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THE ECONOMY - BANKS

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

UAE looks to bridge loan-deposit gap

Posted on 10/03/2009

The UAE Central Bank governor yesterday urged UAE businesses to be cautious and take into account a drop in income while planning ahead in the light of a bleak global economic growth outlook. Nasser Al Suwaidi was speaking at a meeting of the Dubai Economic Council held on Sunday. Explaining the gap between loans and stable deposits, Suwaidi said the Central Bank's decision to keep the UAE dirham pegged to the US dollar coincided with the credit crisis in the US and the rest of the world. ...  >>MORE

Emirates NBD to propose capital increase through government tranche

Posted on 06/03/2009

Emirates NBD has announced in a notice to its shareholders regarding its Second Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) which will be held on 25th of March 2009, that the EGM agenda will include an article for approval on conversion of the first tranche of the UAE Government - Ministry of Finance loans into Tier 2 Capital, and authorizing the Bank's Board of Directors to take all necessary actions to that effect. This option will not result in any issuance of ...  >>MORE

ADCB launches back to back letter of credit facility

Posted on 01/03/2009

Abu Dhabi Commercial Bank, one of the leading UAE banks announced yesterday the launch of its Back to Back Letter of Credit Facility; a core component of its Structured Trade Finance capability. Back to Back letter of Credit Facility is a specialist trade finance product offered to companies who buy and sell goods and companies in the re-export business. It also benefits trade in commodities such as oil '&' gas, or agricultural products from producers to the refiners/marketers in markets ...  >>MORE

Ajman Bank signs agreement with Ministry of Finance

Posted on 25/02/2009

Ajman Bank, the emirate's first Islamic commercial bank, has signed a new agreement with the Ministry of Finance to perform bank guarantee e-registration services using their e-dirham system. The agreement will ensure that Ajman Bank will be able to electronically issue the bank guarantee letters required by the Ministry of Labor and Social Affairs, streamlining employment administration for the bank's growing corporate client base. The signing was attended by representatives from both Ajman ...  >>MORE

DIB reports Dh1.73bn profit, gives 25% cash and 5% share dividend

Posted on 25/02/2009

Dubai Islamic Bank (DIB) yesterday reported Dh1.73 billion in net profit for 2008, a marginal decline compared to Dh1.88bn in 2007, excluding an extraordinary gain on transfer from a DIB subsidiary. The bank has proposed a cash dividend of 25 per cent and bonus shares of five per cent for the year 2008. DIB's total assets as of December 31, 2008, stood at Dh84.6bn, up slightly compared to Dh83.7bn at the end of the same period in 2007. Financing activity registered strong growth during the ...  >>MORE

Commercial Bank of Dubai operating profit rises 22%

Posted on 18/02/2009

A Dh397 million provision to offset the decline in market values of some of the strategic equity investments has reduced the net profits of Commercial Bank of Dubai (CBD) by 17.5 per cent to Dh771 million last year, compared to 2007. However, CBD reported a 22 per cent increase in operating profits to Dh1.19 billion in 2008, up from Dh977 million in 2007. During the last quarter of 2008, the bank said it was affected by the global financial crisis which negatively affected the market value ...  >>MORE

UAE banks largest debtors in GCC

Posted on 16/02/2009

UAE banks have remained the largest debtor in the oil-rich Gulf over the past few years because of a surge in borrowing from abroad to meet a sharp growth in demand for domestic credit, according to a key Western finance centre. The leap in UAE banks' debt by nearly four times in around three years was also a result of a rush by foreign banks to invest their funds in UAE banks in anticipation of an appreciation in the dirham against the US dollar, according to the Washington-based ...  >>MORE

