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DUBAI / Emirates Business
Noor Bank, one of the leading Shari’ah-compliant banks in the UAE, has announced a record net profit of AED410 million in H1 2019, notching up a 29 percent increase over the first six months of last year and an 11 percent increase on the 2017 full-year net profit.
Noor Bank’s revenue rose by seven per cent in H1 2019, with contributions from income via net financing and
investments as well as non-funded income, generated through diversified performance across business lines in accordance with 2019 growth plans. Stringent expense management restricted cost growth to two per cent, improving the cost-to-income ratio to 33.5 percent.
Noor Bank achieved a 16.1 per cent annualised return on shareholders’ equity. Reinforcing the bank’s overall growth, total assets were up by four percent, while customer financing increased by five
percent, and customer deposits rose by 11 percent over H1 2018.
The Bank’s balance sheet remained robust with improving asset quality, and strong liquidity and capital ratios.