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THE ECONOMY - BANKS

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

DIB profit goes up 86% to Dh1.9b

Posted on 31/10/2007

Dubai Islamic Bank (DIB) yesterday reported a net profit of Dh1.9 billion for the first nine months of this year, up 86 per cent compared to Dh1.02 billion for the same period last year. During the period, profit before distribution to depositors touched Dh3.9 billion, an increase of 77 per cent compared to Dh2.2 billion in the corresponding period of 2006. DIB's total assets grew by 39 per cent to Dh74.1 billion as of September 30, 2007, compared to Dh53.3 billion as on September 30, ...  >>MORE

UAE banks' collective assets exceed Dh1tr

Posted on 30/10/2007

The collective assets of banks operating in the UAE exceeded Dh1 trillion at the close of the second quarter of this year, according to the latest statistical bulletin from the UAE Central Bank. The UAE's total banking sector assets increased by 15 per cent from Dh860 billion as of December last year. According to Central Bank statistics, the combined assets of local banks increased to Dh785 billion at the end of last June from Dh674 billion at the end of last year. The collective assets of ...  >>MORE

mashreq profit climbs 21% to Dh1.35b

Posted on 30/10/2007

mashreq's profit for the first nine months of 2007 touched Dh1.35 billion, an increase of 21 per cent over Dh1.11 billion for the same period last year, the company said in a statement yesterday. The total assets were at Dh74.2 billion, up 45 per cent from Dh51.1 billion last year. The customer deposits reached Dh43.9 billion, a rise of 37 per cent over last year of Dh32 billion and customer advances have grown by 32 per cent to Dh36.3 billion from Dh27.6 billion. During the first nine ...  >>MORE

CEO magazine names UAE's ADCB "Bank of the Year"

Posted on 29/10/2007

Abu Dhabi Commercial Bank (ADCB) has been won "The Bank of the Year" award at this year's CEO Middle East Awards. The award was presented by UAE Minister of Economy Sheikha Lubna Al Qasimi at the inaugural CEO Middle East awards in Dubai on October 23rd. ITP Executive Group Editor, Anil Bhoyrul said "ADCB were the clear winner having accomplished in three years what most banks take decades to do." Accepting the award on behalf of ADCB, Ala'a Eraiqat, Deputy Chief Executive Officer, said ". ...  >>MORE

RAKBANK net profits up 51pc

Posted on 29/10/2007

The National Bank of Ras Al Khaimah reported a strong growth performance, posting a 51 per cent increase in net profit to Dh292.05 million for the first nine months from a year ago. In a statement, the bank said its net interest income also jumped by 47 per cent to Dh398 million from January to September due to growth in the mortgage finance, commercial loan and credit card portfolios. It stressed that the bank enhances fee income by providing customers quality services. It said that fees, ...  >>MORE

Rakbank profit rises 51% in nine months

Posted on 25/10/2007

The National Bank of Ras Al Khaimah (Rakbank) yesterday reported a net profit of Dh292.05 million for the nine months ended September 30, a 51 per cent increase over the same period in 2006. "The current period's increase continues the bank's history of solid growth performance," a statement said yesterday. Net interest income at Dh398 million increased by 47 per cent when compared to September 2006. This was due to growth in the mortgage finance, commercial loan and credit card portfolios. ...  >>MORE

Bank of Sharjah net income falls 7% on market losses

Posted on 25/10/2007

Softening of the UAE financial markets dragged Bank of Sharjah's net income down seven per cent to Dh247 million for the period ending September 30, 2007, a statement said. "Net income was lower than last year's figure due to the decline in investment income as a result of the softening of UAE financial markets," it said. The bank also reported 50 per cent growth in net interest income to Dh168 million for the period ending September 30. Net fees and commission income increased by 81 per cent ...  >>MORE

