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THE ECONOMY - BANKS

EIB unveils region's first Islamic co-branded airline credit card

Posted on 22/04/2008

Emirates Islamic Bank (EIB) yesterday announced the launch of the first Islamic co-branded airline credit card in the region. The Skywards Emirates Islamic Bank Credit Card was launched in partnership with Emirates Skywards and Visa Card International. Faisal Aqil, General Manager, Retail, Emirates Islamic Bank, said the card comes with "a host of exciting offers, discounts and numerous travel-related benefits." He claimed that EIB's card has many special privileges that no other card can ...  >>MORE

UAE is the largest banking economy in GCC

Posted on 21/04/2008

The UAE emerged as the GCC's largest banking economy, with aggregate assets of US$335.6 billion (Dh1.23 trillion) at the end of 2007, according to a survey by The National Investor (TNI). The Abu Dhabi-based TNI also found in its study that the total assets of the banking sector in all Gulf countries have touched US$805bn. Saudi Arabia, which held the top position in terms of assets, is now placed second to the UAE with total assets of US$286.9bn, it said. Not only does the UAE lead in ...  >>MORE

ADCB to launch Islamic banking, SME units this year

Posted on 16/04/2008

Abu Dhabi Commercial Bank (ADCB) will launch its Islamic banking services unit based on a double fold strategy through the launching of a Sukuk, in addition to the establishment of small and medium enterprises (SMEs), said Eirvin Knox CEO ADCB. Speaking at a meeting between Bank Negara (Central Bank of Malaysia) and a group of Malaysian banks in Abu Dhabi yesterday which was attended by high ranking officials, businessmen and investors from both Malaysia and UAE, he said ADCB has emerged as ...  >>MORE

Dubai Bank's Q1-2008 net profit Dh131 million

Posted on 14/04/2008

Dubai Bank announced that its net profit for the first quarter has reached Dh131.5 million, (around US$35.6 million) a 300% increase compared to the net profit recorded for the first quarter in 2007 (Dh32.9 million). The bank said operating income was up 250% to Dh207.8 million for the first three months of 2008 compared to Dh73.8 million for the comparable period in 2007, while operating expenses advanced by only 65% during the same period to reach Dh67 million. Assets increased by a 53% to ...  >>MORE

FGB's Q1 profits soar 66% to Dh675m

Posted on 10/04/2008

First Gulf Bank (FGB), one of the UAE's leading financial institutions, has announced its financial results for the first three months of 2008 reaching a profit record of Dh675 Million. This represents an increase of 66% in its net profit, compared with the same period of last year and 9% better than the last quarter of 2007. "The bank's consistent growth quarter after quarter demonstrates the clear and well-thought strategy. It reinforces FGB's position as one of the best performing ...  >>MORE

Dubai is HSBC’s new key offshore banking centre

Posted on 07/04/2008

Global banking giant HSBC yesterday designated Dubai as one of its key offshore banking centres and launched a new "Offshore and International Service” enhancement to its HSBC Premier Service. HSBC Premier offers seamless cross-border banking enabling customers to take their accounts, credit history and banking relationships with them wherever they choose to live and work. With this new service enhancement, HSBC aims to meet the growing needs of its Premier customers, who can benefit from ...  >>MORE

Mashreq expects 30% revenue growth

Posted on 26/03/2008

Dubai-based Mashreq bank expects its revenues to grow by more than 30 per cent in 2007 while the net profit is projected to rise by 25 to 30 per cent, its chief executive officer said. The bank's revenues totalled US$768 million (Dh2.82 billion) in 2006 with net profits of US$427m. Mashreq bank's profits for the first nine months of 2007 touched Dh1.35bn, recording a growth of 21 per cent over Dh1.11bn for the same period the year earlier. In an exclusive statement to Emirates Business, Abdul ...  >>MORE

Emirates NBD profit growth to slow to 30%

Posted on 25/03/2008

The Emirates NBD Group, the Gulf's largest lender, expects its profit growth to slow to 30 per cent this year compared with last year's figure of 35 per cent. Chairman Ahmed Humaid Al Tayer said interest rate cuts were responsible for the expected slowdown. And Chief Financial Officer Sanjay Uppal said profits would suffer from developments in international markets. "There will be impact on operations in terms of business opportunities and investments,” said Uppal. "But we are in an ...  >>MORE

