UAE’s Noor Islamic Bank posts $23 mn profit

July 24th, 2011 - 11:57 pm ICT by IANS  

Dubai, July 24 (IANS/WAM) 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.

–IANS/WAM
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