NBAD reports Dh1.76 billion net profit

Posted on 24/10/2007

The Board of Directors of NBAD discussed the 3rd quarter results, and reported 3rd quarter net profits of Dh576 million, 14% above the 3rd quarter of 2006 making cumulative profits for the 3 quarters of Dh1.76 billion, 8% above comparable in 2006 and representing an annualized EPS of Dh1.48 up from Dh1.37 (restated) in the comparable period of 2006. The annualised return on equity was 24.9%, in line with the Bank's medium term strategic plan. Total assets reached Dh117.5 billion at the end of ...  >>MORE

FGB registers a new record net profit for the first nine months of 2007

Posted on 24/10/2007

First Gulf Bank (FGB), one of the UAE's leading financial institutions headquartered in Abu Dhabi with assets of Dhs62bn, has announced its financial results for the first nine months of 2007, showing an increase of 21.5% in its net profit, compared with the same period last year, to reach Dhs1.39bn. The bank's performance for the third quarter totally conforms with its strategy and reinforces FGB's position as one of the best performers in the banking sector. Growth has been recorded across ...  >>MORE

First Gulf Bank negotiates its branch in Algeria

Posted on 21/10/2007

A delegation from First Gulf Bank (FGB) started negotiations with the Algerian government for obtaining license to open its branch in the African country. The Abu Dhabi based bank is hopeful of achieving a breakthrough which will support its strategy of expansion in North Africa. Earlier in September, FGB signed a MOU with the Fund for Economic and Social Development in Libya earning a right to set up a commercial bank in the capital city of Tripoli. (Emirates News Agency, WAM) ...  >>MORE

Dubai Bank's profit jumps 540% in nine months

Posted on 21/10/2007

Dubai Bank yesterday reported a 540 per cent jump in its net profits, reaching Dh125 million for the nine-month period ending September 2007, up from Dh19.5 million recorded for the same period in 2006, a statement said. Total operating income was up 69 per cent to Dh284 million for the first nine months of 2007, compared to Dh168 million for the same period in 2006, while operating expenses advanced by only 12 per cent to Dh146.8 million. Assets increased by 198 per cent to Dh9.8 billion ...  >>MORE

EIB announces its results for Q3 of 2007

Posted on 20/10/2007

Emirates Islamic Bank (EIB) has announced the results of the third quarter of 2007, achieving a net profit of Dh144.4 million, compared to 77 million for the same period of 2006, with an impressive increase of 88%. The total income in Q3 2007 grew from Dh360 million in the third quarter of 2006 to Dh 654 million reflecting a strong growth of 82%. At the end of September 2007, total assets increased by 34%, standing at Dh14 billion compared to Dh10.5 billion at the third quarter of last year. ...  >>MORE

ADCB announces 2% decline in Q3 net profits

Posted on 18/10/2007

Abu Dhabi Commercial Bank's net profit for the first nine months to September 2007 of Dh1,583.1 million compared to Dh1,616.2 million to the corresponding period last year, a decline of 2%, announced Abu Dhabi Commercial Bank (ADCB) in a press release Wednesday. IPO profits contributed a significant share of first half 2006 profits and were not repeated in 2007. Comparing profits for the first nine months without the IPO income in 2006 reflects an increase of 30% for continuing core profits. ...  >>MORE

Emirates NBD bank shares start trading in Dubai

Posted on 17/10/2007

Shares of Emirates NBD, created by combining Emirates Bank International Ltd and National Bank of Dubai, start trading in Dubai on Tuesday. Shareholders of Emirates Bank and National Bank approved a Dubai government-brokered deal in September to create the Gulf's largest lender by assets to compete more effectively with regional and international rivals. The Dubai bourse suspended trading in shares of the two lenders on Oct. 8. Under the deal each share of National Bank was exchanged for ...  >>MORE

