UAE - Mubasher: Noor Bank, a leading Shari’ah-compliant bank in the UAE, has reported a 29% year-on-year increase in its net profit for the first half of 2019, recording AED 410 million.
The bank’s revenue grew by 7% during the six-month period ended 30 June, according to a press release.
Cost-to-income ratio improved at 33.5% in H1-19 as strict expense management cut the cost growth to 2%, Noor Bank said.
The lender generated a 16.1% annualised return on shareholders’ equity, which boosted its overall growth during the period.
Total assets increased by 4% at the end of June 2019 as compared with the end of June 2018.
Moreover, customer financing went up by 5% and customer deposits rose by 11% in H1-19, as compared with H1-18.
The bank’s balance sheet remained healthy with strong asset quality and solid liquidity and capital ratios.
“The capital adequacy ratio reached 17.2%, and the common equity Tier 1 ratio stood at 11.5%, a 1.1% improvement over H1-18,” the bank added.
Meanwhile, the impaired financing ratio improved to 4.3% in the first six months of 2019, while the cost of risk eased to 1.9% as compared to H1-18.
