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THE ECONOMY - BANKS

Banks lose Dh112bn of foreign cash

Posted on 05/05/2010

Deposits of foreign banks with UAE banks plunged at the end of 2009 to their lowest level in nearly four years, indicating an end to foreign money inflow that had peaked before the eruption of the global fiscal crisis in mid-2008. Central Bank figures published recently showed foreign banks pulled out a staggering Dh112.5 billion out of the UAE's banking system in 2008 and 2009, including nearly Dh13bn in last December alone. From about Dh205.58bn at the end of 2007, foreign banks' deposits ...  >>MORE

Commercial banks buy gold to meet customer demands

Posted on 05/05/2010

Commercial banks are buying gold to meet the demand of clients who want their deposits saved in gold, commodity dealers said. With the currencies in the GCC pegged to the volatile US dollar, local banks have all the more reasons to buy gold, local gold dealers emphasised. On the other hand, senior Dubai-based bankers affirmed they have been considering meeting the demands of their customers to back the deposits with gold. The dealers, however, declined to name the banks they have been ...  >>MORE

Emcredit declared Dubai's official credit information body

Posted on 04/05/2010

In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued decree No. 8 of 2010, which identifies the Emirates Credit Information Company (Emcredit) as the appointed body for providing credit information services in Dubai. The decree mandates Emcredit to comply with the criteria and instructions stipulated by the DED and with the instructions and guidelines issued by the UAE Central Bank, when processing credit ...  >>MORE

UAE banks in strong position: economist

Posted on 04/05/2010

The UAE national banks have managed to raise their capital adequacy ratio to around 20 per cent, double the percentage set by Basel II, said Central Bank economic advisor Dr Mohamed Beshri. This has put banks in a strong financial situation, he added. Beshri said the banks need no new liquidity, and they used only Dh5 billion of the Dh50bn facilities set up by the Central Bank to tide over the downturn. He was speaking on the sidelines of a seminar titled 'Current Economic Developments and ...  >>MORE

RAK Bank profit up 42% as focus stays on financing

Posted on 03/05/2010

The National Bank of Ras Al Khaimah (Rak Bank) has reported a net profit of Dh228.07 million, beating analysts' expectations and the overall market trend in profits and loan growth. For the first quarter, the bank's profit grew 42.2 per cent compared to the first quarter of 2009 and 16.7 per cent over the fourth quarter of 2009. "Although economic recovery is subdued, there remain good lending opportunities. "The bank has continued its focus on those products which are core to its ...  >>MORE

Asset base of UAE banks grows in Q1

Posted on 03/05/2010

Top UAE banks increased their asset base by an average of three per cent in the first quarter and analysts expect growth will remain sluggish for the rest of 2010. First Gulf Bank recorded a six per cent increase, the biggest among the large banks, Emirates NBD saw a 2.9 per cent growth whereas National Bank of Abu Dhabi and Abu Dhabi Commercial Bank each recorded around two per cent growth in total assets. The UAE Central Bank figures at the end of March showed that asset base of over 52 ...  >>MORE

Mashreq profit plunges 48% to Dh251 million

Posted on 29/04/2010

Mashreq bank yesterday said its net profit in the first quarter plunged 48 per cent to Dh251 million from Dh484.1m for the same period last year. It reported Dh1.2 billion of operating income for the first three months of 2010. The net interest income and income from Islamic products, net of distribution to depositors in Q1 2010, grew by 2.08 per cent from Dh581m to Dh593m compared to the same period last year. Fees and commission, investment income and other income remained flat at ...  >>MORE

NBAD records strong net profits in Q1

Posted on 28/04/2010

National Bank of Abu Dhabi (NBAD) earned net profits of Dh1,031 million in the first quarter of 2010, compared with Dh429 million the December quarter of 2009. This is the highest net profit ever recorded by the bank in a single quarter. Compared with the March quarter 2009, net profits rose by 34% from Dh770 million. Annualised diluted earnings for the first quarter were Dh1.67 per share. Net impairment charges for March 2010 were Dh225 million of which collective provisions were AED 55 ...  >>MORE

