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THE ECONOMY - BANKS

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

Dubai unveils financial giant

Posted on 13/07/2007

Dubai yesterday unveiled Emirates NBD, a financial powerhouse that will support its vision of creating world-class financial institutions in the region. The Dubai Government will control the Gulf region's largest bank by asset size following the merger between National Bank of Dubai and Emirates Bank, according to the terms announced yesterday. The merger will be implemented by the creation of a new company, Emirates NBD PJSC, licensed by the UAE Central Bank, which will offer to acquire the ...  >>MORE

Operations integration to take months

Posted on 13/07/2007

The full integration of the operations of National Bank of Dubai (NBD) and Emirates Bank will take several months after the mandatory legal process is completed, senior officials from both banks said. "The bank now has a new board constituted of equal number of nominees from NBD and Emirates Bank. The key management team also has been constituted. The process of integration is expected to begin soon," said Ahmad Humaid Al Tayer, chairman of Emirates NBD. According to the plan, the principal ...  >>MORE

CBD first half year profits jump 52 per cent

Posted on 12/07/2007

Commercial Bank of Dubai (CBD) today announced its results for the first half year of 2007, registering a significant 52 per cent increase of its profits to Dh431 million compared to Dh283 million in the same period of 2006. The Bank's total assets grew by 31% to Dh22,160 million at the end of the second quarter of 2007, as compared to June 2006. Loans and advances rose by 42% to Dh14,748, whereas customer deposits increased by 31% during the same period to reach Dh16,388 million. The robust ...  >>MORE

President issues decree to set up Crescent Bank

Posted on 11/07/2007

President H.H. Sheikh Khalifa bin Zayed Al Nahyan has issued a decree to establish a new bank. The Crescent Bank, according to the decree, will be a public joint stock company, fully owned by the Abu Dhabi Investment Council and will have an initial capital of Dh 4 billion. The decree names Isa Mohammed Al Suwaidi as chairman of the new bank, Mohammed Hassan Omran, Abdullah Nasser Al Suwaidi, Yunus Haji Khoory and Ahmed Sari Al Mazroue, as board members. The establishment of the bank is part ...  >>MORE

National Bank of Fujairah half year profits increase to Dh152.6 million

Posted on 11/07/2007

National Bank of Fujairah (NBF) announced its first half results for the period ended 30 June 2007 where profits increased to Dh152.6 million, up 45% from profit of Dh105.2 million in corresponding half year of 2006. "Our second quarter results are extremely encouraging. They reflect the continued progress on our strategy of 'build and diversify' which is aimed at producing new benchmarks for the Bank" said Asad Ahmed, NBF's General Manager. "NBF continues to build on its core strengths and ...  >>MORE

Bank of Sharjah gets licence in Lebanon

Posted on 05/07/2007

Bank of Sharjah has completed the acquisition of Banque de la Bekaa SAL, a Lebanese bank, after obtaining the approvals from the Central Bank of Lebanon and the Central Bank of the UAE. The bank has acquired all the outstanding shares of Banque de la Bekaa from Fransabank SAL for an undisclosed amount. The transaction represents Bank of Sharjah's first significant banking acquisition outside its home market. With this acquisition, the bank holds a banking licence in Lebanon to carry out a ...  >>MORE

NBD expands home loans to UK clients

Posted on 05/07/2007

National Bank of Dubai (NBD) has tied up with UK-based mortgage adviser John Charcol to provide finance to UK residents interested in purchasing residential properties in the UAE. The mutually exclusive tie-up with John Charcol will provide mortgage finance to UK residents investing in the UAE as well as refinancing to UK residents who have invested in the Dubai residential property market. On offer are mortgages for residential properties, both completed and under construction, from 14 ...  >>MORE

