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THE ECONOMY - BANKS

First Gulf Bank's rights issue over-subscribed 54 times

Posted on 12/07/2005

First Gulf Bank (FGB)announced yesterday that initial figures showed that subscription of its new share to increase the bank's capital was over-subscribed by 54 times. The IPO, which started on June 30 and closed today, raised Dh 7.7 billion from investors while the targeted ceil was Dh 4.98 billion. The bank obtained shareholders' approval of the proposed plan to increase the bank's capital from Dh 501,868,056 to Dh1 billion in a recent extraordinary general assembly meeting. The total ...  >>MORE

ADCB announces record half year profits for 2005

Posted on 12/07/2005

ADCB announced a record net profit for the first half of 2005 of Dh844 million against Dh304 million for the same period last year, an increase of 178 per cent. On a quarterly basis, profits grew by 293 percent to Dh623 million, compared to Dh159 million for the second quarter of 2004. 'Operating profit for the first half of 2005 has risen to Dh1,127 million, a 135 per cent increase over 2004. Total Assets also increased by 22 per cent from Dh38.4 billion to Dh46.8 billion during the first ...  >>MORE

ADIB announces increase in assets in 1st Half of 2005 report

Posted on 11/07/2005

Abu Dhabi Islamic Bank (ADIB) announced an increase of its assets from DH 10.8 billion in the first half of 2004 to Dh18.3 billion in the first half of 2005, an increase of 70% . This includes a temporary increase of Dh1.4 billion related to subscriptions to shares in an initial public offering. The bank's assets grew by 56% to reach DH 16.8 billion at the first half of 2005 compared to the first half of 2004. The net profit for the first half grew to Dh141.6 million with an increase of ...  >>MORE

NBAD raises capital to DH2 billion

Posted on 11/07/2005

The National Bank of Abu Dhabi, NBAD has raised its disclosed capital to Dh2 billion, while the bank's paid capital currently stands at Dh941.6 million. In a letter to the Abu Dhabi Securities Market, the bank said it had decided during a board meeting on Tuesday to issue bonds at a total value of Dh2.5 billion which can be converted into shares. The bank called for the holding of its ordinary general assembly meeting on September 12 to deliberate on the raising of its capital and the issue ...  >>MORE

Sharjah Islamic Bank Profits increased by 160%

Posted on 11/07/2005

Sharjah Islamic Bank, SIB, has reported a net profit of 98.4 million for the first half of 2005. The profit represent a 160% increase compared to 37.9 million net profit the bank achieved during the same period last year. The SIB also reported an increase of total assets of Dh1.3 billion since the end of 2004, an increase of 39%, to reach Dh.4.8 billion. Financing receivables grew by Dh1.1 billion, 45%, to reach Dh3.5 billion. The bank's investments also increased by Dh152 million, ...  >>MORE

UAE credit card usage surpass other countries

Posted on 08/07/2005

UAE is more mature in terms of credit card penetration, acceptance and state-of-the art infrastructure. Denzil Lawson, senior vice president and General Manager MasterCard International, Middle East and North Africa (MENA), said in an interview, published by "Banking and Finance UAE " Magazine in its July issue, credit card usage in the UAE has surpassed other countries in the South Asia, Middle East and Africa (SAMEA) Region. "In terms of frequency of card usage, UAE tops MENA countries ...  >>MORE

Union National Bank approves increase of capital

Posted on 08/07/2005

The Union National Bank's General Assembly, has approved the increase of its capital during the meeting held today, headed by Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Education and Chairman of UNB Board of Directors, to read at Dh.1.5 billion. The sum shall be distributed against 1 million shares, and 250 million shares representing 20 per cent of the current capital and shall be offered at Dh 1 nominal value per share, in addition to issuance bonus at Dh7 per share provided shares ...  >>MORE