ADCB reports first quarter net profit of Dh225 million

Posted on 28/04/2010

Abu Dhabi Commercial Bank (ADCB) today reported net profit of Dh225 million, increasing by 119 per cent quarter on quarter and down by 36 per cent year on year. Pre-provision profits remained robust at Dh908 million, an increase of 44 per cent year on year and increase of 44 per cent quarter on quarter. Continued focus on managing the cost base efficiently resulted in a 4 per cent drop in operating expenses over Q1'09, with cost to income ratio at 28.5 per cent compared to 37.2 per cent in ...  >>MORE

Emirates NBD beats forecasts

Posted on 27/04/2010

Emirates NBD, the largest bank in the Gulf region in terms of assets, reported a net profit of Dh1.11 billion in the first quarter of 2010, 12 per cent down from Dh1.259 billion reported in the same period last year. The bank's first-quarter results were above the average net profit forecast given by analysts of Dh617 million. The results were an improvement on the fourth quarter, when profit slumped to Dh178 million. "Emirates NBD's core business remains strong and the successful ...  >>MORE

UAE banks start easing grip on lending

Posted on 25/04/2010

The UAE banks lavished nearly Dh7 billion in credit in February and March as they appear to be gradually reversing a year-long policy of tightening their purse strings because of the global financial crisis and regional default problems. Figures by the Central Bank showed the credit growth coincided with a surge in deposits with the country's 24 national banks and 28 foreign units, and a sharp slowdown in non-performing loans (NPL) provisions. From around Dh1,015.2bn at the end of January, ...  >>MORE

UAE bank provisions leap 70.5% to Dh48 billion

Posted on 22/04/2010

Total provisions taken by banks in the UAE have gone up by 70.5 per cent in the past 12 months to Dh48.1bn at the end of March 2010 from Dh28.2bn at the end of March 2009, according to data published yesterday by the country's Central Bank. Of this, specific provisions for Non-Performing Loans (NPLs) are up 58.8 per cent to Dh34.4bn, and general provisions have shot up by 114 per cent to Dh13.7bn in the 12-month period. Banks in the country have been consistently raising their provisioning ...  >>MORE

Commercial Bank of Dubai's Q1 profit climbs 10.14%

Posted on 22/04/2010

Commercial Bank of Dubai (CBD) net profit increased 10.14 per cent to Dh258 million in the first quarter this year compared to Dh234m for the same period in 2009, driven by improvement in interest margins. Its operating profit rose 20 per cent with Dh346m compared to Dh289m in the first quarter of 2009. Operating profit was up nine per cent when compared with the fourth quarter last year. Net interest income rose 7.5 per cent to Dh347m over the same period last year. Commissions grew by ...  >>MORE

Emirates NBD launches Emirates Global Sukuk Fund

Posted on 20/04/2010

Emirates NBD announced yesterday the launch of the Emirates Global Sukuk Fund. The fund will be managed by Emirates NBD Asset Management Limited (Emirates NBD AM), a provider of a full range of investment products and services and the asset management arm of the Emirates NBD Group, the largest banking group in the Middle East in terms of assets. The fund is a Jersey-domiciled, US dollar denominated, Sharia-compliant open ended fund that will invest in a portfolio of sukuk instruments issued ...  >>MORE

NBQ profit falls by 10 per cent in Q1

Posted on 20/04/2010

The National Bank of Umm Al Qaiwain, or NBQ, suffered a 10 per cent fall in its net profit for the first quarter of 2010, compared to the first three months of last year. The bank declared its net profit at Dh100.110 million for the first three months of 2010 while it earned Dh110.8 million during the same period in 2009. The bank said its operating profit before net investment income and provisions amounted to Dh117.232 million. Its loans and advances portfolio amounted to Dh8.32 ...  >>MORE

