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THE ECONOMY - BANKS

UAE bank assets surge to Dh1.6tr

Posted on 03/01/2011

The UAE Central Bank said total bank assets increased by 7.5 per cent, reaching Dh1.6 trillion at the end of last November. "Bank loans and advances increased 0.3 per cent during November and by 2.3 per cent during the first 11 months of 2010. [This] reflects banks' cautiousness and low demand from the private sector," the Central Bank said in a statement yesterday. "When loans increase, it shows that there is an increase in investments, and this is a sign of a progressive economy," Dr ...  >>MORE

UAE banks enforce new cheque rules

Posted on 03/01/2011

UAE banks have started enforcing rules by the Central Bank to turn down old cheques and accept only those with high security standards within a drive to combat forgery and ensure monetary stability. In a report on Monday, a newspaper quoted bankers as saying the country's 23 national banks and 28 foreign institutions stopped accepted old cheques from yesterday following instructions by the central bank last year. "As from yesterday, banks in the UAE stopped accepting cheques which do not ...  >>MORE

NBAD takes venture back to Malaysia

Posted on 15/12/2010

National Bank of Abu Dhabi (NBAD) says it will return to Malaysian credit markets this month as it notes an improving outlook for Islamic finance issuances. NBAD said yesterday that it would resume its Islamic bond programme in Malaysia and would soon launch a 10-year sukuk issuance worth 500 million Malaysian ringgit (Dh587.7m). Mahmood al Aradi, the general manager for financial markets at NBAD, told Bloomberg: "December is normally a challenging issuance window but the market conditions ...  >>MORE

UAE President approves personal credit ratings office

Posted on 07/12/2010

President His Highness Sheikh Khalifa Bin Zayed Al Nahyan on Monday approved the law creating a federal credit bureau to assess the credit worthiness of bank clients. "The credit bureau provides complete transparency on the status of clients and the bank would have a clear vision," Federal National Council (FNC) Speaker Abdul Aziz Al Ghurair told reporters on the sidelines of the Gulf Rulers summit in Abu Dhabi. "This helps banks as well as clients avoid uncertainty," he said. Al Ghurair, ...  >>MORE

Banks need Dh40bn in deposits

Posted on 25/11/2010

UAE banks need to attract nearly Dh40 billion in new deposits to expand their financial resources to cut rates and bridge a gap between loans and deposits, the Central Bank Governor was quoted on Thursday as saying. Sultan bin Nasser Al Suwaidi said new provisioning regulations issued by the Central Bank for the country's 23 national banks and 28 foreign units last week would not curb their lending potential, adding that a floor of 1.5 per cent on provisioning to total loans would have ...  >>MORE

UAE's first realty investment trust launched

Posted on 24/11/2010

Dubai Islamic Bank, the UAE's biggest Islamic Bank, on Wednesday announced that it has set up the UAE's first real estate investment trust (REIT) with France's Eiffel Management. Emirates REIT will invest in commercial and residential properties and will be based in the Dubai International Financial Centre, DIB said in a statement. The new REIT looks to attract Sharia-compliant property such as office buildings, warehouses, schools and car parks and convert the rental income into dividends ...  >>MORE

UAE banks’ Q3 profits up 43% QoQ

Posted on 22/11/2010

Aggregate third-quarter profits of the GCC banking sector declined 6.8 per cent year-on-year (YoY) but witnessed an increase of 2.9 per cent quarter-on-quarter, according to a new report by Global Investment House (Global). With a 43 per cent growth in quarter-on-quarter (QoQ) profits, UAE banks were the second-best performers in GCC, following Kuwaiti banks, whose profits grew 48 per cent QoQ, according to a Global study of 30 of the largest banks in the GCC. Unlike the second quarter of ...  >>MORE

