsayed Abdefattah Wahb from his position as Group Company Secretary, effective June 2, 2025. All authorities held by Mr. Wahb on behalf of the Bank, including public disclosures, are revoked in accordance with laws and regulations from the date of his resignation. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: د.إ0.35 (vs د.إ0.28 in 1Q 2024) First quarter 2025 results: EPS: د.إ0.35 (up from د.إ0.28 in 1Q 2024). Revenue: د.إ1.21b (up 19% from 1Q 2024). Net income: د.إ702.2m (up 22% from 1Q 2024). Profit margin: 58% (up from 56% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Mar 19
the National Bank of Ras Al-Khaimah (P.S.C.) Approves Appointment of the Internal Sharia Supervision Committee Members The National Bank of Ras Al-Khaimah (P.S.C.) at its General Assembly Meeting held on 18 March 2025 approved the appointment of the Internal Sharia Supervision Committee (ISSC) members. The above agenda item was approved regarding the appointment of existing Two ISSC members and additionally appoint Two new ISSC members for the existing term of three years from 2024 until 2027, the ISSC members are: Dr. Ali Husain Ali Husain Al Junaidi, Existing ISSC Chairman; Dr. Mohamad Akram Bin Laldin, Existing ISSC Member; Sheikh Dr. Aziz bin Farhan Al Anzi, New ISSC Member; H.E. Ahmed Mohammed Naser Al Khateri, New ISSC Member. Announcement • Mar 18
the National Bank of Ras Al-Khaimah (P.S.C.) Approves Distribution of Profit for the Financial Year Ending 31 December 2024 The National Bank of Ras Al-Khaimah (P.S.C.) at its General Assembly Meeting held on 18 March 2025, approved the Board of Directors' proposal on the distribution of profit, for the financial year ending 31 December 2024, of a cash dividend of AED 1,006 million, equivalent to 50% of the share capital, AED 50 fils per share. Reported Earnings • Feb 05
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: د.إ1.03 (up from د.إ0.89 in FY 2023). Revenue: د.إ3.94b (up 16% from FY 2023). Net income: د.إ2.07b (up 16% from FY 2023). Profit margin: 53% (in line with FY 2023). Cost-to-income ratio: 35.2% (down from 36.4% in FY 2023). Non-performing loans: 2.25% (down from 2.75% in FY 2023). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 2.8%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jan 26
Dividend increased to د.إ0.50 Dividend of د.إ0.50 is 61% higher than last year. Ex-date: 27th March 2025 Payment date: 1st January 1970 Dividend yield will be 7.7%, which is higher than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by earnings (29% payout ratio) and is expected to be well covered in 3 years' time (48% forecast payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 9.2% over the next 3 years. However, it would need to fall by 67% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: د.إ0.30 (vs د.إ0.22 in 3Q 2023) Third quarter 2024 results: EPS: د.إ0.30 (up from د.إ0.22 in 3Q 2023). Revenue: د.إ1.06b (up 20% from 3Q 2023). Net income: د.إ597.8m (up 33% from 3Q 2023). Profit margin: 56% (up from 51% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: د.إ0.26 (vs د.إ0.22 in 2Q 2023) Second quarter 2024 results: EPS: د.إ0.26 (up from د.إ0.22 in 2Q 2023). Revenue: د.إ966.3m (up 13% from 2Q 2023). Net income: د.إ515.5m (up 15% from 2Q 2023). Profit margin: 53% (in line with 2Q 2023). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 13
Price target increased by 7.2% to د.إ7.04 Up from د.إ6.56, the current price target is an average from 4 analysts. New target price is 33% above last closing price of د.إ5.30. Stock is up 22% over the past year. The company is forecast to post earnings per share of د.إ0.94 for next year compared to د.إ0.89 last year. New Risk • May 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: د.إ0.29 (vs د.إ0.22 in 1Q 2023) First quarter 2024 results: EPS: د.إ0.29 (up from د.إ0.22 in 1Q 2023). Revenue: د.إ1.02b (up 21% from 1Q 2023). Net income: د.إ573.5m (up 27% from 1Q 2023). Profit margin: 56% (up from 54% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Mar 22