Mashreq's yearly income up 3.5% to Dh3.98bn despite tough conditions

Posted on 16/02/2009

Mashreqbank Group said its operating income increased 3.5 per cent to Dh3.98 billion last year despite the tough market conditions. Mashreq's net interest income went up by 39 per cent, fee and other income, excluding investment income, grew by 19 per cent further representing the strength of the core business model. The bank said it did not have any exposure to either Lehman Brother or Madoff. However, due to exceptional stress on valuations and lack of liquidity in the markets, investment ...  >>MORE

EIB net profit increases 68% to Dh401 million

Posted on 15/02/2009

Emirates Islamic Bank yesterday said its net profit, excluding depositors' share, increased 68 per cent to Dh401 million last year against Dh239m for 2007. Total income for 2008 grew to Dh1.5 billion from Dh961m in previous year, an increase of 56 per cent. As for depositors' share of profit, it reached an outstanding amount of Dh634m. The Bank's total assets increased by 56 per cent to Dh26bn compared to the end of December 2007. The customers' accounts grew by 60 per cent to Dh23.7bn, ...  >>MORE

Government of Abu Dhabi announces plans to inject Tier I capital into Abu Dhabi Financial Institutions

Posted on 05/02/2009

Following a comprehensive review of the growth strategy of the Abu Dhabi banking sector, and in view of the economic ambitions of the Emirate of Abu Dhabi, the Government of Abu Dhabi, at its initiative, has decided to implement an action plan under which it will inject additional capital into the following Abu Dhabi financial institutions: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank. Given current global economic ...  >>MORE

ADCB announces results for 2008

Posted on 05/02/2009

ADCB yesterday announced a net profit of Dh 1.36 billion for the year ended December 31, 2008, an Dh 4 billion bond issue to the Government of Abu Dhabi and the appointment of a new Chief Executive Officer. The total income of ADCB for 2008 was Dh 4.42 billion, an increase of 16pc over 2007. Operating profit before provisions grew 3.6pc, and core profits, excluding extraordinary items and before provisions, increased 7pc. Total assets grew by 39pc with net loans and advances and customer ...  >>MORE

HSBC launches Islamic Savings Account in UAE

Posted on 05/02/2009

HSBC Amanah, the global Islamic finance arm of HSBC Group, has launched the HSBC Amanah Savings Account (ASA) in the UAE. The account is structured on the Mudarabah principles of profit and loss sharing, and is available from today across the UAE. "HSBC Amanah completes an important step in providing a full suite of products for its customers. Our customers have a current account, several loan accounts, and several investment products already: with the HSBC Amanah Savings Account, they can ...  >>MORE

NBAD Q4 net profit falls visions

Posted on 03/02/2009

The National Bank of Abu Dhabi (NBAD) registered a sharp fall in 2008 fourth quarter net profit to Dh492 million from Dh744 million in the previous period as voluntary provisioning of Dh289 million shrunk margins. The operating profit, however, grew to Dh904 million in the troubled quarter, up 19 per cent from Dh782 million in the previous period. The full year profits for 2008 climbed by a decent 20.5 per cent to Dh3.019 billion from Dh2.505 billion. In its financial performance, NBAD gave ...  >>MORE

Central Bank operates UAESWITCH service

Posted on 02/02/2009

Central Bank of the UAE is operating the UAESWITCH service which links the ATM networks of all banks in the UAE. This enables customers of banks to use any ATM in the UAE; the UAESWITCH is also connected to the ATM switch services in other GCC countries, thereby enabling bank customers to carry out cash withdrawals on any ATM in the Gulf countries displaying the GCCNET logo. A statement from the Central Bank said that the safety and security of transactions through the UAESWITCH is of the ...  >>MORE

UAE banks cut foreign assets by Dh14bn

Posted on 02/02/2009

UAE banks cut their foreign assets by nearly Dh14 billion in the third quarter of 2008 apparently to offset the exit of hot money and lessen risks associated with the global financial crisis, official figures showed yesterday. From around Dh237.09bn in July, the foreign assets of the country's 24 national banks and 28 foreign units dipped to nearly Dh223.4bn at the end of September, showed the figures by the Central Bank. The bulk of the cut was in deposits with foreign banks as they were ...  >>MORE

