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THE ECONOMY - BANKS

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

Finance ministry injects Dh25 billion first tranche in support of national banks

Posted on 22/10/2008

The Finance ministry has injected a first tranche of Dh25 billion to boost liquidity and capitals of national banks. Each bank will receive support on the basis of its loan account, its percentage from the grand total of the loan by the Dh25 billion, the ministry explained. The finance ministry solicited assistance from the Mackenzie and Associates, a consultancy company and Central Bank experts to come up with the details of the facilities, requirements and conditions to be met by the ...  >>MORE

NBAD's net profits rise 44% to Dh2.5 billion

Posted on 22/10/2008

The National Bank of Abu Dhabi (NBAD) has announced a net profit of Dh651 million for the third quarter ending 30 September 2008; a 13% increase compared with Dh576 million for the third quarter of 2007. Cumulative profits for the three quarters amounted to Dh2,527 million, 44% more than Dh1,761 million in the comparable period of 2007 and representing an annualised EPS of Dh1.72, 41% higher than the previous corresponding period of Dh1.22 (restated). Annualised return on equity (ROE) was ...  >>MORE

ADCB announces Q3 profits

Posted on 22/10/2008

Abu Dhabi Commercial Bank (ADCB) reported a net profit of Dh1,620 million for the nine month period ending September 30th, 2008, reflecting an increase of 2% over net profit of Dh1,583.1million in the corresponding period last year. Q3-2008 net profit of Dh447.6million was Dh159.6million (-26%) below corresponding period last year primarily due to taking an impairment provision of Dh208million out of its 3rd quarter profits to cover its investment portfolio. Net interest income of Dh1,787.6 ...  >>MORE

First Gulf Bank achieves Dh850 million Q3 profit

Posted on 22/10/2008

First Gulf Bank (FGB), one of the UAE's leading financial institutions, has reported a net profit of Dh850 million for the 3rd quarter. This represents an increase of 68% over the same quarter of last year. The Net Profit for the first nine months of this year stood at Dh2,334 million, that's 68% higher than the Dh1,387 million generated during the first nine months of 2007. "Our ongoing objective has been to build First Gulf Bank as a balanced diversified financial institution. We have ...  >>MORE

Industrial and commercial bank of China opens subsidiary bank in ME

Posted on 19/10/2008

Industrial and Commercial Bank of China (Middle East) Limited on Saturday announced the launch of its operations in the Middle East and North Africa region. ICBC (Middle East) is the first wholly-owned subsidiary bank established in the Middle East by any Chinese bank till date. This launch also reflects that ICBC has successfully taken a major step towards expanding its overseas financial services offering and promoting its internationalisation strategy, says a Press release. Located at ...  >>MORE

NBAD joins SII as first UAE corporate member

Posted on 15/10/2008

National bank of Abu Dhabi (NBAD) yesterday announced that it has become the first UAE corporate member of the Securities and Investment Institute (SII), the leading and most widely respected professional body for those who work in the securities and investment industry. The decision reflects NBAD's keen interest in promoting and improving good corporate governance practices. Corporate Membership of the SII represents NBAD's public commitment to excellence, quality and integrity. Corporate ...  >>MORE

Banks in UAE enjoy strong financial position - UAE Central Bank

Posted on 12/10/2008

The Governor of the UAE Central Bank HE Sultan Bin Nasser Al Suwaidi asserted that the national and foreign banks in UAE enjoy a strong financial position. In press statement, the Central Bank said that the ownership of deposits is distributed in such a way that the citizens own 75pc of the depostis, while the Arab nationals and the other nationalities own 8pc and 17pc respectively. Also banks financing from the European Commercial Paper issues (ECP) and Medium-Term Notes (MTN) to the total ...  >>MORE

