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THE ECONOMY - BANKS

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

NBF reports 35% growth in profit

Posted on 25/04/2005

National Bank of Fujairah shareholders yesterday approved a rights issue and bonus issue, raising the bank's issued share capital to Dh905 million and total shareholders' funds to Dh1.2 billion. National Bank of Fujairah (NBF) has reported a 35 per cent increase in its 2004 profit over the previous year. NBF must keep its growth rate high, said Sheikh Saleh Bin Mohammad Al Sharqi, Chairman of the Fujairah Department of Industry and Economy and Chairman of NBF. Sheikh Saleh spoke at the ...  >>MORE

ADCB and Macquarie Bank join hands to set up new Offset venture

Posted on 20/04/2005

Abu Dhabi Commercial Bank (ADCB) yesterday announced 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. This financial joint venture has been structured to provide appropriate solutions to defence contractors who have significant offset obligations in UAE. "We are pleased to be part of this new ...  >>MORE

Bank of Sharjah posts 51 per cent growth in Q1

Posted on 20/04/2005

Bank of Sharjah announced a 51 per cent increase in net profit posting Dh 44.3 million for the first three months of 2005 compared to Dh 29 million the previous year. Loans and advances grew by 53 per cent from Dh1.6 billion to Dh2.4 billion, while customer deposits posted a 20 per cent increase to reach Dh2.4 billion on March 31, 2005 compared to 2 billion during the same period of last year, according to a statement from the bank issued yesterday. "Our continuing high performance stems ...  >>MORE

NBD profit edges up to Dh291.4m

Posted on 20/04/2005

National Bank of Dubai has recorded a 2.9 per cent rise in net earnings during the first quarter of this year. The bank posted a net profit of Dh291.4 million during the three months to March 31, up Dh8.1 million over the comparable period last year, it said in a statement yesterday.Net interest income rose 6.6 per cent, or Dh13.1 million, to Dh211.6 million. Excluding the one-off income of Dh106 million in 2004 and Dh79 million in 2005 included under other income, National Bank of Dubai's ...  >>MORE

ADIB posts 58pc net increase

Posted on 20/04/2005

Abu Dhabi Islamic Bank (ADIB) announced yesterday Dh41.1 million in net profits compared to Dh26.02 million in the first quarter of 2004. The 58 per cent increase came in-line with the increases in total assets and deposits. Total operating revenues touched Dh153 million. The bank anticipates further growth this year. (The Emirates News Agency, WAM) ...  >>MORE

Sharjah Islamic Bank Q1 net shoots up 164% to Dh46.8m

Posted on 18/04/2005

Sharjah Islamic Bank (SIB) has reported 164 per cent increase in net profit for the first quarter of 2005 at Dh46.8 million against Dh17.7 million for the corresponding period last year. Total assets of the bank, formerly National Bank of Sharjah, rose to Dh4.6 billion from Dhs.5 billion. Shareholders' equity grew by 175 per cent to Dh1.2 billion, owing to an increase in the bank's capital from Dhs386 million to Dhs1 billion. Receivables grew by 38 per cent to reach Dh3.3 billion, and ...  >>MORE

ARBIFT earns profit of Dh 74.651m

Posted on 18/04/2005

Arab Bank for Investment and Foreign Trade (ARBIFT) earned a net profit of Dh 74.651 million during the financial year ending December 31st, 2004 up against Dh 46.056 million bagged during the corresponding period. Balance sheet footings for the year 2004 amounted to Dh 5.242 billion compared to Dh 4.841 billion in year 2003, reflecting an whopping increase of Dh 401 million, according to a report in "Khaleej Times.” The customers deposits ran up to Dh 156 million while the domestic loans ...  >>MORE

Mashreqbank posts Dh272m quarterly net

Posted on 17/04/2005

The Mashreqbank Group has reported a net profit of Dh272.4 million for the first quarter of 2005. This represents 64.8 per cent increase over last year's first quarter profit of Dh165.3 million. During the quarter, the bank's assets rose 32 per cent, while shareholders funds showed an improvement of 22.4 per cent. The bank's net interest income increased by 19.4 per cent to Dh232.6 million while total income jumped 58 per cent, from Dh372.6 million to Dh589.2 million. Commission and other ...  >>MORE

Dubai Islamic Bank to create international banking arm

Posted on 16/04/2005

Dubai Islamic Bank, DIB is poised to extend its reach by creating an international banking arm to capitalise on the global expansion of Islamic finance. The first few steps have been taken, with forays into Pakistan, that have led to the announcement of a Pakistan subsidiary, said CEO Sa'ad Abdul Razak. A representative office is also being opened in Turkey. (The Emirates News Agency, WAM) ...  >>MORE

