Abu Dhabi – Mubasher: National Bank of Ras Al Khaimah (RAK Bank) reported a 6.8% year-on-year increase in net profits for the third quarter of 2018, recording AED 238.9 million from AED 223.5 million.

In the first nine months of this year, net profit amounted to AED 668.8 million, 11% up from AED 602.7 million in the year-ago period, the bank’s unaudited financial statement showed.

The bank’s provision for impairment fell 11% year-on-year to AED 1.049 billion in the nine-month period ended September, versus AED 1.184 billion.

RAK Bank previously posted a 0.9% year-on-year increase in net profits for the second quarter of 2018, registering AED 226.6 million from AED 224.6 million.

In the first half of 2018, net profit stood at AED 431.7 million, compared to AED 381.5 million in the year-ago period.