Sudanese President inaugurates new premises of Al-Salam Bank

Posted on 24/03/2008

Sudanese President, Omar Hassan Al-Bashir, yesterday inaugurated the new premises of Al-Salam Bank of Sudan, located downtown the capital, Khartoum. The inaugural ceremony, which was conducted amidst a big fanfare, attracted a large number of dignitaries, including ministers, members of the diplomatic corps and economic personalities, including the board chairman of Al-Salam Bank, H.E Mohammed Ali Alabbar and other board members and senior officials of the bank. Having unveiled the plaque to ...  >>MORE

ADCB Deputy CEO Captures Asian Banking Award

Posted on 24/03/2008

Hanoi, Vietnam - Abu Dhabi Commercial Bank Deputy CEO Ala'a Eraiqat won The Asian Banker 'Promising Young Banker Award for the Gulf Region 2007'. It was recently bestowed at a ceremony in the Vietnamese capital, Hanoi. The only accolade to recognize excellence among bankers in the middle of their career, it was judged based on candidates' accomplishments, responsibility for major operational or business lines and strong financial performance. "This is fantastic recognition of all the work ...  >>MORE

Union National Bank signs MoC with National Bank of Uzbekistan

Posted on 18/03/2008

Union National Bank yesterday signed a Memorandum of Cooperation with National Bank of Uzbekistan whereby the two banks would endeavour to expand their cooperation that would help enhance strategic trade and investment ties between Uzbekistan and the United Arab Emirates with the purpose of supporting and reinforcing the economic ties between the two countries. The Memorandum of Cooperation was signed by Ahmed Saeed Al Badi Director of the Board of Union National Bank and Saidakhmat ...  >>MORE

Abu Dhabi Group buys Georgia bank

Posted on 10/03/2008

Tbilisi - Abu Dhabi Group has bought Georgian Standard Bank from the private equity group Salford Capital which was close to Georgian billionaire Badri Patarkatsishvili who died last month. "Salford Capital is pleased to announce that its affiliates and partners have sold a 100 per cent equity interest in Standard Bank, a commercial bank operating in Georgia, to KOR Bank, a newly registered commercial bank in Georgia, wholly-owned by Abu Dhabi Group," Irakly Rukhadze, Standard Bank's chairman, ...  >>MORE

Mohammed Al Shaibani appointed Chairman of Dubai Islamic Bank

Posted on 10/03/2008

Dubai Islamic Bank (DIB) announced yesterday the appointment of its new Chairman of the Board of Directors, Mohammed Ibrahim Al Shaibani, who currently serves as Director-General of His Highness The Ruler's Court and Board Member and Chief Executive Officer of the Investment Corporation of Dubai (ICD). Al Shaibani replaces Dr. Mohammed Khalfan bin Kharbash, who is stepping down as Chairman following the conclusion of the three-year tenure of the current Board of Directors. During the Annual ...  >>MORE

Former Fed chairman Greenspan attends the launch of NBAD's new dealing room

Posted on 05/03/2008

Dr. Alan Greenspan, the former Chairman of the U.S. Federal Reserve, Khalifa Mohamed Al Kindi, Chairman of National Bank of Abu Dhabi (NBAD) and Mr. Michael H Tomalin, Chief Executive of NBAD, attended the launching of new dealing room at the Bank's main office. Greenspan, who served for more than 18 years as the Chairman of the Fed., lauded the NBAD's state-of-the art dealing room handled by professional and dedicated cadres to provide innovative financial solutions and products. NBAD which ...  >>MORE

ADCB gets approval for RHB Cap acquisition

Posted on 04/03/2008

Abu Dhabi Commercial Bank (ADCB) has been given the approval to acquire a 25 per cent stake in Malaysia's RHB Capital Berhad (RHB Cap) from the Employees Provident Fund Board (EPF). RHB Cap is one of the largest fully integrated financial services groups in Malaysia and is considered a growing financial services company in ASEAN group of nations. The approval was given by the Ministry of Finance via Bank Negara on February 29. This decision follows a period of exclusive negotiations between ...  >>MORE

