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THE ECONOMY - BANKS

ADIB profit for Q3 up 70.11pc

Posted on 19/10/2006

Abu Dhabi Islamic Bank (ADIB) made a net profit of Dh405 million during the third quarter of the financial year. This is an increase of 70.11 per cent over the same period last year. During the same period last year the bank earned a net profit of Dh238 million. The shareholder's equity on September 30, 2006 hasrisen to Dh2.5 billion, as against Dh1.8 billion of September 30, 2005, recording a growth of 39 per cent. The earnings per share has also risen from Dh2.38 by the end of September ...  >>MORE

Rakbank net profit rises 39% to Dh193m

Posted on 19/10/2006

The National Bank of Ras Al Khaimah reported a net profit of Dh193 million for the nine months to September 30, a 39 per cent increase over the same period in 2005. Earnings per share rose to Dh0.36 compared to Dh0.26 for the year-ago period. The net profit in the third quarter of 2006 at Dh73.14 million represents growth of 14 per cent over the second quarter 2006 results, underpinning the consistent growth of the underlying business. The growth in revenue and other income has been ...  >>MORE

NBAD’s profits fall by 27 per cent in third quarter

Posted on 18/10/2006

The negative impact of weak stock markets on companies' bottomlines was visible yet again yesterday with National Bank of Abu Dhabi reporting a 27 per cent fall in the third quarter net profit to Dh505 million this year, compared to Dh691m in the same period last year. The bank reported a 19 per cent fall in nine-month net profit to Dh1.64 billion in 2006 compared to Dh2.02bn in the same period last year. This year's profit so far translates into annual earnings per share of Dh1.78, the ...  >>MORE

ADCB realizes record profit of Dh1,616 Million

Posted on 17/10/2006

The Abu Dhabi Commercial Bank (ADCB) announced a record net profit for the 9 months period of 2006 of Dh1,616 million against Dh1,425 million for the same period last year, an increase of 13 per cent. Eirvin Knox, CEO of ADCB, attributed the strong results to growth in core businesses which was complemented by the bank's participation as a receiving bank in the first quarter capital markets' IPO issues. "If you eliminate the impact of profits from IPO activity from the year on year results, ...  >>MORE

First Gulf Bank's net profit hits Dh1.14b

Posted on 17/10/2006

Abu Dhabi based First Gulf Bank yesterday announced results for the first nine months of 2006, reporting a 60 per cent increase in net profits to Dh1.14 billion compared to the same period last year, a figure that exceeds the total annual profits for 2005.The bank's business is maintaining steady growth with total assets increasing by 37 per cent to Dh36.1 billion in September 2006 from Dh26.3 billion in December 2005. Loans and advances increased from Dh13.6 billion to Dh22.2 billion, while ...  >>MORE

Commercial Bank of Dubai net up 39.1%

Posted on 17/10/2006

Commercial Bank of Dubai, the UAE's 10th biggest bank by assets, said yesterday its third quarter net profit jumped 39.1 per cent from the same period a year ago. The bank said in a statement that net profit in July-September rose to Dh157.65 million from Dh113.34 million last year. Total income climbed 34.3 per cent to Dh232.15 million. In the nine months to September, net profit rose 12 per cent to Dh441 million. Total assets rose 26 per cent to Dh17.788 million, customer deposits by 19 ...  >>MORE

ADCB and Standard Chartered Launch Inaugural AED Eurobond Issue

Posted on 14/10/2006

Abu Dhabi Commercial Bank (ADCB) has completed the issuance of an AED 365 million Floating Rate Note (the Notes) issue - making it the first AED Eurobond to be issued by a Bank. This will also be the first AED bond to be cleared on Clearstream, the international Eurobond clearing system. Standard Chartered was the arranger and sole lead manager of this issue. The AED 365 million issue will be senior obligations of ADCB. The Notes are issued off ADCB's US$6,000,000,000 Euro Medium Term Note ...  >>MORE