Dubai most banked city

Posted on 11/10/2008

Dubai was the most banked UAE emirate at the end of 2007 as it housed more than a third of the country's total bank branches according to a report in "Emirates Business 24|7.” Figures by the Emirates Banks Association (EBA), which oversees most national and foreign banking units in the UAE, showed 246 bank branches operated in Dubai at the end of 2007. The number accounted for more than a third of the total 638 bank branches that operated in the UAE at the end of last year. Abu Dhabi had ...  >>MORE

Emirates Lebanon Bank confirms acquisition of the operations of BNPI

Posted on 09/10/2008

Bank of Sharjah announced yesterday that its Lebanese subsidiary, Emirates Lebanon Bank S.A.L. has received the final approval from Central Bank of Lebanon on the acquisition of the operations of the Lebanese branches of Banque Nationale de Paris Intercontinentale as at 30 September 2008. Bank of Sharjah raised earlier the share capital of Emirates Lebanon Bank S.A.L. to USD 50 million while injecting a cash contribution of capital of USD 100 million in order to boost equity to USD 150 ...  >>MORE

Emirates NBD, NBAD and ADCB biggest lenders in 2007

Posted on 05/10/2008

The UAE's top three banks emerged as the biggest lenders in 2007 with one of them maintaining its credit to deposit ratio within limits. Emirates NBD, National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB) accounted for nearly 40 per cent of the total credits of Dh760 billion provided by the UAE banks by the end of last year, according to new figures by the Emirates Banks Association. Their combined loans and advances stood at about Dh308bn while their total deposits were ...  >>MORE

More foreign banks coming to Dubai

Posted on 02/10/2008

More international banks are setting up shop in Dubai despite the credit crunch and banking crisis in the West and the withdrawal of foreign fund managers from emerging markets. Geneva-based Amas Bank, part of the Hinduja Group, Credit Europe Bank and leading Russian investment bank, the Renaissance Investment Management Dubai, are opening offices at the Dubai International Financial Centre (DIFC). Two Indian players, Corporation Bank and State Bank of Travancore, have already established ...  >>MORE

Dubai Bank plans US$5bn sukuk to support growth

Posted on 25/09/2008

Dubai Bank plans a US$5 billion (Dh18.36bn) Islamic bond programme to finance growth as it looks to become a major global Islamic lender over the next five years, the bank said yesterday. The unlisted bank, a unit of Dubai Banking Group (DBG), said in a statement it had appointed Swiss investment bank UBS and Standard Chartered as lead arrangers. DBG is 30 per cent owned by Emaar Properties. The bonds, or sukuk, would be listed on the London Stock Exchange and the Dubai International ...  >>MORE

ADFD and Al-Hilal Islamic Bank sign MoU

Posted on 22/09/2008

Abu Dhabi Fund for Development (ADFD) and Al-Hilal Bank have signed a memorandum of understanding to enhance mutual cooperation through a strategic partnership to provide mutual support, achieve cooperation in projects to which the Fund is a party and exchange technical expertise. The move comes in line with the directives of HH Sheikh Mansour bin Zayed Al Nahyan, Chairman of Abu Dhabi Fund for Development and in support to the welfare policy of Abu Dhabi government that aims at providing ...  >>MORE

UAE banks' capital rises by Dh35bn in first half

Posted on 21/09/2008

An ongoing drive by UAE banks to strengthen their financial position to face a surge in domestic demand boosted their combined shareholders equity by around Dh35billion in the first half of 2008, official figures showed yesterday. The increase was the biggest half-yearly growth in the capital and reserves of the country's 24 national banks and 28 foreign units allowed the UAE to maintain its position as having the largest banking sector in the Arab World. Central Bank figures showed the ...  >>MORE

DIB-led group buys 52% in IDB

Posted on 18/09/2008

A consortium led by Dubai Islamic Bank (DIB) has completed the acquisition of 52 per cent stake in Jordan-based Industrial Development Bank (IDB) – which has been rebranded as Jordan Dubai Islamic Bank (JDIB). The alliance consists of Dubai International Capital (DIC), DIB, and Jordan Dubai Financial (JDF), the investment arm of JD Capital and the largest contributor to the investment in this venture, which is considered to be its third and biggest investment to date. Samir Z Al Rifa'i, CEO ...  >>MORE

