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THE ECONOMY - BANKS

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

Online investment bank comes to UAE

Posted on 21/05/2006

In an unprecedented move, The Wall Street Organisation, one of the Internet's top 150 global investment banks, will start operating in the UAE. The Wall Street Organisation (WSO) is an online investment banking company that has been successfully arranging financing for a wide range of US businesses. "The UAE and especially Dubai represent a massive opportunity to bring American investment banking strategies to UAE businesses," WSO's American President, Stephen M. Cole, said in a statement. ...  >>MORE

DIB closes US$500 million syndicated facility for ENOC subsidiary

Posted on 16/05/2006

Dubai Islamic Bank (DIB) announced that it has successfully closed a USUS$ 500 million Ijarah facility to finance an upgrade of the Jebel Ali refinery of ENOC Processing Company LLC (EPCL), a wholly owned subsidiary of Emirates National Oil Company (ENOC). DIB was awarded the mandate to lead and arrange the Islamic Financing which was also under written by DIB. In addition to the role of Initial Mandated Lead Arranger and Underwriter, DIB also acted as the Transaction Documentation Bank. ...  >>MORE

Decline of dollar heightens inflationary pressure in UAE

Posted on 15/05/2006

The UAE is facing tremendous inflationary pressures due to the American dollar's decline, a senior economy ministry official said yesterday. The US currency's slide against the euro was a key factor in Kuwait' s decision to revalue its dollar-pegged dinar by one per cent last week and markets have been speculating that other Gulf central banks would soon follow suit. The GCC economic bloc has set a target of integrating its currencies by 2010. The International Monetary Fund (IMF) had ...  >>MORE

Mohammed forms board of Dubai Investment Corp

Posted on 06/05/2006

General Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, has issued in his capacity as Ruler of Dubai decree No. (15) for 2006 on the formation of the board of the Dubai Corporation for Government Investment. The decree stated that Sheikh Mohammed will chair the board and have Hamdan bin Mohammed bin Rashid Al Maktoum as his deputy. It named Sheikh Ahmed bin Saeed Al Maktoum, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum , Ahmed Humaid Al Tayer, Mohammed Abdullah ...  >>MORE

UAE banks Q1 disbursal grow 67.9 per cent

Posted on 06/05/2006

The loans and facilities distributed by national banks grew significantly by 67.9 per cent to Dh499.7 billion up to the end of the first quarter of this year compared with Dh297.5 billion by the end of 2005. According to sources, this significant growth in volume is attributed to the banks entering into major deals and financing giant projects and initial public offerings. The growth reflects the banking trend to keep pace with the boom experienced in the different economic sectors, mainly ...  >>MORE

Eleven foreign banks make Dh2.3b in '05

Posted on 06/05/2006

The profits of 11 foreign banks operating in the UAE reached Dh2.3 billion for the financial year 2005. The banks are Standard Chartered Bank, HSBC, Citibank, Bank of Baroda, ABN Amro Bank, Habib Bank, Janata Bank, Lloyds Bank, Bank Milli Iran, United Bank and Barclays Bank. HSBC Middle East topped the list of the banks that made absolute profits in 2005. The bank posted net profits of Dh807 million, recording a growth rate of 41 per cent over the profits made in 2004. Citibank, on the ...  >>MORE

UAE banks boost profits by 75.4%

Posted on 03/05/2006

The profits of national banks in the first quarter this year reflected the boom experienced by the different sectors of the national economy in general and the banking sector in particular. The profits grew by 75.4 per cent to Dh4.7 billion compared with Dh2.67 billon for the corresponding period last year. The total assets of national banks grew by 55.7 per cent to Dh750 billion till the end of the first quarter compared with Dh481.3 billion for the corresponding period last year. In ...  >>MORE