First Gulf Bank net profit vaults 50pc

Posted on 28/01/2009

The First Gulf Bank (FGB), one of the leading financial institutions in the UAE, has notched up a net profit of Dh3,005 million in 2008, representing a significant increase of 50 per cent over its previous year's figures. Disclosing this in a Press statement, the bank officials said the performance of the bank was impressive even in the fourth quarter of 2008 when the whole world was facing the brunt of the ongoing financial meltdown. "In Q4 of 2008, the bank has recorded a net profit of ...  >>MORE

ABK opens branch in Abu Dhabi, plans to enter in Sharjah, RAK

Posted on 26/01/2009

Al Ahli Bank of Kuwait (ABK) on Sunday became the first Kuwaiti bank to make its presence in Abu Dhabi with the opening of its branch in the emirate. Announcing the opening of the branch, the bank said it has plans to open branches in Sharjah and Ras Al Khaimah as well as further regional expansion in Qatar and the Sultanate of Oman. ABK, established in Kuwait in 1967, now has 22 branches. It is also the first Kuwaiti bank to establish in Dubai in 1986. The Dubai branch is operating as a ...  >>MORE

ADCB to continue lending for infrastructure projects

Posted on 25/01/2009

Abu Dhabi Commercial Bank (ADCB), one of the UAE's largest banks, will continue lending for infrastructure projects in Abu Dhabi despite the global economic slowdown, ADCB's CEO said. "We haven't stopped lending. We will continue to support infrastructure and priority projects of the government of Abu Dhabi," Eirvin Knox told Gulf News in an interview. Asked about the impact of the global liquidity crunch on ADCB, Knox said: "The liquidity crisis globally does have an impact here. But there's ...  >>MORE

Adib to provide Dh1.4bn to Al Habtoor for Zayed University project

Posted on 14/01/2009

The Abu Dhabi Islamic Bank (Adib) yesterday said it will provide a finance facility of Dh1.45 billion to Al Habtoor Engineering Enterprises in what analysts believe signals a revival of credit in the region. The financing is for a joint venture between Al Habtoor Engineering and Murray and Roberts Contractors to support the development and expansion of the Zayed University campus in Abu Dhabi. "At Abu Dhabi Islamic Bank, similar transactions will follow this year," Ibrahim Abdullah Al Sane, ...  >>MORE

UAE has largest Arab bank capital base

Posted on 13/01/2009

The UAE controlled the largest banking sector in the Arab World in terms of capital at the end of 2007. It was expected to have maintained that status through 2008 because of a steady rise in its banks' financial base. Official figures showed the combined capital and reserves of the UAE's 24 national banks and 28 foreign units stood at about US$35.6 billion (Dh131bn) at the end of 2007, nearly a quarter of the total Arab bank capital of US$147.2bn. Saudi Arabia's banks had the second highest ...  >>MORE

First Gulf Bank inks US$323m finance deal with Mubadala

Posted on 05/01/2009

First Gulf bank (FGB) has signed along with five other leading regional and international banks a US$323m syndicated loan with Mubadala Development Company (Mubadala). The twenty year loan will be used to finance the new campus of Paris Sorbonne University Abu Dhabi. FGB will act as the mandated lead arranger providing 25% of the total project value, as well as the Onshore Security Agent and the Onshore Accounts Bank. 'His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the UAE President and ...  >>MORE

National Bank of Abu Dhabi wins top corporate governance award

Posted on 01/01/2009

The Hawkamah Institute for Corporate Governance and the Emirates Bankers Forum on Tuesday honoured the winners of the UAE Bank Corporate Governance Awards during the Bankers' Lunch - a monthly event for senior officials of UAE banks. National Bank of Abu Dhabi was the winner in the Overall Corporate Governance Structure category. The Best Board award was received by Bank of Sharjah, while the winner of the Best Transparency and Disclosure Award was Commercial Bank of Dubai. Nasser Al Saidi, ...  >>MORE