NBAD's net profit soars to Dh1.3b

Posted on 08/07/2005

The National Bank of Abu Dhabi's unaudited net profits for the first half of this year zoomed to Dh1.338 billion, surpassing its annual profit in 2004. The record net profit during first half this year is more than NBAD's full year profit of Dh1.14 billion last year, the bank said in a statement. The 2005 first half net profit is 166 per cent up over the same period last year. The bank's total assets grew to Dh65 billion as of June, compared to Dh56.3 billion for the period ending December ...  >>MORE

Macquarie Bank in joint venture with ADCB

Posted on 06/07/2005

ADCB and Macquarie Bank today announced entering into a new investment banking joint venture. The joint venture, called ADCB Macquarie Corporate Finance LLC, will build on the existing corporate finance capabilities of both banks, especially in the infrastructure sector. It will provide mergers and acquisition and project finance advisory to clients in United Arab Emirates, Gulf Corporation Council Countries, the Middle East and North Africa. Under the joint venture arrangement, ADCB will ...  >>MORE

First Gulf Bank Profits soar to Dh465 million in 6 months

Posted on 05/07/2005

First Gulf Bank has announced outstanding financial results for the first half of the year 2005 achieving Dh465 million in net profits. The preliminary financial results indicate a remarkable growth in profits where it has increased by 357% compared to the same period of last year, in June and 90% compared to the full year-end of 2004. Abdulhamid Saeed, CEO First Gulf Bank said on Monday that the achievement made was in line with the strategies and plans set by the Bank in the last five ...  >>MORE

Dh901 million DIB profits in 2005

Posted on 05/07/2005

Dubai Islamic Bank has announced today that its net profits, including subscribers share, have increased to Dh901 million, during the first half of current year, by 123 per cent increase against Dh405 for the same period in 2003. DIB's Assets climbed by Dh6.2 billion by 23 per cent increase to reach Dh23.4 billion compared to Dh27.2 billion at the end of June 2004. The Bank's Investment and Funding Assets have prominently grown by 29 per cent at the end of June 2005 to reach Dh18.9 billions ...  >>MORE

Local bank in Abu Dhabi adopts anti-fraud system to protect clients

Posted on 05/07/2005

A local commercial bank has made a remarkable headway in protecting its customers against fraud, it was announced on Monday. The disclosure came in the wake of recent reports that an "unauthorized individual" had infiltrated the computer network of a US-based third-party credit card payment processor and accessed the details of up to 40 million cardholders globally. In a statement released yesterday, Abu Dhabi Commercial Bank (ADCB) said it was able to quickly identify and make safe all ...  >>MORE

Abu Dhabi Islamic Bank to raise paid capital to Dh3 billion

Posted on 04/07/2005

The Council of Abu Dhabi Islamic Bank has proposed to raise its paid capital from Dh.1 billion to Dh. 3 billion. The proposal will be discussed by the ADIB's General Assembly in its extraordinary meeting to be convened soon, on the strength that the increase in paid capital will be spilt among 200 million shares at Dh.10 nominal value per share. The Council will request the GA to raise the value of ADIB's paid capital from one to three billion dirhams through two instalments. The Council has ...  >>MORE

National Bank of Fujairah rights issue fully subscribed

Posted on 29/06/2005

National Bank of Fujairah has concluded its rights issue raising an additional Dh225 million of shareholders' funds. Shares were offered to existing shareholders who fully subscribed to the rights share offering. The rights issue was announced by Sheikh Saleh Bin Mohammad Al Sharqi, chairman of the bank, at the annual general meeting held on April 24. The bank has increased its share capital by Dh150 million and raised a further Dh75 million as share premium, making a total raised of Dh225 ...  >>MORE

Emirates Bank looks to expand

Posted on 27/06/2005

Emirates Bank is looking for growth abroad as it awaits licences in Syria, Kuwait and a few other markets, its chief said on Sunday. "We have applied for banking licences in Syria and some Gulf countries. We expect to get licences in Syria and Kuwait in the coming days. These markets have high growth potential," said Ahmad Humaid Al Tayer, Chairman of Emirates Bank Group. "Our operations in Riyadh, Saudi Arabia, are moving very well and we will strengthen the branch network there," he told ...  >>MORE

