Noor Islamic Bank posts Dh100m profit

Noor Islamic Bank announced today its half year net profit of Dh100 million compared with Dh75.5 million at December 31, 2012.

This is the highest half year net profit reported by the Dubai-based bank, which is on course to deliver its third year of sustained profitability in 2013.

“Noor’s consistent year-on-year performance continues,” said Hussain Al Qemzi, GCEO of Noor Investment Group and CEO, Noor Islamic Bank.

“The momentum we have established reinforces our determination to build sustainable, long-term relationships with our clients, as we continue to grow a healthy balance sheet and diversify our core revenue generation capabilities.”

Customer deposits increased by 22 per cent in the first half of the year, reaching Dh16.7 billion, compared with Dh13.7 billion, at December 31, 2012.

This was driven by a 14 per cent increase in the bank’s customer base during the first half of the year and an increase of Dh2.4 billion in current and savings accounts.

Noor’s total assets also saw strong growth, rising Dh3.3 billion, or 18.3 per cent, compared with Dh18 billion, at the start of the year.

Total financing increased by Dh2.9 billion, during the same period. Meanwhile, the value of capital market transactions that Noor participated in rose 73 per cent, from Dh8.08 billion to Dh13.95 billion.

The ratio of non-performing loans declined by 6 per cent, to 20 per cent compared with December 31, 2012. The bank remains adequately capitalized with a capital adequacy ratio of 18.07 per cent.

Noor also saw a strong underwriting performance in the first six months of 2013, placing it firmly in the top 5 EMEA Islamic finance underwriters.

Noor ranked second in Bloomberg’s half year Islamic loans mandated arranger league table, with a market share of 10.4 per cent and total issuance volume of Dh1.187 billion. It also ranked joint second in Bloomberg’s Islamic Loans Book Runner league table, with a 10 per cent market share and total issuance volume of Dh1 billion.

“The bank’s half year results are robust and we are well positioned to continue to provide consistent performance, both financially and operationally,” said Al Qemzi.

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