Dubais Noor Bank sees profits grow in 2013
Dubai-based Noor Bank has recorded customer deposits of AED18.6bn ($5bn) in 2013, an increase of 33 per cent on the previous year. This growth was driven by a 24 per cent increase in its customer base, the bank says.
The bank also reported a record net profit of AED255m, up from the AED76m posted in 2012. Total customer financing increased by 32 per cent to AED14.3bn.
Noor is aiming to attract more customers this year following the completion of its rebranding in January. The bank decided to drop the word Islamic from its name, as part of its efforts to broaden its appeal to a wider range of customers.
Although remaining a provider of products that comply with Islamic law, the bank expects the new name will help Noor expand in the UAE.
In 2013, the bank launched a new sister company, Noor Trade, providing trade finance and small and medium-sized enterprises (SME) financing.