Emirates Bank fits new security device in ATMs

Posted on 11/10/2006

Emirates Bank yesterday said it had fitted all its ATMs with Fraudulent Device Inhibitors (FDI) - the latest fraud-prevention measure for ATMs, in a bid to promote safer banking. Emirates Bank's decision to fit the NCR-developed FDI - a protruding, illuminated hardware adopted worldwide which makes it difficult for criminals to attach foreign devices on or around the card reader - comes in response to the recent rise in ATM fraud in the UAE which was first detected by Emirates Bank in May. ...  >>MORE

National Bank of Fujairah launches private equity product

Posted on 11/10/2006

National Bank of Fujairah yesterday announced the launch of the 'Future Value Protected Product,' a private equity product aimed at investors seeking medium term asset diversification. Structured by ABN Amro, the product invests in American and European Private Equity Share basket. With the primary aim of maximising investor returns, the 'weight' of the basket is equally divided among ten listed private equity companies. "With a minimum investment of US$50,000, the 'Future Value Protected ...  >>MORE

Emirates Bank takes a leap into Australian market

Posted on 10/10/2006

Sydney - Dubai's Emirates Bank International plans to sell an inaugural Kangaroo bond before the end of the year, bank officials said yesterday. Tony Bush, head of the bank's international banking and syndications division, and John Eldredge, general manager group treasury, met debt investors yesterday in Sydney and will go on to Brisbane today and Melbourne tomorrow. National Australia Bank and UBS arranged the meetings. The officials said they were reasonably flexible in terms of the notes ...  >>MORE

Bank of Sharjah raises expat stake limit to 30%

Posted on 02/10/2006

Bank of Sharjah approved an increase in the number of shares available to expatriate investors at its Extraordinary General Assembly on Sunday, the company said in a statement. "From today, non-UAE National investors will be able to own up to 30 per cent of the bank's total shares, an increase of 10 per cent. The move is expected to lift the bank's share price, and enhance the value of its Dh500 million bond issue when the bonds are listed on the Abu Dhabi stock exchange," the statement ...  >>MORE

Third-quarter profit forecast looks rosy

Posted on 01/10/2006

The UAE's major listed companies could well post another double-digit profit growth in the third quarter, if early projections are any indication. According to data from various research houses gleaned by Reuters, Emaar Properties is expected to post a Dh1.54 billion profit in the third quarter, a 32.8 per cent increase over the same period last year. The property giant had posted a Dh1.16bn profit in the same period last year. In the banking sector, Emirates Bank International's (EBI) ...  >>MORE

ADCB's Million-Dollar-Dreams fully subscribed

Posted on 28/09/2006

Abu Dhabi Commercial Bank (ADCB) announced yesterday that its unique million dollar prize winning deposit product - Million Dollar Dreams (MDD) - closed for subscription earlier this month. Within a short period of 10 months. Five thousand customers subscribed for the inaugural round of MDD and the grand draw for the 1 Million Dollar cash prize will be conducted in November in line with the rules and regulations of the Department of Economy and Planning. Arup Mukhopadhyay, Head-Retail ...  >>MORE

Bank’s assets rise 17.6 % to Dh751 billion

Posted on 14/09/2006

The assets of the banks operating in the UAE rose by 17.6 per cent during the first quarter of this year to reach Dh750.6 billion by the end of March 2006 while the foreign assets rose by 3.3 per cent to Dh180.8 billion. The total credit facilities touched Dh432.5 billion by the end of March this year, up by 22.5 per cent compared to the end of last year while the volume of local investments rose by 133.6 per cent to Dh33.4 billion by the end of March 2006, the Central Bank said in a ...  >>MORE

Dubai Islamic Bank launches Sharia-compliant Commodity Linked Notes

Posted on 12/09/2006

Dubai Islamic Bank's (DIB) Wealth Management division today announced the launch of first-of-its-kind Sharia-compliant 3-year Commodity Linked Individually Capped Performance (CLIP) Notes. CLIP Notes will be linked to a basket of commodities comprising Gold, Crude Oil, Copper, Aluminium and Zinc. CLIP Notes are capital protected and the product is supported by DIB's Sharia Supervisory Board as well as the Sharia Supervisory Board of Dar Al Istithmar, a London based high profile Sharia ...  >>MORE

