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THE ECONOMY - BANKS

NBAD and Emirates NBD make a move on China

Posted on 07/06/2012

Two of the UAE's biggest banks are to open offices in mainland China for the first time, as the Emirates seeks to profit from growing trade links with the world's second-biggest economy. National Bank of Abu Dhabi (NBAD) and Emirates NBD are opening offices in China, as the two countries forge closer ties after a visit by Wen Jiabao, the Chinese premier, to the Emirates this year. Emirates NBD, the biggest bank in the UAE, is preparing to open an office in Beijing, becoming the first bank ...  >>MORE

UAE banks safe from global crisis: Central Bank

Posted on 03/06/2012

The UAE banks won't be adversely impacted by the turmoil roiling international markets, the country's central bank said yesterday. "The Board reviewed report of the Assistant Governor for Monetary Policy and Financial Stability Affairs, which showed that banks are in a good position and should not be negatively impacted by the recent turmoil in international markets,” the apex bank said in a statement. Global financial markets have seen heavy selling pressure since the beginning of May as ...  >>MORE

Khalid bin Zayed and HRH Prince Andrew inaugurate ADIB London at One Hyde Park

Posted on 31/05/2012

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced yesterday the expansion of its global footprint by starting its operations in London at the prestigious One Hyde Park at Knightsbridge. It becomes the first UAE-based Islamic financial institution to receive a banking operations license from the UK Financial Services Authority and to offer full range of services to high net worth individuals. ADIB London was inaugurated by HH Sheikh Khalid Bin Zayed Al ...  >>MORE

Proposals adopted to insulate UAE from global crises

Posted on 24/05/2012

The UAE Higher Committee overseeing the crafting of laws to regulate the country's financial sector on Wednesday adopted several recommendations aimed at insulating the country from any future global financial crises. A committee meeting chaired by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, instructed a technical team to complete the task of reviewing the draft laws in preparation for submitting it to the cabinet for approval. The committee ...  >>MORE

Emirates NBD wins three Global Finance Awards for 2012

Posted on 21/05/2012

Emirates NBD, the leading Bank in the region, won "Best Bank in UAE", "Best Trade Finance Bank in UAE" and "Best Foreign Exchange Provider in the UAE" for the year 2012 from Global Finance magazine. These awards granted by Global Finance, a monthly magazine headquartered in New York, reflects Emirates NBD's position as a leading bank with an increasingly significant presence regionally and globally. "Winning the "Best Bank in UAE" Award for the ninth consecutive year as well as "Best Trade ...  >>MORE

New financial services watchdog for UAE

Posted on 20/05/2012

A new agency will have daily oversight of financial services in the biggest shake-up of banking and finance in three decades. The change is part of a new banking law that aims to bolster regulation of the industry and reduce the risk of future banking crises. "The Government has decided to move to a twin peaks regulation model. It will mean you have two regulators for the financial sector - a prudential regulator and a conduct-of-business regulator," said Mazen Boustany, head of banking and ...  >>MORE

UAE accounts for 31% of GCC banking assets

Posted on 16/05/2012

The UAE banks have the largest share of banking assets in the GCC that rose by 8.9 per cent in 2011 to US$1.46 trillion, equivalent to 106 per cent of regional gross domestic product, or GDP. The UAE banks account for 31 per cent of the total assets in the GCC, a report by QNB Group said. Saudi Arabia's banking sector is in second place, with 28 per cent of GCC assets, but it is the smallest in relative terms, at around 71 per cent of GDP, the report said. The report observed that the UAE ...  >>MORE

UAE lending falls short of forecast

Posted on 10/05/2012

Lending by the UAE's biggest banks is falling short of industry estimates as slower growth in the second-largest Arab economy damps credit demand. Combined lending by the top seven banks climbed 0.6 per cent in the first quarter to Dh749.5 billion (US$204 billion), their earnings statements show. Morgan Stanley and Cairo-based EFG-Hermes Holding both forecast a 5 per cent increase in loan growth in 2012. UAE economic growth will decelerate to 3 per cent this year from 4.9 per cent in 2011 ...  >>MORE