Emirates and Sudan Bank's IPO oversubscribed 8 times

Posted on 26/06/2005

Emirates and Sudan Bank (ESB) yesterday announced that its US$28.5 million Initial Public Offering (IPO) has been oversubscribed by more than eight times exceeding all expectations and setting a new record in the Sudan capital market by collecting more than US$200 million in 30 days. Speaking about the response, an official at ESB steering committee, said: "We are pleased that ESB was met with such a great response from the investor community. This unprecedented success reflects high ...  >>MORE

ADCB ISSUES US$800m FRN

Posted on 22/06/2005

Abu Dhabi Commercial Bank (ADCB) yesterday issued its debut international bond which is the first international bond issue by an Abu Dhabi based financial Institution and the largest issued from the region to date. The size of the bond is US$800 million, and it is structured as a floating rate note t hat will mature in 5 years time. The bond is the inaugural issue under the bank's new US$2.5bn Euro Medium Term Note ("EMTN") Programme. The Joint Lead Manager's of the bond issue are BNP ...  >>MORE

First Gulf Bank hikes capital to Dh1 billion

Posted on 22/06/2005

The Board of Directors of First Gulf Bank has approved raising to more than double the capital to Dh1 billion from Dh501.6 million. Ahmed Al Sayegh, Deputy Board Chairman of the bank, said that the bank had become the third largest in Abu Dhabi and sixth largest in UAE, adding that it had lost many investment opportunities in the past owing to lack of capital adequacy ratio. Abdul Hamid Saeed, the bank's Chief executive, announced plans to set up an Islamic finance company to meet demand for ...  >>MORE

ADCB gets Moody's Aa3 rating

Posted on 21/06/2005

The Abu Dhabi Commercial Bank, ADCB, has been assigned the Aa3 rating by the Moody's Investor Service (Moody's). The Moody's assigned an Aa3 rating to the senior unsecured notes to be issued ADCB under an EMTN programme of USD2.5 billion. Moody's has also, at the same time, upgraded the bank's FSR to D with positive outlook, from D- with positive outlook. Moody's explains that the senior unsecured debt rating is placed at one notch higher than the A1 foreign currency country ceiling for ...  >>MORE

DIB likely to split share, allow foreign shareholding

Posted on 20/06/2005

The board of directors of Dubai Islamic Bank has proposed in a meeting held here today to split the bank's share and to allow foreigners to hold up to 15 percent of its total shares. The proposals shall be submitted to the bank's general assembly extraordinary meeting, scheduled to be held later, to approve it, as stipulated in the commercial companies law. (The Emirates News Agency, WAM) ...  >>MORE

Abu Dhabi Commercial Bank to unveil US$2.5b euro note

Posted on 12/06/2005

Abu Dhabi Commercial Bank (ADCB) is establishing a US$2.5 billion Euro Medium Term Note programme with the first deal to be launched next week, the bank's chief said yesterday. An extraordinary general meeting will take place today to pass a resolution for the programme. "The bank is very active in large and long-term project deals and has decided to establish a five- year Euro Medium Term Note programme for US$2.5 billion [Dh9.18 billion] for our long-term funding," Eirvin Knox, Chief ...  >>MORE

ADCB and Macquarie Bank in Joint Venture

Posted on 10/06/2005

Abu Dhabi Commercial Bank (ADCB) announced at a dinner reception held at the Beach Rotana Hotel Tuesday a financial products joint venture with Macquarie Bank Limited (MBL ). The joint venture will bring the benefits of MBL's treasury and commodities expertise, products, staff and resources to ADCB's extensive banking franchise throughout the GCC. The joint venture between Macquarie and ADCB has established a treasury and commodity derivatives capability exclusively for ADCB's valued ...  >>MORE

NBAD opens new branch in Mussafah Industrial City

Posted on 08/06/2005

National Bank of Abu Dhabi has further grown its expansive network of branches, with the latest opening at Mussafah Industrial City, Abu Dhabi. The 60th branch, Mussafah Industrial City offers both full personal banking services as well as a 24-hour ATM service. Saif Al Shehhi, GM Domestic Banking Division - NBAD said: "With the largest network of branches and ATMs in the country, BAD Mussafah Industrial City Branch will add to the bank's reputation for offering the most convenient premier ...  >>MORE