Sharjah Islamic Bank posts 21% fall in Q1 profit

Posted on 19/04/2010

Sharjah Islamic Bank yesterday posted a 21 per cent fall in first-quarter net profit due to lower income from murabaha and leasing activities, the company said in a statement posted on the bourse website. Sharjah Islamic, formerly known as National Bank of Sharjah, said net profit fell to Dh67.47 million from Dh84.97m in the same period one year ago. The Abu-Dhabi-listed bank said income from murabaha and leasing fell to Dh177m. – Emirates Business 24|7 ...  >>MORE

NBAD '&' Global Fund sign MoU to launch Exchange-Traded Fund (ETF)

Posted on 14/04/2010

The National Bank of Abu Dhabi (NBAD) and The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) yesterday signed a memorandum of understanding (MoU) to launch an Exchange-Traded Fund (ETF) and list it on the Abu Dhabi Securities Exchange (ADX). This agreement comes a few weeks after NBAD launched the first ETF in the Gulf Cooperation Council (GCC) region, the NBAD OneShare Dow Jones UAE 25 ETF, which was listed on ADX on 25 March, 2010. The document signed follows MoU between ...  >>MORE

Lending by UAE banks to pick up in H2 2010

Posted on 08/04/2010

Lending by the UAE banks is expected to pick up in the second half of this year even though it is unlikely to touch boom levels soon, a senior analyst has said. "Banks are tight on lending as they are focused on asset quality now. They still have limitations on the funding side. It will come back but may not be as aggressive as before. Lending would be restricted but it will become better by the second half. We expect a pick up for certain sectors," Germaine Benyamin, Senior Analyst, HC ...  >>MORE

NBAD first to acquire "Securities Custody" license

Posted on 08/04/2010

The Emirates Securities and Commodities Authority (SCA) has granted the National Bank of Abu Dhabi (NBAD) a license to practice the "Securities Custody" activities of securities listed on local markets, making the bank the first to achieve this feat. The granting of the license followed the NBAD's meeting of all prerequisites as outlined in SCA Board Resolution No. (29/R) of 2009 concerning regulations securities custody. It is also in line with the SCA's efforts to further improve ...  >>MORE

UAE banks have enough liquidity, says Al Suwaidi

Posted on 07/04/2010

United Arab Emirates central bank Governor Sultan bin Nasser Al Suwaidi said the country's banking system has enough liquidity to meet the economy's needs. "The situation of liquidity and deposits in the banking system is normal and compatible with the economy and its needs at the moment,” Suwaidi said in an interview in the Sudanese capital, Khartoum. "The banks lend when there is demand, when there are big projects that require a lot of financing.” The cost of borrowing between UAE banks ...  >>MORE

NBAD wins deal of the Year award again

Posted on 06/04/2010

The National Bank of Abu Dhabi (NBAD) has won a second "Deal of the Year" award from a prestigious publication for the US$850 million (Dh3.12 billion) fixed-rate notes, which was launched in September 2009. The Banker magazine, published by the Financial Times Group, selected the deal as the winner of the FIG - Deal of the Year 2010 for the Middle East Region. The transaction was completed by NBAD's Financial Market Division. Recently, Euroweek, a London-based weekly newspaper covering the ...  >>MORE

Ministry of Finance studies a project to establish a Federal Credit Bureau

Posted on 05/04/2010

Ministry of Finance (MoF) has initiated a study to create a Federal Credit Bureau that will be a centre for individual and corporate credit information services at the level of the United Arab Emirates government. This move is based on the guidance of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and is another step in MoF's drive to promote transparency in financial policy-making. A Federal corporation is being envisaged to provide ...  >>MORE

UAE banks' ATM transactions rise 7%

Posted on 05/04/2010

UAE banks witnessed seven per cent growth in transactions at the automated teller machines (ATMs) in 2009, according to the Central Bank's latest data. The number of ATMs rose by 48 per cent to 3,599 as on December 31, 2009 against 2,420 in the previous year. Accordingly, the total number of ATM transactions went up by seven per cent to 62.58 million, compared to 58.37 million in 2008. The total value of transactions increased by about seven per cent to Dh67.97 billion in 2009, compared to ...  >>MORE