ADCB increases 1st quarter profit by 52 per cent

Posted on 15/04/2005

Abu Dhabi Commercial Bank (ADCB), today announced a net profit for the first quarter 2005 of Dh 221 million against Dh145 million for the same period last year, an increase of 52 per cent. For the three months ended March 2005 operating income increased to AED 250 million from Dh 157 million in the previous year which represents a 61 % per cent increase, loans and advances also increased 16% in 3 months to Dh 30 billion and the total assets reflected an increase of 13% to Dh 43.6 billion in ...  >>MORE

Ras al-Khaimah Investment Authority established

Posted on 13/04/2005

H.H. Sheikh Saqr bin Mohammed al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued an Emiri decree establishing a special investment body to be known as Ras al-Khaimah Investment Authority, which shall enjoy an independent financial and administrative status. Article one of Decree no. 2 of 2005 states the objectives of the new authority, while Article 2 of the decree stipulates the specialisation and prerogatives of the new body, which include making investment policy ...  >>MORE

Alabbar appointed CEO of Sudan's Al Salam Bank

Posted on 13/04/2005

The Board of Al Salam Bank, the Islamic bank, established by a group of Arab investors, met here yesterday and announced an expansion of the board as well as key executive appointments for the management of the Bank. The executive appointments include the Sharia committee, Chief Accountant, Foreign Legal Consultant, Auditor for the year 2005 and Financial Advisor for the bank. Al Salam Bank was founded by a consortium of UAE and Sudanese investors. Mohamed Ali Alabbar has been elected ...  >>MORE

Dubai Islamic Bank shines in first quarter

Posted on 13/04/2005

Dubai Islamic Bank's first-quarter profits grew by about 70 per cent compared with the same period last year, bank representatives said. "The bank's impressive performance during the first three months of this year reflects the success of our strategy. We have been working to diversify our Islamic finance products and services to meet the growing demands of the market," said Dr Mohammad Khalfan Bin Kharbash, Minister of State for Financial and Industrial Affairs and Chairman of Dubai Islamic ...  >>MORE

CBD net up 44% in first quarter

Posted on 12/04/2005

Commercial Bank of Dubai has posted 44 per cent growth in its first quarter net profit to Dh107 million. The annualised earnings per share (EPS) of the bank has improved from Dh5.5 per share to Dh6.8 per share for the quarter ending March 31. While total assets rose 21 per cent during this period, the loans and advances increased by 36 per cent. Investments went up by 68 per cent whereas the customer deposits improved by 18 per cent. Shareholders' equity witnessed a fairly good growth of 27 ...  >>MORE

New centre in Dubai to settle Islamic financial disputes

Posted on 10/04/2005

International Islamic Centre for Reconciliation and Commercial Arbitration for Islamic Finance Industry was launched in Dubai yesterday. The UAE has contributed US$250,000 to the establishment of the new centre, half of the total investment, the remaining of which was provided by Islamic Development Bank (IDB). The centre, whose headquarters will be situated in Dubai, will settle financial and commercial disputes between financial or commercial institutions that have chosen to comply with ...  >>MORE

ADCB signs advisory agreement with HCSEZ

Posted on 09/04/2005

Abu Dhabi Commercial Bank PJSC (ADCB) has entered into an agreement with the Higher Corporation for Specialized Economic Zones ("HCSEZ") to provide financial advisory services with regard to the fast track development of the Industrial City of Abu Dhabi (ICAD) Phase 2. In addition, ADCB will advise HCSEZ on the establishment of an Infrastructure Fund as the preferred vehicle through which to finance the rapid development of ICAD and other infrastructure assets in Abu Dhabi. In this ...  >>MORE

Dubai Islamic Bank opens office in Turkey

Posted on 08/04/2005

Istanbul - Dubai Islamic Bank has announced here today the launching of its operations in Turkey by opening a representative office, the first of its kind outside the UAE. The launching was celebrated at the capital city under the patronage of Ali Babacan Minister of Economy and Sultan bin Saeed Al Mansouri, UAE Minister of Transport and DIB Deputy Chairman. Al Mansouri said that the Office was a new step towards fulfilling the DIB's objectives, and expanding the base of its operations in ...  >>MORE

RAKBANK profit rises 36% to Dh129 million

Posted on 06/04/2005

The National Bank of Ras al-Khaimah, reported a record net profit of Dh129.27 million for the year ending December 31, 2004, banks representatives said. The net profit recorded by the National Bank of Ras al-Khaimah (RAKBANK) represents an increase of 36 per cent over the previous year's profit of Dh95.1 million. Non-interest fees, commissions and foreign exchange sources increased by 59 per cent, reflecting RAKBANK's strategy to enhance it sources of fee-based income by emphasising its high ...  >>MORE