UAE inflation could fall to 4%

Posted on 10/09/2006

The UAE's inflation rate is expected to fall to four per cent next year due to a predicted easing of the real estate market, according to a senior government official. "We are considering that the prevailing relatively high inflation rate in the UAE is only temporary, as it is related to the current economic conditions," said Sultan Bin Nasser Al Suwaidi, governor of the UAE Central Bank. "The expansionary economic policy that is focusing on attracting foreign direct investments has ...  >>MORE

ADIB launches new investment product

Posted on 07/09/2006

Abu Dhabi Islamic Bank (ADIB) has launched a new investment service, the Dh1 billion "Al Shuruq" investment product, a Sharia- compliant product, will target investment in emerging and blue-chip stocks. AI Shuruq requires a minimum investment term of 2 years for maturity and will provide investors with the opportunity to invest in physical assets without paying management or subscription fees. The fund is targeting an estimated profit rate of 6% per annum with minimal risk. The minimum ...  >>MORE

Sharjah Islamic Bank rated by S&P

Posted on 07/09/2006

Sharjah Islamic Bank (SIB) has been awarded 'BBB' long-term and 'A-2' short-term ratings from Standard and Poor's ratings service in a recent review. Standard and Poor's is the world's leading provider of independent credit ratings services. A 'BBB' rating is considered investment grading. SIB is the first bank in the Emirate of Sharjah to be rated by S&P and the rating highlighted the bank's strong financial performance, solid capitalisation and improving asset quality. S&P also concluded ...  >>MORE

NBAD's A-rating and stable outlook affirmed

Posted on 04/09/2006

Fitch Ratings yesterday affirmed National Bank of Abu Dhabi's (NBAD) ratings at Issuer Default (IDR) 'A' with Stable Outlook, Short-term 'F1', Individual 'B/C' and Support '1'. The IDR, Short-term and Individual ratings reflect NBAD's strong market position, its close links to the Abu Dhabi government, its business and geographic diversification and consistent profitability. The ratings also reflect risks inherent in the UAE operating environment and concentrations in the loan portfolio ...  >>MORE

Total personal debt jumps to Dh133bn: Central Bank

Posted on 03/09/2006

UAE residents accumulated Dh35.8 billion in new debt in the first three months of 2006, bringing total personal debt by March 31 to a whopping Dh133.5bn, new statistics of the UAE Central Bank show. Some bankers and analysts attribute the big jump to individuals borrowing money from banks to invest in the first quarter's two big-ticket initial public offerings (IPOs) – du and Tamweel – which were oversubscribed 167 and 485 times, respectively. Emirates Today reported earlier last month ...  >>MORE

Personal loans for business double to Dh70.5b in UAE

Posted on 29/08/2006

Total bank credit in the UAE jumped 43 per cent in 2005 on the back of robust economic growth and soaring personal borrowings, figures show. Data from the latest statistical bulletin of the UAE Central Bank show credit from UAE's 46 domestic and foreign banks soared to Dh353.14 billion in 2005 from Dh246.95 billion in the previous year. Overall bank credit which includes loans and advances to government, official bodies, the private sector and other financial institutions had grown 25.4 per ...  >>MORE

Dubai Bank plans to turn Islamic in 18 months

Posted on 16/08/2006

Unlisted Dubai Bank said yesterday it planned to convert into an Islamic bank in the next 18 months, that will make it the fifth such institution in the UAE. The bank, which owns 70 per cent by Dubai Holding and 30 per cent by Emaar Properties, said in a statement it planned to strengthen its focus on retail banking to capture a larger market share of the UAE. The first step in this process will be a significant increase in its branch networks across the country to provide greater presence ...  >>MORE

National banks profits slide 10%

Posted on 02/08/2006

The sharp local stock market slump has brought down the profit growth rate of national banks by 10 per cent in the first half of the current year. National banks' profits grew 110 per cent during the first half of this year compared with 120 per cent during the corresponding period last year, bringing the total profits of national banks to Dh7 billion compared with Dh7.76 billion last year. According to sources, the 110 per cent growth rate in the first half of this year is satisfactory ...  >>MORE

