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THE ECONOMY - BANKS

NBAD profit surges 35pc in first three quarters of 2004

Posted on 17/10/2004

The National Bank of Abu Dhabi (NBAD) earned Dh229 million during the third quarter of the year, making cumulative profits for the first three quarters of Dh803 million, 35 per cent up against the corresponding period of 2003. Annualised earning per share was Dh11.37 percent, 35 per cent above that for the corresponding period of 2003. The annualised return on equity reached 24 per cent compared with 20.4 per cent in 2003. For the third quarter, net profit was up 50 per cent on the ...  >>MORE

UNB earns 15pc more in 2004 so far

Posted on 17/10/2004

Union National Bank announced a net profit of Dh316.29 million for the period ending 30th September 2004, showing an increase of 15.35 per cent against profits of Dh274.20 million during the same period in 2003. UNB's loans and advances increased by 46.13 per cent from Dh9.81 billion as at end of September 2003 to Dh14.33 billion as at September 2004, whilst customer deposits increased from Dh11.11 billion to Dh13.77 billion, an increase of 23.9 per cent over the same period. Total assets of ...  >>MORE

Expatriates in UAE can buy UNB shares

Posted on 16/10/2004

Expatriates in the UAE, who have long been craving for investing in the shares to reap dividends from the bullish stock market, will now be able to buy shares of Union National Bank (UNB) with immediate effect, following a landmark decision taken by its board of directors, here yesterday. UNB board, which met here yesterday, took two important decisions, which has made the stock market jubilant. "Now the expatriates can own up to 40 per cent shares of the bank," the bank informed the Abu ...  >>MORE

Emirates Islamic Bank set to start operations

Posted on 16/10/2004

Emirates Islamic Bank (EIB), the erstwhile Middle East Bank (MEB), will be operational as an Islamic bank from October 16, according to sources. The bank, which is a fully owned subsidiary of Emirates Bank Group (EBG), has already shifted is head office to a new building near Dubai Chamber of Commerce and Industry. EIB will have also an additional branch close to the head office in Deira, taking the total number of branches from nine to 10. Bank sources added the branch network is in for ...  >>MORE

ADCB increases profit by 41 per cent

Posted on 13/10/2004

Abu Dhabi Commercial Bank (ADCB), one of the UAE's leading financial institutions, today announced a net profit for the third quarter 2004 of AED 216.8 million against Dh 153.3 million for the same period last year, an increase of 41 per cent. For the nine months ended September 2004 net profit increased to Dh 520.7 million, compared to Dh 428.1 million in 2003, representing an increase of 22 per cent over the previous year. "ADCB continues the implementation of the strategic business ...  >>MORE

First Gulf Bank records highest growth

Posted on 13/10/2004

First Gulf Bank, FGB, has announced its financial performance, declaring a Dh156.5 million in net profit in the first nine months of this year. The profit represents an increase of 92% compared to the same period last year. The bank has achieved remarkable financial results by focusing on its strategic plans and objectives set for this year and expand its business operation in line with the growth of the economy. Compared to the same period results of last year, the Total Assets increased ...  >>MORE

Commercial Bank of Dubai customer deposits up 30pc

Posted on 13/10/2004

The unaudited balance sheet of the Commercial Bank of Dubai showed 30.3 per cent growth in customer deposits at the end of September 2004 over the same period of 2003. Yaqoob Yousuf, General Manager, Business Group, said this reflected the confidence of the customers in the bank's performance and the state of the UAE economy. Investments have increased by 35.3 per cent and shareholders equity rose by 13.5 per cent whereas loans and advances have increased by 29.3 per cent as a result of ...  >>MORE

National Bank of Sharjah to debut on ADSM

Posted on 10/10/2004

National Bank of Sharjah, NBS will debut on the Abu Dhabi Stock Market, ADSM, from Sunday. The listing is the latest step in the bank's strategic development plan since converting from conventional to Islamic banking in July 2003. NBS is also planning to expand its network of branches in the UAE and into neighbourhood countries in the long term. It is the first bank in the world to make the transition, and has since undertaken a major overhaul of all its operation expanding aggressively into ...  >>MORE

Mashreqbank reports upward profit growth

Posted on 10/10/2004

Mashreqbank yesterday announced net profits of Dh. 543 million during the last nine months, an increase of 22,3 per cent over the previous year which stood at Dhs.444 million. The bank also said in a statement that assets of the group rose to Dhs31.5 billion, an increase of 33.5 per cent. Abdul Aziz Al Ghurair, Chief Executive officer of the bank, said that soaring oil prices, coupled with sustained growth in other economic sectors in the country such as the construction sector were among ...  >>MORE