Mubadala gets Dh2.28b syndicated loan

Posted on 06/04/2005

The Abu Dhabi Government-owned Mubadala Development Company has achieved financial close on a 475 million euro (Dh2.28 billion) syndicated loan, bankers said. The funds will be used to help finance Mubadala's acquisition (along with Volkswagen and Saudi Olayan Group) of the Dutch fleet management giant LeasePlan Corp. The mandated lead arrangers (MLAs) are National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Citibank and Barclays who have underwritten the facility in equal amounts. ...  >>MORE

Commercial banks' profit up 39.5pc

Posted on 30/03/2005

The Central Bank of UAE has noted that the aggregate net profits of the commercial banks in the country achieved a growth of 39.5 per cent compared to 2003. The Governor of UAE Central Bank Sultan Nasser Al Suwaidi in his comments in the annual report of Emirates Banks Association (EBA) said that the banking sector during the last ten years witnessed enviable growth. He said: "Total assets and deposit grew by 12 per cent each; total loans and advances grew by 18 per cent; total capital ...  >>MORE

UAE banking sector grows 12% as economy expands

Posted on 29/03/2005

The UAE banking sector grew by 12 per cent in 2004, with similar levels of growth in terms of assets, deposits and capital, the Emirates Banks Association has announced. At the annual general meeting of the Emirates Banks Association (EBA) held in Dubai on Sunday, Obaid Bin Saif Al Nasiri, its chairman, said the increase in oil prices had a positive effect on the UAE's economy. "The average growth in the banking sector was 12 per cent. Total assets increased by 12 per cent and deposits ...  >>MORE

ADIB meeting ratifies 7% cash dividend

Posted on 28/03/2005

A 7 per cent all cash dividend for shareholders of Abu Dhabi Islamic Bank was ratified yesterday at the annual general meeting. The bank posted a net profit of Dh122.9 million last year. ADIB projects 15-20 per cent growth for 2005 on the back of branch expansion as well as product offerings, the bank's chief said. "The shareholders will get a dividend of Dh0.70 per share totalling Dh70 million, the same as the previous year," Abdul Aziz Al Muhairi, ADIB's acting chief executive, said, ...  >>MORE

Dubai pumps US$1b into US property

Posted on 26/03/2005

Government-owned Dubai Investment Group said yesterday it had bought a US$1 billion (Dh3.67 billion) property portfolio in the United States. Dubai Investment Group said in a statement that it bought about 21,000 apartments in cities across the United States from Olympus Real Estate Partners. It said it has been investing in US real estate since 2003 through subsidiary Longwing Real Estate Ventures, but that this was the first deal made public. (The Gulf News) ...  >>MORE

NBAD profit at Dh1.14b

Posted on 21/03/2005

The National Bank of Abu Dhabi (NBAD) posted a record net profit of Dh1.14 billion for the year 2004, up 41 per cent over the figure for the previous year, emerging in the process as the first bank in the UAE to report net profits of such large sum. The Board of Directors of the bank that held the annual general meeting in the capital yesterday presided over by its Chairman Mohammed bin Habroush Al Suweidi, approved the distribution of 40 per cent cash dividend to shareholders. An ...  >>MORE

Emirates Bank Intl to pay 20pc dividend

Posted on 21/03/2005

The annual general meeting of the shareholders of Emirates Bank International held yesterday approved the board's recommendation to pay 20 per cent dividend and a bonus issue of one ordinary share for four ordinary shares. Earlier, the bank had reported a net profit after tax and minority interest of Dh972 million for the year 2004. The 2004 profit represents a 57.3 per cent increase over the 2003 results of Dh617 million. The return on average equity achieved for 2004 is 18 per cent ...  >>MORE

Dubai Investments will allow foreigners ownership in company's capital

Posted on 21/03/2005

The board of directors of Dubai Investments has proposed that foreigners should be allowed to own up to 20 per cent of the company's capital. The board has also suggested the capital of the company be increased by Dh143 million through a 20 per cent stock dividend. This will take the paid-up capital from Dh715 million up to Dh858 million. The annual general meeting (AGM) of the shareholders, to be held on April 16, will consider and ratify these proposals. The company, which has several ...  >>MORE

DIB's new Pakistan bank to have full range of Islamic products

Posted on 19/03/2005

DIB Pakistan Ltd will lead off operations with a range of Islamic banking activities and products through a large branch network spread across Pakistan. Among other products, it will introduce Sharia compliant home mortgage financing, real estate development financing, and other innovative financing schemes using high level technology. The Dubai Islamic Bank (DIB) subsidiary was announced in Islamabad yesterday by Mohammad Khalfan Bin Kharbash, UAE Minister of State for Finance and Industry, ...  >>MORE

