Noor Bank Annual Profit Jumps to Record AED678.1 Million
Noor Bank reported a record net profit of AED678.1 million for 2014, marking a 166% from the year ended 2013. Noor Bank’s total assets also saw strong growth, rising 25%, to AED29.0 billion, compared with AED23.2 billion, at the start of 2014. Total customer financing increased by 26% to AED18.0 billion.
Customer deposits increased by 28% in 2014 and reached AED23.9 billion at year-end. This was driven by a 17% increase in the bank’s customer base.
Hussain Al Qemzi, Group CEO of Noor Investment Group and CEO, Noor Bank, said: “Noor Bank has delivered another strong set of financial results in 2014 that reflect the strength of our wholesale, corporate and personal banking businesses. We will continue to build a healthy balance sheet and diversify our core revenue generation capabilities and remain committed to delivering consistent and sustainable earnings.”
The bank remains adequately capitalised with a capital adequacy ratio of 18.10% and coverage ratio of almost 106%. With one of the most conservative loans to deposit ratios, Noor Bank continues to remain among the most liquid banks in the UAE as reflected by its 30.1% liquid asset ratio.
The shareholders of the bank approved a 10% cash dividend during the Annual General Meeting held on 26 March, 2015.
Meanwhile, Noor Bank’s trade and SME brand, Noor Trade, more than doubled financing to SMEs in 2014.
In October 2014, Noor Bank was assigned a rating of ‘A-’ with a stable outlook by Fitch, a leading provider of credit ratings, commentary and research that allocates long-term foreign currency Issuer Default Ratings (IDR). Fitch noted that Noor Bank has been successful in growing its customer base and gradually improving the diversification of its financing book.
Al Qemzi added: “The bank has established a strong momentum and it is well positioned to maintain balanced and sustainable growth during 2015. Noor Bank will continue to play a leading role in realising 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 Islamic Economy".