ADCB and Macquarie Bank Limited announce conclusion of their treasury joint venture

Posted on 02/04/2010

Abu Dhabi Commercial Bank and Macquarie Bank Limited announce the conclusion of their treasury joint venture. Abu Dhabi Commercial Bank (ADCB) and Macquarie Bank Limited wish to announce the conclusion of their treasury joint venture business. The joint venture was established in 2005 in order to develop ADCB's trading expertise and support functions. Given completion of Macquarie's support functions and successful expansion of ADCB's product delivery capabilities, ADCB and Macquarie have ...  >>MORE

Emirates NBD launches Emirates Islamic Money Market Fund

Posted on 30/03/2010

Emirates NBD, announced yesterday the launch of Emirates Islamic Money Market Fund (the "Fund"), a daily dealing Sharia-compliant open ended fund domiciled in Jersey. The Fund aims to achieve higher profit return than comparative Sharia-compliant bank deposits, predominantly from a diversified portfolio of Sharia-compliant money market instruments. "The Fund is one of the first of its kind globally and will look to access the growing range of Islamic cash or near cash investments. It will ...  >>MORE

UAE banking sector's assets largest in GCC

Posted on 28/03/2010

The UAE's banking sector still leads the rest of the GCC in terms of assets, a new report has reconfirmed. "Data released by the respective GCC central banks for 2009 has reaffirmed the UAE banking system's position as the largest within the GCC, with total assets expanding to US$414 billion (Dh1.52 trillion)," said an update on the UAE's banking sector, issued by research firm Prime Holdings. The report pointed out that assets of the UAE banking sector grew 4.3 per cent year-on-year in ...  >>MORE

NBAD to recruit 300 UAE nationals in 2010

Posted on 28/03/2010

The National Bank of Abu Dhabi (NBAD) plans to recruit 300 UAE nationals in 2010 and increase Emiratisation to 38% by end of the year compared to 36% by end of 2009. As part of NBAD's initiatives to attract UAE nationals, the bank is participating in the National Career Exhibition to be held at the Dubai International Convention and Exhibition Centre on March 28, 29 and 30. Last year, NBAD recruited 442 UAE nationals increasing the number of UAE nationals working for the bank to 1046 staff, ...  >>MORE

NBAD '&' ADX launch and list first ETF in the region

Posted on 25/03/2010

The National Bank of Abu Dhabi (NBAD) and Abu Dhabi Securities Exchange (ADX) today announced the launch and listing of the first Exchange Traded Fund (ETF) in the Gulf region. The new fund, NBAD OneShare Dow Jones UAE 25 ETF, will be listed on ADX from Thursday, March 25th, 2010, inaugurating the new ETF market in Abu Dhabi. The new fund will follow the performance of the ‘Dow Jones UAE 25 Total Return Index' and provide investors with exposure to 25 blue-chip companies from across the ...  >>MORE

Emirates NBD to issue bonds worth Dh4b

Posted on 25/03/2010

The Emirates NBD General Assembly yesterday agreed to issue debt bonds worth Dh4 billion to the Investment Corporation of Dubai. The decision was arrived at during an extraordinary meeting of the general assembly held yesterday evening. The moves are in line with the Finance Ministry's requirements regarding the first part of the bank's capital. The meeting was chaired by Ahmad Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC) and Chairman of Emirates NBD. The ...  >>MORE

ADCB wins two retail banking awards

Posted on 25/03/2010

Abu Dhabi Commercial Bank has been named the "Best Retail Bank in UAE” for the third time in a row and the "Best Retail Bank in the Gulf States” for the second straight year by the Asian Banker Excellence in Retail Financial Services Awards Programme. Best Retail Bank in the Gulf States is the highest award for retail financial services in the GCC. Banks have to outperform not only national competitors, but also their peers in all six countries. The awards were presented at the ninth Asian ...  >>MORE