Abu Dhabi banks net Dh2.21bilion

Posted on 01/05/2006

Abu Dhabi's national banks posted record profits in the first quarter of this year, growing by over 119 per cent to Dhs2.21 billion compared with Dhs1.009 billion over the corresponding period last year. National Bank of Abu Dhabi topped the list in terms of the value of the highest profit index, followed in the second place by Abu Dhabi Commercial Bank but with a higher growth rate of profits at 182 per cent while the growth rate of the National Bank of Abu Dhabi was the least at around ...  >>MORE

Emirates Bank net profit jumps 123% to Dh603 million

Posted on 01/05/2006

Emirates Bank, the UAE's second-biggest banking group, said yesterday its first quarter net profit jumped 123 per cent to Dh603 million, boosted by strong core earnings and huge collections from two IPOs. The Emirates Bank Group had a net profit of Dh270 million in the first quarter last year. Earnings per share increased to Dh0.26 compared to Dh0.12 for the same period last year. Total group assets, which include those of Emirates Bank International, subsidiaries including Emirates Islamic ...  >>MORE

National Bank of Fujairah reports 67% rise in profit

Posted on 01/05/2006

National Bank of Fujairah (NBF) yesterday announced results for the first quarter of this year, in which profits soared by 67 per cent to Dh59 million from Dh35 million in the corresponding quarter ending March 31, 2005. The strong results are backed by healthy and sustainable volumes. Net interest income rose by 63 per cent against the same period last year. The bank, however, recorded a marginal decline in its interest spread, reflecting a change in portfolio growth mix coupled with a ...  >>MORE

Mashreqbank's first-quarter net profit soars 25% to Dh342.2m

Posted on 30/04/2006

Mashreqbank on Saturday said its group net profit increased to Dh342.2 million for the first quarter of 2006, a 25.61 per cent increase over the same period last year. The bank's assets grew by 30.7 per cent to Dh49.9 billion. Loans and advances increased by 43 per cent and customer deposits grew by 53 per cent during the quarter. Earnings per share climbed from Dh3.15 in first quarter of 2005 to Dh3.95 this year, a 25 per cent increase. Mashreqbank chief executive officer Abdul Aziz Al ...  >>MORE

NBD first-quarter net jumps 21% to Dh257m

Posted on 30/04/2006

National Bank of Dubai (NBD) is establishing an investment banking subsidiary in the DIFC and has received initial approval from the Central Bank to establish an Islamic finance company subsidiary. The bank's board of directors decided to recommend to shareholders a share split reducing the nominal value of the bank's shares from Dh10 to Dh1, subject to regulatory approvals. Further announcements of these and other initiatives are expected to follow shortly, the bank said in a statement. It ...  >>MORE

Emirates Bank plans home loans for foreigners

Posted on 29/04/2006

Emirates Bank International, the UAE's second-biggest lender by assets, plans to begin offering home loans to foreigners as the new property law announced in March allows them to own property in Dubai, Gulf News quoted a bank official as saying yesterday. Louis Scotto, Emirates Bank's general manager for retail banking, told the paper that the bank had put together a full package of mortgage products that were now being evaluated by the company's lawyers. The products will be presented to ...  >>MORE

Rakbank reports 30% rise in profit

Posted on 26/04/2006

The National Bank of Ras Al Khaimah (Rakbank), the UAE's 11th biggest bank by assets, reported a 30 per cent rise in first-quarter net profit from a year ago to Dh55.71 million, it said yesterday. Gross interest income of Dh140 million was 43 per cent higher than in the first quarter of last year due to the significant increase in mortgage financing, automobile loans and credit card business. Gross loans and advances ended at Dh6.02 billion, an increase of 8 per cent over December 31, 2005 ...  >>MORE

Japanese bank opens DIFC branch

Posted on 24/04/2006

The Japan Bank for International Co-operation (JBIC) yesterday opened its 26th representative office in the Dubai International Financial Centre (DIFC). Headed by Chief Representative Nobuyuki Higashi, the DIFC branch will cover the GCC countries, Iran and Yemen. JBIC is a Japanese Government institution which was established in 1999 through the merger of the Export-Import Bank of Japan (JEXIM) and the Overseas Economic Cooperation Fund (OECF). Dr Omar Bin Sulaiman, Director General of Dubai ...  >>MORE

