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THE ECONOMY - BANKS

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

Bank will not curb lending to family-owned businesses

Posted on 17/06/2009

The Central Bank said yesterday it has no plans to ask the country's 52 banks to stop lending to family-run businesses following the financial troubles of Saudi Saad and Al Gossaibi groups. Central Bank Governor Sultan bin Nasser Al Suwaidi said he is not worried about the decision by some Gulf countries to freeze the accounts of those two groups, as he feels the decision "is not part of a trend". Suwaidi was asked by Emirates Business whether the UAE banks would be told to monitor their ...  >>MORE

Ministerial Committee meets all banks to discuss liquidity of the UAE banking sector

Posted on 11/06/2009

In its third meeting since inception with all UAE banks, the UAE Ministerial Committee yesterday discussed the liquidity of the UAE banking sector and the changes that have been seen after the ministerial committee announced its actions to support the sector. In the meeting, the UAE Ministerial Committee presented an overview of favourable developments in the banking sector since September 2008 while the national banks provided an update on their current position regarding liquidity and their ...  >>MORE

Euromoney awards NBAD "Best Bank in the UAE"

Posted on 11/06/2009

National Bank of Abu Dhabi (NBAD) was named Best Bank in the UAE in 2009 by Euromoney Awards for Excellence Middle East for the third time in the last 10 years. Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 18th consecutive year. This year's awards process, which began in April, attracted over 600 submissions from the world's leading banks and brokerage houses competing for the awards. Euromoney's dedicated research ...  >>MORE

National banks expand but foreign units cut presence

Posted on 08/06/2009

National banks in the UAE have largely boosted their presence through the emirates over the past few months but the expansion coincided with diminishing profile by foreign units, official figures showed yesterday. Over the past seven months, the 24 national banks have strengthened their operations throughout the UAE with 58 new branches while the 28 foreign banking units operating in the country cut their presence by 35 branches, showed the figures by the UAE Central Bank. From 573 at the ...  >>MORE

DIB maintains high liquidity

Posted on 04/06/2009

Dubai Islamic Bank (DIB), the largest Islamic bank in the world, has Dh15 billion on deposit with the Central Bank. This is Dh10bn more than the statutory minimum required, analysts said. The listed bank boasts a 11.1 per cent Tier 1 ratio as of March 31, 2009 [as per Basel II]. The above figures have been deduced after an analysis of the bank's financials and they are in contrast to most UAE banks that were suffering from a liquidity squeeze towards the end of Q1. "While most large banks ...  >>MORE

UAE personal loans decline 11% in April

Posted on 04/06/2009

Personal loans extended by UAE banks fell 10.9 per cent in April compared to the end of last year, while the gap between loans and deposits narrowed over the same period, Central Dank data showed. Outstanding personal loans at UAE banks stood at Dh201.7 billion at the end of April, compared to Dh226.4bn on December 31, the Central Bank said in a statement on its website. Loans and advances of Dh997.7bn on April 30 was up 0.2 per cent from the month earlier, the data showed. Total loans in ...  >>MORE

NBAD launches Abu Dhabi National Islamic Finance

Posted on 26/05/2009

Nasser Ahmed Khalifa AlSuwaidi, Chairman of National Bank of Abu Dhabi, Board Members, Senior Management of the Bank, and a number of dignitaries and VIPs attended the inauguration of Abu Dhabi National Islamic Finance, the Islamic finance and banking arm of NBAD. "We are pleased to launch Abu Dhabi National Islamic Finance (ADNIF) officially yesterday, delivering NBAD's commitment to provide a wide range of banking solutions and products to meet the ever expanding demands of our customers' ...  >>MORE

'Thousands leave without paying credit card bills'

Posted on 25/05/2009

Some UAE banks are seeing up to 2,500 customers leave the country every month without paying off their credit card bills, a number that could rise in June, and a senior Mabank official said yesterday. Mabank business advisor David Martin said most of those leaving without settling their credit card bills were linked to the construction sector. "On our credit card portfolio, in common with other banks, we are seeing an increasing number of 'skips' – people leaving the country without paying ...  >>MORE

