Hussain Al Qemzi
Noor Bank Q1 profit surges to record $23m
Dubai, April 23, 2014
Dubai’s Noor Bank has reported record net income of Dh85 million ($23 million) for first quarter 2014, up from Dh31 million for first quarter 2013, marking an increase of 174 per cent.
Return on equity improved to 14 per cent.
Noor Bank’s 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 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.”
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. – TradeArabia News Service