ADCB appoints a new board chairman

Posted on 09/10/2004

Abu Dhabi Commercial Bank, ADCB, has announced that Saeed Mubarak Rashid Al Hajiri has been appointed as the new ADCB Board Chairman, succeeding Fadhil Saeed Al Darmaki, who had chaired the ADCB's Board of Directors for several years. After assuming the new post, Al Hajiri said that he intends to enhance the bank's business activities and services in order to achieve more progress in the UAE banking sector. In this context, it is worth mentioning that ADCB capital is Dh1.250 billion, out of ...  >>MORE

Emirates Bank launches 'ATM on Wheels' at GITEX 2004

Posted on 05/10/2004

Emirates Bank, UAE's leading bank, has launched a new 'ATM on Wheels' service at GITEX 2004. This is the first such service to be launched by any bank in the UAE. The ATM on Wheels is a custom built vehicle which contains an ATM machine made available to facilitate cash withdrawals, instant cash deposits and secure automated cheque deposits. The vehicle has been designed to cater to the requirements of customers at events, exhibitions, shopping malls, etc., with large gatherings of people ...  >>MORE

ADCB opens new branch in Industrial City of Abu Dhabi

Posted on 05/10/2004

A new branch of Abu Dhabi Commercial Bank has opened in the new Industrial City of Abu Dhabi (ICAD), according to a statement from the company. Officials at the Industrial City signed an agreement with the bank to this effect. The new branch, to be called the ADCB Business Centre, will open at the end of November. The agreement was signed by Knox and Ali Al Mansouri, general manager of the Higher Corporation for Specialised Economic Zones. (The Gulf News) ...  >>MORE

ADCB to set up business centre at Abu Dhabi Industrial City

Posted on 02/10/2004

Abu Dhabi Commercial Bank (ADCB) will open by the end of November a business centre at the Abu Dhabi Industrial (ADIC). A memorandum of understanding (MoU) in this respect was signed by ADCB Chief Executive Officer Eirvin Knox and Ali Za'al Al Mansouri, Director General of the Higher Corporation for Economic Specialised Zones, operator of the ADIC. Knox hoped the business centre would be an important financial source for companies at ADIC. He added that the 700 metre two-storey centre would ...  >>MORE

IFC office to be set up in the UAE

Posted on 29/09/2004

The World Bank will set up a regional office in the UAE for the International Finance Corporation (IFC), it was announced yesterday. A memorandum of Understanding to this effect will be signed between the UAE and the World Bank next Saturday in Washington on the sidelines of the World Bank/IMF annual meeting, said Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industrial Affairs. Kharbash pointed out that the UAE Cabinet has approved the establishment of IFC office and ...  >>MORE

Deadline given to banks on Emiratisation

Posted on 28/09/2004

The UAE government has issued a three-month ultimatum to all banks operating in the country to comply strictly with the Emiratisation quota or else face visa deprivation for new expatriate employees and denial of licences for new branches. The ultimatum was issued in Sharjah yesterday at a meeting that grouped senior representatives from the Ministry of Labour, the Central Bank, the Higher Committee for Human Resources Development for banks, and Tanmia. "Banks have to comply with the ...  >>MORE

Assets of UAE banks grow 8.2pc in first half

Posted on 28/09/2004

The total assets of banks in the UAE have grown to Dh397.11 billion ending June 2004, a growth of 8.2 per cent in the first six months of this year, latest figures released by the Central Bank showed yesterday. Assets of national banks accounted for some 75 per cent of the total banks' assets and analysts forecast better growth by the year end on the back of strong oil prices and a healthy economy. The total assets of banks in the UAE ending December 2003 stood at Dh366.90 billion. While ...  >>MORE

Consolidated budget of banks in UAE reaches Dh 397 billion

Posted on 27/09/2004

Consolidated budget of banks operating in the UAE rose to Dh397.114 billion by the end of June this year against Dh332 billion during the same period last year. A quarterly bulletin issued today by the UAE Central Bank showed that total credit grant and local investments jumped to Dh229.4 billion compared to Dh184.8 billion at the end of the first half of last year. Foreign assets as at June this year stood at Dh113 billion, unclassified assets reached Dh10 billion, deposits at the Central ...  >>MORE