National Bank of Dubai named Best Bank in UAE

Posted on 08/06/2005

For the third consecutive year, National Bank of Dubai has been chosen the Best Bank in UAE by Global Finance. Competing with top banking performers in emerging markets in the Middle East and Africa, NBD was selected as the Best Bank in UAE. The criteria for choosing the best banks included product innovation, competitive pricing, profitability, strategic relationships, customer service and asset growth, according to a press release. Award winners were selected based on input from Global ...  >>MORE

NBAD wins the Euromoney best bank in UAE Award

Posted on 07/06/2005

National Bank of Abu Dhabi, NBAD, was declared as the Best Bank in UAE at the 14th Annual Euromoney Awards for Excellence ceremony held at the Ritz Carlton hotel in Manama on June 2nd 2005. Regarded as a benchmark award for banks globally, over 25 Middle Eastern and International banks were recognized for their excellent performance at the Euromoney awards ceremony held for the first time in the Middle East. Michael H. Tomalin, Chief Executive of the Bank received the award in Bahrain and ...  >>MORE

Investment Company formed to develop Reem Island

Posted on 06/06/2005

Reem Investments, an investment company launched yesterday, announced plans to develop 25 per cent or 1.8 million square metres of Reem Island by investing Dh20 billion to develop sky-rise residential as well as commercial buildings which would be offered on 99-year free-hold lease to the UAE nationals as well as expatriates. "The Reem Island will encompass low and high-rise buildings, villas, retail and commercial offices apart from community services like schools, hospitals, mosques and ...  >>MORE

First Gulf Bank to raise equity to over Dh6.8b

Posted on 06/06/2005

First Gulf Bank (FGB) is raising its equity to over Dh6.8 billion by converting 93 million bonds into shares and a planned rights issue of 502 million shares to all shareholders, the bank's chief said. "The convertible bonds valued at Dh800 million issued to four strategic partners last year will be converted to 93 million shares, taking our equity to over Dh6.8 billion, the largest equity among UAE banks," Abdul Hamid Saeed, chief executive, FGB, told Gulf News yesterday. "The board of ...  >>MORE

First Gulf Bank to double capital

Posted on 31/05/2005

First Gulf Bank (FGB) is more than doubling its capital to Dh1 billion to meet its expansion and diversification plans. The board of directors of FGB, chaired by Sheikh Mansour Bin Zayed Al Nahyan, yesterday decided to increase the capital. An extraordinary general meeting will be held on June 21 to ratify the capital increase. "The increase in capital is in line with the future growth and expansion plans. The bank has succeeded in recording high net profit as well as excel in its financial ...  >>MORE

DIB opens branches for ladies in Sharjah

Posted on 27/05/2005

Sheikh Jawahir bint Mohammed Al Qasimi, Chairperson of the Sharjah Supreme Family Council, has launched today a branch of the Dubai Islamic Bank in the Sharjah emirate which was established by DIB to cater to women financial services. Sheikha Jawahir lauded the pioneering move by the bank saying: "The establishment of the bank will effectively contribute in delivering services to women in a manner that provided privacy for them in the light of UAE culture and heritage". (The Emirates News ...  >>MORE

DIB wins best Islamic bank award

Posted on 20/05/2005

Dubai Islamic Bank (DIB), was has won the Banker Middle East Award 2005 for best Islamic bank and best innovative bank categories. The awards were accepted by Saad Abdul Razak, CEO of DIB during a ceremony held here yesterday and was attended by leading Middle East banking personalities. "Winning the Best Islamic Bank Award and Best Innovation Award is a triumph for the bank's staff and management and confirms the strength not only of its offering to customers but also of its direction and ...  >>MORE