NBAD to operate in Hong Kong

Posted on 21/05/2009

National Bank of Abu Dhabi (NBAD), a leading bank in the UAE, announced yesterday that it has received the approval of the Hong Kong Monetary Authority (HKMA) to open a full-fledged branch in Hong Kong. "This step comes in line with the Bank's strategy to expand in regions that offer attractive opportunities for the banking industry" said Qamber Ali Al Mulla, Senior General Manager of NBAD's International Banking Division. "NBAD will open its branch during the second half of 2009 and this ...  >>MORE

UAE banks rebounding into profits

Posted on 14/05/2009

UAE banks are gradually pulling out of the clutches of the global financial turbulence and rebounding into profits after one of their worst financial periods in the last quarter of 2009, according to their balance sheets. The combined net profits of 19 national banks that have released quarterly results showed their net earnings edged up by 0.07 per cent to Dh5.410 billion in the first quarter of 2009 from Dh5.406bn in the first quarter of 2008. The reports showed 11 banks made higher net ...  >>MORE

Ministry of Finance, NBAD to launch G2 e-dirham

Posted on 13/05/2009

Ministry of Finance and National Bank of Abu Dhabi (NBAD) have signed a memorandum of understanding (MoU) to launch the second generation of e-dirham (G2 e-dirham). G2 e-dirham, an expansion of the current system, provides a range of additional services with high levels of security and convenience. The system achieves its mission by adopting the latest technologies and offering a world-class, secure and effective payments & collection methods. In addition, it offers new payment channels and ...  >>MORE

Reports on Tunisia office closure inaccurate: Noor Islamic Bank

Posted on 12/05/2009

Noor Islamic Bank PJSC issued a statement today in response to an inaccurate and misleading report published in the Tunisian media on the closure of its representative office. Hussain Al Qemzi, Group CEO, Noor Islamic Bank said: "Our representative office in Tunis is operational and we continue to explore market opportunities in North Africa. We are actively engaged in assessing regional market trends and the impact of the current global economic conditions, and have adjusted our plans to ...  >>MORE

First Gulf Bank upgrades its Singapore representative office

Posted on 11/05/2009

Singapore - At a ceremony held recently in Singapore, First Gulf Bank has officially announced the upgrading of its existing Singapore Representative Office to a Wholesale Banking Branch. The guest of honour was Lee Yi Shyan, Minister of State, Trade '&' Industry and Manpower, Singapore and the celebration was attended by Mr Abdulhamid Saeed, Managing Director of FGB and Andre Sayegh, Chief Executive Officer of FGB. This is in addition to government officials from both the UAE and Singapore, ...  >>MORE

Ajman Bank's first operating quarter shows promising future

Posted on 11/05/2009

Ajman Bank, the emirate's first Islamic commercial bank, released its first quarter financial results to the Dubai Financial Market, DFM, today beating expectations. Following its official opening on February 2nd of this year, the Bank has now declared the results of its first operating quarter to be better than forecast. These latest results also show a very strong liquidity position of over Dh1.2bn situating the Bank well to pick-up healthy business opportunities in the future, within the ...  >>MORE

Mashreq reports Dh484m profit

Posted on 10/05/2009

Mashreq reported a net profit of Dh 484 million for the first quarter of 2009 as against Dh465 million for the same period last year, representing a growth of four per cent. As part of strategic repositioning of Mashreq Assets/Liabilities in view of present global financial crisis, the total assets of the group were brought down to Dh90.66 billion from Dh93.2 billion at end of 2008, the bank said in a statement yesterday. The bank's customer deposits reached Dh54.5 billion, an increase of six ...  >>MORE