Banks to tighten lending further

Posted on 28/12/2008

A number of banks are set to further tighten their retail lending rules to cope with the rising risk of defaults by their salaried customers. Over the past two months, banks in the UAE have become extremely cautious in their retail lending due to tight liquidity and the growing prospect of job losses in the private sector. Bankers admit that it is the growing risk of default by retail customers that has compelled them to further streamline all types of retail loans. "Several of our customers ...  >>MORE

Banking sector is emerging stronger, says Al Tayer

Posted on 28/12/2008

The UAE banking sector is emerging stronger by working closely with the government and the UAE Central Bank amid the ongoing financial crisis that has affected all countries, Emirates NBD Chairman Ahmed Humaid Al Tayer said. He said the present scenario had put a higher responsibility on banks towards the economy. "Recent months have seen the global economies impacted with an unprecedented downturn that the world has not seen in 70 years. The banking sector is working closely with the ...  >>MORE

NBAD, Evans Randall sign MoU to provide mezzanine investments in European real estate

Posted on 17/12/2008

National Bank of Abu Dhabi (NBAD) and Evans Randall, a London- based investment banking and private equity group specialising in alternative assets, have signed a memorandum of understanding to form a joint venture to provide mezzanine investments in European real estate. The joint venture, which will have a target size of US$500 million (Dh 1.84 billion), will focus on the UK and German markets, and will seek to capitalise on the growing gap in the capital structure of property investments ...  >>MORE

UAE issues licence to three corporate banks

Posted on 16/12/2008

The UAE Central Bank said yesterday it had issued wholesale banking licences to Deutsche Bank, Bank of Tokyo-Mitsubishi UFJ and Industrial and Commercial Bank of China. Under the new licence, the banks will be able to take deposits and provide loans to institutions. The banks "applied for licences in the UAE several years ago. We see the licensing of these banks during current global conditions as positive," the UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said. "They are business ...  >>MORE

UAE CB, Banks Assoc. discuss sector's situation

Posted on 15/12/2008

Governor of the Central Bank of the UAE Sultan Nasser Al- Suwaidi and a delegation from Emirates Banks Association led by Ahmed Humaid Al Tayer Deputy Chairman of the Association yesterday discussed the situation of the UAE's baking sector and the global economic situation, according to a press release by the Central Bank. Al Tayer said he appreciated the steps taken by the Central Bank and the Government to support the banking sector and provide facilities to help banks to face the ...  >>MORE

Wealth reserves to shield UAE from global credit crisis

Posted on 07/12/2008

The global crisis will have only a limited impact on the UAE economy, thanks to the huge wealth accumulated during the record surge in oil prices, according to a new banking report. The country will continue to record fiscal surplus in 2008 and 2009 as it has the lowest break-even oil price in the GCC of $23 (Dh84.48) per barrel against the IMF's baseline petroleum price projection of $68 per barrel for 2009, says the report. Quoting the report by Abu Dhabi Commercial Bank (ADCB), the ...  >>MORE

Ministerial Council approves merger of Real Estate Bank, Industrial Bank into single entity

Posted on 24/11/2008

In its endeavours to implement resolutions made during the cabinet meeting, held last year in Jebel Al Dhana under the chairmanship of Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Ministerial Council for Services (MCS) approved merger of the Real Estate Bank and the Industrial Bank into a single entity under the name "Emirates Development Bank". The meeting, presided over by H.E. Mohammed Abdullah Al Gergawi, Minister of ...  >>MORE

Amlak Finance and Tamweel to merge under UAE Real Estate Bank

Posted on 23/11/2008

The UAE Ministry of Finance has announced that it started the official procedures to merge Amlak Finance PJSC and Tamweel PJSC, two leading Sharia-compliant real estate finance providers in the UAE, under the UAE Real Estate Bank to create the largest real estate finance institution in the country under the umbrella of the Federal Government. The Sharia-compliant entity will also leverage the strengths of Amlak Finance and Tamweel. An official from ministry of finance, said: "The merger of ...  >>MORE