Dubai banks agree on merger terms

Posted on 02/07/2007

Emirates Bank International Ltd. and National Bank of Dubai said on Monday they had agreed the terms of a merger to create the largest Gulf Arab bank by assets. The banks asked the Dubai bourse to suspend trading in their shares on Monday, according to a statement on the stock market Web site. The two banks said in March they would merge at the behest of Dubai's ruler to form a lender large enough to meet the demands of a rapidly growing economy. The government of Dubai, part of the United Arab ...  >>MORE

Al Tayer conferred Arab Banking Personality of the Year Award

Posted on 01/07/2007

The Union of Arab Banks presented the prestigious Arab Banking Personality Award for the year 2006 to Ahmed Humaid Al Tayer, Chairman of Commercial Bank of Dubai and Emirates Bank Group. The presentation ceremony took place at the Concert Nobel Hall in Brussels. The glittering gala dinner was attended by more than 500 eminent dignitaries representing well over 300 banks and 95 per cent of all the financial institutions in the MENA region. Adnan Ahmed Yousif, Chairman of Union of Arab Banks and ...  >>MORE

Bank assets total US$242bn at the end of first quarter

Posted on 29/06/2007

The total assets of UAE banks reached US$242 billion (Dh888bn) by the end of the first quarter, as the banking sector continues to grow, Ahmed Humaid Al Tayer, Chairman of the Emirates Bank Group, said yesterday. "Total assets of UAE banks grew in 2006 by 35 per cent to US$234bn (Dh888bn), while the value of deposits grew by 33 per cent to US$128bn (Dh460.8bn). On the other hand, the total value of loans and advances increased by 39 per cent to US$137bn (Dh502.7bn) in 2006,” he said while ...  >>MORE

UAE scores high in global internet banking study

Posted on 26/06/2007

The UAE's bank customers are increasingly opting for internet banking in place of branch based banking, according to a recent study by The Nielsen Company, a global information and media firm.The UAE ranks 23rd in the use of internet banking, with 54 per cent of respondents saying they indulged in internet banking with their main bank at least once a month. The ranking assigned to the UAE is from a survey of 25,408 internet users in 46 markets across Europe, Asia Pacific, North America and the ...  >>MORE

Euromoney names ADCB Best Bank in the UAE

Posted on 17/06/2007

Abu Dhabi Commercial Bank has been named "Best bank in the UAE" by pre-eminent international finance magazine Euromoney. The awards were presented at the 2007 Euromoney Awards for Excellence Middle East Dinner in Abu Dhabi on June 13th. In awarding ADCB as the "Best Bank in the UAE" Euromoney recognized that ADCB stood out this year both for its results and the quality of its delivery, In what is an increasingly competitive market Euromoney was impressed by growth in all aspects of ADCB's ...  >>MORE

First Gulf Bank opens first int'l office in Singapore

Posted on 13/06/2007

First Gulf Bank (FGB), one of the UAE's leading financial institutions headquartered in Abu Dhabi with assets of over US$15 billion, has opened its first international representative office in Singapore. The new Far East initiative is central to FGB's global expansion and revenue diversification strategies. "Singapore's sound macroeconomic fundamentals, political stability, transparent judicial framework and high standards of financial sector regulation coupled with its geographic ...  >>MORE

Assets of UAE banks grow 35% to reach Dh869.5b in 2006

Posted on 03/06/2007

The total assets of UAE banks grew in 2006 by 34.7 per cent to Dh859.57 billion, up from Dh638 billion in 2005, the UAE Central Bank said in a report. According to the bank's statistics for fourth quarter 2006, foreign assets comprised 27 per cent of the total compared to 27.4 per cent in 2005. Meanwhile, the number of branches of foreign banks fell from 83 in 2005 to 81 last year. The number of branches of local banks increased from 370 to 431 during the same period. The number of local ...  >>MORE

