Dubai bank posts healthy profits

25/07/2011 - Dubai Investment News Posted by Neil King
Dubai bank posts healthy profits

Noor Islamic Bank, the Dubai-based institution, has recorded a net profit of AED85 million for the first half of 2011, on a revenue base of AED386 million.In a statement, chairman Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum said the bank remained adequately capitalised with a capital adequacy ratio of 18.36 per cent."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," he remarked.Sheikh Ahmed added: "Our efforts to focus our expertise on niche business opportunities are reflected in our earnings momentum."The bank remained "confident and positive" about the future, according to the chairman, who said that it was well positioned to continue to provide consistent performance.Hussain Al Qemzi, chief executive of the Noor Islamic Bank, added that business had been unaffected by conflict in the Middle East.