Abu Dhabi banks' strong Q1 shows rising profits

Posted on 05/05/2009

The good first-quarter performance reported by the capital's big five banks is a strong indicator of rising profits throughout the year, say analysts. National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank and Union National Bank made total profits of Dh2.4 billion compared with Dh1.7bn in the same period last year – an increase of 41 per cent. NBAD netted Dh770 million, First Gulf Bank Dh750m and ADIB Dh268m. ADCB made Dh353m after failing to make ...  >>MORE

Abu Dhabi Islamic Bank reports 27.9pc growth in top line operating profit

Posted on 30/04/2009

Abu Dhabi Islamic Bank ( ADIB), one of the leading Islamic banks in the region, has released its financial results for the first quarter (Q1) 2009, showing a healthy growth in operating profit (margin) of 28% compared to Q1 2008, to Dh361.3 million (Dh282.5 million in Q1 2008). Overall, net income also increased by a solid 9.8 percent to Dh268.3 million for the first three months of 2009 ending March 2009, compared to Dh244.5 million in the same period in 2008. Continuing with its ...  >>MORE

Emirates NBD announces first quarter 2009 results

Posted on 30/04/2009

Emirates NBDEmirates NBD (DFM ticker: EmiratesNBD) yesterday announced its results for the quarter ended 31 March 2009. The bank's net profit for the first quarter of 2009 up 5 percent from the same period in 2008 to Dh1.3 billion 1st Quarter total income of Dh2.6 billion, up 20 percent over the 1st quarter of 2008 and 47 percent from the 4th quarter of 2008. Earnings per Share up 5 percent to Dh0.25 (Q1 2008: 0.24). Total assets stable at Dh 281.4 billion compared to Dh282.4 billion at the ...  >>MORE

Bank of Sharjah first quarter profits reveal strong performance

Posted on 30/04/2009

Financial figures released by Bank of Sharjah have revealed a strong performance by the institution for the first quarter of the year. The organisation's business growth was driven by the sustained growth in its core banking activities, despite the slowdown in the economy as a result of the global financial crisis. Bank of Sharjah's net profit for the first quarter reached Dh109 million, registering a 24% growth over the recorded Dh88 million for the same period last year; something that was ...  >>MORE

NBAD operating profits exceed Dh1billion in Q1

Posted on 28/04/2009

National Bank of Abu Dhabi (NBAD) earned a net attributable profit of Dh770 million in the first quarter of 2009, 57% up compared with the fourth quarter of 2008. Compared with the March quarter 2008, net attributable profits rose by 9% based on the core profits of Dh710 million, after excluding the Dh165 million gain on the sale of land purchased for the purpose of our northern emirates regional office site but later exchanged for another. Annualised diluted earnings for the first quarter ...  >>MORE

RAKBANK achieves 13% growth in first quarter profits

Posted on 28/04/2009

RAKBANK has reported a net profit of Dh160.37 million for the first quarter of 2009, a 12.7% increase over the same period last year. The bank's performance during the quarter, which ended 31st March 2009, remains positive despite adverse market conditions, with the Personal Banking portfolio continuing to grow in line with the bank's targeted expansion. The bank's net interest income increased by 34% from the same period last year to reach Dh248 million. Gross Loans and advances stood at ...  >>MORE

Dubai Islamic Bank payout amounts to almost 50% of its profit

Posted on 28/04/2009

Dubai Islamic Bank (DIB), the largest Islamic bank in the region, will pay almost 50 per cent of its 2008 net profit of Dh1.73 billion in cash to its shareholders as the annual general meeting yesterday approved the 25 per cent cash dividend and five per cent stock dividend. While the total cash dividend will work out to Dh861m, the largest shareholder in the bank, the Dubai Government with close to 30 per cent ownership will pocket Dh258 million as its share of dividend from the bank. DIB ...  >>MORE

First Gulf Bank posts Dh750 million Q1 net profit

Posted on 27/04/2009

First Gulf Bank (FGB) announced yesterday its financial results for the first quarter of 2009, reporting a Net Profit of Dh750 million. This represents an increase of 11 percent over its financial results for the same quarter of last year, and is 12% better than the fourth quarter of 2008. "The bank has a clear vision and a well-thought prudent strategy that is helping in achieving record results year after year," said Andre Sayegh, Chief Executive Officer of FGB. "Despite the exceptionally ...  >>MORE