NBAD launches Sukuk Income Fund

Posted on 09/05/2012

The National Bank of Abu Dhabi (NBAD), has launched its Sukuk Income Fund, a unique product investing in Sharia-compliant investment instruments that offers investors attractive returns with low levels of risk. The NBAD Sukuk Income Fund is an open-ended and actively managed product targeting a profit rate of 5% based on current market conditions. Any income will be distributed semi annually. It is open to institutional and individual investors who can invest as low as USD500 either through ...  >>MORE

UAE banks have highest adequacy in GCC

Posted on 07/05/2012

UAE banks emerged as the strongest financial institutions in Gulf oil producers in terms of capital adequacy but they have the highest ratio of non-performing loans (NPLs) to total credit, according to a Western report. Following an extensive drive to build up their finances in the wake of the 2008 global fiscal turmoil, banks in the six-nation Gulf Cooperation Council (GCC) now enjoy a strong capital base, with the adequacy ratio exceeding 15 per cent in all member states, said the study by ...  >>MORE

Dubai Islamic Bank sustains growth in Q1

Posted on 30/04/2012

Dubai Islamic Bank, DIB, the oldest Islamic bank in the region, on Sunday reported an 11 per cent surge in net profit to Dh245 million for the first quarter of 2012 from Dh222 million in the same 2011 period. The bank said the result demonstrated its "sustained growth across core operations.” DIB's total revenue during the first quarter was Dh1.23 billion compared to Dh1.28 billion in the first quarter of 2011 while the bank's assets stood at Dh92.5 billion as customer deposits reached ...  >>MORE

Emirates NBD profit falls 54.6%

Posted on 26/04/2012

Emirates NBD said yesterday its fiscal first quarter net profit fell 54.6 per cent year-on-year to Dh641 million on total income of Dh2.7 billion. The comparative quarter was aided by a Dh1.83 billion gain on the stake sale of Network International, Emirates NBD said in a statement to the Dubai Financial Market (DFM), where its stock is listed. The shares of Emirates NBD fell 2.77 per cent yesterday, closing at Dh2.81. Its operating profit before impairment allowances of Dh1.7 billion ...  >>MORE

NBAD net profits rise 12 per cent to Dh1.04 billion in Q1

Posted on 25/04/2012

National Bank of Abu Dhabi (NBAD) reported 12 per cent increase in net profits to Dh1,041 million for the quarter ended 31 March 2012 compared with Dh927 million earned in the corresponding quarter of 2011. Net profits increased by 44 per cent over the fourth quarter of 2011. The annualised return on shareholders' funds for the quarter is 17.2 per cent in line with the targets for 2012 and the medium-term. Michael Tomalin, Group Chief Executive, commented, "The first quarter result has got ...  >>MORE

ADCB reports Q1 net profit of Dh802 million

Posted on 25/04/2012

Abu Dhabi Commercial Bank PJSC (ADCB) yesterday reported its financial results for the first quarter of 2012. Net profit and earnings per share: ADCB reported a net profit of Dh802 million in Q1'12, compared to Dh583 million in Q1'11, an increase of 38% year on year and an increase of 56% quarter on quarter As at 31 March 2012, basic earnings per share were Dh0.12 compared to Dh0.09 reported as at 31 March 2011 and 31 December 2011 As at 31 March 2012, ROE was reported at 14.74% and ROAA at ...  >>MORE

First Gulf Bank achieves a net profit of Dh935m in Q1

Posted on 24/04/2012

In line with its continuing growth and rise in profits, First Gulf Bank (FGB), the leading financial partner of choice in the UAE, on Monday announced that it has witnessed yet another successful quarter for the period of Q1 2012. The bank stated that it recorded a net profit of Dh935 million, a 7 per cent increase compared to the same period in 2011. FGB's strong business fundamentals and sound policies are the key drivers behind generating consistent positive results. The bank's core ...  >>MORE

