Noor Bank 2014 profits jump 166% to Dh678m

Dubai-based Noor Bank’s net profits jumped 166 per cent to Dh678.1 million in 2014 due to strong performances by its wholesale, corporate, personal banking and SME units, the Shariah-compliant bank said in a statement.

Assets grew 25 per cent to Dh29 billion compared with Dh23.2 billion at the start of 2014, and total customer financing increased by 26 per cent to Dh18 billion, it noted.

Customer deposits increased by 28 per cent in 2014 and reached Dh23.9 billion at year-end, driven by a 17 per cent increase in the bank’s customer base.

“We will continue to build a healthy balance sheet and diversify our core revenue generation capabilities and remain committed to delivering consistent and sustainable earnings,” said Hussain Al Qemzi, Group CEO of Noor Investment Group and CEO of Noor Bank.

He added that the results reflect the strength of the bank’s wholesale, corporate and personal banking businesses.

The bank’s capital adequacy ratio reached 18.10 per cent and coverage ratio of almost 106 per cent. Noor Bank said it continues to remain among the most liquid banks in the UAE‎ as reflected by its 30.1 per cent liquid asset ratio.

The shareholders of the bank approved a 10 per cent cash dividend during the Annual General Meeting held on March 26, 2015.

The bank said its trade and SME brand Noor Trade more than doubled financing to small and medium enterprises in 2014. Noor Bank has been assigned a rating of ‘A-’ with a stable outlook by Fitch.

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