UAE banks' offtake reaches Dh502.96b

Posted on 27/05/2007

The UAE Central Bank said the net volume of finances provided by the banks in the UAE rose 38.7 per cent in 2006 to Dh502.96 billion against Dh322.2 billion in 2005. The Central Bank said the net deposits by the UAE resident rose 22.1 per cent to nearly Dh440.98 billion while those of non-residents rose 53.2 per cent to Dh61.99 billion by the end of 2006. The total assets of banks jumped 34.7 per cent to Dh859.6 billion in 2006 while their foreign assets rose during the said period by 32.5 ...  >>MORE

NBAD sets up private banking unit in Switzerland

Posted on 15/05/2007

The National Bank of Abu Dhabi (NBAD) announced yesterday the establishment of an independent wholly-owned subsidiary in Geneva under the name NBAD Private Bank (Suisse). The new affiliate will engage mostly in private banking, applying the Swiss traditional confidentiality rules, and hence becomes the first UAE bank to have been granted a full Swiss banking licence. "Private banking is a relatively untapped area for Arab banks. The vast majority of private banking business is with the ...  >>MORE

ADIB announces growth records in Q1 2007

Posted on 07/05/2007

Abu Dhabi Islamic Bank announces the first quarter of 2007 financials, which reflected the Bank's keenness on growth succession and achieving the best returns for both shareholders and depositors and recording a soaring growth in net operating income of the major banking operations of a remarkable 95 per cent, not including the expenses or income generated by the initial IPO issuances that had taken place in the first quarter of 2006. ADIB made a net profit, after distribution to depositors, ...  >>MORE

Abu Dhabi banks' Q1 profits fall 14.2%

Posted on 07/05/2007

The slump of stock markets in general and the weak initial public offerings in particular reflected negatively on the profits of Abu Dhabi banks as they fell by 14.2 per cent to Dh1.8 billion during the first quarter of this year compared with Dh2.2 billion during the same period last year. Three banks - National Bank of Abu Dhabi, Abu Dhabi Commercial Bank and Union National Bank - reported a decline in their net profits while First Gulf Bank and Abu Dhabi Islamic Bank achieved a slight ...  >>MORE

Dubai Bank net rises 14% to Dh2b

Posted on 03/05/2007

Dubai banks reported a 14 per cent growth in their total profits to Dhs2 billion during the first quarter of this year compared with Dh1.7 billion during the corresponding period last year. Although the profits of the Emirates Bank Group fell by 4.8 per cent, the group maintained its lead with net profits of Dh575 million. Dubai Bank registered the highest growth rate of 144 per cent among the six banks, bringing its profits to Dhs33 million, compared with Dh13.5 million. Dubai Islamic ...  >>MORE

Four Abu Dhabi-based entities set up Dh500m Islamic finance firm

Posted on 02/05/2007

Four Abu Dhabi-based entities - Aldar Properties, First Gulf Bank (FGB), Sorouh Real Estate and Reem Investments - yesterday announced the setting up of the Dh500 million Islamic finance company Aseel. FGB, one of the UAE's leading financial institutions that holds a 40 per cent stake, and rest hold 20 per cent each. Aseel will participate in a range of Islamic finance activities, except retail activities, in accordance with the Central Bank's guidelines for Islamic finance companies. ...  >>MORE

Emirates Bank core profit up

Posted on 02/05/2007

Emirates Bank Group (EBG) recorded a net profit of Dh575 million for the three months ended March 31 compared to Dh604m earned over the same period last year. Excluding IPO-related earnings in the first quarter of 2006, the core profits earned in the first quarter of 2007 grew by 56 per cent, the bank said. Total assets reached Dh104 billion, an increase of nine per cent over the quarter ended December 31. Loans and advances increased by six per cent over the same period to reach Dh62.9bn, ...  >>MORE

Dubai firm buys stake in HSBC

Posted on 02/05/2007

NewDawn GSE Asset Management Ltd, a wholly-owned subsidiary of Dubai-based DIC Asset Management (DICAM), announced yesterday that it has become a shareholder of HSBC Holdings. The Dubai firm, a partner in the US$2 billion DIFC-registered Global Strategic Equities Fund (GSEF), said in a statement that it has become a leading shareholder of HSBC Holdings, without giving any financial details. The strategic investment was made with the assistance of Goldman Sachs International. An HSBC ...  >>MORE

