RAK Bank Q1 profit up 11% as interest income rises

National Bank of Ras Al-Khaimah, a UAE lender, said first-quarter profit rose 11 percent, helped by higher interest income and lower impairment charges.

Net income rose to AED325.3m (US$88.6m), the bank said in a statement to the Abu Dhabi bourse today. Profit was AED293m in the year-earlier period, according to data compiled by Bloomberg.

Interest income grew 21 percent to AED538m, while impairment charges fell to AED60.5m, the bank said. Non-interest income dropped 28 percent to AED154.3m because of the “impact of regulatory restrictions imposed since May 2011 on fees and charges,” according to the statement.