National Bank of Fujairah returns to profitability

Posted on 22/04/2009

National Bank of Fujairah yesterday said it returned to profitability in the first quarter of this year, posting net profits of Dh30.3 million compared to a net loss of Dh50.3m for the full year 2008. "This is a solid set of results in one of the most challenging economic environments we have ever seen. Following the full-year loss of 2008, these results mark a welcome return to profitable operations. The bank will continue its prudent approach in the unprecedented market conditions and will ...  >>MORE

Dubai Bank announces record annual net profits of Dh226.1 million, up 7.26 per cent

Posted on 20/04/2009

Dubai Bank yesterday declared strong profits in its financial results for the year ending 31st December, 2008. Net profit stood at Dh226.1 million, growth of 7.26% over 2007, in spite of the challenges posed by the global economy over the course of the year. Among other key indicators of performance, assets grew by 69% to reach Dh18.5 billion, while deposits grew by 94% from 2007 to reach Dh14.97 billion. The retail arm of the bank continued to build on its successful performance of past ...  >>MORE

SIB announces a 7% rise in Net Profits to reach Dh85.0 million

Posted on 19/04/2009

Sharjah Islamic Bank announced its 1st quarter 2009 results with net profit of Dh 85.0 million, compared to 79.4 million achieved in the same period last year, with a 7% increase. Net profit before distribution to depositors reached 159.0 million, a 12% increase compared to 141.5 million for the same period last year. Total Assets grew to reach Dh15.7 billion, an increase by Dh143.3 million since December 2008. Customer deposits also grew by Dh122.0 million to reach Dh9.2 billion. Net ...  >>MORE

Emirates NBD launches Emirates Investment Services in Riyadh

Posted on 16/04/2009

Emirates NBD announced the launch of Emirates Investment Services in Riyadh (EIS - KSA), Kingdom of Saudi Arabia. Emirates Investment Services, a subsidiary company of Emirates NBD has chosen an ideal location for its offices, in the heart of the business area at Al Tahlia. Licensed and approved by the Saudi Capital Markets Authority (CMA), EIS will provide Brokerage, Asset Management, Corporate Finance Advisory, Investment Advisory and Custody services to Kingdom's market. The launch was ...  >>MORE

UAE banks ease rules for loans as financial markets rebound

Posted on 14/04/2009

Lending conditions among banks across the UAE appear to be easing, an indication of improved liquidity in the market and an encouraging sign for customers. HSBC Middle East yesterday announced that minimum salary requirements for personal and auto loans will be reduced from the current Dh20,000 to Dh10,000. Personal finance is available from Dh50,000 to a maximum of Dh250,000, and must be repaid over a maximum of 60 months, according a statement released by the Bank. Auto loan customers must ...  >>MORE

Emirates NBD in US$1b bond swap

Posted on 11/04/2009

Bank Emirates NBD will exchange $1 billion medium-term bonds for shorter-term bonds in an effort to boost its regulatory capital ratios, the bank said. The bank will exchange bonds issued in 2006 that mature in 2016 and which are trading below face value for shorter term bonds that mature in 2012 in a move to strengthen its balance sheet. "From this transaction, we can improve our Tier 1 Capital position while investors are in higher value security,” said Chief Executive Rick Pudner. Chief ...  >>MORE

Mashreq bank launches Egypt operations

Posted on 02/04/2009

Dubai-based Mashreq Bank on Wednesday launched its Egyptian operations with ten branches in Cairo and Alexandria and a capital outlay of 560 million Egyptian pounds (US$99.4 million). Speaking at the launch, the bank's chief executive Abdul Aziz Al Ghurair said banks played an important role in Egypt's recent economic growth. "The Egyptian banking sector is a key player in the growth of the country's economy, especially in light of the remarkable GDP growth that averaged 7 per cent over the ...  >>MORE

