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THE ECONOMY - BANKS

Mashreq expands network

Posted on 25/08/2009

Mashreq Bank, one of the largest financial institutions in the UAE, Monday said it has unveiled 16 new branches throughout Abu Dhabi and Al Ain as part of its expansion plans in the capital. This increased presence is a result of the rise in customer demand, and future growth plans include 10 new ATM machines, bringing the total to 46. Mashreq chief executive Abdul Aziz Al Ghurair has driven Mashreq's expansion plans in Abu Dhabi to reflect the bank's current strength and presence in Dubai, ...  >>MORE

ADCB signs major Mudaraba Facility with Dubai Silicon Oasis

Posted on 24/08/2009

Abu Dhabi Commercial Bank (ADCB) has approved a Mudaraba Medium Term Facility worth Dh300 million for the developer of the region's premier integrated innovations hub for high-tech industries, Dubai Silicon Oasis (DSO). The funds will be used by Dubai Silicon Oasis Authority (DSOA) to part finance the development of facilities within the technology park "This is yet another step in ADCB's advancement of purely Islamic finance facilities, and has been developed through our independent Islamic ...  >>MORE

Dubai Financial Support Fund board named

Posted on 13/08/2009

His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Decree 41 of 2009 appointing the chairman and members of the board of the Dubai Financial Support Fund. The Dubai Financial Support Fund was established by Decree 24 of 2009 on July 21 as an independent legal entity to manage the proceeds of the Dubai Government's US$20 billion (Dh73.5 billion) bond programme, or any other bond issues. Abdul Rahman Al Saleh, ...  >>MORE

Bank deposits surge 30 per cent in months

Posted on 11/08/2009

Deposits with UAE banks have surged sharply by 25 per cent to 30 per cent in the past few months due to the federal guarantee and the stabilising money markets, senior bankers told Emirates Business. Suvo Sarkar, General Manager, Retail Banking, Emirates NBD, said the bank's consumer banking deposits have shown a substantial growth of more than 25 per cent per annum in the first half of the year, significantly higher than market growth. "Growth has been across all customer segments, with ...  >>MORE

New law to safeguard payments

Posted on 10/08/2009

A new law intended to give legal certainty to payments and create confidence in transactions involving securities in the financial services industry has come into force. His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has enacted the Dubai International Financial Centre's (DIFC) new Payment System Settlement Finality (PSSF) Law. This law establishes a legal foundation to build a regional transaction processing hub in the ...  >>MORE

Abu Dhabi sees the lowest inflation rate in UAE at 1.76%

Posted on 10/08/2009

Abu Dhabi recorded the lowest inflation rate in the UAE in the first four months of 2009 as a sharp fall in the prices of food stuffs and other goods and services depressed the rate to one of its lowest levels, official data showed yesterday. Inflation in Abu Dhabi, the main oil and gas producing emirate in the country, stood at only 1.76 per cent during January-May this year, nearly a third of the inflation rate of 4.94 per cent recorded in the UAE during that period, showed the Ministry of ...  >>MORE

Mashreq CEO gets Lifetime Achievement Award

Posted on 09/08/2009

Abdul Aziz Al Ghurair, Chief Executive Officer of Mashreq Bank, 
 has been honoured by the 
Banker Middle East with 
this year's ‘Lifetime 
Achievement Award'. The award recognised Al Ghurair for his significant contribution towards the development and progress of the banking industry in the Middle East, said a Press statement on Thursday. "Receiving this accolade is very rewarding to me personally, and I am honoured that the readers of the Banker Middle East have ...  >>MORE

Citigroup upgrades First Gulf Bank to ‘Buy’

Posted on 08/08/2009

Citigroup has upgraded First Gulf Bank to ‘buy' from hold, and raised its target price to Dh20 from Dh14.40, saying the Abu Dhabi-based bank posted strong second quarter results. First Gulf Bank incurred a four per cent decline in its second quarter net profit as the bank put aside more funds for bad loans. Its net profit declined to Dh775 million compared with Dh808 million earned last year. The bank's net profit for the first half of this year stood at Dh1.53 billion — three per cent ...  >>MORE