Mashreqbank's quarterly net falls

Posted on 31/07/2006

The Mashreqbank Group, UAE's fifth biggest bank by assets, announced a 21.3 per cent decline in second-quarter profit yesterday as a fall in IPO and stock market related income hit earnings. Privately-owned Mashreqbank said net profit in April-June fell to Dh318 million from Dh404.22 million in the second quarter of 2005. Compared to the first quarter when it reported a profit of Dh342.2 million, net income was down 7.07 per cent. Mashreqbank's shares were not traded yesterday but last ...  >>MORE

NBAD to list convertible notes on local markets

Posted on 31/07/2006

National Bank of Abu Dhabi (NBAD) is set to become the first company to list convertible notes on the UAE stock markets. The 10-year subordinated notes have a face value of Dh100 each and investors will have the option of converting them into NBAD shares on maturity. Following approval from the Emirates Securities and Commodities Authority to list its convertible notes on the Abu Dhabi Securities Market (ADSM), they will be listed on August 8, the bank said. The notes are designed to be ...  >>MORE

Emirates Islamic Bank posts Dh43m first-half net profit

Posted on 30/07/2006

Emirates Islamic Bank (EIB) has earned a first-half net profit of Dh43 million an increase of 121 per cent over the results earned in the first quarter of the current year, and similarly an increase of 177 per cent over the net profit results in the corresponding period last year. EIB's total assets grew by a record 180 per cent, reaching Dh7.4 billion. In line with this progress, the financing and investment portfolio showed a similar growth reaching Dh6.7 billion compared to Dh2.4 billion ...  >>MORE

Bank of Sharjah reports Dh 126 million for H 1 OF 2006

Posted on 30/07/2006

Bank of Sharjah's half-yearly profits for 2006 touched Dh 126 million compared to Dh130 million in 2005. According to a statement released by the bank yesterday, core banking profits reached Dh159 million against Dh118 million for June 2005 - a growth of 35 per cent. The bank's assets increased by 9 per cent from Dh5,748 million to Dh6,246 million. Customer Deposits and Convertible Bonds increased by 16 per cent reaching Dh4,326 million. Customer advances reached Dh3,129 million, up 25 ...  >>MORE

Abu Dhabi bank profits grow 20.6% to Dhs4 billion in H1

Posted on 25/07/2006

Abu Dhabi national banks posted good profits over the first half of this year, which grew by 20.6 per cent to Dhs4 billion compared with Dhs3.3 billion for the corresponding period last year. The total assets of the five banks -- National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Union National Bank and First Gulf Bank -- grew by 10 per cent to Dhs246.6 billion for the first half of this year compared with Dhs224.3 billion by the end of last year. The portfolio of ...  >>MORE

Mashreqbank first UAE bank to receive DFSA licence

Posted on 22/07/2006

Mashreqbank said yesterday it has received a licence from the Dubai Financial Services Authority (DFSA) to operate as an authorised firm from the Dubai International Financial Centre (DIFC). The licence has been issued to Mashreq Capital, a wholly-owned subsidiary of Mashreqbank, and will enable the bank to provide a number of investment and brokerage services for investors. Mashreqbank is the first UAE-based bank to receive such a licence. "As the oldest private bank in the UAE, Mashreqbank ...  >>MORE

Adib net climbs to Dh292m

Posted on 17/07/2006

Abu Dhabi Islamic Bank yesterday reported a 106 per cent jump in first-half net profits reaching Dh291.70 million compared to Dh141.50 million for the same period in 2005, a company statement said. The shareholders' equity in June 30, 2006, has amounted to Dh2.4 billion, as opposed to the Dh1.65 billion of June 30, 2005, recording a growth of 47 per cent. The earnings per share has also risen from Dh0.99 by end of June 2005 to Dh2.02 by end of June 2006, a growth rate of 104 per cent not ...  >>MORE