DFSA and DME stop Lehman's activities

Posted on 17/09/2008

The Dubai Financial Services Authority (DFSA) yesterday said it had precluded Lehman Brother's branch in DIFC from conducting business while the Dubai Mercantile Exchange (DME) said it had suspended the membership of Lehman Brothers' Dubai unit. "Lehman's was placed under administration in the United Kingdom. The effect of that action was to place control of Lehman's and all its operations, including its DIFC branch operation, under control of the administrators, PriceWaterhouseCoopers. Until ...  >>MORE

Al Hilal Bank plans overseas acquisitions in 2009

Posted on 17/09/2008

Abu Dhabi Government-owned Al Hilal Bank, the newest of eight Islamic banks in the UAE, plans to make overseas acquisitions from 2009 to tap surging demand among Muslims, the bank's CEO said. The lender will also roll out 50 branches by 2013 as it looks to grow both organically and through acquisitions, Mohamed Berro said in an interview yesterday. Al Hilal, a retail, corporate and investment bank, was set up last year by Abu Dhabi Investment Council, one of the emirate's sovereign wealth ...  >>MORE

Noor Islamic Bank signs MoU with EDC

Posted on 14/09/2008

Noor Islamic Bank PJSC has announced it has signed a Memorandum of Understanding with the Electronic Documents Centre (EDC), a subsidiary of Emirates Post Holding Group, to offer complete and customised payroll solutions to UAE-based companies. Noor Islamic Bank's Payroll Account is designed to serve the needs of businesses and employees, by offering them comprehensive payroll management services. The inherent cost-effective features of the service will enable managements to reduce ...  >>MORE

Banks in UAE take action to protect ATM card users

Posted on 12/09/2008

Several banks in UAE moved fast to protect customers as a recent wave of counterfeiting ATM card transactions from abroad, caused panic. A statement from the National Bank of Abu Dhabi (NBAD) said that it has taken all the security measures to ensure that no transaction is counterfeited. The bank also said that it will pay the victimised customers any amount lost during the last three days, if a customer proved that his account was exposed. Abu Dhabi Islamic Bank (ADIB) has sent messages to ...  >>MORE

Emirates NBD to offer mortgage loans in Abu Dhabi

Posted on 11/09/2008

Emirates NBD, the biggest bank in the Middle East by assets, entered the Abu Dhabi mortgage lending market for the first time yesterday. "The Abu Dhabi real estate market is at an all-time high with a series of freehold developments being introduced to the market,” said an executive of the Dubai-based bank. Emirates NBD's entry into the capital is another sign of Abu Dhabi's mortgage market maturing, although the majority of available properties remain off-plan and yet to be built. The ...  >>MORE

ADIB property unit expands abroad before IPO

Posted on 11/09/2008

Abu Dhabi Islamic Bank (ADIB) plans an aggressive real estate expansion outside its home base into Africa, Europe and Asia by putting Dh1 billion (US$272.3 million) into its Burooj Properties unit. The bank also aims to float a majority of Burooj shares in 2010 as cash profit at the division, which excludes revaluation of assets, should at least triple in 2008 from 2007, Burooj Managing Director Adel Al Zarouni told Reuters in an interview. "All these markets look attractive and stable for ...  >>MORE

DIB-led group to acquire Jordan bank

Posted on 03/09/2008

Dubai Islamic Bank (DIB) said on Tuesday it would buy a majority stake in Industrial Development Bank of Jordan with a view to convert it into an Islamic-compliant institution. The acquisition will take place through a joint venture with Dubai International Capital and Jordan Dubai Capital, the bank said in a statement. It did not give the value of the planned deal. Shares in the Jordanian bank, which has a market capitalisation of around US$145 million, have risen 36 per cent so far this ...  >>MORE

