Dubai - Mubasher: UAE-based Shari’ah-compliant Noor Bank has reported an 8% year-on-year profit increase during the first quarter of 2019, recording AED 217 million.
Revenue went up 8% in Q1-19, while annual return on shareholders’ equity rose 17.7%, according to a company statement.
“Our strong results in Q1 2019 testify to the robust performance across all our business units and asset classes, and demonstrate our resilience to the changing market conditions,” Noor Bank’s CEO John Iossifidis said.
The bank’s provision coverage ratio stood at 155% from January to the end of March, while impaired financing ratio hit 4.5%.
“We are confident of carrying this momentum forward into the rest of 2019 with a continued emphasis on digitalisation, innovation, and customer excellence that are at the core of our strategy of delivering outstanding customer experiences,” Iossifidis commented.