The National Bank of Ras Al Khaimah Appoints Mohamed Omran Al Shamsi as the Chairman of the Board The National Bank of Ras Al Khaimah appointed Mohamed Omran Al Shamsi as the Chairman of the board. The lender's board members also elected Shaikha Amneh Al Qasimi as the Vice Chairperson, according to a bourse filing. The board greenlighted the two appointments during its meeting that was held on 18 March 2024. Announcement • Feb 16
The National Bank of Ras Al-Khaimah (P.S.C.), Annual General Meeting, Mar 18, 2024 The National Bank of Ras Al-Khaimah (P.S.C.), Annual General Meeting, Mar 18, 2024, at 06:00 Coordinated Universal Time. Reported Earnings • Jan 30
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: د.إ0.89 (up from د.إ0.58 in FY 2022). Revenue: د.إ3.40b (up 28% from FY 2022). Net income: د.إ1.78b (up 52% from FY 2022). Profit margin: 53% (up from 44% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 3.5%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 24
Third quarter 2023 earnings released: EPS: د.إ0.22 (vs د.إ0.18 in 3Q 2022) Third quarter 2023 results: EPS: د.إ0.22 (up from د.إ0.18 in 3Q 2022). Revenue: د.إ886.2m (up 22% from 3Q 2022). Net income: د.إ451.0m (up 28% from 3Q 2022). Profit margin: 51% (up from 49% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. New Risk • Oct 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 20% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Major Estimate Revision • Aug 05
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from د.إ0.847 to د.إ0.68 per share. Revenue forecast steady at د.إ4.25b. Net income forecast to grow 1.3% next year vs 3.4% growth forecast for Banks industry in United Arab Emirates. Consensus price target up from د.إ6.14 to د.إ6.41. Share price fell 5.0% to د.إ5.70 over the past week. Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: د.إ0.22 (vs د.إ0.15 in 2Q 2022) Second quarter 2023 results: EPS: د.إ0.22 (up from د.إ0.15 in 2Q 2022). Revenue: د.إ856.1m (up 27% from 2Q 2022). Net income: د.إ449.6m (up 45% from 2Q 2022). Profit margin: 53% (up from 46% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to د.إ5.30, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Banks industry in United Arab Emirates. Total returns to shareholders of 114% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ5.56 per share. Price Target Changed • Jul 07
Price target increased by 11% to د.إ6.14 Up from د.إ5.55, the current price target is an average from 4 analysts. New target price is 37% above last closing price of د.إ4.50. Stock is up 20% over the past year. The company is forecast to post earnings per share of د.إ0.85 for next year compared to د.إ0.58 last year. Major Estimate Revision • Jul 06
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from د.إ4.00b to د.إ4.10b. EPS estimate increased from د.إ0.683 to د.إ0.847 per share. Net income forecast to grow 0.2% next year vs 8.5% growth forecast for Banks industry in United Arab Emirates. Consensus price target up from د.إ5.55 to د.إ5.78. Share price was steady at د.إ4.50 over the past week. Price Target Changed • Jun 28
Price target increased by 9.3% to د.إ5.55 Up from د.إ5.08, the current price target is an average from 4 analysts. New target price is 23% above last closing price of د.إ4.50. Stock is up 20% over the past year. The company is forecast to post earnings per share of د.إ0.68 for next year compared to د.إ0.58 last year. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: د.إ0.27 (vs د.إ0.13 in 1Q 2022) First quarter 2023 results: EPS: د.إ0.27 (up from د.إ0.13 in 1Q 2022). Revenue: د.إ839.3m (up 42% from 1Q 2022). Net income: د.إ451.2m (up 104% from 1Q 2022). Profit margin: 54% (up from 37% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: د.إ0.69 (up from د.إ0.45 in FY 2021). Revenue: د.إ2.65b (up 23% from FY 2021). Net income: د.إ1.16b (up 54% from FY 2021). Profit margin: 44% (up from 35% in FY 2021). The increase in margin was driven by higher revenue. Cost-to-income ratio: 43.0% (down from 43.2% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: د.إ0.21 (vs د.إ0.14 in 3Q 2021) Third quarter 2022 results: EPS: د.إ0.21 (up from د.إ0.14 in 3Q 2021). Revenue: د.إ724.3m (up 25% from 3Q 2021). Net income: د.إ353.1m (up 55% from 3Q 2021). Profit margin: 49% (up from 39% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Major Estimate Revision • Sep 07