Banks’ assets gain Dh38 billion in two months

Posted on 23/04/2012

The combined assets of UAE banks gained nearly Dh38 billion in the first two months of 2012 to maintain their position as having the largest bank asset base in the Middle East, according to the Central Bank. Deposits with the country's 23 national banks and 28 foreign units also soared by nearly Dh40 billion but lending remains weak, with credit rising by just Dh1 billion in the same period, the Central Bank said in new figures. From around Dh1,662 billion at the end of December 2011, total ...  >>MORE

Dubai's CBD reports Q1 7.9% decrease in net profits

Posted on 19/04/2012

Commercial Bank of Dubai on Wednesday reported a decrease of 7.9% in net profits to Dh243 million during the first quarter of 2012 compared with the same period in 2011. The three past months saw 1.3% cent increase in operating profits to Dh331 million during the first quarter of 2012, compared to Dh327 million for the same period of 2011. "The increase in operating profit was supported by an interest expense decrease of 30% and 5.7% increase in non-interest income of which fees and ...  >>MORE

UAE banks are in good position

Posted on 15/04/2012

The UAE Central Bank on Saturday declared a Dh3.7 billion net profit for the fiscal year 2011. Banks in the country are in a good position and should not be negatively impacted by the recent turmoil in international markets, the Central Bank said in a statement issued after the board of directors' meeting. The board also discussed drafts of financial laws and instructed introduction of some ‘major amendments' to them. The board stressed that these laws should reflect the independence of ...  >>MORE

FGB has US$1.66bn debt maturities in 2012

Posted on 11/04/2012

Abu Dhabi-based First Gulf Bank (FGB) has nearly Dh6.1 billion (US$1.66 billion) of debt maturities this year, said Fitch Ratings on Tuesday. "Around Dh6.1bn of FGB's medium-term funding matures in 2012 but Fitch believes that the bank has the capability to repay this without putting undue pressure on liquidity, either from its current resources or new debt issuance,” the global ratings agency said in a statement. FGB's funding remains reliant on relatively concentrated, but stable, ...  >>MORE

Emirates NBD issues 5-year US$1b fixed rate bond

Posted on 26/03/2012

Emirates NBD has priced a 5-year US$ 1 billion fixed rate bond. The US$1 billion issue was three times over-subscribed with orders received from 205 investors, according to a press release by Emirates NBD. The bond has a coupon of 4.625% and a reoffer price of 99.335 %. Good demand was seen from Asia (19%), GCC '&' Mena (49%) whilst Europe and other areas took 32% of the deal. This is the third public deal from Emirates NBD in 2012, following on from the US$ 500m sukuk issued in January and ...  >>MORE

Emirates NBD picks banks to arrange new US$ 7.5b programme

Posted on 22/03/2012

Emirates NBD PJSC on Wednesday said it had mandated Bank of America, Merrill Lynch, Deutsche Bank, Emirates NBD Capital, HSBC and NBAD, as joint lead managers and joint bookrunners for its upcoming US Dollar Regulation S transaction, under Emirates NBD's USD 7,500MN EMTN Programme. "The issue is expected to be launched in the near future subject to market conditions. ICMA/FSA Stabilisation", Emirates NBD said in an emailed press release. Emirates NBD PJSC is rated A3 by Moody's and A+ by ...  >>MORE

Emirates NBD CNY 750,000,000 fixed rate notes due 2015

Posted on 08/03/2012

Emirates NBD has successfully completed the inaugural issuance of offshore Renminbi (CNY) 750 million Fixed Rate Notes, maturing in 2015 off their US$7,500 million Medium Term Note Programme. The notes are rated A3 by Moody's and A+ by Fitch and pay a fixed rate coupon of 4.875%. Emirates NBD Capital, HSBC Bank Plc and Standard Chartered Bank were joint lead managers and bookrunners on the transaction. This is the first ever CNY issuance by a Middle Eastern issuer, Emirates NBD said in a ...  >>MORE

