UAE bank sees profits leap by 166 per cent
UAE-based Noor Bank has reported net profits of AED678.1m ($184.6m) for 2014, marking an increase of 166 per cent on last years results.
The Islamic bank saw total assets increase by 25 per cent to reach AED29bn, compared with AED23.2bn at the end of 2013.
Lending activity also rose over the course of last year. Customer financing reached AED18bn, an increase of 26 per cent. Customer deposits stood at AED23.9bn at the end of 2014, an increase of 28 per cent on the previous year.
Noor Bank has high levels of liquidity and has a capital adequacy ratio of 18.10 per cent, ensuring it is adequately positioned to absorb the impact of losses.
The bank rebranded itself in late 2013-early 2014 from Noor Islamic Bank to just Noor bank.
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