Dubai: Noor Bank said yesterday its net profit for 2014 jumped 166 per cent, adding that it is well positioned to maintain a balanced growth in 2015.
The bank reported a net profit of Dh678.1 million in 2014, while its assets witnessed strong growth, rising Dh29 billion, up 25 per cent on year.
Total customer financing increased by 26 per cent to Dh18.0 billion, the bank said in an emailed statement.
Customer deposits increased by 28 per cent in 2014 and reached Dh23.9 billion at year-end, driven by a 17 per cent rise in customer base.
“The bank has established a strong momentum and it is well positioned to maintain balanced and sustainable growth during 2015,” Hussain Al Qemzi, Group CEO of Noor Investment Group and CEO, Noor Bank, said in a statement.
“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 shareholders of the bank approved a 10 per cent cash dividend during the Annual General Meeting held on Thursday.