First Gulf Bank ranked among top 3 companies in the UAE for 2011

Posted on 06/03/2012

First Gulf Bank (FGB) was recognised by prestigious publication Forbes Middle East as the third best performing entity in the UAE in 2011. In its efforts to highlight the country's leading organisations, Forbes Middle East included FGB in its "Top 50 Companies in the UAE 2011" list, following the bank's exceptional results and outstanding dividend propositions. Commenting on the recognition that the bank received, Andre' Sayegh, CEO of FGB said: "We are pleased to have been recognised for ...  >>MORE

First Gulf Bank AGM approves 100% cash dividend and 100% bonus shares

Posted on 01/03/2012

First Gulf Bank PJSC, leading financial partner of choice, approved at its Annual General Meeting yesterday in Abu Dhabi a cash dividend of 100 per cent of capital, as well as distribution of 100 per cent bonus shares. Abdulhamid Saeed, Managing Director, First Gulf Bank, commented: "In line with our commitment in providing our shareholders with optimum value, FGB continues to offer high returns, where our board recommended a dividend of 100% of capital and bonus shares of 100%, on the back ...  >>MORE

UAE banks see low profit growth

Posted on 27/02/2012

UAE banks saw another year of modest profit growth as continued high provisioning and lower fee incomes took a heavy toll on performance. While some managed to keep their profitability above the trend, at least in a few cases larger banks' profits were largely driven by one-off incomes from asset sales or treasury operations. Although leading banks suffered a decline in the ratio of non-performing assets to total assets (NPL ratio), for the fourth consecutive year significant shares of ...  >>MORE

Banks brace for major rule changes

Posted on 22/02/2012

Credit cards, mortgages and personal loans are all under discussion for further regulation, after an attempt last year to curb excessive lending fees was heavily resisted by the banking sector. "The plan is to review the effect of this regulation annually … based on feedback from the sector and from customers," said one source at the Central Bank familiar with the discussions, the conclusions of which could be revealed as soon as this week. Banks are bracing for a cap on credit card ...  >>MORE

UAE bank offers gold buffs a glittering opportunity

Posted on 21/02/2012

In a bid to cash in on the recent volatility in gold prices and the traditional gold obsession among Indian sub-continent and Middle Eastern population, a Dubai-based bank is offering its customers the opportunity to invest in gold starting as low as Dh500, without the additional risk and costs associated with owning physical gold. In a statement, Emirates NBD said it has launched a Gold Investment Account, which enables customers to buy gold in electronic form. The bank claimed that the ...  >>MORE

First Gulf Bank wins 'Best Local Bank in the UAE' for 2011

Posted on 19/02/2012

First Gulf Bank (FGB) has scooped "Best Local Bank in the United Arab Emirates" award for 2011 during EMEA Finance's Annual Middle East Banking Awards. FGB was honoured during the event's charity dinner, which was held at the Jumeirah Emirates Towers in Dubai last Thursday. Taking place for the fourth consecutive year, the Middle East Banking Awards aims to recognise leading banks in the region for their retail, investment banking, asset management and brokerage activities. It honours ...  >>MORE

Emirates NBD announces results for 2011

Posted on 16/02/2012

Emirates NBD (DFM: EmiratesNBD), yesterday announced its results for the year ended 31 December 2011 showing a net profit of Dh2.5 billion, up 6% compared to previous year. The earnings per Share for the year up by 9% to Dh0.41, encouraging revenue trends during the year. Net interest income also gone up by 7% as compared to 2010. Core fee income grew 7%. The year witnessed significant pro-active and precautionary de-risking of the balance sheet and Portfolio impairment allowances increased ...  >>MORE

Abu Dhabi Islamic Bank profit up on lower provisions

Posted on 14/02/2012

Abu Dhabi Islamic Bank (Adib) on Monday said its net profit rose 17.3 per cent to Dh1.425 billion last year as compared to Dh1.214 billion in 2010 after it booked lower provisions. For the 2011 financial year, the bank's net revenue for 2011 was Dh3.41 billion as compared to Dh3.05 billion for 2010, an increase of 11.8 per cent. Bank's operating profit totalled Dh2.05 billion against Dh1.844 billion for 2010, an increase of 11.1 per cent. Total credit provisions and impairments for 2011 ...  >>MORE