Islamic finance comes a long way

Posted on 14/03/2005

Non-Islamic institutions have played a big role in the success of recent Islamic issues in the region. Delivering the keynote address at the International Islamic Finance Forum yesterday, Dr Mohammad Khalfan Bin Kharbash, UAE Minister of State for Financial and Industrial Affairs and chairman of Dubai Islamic Bank, said the contributions from the non-Islamic institutions to Islamic issues have reached about 60 per cent of the amounts issued. "This has proved that Islamic finance not only ...  >>MORE

Abu Dhabi Islamic Bank net Dh122.91m in 2004

Posted on 13/03/2005

The Abu Dhabi Islamic Bank (ADIB) posted a net profit of Dh122.91 million for the year 2004, up from the figure of Dh100.56 million for the previous year. Income from Murahaba, Ijara and other Islamic financing rose considerably from Dh152.85 million to Dh377.74 million, while income from Murahaba and Mudaraba with financial institutions scaled down to Dh48.24 million from Dh54.19 million. Total assets rose to Dh12.69 billion while total liabilities scaled up to Dh11.18 billion from the ...  >>MORE

National Bank of Fujairah records 35pc growth

Posted on 08/03/2005

National Bank of Fujairah (NBF) has announced another record year with net profit increasing to Dh125.5 million in 2004 as against Dh93 million in 2003, representing a 35 per cent increase. The bank has shown all round growth, with total assets growing to Dh4.23 billion from Dh3.40 billion in 2003. Commenting on the results, the bank's chairman Sheikh Saleh bin Mohammed Al Sharqi said: "We are delighted to have produced another set of record figures for the National Bank of Fujairah." "We ...  >>MORE

ADCB unveils dividends and bonus shares

Posted on 07/03/2005

The shareholders of Abu Dhabi Commercial Bank will be paid cash dividends of 25 per cent and bonus shares of 20 per cent, the annual general assembly was told yesterday. The bank's paid-up capital will increase to Dh1.5 billion from Dh1.25 billion. "The cash dividends of 25 per cent will amount to Dh312.5 million and the bonus shares to Dh250 million," said Chairman Saeed Al Hajeri. The dividends come on the back of net profits for full year 2004 that totalled Dh801 million, a 98 per cent ...  >>MORE

NBAD launches NBADDirect service

Posted on 01/03/2005

In a bid to help time starved people manage their banking from the comfort of their home, National Bank of Abu Dhabi has developed its special NBADDirect banking service to allow seamless banking at customer's fingertips. NBAD Direct is a fully-fledged e-based bank offering you the opportunity to conduct all your banking needs from the comfort of your own home or office - at your leisure. Simply log on to >>MORE

Dubai Investment records 535 pc growth in profits in 2004

Posted on 20/02/2005

Net profits of Dubai Investment Co. shot up 535 per cent in 2004 to Dh 305 million. A company financial statement released today by the Emirates Securities and Commodities Authority (ESCA) said that the company's performance last year was good fuelled by a rise in earnings by 150 per cent to Dh 923 million. 'Assets grew by 35 per cent to Dh 2.2 billion while shareholders' equity went up 41 per cent to Dh 1.7 billion,' said the statement. It added that the company issued last year 715 million ...  >>MORE

Bank of Sharjah to increase capital by Dh250m to Dh1b

Posted on 14/02/2005

Sharjah's largest private company Bank of Sharjah has received its shareholders' approval to increase its share capital from Dhs750 million to Dhs1 billion through a rights and bonus issue. The shareholders at the bank's annual general meeting in Sharjah on Sunday approved the accounts for 2004. The bank has reported a net profit of Dhs137 million for 2004, an increase of 57 per cent over the 2003 profit of Dhs87.4 million for the previous year. The AGM also approved a 13.33 per cent ...  >>MORE

National bankers up to 27.6 in 2004

Posted on 09/02/2005

Emiratisation at the banking sector rose to 27.6 per cent by the end of 2004 compared with 9.4 per cent in 1997 when the Banking Human Resources Development Committee assumed its mission. 'The number of national bankers grew by 1.7 per cent in 2004 taking the total toll to 5,397 since 1997, said Ahmed Humaid Al Tayer, Chairman of the Committee. 'Although some banks have not achieved the 4 percentage Emiratisation target but their response has shown their interest to the committee's efforts, ...  >>MORE