Mashreq reports a net profit of Dh647 million

Posted on 01/11/2010

Mashreq, one of the UAE's leading financial institutions announced a net profit of AED 647.4 million for the nine months ended 30th September 2010. The Bank's solid performance, with an operating income of Dh3.2 Billion, is reported against a backdrop of challenging local and global economic conditions. The Bank's net interest income and income from Islamic products net of distribution increased by 10.3 per cent to Dh1.74 billion in the first nine months of year 2010 compared with AED 1.58 ...  >>MORE

ADCB reports Dh325 million profits for third quarter

Posted on 27/10/2010

ADCB Tuesday reported Dh325 million net profits for the third quarter of 2010, up from Dh44 million in the corresponding period last year. The Abu Dhabi lender also reported a record Dh1.45 billion revenue in third quarter of 2010. The bank's total deposits crossed the Dh100 billion mark, with its loan-to-deposit ratio at lowest level at 120 per cent. It said its net interest income was up seven per cent at Dh877 million. A bank spokesman went on to announce three more records for the ...  >>MORE

National Bank of Fujairah net up 86% in nine months

Posted on 27/10/2010

National Bank of Fujairah said its net profit for the first nine months surged by over 86 per cent to Dh130.8 million, compared to Dh70.2 million in the same period last year. Operating income increased to Dh421.7 million from Dh367.2 million in the corresponding period of 2009 showing a growth of 14.8 per cent despite the impact of unprecedented higher liquidity cost. "The strong liquidity and capital adequacy positions place the bank in a good position to capitalise on new business ...  >>MORE

UAE money supply slackens in 2010

Posted on 27/10/2010

Money supply in the UAE has sharply slowed down this year as domestic deposits edged up at a modest pace and local banks continued to maintain the lid on their lending purses, according to official data. Analysts said the slackening money supply reflected stifled inflation despite a weakening in the US dollar and a surge in the bill of imported foodstuffs. M 2, which includes currency outside banks, demand deposits, time and savings deposits, had jumped by more than 10 per cent on a ...  >>MORE

Emirates NBD's 9-month net profit down 39 per cent

Posted on 26/10/2010

Emirates NBD, the largest UAE bank by assets, Monday reported a 60 per cent decline in third-quarter profit, which came in below analysts' estimates. Net income for the three months ended September 30 stood at Dh424 million compared to Dh1.05 billion in the same quarter last year. Analysts had forecast an average of Dh800 million. For the first nine month of the year, the bank reported a net profit of Dh1.9 billion, down 39 per cent from the same period in 2009. The bank's total income of ...  >>MORE

Bank of Sharjah posts Dh393m profit for Q3

Posted on 25/10/2010

Bank of Sharjah results revealed consistent performance for the period ending September 30th, 2010. Total assets crossed the Dh20 billion thresholds for the first time since inception. The growth is attributed to the Bank's proven strategy, the quality of its assets, and the strength of its balance sheet. As of September 30th, 2010 total assets reached Dh20,095 million an increase of 15% over the corresponding September 30th, 2009 figure of Dh17,451 million. The increase over the December ...  >>MORE

Rakbank’s 9-month net soars over 37 per cent

Posted on 25/10/2010

The National Bank of Ras Al Khaimah, known as Rakbank, reported a 37.5 per cent growth in its net profit for the first nine months of the year, compared to same period a year earlier. The bank declared a net profit of Dh729.8 million for the nine months ended September 30, 2010. During the year, the bank's net interest income grew by 35.5 per cent compared to the previous year to reach Dh1.2 billion. "Rakbank has maintained a robust performance in the nine months of 2010, affirming the ...  >>MORE

UAE bank deposits up Dh36bn in 12 months

Posted on 25/10/2010

The latest Central Bank data shows a Dh36.1 billion improvement in bank deposits during the 12-month period, from Dh977.2bn in September 2009 to Dh1013.3 million in September 2010. UAE bank deposits are now at their highest levels historically, according to Central Bank data, increasing by 3.7 per cent in a year. In a sign that the banks remain conservative with their lending policies, their loans and advances increased a mere 1.7 per cent in one year, from Dh1.02 trillion in September 2009 ...  >>MORE

