National Bank of Ras Al Khaimah (RAKBank) reported a 19 per cent year-on-year rise in third-quarter net profit as operating income climbed and provisions for credit loss fell. Net profit attributable to owners of the bank for the three-month period ending September 30 jumped to Dh284.6 million, the lender said in statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded. Total operating income rose 3 per cent year-on-year to Dh1 billion at the end of the third quarter, mainly driven by an increase in non-interest income to Dh292.5m, from Dh262.9m in the same period in 2018, the lender said. Net interest income and income from Islamic financing rose 0.4 per cent to Dh712.1m. "The stand out performer of the year continues to be fee income, with all business units recording solid growth in this area relative to their performance in 2018, leading to a 17.9 per cent increase in this line," said Peter England, chief executive of RAKBank. Gross loans and advances increased 3.4 per cent year-on-year, which was mainly driven by increases in its wholesale banking and financial institutions segments, he added. Provision for credit loss for the three-month period dropped to Dh325.4m, from Dh361.1m recorded for the same period a year ago. Net profit for the nine-month period climbed 25.5 per cent to Dh839.1m. Total operating income at the end of the nine-month period also increased to Dh3bn, from Dh2.8bn a year ago. Assets at the end of September 30 reached Dh56.3bn, up 6.8 per cent since the end of 2018. In addition, customer deposits grew to Dh36.5bn, a 6.8 per cent growth compared to the end of last year. The bank also said impairment charges continued their downward trajectory from its peak in the third quarter of 2018. “Diversification of our balance sheet while retaining a firm commitment to the SME sector has been at the heart of our strategy over the last five years and the results of this continues to bear fruit in terms of sustained income growth and lower provisions,” said Mr England.