Emirates Bank issues bonds for US$750 million

Posted on 08/02/2005

Annis Al Jalaf, chief executive of the Emirates International Bank Group said that the bank has successfully offered and priced its third issuance of bonds at the value of US$750 million by issuing bonds of flexible prices for five years accompanied by a voucher for three months, in addition 40 basic points. The Bank had in May 2002 offered a short-term European Bonds programme at the value of US$ 1 billion which was listed in Luxembourg. It also offered its initial bonds in July 2002 at ...  >>MORE

Banks 9-month consolidated accounts soar

Posted on 07/02/2005

Consolidated accounts of the banks operating in the United Arab Emirates rose to 414 billion Dirhams by the end of September 2004, from 397 billion Dirhams within the same period of 2003. According to the UAE Central Bank's quarterly bulletin, published today, credit and local investments jumped from 197 billion Dirhams to 264 billion. By the end of 2004's third quarter, credit facilities saw an increase to 238 billion Dirhams from 189 billion in the same period of 2003. Deposits surged from ...  >>MORE

National Bank of Sharjah posts profits, changes name

Posted on 03/02/2005

The 29th general assembly meeting of the National Bank of Sharjah approved a proposal by the bank's board of directors to distribute a dividend equal to 10 per cent of the paid up capital. The meeting, chaired by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the bank's board, also endorsed raising the bank's capital by 159 per cent to one billion Dirhams through shareholders subscription with a value of 5 Dirhams per share, half of ...  >>MORE

NBAD profit surges 41pc, crosses Dh1b

Posted on 01/02/2005

The National Bank of Abu Dhabi earned a net profit of Dh1.14 billion last year, 41 per cent up on 2003, becoming UAE's first bank to cross Dh1 billion profit mark. The profit represents a return of 25.7 per cent on capital, one of the highest in the Gulf, besides earnings per share (EPS) of Dh12.08. Revealing impressive financial results for the year ending December 31, 2004, Chief Executive Michael Tomalin said in 1999 when the bank earned Dh311 million profit, the management set a five ...  >>MORE

DIB reports 97pc rise in net profit

Posted on 30/01/2005

Dubai Islamic Bank (DIB) has reported Dh461 million net profits attributable to shareholders last year, up by 97 per cent from Dh234 million in 2003. The net profit for the bank, including depositors' profits, reported a 36 per cent increase at Dh1.02 billion compared to Dh751 million for 2003. The bank's total revenue increased by more than 43 per cent last year to Dh1.47 billion from Dh1.02 billion in the previous year. DIB's assets rose by 35 per cent from Dh22.8 billion in 2003 to Dh30.8 ...  >>MORE

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Quick List

NBAD's Q1 profits rise 132 per cent


NBF reports 35% growth in profit


ADCB and Macquarie Bank join hands to set up new Offset venture


Bank of Sharjah posts 51 per cent growth in Q1


NBD profit edges up to Dh291.4m


ADIB posts 58pc net increase


Sharjah Islamic Bank Q1 net shoots up 164% to Dh46.8m


ARBIFT earns profit of Dh 74.651m


Mashreqbank posts Dh272m quarterly net


Dubai Islamic Bank to create international banking arm


ADCB increases 1st quarter profit by 52 per cent


Ras al-Khaimah Investment Authority established


Alabbar appointed CEO of Sudan's Al Salam Bank


Dubai Islamic Bank shines in first quarter


CBD net up 44% in first quarter


New centre in Dubai to settle Islamic financial disputes


ADCB signs advisory agreement with HCSEZ


Dubai Islamic Bank opens office in Turkey


RAKBANK profit rises 36% to Dh129 million


Mubadala gets Dh2.28b syndicated loan


Commercial banks' profit up 39.5pc


UAE banking sector grows 12% as economy expands


ADIB meeting ratifies 7% cash dividend


Dubai pumps US$1b into US property


NBAD profit at Dh1.14b


Emirates Bank Intl to pay 20pc dividend


Dubai Investments will allow foreigners ownership in company's capital


DIB's new Pakistan bank to have full range of Islamic products


Islamic finance comes a long way


Abu Dhabi Islamic Bank net Dh122.91m in 2004


National Bank of Fujairah records 35pc growth


ADCB unveils dividends and bonus shares


NBAD launches NBADDirect service


Dubai Investment records 535 pc growth in profits in 2004


Bank of Sharjah to increase capital by Dh250m to Dh1b


National bankers up to 27.6 in 2004


Emirates Bank issues bonds for US$750 million


Banks 9-month consolidated accounts soar


National Bank of Sharjah posts profits, changes name


NBAD profit surges 41pc, crosses Dh1b


DIB reports 97pc rise in net profit