Fitch assigns Noor Bank with IDR of ‘A-’; outlook stable

31/10/2014 09:59 AST

Fitch Ratings assigned Dubai-based Noor Bank a Long-term foreign currency Issuer Default Rating (IDR) of ‘A-’ with a stable outlook along with Support Rating at ‘1’.

According to Fitch, Noor’s IDR and Support Rating reflect an extremely high probability of support available from the UAE authorities, and Dubai, if required. Noor Support Rating also considers the close ties and ownership links between Noor and the Dubai government.

Fitch notes that Noor has been successful in growing its customer base and gradually improving the diversification of its financing book. According to Fitch, Noor’s profitability ratios are satisfactory, with a net income on average equity of 11 per cent and net income on average assets of 1.2 per cent in 2013.

Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai. Noor Bank is owned 94.9 per cent by Noor Investment Group, 5 per cent by Emirates Investment Authority, and 0.1 per cent by individuals and corporations in the UAE.

The bank has a paid-up capital of $1 billion, and houses a range of banking, investing and financial and risk management products and services for individuals, small and medium-sized businesses.


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