Commercial Bank of Dubai improves performance

Posted on 17/07/2006

Commercial Bank of Dubai, UAE's 10th biggest bank by assets, said yesterday its net profit in the first half-year to June rose one per cent over a year ago to Dh283 million. The bank had a net profit of Dh279 million at the end of June 2005. Commercial Bank of Dubai said in a statement operating profit grew 19 per cent in the first half of 2006 as compared to the same period last year to reach Dh296 million. In addition to the high increase in the bank's operating profit, assets grew by 24 ...  >>MORE

ADCB posts record profit for first half of 2006

Posted on 16/07/2006

Abu Dhabi Commercial Bank (ADCB) has announced a record net profit for the first half of 2006 of Dh 1,198 million against Dh 844 million for the same period last year, an increase of 42 %. Operating profit for the first half of 2006 has risen to Dh1,771 million, a 57 % increase over 2005. Total assets also increased by 19 % from Dh57.5 billion to Dh 64.8 billion during the first half of 2006. Deposits have grown by 11% to Dh 37.5 billion from Dh 33.9 billion for the same period last year. ...  >>MORE

UAE mutual fund industry hits US$12b

Posted on 19/06/2006

The UAE has the third largest mutual fund industry in the GCC totalling US$12 billion with potential to grow to US$50 billion by 2010 but the regulatory environment for the funds must improve, an expert told a seminar yesterday. Haissam Arabi, Managing Director of Shuaa Capital, the investment bank, said foreign investors might shy away from funds if they are not well-regulated. "The total mutual funds under management in the GCC currently total about US$56.69 billion with a total of 402 ...  >>MORE

Islamic banks' assets rise 43.6% to Dh108 billion

Posted on 11/06/2006

Islamic banks operating in the country have witnessed a surge in their assets during the first quarter of 2006 by 43.6 per cent to Dh108 billion. Although these banks have reported growth in their assets, the total asset base of the banks has shrunk when compared to that of other national banks. The assets of Islamic banks dipped from 18.6 per cent at the end of 2005 to 13.3 per cent in March-end 2006. Thus, the total share of the Islamic banks in the overall banking sector has dropped by ...  >>MORE

First Gulf Bank unveils Dh645m developments in Abu Dhabi

Posted on 05/06/2006

First Gulf Bank (FGB) on Sunday launched two major developments in Abu Dhabi for a total cost of Dh645 million, namely, Ocean Terrace and Sea-shore Villas. Ocean Terrace is a 99-year leasehold tower project located at the waterfront of the first phase of the Reem Island in Abu Dhabi. Seashore Villas, meanwhile, is a unique modern style villa community located at the Officer's City in Abu Dhabi. Comprising 43 floors, and at an estimated cost of Dh408 million, the new development will stand as ...  >>MORE

UAE joins Islamic Finance Corporation

Posted on 03/06/2006

The UAE has inked an accession agreement to the International Islamic Trade Finance Corporation which was launched by the Islamic Development Bank (IDB) during its annual meeting in Kuwait last week. The US$ 3 billion corporation aims at enhancing economic development in the Islamic World through offering financing facilities to increase inter-trade exchange between Islamic countries. The UAE proposed the creation of such an agency during the IDB's governors' meetings in Tehran in 2004. Dr. ...  >>MORE

NBAD to launch US$50m emerging market fund

Posted on 29/05/2006

National Bank of Abu Dhabi is expanding its suite of international funds with the launch of a US$50 million Emerging Markets Fund shortly through Guernsey, and the bank has lined up two local funds for launch, the investment banking chief said yesterday. He also said that NBAD's Dh2.5 billion convertible bond programme has been fully subscribed and the bonds would be listed soon on the Abu Dhabi Securities Market. "The bank is expanding its range of international funds by introducing an ...  >>MORE