Bank of Sharjah posts 31% growth in Q1 net profits

Posted on 24/04/2006

Bank of Sharjah announced a 31 per cent increase in net profits, posting Dh58.1 million for the first three months of 2006 compared to Dh44.3 million for the same period last year. Loans and advances grew by 36 per cent from Dh2.420 billion to Dh3.297 billion, while customer deposits posted a 32 per cent increase to reach Dh3.199 billion on March 31, 2006 compared to Dh2.422 billion for the same period last year. Total assets at the end of March 31, 2006 stood at Dh7.581 billion, up 97 per ...  >>MORE

NBAD Q1 net rises 26% to Dh631 million

Posted on 23/04/2006

National Bank of Abu Dhabi, NBAD, has posted a net profit of Dh631 million for the first quarter of 2006, a rise of 26 per cent. First quarter annualized earnings per share of Dh2.96 are 26 per cent up compared to the previous year, and the annualized return on tier one equity is 33.9 per cent. In a statement to the stock market, the bank said operating profit rose to 20 per cent to touch Dh802 million and expenses rose 15 per cent over the corresponding quarter in 2005, resulting in a cost ...  >>MORE

Dubai Islamic Bank profit soars 118%

Posted on 18/04/2006

Dubai Islamic Bank (DIB), UAE's sixth biggest bank by assets, reported a 118 per cent jump in first quarter net profit to Dh332 million from Dh152 million a year ago, it said in a statement yesterday. Including depositors' share of profit, which is equivalent to interest paid on deposits by conventional banks, earnings rose 127 per cent to Dh695 million in January-March 2006 compared to Dh305 million in the same period last year. Total assets grew by a record 109 per cent to Dh63.4 billion ...  >>MORE

NBAD set to expand abroad

Posted on 16/04/2006

National Bank of Abu Dhabi (NBAD) has drawn up an ambitious overseas expansion plan to open several new branches this year in Egypt, Sudan, Oman and Kuwait, the bank's chief said. Michael H. Tomalin, Chief Executive, said the bank will open at least five new branches in Egypt, two in Khartoum, two in Oman and its first branch in Kuwait this year. "Our international business is doing very well and we would like to build upon this. We will have 20 branches in Egypt to be among the top three ...  >>MORE

Abu Dhabi Islamic Bank Q1 net rises 277.5%

Posted on 16/04/2006

Abu Dhabi Islamic Bank (ADIB) posted a net profit of Dh156.3 million for the first quarter of 2006, a 277.5 per cent growth compared to Dh41.4 million in the corresponding period last year. The shareholders' equity as on March 31, 2006 amounted to Dh2.07 billion as against Dh1.5 billion as of March 31, 2005, recording a growth of 34 per cent. The EPS also rose from Dh0.34 to Dh1.3 by end of March 2006, a growth rate of 277 per cent. The remarkable growth in profit comes as result of the ...  >>MORE

Sharjah Islamic Bank posts Dh6.5m profit

Posted on 16/04/2006

The Sharjah Islamic Bank (SIB) has posted a net profit of Dh61.5 million in the first quarter of this year. The figure represents 32 per cent rise compared to the Dh46.8 million profit realised during the same period last year. The bank's financial statement for the period ending March 31, 2006 put the total of operation profit at Dh61.5 million, compared to Dh23.3 million recorded in the first quarter of 2005. This represents an increase of 164 per cent at an amount of Dh38.2 million. ...  >>MORE

ADCB announces record Q1 profit

Posted on 12/04/2006

Abu Dhabi Commercial Bank (ADCB), one of the UAE's leading financial institutions, today announced a net profit for the first quarter 2006 of Dh623 million against Dh221 million for the same period last year, an increase of 182 per cent. During the three month period total assets rose by Dh10.2 billion to Dh67.7 billion, while loans and advances grew by Dh5.1 billion to Dh47.2 billion. Funding the increases were customer deposits growth which increased Dh9.8 billion to reach Dh43.7 billion ...  >>MORE