NBAD offers first SMS money transfer service

Posted on 08/10/2007

National Bank of Abu Dhabi (NBAD) has launched an SMS money transfer service which allows NBAD customers to transfer money using mobile phones. "The fact that NBAD is the first bank in the UAE to launch the SMS money transfer service illustrates our progressive mentality in adopting highly advanced technologies to better serve our customers" said Saif Al Shehi, general manager of NBAD's domestic banking division. Explaining how the system works, Al Shehi said, "The customer can call the call ...  >>MORE

Dubai Islamic Bank wins “Real Estate Best Investment Management” Bank award

Posted on 07/10/2007

Dubai Islamic Bank (DIB) was awarded UAE's Best Real Estate Investment Management Bank. The award was organized by Liquid Real Estate magazine, a part of Euromoney, the leading magazine for the global capital markets. The award was received by Ayman Adel Kamal, Executive Vice President and Habib Bitar, Head of Real Estate and Investment Division on behalf of DIB, during a recent ceremony organised by Euromoney in London. The Real Estate Award is based on surveys and assessments of real ...  >>MORE

Dubai set to get its first credit rating

Posted on 07/10/2007

Dubai, one of the fastest-growing cities in the Middle East, will probably receive its first credit rating this year as part of plans to become the second member of the UAE federation to sell bonds, the Middle East Economic Digest magazine has reported. Fitch Ratings is working on Dubai's rating and JPMorgan Chase and Company will provide advice on any bonds, the London-based weekly said in its latest issue, citing sources close to Fitch. The Fitch Ratings offices in Dubai could not be ...  >>MORE

Speculation mounts on dirham revaluation

Posted on 25/09/2007

UAE-based banks and trading houses sold large quantities of dollars yesterday on heightened speculation that the UAE is likely to revalue the dirham. Several bank treasuries confirmed yesterday that they were buying dollars as the chances of revaluation have increased. "Banks seem to know something which others don't," said the treasury head of a leading Dubai based corporate house. Treasurers confirmed the sustained buying saw the dirham bids climbing to a five year high of 3.6685 per dollar, ...  >>MORE

Dollar decline hits UAE hard

Posted on 23/09/2007

The sharp decline of the dollar is hurting UAE residents, as the dirham's exchange rate has taken a major hit against most global currencies. Following the recent US interest rate cut, currency markets dumped dollar in favour of other stable currencies resulting in dollar's sharp decline. Dirham's exchange fell proportionately due to its peg to the dollar. UAE residents already reeling under the rising cost of living are now facing the prospect of sharp value erosion of their earnings and a ...  >>MORE

Dirham hits six-week high at 3.671 per dollar

Posted on 12/09/2007

Investors betting on an appreciation of the dollar-pegged UAE dirham pushed the currency to a six-week high yesterday after Gulf central bankers failed to revive a monetary union plan. Bids on the dirham firmed to 3.6718 per dollar in early trading, the highest level since July 26, the day after Kuwait allowed the dinar to appreciate to an 18-year high against the sliding US dollar. Fuelling inflation Kuwait dropped its peg to the dollar in May saying the dollar's slide on global ...  >>MORE

EBI gets shareholder nod for NBD merger

Posted on 06/09/2007

Emirates Bank International PJSC (EBI) shareholders yesterday approved the merger of Emirates Bank and National Bank of Dubai (NBD) into Emirates NBD PJSC, that will create the largest Gulf lender by assets in a $11.3 billion deal. About 91.24 per cent of the votes cast at the extraordinary general meeting (EGM) were cast in favour of the proposed merger. The merger plan was announced on March 6."The EGM was attended by shareholders representing 91.24 per cent of EBI's total outstanding share ...  >>MORE

UAE retains 15th spot in investment climate ranking

Posted on 05/09/2007

The UAE's ranking in a survey of economic freedom slipped in 2005 after its labour market regulations score declined, but it still ranked 15th in the world based on a favourable investment climate. The 2007 report by Canada's Fraser Institute ranks 141 countries based on 42 criteria of how well they encourage freedom in economic policies such as tax rates, property laws, labour laws and government interference. The UAE scored 7.7 points out of 10 in the survey compared with 7.8 points in the ...  >>MORE