ADIB to finance Dh3.41b expansion of Borouge

Posted on 25/10/2010

Abu Dhabi Islamic Bank (ADIB) will finance the Dh3.41 billion expansion of Borouge 3, which is set to be the largest integrated polyolefin site in the world. The bank will finance Hyundai Engineering and Construction Co., Ltd. (HDEC) for this newly awarded project to build utilities and offsite facilities in Ruwais Industrial Complex in Abu Dhabi. The expansion will more than double Borouge's production capacity to over 4.5 million tonnes per year by 2013. "HDEC is one of the largest EPC ...  >>MORE

Central Bank foreign assets soar by Dh17bn

Posted on 19/10/2010

A sharp rise in securities investment boosted the Central Bank's foreign assets by nearly Dh17 billion in July, its biggest increase in more than a year. From around Dh82.9 billion at the end of June, the Central Bank's foreign assets swelled to nearly Dh100.1 billion at the end of July, their highest level since the end of 2008, the Central Bank said in its monthly bulletin. The increase boosted the Central Bank's total assets to around Dh214.3 billion from Dh202 billion in the same ...  >>MORE

UAE bank credit dips in first 7 months

Posted on 19/10/2010

UAE banks are maintaining a cautious lending policy and pushing ahead with a drive to build up loan loss provisions, with their credit dipping by nearly 1.9 per cent in the first seven months of 2010, according to the Central Bank. The private sector emerged as the main victim of the slowdown and analysts attributed this to the fact that banks are adopting a stringent lending approach towards non-government establishments and the private sector itself appears to be still with weaker appetite ...  >>MORE

Adib Q3 net profit up 31.3% to Dh314.5m

Posted on 19/10/2010

Abu Dhabi Islamic Bank (Adib) posted a record net profit of Dh314.5 million for the third quarter of 2010, an increase of 31.3 per cent over the same period in 2009. This is the third consecutive record quarter for Adib. It coincides with the welcoming of Adib's four hundred thousandth customer, the opening of its 60th branch in the UAE and the launch of a number of new card initiatives, most notably its co-branding with Etihad Airways. Total assets increased to Dh71.2 billion while the ...  >>MORE

ADCB concludes acquisition of RBS's retail banking business in UAE

Posted on 17/10/2010

Abu Dhabi Commercial Bank ("ADCB"), has announced the legal transfer of the retail banking and SME business of RBS in the UAE to ADCB, following a smooth cut-over of the acquired business in the early hours of Friday, October 1, 2010. The agreement was signed by ADCB and RBS on the 16th June 2010 and the Central Bank approval for the same was received about a month back. Meticulous planning and effective implementation enabled ADCB to complete several tasks that required to be completed prior ...  >>MORE

UAE participates in annual meetings of IMF and World Bank

Posted on 13/10/2010

A UAE delegation headed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, participated in the annual meetings of the International Monetary Fund (IMF) and the World Bank held in Washington from the 8th to the 11th of this month. The UAE's participation is in line with its objective of strengthening international financial ties and enhancing cooperation with global financial organisations. Al Tayer also headed the Arab Group during its meetings with the Monetary and Financial ...  >>MORE

UAE Ministry of Finance urges banks to increase level of lending to SMEs

Posted on 07/10/2010

The Ministry of Finance (MoF) released the findings of the joint survey of Union of Arab Banks and the World Bank on 'The status of bank lending to SMEs in the MENA region,' and called upon UAE banks to increase their level of lending to SMEs through targeted schemes. According to the results of the survey, the share of bank lending to small and medium enterprises (SMEs) is only 8% of their total lending in the MENA region. Reflecting the characteristics of concentrated oil economies that ...  >>MORE

Financial media is very much a "double-edged sword: DIFC Governor

Posted on 23/09/2010

The UAE yesterday stands on a firmer ground and looks at a brighter future as its nominal gross domestic product is expected to exceed Dh1 trillion this year and all of this would help the national economy overcome the challenges it faced and to continue to build on its previous achievements, Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC) and Chairman of the Emirates Banks Association, affirmed yesterday. 'Indeed, tremors of the global financial crisis, ...  >>MORE