Abu Dhabi signs Dh1.2b refinancing deal

Posted on 26/09/2004

The Dh1.2 billion refinancing deal for Abu Dhabi Trade Centre was signed yesterday with a group of banks, including local entities led by Abu Dhabi Commercial Bank, the lead arranger. Sheikh Surour Bin Mohammad Al Nahyan, Chamberlain of the Presidential Court, and Eirvin Knox, Chief Executive Officer of ADCB, were the signatories. The trade centre on the capital's eastern ring road was financed in the late '90s by a group of banks. Now with the commissioning of the project, it was decided ...  >>MORE

ADCB Partners with Lebanese Canadian Bank to Offer Expatriate Consumer Loans

Posted on 19/09/2004

Abu Dhabi Commercial Bank (ADCB) and Lebanese Canadian Bank announced in Abu Dhabi yesterday their partnership to jointly provide Expatriate Consumer Loans to Lebanese citizens residing in the UAE. The unique joint initiative between the two financial institutions marks the first of many potential products to be developed. The new Expatriate Consumer Loan provides all Lebanese citizens residing in the UAE with the opportunity to take out a personal loan for the purchase of property, a car or ...  >>MORE

UAE banks perform well in H1

Posted on 18/09/2004

The banking industry in the country has put up remarkable performance as the gross profits for the first half of year 2004 crossed Dh2.62 billion, growing with a whopping rate of 26.3 per cent compared to the same period previous year. Out of total 18 banking companies listed in Abu Dhabi and Dubai stock markets, only 11 banks managed to publish their financial results for the first half of the year in July, said Abu Dhabi Financial Services (ADFS), in a banking sector performance report. ...  >>MORE

NBD introduces its first regional fund

Posted on 15/09/2004

Following an increase in demand for local investment funds with a regional perspective, National Bank of Dubai (NBD) yesterday launched the first of a series of regional funds under the umbrella of Aafaq (Horizons) Investment Funds. The Gulf Balanced Fund will be the first product of its kind and will focus on best performers from the region's bourses, it said. The fund will be open to all nationalities, with some restrictions on US and UK nationals, regardless of whether they are resident ...  >>MORE

Moody's raises ADCB outlook

Posted on 14/09/2004

Moody's Investors Service has upgraded the outlook for Abu Dhabi Commercial Bank's (ADCB) D- financial strength rating (FSR) to positive. The outlook for the bank's A2/Prime-2 foreign currency deposit ratings remains unchanged at stable. This rating action recognises the changes initiated by the bank's management throughout this year, aiming to strengthen its franchise, Moody's said. Since late 2003 the bank has had a new top management team that has been a catalyst for major changes, ...  >>MORE

UAE scores high on credit data-sharing says World Bank

Posted on 11/09/2004

The UAE has been given 44 marks on credit information sharing by the World Bank, ahead of the regional average of 43. It also scores 2 on private credit rights, ahead of most other countries in the region. "Two sets of measures on getting credit in the UAE are constructed: indicators on credit information sharing, and an indicator of the legal protection of creditor rights," the World Bank said in a report just issued. "A Public Credit Registry Index covers credit information coverage, ...  >>MORE

NBAD declared UAE Bank of the Year 2004

Posted on 06/09/2004

National Bank of Abu Dhabi (NBAD) was declared as the recipient of UAE Bank of the Year 2004 award, by the Bankermagazine UK, in an annual contest wherein leading banks are invited to participate. Instituted by the Banker7magazine, this award is ranked as an industry benchmark, conferred by an independent jury of international financial experts based upon overall organisational performance. This is the second time that NBAD has been acknowledged as the UAE Bank of the Year, in the last ...  >>MORE

National Bank of Sharjah net up 5pc to Dh38m

Posted on 29/08/2004

National Bank of Sharjah (NBS), the world's first conventional bank to be converted to Islamic, has reported a net profit of Dh37.9 million for the first half ending June 30, representing five per cent growth over the same period last year. The results are significant because first-half 2004 is the bank's first full reporting period since its conversion to an Islamic bank. This is the third successive half-year period that the bank has posted annualised growth of more than 10 per cent. ...  >>MORE

Fitch upgrades Abu Dhabi Islamic Bank

Posted on 21/08/2004

International agency Fitch has upgraded its rating of Abu Dhabi Islamic Bank (Adib), reflecting the bank's steady performance improvement. Fitch Rating's has announced an upgrade of the bank's individual rating to C from its previous rating of C/D. Moreover, Adib has maintained its favourite ratings for the long-term (A-), short-term F2 and support 2. Established in 1997, Adib provides a broad range of products that comply with Islamic Sharia. In assigning a rating, Fitch ratings takes into ...  >>MORE