EBI-NBD shareholders given opportunity to vote on proposed merger

Posted on 04/09/2007

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Joint Steering Committee established by Emirates Bank International (EBI) and National Bank of Dubai (NBD) in connection with their Proposed Merger (the Merger), said yesterday: "Dubai's status as an international financial services centre will be further reinforced with the proposed Merger between EBI and NBD. This week is therefore important for Dubai, with the banks' Extraordinary General Meetings (EGMs) serving not only as a crucial step in ...  >>MORE

More than six million foreign and Arab tourists visited the UAE last year

Posted on 13/08/2007

The UAE attracted some 6.4 million foreign and Arab tourists last year, a significant rise against the 2005 figures which stood at 6.1 million. According to Sheikha Lubna Al Qasimi, Minister of Economy, the tourism sector in the UAE showed a steady growth during the last couple of years. "Investments in the tourism sector accounted for 10 per cent of the total investment in the UAE in 2005. That is, Dh32 billion as compared to more than Dhs.39 billion in 2006", said Sheikha Lubna in a forward ...  >>MORE

Emirates NBD share swap takes off on strong note

Posted on 06/08/2007

The exchange of shares of National Bank (NBD) of Dubai and Emirates Bank International (EBI) for new shares in Emirates NBD has taken off in full swing, sources in both banks told Gulf News on Sunday. "A number of investors have made enquiries with us yesterday while a few large shareholders have already made commitment to exchange their shares, although there is more than a month to complete the formalities," an official on the EBI's merger helpline said. The offer for exchange was officially ...  >>MORE

EIB announces results for the first half of 2007

Posted on 05/08/2007

Emirates Islamic Bank (EIB) has announced the results of the first half of 2007, recording a net profit, excluding the depositors' share, of Dh 76 million, an increase of 48 percent on the results of Dh 51 million for the same period last year. Total income in the first half of 2007 grew to Dh 401 million from Dh 207 million in the same period last year, reflecting strong growth of 94 percent. This has contributed to a 126% increase in the profits of the depositors' share compared to the same ...  >>MORE

NBD reports net profit increase to Dh 651 million for H1

Posted on 01/08/2007

National Bank of Dubai reported a net profit of Dh 651 million for the first half of 2007, recording strong growth of 29.1% over first half 2006 results of Dh 504 million. NBD's favourable performance was achieved through robust growth in the bank's core commercial business which continued to perform above expectations. Earnings per Share (EPS) increased to Dh 0.42 in H1 2007 from Dh 0.32 in H1 2006. Net interest Income grew by 29% relative to first half of 2006 to Dh 765 million, well ...  >>MORE

Emirates NBD to start share swap tomorrow

Posted on 31/07/2007

Emirates NBD, the new company that is offering to acquire the shares of Emirates Bank International (EBI) and National Bank of Dubai (NBD) in exchange for shares in the merged entity, has announced that the offer will open tomorrow. Emirates NBD yesterday released an offer document containing the terms of the offer. The EBI and NBD's extraordinary general meetings (EGMs) will take place on September 5 and September 6, respectively. The offer will be open from August 1 to September 17. During ...  >>MORE

Dubai Islamic Bank announces net profit of Dh1.5 billion for first half of 2007, up 113 per cent

Posted on 29/07/2007

Dubai Islamic Bank (DIB) yesterday announced its results for the first half of 2007. During the period, net profit rose to Dh1.5 billion, an increase of 113 per cent compared to Dh707 million for the corresponding period in 2006. The total profit for H1 2007, including depositors' profits, stood at Dh2.9 billion, an increase of 101 per cent compared to Dh1.4 billion for the corresponding period in 2006. Customer deposits showed strong growth of 57 per cent, reaching Dh59.7 billion at the end ...  >>MORE

