Noor Bank profit jumps 62%

dubai — Noor Bank, a Shariahcompliant bank in the UAE, on Wednesday said its 2018 net profit jumped 62 per cent to Dh601 million as compared to Dh371 million in the previous year on the back of strong growth in its core business and impairment charges.

A press statement issued by the Dubai-headquartered bank said that it posted net profit of Dh676 million prior to adjustments for property revaluations, amounting to a 74 per cent improvement in underlying performance.

Its total assets increased by 19 per cent to Dh50.7 billion, becoming the 10th largest bank in the UAE in terms of asset size.

The gross financing witnessed a 17 per cent boost to reach Dh34.3 billion last year, it said in a statement. Customer deposits surged by 17 per cent to Dh35.4 billion, boosting the bank’s liquidity. Its capital adequacy ratio as of 31 December 2018 was 16 per cent.

The Shariah-compliant lender said that its net impairment charges fell from Dh838 million in 2017 to Dh613.88 million. While total operating expenses also fell slightly from Dh731.7 million to Dh726.5 million.

Noor Bank has entered into a joint venture with Etisalat to incorporate Digital Financial Services wherein the bank has invested in equity shares of Dh25 million. This venture will offer digital wallet solutions and will be operational in 2019.