UAE banking assets grow by record 22% to Dh450 billion

Posted on 16/05/2005

The UAE's banking sector continued its robust performance in 2004, with total assets of local and foreign banks growing by a record 22 per cent to reach Dh450.02 billion, Central Bank figures released yesterday said. Analysts and bankers expect the growth to continue in 2005 and beyond on the back of high oil revenues and a buoyant economy. The total assets of 46 banks in the country rose 22.64 per cent from Dh366.90 billion in 2003, the UAE Central Bank bulletin showed. The 21 local banks ...  >>MORE

Dubai Islamic Bank passes milestone

Posted on 16/05/2005

Dubai Islamic Bank, one of the oldest Islamic banks, said it had crossed the Dh25 billion-mark for the value of deals it has been mandated or has lead managed since June 2004. DIB has raised funds from international markets for huge projects such as the Dubai Department of Civil Aviation's (DCA) US$1.2 billion (Dh4.4 billion) sukuk. Saad Abdul Razak, DIB's chief executive, said the bank's activities have contributed to the UAE's rapid economic growth and were vital to the region. The bank ...  >>MORE

EIB loans, facilities grow 158pc

Posted on 16/05/2005

The Emirates Industrial Bank (EIB) during the year 2004, sanctioned loans and facilities to 33 industrial projects amounting to Dh373.4 million comparing with Dh144.92 million sanctioned in the previous year, representing an annual growth of 158 per cent. The general assembly of Emirates Industrial Bank convened its ordinary and extra ordinary meetings yesterday which was chaired by Abdullah Salem Tarifi, in the absence of Dr Mohammed Khalfan bin Kharbash, State Minister of Financial and ...  >>MORE

Emirates and Sudan Bank launches US$28.5 million initial public offering

Posted on 15/05/2005

Emirates and Sudan Bank (ESB), the biggest of the new Islamic financial institutions to be inaugurated in Sudan, will launch tomorrow a US$28.5 million Initial Public Offering (IPO), representing 25 per cent of the bank's paid-up capital. The offering will be open to investors of all nationalities who will be able to subscribe through specified centres in the UAE, Sudan, GCC, and Jordan, for one month. ESB's 28.5 million shares will be offered at a face value of US$1 each. Following the ...  >>MORE

Emirates and Sudan Bank set to launch US$28.5 million IPO

Posted on 07/05/2005

Emirates and Sudan Bank (ESB), one of the biggest of the new Islamic financial institutions to open in Sudan, yesterday announced its launch of a US$28.5 million Initial Public Offering (IPO). The offer represents 25 per cent of the bank's paid-up capital and will be open to investors of all nationalities who will be able to subscribe through specified centres in UAE and Sudan for one month starting from May 15, 2005. ESB's 28.5 million shares will be offered at a face value of US$1 each. ...  >>MORE

Deutsche Bank, ADCB close first ever principal protected commodities transaction

Posted on 03/05/2005

Deutsche Bank and Abu Dhabi Commercial Bank (ADCB) yesterday announced the completion of the first ever Sharia (Islamic law) compliant transaction for high net worth clients, linked to a basket of commodities. The principal-protected transaction allows investors to benefit from the upside in prices of three key commodities: platinum, aluminium and crude oil. An exposure to a basket of commodities allows investors to diversify risk and decrease volatility when added to a portfolio of ...  >>MORE

Emirates and Sudan Bank's private placement closes at US$85 million

Posted on 02/05/2005

Emirates and Sudan Bank has completed its private placement at US$85 million with strong response from investors in Sudan and UAE. Large institutions and Islamic banks from both countries have taken part in the private placement including Dubai Islamic Bank, Sharjah Islamic Bank, Abu Dhabi Islamic Bank (DIB), and Islamic Development Bank. The bank also announced that its US$28.3 million initial public offering (IPO) will be open to subscription during mid May 2005. Once the IPO is completed ...  >>MORE

Foreigners may hold shares in Dubai Investment Company

Posted on 01/05/2005

Shareholders of the Dubai Investment Company agreed yesterday to raise the company's paid up capital to Dh858 million from Dh715 million. In the ordinary general assembly meeting presided over by Anis Al Jallaf, the company's Board Chairman, the shareholders unanimously agreed to amend the 7th article of the company's articles of association to allow foreigners to hold a maximum 20 per cent shares of the capital. Last week, the company announced a net profit of Dh248.5million in 2004, compared ...  >>MORE