NBAD reports Dh1.19b profit

Posted on 26/07/2007

The UAE's biggest lender, National Bank of Abu Dhabi (NBAD), yesterday reported a five per cent increase in first half profits to Dh1.19 billion, compared to the same period last year. Annualised earnings per share stood at Dh1.49, up from Dh1.42 (restated) in the comparable period of 2006, while the return on equity stood at 25.4 per cent, in line with the bank's medium term strategic plan. Net profit in the second quarter rose 16 per cent over the same quarter of 2006. NBAD's total assets ...  >>MORE

Abu Dhabi Islamic Bank announces net profit of Dh346m

Posted on 26/07/2007

Abu Dhabi Islamic Bank (ADIB) yesterday announced that it made a net profit of Dh346 million at the end of the second quarter this year, up 19 per cent from the Dh292 million it posted in the same period last year. The shareholder's equity reached Dh5 billion as of June 30, registering a 106 per cent growth from last year's Dh2.42 billion. At the same time, total assets of the bank expanded from Dh29.6 billion in June 2006 to Dh41.1 billion in June this year. Total operating income of the bank ...  >>MORE

First Gulf Bank sets net profit record of Dh880 million in H1

Posted on 24/07/2007

First Gulf Bank (FGB), one of the UAE's leading financial institutions headquartered in Abu Dhabi with assets of over Dh57 billion, has announced its financial results for the first half of 2007 achieving Dh880 million in net profit. The preliminary financial results for the first six months of the year show an outstanding growth in net profit representing an increase of 18% when compared to the same period last year emerging as one of the best performers in the banking sector. First Gulf ...  >>MORE

Rakbank profit jumps 52% in first half

Posted on 23/07/2007

The National Bank of Ras Al Khaimah (Rakbank) reported a net profit of Dh182.13 million for the first half ended June 30, 2007, up 52 per cent over the same period last year. The bank's net interest income increased 44 per cent to Dh251 million compared to the first half of 2006. The increase in interest income is attributed to the significant growth in areas such as mortgage finance, commercial loans and credit card portfolios. While the total loans and advances increased nine per cent to ...  >>MORE

ADCB rules out merger with NBAD in near term

Posted on 23/07/2007

Abu Dhabi Commercial Bank (ADCB), the third-largest UAE lender by market value, ruled out merging with larger rival National Bank of Abu Dhabi (NBAD) for at least two years. The bank is instead mulling acquisitions in Turkey, the Gulf and south-east Asia after failing last year to buy into an Egyptian lender, Chief Executive Officer Eirvin Knox told Reuters in Abu Dhabi yesterday."I don't think either of us need to do it. We are in different businesses, serve different clients," Knox said. ...  >>MORE

UAE banks lead in recycling of capital

Posted on 22/07/2007

UAE banks are leading the GCC region in recycling of private deposits to fund private sector businesses, according to central bank statistics from across the region. Statistics show that UAE banks have been in the forefront of business lending. The UAE banking sector has witnessed outstanding loans growth at a compounded annual rate (CAGR) of 33.5 per cent in the period from 2003 to 2006 while the deposits grew at a CAGR of 30.8 per cent. The loans growth was driven by phenomenal GDP growth ...  >>MORE

Bank of Sharjah net profit up by 22% to Dh153 million

Posted on 18/07/2007

Bank of Sharjah's second quarter results show sustained growth across the bank's operations. Net profits for the half-year were Dh153 million, an increase of 22 per cent compared with the same period last year, and earnings per share increased to Dh0.123 from Dh 0.101. According to the bank's board, the outstanding performance was driven by robust growth in core banking activities and the recovery of UAE stock markets which boosted trading income. First half net interest income grew 63 per ...  >>MORE

