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UAE's
Noor Islamic Bank posts $23 mn profit
Monday July 25, 2011 08:07:16 AM,
WAM
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Dubai:
Dubai-based Noor Islamic Bank has posted a net profit of 85
million dirhams (about $23 million) in the first half of this
year.
In the same period, the net operating profit was 207 million
dirhams. The bank remains adequately capitalized with a capital
adequacy ratio of 18.36 percent, it said Sunday.
Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, chairman of Noor
Islamic Bank, said: "Our robust performance in the first half of
this 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."
The bank'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 continuously exercising
disciplined risk management practices, the bank was able to
deliver strong financial results, he said.
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In Depth |
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Picture of the Day |
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ABANA Annual Conference titled Islamic Finance:
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