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from د.إ3.21b to د.إ3.26b. EPS estimate increased from د.إ0.54 to د.إ0.69 per share. Net income forecast to grow 8.9% next year vs 12% growth forecast for Banks industry in United Arab Emirates. Consensus price target broadly unchanged at د.إ6.05. Share price was steady at د.إ4.80 over the past week. Reported Earnings • Jul 27
Second quarter 2022 earnings released: EPS: د.إ0.19 (vs د.إ0.11 in 2Q 2021) Second quarter 2022 results: EPS: د.إ0.19 (up from د.إ0.11 in 2Q 2021). Revenue: د.إ675.1m (up 26% from 2Q 2021). Net income: د.إ310.5m (up 63% from 2Q 2021). Profit margin: 46% (up from 36% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 41%, compared to a 20% growth forecast for the industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to د.إ4.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Banks industry in United Arab Emirates. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ1.97 per share. Price Target Changed • May 01
Price target increased to د.إ5.86 Up from د.إ5.47, the current price target is provided by 1 analyst. New target price is 12% above last closing price of د.إ5.25. Stock is up 35% over the past year. The company is forecast to post earnings per share of د.إ0.53 for next year compared to د.إ0.45 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Steven Monaghan was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 28
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Steven Monaghan was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 13
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: د.إ0.45 (up from د.إ0.30 in FY 2020). Revenue: د.إ2.15b (up 13% from FY 2020). Net income: د.إ756.1m (up 50% from FY 2020). Profit margin: 35% (up from 27% in FY 2020). Cost-to-income ratio: 43.2% (up from 39.2% in FY 2020). Non-performing loans: 4.26% (down from 5.51% in FY 2020). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 57%, compared to a 24% growth forecast for the banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Feb 04
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: د.إ0.45 (up from د.إ0.30 in FY 2020). Revenue: د.إ2.15b (up 13% from FY 2020). Net income: د.إ758.3m (up 51% from FY 2020). Profit margin: 35% (up from 27% in FY 2020). Cost-to-income ratio: 43.2% (up from 39.2% in FY 2020). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 57%, compared to a 29% growth forecast for the banks industry in United Arab Emirates. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Feb 03
The National Bank of Ras Al-Khaimah (P.S.C.), Annual General Meeting, Apr 12, 2022 The National Bank of Ras Al-Khaimah (P.S.C.), Annual General Meeting, Apr 12, 2022. Agenda: To consider cash dividend. Price Target Changed • Dec 23
Price target increased to د.إ5.47 Up from د.إ5.03, the current price target is an average from 3 analysts. New target price is 24% above last closing price of د.إ4.40. Stock is up 13% over the past year. The company is forecast to post earnings per share of د.إ0.42 for next year compared to د.إ0.30 last year. Price Target Changed • Nov 22
Price target increased to د.إ5.03 Up from د.إ4.59, the current price target is an average from 3 analysts. New target price is 11% above last closing price of د.إ4.55. Stock is up 26% over the past year. The company is forecast to post earnings per share of د.إ0.39 for next year compared to د.إ0.30 last year. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 17% share price gain to د.إ4.72, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Banks industry in United Arab Emirates. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at د.إ2.22 per share. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS د.إ0.14 (vs د.إ0.078 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: د.إ580.1m (up 27% from 3Q 2020). Net income: د.إ228.2m (up 74% from 3Q 2020). Profit margin: 39% (up from 29% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 10
