RAK Bank expects profit to improve next year as it expects credit provisioning to ease, according to the bank’s CEO in an interview to Bloomberg. The bank’s CEO said that they will keep costs very tight next year which should help profitability next year. The bank also plans to increase its balance sheet and diversify away from its small and medium-sized company and retail-related business in 2017. Mgmt. expects loan growth of 10-12% in 2017 as it looks to lend to GREs mainly in Dubai and Ras al Khaimah. It also plans to increase sales of home mortgages and expand its financial institutions business. The CEO added that the number of SME owners fleeing the country with unpaid debts is decreasing. (Bloomberg)