Noor Islamic Bank (Noor)announced today its half year net profit of AED 100 million, compared with AED 75.5 million, at December 31, 2012. This is the highest half year net profit reported by the Dubai-based bank, which is on course to deliver its third year of sustained profitability in 2013. "Noor's consistentyear-on-year performancecontinues," said Hussain Al Qemzi, GCEO of Noor Investment Group and CEO, Noor Islamic Bank. "The momentum we have established reinforces our determination to build sustainable, long-term relationships with our clients, as we continue to grow a healthy balance sheet and diversify our core revenue generation capabilities." Customer deposits increased by 22 per cent in the first half of the year, reaching AED 16.7 billion, compared with AED 13.7 billion, at December 31, 2012. This was driven by a 14 per cent increase in the bank's customer base during the first half of the year and an increase of AED 2.4 billion in current and savings accounts. Noor's total assets also saw strong growth, rising AED 3.3 billion, or 18.3 per cent, compared with AED 18 billion, at the start of the year.Total financing increased by AED 2.9 billion, during the same period. Meanwhile, the value of capital market transactions that Noor participated in rose 73 per cent, from AED 8.08 billion (US $2.2 billion) to AED 13.95 billion (US $3.8 billion) The ratio of non-performing loans declined by 6 per cent, to 20 per centcompared with December 31, 2012.The bank remains adequately capitalized with a capital adequacy ratio of 18.07 per cent. Noor also saw a strong underwriting performance in the first six months of 2013, placing it firmly in the top 5 EMEA Islamic finance underwriters. Noor ranked second in Bloomberg's half year Islamic loans mandated arranger league table, with a market share of 10.4 per cent and total issuance volume of AED 1.187 billion (US $323 million). It also ranked joint second in Bloomberg's Islamic Loans Book Runner league table, with a 10 per cent market share and total issuance volume of AED 1 billion (US $273 million). "The bank's half year results are robust and we are well positioned to continue to provide consistent performance, both financially and operationally," said Al Qemzi. Noor began operations in January 2008. Despite the global economic downturn, the bank quickly established a strong financial base and has seen consistent year-on-year growth, in line with its strategy of investing in its core franchise proposition and enhancing its transactions and institutional banking, trade finance, SME and wealth management capabilities. In June of this year, Noor launched its new trade and SME brand, Noor Trade. The first dedicated Noor Trade branch, in the Almas Tower, Jumeirah Lakes Towers, has seen strong business growth and a second branch will open in the third quarter of the year inDeira.