Abu Dhabi's NBAD named Asset Manager of the Year

Posted on 05/02/2012

The National Bank of Abu Dhabi's (NBAD) Asset Management Group has been named the UAE Asset Manager of the Year in MENA Fund Manager Performance Awards, presented by Mena Fund Manager magazine. "Being named the Asset Manager of the Year is a true honour and is the culmination of a great deal of hard work by the whole asset management team here at NBAD," said Alan Durrant, the Group Chief Investment Officer of NBAD and General Manager of Asset Management Group (AMG). "This year we were ...  >>MORE

First Gulf Bank's 2011 net profit exceeds Dh3.7million

Posted on 31/01/2012

First Gulf Bank PJSC, (FGB), the leading financial partner of choice in the UAE, yesterday announced that the bank posted a Net Profit of Dh3,707 million for 2011, 8% higher than it did last year. The Net Profit for the fourth quarter (Q4) amounted to Dh1,022 million, 18% higher than same quarter of 2010 at Dh865 million, and 11% higher than the third quarter of 2011. FGB has achieved consistent growth in net profit for the sixth consecutive quarter. The Board met yesterday, reviewed the ...  >>MORE

National Bank of Fujairah's net profit surges 64.4%

Posted on 25/01/2012

National Bank of Fujairah reported Dh280.9 million net profit for 2011, up 64.4 per cent from Dh170.9 million in 2010. The bank attributed the profit growth to strong core business performance, effective asset and liability management and reduction in loan loss provisions. Loan loss provisions for the full year were Dh113.3 million compared to Dh205 million in 2010. Operating income grew by 14.1 per cent from Dh568 million in 2010 to Dh648.3 million in 2011. "The bank witnessed ...  >>MORE

RAKBANK posts strong results for 2011

Posted on 23/01/2012

RAKBANK has announced a Dh1,203.5 million net profit for 2011, an increase of 20 per cent over 2010. Earnings were impacted as a result of the Central Bank's recently introduced guidelines on personal lending but the Bank swiftly refocused its business towards SME and other lending opportunities within the consumer banking segments. "RAKBANK's very satisfactory results at a time of continuing difficult market conditions are a testament to the Bank's consistent business strategy and robust ...  >>MORE

UAE Islamic banks account for 30% of global Islamic banking industry

Posted on 23/01/2012

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, highlighted the important role played by the Islamic banking sector in promoting economic and financial growth in the UAE. This was revealed in Abu Dhabi 2011 Report unveiled by Oxford Business Group in collaboration with ADIB. The report revealed that the UAE Islamic financial services sector represented 30% of the global Islamic banking industry in 2011 and due to the growing demand for Islamic financial ...  >>MORE

UAE cap on credit card interest rates likely

Posted on 16/01/2012

The UAE Central Bank has told lenders in the country to urgently supply it with reports on interest rates and fees they impose on credit cards in a move that could be a prelude to impose ceilings on such rates. According to the Sharjah-based Arabic language daily Al Khaleej, the Central Bank made the request in a letter sent to the 23 national banks and 28 foreign units on Thursday morning, asking them to provide the information before the end of the work hours on that day. The paper said ...  >>MORE

Abu Dhabi Islamic Bank study confirms UAE as most competitive banking market in GCC

Posted on 12/01/2012

Abu Dhabi Islamic Bank (ADIB) reports yesterday the UAE remains the most competitive banking market in the GCC, a key finding from its proprietary "GCC Banking Competitiveness Report." The recent issue of the report confirms that the UAE remains the most competitive banking market in the region. The country's population of approximately 8 million is served by 51 banks with more than 840 branches and over 4,000 ATMs, delivering high levels of service, yet lower profitability than its GCC ...  >>MORE

Abu Dhabi's NBAD delivers 9.3% return for fixed income clients

Posted on 11/01/2012

The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, delivered 9.26% returns for its fixed income unconstrained institutional clients in 2011, despite tough conditions in financial markets. NBAD achieved this high return by astutely investing in UAE and GCC bond markets, a selection based on internal research and investment process. The returns have been delivered in a very low risk fashion with portfolios displaying lower volatility than even 3 - 5 year US Treasuries, NBAD ...  >>MORE