NBAD outlines ambitious expansion plans

Posted on 06/08/2009

National Bank of Abu Dhabi (NBAD) plans to open branches in Jordan and Hong Kong before the end of 2009 and expand its network in Egypt and Oman, the head of its international operations said yesterday. The lender wants to add 22 branches in Egypt by 2013 and three branches in Oman next year, and plans to turn its representative office in Libya into a branch, said Qamber Al Mulla, senior general manager, International Banking Division. "Jordan and Hong Kong will add value as there are a ...  >>MORE

Ajman Bank announces financial results for quarter 2

Posted on 06/08/2009

Ajman Bank, the emirate's first Islamic commercial bank, released the financial results for its second operational quarter to the Dubai Financial Market. The results showed the value of the bank's total assets at Dh1.5 billion. Contrary to market trends that have seen banks in the region focus on building liquidity, Ajman Bank's financial statement declaration demonstrated the continued strength of its customer's deposits which has grown more than Dh470 million. The accumulated loss of ...  >>MORE

Abu Dhabi Finance Company approves Dh660m mortgage financing funds

Posted on 05/08/2009

About Dh600 million in mortgage financing funds has been approved by Abu Dhabi Finance Company (ADFC) out of applications totalling Dh770 million since its establishment last November, the company said on Monday. If its growth rate holds, the government-backed company expects to have approved Dh1 billion in loans by this November, its chief executive Philip Ward said. With the recent demise of government-owned Amlak and Tamweel, ADFC has stepped in with offers such as 30-year mortgages and ...  >>MORE

High provisions depress banks' Q2 profits by 25%

Posted on 03/08/2009

UAE national banks have performed well so far this year, but massive loan loss provisions depressed their net profits by nearly 25 per cent in the second quarter. Balance sheets showed the combined net income of 16 local banks that have published results plunged to about Dh5.596 billion in the second quarter of 2009 from nearly Dh7.517bn in the first quarter of 2008. It was one of the largest quarterly falls in the earnings of the country's banks in many years, but analysts believe their ...  >>MORE

Ajman Bank plans to subscribe to Dubai bonds' second tranche

Posted on 03/08/2009

Ajman Bank, which has Dh1 billion in cash from its public issue proceeds, is considering to subscribe to a part of the second tranche of US$20 billion (Dh73.46bn) high-yield bonds of the Government of Dubai, said a senior bank official. This may probably make Ajman Bank the first UAE bank to invest in the high-yield bonds issued by the Government of Dubai to meet the liquidity needs of government-linked entities. Speaking to Emirates Business, Ali E Alshaqoosh Al Mueen, Acting Chief ...  >>MORE

ADCB makes foray into education financing market in the UAE

Posted on 02/08/2009

Abu Dhabi Commercial Bank has entered the education loan market in the UAE with an offer of credit facilities to cover the tuition fees and living expenses of students attending University of Wollongong in Dubai (UOWD). The ADCB Education Loan is available to both working professionals looking to pursue higher education and for parents wishing to finance their child's education. "We have entered this new market because we have identified domestic higher education in the Arabian Gulf as a ...  >>MORE

Emirates NBD sound enough to refinance Dh10bn debt easily

Posted on 02/08/2009

Dubai-based Emirates NBD, the region's largest bank in terms of assets, will have no difficulty in refinancing its Dh10 billion debt maturing between now and 2012, bank officials and analysts told Emirates Business. Sanjay Uppal, Chief Financial Officer of Emirates NBD, said the maturing debts in the upcoming years are "very small" compared to the total assets of the bank, which as of June 2009, stood at Dh280bn. The bank will see US$10bn of its debt maturing in the next three years. The ...  >>MORE