Emirates Bank earnings soar

Posted on 27/04/2005

Emirates Bank's first-quarter net profit increased by 62.39 per cent to Dh272.4 million. While the consolidated interest income of the Emirates Bank Group grew from Dh258.353 million to Dh403.395 million for the quarter to March 31, the bank made an income of Dh17.558 million from Islamic financing and investment products. The total income of the bank rose from Dh309.958 million to Dh408.315 million during the period. Net provisions on advances increased from Dh603,000 in the first quarter ...  >>MORE

DIB to aid conversion of Tatarstan bank

Posted on 27/04/2005

Dubai Islamic Bank will help convert Bank Devon Credit based in the Republic of Tatarstan into an Islamic bank, said Sharia scholar Dr Hussain Hamid Hassan. Hassan, who is chairman of Dubai Islamic Bank's Sharia Board, said this on the sidelines of a meeting organised by Emirates Islamic Bank to announce the launch of a new retailing programme called 'Banking in Three Dimensions'. It is intended to set the bank apart from its competitors in the increasingly difficult retail market. EIB has ...  >>MORE

NBAD's Q1 profits rise 132 per cent

Posted on 25/04/2005

NBAD yesterday reported an all time record net profit of Dh0.5 billion in the first quarter of 2005, a 132 per cent increase over the first quarter of 2004. The first quarter annualised earnings per share of Dh 2.13 (restated following the 10-to--one stock split in March 2005) represents a 132% increase over the prior year period of Dh 0.92 (restated). "The annualised return on equity is 38.6% compared with 19.2% in the corresponding 2004 quarter. "NBAD's first quarter strong performance ...  >>MORE

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Quick List

First Gulf Bank's rights issue over-subscribed 54 times


ADCB announces record half year profits for 2005


ADIB announces increase in assets in 1st Half of 2005 report


NBAD raises capital to DH2 billion


Sharjah Islamic Bank Profits increased by 160%


UAE credit card usage surpass other countries


Union National Bank approves increase of capital


NBAD's net profit soars to Dh1.3b


Macquarie Bank in joint venture with ADCB


First Gulf Bank Profits soar to Dh465 million in 6 months


Dh901 million DIB profits in 2005


Local bank in Abu Dhabi adopts anti-fraud system to protect clients


Abu Dhabi Islamic Bank to raise paid capital to Dh3 billion


National Bank of Fujairah rights issue fully subscribed


Emirates Bank looks to expand


Emirates and Sudan Bank's IPO oversubscribed 8 times


ADCB ISSUES US$800m FRN


First Gulf Bank hikes capital to Dh1 billion


ADCB gets Moody's Aa3 rating


DIB likely to split share, allow foreign shareholding


Abu Dhabi Commercial Bank to unveil US$2.5b euro note


ADCB and Macquarie Bank in Joint Venture


NBAD opens new branch in Mussafah Industrial City


National Bank of Dubai named Best Bank in UAE


NBAD wins the Euromoney best bank in UAE Award


Investment Company formed to develop Reem Island


First Gulf Bank to raise equity to over Dh6.8b


First Gulf Bank to double capital


DIB opens branches for ladies in Sharjah


DIB wins best Islamic bank award


UAE banking assets grow by record 22% to Dh450 billion


Dubai Islamic Bank passes milestone


EIB loans, facilities grow 158pc


Emirates and Sudan Bank launches US$28.5 million initial public offering


Emirates and Sudan Bank set to launch US$28.5 million IPO


Deutsche Bank, ADCB close first ever principal protected commodities transaction


Emirates and Sudan Bank's private placement closes at US$85 million


Foreigners may hold shares in Dubai Investment Company


Emirates Bank earnings soar


DIB to aid conversion of Tatarstan bank


NBAD's Q1 profits rise 132 per cent