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
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
“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.
About Noor Islamic Bank
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).