Noor Bank reports record full year net profit
Noor Bank reported a record net profit of Dhs255m for 2013, up from Dhs76m for the year ended 2012.
Noor Bank’s total assets also saw strong growth, rising 29%, to Dhs23.2bn, compared with Dhs18bn, at the start of the year. Total customer financing increased by 32% to Dhs14.3bn.
Customer deposits increased by 33% in 2013, reaching Dhs18.6bn, compared with Dhs14.0bn at year-end 2012. This was driven by a 24% 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% and coverage ratio of almost 100%.
Noor Bank also saw a strong underwriting performance during 2013. Noor ranked number one in the latest Bloomberg’s full year 2013 EMEA Islamic Loans Book. Noor was also ranked first in Bloomberg’s Islamic loans mandated arranger league table.
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 HH Sheikh Mohammed’s vision to position Dubai as the world’s capital of the Islamic economy.
Noor Bank Chairman, H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, noted: “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.”
At the start of this year, to coincide with the bank’s sixth anniversary, the bank changed its name to Noor Bank in recognition of its local and international growth ambitions and to broaden the appeal of its Islamic finance products and services.
Al Qemzi said: “I am very proud of Noor Bank, our employees and the work we do to serve our consumer, small business and commercial customers as well as our communities. We are most thankful for the support of the Governor of UAE’s Central Bank, H.E. Sultan Nasser Al Suwaidi, and the members of our Board of Directors. We are increasingly optimistic about the future and will continue to do our part to support growth, economic development and the creation of new jobs in those communities we serve.”
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