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from د.إ3.37b to د.إ3.31b. EPS estimate rose from د.إ0.28 to د.إ0.35. Net income forecast to grow 41% next year vs 11% growth forecast for Banks industry in United Arab Emirates. Consensus price target up from د.إ4.27 to د.إ4.43. Share price was steady at د.إ3.88 over the past week. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS د.إ0.11 (vs د.إ0.091 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: د.إ535.2m (up 8.8% from 2Q 2020). Net income: د.إ191.0m (up 26% from 2Q 2020). Profit margin: 36% (up from 31% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS د.إ0.07 (vs د.إ0.091 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: د.إ443.9m (down 15% from 1Q 2020). Net income: د.إ113.3m (down 26% from 1Q 2020). Profit margin: 26% (down from 29% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Mar 18
The National Bank of Ras Al-Khaimah (P.S.C.), Annual General Meeting, Apr 11, 2021 The National Bank of Ras Al-Khaimah (P.S.C.), Annual General Meeting, Apr 11, 2021, at 07:00 Coordinated Universal Time. Major Estimate Revision • Feb 26
Analysts lower EPS estimates to د.إ0.31 The 2021 consensus revenue estimate was lowered from د.إ3.53b to د.إ3.31b. Earning per share (EPS) estimate was also lowered from د.إ0.42 to د.إ0.31 for the same period. Net income is expected to grow by 4.0% next year compared to 27% growth forecast for the Banks industry in United Arab Emirates. The consensus price target increased from د.إ3.93 to د.إ4.13. Share price stayed mostly flat at د.إ3.90 over the past week. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS د.إ0.30 (vs د.إ0.65 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: د.إ1.90b (down 29% from FY 2019). Net income: د.إ503.8m (down 54% from FY 2019). Profit margin: 27% (down from 41% in FY 2019). The decrease in margin was driven by lower revenue. Cost-to-income ratio: 39.2% (down from 39.5% in FY 2019). Non-performing loans: 5.51% (up from 3.84% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Analyst Estimate Surprise Post Earnings • Feb 21
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 86%, compared to a 43% growth forecast for the Banks industry in United Arab Emirates. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS د.إ0.30 (vs د.إ0.65 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: د.إ1.90b (down 29% from FY 2019). Net income: د.إ505.4m (down 54% from FY 2019). Profit margin: 27% (down from 41% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Analyst Estimate Surprise Post Earnings • Feb 03
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 86%, compared to a 39% growth forecast for the Banks industry in United Arab Emirates. Is New 90 Day High Low • Jan 19
New 90-day high: د.إ4.06 The company is up 14% from its price of د.إ3.55 on 21 October 2020. The Emirian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.إ2.33 per share. Is New 90 Day High Low • Dec 30
New 90-day high: د.إ3.90 The company is up 10.0% from its price of د.إ3.55 on 01 October 2020. The Emirian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Banks industry, which is also up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.إ2.36 per share. Is New 90 Day High Low • Dec 14
New 90-day high: د.إ3.77 The company is up 7.0% from its price of د.إ3.51 on 14 September 2020. The Emirian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.إ2.35 per share. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of د.إ694.3m, down 36% from the prior year. Total revenue was د.إ2.12b over the last 12 months, down 20% from the prior year. Is New 90 Day High Low • Oct 11
New 90-day low: د.إ3.41 The company is down 5.0% from its price of د.إ3.60 on 13 July 2020. The Emirian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is د.إ1.95 per share. Announcement • Aug 21
Peter England Intends to Retire as CEO of The National Bank of Ras Al-Khaimah (P.S.C.) RAKBANK announced that Mr. Peter England, The CEO of the National Bank of Ras Al Khaimah has informed the Board of Directors regarding his intention to retire from his role as CEO at an appropriate time during the second half of 2021. Mr. England felt it was best to advise the Board of his intentions early, to allow the opportunity for the Board to take their time in beginning a completely open and transparent process in finding a suitable successor.