Deutsche Bank to set up research facility at DIFC

Posted on 25/02/2008

Deutsche Bank Sunday pledged to establish a significant research unit at the Dubai International Financial Centre (DIFC) in support of its global equities business. The Bank will develop a team of research analysts based in Dubai focusing on company and technical analysis. The team will cover both Middle Eastern and international stocks and will be fully integrated into the Bank's global equity research group. Dr. Omar Bin Sulaiman, Governor of the DIFC, welcomed this significant step: ...  >>MORE

Dubai Bank doubles profits to Dh211 million

Posted on 19/02/2008

With a series of multiple achievements last year, Dubai Bank stormed into 2008 on an even higher note when it announced net profits for 2007 of Dh211 million, an increase of approx 102% over 2006. Since its record breaking six-month conversion into an ethical and Sharia compliant institution on 1 January 2007, Dubai Bank has emerged as one of the most progressive Sharia compliant banks in the region, with the bank's total assets growing by 98% compared to 2006, from Dh5.5 billion to Dh10.9 ...  >>MORE

Ajman Bank's Dh550m public share offer opens

Posted on 18/02/2008

Ajman Bank PJSC (under formation) yesterday announced the opening of its Public Offer for 550 million of its ordinary shares. The shares are priced at Dh1 each, with a minimum subscription of 2000 shares and is open to UAE and non-UAE investors. Upon completion of the Offer, Ajman Bank's shares will be listed on the Dubai Financial Market ("DFM") during the second quarter of 2008. Subscription forms and the Prospectus are available from the following banks: Abu Dhabi Islamic Bank; Dubai ...  >>MORE

Emirates NBD nets Dh4b profit

Posted on 14/02/2008

Emirates NBD yesterday announced a net profit of Dh4 billion for the year ending December 31, 2007, up 35 per cent over 2006. This is the first full-year result following the merger of Emirates Bank and National Bank of Dubai last year. The income statement is based on the consolidated income statement of Emirates Bank International and National Bank of Dubai for the year ended last December 31. After amortisation, the group reported a net profit of Dh3.95 billion. For the full year, net ...  >>MORE

Islamic banks increase share in total assets

Posted on 13/02/2008

UAE banks are becoming less dependent on income from interest as lending levels drop and income from service fees rises, a new report has revealed. The ratio of interest margin to gross income fell to about 29 per cent at end of 2006 from about 59 per cent at the end of 2003, according to a study released yesterday by Dubai Chamber of Commerce and Industry (DCCI), based on the IMF's recent report on the UAE's financial system's stability. The banking system's exposure to the mortgage market ...  >>MORE

NBAD announces final terms for US$2b convertible bond issue

Posted on 13/02/2008

National Bank of Abu Dhabi PJSC (NBAD) yesterday announced the final terms for its US$2 billion settled floating rate subordinated convertible notes due 2018. Following marketing to domestic and international investors, the final terms of the issue have been determined. The notes will pay a floating rate coupon of three months Emirates Interbank Offered Rate (Ebor) minus a spread of 0.25 per cent, to be payable quarterly in arrears. The conversion price of Dh30.55 represents a conversion ...  >>MORE

NBAD to sell US$545m bonds to fund expansion

Posted on 10/02/2008

National Bank of Abu Dhabi (NBAD) said on Saturday it would sell Dh2 billion (US$544.7 million) worth of convertible bonds to help finance investment banking operations and expansion overseas. The second-largest UAE lender by market said the 10-year floating rate convertible bonds would be listed on the London Stock Exchange, the lender said in a statement. "It (the bond) will be used for investment banking and for international operations," Stuart Henrickson, General Manager-investment ...  >>MORE

mashreq posts Dh2b profit on healthy asset growth

Posted on 10/02/2008

The mashreq Group reported a Dh1.9 billion net profit for 2007, up 21 per cent compared to the net profit of Dh1.57 billion in 2006. The total assets grew by 54.4 per cent to Dh87.6 billion in 2007 compared to Dh56.7 billion the previous year. Loans and advances including Islamic financing went up by 29.3 per cent from Dh28.7 billion to Dh37.1 billion while customer deposits increased from Dh34.7 billion to Dh48.3 billion - a growth of 39.2 per cent. The fast growth of deposits led to an ...  >>MORE