ADIB leads Islamic tranche of Dh4 Billion project finance facility for Emirates Steel

Posted on 07/09/2010

In the largest project finance deal in the UAE, Abu Dhabi Islamic Bank (ADIB), led the Islamic Tranche of the Dh4.0 billion (US$1.1 billion) Project Finance Facility for Emirates Steel Industries. Further, ADIB anchored the Facility with a Dh920 million funding, the largest participation. Emirates Steel Industries sought the facility to expand its steel production capacity and diversify its product offering as part of its strategic plan to become one of the largest integrated steel ...  >>MORE

UAE bank mortgage loans rise by Dh18bn in H1

Posted on 06/09/2010

UAE banks boosted mortgage credit by nearly Dh18 billion in the first half of 2010 to reverse a sharp slowdown through 2009 because of a downturn in the sector and a post-crisis lending tightness, official figures have shown. Personal loans by the country's 23 national banks and 28 foreign units also gained momentum during that period to offset the general slackening in credit, mainly long-term loans to the private sector. The Central Bank figures showed real estate mortgage loans swelled ...  >>MORE

'A' rating for Emirates NBD’s three funds

Posted on 30/08/2010

Ratings agency Standard & Poor's Fund Services has assigned an ‘A' fund rating to Emirates NBD Asset Management's three global, multi-asset class funds, making them the first managed funds with such a diverse asset allocation to receive an S&P fund rating in the GCC. Emirates NBD Asset Management currently has approximately US$1.6billion of assets under management across a range of mandates. Emirates NBD Asset Management's multi-assets funds (Conservative Managed, Balanced Managed and Active ...  >>MORE

UAE banks record rise in total assets

Posted on 26/08/2010

The total assets (net of provisions) of UAE banks rose to Dh1,554.4 billion in July from Dh1,538.8 billion in June, provisional data from the Central Bank of the UAE showed Wednesday. In July last year, total bank assets were valued at Dh1,496.3 billion The data revealed that there's ample liquidity in the UAE banking system with the country's banks cumulatively holding deposits worth Dh998.9 billion at the end of Jul The data posted on the UAE Central Bank website showed bank deposits have ...  >>MORE

UAE to draft debt issuance plan by 2010-end

Posted on 26/08/2010

The UAE will draft a strategy for future debt issues by the end of 2010 and plans to increase federal spending in the next three years, the Gulf state's finance ministry said on Wednesday. The ministry also postponed a decision on Dh20 billion (US$5.5 billion) left in a special liquidity facility, saying the oil exporter's banks did not need any state help at the moment. Younis Al-Khouri, undersecretary and director general at the ministry, said the strategy would guide the federal debt ...  >>MORE

ADIB to finance Al-Jaber Group with US$ 300 million for Shah Gas project

Posted on 25/08/2010

Abu Dhabi Islamic Bank (ADIB) yesterday announced that it has provided financing facilities to Al-Jaber Energy Services (AJES) for the amount of US$ 300 million to finance Shah Gas project. The project was awarded to AJES by Abu Dhabi Gas Development Co., a subsidiary of Abu Dhabi National Oil Co. (ADNOC) and is part of the US$ 12 billion Shah sour gas field development which is essential to meet Abu Dhabi's surging gas demand. The scope of the project includes the construction of a four-lane, ...  >>MORE

Banks’ deposits close to Dh1tr

Posted on 25/08/2010

Total deposits held by all UAE banks reached around Dh1 trillion for the first time in 2010, showing the return of investor confidence in the country, according to data released by the UAE Central Bank on Tuesday. Bank deposits jumped by Dh13.5 billion in July compared to the previous month, growing by Dh34.8 billion on a year-on-year basis. A sharp fall was also noted in the loan-to-deposit gap of the UAE's banks, which touched Dh26.6 billion in July, compared to Dh40.2 billion in June. ...  >>MORE

