The Shari’ah compliant lender’s revenue rose by seven per cent in H1 2019, owing to income from net financing and investments as well as non-funded income, generated through diversified performance across business lines.
Sunday 28, July 2019 BY KUDAKWASHE MUZORIWA
Noor Bank has posted a net profit of AED 410 million in H1 2019, a 29 per cent increase compared to the same period last year and an 11 per cent increase on the 2017 full-year net profit.
The bank stated that “Stringent expense management restricted cost growth to two per cent, improving the cost-to-income ratio to 33.5 per cent.”
Noor Bank also said that its total assets were up by four per cent, while customer financing increased by five per cent and customer deposits rose by 11 per cent compared H1 2018 which reinforced the bank’s overall growth.
John Iossifidis, the CEO of Noor Bank, said, “We attribute our record results in H1 2019 to our robust balance sheet and solid performance across our businesses.”
The bank said its balance sheet remained robust with improving asset quality, due to strong liquidity and improving capital ratios. Noor Bank’s impaired financing ratio improved to 4.3 per cent, with the cost of risk falling to 1.9 per cent.
“The stable impaired financing ratio and high provision coverage are a testament to the enhanced quality of our financing book,” lossifidis said.
Noor Bank is in merger talks with Dubai Islamic Bank; whose board has recommended the takeover of the smaller bank to its shareholders.