First Gulf Bank's net profit jumps 252% to Dh377m

Posted on 09/04/2006

Abu Dhabi-based First Gulf Bank has reported Dh377 million in net profits for the first quarter of 2006 a 252 per cent jump over the corresponding period last year. Total operating income reached Dh515 million, up 212 per cent over the same quarter last year. The annualised return on average equity for the first three months of 2006 stands at 18 per cent and the earnings per share (EPS) for this period was Dh0.30. The bank also successfully concluded syndicated borrowing from 32 ...  >>MORE

Lloyds TSB Offshore Limited opens in the Dubai International Financial

Posted on 05/04/2006

Lloyds TSB Offshore Limited is delighted to announce that it has been licensed by Dubai Financial Services Authority to operate as an authorised firm from the fast-growing Dubai International Financial Centre (DIFC). The expansion into the DIFC is primarily focussed at promoting wealth management services to the professional and institutional market, in particular the Lloyds TSB range of offshore funds. The range of funds offered by Lloyds TSB offshore includes 'AA' and 'A' rated award ...  >>MORE

DIB and Dubai World to launch US$ 5 billion equity funds

Posted on 05/04/2006

Dubai Islamic Bank and Dubai World yesterday announced the launch of the first of its kind US$5 billion family of private equity funds to participate in strategic transactions on a global basis. Dubai World is the holding company of Dubai Ports World, Free Zone Corporation, Nakheel, Istithmar and Dubai Multi Commodities Centre among others. The family of funds that will be launched over the next 18 months comprises seven specific private equity funds covering strategic sectors: Energy, ...  >>MORE

UAE banks double earnings in 2005

Posted on 04/04/2006

UAE banks netted Dh18.5 billion in profits during 2005, double those of the previous year and triple those of 2003, the Emirates Banks Association said in its annual report on Monday. Total assets jumped to Dh622 billion, an increase of 40 per cent over the previous year. "During the year 2005, the banking sector witnessed distinguished performance due to the significant rise in national income, besides the unprecedented upturns in various economic sectors such as construction, ...  >>MORE

DBS, Singapore largest bank, to operate at DIFC

Posted on 03/04/2006

DBS Bank, the largest bank in Singapore and fifth largest banking group in Hong Kong, announced today that it received approval from the Dubai Financial Services Authority (DFSA) to open its first branch in the Middle East at the Dubai International Financial Centre (DIFC). It is among the first few Asia-based banks, and the first Singapore-based bank to receive a banking license in Dubai. DBS Bank is currently operating out of the DIFC's Business Centre, and is expected to open its flagship ...  >>MORE

Dubai Islamic Bank launches operations in Pakistan

Posted on 01/04/2006

Karachi - Dubai Islamic Bank (DIB) launched its operations in Pakistan, with the opening of its first branch in the commercial city of Karachi on March 28 by Dr. Mohamed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry and Chairman of DIB and Saad Abdul Razak, CEO of DIB and other senior officials of the bank. This is the bank's first of eight branches that is being planed for opening by DIB Pakistan Limited, a wholly owned subsidiary of DIB. Other branches are being ...  >>MORE

Arbift's net profit up 77% to Dh132.5m

Posted on 28/03/2006

Helped by higher interest income and inter-bank placement, the Arab Bank for Investment and Foreign Trade (Arbift) has earned a net profit of Dh132.47 million in 2005, up 77 per cent over the previous year, the bank said yesterday. The Abu Dhabi-headquartered bank has projected higher growth for 2006 as corporate and retail lending activities gather pace in the country and the region. "Our net profit has grown nearly 80 per cent more in 2005 compared to 2004. "With more lending for ...  >>MORE

