Noor Bank reports Q1 2014 net profit of Dhs85m compared to Dhs31m in Q1 2013
Noor Bank reported record net income of Dhs85m, for first quarter 2014, up from Dhs31m for first quarter 2013. Return on equity improved to 14%.
Noor Bank’s total assets grew 9% to Dhs25.2bn, compared with Dhs23.2bn, at the start of the year.
Total customer financing increased by 14% to Dhs16.3bn. Customer deposits grew by 11%, reaching Dhs20.7bn.
“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 fulfill 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,” he added.
Noor Bank also saw its strong underwriting performance recognized during the quarter, receiving the “2014 Deal of the Year in Securitisation & Structured Finance” award for the Middle East from The Banker and the “Cross-Border Deal of the Year” award from Islamic Finance News. This followed Noor Bank’s number one ranking in both Bloomberg’s full year 2013 EMEA Islamic Syndicate Book Runner, and Islamic Syndicate Mandated Arranger league tables.
In addition, Noor Bank, as part of its innovation strategy, successfully processed online commodity murabaha financing transactions for one of its large SME clients on the Tradeflow platform of Dubai Multi Commodities Centre (DMCC). The platform allows for greater Shari’a compliance as the assets are in existence in the UAE, and are accessible for inspection and full possession
As part of its CSR programme Noor Bank has also created new options for customers to make donations to the Awqaf and Minors Affairs Foundation’s (AMAF) unique Family Village project for orphaned children through Noor Bank’s branches, ATMs, or online and mobile platforms. Noor Bank’s credit card subscribers can also redeem their reward points for cash donations.
Al Qemzi, noted, “We are delighted with such new projects. We believe they highlight Noor Bank’s innovation and leadership in the Islamic banking industry. These efforts add value for our customers and reflect our commitment to positioning Dubai as the capital of the global Islamic economy.”
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