Noor Bank Q1 profit jumps 174%

Dubai-based Noor Bank on Wednesday reported record net profit of Dh85 million for first quarter of 2014, up from Dh31 million for first quarter 2013, an increase of 174 per cent.

Return on equity improved to 14 per cent, the Shariah-compliant bank said.

Total assets grew 9 per cent to Dh25.2 billion compared with Dh23.2 billion at the start of the year.

Total customer financing increased by 14 per cent to Dh16.3 billion. Customer deposits grew by 11 per cent, reaching Dh20.7 billion.

“Our solid first quarter results demonstrate the consistency of our earnings momentum driven by the business strategies which we implemented last year,” said Hussain Al Qemzi, CEO, Noor Bank and Group CEO, Noor Investment Group.

“Our business strategy continues to focus on providing unique and relevant solutions to fulfil the needs of our customers across wholesale, capital markets, corporate, commercial and personal banking. As we move through 2014, I remain optimistic about the opportunities ahead for both Noor Bank and the UAE, and believe the franchise is well capitalized and positioned for balanced and sustainable growth.”

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