ADCB enhances liquidity by Dh10.6bn

Posted on 02/04/2009

Liquidity in the Abu Dhabi Commercial Bank (ADCB) has been enhanced after it restored Dh10.6 billion that was deposited in foreign banks outside the UAE, bank's CEO Alaa Eraiqat said. The ADCB's financial situation is very firm and stable and it realised its goal last year through acquiring a 25 per cent stake at Malaysian bank RHB Capital Rehad, Eraiqat said during the bank's normal general assembly which was held yesterday. "We received our expected share of profits from the Malaysian bank ...  >>MORE

Al Hilal Bank to establish Kazakhstan's first Islamic bank

Posted on 01/04/2009

Al Hilal Bank, fully owned bank of Abu Dhabi Investment Council, announced yesterday that it will launch its branch in Kazakhstan making it the first Islamic bank in the Republic of the Kazakhstan. The new entity, to be named Al Hilal Bank is a joint venture initiative between the Government of Kazakhstan and Government of UAE. The agreement was signed in Abu Dhabi by a high powered delegation of Kazakhstan led by Ruslan Dalinov, Deputy Minister - Ministry of Finance from the Government of ...  >>MORE

ADIB and FGB secure fresh US$1.8b capital

Posted on 30/03/2009

Two Abu Dhabi-based banks have secured a total Dh6.7 billion (US$1.8 billion) in fresh capital from the emirate's government, the banks said on Sunday, following similar moves by rivals as the downturn bites. First Gulf Bank (FGB) received Dh4.5 billion from the Abu Dhabi Finance Ministry and said it would convert it into Tier 2 capital, the second most reliable form of capital from a regulator's point of view. Abu Dhabi Islamic Bank (ADIB) got a Dh2.2 billion injection in emergency ...  >>MORE

EIB financed 30 projects at value of Dh 367 mn in 08

Posted on 24/03/2009

The Emirates Industrial Bank (EIB) offered loans and financial facilities to 30 out of 35 projects at a total value of Dh 367 million, according to the bank's annual report. In 2007, the report said, the bank funded 49 projects worth Dh 540 million. 'Loans and other facilities grew by 7.6 per cent in 2008 to Dh 448 million from Dh 416 million in 2007,' revealed the report which was discussed at the ordinary general assembly of the bank yesterday. Figures showed that the bank has financed 613 ...  >>MORE

First Gulf Bank pays its US$750m syndicated term loan in full

Posted on 23/03/2009

First Gulf Bank announced that the three year syndicated term loan facility of US$750m which was signed in March 2006, matured on 16 March 2009 and was paid in full. Initially launched in the market at US$500m, the deal attracted subscriptions and commitments from 32 Regional and International banks and was oversubscribed amounting to US$825m. In view of strong market demand, FGB had decided to increase the original funding of US$500mn by 50% to US$750m. The Bank of Tokyo of Mitsubishi UFJ, ...  >>MORE

Banks boost capital to meet adequacy limits

Posted on 22/03/2009

UAE banks are pushing ahead with a drive to increase their capital to meet a fresh ruling by the Central Bank to raise their adequacy to at least 11 per cent by the end of June, according to official figures. Although the combined capital adequacy of the country's 24 national banks and 28 foreign units is already far above the Central Bank's limit, banks are steadily expanding shareholders' equity, which comprises their capital and reserves, according to figures released by the Central Bank. ...  >>MORE

Banks welcome rate cut plan to boost liquidity

Posted on 19/03/2009

Banks have responded positively to Central Bank governor Sultan Bin Nasser Al Suwaidi's comments about plans to cut interest rates soon and the effectiveness of federal measures to improve liquidity. "The monetary policy in the UAE will continue to be geared to maintaining low official interest rates to maintain some positive economic growth in the coming few years. The credit and banking policy will emphasise a reasonable but low rate of credit expansion and restricted banking expansion," Al ...  >>MORE