Abu Dhabi Police warns of scams targeting bank accounts

Posted on 22/03/2010

Abu Dhabi Police officials have warned of online fraud schemes that involve bank accounts of individual users in the country. The Criminal Investigation Department of Abu Dhabi Police has received reports on fraudulent attempts where fraudsters and look-like-real providers of banking services targeting bank accounts deceive customers into phishing, a criminally fraudulent process of attempting to acquire sensitive information by masquerading as a trustworthy entity in an electronic ...  >>MORE

UAE banks boost capital by 8.4% in two months

Posted on 22/03/2010

UAE banks boosted their shareholders' equity by nearly 8.4 per cent in the first two months of 2010 to maintain their position as the largest capitalised banking system in the Arab World, UAE Central Bank data showed. The increase is in line with Central Bank instructions for banks to bolster their financial position after many financial institutions in the country and other Gulf oil producers were jolted by the global fiscal turmoil and regional debt defaults. From about Dh231.4 billion at ...  >>MORE

NBAD launches US$750 million fixed-rate notes

Posted on 20/03/2010

The National Bank of Abu Dhabi ("NBAD") successfully launched a US$ five-year transaction under its US$5 billion EMTN Programme. Bank of America Merrill Lynch, Barclays Capital, HSBC and National Bank of Abu Dhabi acted as joint-bookrunners in the notes, which represents the first international public benchmark transaction by a GCC Financial Institution in 2010. Official price guidance of midswaps plus 180bp area was released on Thursday 18 March 2010 at 7:30am London time. The strong demand in ...  >>MORE

NBAD approves distribution of 10% cash dividends and 10% bonus shares

Posted on 16/03/2010

At its Annual General Meeting held in Abu Dhabi, the National Bank of Abu Dhabi (NBAD) approved the distribution of 10% cash dividends and 10% bonus shares to shareholders listed in the share register held with Abu Dhabi Securities Exchange (ADX) as at 25 March 2010. The meeting convened under the chairmanship of Mr. Nasser Ahmed Khalifa Alsowaidi, Chairman of the NBAD Board, to review and approve the directors' report, auditor's report and the financial statements for the year ending 31 ...  >>MORE

NBAD looks to raise up to US$1bn with bond sale

Posted on 15/03/2010

The National Bank of Abu Dhabi (NBAD), the UAE's second biggest bank by assets, will tap markets to raise up to US$1 billion (Dh3.67bn) by selling bonds, an executive at the bank said yesterday. "The bank is looking to raise anything between US$500 million to US$1bn, depending on the response," the executive said, asking not to be identified as he was not authorised to speak to the media. "The roadshows are underway," he said. Bank of America Merrill Lynch, HSBC, Royal Bank of Scotland, ...  >>MORE

Emirates NBD launches new fixed income fund

Posted on 14/03/2010

Emirates NBD announced Saturday the launch of the Emirates MENA Fixed Income Fund. The fund will be managed by Emirates NBD Asset Management Limited (Emirates NBD AM), a provider of a full range of investment products and services and the asset management arm of the Emirates NBD group, the largest banking group in the Middle East in terms of assets. This is an open ended US dollar denominated fund, which aims to achieve a high level of income as well as capital growth, through investing in a ...  >>MORE

Fitch affirms NBAD's strong credit rating

Posted on 11/03/2010

Fitch Ratings has affirmed the National Bank of Abu Dhabi's (NBAD) strong rating, basing its decision on robust management and the Bank's performance during the global financial crisis. Fitch affirmed NBAD's Long-term Issuer Default Rating (IDR) at 'AA-' with a Stable Outlook. The credit rating agency has also affirmed NBAD's Short-term IDR at 'F1+', Support Rating at '1' and Support Rating Floor at 'AA-'. The Individual Rating is affirmed at 'B/C', by Fitch. Explaining its decision regarding ...  >>MORE

Abu Dhabi banks have good capital, manageable liquidity

Posted on 11/03/2010

Abu Dhabi banks had significant capital levels and manageable liquidity, but their long-term profitability was still tied to the country's development plans, analysts at HSBC said. They recommended National Bank of Abu Dhabi was the best way to play Abu Dhabi banks. HSBC said it favoured banks from Saudi Arabia and Egypt in the Middle East and North Africa, as both countries had strongly capitalised banking sectors and good visibility on credit quality. HSBC said Saudi's Riyad Bank and ...  >>MORE