Dubai Islamic Bank purchases anti-money laundering system from Norkom

Posted on 01/09/2008

Dubai Islamic Bank (DIB) yesterday announced the purchase of an integrated anti-money Laundering and compliance solution from Norkom Technologies, a provider of financial crime and compliance solutions. DIB will implement the solutions across its operations in the UAE and Pakistan. This advanced software will enable DIB to monitor and analyse transactions and customer interactions across its entire customer base in order to identify and investigate suspicious and criminal behaviour. "This ...  >>MORE

Dubai Bank plans global expansion

Posted on 01/09/2008

Dubai Bank plans to become a major global Islamic lender over the next five years through acquisitions and has set up a $5 billion financing programme to aid expansion, its chief financial officer said on Sunday. The bank, a unit of Dubai Banking Group, has "pretty much the same aspirations” as group affiliate Noor Islamic Bank, which is aiming to be the world's largest Islamic bank within five years, Ahmed El Shall said in an interview. Dubai Banking Group, a unit of Dubai Holding, has a 40 ...  >>MORE

Net profits of UAE banks jump 40% in H1

Posted on 31/08/2008

In a global scenario, where the banking industry has been hit hard by a credit crisis that saw the 10th bank in the United States go under, UAE banks are showing nothing but growth. Net profits of UAE banks are up by nearly 40 per cent for the first half of 2008 and income will likely hit a record through 2008, Central Bank figures Emirates Business had access to showed yesterday. Thanks to a surge in credits and investments, net earnings of the country's 24 national banks and 28 foreign units ...  >>MORE

ADCB participates in a class legal action in New York

Posted on 27/08/2008

Abu Dhabi Commercial Bank (ADCB) has announced yesterday that it will participate in a class legal action in New York. ADCB's participation in this legal action is a positive step aimed at recovering losses suffered by it and other GCC investors from U.S. asset-backed securities investments. ADCB will act as the named plaintiff in the class action, which has arisen as a result of investment in the Cheyne structured investment vehicle (SIV), a statement from the ADCB said. The Cheyne SIV, ...  >>MORE

NBAD opens its 80th branch in UAE

Posted on 26/08/2008

In line with its expansion plan to cover all strategic locations in the UAE, National Bank of Abu Dhabi (NBAD) has announced Monday the opening of its new branch in Dubai Internet City, taking to 80 the total number of the bank's branches across the country. The new branch has been strategically located to provide easy access for NBAD's wide and growing customer base in various areas, and has been outfitted with state-of-the-art technologies enabling it to provide even more efficient, ...  >>MORE

ADCB delays Malaysian bond sale, slashes potential size

Posted on 24/08/2008

Abu Dhabi Commercial Bank (ADCB) has delayed a bond sale priced in Malaysian ringgit and slashed its potential size due to market conditions, Middle East Economic Digest (MEED) reported, citing bankers. ADCB was initially expected to raise as much as 1 billion ringgit (US$299.2 million) by selling bonds, but this was reduced to 300 million ringgit "due to the poor market conditions", the London-based weekly reported, citing bankers close to the deal. The bank was planning to sell bonds in ...  >>MORE

NBAD unit acquires 70% stake in Egypt's Al Salam

Posted on 20/08/2008

The National Bank of Abu Dhabi (NBAD) said its equities brokerage unit has successfully completed a deal to acquire 70 per cent shareholding in the Egyptian Al Salam Brokerage firm. The government-controlled NBAD said its unit, the Abu Dhabi Financial Services (ADFS), finalised the purchase of 350,000 shares of Al Salam on August 11 and the deal was approved by the Egyptian Capital Markets Authority. "The acquisition transaction for 350,000 shares representing 70 per cent form Al Salam's ...  >>MORE

UAE, Egypt investors to benefit from new trading platform

Posted on 13/08/2008

The investors in the UAE as well as Egypt can now buy and sell securities, on each other's stock markets, as Abu Dhabi Financial Services a subsidiary of NBAD has acquired a brokerage firm in Egypt. The Egyptian Capital Markets Authority and the Egyptian Stock Exchange has given approval to ADFS's acquisition of Al Salam Brokerage's 70 per cent interest which will help setting up a mechanism to facilitate the trading. The new partnership which emerged after the acquisition will have ...  >>MORE