NBAD launches "Ratibi" to facilitate payment of workers' wages

Posted on 08/02/2008

National Bank of Abu Dhabi (NBAD) has launched "Ratibi", the innovative payment solution to meet the needs of corporations and their employees while reducing significantly their processing cost. The payroll card "Ratibi", is designed to replace the payment of the wages made through Cheques and cash. It is an efficient way for corporations to manage their payroll processing accounts. In addition, it gives employees the flexibility of making cash withdrawals and other banking transactions via ...  >>MORE

UAE banks profits grew by 28.8pc in 07: CB Governor

Posted on 05/02/2008

Total profits of banks operating in the UAE reached Dh25 billion in 2007, registering a 28.8% growth over 2006, Central Bank Governor Sultan Nasser Al Suwaidi said yesterday. Al Suwaidi said in a speech delivered during a luncheon hosted by the Bank of New York Mellon in Abu Dhabi that UAE banks performed well during 2007, with total deposits growing by around 35% to Dh750 billion, from Dh555 billion in 2006. Total loans and advances went up by 39% to Dh725 billion from Dh520 billion within ...  >>MORE

ADCB reports profits of Dh2.085 billion, down 3% from 2006

Posted on 05/02/2008

ADCB yesterday announced a net profit of Dh2.085 billion for the year ended December 31, 2007, against Dh2.147 billion for 2006. The total revenues of ADCB for 2007 were Dh3.5 billion, an increase of 37% over the corresponding period in 2006. Eirvin Knox, Chief Executive Officer of ADCB, stated that "the substantial increase in revenues demonstrates ADCB's ongoing earnings capacity and reflects high growth across major business segments; corporate, retail and wealth management." As reported in ...  >>MORE

Dubai Islamic Bank net profit grows 61 per cent to Dh2.5 billion

Posted on 31/01/2008

Dubai Islamic Bank (DIB) announced Wednesday its financial results for 2007, which show robust and expanding business across its operations. The bank reported Dh2.5 billion in net profit for the year ended December 31, 2007, rising by 61 per cent compared to Dh1.56 billion for the year ended December 31, 2006. The results were announced following a meeting of the Board of Directors held on Wednesday. The Board proposed a bonus share of 15 per cent and a cash dividend of 40 per cent for the ...  >>MORE

First Gulf Bank sets new record profit

Posted on 30/01/2008

The Board of Directors of First Gulf Bank (FGB), one of the UAE's leading financial institutions, has announced its full year 2007 results today with record profit of AED 2,008 million - an increase of 31 % on its 2006 performance. For the year, total operating income increased by 37% to Dh2.8 billion, with net interest of Dh1.3 billion representing an increase of 10%. This effectively translates to 37% once we exclude the extra interest generated during the IPO cycles of 2006-2007. Other ...  >>MORE

National Bank of Fujairah posts 36.3% jump in 2007 profit

Posted on 30/01/2008

National Bank of Fujairah (NBF) yesterday reported a 36.3 per cent growth in net profit to Dh323.8 million in 2007. This was the fourth straight year where the bank saw a net profit growth in excess of 35 per cent. Net interest rose by 32.9 per cent, fuelled by growth in volumes. Fee income saw a growth of 23.2 per cent on the back of strong performance from wealth management coupled with diversification into syndication businesses. In 2007, NBF launched its syndication desk and successfully ...  >>MORE

NBAD net profits up 19% to Dh2.5 billion

Posted on 29/01/2008

National Bank of Abu Dhabi (NBAD) Board of Directors met yesterday and reported net attributable profits of Dh 2,505 million or Dh 1.57 per share, 19% up on 2006. Operating income reached Dh3,665 billion, 24% up on 2006. Net Interest income, which represented 66% of operating income rose 19%; fee and other operating income rose 35% reflecting our focus on fee generating businesses. Operating costs increased within plan to Dh 1,054 million up 51% on 2006, reflecting the increased investment in ...  >>MORE

