Noor Bank net vaults 235%

Shariah-compliant Noor Bank’s 2013 profits vaulted 235 per cent to record Dh255 million, up from Dh76 million for the year ended on December 31, 2012, helped by strong underlying performance of operating units.

Noor Bank’s total assets also saw strong growth, rising 29 per cent to Dh23.2 billion compared with Dh18 billion at the start of the year. Total customer financing increased by 32 per cent to Dh14.3 billion.

Customer deposits increased by 33 per cent in 2013, reaching Dh18.6 billion, compared with Dh14.0 billion at year-end 2012. This was driven by a 24 per cent increase in the bank’s customer base.

"We are pleased to announce this record profit and continued strong performance for the third consecutive year,” said Hussain Al Qemzi, Group CEO of Noor Investment Group and CEO, Noor Bank.

“All of our operating units are delivering strong underlying performances. We remain focused on serving our clients and communities, investing in our core franchise, and building our wholesale, corporate, commercial and personal banking businesses.”

The bank remains adequately capitalized with a capital adequacy ratio of 17.6 per cent and coverage ratio of almost 100 per cent.

Noor Bank also saw a strong underwriting performance during 2013.

In 2013, Noor Bank launched its trade and SME brand, Noor Trade, and more than doubled financing to SMEs. Noor Trade has branches in the Almas Tower, Jumeirah Lakes Towers, and in Baniyas Square, Deira.

During the course of 2013, both Noor Bank and Noor Investment Group, the bank’s parent company, continued to make a significant positive community impact. Noor Investment Group has formed a joint venture with Dubai’s Awqaf and Minors Affairs Foundation to establish “Noor Awqaf” to support His Highness Sheikh Mohammed’s vision to position Dubai as the world’s capital of the Islamic economy.

Noor Bank Chairman Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, said: “Noor is an integral part of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the capital of the global Islamic economy. Dubai is committed to supporting the future growth and success of Noor Bank. His Highness’s vision is certain to shape the future of Noor Bank and the impact of Islamic finance on the world economy.”

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