Emirates Industrial Bank reports Dh98.16 million net profit

Posted on 10/03/2010

The Board of Directors of Emirates Industrial Bank in their meeting under the chairmanship of H.E. Obaid Humaid Al Tayer, State Minister for Financial Affairs approved the director's report on the bank's activities for the year ended 31/12/2009. According to Mohamed Abdulbaki, the General Manager of the bank, the meeting held at the head office of the bank in Abu Dhabi commenced by approving the agenda and attesting the minutes and resolutions of the previous board meeting. The board of ...  >>MORE

Abu Dhabi Islamic Bank largest net lender in UAE interbank market

Posted on 09/03/2010

Abu Dhabi Islamic Bank (Adib), the oldest and the only listed Islamic bank from the capital, claims to be the largest net financier in the UAE's interbank market. Talking to Emirates Business, Tirad Mahmoud, the bank's Chief Executive Officer, said the bank is very comfortable on liquidity and hence has financed in the interbank market hugely. Mahmoud said Adib is a net lender of Dh14 billion in the interbank market. The analysis of the balance sheets of a few large banks in the country ...  >>MORE

UAE is region's top lender

Posted on 08/03/2010

The UAE had the largest banking sector in the Arab World towards the end of 2009, controlling nearly 18 per cent of the combined financial resources, and emerging as the top lender in the region, according to banking data. Emirates NBD (ENBD) maintained its position as the biggest bank in the region in terms of assets, which stood at about US$79 billion (Dh290bn) at the end of September 2009, showed figures by the Beirut-based Union of Arab Banks (UAB). In a study on banks in the Gulf ...  >>MORE

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Quick List

Banks lose Dh112bn of foreign cash


Commercial banks buy gold to meet customer demands


Emcredit declared Dubai's official credit information body


UAE banks in strong position: economist


RAK Bank profit up 42% as focus stays on financing


Asset base of UAE banks grows in Q1


Mashreq profit plunges 48% to Dh251 million


NBAD records strong net profits in Q1


ADCB reports first quarter net profit of Dh225 million


Emirates NBD beats forecasts


UAE banks start easing grip on lending


UAE bank provisions leap 70.5% to Dh48 billion


Commercial Bank of Dubai's Q1 profit climbs 10.14%


Emirates NBD launches Emirates Global Sukuk Fund


NBQ profit falls by 10 per cent in Q1


Sharjah Islamic Bank posts 21% fall in Q1 profit


NBAD '&' Global Fund sign MoU to launch Exchange-Traded Fund (ETF)


Lending by UAE banks to pick up in H2 2010


NBAD first to acquire "Securities Custody" license


UAE banks have enough liquidity, says Al Suwaidi


NBAD wins deal of the Year award again


Ministry of Finance studies a project to establish a Federal Credit Bureau


UAE banks' ATM transactions rise 7%


ADCB and Macquarie Bank Limited announce conclusion of their treasury joint venture


Emirates NBD launches Emirates Islamic Money Market Fund


UAE banking sector's assets largest in GCC


NBAD to recruit 300 UAE nationals in 2010


NBAD '&' ADX launch and list first ETF in the region


Emirates NBD to issue bonds worth Dh4b


ADCB wins two retail banking awards


Abu Dhabi Police warns of scams targeting bank accounts


UAE banks boost capital by 8.4% in two months


NBAD launches US$750 million fixed-rate notes


NBAD approves distribution of 10% cash dividends and 10% bonus shares


NBAD looks to raise up to US$1bn with bond sale


Emirates NBD launches new fixed income fund


Fitch affirms NBAD's strong credit rating


Abu Dhabi banks have good capital, manageable liquidity


Emirates Industrial Bank reports Dh98.16 million net profit


Abu Dhabi Islamic Bank largest net lender in UAE interbank market


UAE is region's top lender