Dubai Bank appoints Al Shaibani to take charge as new chairman

Posted on 28/03/2006

Dubai Bank yesterday announced that Mohammad Al Shaibani has been appointed as the new chairman of its Board, while Saeed Al Tayer remains as a board member. Additional members of the Board who were selected include Soud Ba'lawi, Hamed Kazim, Fadel Al Ali, Mohammad Abdul Rahim Al Jallaf and Abdul Aziz Al Muhairi. His Highness Sheikh Mohammad Bin Rashsid Al Maktoum, Vice-president and Prime Minister of UAE and Ruler of Dubai, has appointed Al Shaibani, president of Dubai office, as the ...  >>MORE

Project financing requirements will hit US$30bn in 2006

Posted on 26/03/2006

MEED estimates that project financing requirements in 2006 will hit US$30bn, according to a latest report. This will include financing worth US$5.4bn for the RasGas II and III liquefied natural gas (LNG) projects in Qatar A, US$4bn debt package for Qatargas 4, a joint venture between Qatar Petroleum and the Royal Dutch / Shell Group is anticipated for around the middle of the year. However Saudi Arabia is set to be the focus of financing activity in 2006, according to a statement by MEED ...  >>MORE

Fitch affirms Abu Dhabi Islamic Bank's rating

Posted on 25/03/2006

London: Fitch Ratings yesterday affirmed Abu Dhabi Islamic Bank's (ADIB) ratings at Issuer Default 'A-' (A minus) with Stable Outlook, Short-term 'F2', Individual 'C' and Support '2'. The Long-term IDR, Short-term and Individual ratings reflect ADIB's sound asset quality and improving profitability. They also consider its relatively short operating track record, especially under the current board of directors, rapid asset growth and declining capital ratios. The Support rating reflects the ...  >>MORE

NBAD plans Geneva foray in global expansion drive

Posted on 25/03/2006

The National Bank of Abu Dhabi (NBAD) is awaiting approval for a licence to open a private banking operation in global financial centre Geneva, according to a bank executive. Jamil Halabi, NBAD's head of finance, said the country's largest bank has submitted an application to the Swiss Federal Banking Commission. He expects the bank will make its foray into Geneva in the second half of the year. Private banking refers to investment and wealth-management services that are tailored for ...  >>MORE

DIB wins Islamic finance awards

Posted on 22/03/2006

Dubai Islamic Bank (DIB) on Tuesday won two Sheikh Mohammed Bin Rashid Al Maktoum Islamic Finance Awards at the ninth International Islamic Finance Forum (IIFF). The prizes were given at an event held to celebrate and honour excellence in Islamic Finance during the IIFF. The global forum was held under the under the patronage of Vice-President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum. DIB Executive Vice President, Investment and Corporate ...  >>MORE

Dubai International Capital, HSBC launch US$500m fund

Posted on 21/03/2006

Dubai International Capital (DIC), the international investment arm of Dubai Holding, and HSBC Bank (HSBC) are establishing a US$500 million fund to invest in infrastructure opportunities across the Middle East and North Africa (MENA) region. The Fund will be known as the 'MENA Infrastructure Fund' and DIC and HSBC will each invest US$50 million in the Fund, demonstrating their confidence in the opportunity and their commitment to the sector. DIC and HSBC will also provide fund management ...  >>MORE

NBAD approves distribution of 40% dividends

Posted on 20/03/2006

NBAD's AGM approved in its meeting yesterday the distribution of 40% cash dividends and 30% bonus shares to shareholders. A meeting of the new Board of Directors was held, during which Khalifa Mohammed AL Kindi was elected as Chairman and Dr. Jauan Salem Al Dhaheri as Deputy Chairman. In 2005 NBAD reported net profits of Dh 2.6 billion and total assets of Dh 83.7 billion. The Bank earned a return on equity of 43.9% in 2005, the best amongst the large UAE banks. (Emirates News Agency, WAM) ...  >>MORE

Dubai Islamic Bank extends right issue

Posted on 20/03/2006

Dubai Islamic Bank (DIB) announced that it has decided to extend the subscription period in the bank's capital increase rights issue which was originally planned to end by March 30, 2006. A statement issued by the bank yesterday said it has decided to extend the subscription period till April 10, 2006. The initiative follows the latest developments that the local stock markets have seen. The bank has decided to extend the subscription period to maintain liquidity and an attractive ...  >>MORE