UAE personal loan growth likely to slow down after Dh64bn surge in H1

Posted on 23/11/2008

Strong domestic demand boosted personal loans extended by UAE banks by nearly Dh64 billion in the first half of this year but experts expect their growth to have slowed down in the second half. From Dh137.31bn at the end of 2007, the total personal loans provided by the country's 24 national banks and 28 foreign units surged to a record Dh201.65bn at the end of June, an increase of about Dh64.34bn, according to the Central Bank. The figure at the end of June includes around Dh147.63bn as ...  >>MORE

Banks slash deposits with Central Bank by Dh60bn

Posted on 17/11/2008

UAE banks slashed their deposits with the Central Bank by more than Dh60 billion in the first half to quench their thirst for liquidity following a sharp growth in domestic demand for credit, the Central Bank said yesterday. The cut was reflected in a large decline in the Central Bank's foreign assets and a steep increase in real estate loans and other credits. From Dh231.1bn at the end of 2007, the deposits of the UAE's 24 national banks and 28 foreign units with the Central Bank tumbled to ...  >>MORE

Samba is first Saudi bank to operate in UAE

Posted on 12/11/2008

Samba Financial Group will operate as a full-service bank in the UAE, offering a comprehensive range of services including corporate and investment banking, retail banking, private banking as well as treasury and wealth management, a senior executive said yesterday. Sheikh Maktoum bin Mohammad bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Eisa Al Eisa, Managing Director and CEO of Samba Financial Group, formally inaugurated the new Samba branch in Dubai, making Samba the first Saudi bank ...  >>MORE

ADCB not affected by global financial crisis: Al Suwaidi

Posted on 11/11/2008

Board Chairman of Abu Dhabi Commercial Bank (ADCB) Eisa Mohammed Al Suwaidi, said that the bank was in strong position and not affected by the current global financial downturn. He told Emirates News Agency (WAM) in an interview that ADCB "registers profits in all its operations in the UAE in general and Abu Dhabi emirate in particular". Al Suwaidi noted that the bank benefited from the amounts of money infused by the Ministry of Finance and the Central Bank into the banking sector to ...  >>MORE

NBF reports Dh67m profit in nine months

Posted on 08/11/2008

National Bank of Fujairah (NBF) yesterday announced that it posted net profit of Dh67 million in the first nine months against Dh228.9m in the corresponding period last year. The bank said the third- quarter results were impacted by international market conditions which resulted in a net loss of Dh86.5m compared to Dh76m in the third quarter last year. Investment fair value declined in the quarter was Dh133m, of which Dh109.5m was recognised through the profit and loss compared to investment ...  >>MORE

Banking system confidence boosted by government measures: CB Governor

Posted on 28/10/2008

The Central Bank Governor, Sultan bin Nasir Al-Suwaidi, has said that banks in the UAE used only 15% of the first tranche of the total facility of Dh50 billion bailout facility provided by the Central Bank, and this, he added, shows that the banks do not need more liquidity. He pointed out that the measures taken by the government to pump in Dh70 billion more into the economy and to provide guarantee for assets had boosted the confidence of the banking system in the country. He warned that the ...  >>MORE

Fitch says UAE banks remain profitable

Posted on 27/10/2008

The operating profits of the UAE banks are expected to remain at satisfactory levels in the fourth quarter of this year, a senior executive of global rating agency Fitch Ratings said. "We expect some negative impact from worsening credit markets and volatile stock market on the UAE banking sector's operating profitability," said Yousuf Khan, associate director in Fitch Ratings' banks team. Khan said third quarter results were in line with expectations but the fourth quarter profits could take ...  >>MORE