ADCB raises Malaysia bond issue to US$239.5m

Posted on 24/08/2010

Abu Dhabi Commercial Bank, or ADCB, priced a 750 million Malaysian ringgit (US$239.5 million) bond on Monday, higher than the initial 500 million ringgit plan, driven by increased investor demand, sources said. "The final size is 750 million ringgit, above the earlier planned size due to investor appetite,” a senior ADCB official told Reuters. The coupon on the conventional bond is 5.20 per cent, two sources familiar with the deal said. ADCB is the second bank from Abu Dhabi to tap the ...  >>MORE

Bank of Sharjah announces successful closure of US$150 million club term-loan facility

Posted on 23/08/2010

Bank of Sharjah, announced the successful closure of a US$150 million club term-loan facility, which exceeded by 50 per cent the initial target amount of US$100 million, highlighting lender confidence in the bank. The first term loan to a GCC-based bank since the start of the global financial crisis, the success of this transaction is testament to Bank of Sharjah's financial strength and reputation, and also reflects growing demand for sound investment-grade assets in the region. This loan ...  >>MORE

NBAD renews escrow agreement in Dubai

Posted on 18/08/2010

The National Bank of Abu Dhabi (NBAD) will continue to manage escrow accounts for real estate developers after the Bank renewed its Account Trustee Agreement with Dubai Lands Department (DLD) and Real Estate Regulatory Agency (RERA). NBAD's role as an accredited bank to service escrow accounts dates back to November 2007, shortly after Dubai adopted Law No. 8 of 2007, Guarantee Accounts of Real Estate Developments in the Emirate of Dubai. The law protects the buyers of off-plan. Under it, ...  >>MORE

ADCB starts Malaysian bond programme

Posted on 17/08/2010

Abu Dhabi Commercial Bank (ADCB), the UAE's third-largest lender of assets, became the second Abu Dhabi-based bank to tap the Southeast Asian pool of liquidity this year, when it kicked off its 3.5 billion Malaysian ringgit (Dh4 billion) medium-term note (MTN) programme on Monday. The first phase will see the issue of MYR500 million in five-year bonds, going up to MYR3.5 billion, the bank said. The National Bank of Abu Dhabi, the country's second-largest lender, last month opened its own debt ...  >>MORE

Abu Dhabi banks join Emiratisation efforts

Posted on 16/08/2010

Banking is one of the most important sectors in the country, and as Emiratisation efforts in the capital continue to grow, this sector presents no exception to the process. Aiming at increasing the number of UAE nationals in the line of banking, the Abu Dhabi Tawteen Council and the Emirates Institute of Banking and Financial Studies have joined efforts to provide study, training and hiring opportunities for prospective students. "Derasatee" (or my education in Arabic) consists of training ...  >>MORE

DIB announces Q2 2010 net profit of Dh301 million, up 50 per cent from previous quarter

Posted on 16/08/2010

Dubai Islamic Bank (DIB) announced yesterday its financial results for the three months ending June 30, 2010, demonstrating the bank's operational resilience, as well as the success of its conservative and prudent approach of building strong cushion through a deliberate provisioning policy. For the second quarter of 2010, DIB reported a net profit of Dh301 million, an increase of 50 per cent compared to Dh201 million in the first quarter of this year. Total income during this quarter increased ...  >>MORE

Emirates NBD, Citi close first landmark Auto Loan Securitization in the Region

Posted on 11/08/2010

London - Emirates NBD (ENBD) and Citi yesterday announced the close of the Middle East's first auto loan securitization. Emirates NBD Auto Finance Limited is the Middle East's first true-sale securitization of auto loans and the first securitization transaction from Emirates NBD Bank P.J.S.C., the largest bank in the region by assets. The transaction is secured by a revolving portfolio of auto loans granted to private and commercial clients in the UAE. The transaction, which raised JPY 19 ...  >>MORE

APICORP records net income of US$47 million for the first half of 2010

Posted on 09/08/2010

The Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC), yesterday reported an above-budget net income of US$47 million for the first six months of 2010, a 95 per cent rise over the same period last year. The UAE Government owns a 17 per cent stake in APICORP. Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of (APICORP) said, "The surge in net income reflects the ...  >>MORE

