Dubai: Noor Bank, a Sharia-compliant institution, on Wednesday reported net profit of Dh676 million for 2018, before adjustments for property revaluations, marking a 74 per cent improvement in underlying performance.
Net profit after adjustments was Dh601 million, representing a growth of 62 per cent over 2017.
Noor Bank’s total assets increased by 19 per cent to Dh50.7 billion, and gross financing witnessed a 17 per cent boost to reach Dh34.3 billion.
“We attribute the underlying profit growth to the impressive performance of our core businesses, in addition to well-managed costs and lower impairment charges. Our total operating income exceeded Dh2 billion — three per cent higher than the previous year,” said John Iossifidis, CEO of Noor Bank.
Riding on lower operating costs, the bank witnessed an improved cost-income ratio of 36 per cent. Noor Bank also achieved strong growth in all asset classes that was evenly distributed across businesses.
Customer deposits surged 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.
“We have achieved significant improvements in business performance owing to the good momentum in our wholesale banking and retail businesses. We are confident of carrying this momentum forward in 2019 with continued emphasis on digitalisation and customer excellence that are at the core of our strategy,” Iossifidis said.