Abu Dhabi banks set aside Dh5.5bn for doubtful debts

Posted on 02/08/2009

The five Abu Dhabi banks have set aside Dh5.53 billion to cover losses or emergency requirements such as exposure to Algosaibi and Saad groups or other doubtful debts. The banks include the National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB), Union National Bank (UNB) and Abu Dhabi Islamic Bank (Adib). By the end of the first half, FGB had made loan provisions of Dh1.6bn, representing 1.8 per cent of its total loans. Analysts said the allocations offer ...  >>MORE

Mashreq reports net profit of Dh919m for first half

Posted on 30/07/2009

Mashreq reported a 3 per cent year on year increase in operating revenues for the first six months of 2009. In spite of challenging market conditions, revenue for the second quarter of 2009 remained strong at Dh1.2 billion, equal to the first quarter's revenue of the year. The operating expenses went down to Dh440 million, a reduction of 8 per cent quarter on quarter. Impairment provisions for the quarter were enhanced to Dh319 million. This measure has led to a 10 per cent decline in ...  >>MORE

Abu Dhabi Islamic Bank posts Dh193.4m quarter 2 profit

Posted on 30/07/2009

Abu Dhabi Islamic Bank (ADIB), a regional Islamic financial services group announced on Wednesday its results for the first half of 2009. Revenues for the first half at Dh 1,178.3 million rose by 7.1 per cent compared to first half of 2008 despite the decline in real estate revenues of Dh156.2 million and also grew 3.5 per cent compared to Q1 09. Putting the significance of these results in perspective, Tirad Mahmoud, CEO, said, "Despite the major Credit Loss Provisions (Dh171.4 million) ...  >>MORE

NBQ posts 32% increase in profits at Dh219.3m

Posted on 30/07/2009

National Bank of Umm Al-Qaiwain (NBQ) has recorded a 32 per cent increase in its net profit for the half year ended June 2009 compared to the corresponding period last year. The bank registered a net profit of Dh 219.3 million for the first half of this year compared to Dh 166.2m last year. The bank said it improved its credit to deposit ratio to nearly 1:1 as it reduced its advances by 12 per cent to Dh 8.6bn compared to Dh 9.8bn in the first half of 2008. It said that as a result of ...  >>MORE

Top UAE banks seen facing tough 2009

Posted on 30/07/2009

Downbeat prospects for the United Arab Emirates' economy, combined with provisions as a result of debt trouble at two Saudi conglomerates is likely to dampen profits of the UAE's biggest banks for the remainder of 2009. Second-quarter results of top lenders in Abu Dhabi and Dubai, the two wealthiest emirates of the seven that make up the UAE, have shown that provisions eroded an otherwise healthy income from traditional sources. Analysts say provisions for bad loans will remain a key issue ...  >>MORE

NBAD H1 net profits reach Dh1.7 billion

Posted on 29/07/2009

National Bank of Abu Dhabi's (NBAD) operating profits for the second quarter of 2009 reached a record Dh1,212 million, 21 percent up on the first quarter of 2009. First half operating profits reached Dh2,215 million, 7.8 percent up on the first half of 2008. Net profits, after collective and specific provisions for non performing assets, and overseas taxes, were Dh907 million in the second quarter, up 17.7 percent on the Dh770 million reported in the first quarter. Half year net profits are ...  >>MORE

Banks in Sharjah post 8.2% growth

Posted on 29/07/2009

The consolidated profits of Sharjah's banks rose by 8.2 per cent to Dhs722 million by the end of the first half of this year compared with Dhs667 million for the same period last year while assets rose by 12.7 per cent to Dhs49.5 billion in the first half of this years, up from Dhs44 billion in the first half of 2008. The loans of Sharjah's banks surged by 24.5 per cent to Dhs32.5 billion, up from Dhs26.1 billion during the period of comparison while their deposits stood at Dhs32.3 billion ...  >>MORE

Top banks set up operations at Downtown Jebel Ali

Posted on 29/07/2009

Standard Chartered Bank, Citibank and Blom Bank France are the latest international businesses to set up operations at Downtown Jebel Ali (DJA), global master developer Limitless announced on Tuesday. The banks join household names such as Ericsson, Kraft Foods and L'Oreal on a growing list of local and international companies who have moved to A-grade offices or taken retail space in DJA's first four commercial towers, which are part of an eight-building mixed-use complex called The ...  >>MORE

