Sunday, July 24, 2011

Noor Islamic Bank Posts AED 85 million net profit for the period ending June 30th



Revenues increase to AED 386 million, generating an operating profit
of AED 207 million

Dubai, July 24, 2011: Noor Islamic Bank (NIB) recorded a net operating profit of AED 207

million for the first six months of 2011, on a revenue base of AED 386 million. Net profit for the

period ending June 30th was AED 85 million. The bank remains adequately capitalized with a

capital adequacy ratio of 18.36%.

His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of Noor Islamic

Bank said: “Our robust performance in the first half of the year is a direct result of the strategic

initiatives and business model realignment that we have been undertaking within the bank

over the past 18 months. Our efforts to focus our expertise on niche business opportunities are

reflected in our earnings momentum.

“We will maintain a prudent approach in our growth strategy. The bank’s capital adequacy ratio

remains robust at 18.36%. We remain confident and positive about our future and are well

positioned to continue to provide consistent performance, both financially and operationally, and

to maximise opportunities as the economic situation improves.”

NIB’s improved results are underpinned by increased operating revenues and earnings

stemming from the strategic consolidation drive adopted in 2010. Cost reductions were

implemented with minimal impact on the bank’s overall business objectives and by continuingly

exercising disciplined risk management practices, the bank was able to deliver strong financial

results.

Hussain AlQemzi, Chief Executive Officer, Noor Islamic Bank and Group CEO Noor Investment

Group said: “We have been able to realize strong operating results as a consequence of

remaining focussed on executing against our stated strategy of playing to our strengths

and leveraging on our areas of expertise, across the UAE and regionally.

months of this year have shown steady growth in our net revenues of AED 386 million, whilst

simultaneously generating an improvement of 7% in our expense base against the same period

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last year.

“Against an operating loss of AED 9 million at the end of the first half of 2010, we have realized

an operating profit of AED 207 million and a net profit of AED 85 million. We will continue to

remain focussed on our fundamentals of capital and liquidity management whilst continuously

identifying opportunities to optimize our costs in order to ensure we deliver sustainable results.

“Our deposit base has grown by 40% over same period in 2010, on a client base that has

grown by 21%. We will continue to invest in our core franchise proposition through enhancing

our transactional and institutional banking, trade finance and wealth management capabilities.

Our geographic footprint continues to remain focussed on deepening our relationships with our

clients in Abu Dhabi as well as extending the reach of our corporate advisory, capital market

and structuring capabilities across the region,” AlQemzi added.

“On the retail side of our franchise, we are firmly committed towards continuing to invest in our

sales and distribution strategy of enhancing our client experience by introducing more benefits

to our products and more functionality across our customer touch points.”

In addition to its UAE based operations, NIB has executed mandates to lead manage multiple

syndications valued at USD 1.1 billion in Turkey during the past 18 months. There is a pipeline

of another USD 600 million, the latest of which is a $150 Million equivalent Dual-Currency

Syndicated Murabaha Financing Facility for AlbarakaTürkKatılımBankası A.Ş. (“AlbarakaTürk”),

one of Turkey’s leading Islamic banks.The facility was launched into general syndication on

June 29, with banks from across the globe invited to participate. NIB is also active in GCC and

MENA region markets.

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Ends

About Noor Islamic Bank

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Established in 2007 in Dubai, Noor Islamic Bank is a full service bank delivering the broadest range of products for

its clients, with an emphasis on unique and personalized services. Noor Islamic Bank's products and services are

governed by a Shari'a Board, comprising leading Islamic scholars with extensive experience and expertise in legal,

financial and banking-related matters. Noor Islamic Bank has locations across the UAE in the Emirates of Abu Dhabi,

Dubai and Sharjah, and has a representative office in Tunisia which is managed out of Dubai.

For further details, please visit: www.noorbank.com or call 800NOOR(6667).

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