Noor Bank Q1 profit jumps 174%

Dubai-based Noor Bank has reported record net profit of Dh85 million for first quarter of 2014, up from Dh31 million for first quarter 2013, an increase of 174 per cent. Return on equity improved to 14 per cent, total assets grew 9 per cent to Dh25.2 billion. Total customer financing increased by 14 per cent to Dh16.3 billion. Customer deposits grew by 11 per cent, reaching Dh20.7 billion. Hussain Al Qemzi, CEO, Noor Bank and Group CEO, Noor Investment Group said that the bank's business strategy continues to focus on satisfying the needs of its customers across wholesale, capital markets, corporate, commercial and personal banking. He believes the franchise is well capitalized and positioned for balanced and sustainable growth.