Bank of Sharjah net profit reaches Dh404 million, up by 26 per cent

Posted on 29/01/2008

Bank of Sharjah (BoS) reported profits touched Dh404 million in 2007, according to the financial statement reviewed by the board of directors. BoS has embarked on an ambitious expansion plan through both acquisitions and organic growth while maintaining its conservative credit culture. The board will propose a 25 per cent cash dividend equivalent to Dh312.5 million to shareholders at the BoS's General Assembly on March 5th, 2008, after obtaining the necessary approvals from the Monetary ...  >>MORE

Abu Dhabi Islamic Bank registers record profit

Posted on 28/01/2008

Abu Dhabi Islamic Bank beat analysts' forecasts, posting its biggest quarterly profit ever after selling some investments and boosting lending. It also plans to expand abroad. Net income in the three months to December 31 surged 73.4 per cent to Dh287.82 million (US$78.38 million), Reuters calculated, based on full-year data the bank released. Full-year profit attributable to shareholders rose 35 per cent to Dh770.88 million, the bank said in a statement. Income from murabaha and mudaraba ...  >>MORE

ADIB bags outstanding Islamic award in Kuala Lumpur

Posted on 13/01/2008

Abu Dhabi Islamic Bank (ADIB) has been awarded the 4th KLIFF Finance Awards 2007. The accolade which was made by judges based on nomination received from major industry players over the entire world. The prize was awarded to Ragheed Al Shanti, ACEO, ADIB, and Noor Imam Beck, GM (ADIB) in an awarding ceremony on Nov. 20th, 2007 at Nikko hotel in Kuala Lumpur. "Since its inception in 1997, ADIB has been distinguishing itself in many fields, it was and it is still one of the most important ...  >>MORE

UAE will remain an international business hub, says Mohammed bin Rashid

Posted on 08/01/2008

The UAE, in particular Dubai, will remain an international financial and business hub, His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said yesterday as he inaugurated Noor Islamic Bank, the country's sixth Sharia-compliant bank. Joined by a phalanx of high-ranking officials and businessmen, Sheikh Mohammad opened a branch of Noor Bank on Sheikh Zayed Road. The branch is one of the 10 that the bank has opened across the UAE, ...  >>MORE

Dubai to open Dh3.67b bank

Posted on 06/01/2008

Dubai Holding on Sunday launches Noor Islamic Bank (NIB) to tap the region's growing oil wealth and meet the increasing needs of Sharia-compliant products. Sheikh Ahmad Bin Saeed Al Maktoum, chairman of the Dh3.67 billion (US$1 billion) Islamic lender, will unveil the details at a press conference today, followed by the opening of its first branch tomorrow. NIB, the new Sharia-compliant bank in which Dubai Holding is a shareholder, plans to hire 1,200 people in the first year of operations, a ...  >>MORE

ADCB confirms negotiations to buy RHB

Posted on 24/12/2007

ADCB has confirmed that exclusive negotiations are underway to snap up a 25 percent holding in RHB Capital, the fourth largest banking group in Malaysia owned by Employees Provident Fund. In a memorandum sent to the Abu Dhabi Securities Market (ADSM), the bank said that a framework for strategic partnership with RHB will be evolved provided the negotiations make headway. The Employees Provident Fund (EPF) in Malaysia holds 82.23 stake in RHB Capitals and there were earlier reports that Japan's ...  >>MORE

NBAD in Dh1.11bn deal with Emroc

Posted on 16/12/2007

A Dh1.11 billion deal to finance a luxury hotel project in Abu Dhabi was signed between National Bank of Abu Dhabi (NBAD) and the Emirates and Morocco Company of Commerce and Public Investments (Emroc). The Moroccan firm is launching two hotel towers, each consisting 37 floors, and hotel apartment at Al Ras Al Akhdar in Abu Dhabi. One of the towers will be a five-star hotel and resort, and the other will be a luxury hotel apartments. The venture will be completed in October 2010. Emroc ...  >>MORE

Abu Dhabi is biggest stakeholder in Citigroup

Posted on 28/11/2007

The Abu Dhabi Investment Authority yesterday became the biggest shareholder in the Citigroup following an acquisition of 4.9 per cent shares worth US$7.5 billion in America's largest bank. Through this deal Abu Dhabi displaces Saudi Prince Alwaleed Bin Talal as Citi's largest shareholder. Prince Alwaleed acquired his Citi stake in 1991 when the bank struggled with Latin American loan. Currently, Alwaleed holds 3.97 per cent stakes worth an estimated US$6 billion. The fresh capital injection by ...  >>MORE