Emirates NBD eyes Turkish banking sector

Posted on 06/08/2008

Emirates NBD, the leading Gulf Arab lender by assets, said yesterday it is looking at buying opportunities in the Turkish banking sector. "We're open to the thought [of buying into the Turkish banking sector]. Actually we've been working on it for the past 12-15 months, and we're continuing to look into it," Abdul Wahed al Fahim, Emirates NBD General Manager Wholesale Banking, said. Turkey's banking sector is expected to see privatisations in both large lenders – Ziraat and partially ...  >>MORE

National Bank of Fujairah posts Dh153.5m profit in H1

Posted on 30/07/2008

National Bank of Fujairah (NBF) has announced its half year results for the period ended 30 June 2008 recording a profit of Dh153.5 million. The half year result was Dh0.9 million above the corresponding half year profit in 2007, but NBF's strong core business performance coupled with the appreciation of investment fair values, helped bridge a 31 per cent deficit in the first quarter earnings of 2008. "Our earnings from core business areas are better than ever, especially the progress we ...  >>MORE

Mashreq's net profit up 22.6pc to Dh1.17 billion

Posted on 29/07/2008

Mashreq Group announced second quarter results yesterday achieving profit of Dh1.17 billion a growth of 22.6 per cent, as compared to Dh 955.9 million for the same period last year. The second quarter of 2008 has seen Mashreq post a profit of 706.8 million which is 38.4per cent higher than the same period last year. Total assets of the group reached Dh94 billion, up 33.2 per cent from Dh70.6 billion at end of June 2007. Customer deposits reached Dh52.6 billion, representing an increase of ...  >>MORE

Bank of Sharjah first-half net profit reaches Dh195 million

Posted on 28/07/2008

Bank of Sharjah's performance for the first half was driven by the robust growth in its core banking activities, despite the decline in the UAE financial markets. For the period ending June 30, 2008, the bank generated net profits of Dh195 million, an increase of 27 per cent compared with Dh153 million for the same period of last year. Moreover, it registered an additional profit of Dh117 million in shareholder's equity due to cumulative changes in the fair value of investments. The bank's ...  >>MORE

Dubai Islamic Bank Q2 profit up 59.7%, tops forecasts

Posted on 27/07/2008

Dubai Islamic Bank (DIB) topped analysts' forecasts with a 59.7 per cent rise in second-quarter net profit as demand for lending surged on economic growth in the Gulf Arab region. Net income in the three months to June 30 for the fourth-largest Gulf Arab Islamic lender by market value was 747.46 million dirhams ($203.5 million), according to a Reuters calculation based on the lender's financial data. First-half profit grew 46.7 per cent to Dh1.30 billion compared with 888 million a year ago, ...  >>MORE

NBAD Q2 profits soar 72% to exceed Dh1 billion for the first time

Posted on 25/07/2008

The Board of Directors of NBAD discussed today the first half results, and reported net profits of Dh1,876 billion for the first half of 2008, 58% above the 1st half of 2007. Annualised earnings per share were Dh1.92 up from Dh1.24 (restated) in the comparable period of 2007. The return on equity was 30.1%, above the Bank's medium term strategic plan return of 25%. In the second quarter the Bank set two records for quarterly profit and total assets. For the second quarter, net profits at ...  >>MORE

Emirates NBD posts 45pc profit increase

Posted on 23/07/2008

Driven by robust performance in the retail, wholesale and Islamic banking segments, Emirates NBD posted a surge of 45 per cent in second quarter profits, senior bank officials said. The bank also reinforced its position as the Middle East's largest banking group by assets by recording asset growth of 12.4 per cent to Dh286 in the past six months, said Sanjay Uppal, Chief Financial Officer of the bank. Speaking to Khaleej Times, Uppal said the strong performance was the result of major ...  >>MORE