Emirates Bank announces Dh367b financing for GEM

Posted on 28/05/2006

Emirates Bank announced the signing of an agreement for a Dh367 Million term facility to finance construction and purchase of two 75,000 dwt Class Product Oil Carriers by Dubai based Gulf Energy Maritime (GEM) PJSC which is owned by IPIC Abu Dhabi , Oman Oil, ENOC and Thales. The facility was signed by Mahdi Kazim, Senior Manager & Head of Corporate Banking, Emirates Bank and Yusr Sultan, Chief Executive Officer of GEM PJSC in the presence of Abdulwahed Al Fahim, General Manager, EBI, ...  >>MORE

UAE banks enjoy strong growth

Posted on 27/05/2006

UAE banks delivered positive growth in the first quarter of 2006, with profitability boosted by a surge in fee income generated from IPO financing, mortgages, and credit cards, brokerage EFG-Hermes said. The gains outweighed the decline in investment income due to the negative performance of regional equity markets, it said. Similarly, IPO financing had a significant positive impact on net interest income. However, the IPO related financing and customer deposits across all UAE banks, ...  >>MORE

UAE- Afghani bank cooperation discussed

Posted on 24/05/2006

A meeting has been held yesterday between, Governor of the Central Bank of the UAE Sultan Bin Nasser Al Suwaidi Hamed Karzai, President of the Islamic Republic of Afghanistan, and the accompanying delegation at Emirates Palace in Abu Dhabi. During this meeting, issues of mutual interest between the two parties were discussed, including the banking and monetary relations with Afghanistan, as the Governor has emphasized enhancing the ongoing cooperation between the Central Bank of the UAE and ...  >>MORE

Banks’ IPO assets top 45 per cent in Q1

Posted on 23/05/2006

Loans and deposits related to two massive initial pubic offerings (IPOs) account for as much as 45 per cent of eight UAE banks' total assets in the first quarter of this year, according to data released this week. However, the total net income from IPO-related earnings is tough to gauge as the banks' statements have treated this component in different ways, an EFG-Hermes report said. March was witness to the Tamweel and du IPOs, which were oversubscribed 484 and 167 times, respectively. ...  >>MORE

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Quick List

ADIB profit for Q3 up 70.11pc


Rakbank net profit rises 39% to Dh193m


NBAD’s profits fall by 27 per cent in third quarter


ADCB realizes record profit of Dh1,616 Million


First Gulf Bank's net profit hits Dh1.14b


Commercial Bank of Dubai net up 39.1%


ADCB and Standard Chartered Launch Inaugural AED Eurobond Issue


Emirates Bank fits new security device in ATMs


National Bank of Fujairah launches private equity product


Emirates Bank takes a leap into Australian market


Bank of Sharjah raises expat stake limit to 30%


Third-quarter profit forecast looks rosy


ADCB's Million-Dollar-Dreams fully subscribed


Bank’s assets rise 17.6 % to Dh751 billion


Dubai Islamic Bank launches Sharia-compliant Commodity Linked Notes


UAE inflation could fall to 4%


ADIB launches new investment product


Sharjah Islamic Bank rated by S&P


NBAD's A-rating and stable outlook affirmed


Total personal debt jumps to Dh133bn: Central Bank


Personal loans for business double to Dh70.5b in UAE


Dubai Bank plans to turn Islamic in 18 months


National banks profits slide 10%


Mashreqbank's quarterly net falls


NBAD to list convertible notes on local markets


Emirates Islamic Bank posts Dh43m first-half net profit


Bank of Sharjah reports Dh 126 million for H 1 OF 2006


Abu Dhabi bank profits grow 20.6% to Dhs4 billion in H1


Mashreqbank first UAE bank to receive DFSA licence


Adib net climbs to Dh292m


Commercial Bank of Dubai improves performance


ADCB posts record profit for first half of 2006


UAE mutual fund industry hits US$12b


Islamic banks' assets rise 43.6% to Dh108 billion


First Gulf Bank unveils Dh645m developments in Abu Dhabi


UAE joins Islamic Finance Corporation


NBAD to launch US$50m emerging market fund


Emirates Bank announces Dh367b financing for GEM


UAE banks enjoy strong growth


UAE- Afghani bank cooperation discussed


Banks’ IPO assets top 45 per cent in Q1