Mashreq nine-month profits rise 12.3%

Posted on 26/10/2008

Mashreq Group, a leading financial institution, said its nine-month profits increased 12.3 per cent to Dh1.5 billion compared to Dh1.3bn for the same period last year. The group's total assets rose 26.7 per cent to Dh94bn against Dh74.2bn. Customer deposits totalled Dh51.7bn, representing an increase of 17.7 per cent over last year's Dh43.9bn, whilst customer advances grew 59.8 per cent Dh35.1bn to Dh56.1bn. "The UAE banking sector remains resilient. Mashreq enjoys a long history of more ...  >>MORE

Emirates NBD bank net up 13 percent

Posted on 23/10/2008

Emirates NBD has posted net profits of Dh1.02 billion (US$277.4 million) in the third quarter of 2008. The figure marked 13 percent rise from the corresponding period last year, according to an Emirates NBD statement released Wednesday. During the period ending Sep 30, the company's total income rose Dh1,985 million (US$540.4 million), a rise of 18 percent from the third quarter of 2007. – Emirates News Agency, WAM ...  >>MORE

Sharjah Islamic Bank's net profit rises 67% in third quarter

Posted on 23/10/2008

Sharjah Islamic Bank posted a net profit of Dh287.1 million in the third quarter of 2008, compared to 171.8 million in the same period last year, a 67 per cent increase. Net profit before distribution to depositors reached Dh458.5 million, a 58 per cent increase compared to Dh289.8 million for the same period last year, the bank said on Wednesday. The balance sheet grew by 48 per cent since December 2007 with total assets reaching Dh16.1 billion. Net customer receivables reached Dh10 ...  >>MORE

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Quick List

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


UAE looks to bridge loan-deposit gap


Emirates NBD to propose capital increase through government tranche


ADCB launches back to back letter of credit facility


Ajman Bank signs agreement with Ministry of Finance


DIB reports Dh1.73bn profit, gives 25% cash and 5% share dividend


Commercial Bank of Dubai operating profit rises 22%


UAE banks largest debtors in GCC


Mashreq's yearly income up 3.5% to Dh3.98bn despite tough conditions


EIB net profit increases 68% to Dh401 million


Government of Abu Dhabi announces plans to inject Tier I capital into Abu Dhabi Financial Institutions


ADCB announces results for 2008


HSBC launches Islamic Savings Account in UAE


NBAD Q4 net profit falls visions


Central Bank operates UAESWITCH service


UAE banks cut foreign assets by Dh14bn


First Gulf Bank net profit vaults 50pc


ABK opens branch in Abu Dhabi, plans to enter in Sharjah, RAK


ADCB to continue lending for infrastructure projects


Adib to provide Dh1.4bn to Al Habtoor for Zayed University project


UAE has largest Arab bank capital base


First Gulf Bank inks US$323m finance deal with Mubadala


National Bank of Abu Dhabi wins top corporate governance award


Banks to tighten lending further


Banking sector is emerging stronger, says Al Tayer


NBAD, Evans Randall sign MoU to provide mezzanine investments in European real estate


UAE issues licence to three corporate banks


UAE CB, Banks Assoc. discuss sector's situation


Wealth reserves to shield UAE from global credit crisis


Ministerial Council approves merger of Real Estate Bank, Industrial Bank into single entity


Amlak Finance and Tamweel to merge under UAE Real Estate Bank


UAE personal loan growth likely to slow down after Dh64bn surge in H1


Banks slash deposits with Central Bank by Dh60bn


Samba is first Saudi bank to operate in UAE


ADCB not affected by global financial crisis: Al Suwaidi


NBF reports Dh67m profit in nine months


Banking system confidence boosted by government measures: CB Governor


Fitch says UAE banks remain profitable


Mashreq nine-month profits rise 12.3%


Emirates NBD bank net up 13 percent


Sharjah Islamic Bank's net profit rises 67% in third quarter