UAE banking sector the largest in GCC by assets

Posted on 26/11/2007

The UAE banking sector has emerged as the largest in the GCC in terms of aggregate asset size of US$273 billion (Dh1,002bn) as compared to US$250bn (Dh918bn) recorded by Saudi Arabia at the end of this year's second quarter. A favourable macroeconomic backdrop, along with increased government and private spending on infrastructure projects, has underpinned the strong growth of the UAE banking sector, The National Investor (TNI), a privately owned regional banking group, said in a report. Of ...  >>MORE

ADCB Wins JP Morgan elite Quality Award

Posted on 21/11/2007

Abu Dhabi Commercial Bank (ADCB) announced today that it has been awarded the prestigious 2006 JP Morgan Chase's MT103 Elite Quality Recognition Award. At the award ceremony, held on Thursday, November 15, 2007 in ADCB's Head Office, JP Chase's Alexander Caviezel, Senior Regional Executive, Treasury Services - EMEA together with Ali Moosa, Senior Country Officer, Treasury Services Area Manager - MENA, JP Morgan Chase Bank, presented the award to ADCB's senior management, Alaa Eraiqat, Deputy ...  >>MORE

Emirates NBD's profit hits Dh2.56b

Posted on 01/11/2007

Emirates NBD, the UAE's newly created banking giant through the merger of Emirates Bank International and National Bank of Dubai has reported a net profit of Dh2.56 billion and total assets of Dh228 billion during the first nine months of this year. The unaudited pro forma financial information of the new bank has been prepared by combining the consolidated balance sheets of EBI and NBD. Emirates Bank Group (EBG) earned a net profit of Dh1.77 billion for the nine months ended September 30, ...  >>MORE

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Quick List

EIB unveils region's first Islamic co-branded airline credit card


UAE is the largest banking economy in GCC


ADCB to launch Islamic banking, SME units this year


Dubai Bank's Q1-2008 net profit Dh131 million


FGB's Q1 profits soar 66% to Dh675m


Dubai is HSBC’s new key offshore banking centre


Mashreq expects 30% revenue growth


Emirates NBD profit growth to slow to 30%


Sudanese President inaugurates new premises of Al-Salam Bank


ADCB Deputy CEO Captures Asian Banking Award


Union National Bank signs MoC with National Bank of Uzbekistan


Abu Dhabi Group buys Georgia bank


Mohammed Al Shaibani appointed Chairman of Dubai Islamic Bank


Former Fed chairman Greenspan attends the launch of NBAD's new dealing room


ADCB gets approval for RHB Cap acquisition


Deutsche Bank to set up research facility at DIFC


Dubai Bank doubles profits to Dh211 million


Ajman Bank's Dh550m public share offer opens


Emirates NBD nets Dh4b profit


Islamic banks increase share in total assets


NBAD announces final terms for US$2b convertible bond issue


NBAD to sell US$545m bonds to fund expansion


mashreq posts Dh2b profit on healthy asset growth


NBAD launches "Ratibi" to facilitate payment of workers' wages


UAE banks profits grew by 28.8pc in 07: CB Governor


ADCB reports profits of Dh2.085 billion, down 3% from 2006


Dubai Islamic Bank net profit grows 61 per cent to Dh2.5 billion


First Gulf Bank sets new record profit


National Bank of Fujairah posts 36.3% jump in 2007 profit


NBAD net profits up 19% to Dh2.5 billion


Bank of Sharjah net profit reaches Dh404 million, up by 26 per cent


Abu Dhabi Islamic Bank registers record profit


ADIB bags outstanding Islamic award in Kuala Lumpur


UAE will remain an international business hub, says Mohammed bin Rashid


Dubai to open Dh3.67b bank


ADCB confirms negotiations to buy RHB


NBAD in Dh1.11bn deal with Emroc


Abu Dhabi is biggest stakeholder in Citigroup


UAE banking sector the largest in GCC by assets


ADCB Wins JP Morgan elite Quality Award


Emirates NBD's profit hits Dh2.56b