FGB rolls out Dh3.6bn convertible bonds

Posted on 22/07/2008

First Gulf Bank (FGB) announced the issuance of mandatory convertible bonds worth Dh3.6 billion to UAE institutional strategic partners, a press statement said yesterday. Maturity date for the bonds is July 2011, and the interest rate to be paid to the bond holders before conversion into shares is three months EIBOR over one per cent, while the conversion rate has been calculated at Dh28.80. The list of UAE strategic partners whose FGB convertible bonds will be issued to includes: Mubadala ...  >>MORE

ADCB H1 profit increases 20% to Dh1.17bn

Posted on 20/07/2008

Abu Dhabi Commercial Bank (ADCB) posted its second-biggest quarterly-profit ever, up 34 per cent from the year-earlier period, due to growth in its assets, loans, deposits and operating income, the bank said in a statement yesterday. ADCB, the third-largest bank in the UAE by market value, has announced more than a billion profit in its first half of 2008 financial results. CEO Eirvin Knox attributed the growth to the expanding customer base and the bank's commitment for better customer ...  >>MORE

Emirates Islamic Bank announces results for the first half of 2008

Posted on 17/07/2008

Emirates Islamic Bank (EIB) has announced the results of the first half of 2008, recording a net profit, excluding the depositors' share, of Dh320 million, an outstanding increase of 321 percent on the results of Dh76 million for the same period last year. Total income for the first half of 2008 grew to Dh780 million from Dh401 million in the same period last year, reflecting strong growth of 95 percent. As for depositors' share of profit, it reached an outstanding amount of Dh266 million. ...  >>MORE

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Quick List

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


Finance ministry injects Dh25 billion first tranche in support of national banks


NBAD's net profits rise 44% to Dh2.5 billion


ADCB announces Q3 profits


First Gulf Bank achieves Dh850 million Q3 profit


Industrial and commercial bank of China opens subsidiary bank in ME


NBAD joins SII as first UAE corporate member


Banks in UAE enjoy strong financial position - UAE Central Bank


Dubai most banked city


Emirates Lebanon Bank confirms acquisition of the operations of BNPI


Emirates NBD, NBAD and ADCB biggest lenders in 2007


More foreign banks coming to Dubai


Dubai Bank plans US$5bn sukuk to support growth


ADFD and Al-Hilal Islamic Bank sign MoU


UAE banks' capital rises by Dh35bn in first half


DIB-led group buys 52% in IDB


DFSA and DME stop Lehman's activities


Al Hilal Bank plans overseas acquisitions in 2009


Noor Islamic Bank signs MoU with EDC


Banks in UAE take action to protect ATM card users


Emirates NBD to offer mortgage loans in Abu Dhabi


ADIB property unit expands abroad before IPO


DIB-led group to acquire Jordan bank


Dubai Islamic Bank purchases anti-money laundering system from Norkom


Dubai Bank plans global expansion


Net profits of UAE banks jump 40% in H1


ADCB participates in a class legal action in New York


NBAD opens its 80th branch in UAE


ADCB delays Malaysian bond sale, slashes potential size


NBAD unit acquires 70% stake in Egypt's Al Salam


UAE, Egypt investors to benefit from new trading platform


Emirates NBD eyes Turkish banking sector


National Bank of Fujairah posts Dh153.5m profit in H1


Mashreq's net profit up 22.6pc to Dh1.17 billion


Bank of Sharjah first-half net profit reaches Dh195 million


Dubai Islamic Bank Q2 profit up 59.7%, tops forecasts


NBAD Q2 profits soar 72% to exceed Dh1 billion for the first time


Emirates NBD posts 45pc profit increase


FGB rolls out Dh3.6bn convertible bonds


ADCB H1 profit increases 20% to Dh1.17bn


Emirates Islamic Bank announces results for the first half of 2008