Standard Chartered Bank purchases landmark building in DIFC

Posted on 14/03/2006

Standard Chartered Bank, SCB, yesterday announced the launch of its new corporate building in the Dubai International Finance Centre (DIFC). The new building is at No 1, Dubai International Financial Centre. Standard Chartered is the first bank within the Dubai International Financial Centre to purchase its own premises. To mark the historic occasion, Dr. Omar Bin Sulaiman, Director General of the Dubai International Financial Centre and Ray Ferguson, Chief Executive, UAE, of Standard ...  >>MORE

National Bank of Fujairah to distribute 5 % cash dividend

Posted on 13/03/2006

The National Bank of Fujairah (NBF) announced that a 5 percent cash dividend and 10.53 percent bonus shares have been approved at the bank's Annual Ordinary General Meeting (AGM) held in Al Diar Siji Hotel in Fujairah. These dividends and bonus shares will be paid out to shareholders recorded in the share register on March 19. The Extraordinary General Meeting (EGM) was also held which ratified and approved the share split, announced by the bank in February, in the ratio of 1 to 100 where ...  >>MORE

ADCB awarded UAE 'Year Best Deal' for 2006

Posted on 12/03/2006

ADCB has been awarded UAE 'Year Best Deal' for 2006, it was announced here today. The award is presented by the Banker Magazine and Financial Times. The magazine had chosen the winning deals in more than fifty countries and the referee panel reviewed hundreds of applications and nomination forms applied. The ultimate winner was chosen, based on several criteria focusing mainly on the kind of deals and the extent to which they met the client's requirements and objectives, and its innovative ...  >>MORE

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Quick List

Banks’ IPO assets top 45 per cent in Q1


Online investment bank comes to UAE


DIB closes US$500 million syndicated facility for ENOC subsidiary


Decline of dollar heightens inflationary pressure in UAE


Mohammed forms board of Dubai Investment Corp


UAE banks Q1 disbursal grow 67.9 per cent


Eleven foreign banks make Dh2.3b in '05


UAE banks boost profits by 75.4%


Abu Dhabi banks net Dh2.21bilion


Emirates Bank net profit jumps 123% to Dh603 million


National Bank of Fujairah reports 67% rise in profit


Mashreqbank's first-quarter net profit soars 25% to Dh342.2m


NBD first-quarter net jumps 21% to Dh257m


Emirates Bank plans home loans for foreigners


Rakbank reports 30% rise in profit


Japanese bank opens DIFC branch


Bank of Sharjah posts 31% growth in Q1 net profits


NBAD Q1 net rises 26% to Dh631 million


Dubai Islamic Bank profit soars 118%


NBAD set to expand abroad


Abu Dhabi Islamic Bank Q1 net rises 277.5%


Sharjah Islamic Bank posts Dh6.5m profit


ADCB announces record Q1 profit


First Gulf Bank's net profit jumps 252% to Dh377m


Lloyds TSB Offshore Limited opens in the Dubai International Financial


DIB and Dubai World to launch US$ 5 billion equity funds


UAE banks double earnings in 2005


DBS, Singapore largest bank, to operate at DIFC


Dubai Islamic Bank launches operations in Pakistan


Arbift's net profit up 77% to Dh132.5m


Dubai Bank appoints Al Shaibani to take charge as new chairman


Project financing requirements will hit US$30bn in 2006


Fitch affirms Abu Dhabi Islamic Bank's rating


NBAD plans Geneva foray in global expansion drive


DIB wins Islamic finance awards


Dubai International Capital, HSBC launch US$500m fund


NBAD approves distribution of 40% dividends


Dubai Islamic Bank extends right issue


Standard Chartered Bank purchases landmark building in DIFC


National Bank of Fujairah to distribute 5 % cash dividend


ADCB awarded UAE 'Year Best Deal' for 2006