UAE:
Shariah compliant Noor Bank yesterday announced 2013 net profits of
AED255 million (US$69.4 million), more than triple the AED76 million
(US$20.7 million) in total profit reported for the previous year. The
Dubai-based bank also reported strong total asset growth rising 29% to
AED23.2 billion (US$6.32 billion) and a capital adequacy ratio of 17.6%,
with a coverage ratio of almost 100%.
The results for 2013 mark three years of consecutive growth for the bank,
which was established in 2008 and rebranded at the start of this year to
Noor Bank from Noor Islamic Bank to mark its sixth anniversary. Noor Bank
is owned in the majority by the Noor Investment Group, with a 5% stake
held by Emirates Investment Authority and 0.1% by individuals and
corporations in the UAE.
Last year saw a 24% increase in the bank’s customer base, fulfilling aims
voiced by the bank's CEO, Hussain Al Qemzi, at the launch of Noor’s
rebrand regarding the bank’s drive to grow both at home and
internationally: with plans to focus on growth in the GCC countries,
Turkey and Southeast Asia. Hussain however, has said that the bank aims
to differentiate itself by focusing less on the increase of its branch
network and more on online banking: “Recently we’ve been thinking of
expanding our horizons to the digital field, apps. In the product and
customer that we are targeting we’ve noticed today that the branch
network is not very instrumental. Unlike before, people are looking for alternatives
of reaching you through the internet.”
Last year the bank launched its trade and SME operation, Noor Trade, and
reported an increase of more than double in trade financing to SMEs. The
bank’s parent company, Noor Investment Group, announced last month that
it had been selected by the Dubai Department of Economic Development as
an advisor for the emirate’s proposed EXIM bank, which when approved is
expected to be the world’s first fully Shariah compliant bank of this
type. According to local reports Noor Bank aims to utilize Dubai’s
competitive standing as a massive import and export hub to boost its
corporate trade finance business.
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