Mashreqbank posts 30% jump in first-quarter profit

Posted on 01/05/2007

The Mashreqbank Group yesterday reported a 30 per cent increase in net profit to Dh445 million during the first quarter of 2007 compared to Dh342 million for the corresponding period last year, as core revenues from regular banking business showed a considerable increase. The total assets of the bank to March 31, 2007, increased by 21 per cent to Dh61.7 billion from Dh50.8 billion in March 31, 2006. Loans and advances rose to Dh29.77 billion from Dh27.5 billion last year, a growth of eight ...  >>MORE

NBD's net profit up 17.5% to Dh302m

Posted on 30/04/2007

National Bank of Dubai (NBD) yesterday reported a net profit of Dh302 million for the first quarter of 2007, an increase of 17.5 per cent over first quarter 2006 results of Dh257 million. NBD's favourable performance was achieved through robust growth in core commercial business which continued to perform above expectations. Earnings per share (EPS) increased to Dh0.23 in the first quarter this year from Dh0.20 in the previous corresponding period. The company's net interest income ...  >>MORE

NBAD reports first quarter profit of Dh601 million

Posted on 25/04/2007

National Bank of Abu Dhabi (NBAD) announced net profits of Dh 601 million in the first quarter of 2007 compared to Dh 631 million in the first quarter of 2006. Annualised earnings per share were Dh 1.5(restated for the 30% bonus shares). The annualised return on equity at 27.2% is ahead of the medium term target of 25%. "NBAD's first quarter results reflect the strong core performance of NBAD', said Michael H. Tomalin, Chief Executive of NBAD. "Despite a quiet equity market giving no ...  >>MORE

Dubai Islamic Bank records 28% net profit growth in first quarter

Posted on 25/04/2007

Dubai Islamic Bank (DIB) recorded a 28 per cent growth in net profits to Dh424 million for the first quarter of 2007, compared to Dh332 million for the corresponding period in 2006, an e-mailed statement said. Total income rose to Dh1.23 billion, an increase of 38 per cent compared Dh894 million for the corresponding period in 2006. Customer deposits showed strong growth of 46 per cent to Dh51.6 billion at the end of the first quarter of 2007, compared to Dh35.3 billion in the first quarter ...  >>MORE

Emirates Bank nets US$7.5b through notes

Posted on 25/04/2007

Emirates Bank has completed the update and increase of its Euro Medium Term Note (EMTN) Programme to US$7.5 billion, an e-mailed statement said. "Emirates Bank, the first GCC Bank to issue Notes under an EMTN Programme and pioneer in diversified liability strategies, has raised the EMTN Programme ceiling to US$7.5 billion," the statement said. This is in response to the strong economic environment in the UAE which has resulted in increased loan demand from customers and as a result, the Bank ...  >>MORE

RAK Bank Q1 net jumps 55% to Dhs86.1m

Posted on 24/04/2007

The National Bank of Ras Al Khaimah (RakBank) reported 55 per cent growth in net profit at Dhs86.1 million for the first quarter ended March 31, 2007. Net interest income of Dhs120 million for the current quarter registered an increase of 39 per cent over the corresponding quarter in 2006 due to a significant increase in the mortgage finance, commercial loan and credit card portfolio of the bank. Gross loans and advances ended the quarter at Dhs7.35 billion an increase of 4 per cent ...  >>MORE

ADCB Offers job opportunities for UAE Nationals

Posted on 23/04/2007

After the successful launch of its recruitment program for nationals last year, Abu Dhabi Commercial Bank is reopening its doors to nationals who wish to start their career path in the banking sector. UAE fresh graduates and high-school job seekers are also invited to attend this event, which will take place in Abu Dhabi on Wednesday 25th April in Emirates Palace, where members of the Bank specifically from the HR Department will be present to provide career guidance and information about ...  >>MORE

