SPECIAL REPORT
SPECIAL REPORT CULTURE TRANSFORMATION
PHOTO CREDIT: Folrante Magsakay/CPI Financial)
Noor Bank’s culture factor On the back of a three-year strategy set out in 2017, Noor Bank has successfully implemented a bank-wide culture transformation programme. In this special feature, Banker Middle East speaks to Noor’s CEO, John Iossifidis, Gail Stanley, Head of Organisational Effectiveness, and Gerhard Strydom, Senior Vice President in Organisational Effectiveness, on the importance of a strong corporate culture, and its relationship, impact and role in driving the bank’s solid financial performance
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n 2018, Noor Bank reported the largest percentage increase in total assets (18.9 per cent) as well as the highest percentage increase in net profit (62 per cent) amongst all banks in the GCC. To put this into perspective, the region's banking sector asset base grew by only five per cent whereas the second highest percentage increase for profit in 2018 was only 33 per cent. This momentum continued into 2019 with the bank recording a net profit of AED 410 million for H1 2019, which is a 29 per cent increase from the corresponding period last year, and 11 per cent more than the 2017 financial year.
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Positioned as the ninth largest bank in the UAE in terms of assets and capital, these numbers speak volumes about the bank’s three-year transformation strategy which was designed and implemented by the leadership team in H2 2017.
John, what was the culture like when you joined Noor Bank in June 2017? What were your views on it at that time? John Iossifidis (JI): Noor Bank's aspiration as well as its potential was well-recognised. Further, the bank opened its doors in January 2008 and had shown resilience in managing
BANKER MIDDLE EAST | NOVEMBER 2019 | ISSUE 224
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