First Gulf Bank issues Sukuk Transaction US$500 million for 5 years

Posted on 11/01/2012

First Gulf Bank PJSC (FGB) announced mandating each of Citi, HSBC, NBAD and Standard Chartered banks as Joint Lead Managers for its 5-year USD 500 million Sukuk under the FGB Sukuk Company Limited U.S. US$3,500,000,000 Trust Certificate Issuance Programme. Subscription is set to begin on January 11, 2012. Last year, FGB received excellent endorsement for its Sukuk where it was 6 times oversubscribed by more than 200 different investors worldwide. Of these investors, 46% were Middle East ...  >>MORE

Ministry of Finance issues its first consolidated financial procedures Federal Government E-Book Manual for Year 2012

Posted on 09/01/2012

As part of its continuous efforts to improve its governmental operations and raise the level employee performance within all Federal Government entities; the Ministry of Finance (MoF) has recently issued for the first time a federal government e-book manual for financial procedures for the year 2012. The effort falls in line with MoF's belief in the importance of switching to efficient electronic systems that aim to simplify work procedures and its support of UAE institutional progress and ...  >>MORE

Central Bank of the UAE announces increase in money supply by 4.2 per cent

Posted on 06/12/2011

Central Bank of the UAE, announced that money supply M0 (currency in circulation + currency at banks) increased by 4.2 per cent from Dh49.9 billion at the end of September 2011 to Dh52.0 billion at the end of October of the same year. Money supply aggregate, M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.9 per cent, from Dh254.0 billion at the end of September to Dh258.8 billion, at the end of October of 2011. Money ...  >>MORE

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Quick List

NBAD and Emirates NBD make a move on China


UAE banks safe from global crisis: Central Bank


Khalid bin Zayed and HRH Prince Andrew inaugurate ADIB London at One Hyde Park


Proposals adopted to insulate UAE from global crises


Emirates NBD wins three Global Finance Awards for 2012


New financial services watchdog for UAE


UAE accounts for 31% of GCC banking assets


UAE lending falls short of forecast


NBAD launches Sukuk Income Fund


UAE banks have highest adequacy in GCC


Dubai Islamic Bank sustains growth in Q1


Emirates NBD profit falls 54.6%


NBAD net profits rise 12 per cent to Dh1.04 billion in Q1


ADCB reports Q1 net profit of Dh802 million


First Gulf Bank achieves a net profit of Dh935m in Q1


Banks’ assets gain Dh38 billion in two months


Dubai's CBD reports Q1 7.9% decrease in net profits


UAE banks are in good position


FGB has US$1.66bn debt maturities in 2012


Emirates NBD issues 5-year US$1b fixed rate bond


Emirates NBD picks banks to arrange new US$ 7.5b programme


Emirates NBD CNY 750,000,000 fixed rate notes due 2015


First Gulf Bank ranked among top 3 companies in the UAE for 2011


First Gulf Bank AGM approves 100% cash dividend and 100% bonus shares


UAE banks see low profit growth


Banks brace for major rule changes


UAE bank offers gold buffs a glittering opportunity


First Gulf Bank wins 'Best Local Bank in the UAE' for 2011


Emirates NBD announces results for 2011


Abu Dhabi Islamic Bank profit up on lower provisions


Abu Dhabi's NBAD named Asset Manager of the Year


First Gulf Bank's 2011 net profit exceeds Dh3.7million


National Bank of Fujairah's net profit surges 64.4%


RAKBANK posts strong results for 2011


UAE Islamic banks account for 30% of global Islamic banking industry


UAE cap on credit card interest rates likely


Abu Dhabi Islamic Bank study confirms UAE as most competitive banking market in GCC


Abu Dhabi's NBAD delivers 9.3% return for fixed income clients


First Gulf Bank issues Sukuk Transaction US$500 million for 5 years


Ministry of Finance issues its first consolidated financial procedures Federal Government E-Book Manual for Year 2012


Central Bank of the UAE announces increase in money supply by 4.2 per cent