ADCB gets Dh6.6b funding from government

Posted on 19/03/2009

Abu Dhabi Commercial Bank (ADCB) has received Dh6.6 billion in terms of deposits from the UAE Federal Government, which would be converted into Tier II capital after getting approval from shareholders at the bank's annual general meeting due March 31, ADCB's chief executive officer said Wednesday. Ala'a Eraiqat said ADCB received the sum in two tranches from the government - each tranche was worth Dh3.3 billion - and conversion of the total sum into Tier II capital would boost the bank's ...  >>MORE

Mashreq and RAK Banks to convert federal deposits to regulatory capital

Posted on 17/03/2009

Mashreqbank PSC, the largest private bank in the UAE, on Monday announced plans to convert federal government deposits into regulatory capital. Separately, RAK Bank also said it will follow suit by seeking shareholders' approval for capital conversion next month. Mashreqbank's shareholders on Sunday allowed the board to take all necessary actions to oversee the conversion, the bank said in a statement, but declined to disclose how much of the Finance Ministry deposits it received under an ...  >>MORE

RAK CP opens Al Hilal Bank's branch in Ras Al Khaimah

Posted on 15/03/2009

Al Hilal Bank, one of the leading Islamic Banks in UAE, announced that it has expanded its branch network with one new branch in Ras Al Khaimah emirate allowing the Northern Emirates customers even better access to the convenient and comprehensive Shariah compliant services it provides. His Highness Sheikh Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah opened the branch and heard a briefing about the services provided by the new banking entity. Currently the bank operates seven ...  >>MORE

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Quick List

UAE bank finance tops Dh1tr, signalling boost in confidence


Bank will not curb lending to family-owned businesses


Ministerial Committee meets all banks to discuss liquidity of the UAE banking sector


Euromoney awards NBAD "Best Bank in the UAE"


National banks expand but foreign units cut presence


DIB maintains high liquidity


UAE personal loans decline 11% in April


NBAD launches Abu Dhabi National Islamic Finance


'Thousands leave without paying credit card bills'


NBAD to operate in Hong Kong


UAE banks rebounding into profits


Ministry of Finance, NBAD to launch G2 e-dirham


Reports on Tunisia office closure inaccurate: Noor Islamic Bank


First Gulf Bank upgrades its Singapore representative office


Ajman Bank's first operating quarter shows promising future


Mashreq reports Dh484m profit


Abu Dhabi banks' strong Q1 shows rising profits


Abu Dhabi Islamic Bank reports 27.9pc growth in top line operating profit


Emirates NBD announces first quarter 2009 results


Bank of Sharjah first quarter profits reveal strong performance


NBAD operating profits exceed Dh1billion in Q1


RAKBANK achieves 13% growth in first quarter profits


Dubai Islamic Bank payout amounts to almost 50% of its profit


First Gulf Bank posts Dh750 million Q1 net profit


National Bank of Fujairah returns to profitability


Dubai Bank announces record annual net profits of Dh226.1 million, up 7.26 per cent


SIB announces a 7% rise in Net Profits to reach Dh85.0 million


Emirates NBD launches Emirates Investment Services in Riyadh


UAE banks ease rules for loans as financial markets rebound


Emirates NBD in US$1b bond swap


Mashreq bank launches Egypt operations


ADCB enhances liquidity by Dh10.6bn


Al Hilal Bank to establish Kazakhstan's first Islamic bank


ADIB and FGB secure fresh US$1.8b capital


EIB financed 30 projects at value of Dh 367 mn in 08


First Gulf Bank pays its US$750m syndicated term loan in full


Banks boost capital to meet adequacy limits


Banks welcome rate cut plan to boost liquidity


ADCB gets Dh6.6b funding from government


Mashreq and RAK Banks to convert federal deposits to regulatory capital


RAK CP opens Al Hilal Bank's branch in Ras Al Khaimah