ADCB record a profit of Dh976 million for first half of 2007

Posted on 17/07/2007

ADCB announced a net profit for the first half of 2007 of Dh976 million against Dh1,198 million for the same period last year, a decrease of 18.5 per cent. On a quarterly basis profits declined by 12 percent to Dh506 million, compared to Dh575 million for the second quarter of 2006. ADCB had significant contributions from initial public offerings (IPO's) in the first half of 2006 which added Dh393 million to profits in the first six months of the prior year. After making adjustments to the ...  >>MORE

Sharjah Islamic Bank posts 33pc rise in net profit

Posted on 17/07/2007

Sharjah Islamic Bank announced its first-half 2007 results yesterday with profit before distribution to depositors increasing by Dh58 million or 45 per cent to reach Dh187.4 million compared to Dh129.5 million for the same period last year. Net profits reached Dh121.1 million, compared to Dh91.3 million achieved in the same period last year, achieving a 33 per cent increase. The balance sheet grew by 20 per cent since December 2006 with total assets reaching Dh9.1 billion. Net customer ...  >>MORE

ICIEC signs agreement with UAE Government

Posted on 16/07/2007

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), which is a member of the IDB Group, with its headquarters in Jeddah, Kingdom of Saudi Arabia, signed an agreement with the UAE Government, based on which the UAE Government agreed to host the first foreign representation office for ICIEC in the Emirate of Dubai. The agreement was signed on behalf of the UAE Government by Sheikh Hamdan Bin Rashed Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and ...  >>MORE

Dubai Bank's profit and assets more than triple

Posted on 16/07/2007

Continuing the streak of excellent performance, Dubai Bank announced today that its net profit for the first half of 2007 has reached Dh81.2 million, a 237 per cent increase compared to the net profit recorded for the same period in 2006 (Dh24.1 million). The total operating income has gone up by 52 per cent to Dh177.7 million for the first half of 2007 compared to Dh116.9 million for the comparable period in 2006, while operating expenses advanced by only 2.4 per cent during the same period ...  >>MORE

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Quick List

Emirates NBD's profit hits Dh2.56b


DIB profit goes up 86% to Dh1.9b


UAE banks' collective assets exceed Dh1tr


mashreq profit climbs 21% to Dh1.35b


CEO magazine names UAE's ADCB "Bank of the Year"


RAKBANK net profits up 51pc


Rakbank profit rises 51% in nine months


Bank of Sharjah net income falls 7% on market losses


NBAD reports Dh1.76 billion net profit


FGB registers a new record net profit for the first nine months of 2007


First Gulf Bank negotiates its branch in Algeria


Dubai Bank's profit jumps 540% in nine months


EIB announces its results for Q3 of 2007


ADCB announces 2% decline in Q3 net profits


Emirates NBD bank shares start trading in Dubai


NBAD offers first SMS money transfer service


Dubai Islamic Bank wins “Real Estate Best Investment Management” Bank award


Dubai set to get its first credit rating


Speculation mounts on dirham revaluation


Dollar decline hits UAE hard


Dirham hits six-week high at 3.671 per dollar


EBI gets shareholder nod for NBD merger


UAE retains 15th spot in investment climate ranking


EBI-NBD shareholders given opportunity to vote on proposed merger


More than six million foreign and Arab tourists visited the UAE last year


Emirates NBD share swap takes off on strong note


EIB announces results for the first half of 2007


NBD reports net profit increase to Dh 651 million for H1


Emirates NBD to start share swap tomorrow


Dubai Islamic Bank announces net profit of Dh1.5 billion for first half of 2007, up 113 per cent


NBAD reports Dh1.19b profit


Abu Dhabi Islamic Bank announces net profit of Dh346m


First Gulf Bank sets net profit record of Dh880 million in H1


Rakbank profit jumps 52% in first half


ADCB rules out merger with NBAD in near term


UAE banks lead in recycling of capital


Bank of Sharjah net profit up by 22% to Dh153 million


ADCB record a profit of Dh976 million for first half of 2007


Sharjah Islamic Bank posts 33pc rise in net profit


ICIEC signs agreement with UAE Government


Dubai Bank's profit and assets more than triple