ADCB scores on operations but loses on equity income

Posted on 17/04/2007

Abu Dhabi Commercial Bank profits fell 24.5 per cent in the first quarter of 2007 compared to the same period last year. The bank yesterday revealed it made a profit of Dh470 million in the first three months of 2007, while for 2006, this figure was Dh623 million. The fall was blamed on the collapse of income from share sales following a sustained stock market correction, which saw the UAE stock exchanges decline by more than 40 per cent last year. The Dubai Financial Market has fallen ...  >>MORE

Arab countries continue to face tough challenges: Bin Kharbash

Posted on 12/04/2007

Beirut - Minister of State for Financial and Industrial Affairs, Dr. Mohammed Khalfan bin Kharbash, has said that Arab countries still face tough challenges which demand continuous development efforts in order to create a vibrant economic and social environment that would achieve sustainable development and improve living standards. The UAE minister made the statement in his address during a joint annual meeting of Joint Arab Financial Authorities held here yesterday. He said despite the ...  >>MORE

Kharbash: Money laundering No. 1 challenge facing Arab Banks

Posted on 11/04/2007

The 3rd Financial Technology (FT) Summit and Exhibition will take place in Dubai during the period 23-25 April, under the patronage of H.E. Dr. Mohamed Khalfan Bin Kharbash, the UAE Minister of State for Finance and Industry. Under the theme "Bank of the Future", the summit is organized by the Dubai based World Development Forum, and is aiming at discussing the major challenges facing the Arab banking sector. It will host CIOs & Senior IT decision makers of the Top 100 Arab banks & central ...  >>MORE

Dubai Holding sets up Dh1bn consumer finance company

Posted on 03/04/2007

Dubai Holding yesterday launched Dubai First, a consumer finance company with Dh1 billion and paid-up capital of Dh350 million to offer credit cards, mortgages and wealth management. Operating as a wholly owned subsidiary of Dubai Finance, Dubai First will initially launch credit cards and then extend its offering to include mortgages and other financial services, said Ibrahim Al Ansari, the company's Country Corporate Officer. "We plan to break even in 2007 and build our own revenue,” Al ...  >>MORE

ADCB gives details of five-year US$1.5b loan

Posted on 01/04/2007

Abu Dhabi Commercial Bank (ADCB) gave details yesterday of its US$1.5 billion five-year loan, the biggest syndicated loan for a Middle Eastern bank to date. The facility, which includes two extension options of one year each, is for general funding purposes and has a margin of 25 basis points over Libor, the bank said in a statement. The facility was lead-arranged by Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commerzbank, ING Bank and Standard Chartered Bank. A banking source said last ...  >>MORE

Mashreqbank gets ready for a new logo

Posted on 28/03/2007

Mashreqbank has initiated a "rebranding” exercise and may modify or change its logo, a source close to the plan said. "We have been in the business for a long time and every bank needs to re-evaluate itself after some time. "There is definitely an intention to rebrand,” the source said, adding that the bank has appointed someone to head the initiative. A study conducted by the bank found that the name "Mashreqbank” and its existing logo have "good equity” among consumers in the region, ...  >>MORE

Emirates Bank celebrates 30th anniversary

Posted on 27/03/2007

Emirates Bank said yesterday 30 per cent of its employees are nationals. The bank, which is celebrating its 30th anniversary today, said it employs about 5,000 people in total. "Over the past three decades Emirates Bank has grown to become one of the top banks in the UAE and the largest bank in Dubai in terms of assets and profit," said Chairman Ahmad Humaid Al Tayer. At the end of 2006, Emirates Bank Group reported a total asset base of Dh95 billion and its net profit for the year was ...  >>MORE