Emirates NBD earns Dh2.1b first half profit

Posted on 28/07/2009

Emirates NBD, the largest UAE bank by asset value, on Monday announced its net profit at Dh2.1 billion for the first half of this year. Its net interest income increased by 33 per cent to Dh3,643 million and Dh1,716 million for the second quarter of 2009, a 26 per cent increase. The bank's total income increased by 16 per cent in the second quarter. For the second quarter, operating profit before impairment allowances reached Dh1.99 billion, up 20 per cent from same period last year and a ...  >>MORE

National Bank of Fujairah’s profit drops by 60 per cent in first half

Posted on 28/07/2009

The National Bank of Fujairah, or NBF, posted a 60.4 per cent drop in its net profit in the first half of 2009 as the bank made huge provisions for loan losses. The bank's net income in the first half plunged to Dh60.7 million, compared to Dh153.5 million from the year before. During the same period, the bank's loan loss charges jumped to Dh89.3 million, from only Dh600,000 a year earlier. It said it maintained Dh97.6 million in portfolio loan loss provisions in the first six months this ...  >>MORE

Banks' credit to private sector falls

Posted on 26/07/2009

Claims by UAE banks on the private sector dipped by about Dh8 billion in the first quarter of 2009 because of a sharp fall in domestic demand, official figures showed yesterday. In contrast, loans to government rose by Dh3bn and to other public sector establishments by Dh9bn. From about Dh630.7bn at the end of 2008, loans and advances provided by the country's 52 banks to the private sector dropped to about Dh622.9bn at the end of March, showed the figures by the Central Bank. The bulk of ...  >>MORE

Dubai Islamic Bank reports net profit of Dh820 million in first half of 2009

Posted on 26/07/2009

Dubai Islamic Bank (DIB) announced yesterday its financial results for the first half of this financial year ending 30 June 2009, demonstrating the Bank's continued profitable operations despite extremely challenging conditions. During the second quarter of 2009, the Bank's net profit reached Dh450 million, a rise of 22 percent compared to Dh370 million during the first quarter of the year. The Bank has made impairment provisions of Dh135 million for the same period. The Bank's total ...  >>MORE

Sharjah Islamic Bank announces Dh151.7 million for the 1st half of 2009

Posted on 26/07/2009

Sharjah Islamic Bank (SIB), announced its 1st half 2009 results yesterday with net profit of Dh151.7 million, compared to Dh191.8 million registered in the correspondent period last year. Net profit before distribution to depositors reached Dh309.3 million compared to 309.7 million for the same period last year. The balance sheet grew since December 2008 with total assets reaching Dh16.2 billion, while customer deposits reached Dh 9.8 billion since Dec. 2008. - Emirates News Agency, WAM ...  >>MORE

Development Bank to begin operations in 2010

Posted on 23/07/2009

A committee assigned to set up the Emirates Development Bank will complete its mission in three months, paving the way for the bank to begin operations from 2010, according to the Ministry of Finance. Speaking to Emirates Business, Younis Haji Al Khouri, Director-General of the ministry, said: "The committee is now formulating the bank's administrative and organisational structure with the help of specialised global consultancy firms." Earlier in January, the Ministerial Council for Services ...  >>MORE

First Gulf Bank posts Dh775m Q2 profit

Posted on 22/07/2009

Abu Dhabi-based First Gulf Bank (FGB) posted a second-quarter net profit of Dh775 million (US$211m), down 4.13 per cent from the year-earlier period due to extra provisions against losses from financial crisis. The bank said profits in second quarter increased three per cent against first quarter this year. The company made a net profit of Dh1.52 billion in the first half of the year compared with Dh1.48bn a year earlier, an increase of three per cent, the firm said in a statement. The ...  >>MORE