Ajman Bank's performance improves

Posted on 09/08/2010

Ajman Bank witnesses a steady progression in building the asset book. Asset growth and improvement in the bottom line, are the standout features in the financial statements of Ajman Bank for the quarter ended 30th June 2010. Total assets of the bank stands at Dh2.59bn as at 30th June 2010, reflecting a growth of 35% compared to December 2009, and a staggering 71% growth rate when compared to the assets at the end of the second quarter of 2009 which stood at Dh1.52bn. Growth in assets is ...  >>MORE

Commercial Bank International reports increase in commission and fee income for H1

Posted on 04/08/2010

Commercial Bank International (CBI) reported a record net profit of Dh70.28 million for the half year ended 30 June 2010, a 3.3% per cent increase over the same period in 2009. Earnings increased 2% over the previous year on a per share basis. Decline in Provisions - Overall provisions declined 36.3% over the corresponding period in the previous year mainly due to lower loan loss provisions. Loan loss provisions declined nearly 65% to Dh31 million from Dh88 million in the previous year. ...  >>MORE

Sharp rise in H1 deposits at UAE’s largest banks

Posted on 03/08/2010

The UAE's largest eight banks recorded a sharp rise in deposits in the first half of 2010 but the increase failed to tempt them to ease lending curbs introduced after the 2008 global fiscal distress, their balance sheets have shown. Customer deposits with those banks surged by around 12.7 per cent at the end of June compared with the end of 2009 but loans and advances edged up by only around 0.6 per cent in the same period. From Dh571 billion at the end of 2009, their combined deposits surged ...  >>MORE

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Quick List

UAE bank assets surge to Dh1.6tr


UAE banks enforce new cheque rules


NBAD takes venture back to Malaysia


UAE President approves personal credit ratings office


Banks need Dh40bn in deposits


UAE's first realty investment trust launched


UAE banks’ Q3 profits up 43% QoQ


Mashreq reports a net profit of Dh647 million


ADCB reports Dh325 million profits for third quarter


National Bank of Fujairah net up 86% in nine months


UAE money supply slackens in 2010


Emirates NBD's 9-month net profit down 39 per cent


Bank of Sharjah posts Dh393m profit for Q3


Rakbank’s 9-month net soars over 37 per cent


UAE bank deposits up Dh36bn in 12 months


ADIB to finance Dh3.41b expansion of Borouge


Central Bank foreign assets soar by Dh17bn


UAE bank credit dips in first 7 months


Adib Q3 net profit up 31.3% to Dh314.5m


ADCB concludes acquisition of RBS's retail banking business in UAE


UAE participates in annual meetings of IMF and World Bank


UAE Ministry of Finance urges banks to increase level of lending to SMEs


Financial media is very much a "double-edged sword: DIFC Governor


ADIB leads Islamic tranche of Dh4 Billion project finance facility for Emirates Steel


UAE bank mortgage loans rise by Dh18bn in H1


'A' rating for Emirates NBD’s three funds


UAE banks record rise in total assets


UAE to draft debt issuance plan by 2010-end


ADIB to finance Al-Jaber Group with US$ 300 million for Shah Gas project


Banks’ deposits close to Dh1tr


ADCB raises Malaysia bond issue to US$239.5m


Bank of Sharjah announces successful closure of US$150 million club term-loan facility


NBAD renews escrow agreement in Dubai


ADCB starts Malaysian bond programme


Abu Dhabi banks join Emiratisation efforts


DIB announces Q2 2010 net profit of Dh301 million, up 50 per cent from previous quarter


Emirates NBD, Citi close first landmark Auto Loan Securitization in the Region


APICORP records net income of US$47 million for the first half of 2010


Ajman Bank's performance improves


Commercial Bank International reports increase in commission and fee income for H1


Sharp rise in H1 deposits at UAE’s largest banks