RAKBANK has reported a net profit of AED1.1 billion for the nine months ended 30 September 2014. The bank’s total assets stood at AED34.8 billion, growing 20.5 per cent year-on-year and 15.5 per cent on a year-to-date basis, according to Gulf Today website. Bank’s gross loans and advances stood at AED24.9 billion, up 13.5 per cent year-on-year and 11.5 per cent on a year-to-date basis. Gross Islamic financing assets increased by AED1.7 billion compared to 31 December 2013. Total operating income for the nine months ended September 2014 was up by AED291.5 million to AED2.6 billion, an increase of 12.5 per cent compared to the nine months ended 30 September 2013. This growth was mainly due to an increase of Dhs198.9 million in net interest income and income from Islamic financing, and AED92.6 million in non-interest income, which climbed by 18.3 per cent over the same period last year. Net interest income plus net profit from Islamic financing for the nine months ended 30 September 2014 grew by 10.9 per cent compared to the nine months ended 30 September 2013 to AED2.0 billion. This was a result of higher interest income on loans and investments, a reduction in the cost of deposits as the Bank focused on accumulating low cost transaction accounts, and an increase in net income from Islamic financing to AED109.8 million in line with the growing Islamic finance portfolio launched in 2013.