Rakbank to grow in capital

Posted on 22/07/2009

Ras Al Khaimah (RAK) Bank plans to boost its presence in Abu Dhabi with three new branches this year, and five more in 2010, a press statement said yesterday. The first of these was opened this week in Mussaffah, servicing individuals and businesses in the area and housing a dedicated centre for SMEs. The bank offers a range of loan and deposit services for SMEs, including finance up to half a million dirham through collateral-free loans, without the need for placement of deposits or assets ...  >>MORE

UAE bank loans grow marginally

Posted on 21/07/2009

Bank loans in the UAE increased 0.5 per cent in June from May, while deposits slid 1.1 per cent, the central bank said on Monday. Bank credit, excluding provisions for bad loans, increased to Dh1.01 trillion ($275 billion), after rising 0.6 per cent the month before, the bank said. Deposits fell to Dh961.7 billion, while provisions for bad loans rose 4.4 per cent to Dh23.9 billion. Personal loans fell 1.2 per cent in the month. "Credit growth is still weak but positive," Monica Malik, senior ...  >>MORE

Commercial Bank International announces half-year financial results

Posted on 21/07/2009

Commercial Bank International (CBI) announced on Monday the financial results for the half year ended as on 30 June, 2009 and posted in ADX some of the major highlights. CBI's Total Assets as on 30 June 2009 is Dh 10.77 billion against Dh 11.23 billion as on 31 December 2008. Total customer deposits increased by 5 per cent to Dh 8.22 billion as on 30 June 2009 as against Dh 7.85 billion as of 31 December 2008. Loans and Advances as of 30 June 2009 is Dh 8.12 billion against Dh 9.21 billion as ...  >>MORE

NBAD to enter Far East, Jordan this year in expansion drive; insurance foray on cards

Posted on 19/07/2009

National Bank of Abu Dhabi (NBAD), the largest bank in Abu Dhabi with an asset base in excess of Dh160 billion, is expanding into the Far East with a branch in Hong Kong, Chief Executive Michael H Tomalin told Emirates Business. The bank has finalised plans to take its tally to 100 with the addition of 13 branches this year, Tomalin said in an interview. "As of now, we do not have branch operations in the Far East. We have permission to open a branch in Hong Kong and this will be done in the ...  >>MORE

Dubai Islamic Bank launches one-year Islamic certificate

Posted on 14/07/2009

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, yesterday launched its one-year Islamic certificate linked to the Crescent Commodity Twister Strategy developed by ABN Amro Bank. This US dollar-denominated certificate, which offers investors ideal exposure to the global commodities market based on a strategy that has been designed to generate positive returns in both bull and bear-trending markets, seeks to generate 96 per cent capital protection upon maturity. This certificate ...  >>MORE

Emirates NBD gets Dh4b cash infusion

Posted on 01/07/2009

In a last-minute solution to a big funding shortfall, Emirates NBD, the nation's largest banking group by assets, met a UAE Central Bank deadline requiring local banks to strengthen their capital bases to cushion against increasing loan defaults. The Dubai-based lender announced on Tuesday that it had issued Dh4 billion in so-called Tier 1 debt securities to the Dubai government's investment arm, the Investment Corporation of Dubai, or ICD. Money from the sale of the securities will increase ...  >>MORE

Emirates Industrial’s investors to sell stake

Posted on 30/06/2009

Emirates Industrial Bank, or EIB, which is merging with Abu Dhabi-based Real Estate Bank, said on Monday its private shareholders agreed to sell their 49 per cent stake to the UAE government. EIB is already 51 per cent owned by the UAE Ministry of Finance and 49 per cent by other investors including Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Mashreq, according to its Web site. "The representatives of the private sector in the capital of the bank agreed unanimously to sell ...  >>MORE