Dubai Bank raises capital to Dh1.5b for growth plans

Posted on 27/03/2007

Dubai Bank is set to triple its capital to Dh1.5 billion to support its ambitious growth plans. This strategic move coincides with the bank's conversion to a Sharia-compliant financial institution at the start of 2007, and will provide the basis for the bank's growth and prosperity for years to come. The capital increase, which was agreed upon by the shareholders in the final quarter of 2006, has actually been injected into the business by the existing shareholders, Dubai Holding (holder of ...  >>MORE

UAE lets banks into real estate

Posted on 20/03/2007

The UAE Central Bank yesterday approved regulations allowing banks to finance and manage real estate projects and develop realty projects through joint ventures. The new regulations stipulate that banks are now allowed to establish real estate subsidiaries solely to finance and manage real estate projects. The banks' involvement in development is only allowed through joint real estate finance companies owned with the banks. The subsidiaries are entitled to purchase, sale and develop ...  >>MORE

Shares of EBI and NBD soar

Posted on 09/03/2007

Trading in shares of Emirates Bank International (EBI) and National Bank of Dubai (NBD) resumed yesterday after the two banks provided further information on their merger plans to Dubai's stock exchange. The banks told the Dubai Financial Market (DFM) they will follow the "best international practice" to complete the merger that will create the biggest banking institution in the UAE in terms of deposits, profit, assets and market capitalisation. "The boards and management of both banks ...  >>MORE

Financial experts welcome merger of Dubai banks

Posted on 08/03/2007

Financial experts and analysts yesterday welcomed the merger of Emirates Bank International and National Bank of Dubai to form the UAE's largest financial institution. "It's a very good move," said Karti Inamdar, banking analyst with Capital Intelligence. "I actually see plus-points all the way in a friendly merger of two healthy banks," he said. Trading in shares of both the banks was halted yesterday on the Dubai Financial Market (DFM) following the announcement of the merger. Experts ...  >>MORE

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Quick List

Dubai Bank's profit and assets more than triple


Dubai unveils financial giant


Operations integration to take months


CBD first half year profits jump 52 per cent


President issues decree to set up Crescent Bank


National Bank of Fujairah half year profits increase to Dh152.6 million


Bank of Sharjah gets licence in Lebanon


NBD expands home loans to UK clients


Dubai banks agree on merger terms


Al Tayer conferred Arab Banking Personality of the Year Award


Bank assets total US$242bn at the end of first quarter


UAE scores high in global internet banking study


Euromoney names ADCB Best Bank in the UAE


First Gulf Bank opens first int'l office in Singapore


Assets of UAE banks grow 35% to reach Dh869.5b in 2006


UAE banks' offtake reaches Dh502.96b


NBAD sets up private banking unit in Switzerland


ADIB announces growth records in Q1 2007


Abu Dhabi banks' Q1 profits fall 14.2%


Dubai Bank net rises 14% to Dh2b


Four Abu Dhabi-based entities set up Dh500m Islamic finance firm


Emirates Bank core profit up


Dubai firm buys stake in HSBC


Mashreqbank posts 30% jump in first-quarter profit


NBD's net profit up 17.5% to Dh302m


NBAD reports first quarter profit of Dh601 million


Dubai Islamic Bank records 28% net profit growth in first quarter


Emirates Bank nets US$7.5b through notes


RAK Bank Q1 net jumps 55% to Dhs86.1m


ADCB Offers job opportunities for UAE Nationals


ADCB scores on operations but loses on equity income


Arab countries continue to face tough challenges: Bin Kharbash


Kharbash: Money laundering No. 1 challenge facing Arab Banks


Dubai Holding sets up Dh1bn consumer finance company


ADCB gives details of five-year US$1.5b loan


Mashreqbank gets ready for a new logo


Emirates Bank celebrates 30th anniversary


Dubai Bank raises capital to Dh1.5b for growth plans


UAE lets banks into real estate


Shares of EBI and NBD soar


Financial experts welcome merger of Dubai banks