Noor Islamic Bank Makes AED85 Mln Net Profit In 1H 2011

Monday, Jul 25, 2011

(This item was originally published on Sunday.)

BEIRUT (Zawya Dow Jones)--Noor Islamic Bank, the Shariah-compliant lender partly owned by the Dubai government, said Sunday it made a net profit of 85 million U.A.E. dirhams ($23 million) for the first half of 2011.

The four-year old bank which is 95% owned by Noor Investment Group, recorded a net operating profit of AED207 million for the first six months of 2011, on a revenue base of AED386 million, it said in an e-mailed statement.

"The bank remains adequately capitalised with a capital adequacy ratio of 18.36%," it said.

According to Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, chairman of Noor Islamic Bank, the bank remains confident and positive about the future and is "well positioned to continue to provide consistent performance, both financially and operationally, and to maximise opportunities as the economic situation improves."

The new chairman was appointed last month replacing Sheikh Ahmed bin Saeed Al Maktoum who was named the new chairman of Emirates NBD.

Noor Investment Group is 25% owned by Investment Corporation of Dubai and 25% owned by Dubai Holding.

-By Mirna Sleiman; Dow Jones Newswires; +97 1 4446 1698; mirna.sleiman@dowjones.com

(END) Dow Jones Newswires

25-07-11 0352GMT