Dubai to recapitalise ENBD

Posted on 30/06/2009

Emirates NBD is close to securing a Dh3.5 billion (US$953 million) government cash injection that will allow the UAE's largest lender to meet new capital adequacy targets set by the Central Bank late last year. Most of the cash is expected to come from the Government of Dubai, which owns 56.6 per cent of Emirates NBD through the Investment Corporation of Dubai (ICD), its investment arm. The bank declined to comment on the funds but analysts expect an announcement to be made today. ICD could ...  >>MORE

UAE launches ‘Islamic Financial Services Mission’

Posted on 23/06/2009

The UAE government is to export Islamic financial products and services from the Emirates to Australia. In line with the current trend of incorporating Islamic banking into the Australian financial system a fact finding mission - the ‘Islamic Financial Services Mission' is on its way down-under. The Dubai Export Development Corporation (EDC) has introduced the initiative in association with the Australian Trade Commission (Austrade), with the aim of not only introducing Islamic financial ...  >>MORE

Banks' capital exceeds Dh200bn for first time

Posted on 21/06/2009

A drive by UAE banks to bolster their financial position has allied with government funding to boost their combined capital to more than Dh200 billion for the first time, official figures showed yesterday. The assets of the country's 24 national banks and 28 foreign units also approached Dh1.5 trillion for the first time to maintain the UAE's position as having the largest banking sector in the Middle East. The UAE Central Bank figures showed the banks have largely recovered from the global ...  >>MORE

UAE bank finance tops Dh1tr, signalling boost in confidence

Posted on 19/06/2009

Bank loans and advances in the UAE topped Dh1 trillion at the end of May, according to Central Bank statistics, signalling a boost in confidence. Of this, Dh207.6 billion comprised personal loans in May. Personal loans totalled Dh201.7 billion the previous month. However, while the number of loans appears to be increasing, banks are still not out of the woods as a portion of these loans may have to be written off due to defaults. "The danger of default on older loans really depends on the ...  >>MORE

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Quick List

Mashreq expands network


ADCB signs major Mudaraba Facility with Dubai Silicon Oasis


Dubai Financial Support Fund board named


Bank deposits surge 30 per cent in months


New law to safeguard payments


Abu Dhabi sees the lowest inflation rate in UAE at 1.76%


Mashreq CEO gets Lifetime Achievement Award


Citigroup upgrades First Gulf Bank to ‘Buy’


NBAD outlines ambitious expansion plans


Ajman Bank announces financial results for quarter 2


Abu Dhabi Finance Company approves Dh660m mortgage financing funds


High provisions depress banks' Q2 profits by 25%


Ajman Bank plans to subscribe to Dubai bonds' second tranche


ADCB makes foray into education financing market in the UAE


Emirates NBD sound enough to refinance Dh10bn debt easily


Abu Dhabi banks set aside Dh5.5bn for doubtful debts


Mashreq reports net profit of Dh919m for first half


Abu Dhabi Islamic Bank posts Dh193.4m quarter 2 profit


NBQ posts 32% increase in profits at Dh219.3m


Top UAE banks seen facing tough 2009


NBAD H1 net profits reach Dh1.7 billion


Banks in Sharjah post 8.2% growth


Top banks set up operations at Downtown Jebel Ali


Emirates NBD earns Dh2.1b first half profit


National Bank of Fujairah’s profit drops by 60 per cent in first half


Banks' credit to private sector falls


Dubai Islamic Bank reports net profit of Dh820 million in first half of 2009


Sharjah Islamic Bank announces Dh151.7 million for the 1st half of 2009


Development Bank to begin operations in 2010


First Gulf Bank posts Dh775m Q2 profit


Rakbank to grow in capital


UAE bank loans grow marginally


Commercial Bank International announces half-year financial results


NBAD to enter Far East, Jordan this year in expansion drive; insurance foray on cards


Dubai Islamic Bank launches one-year Islamic certificate


Emirates NBD gets Dh4b cash infusion


Emirates Industrial’s investors to sell stake


Dubai to recapitalise ENBD


UAE launches ‘Islamic Financial Services Mission’


Banks' capital exceeds Dh200bn for first time


UAE bank finance tops Dh1tr, signalling boost in confidence