NBAD releases directory on UAE shares

Posted on 17/08/2004

The UAE stock market is projected to see robust performance buoyed by the vibrant domestic economy, high profits of companies and sound measures adopted by the government to regulate the financial markets. 'Indicators show that the local stock market will witness good performance throughout the year in terms of value and volume of tradings,' said Saad Al Dhahiri, Director of Abu Dhabi Financial Services, a subsidiary of the National Bank of Abu Dhabi (NBAD), in a press conference held yesterday ...  >>MORE

Emirates Bank wins EuroMoney award

Posted on 17/08/2004

Emirates Bank has for the third time won the EuroMoney award for excellence for the best bank in the UAE this year. The award was announced recently in London. "Through its Emirates Bank International and Emirates Financial Services divisions, the Emirates Bank Group has developed one of the most enviable corporate and investment banking businesses in the UAE," EuroMoney said. Emirates Bank has been very active in high-profile banking deals last year. The bank has worked on a number of big ...  >>MORE

UAE gets second-highest safe investment rating

Posted on 17/08/2004

Kuwait, the UAE and Qatar emerged as the best and safest places for investment in the Arab world last year given their strong financial and economic situation. Kuwait topped the list while the UAE and Qatar got the second rating in the Financial Times annual balance for emerging markets, which plays a vital role in the decisions by international markets and investors to lend or invest in developing countries. Kuwait was given a "very high" investment degree and a "low risk" rating plus a ...  >>MORE

First credit card from UAE non-banking firm planned

Posted on 16/08/2004

In a pioneering move, the Abu Dhabi-based Finance House, a private joint stock company, yesterday announced it is launching a credit card, the first such card by a non-banking firm in the UAE. Network International, a subsidiary of the Emirates Bank Group, will undertake the issuing and processing of the credit cards. Plans are also underway to launch an Islamic credit card. Capitalised at Dh200 million, Finance House will be listed on the Abu Dhabi Securities Market (ADSM) in the last ...  >>MORE

Fitch upgrades ratings of UAE banks

Posted on 14/08/2004

London : Fitch Ratings, the international rating agency, yesterday upgraded Abu Dhabi Islamic Bank's (ADIB) Individual rating to 'C' from 'C/D'. At the same time the Long-term 'A-' (A minus), Short-term 'F2' and Support '2' ratings have been affirmed. The outlook remains stable. The upgrade reflects a consistent, though moderate, track record of profit growth, good asset quality over a five-year period, sound liquidity, strong capital ratios and a growing franchise. These factors also ...  >>MORE

ABN Amro unveils UAE's first credit card for women

Posted on 11/08/2004

The UAE's first credit card designed exclusively for women was launched yesterday by ABN Amro. "Men don't get it," quipped the project manager, suitably enough, a woman: Lubna Zarouni. "Through the Al Ameera a tailormade woman's credit card initiative, we have shown our commitment and responsiveness to the growing number of financially independent female customers, both today and in the future," she said. As bank officials emphasised, this is a card designed only for women. A case in point ...  >>MORE

Commercial Bank of Dubai cuts energy bill by 15pc

Posted on 10/08/2004

The Commercial Bank of Dubai Head Office, has announced that it has achieved 15 per cent reduction in its annual energy expenditure over a period of 10 months ending in June 2004 in its news head office building in Deira, Dubai. While Energy Management and Energy Conservation Company had estimated a saving in energy expenditure of approximately Dh175,000 per annum, by the end of 10 months in operation the Building Management Systems already achieved a reduction worth Dh274,000 in energy ...  >>MORE

Major US bank expresses interest to locate in DIFC

Posted on 09/08/2004

The Dubai International Financial Centre (DIFC) yesterday said that Merrill Lynch Bank (Suisse) S.A. (MLBS), one of the world's leading providers of Swiss private banking services has expressed an interest in submitting an application to operate from within the DIFC, subject to obtaining regulatory approvals. 'This is an important moment for the DIFC,' said DIFC CEO Naser Nabulsi. 'Merrill Lynch Bank (Suisse) is the first major US financial services firm to state its intent to join the ...  >>MORE

Abu Dhabi Islamic Bank's assets rise

Posted on 25/07/2004

The Abu Dhabi Islamic Bank's (ADIB) assets rose from Dh8.41 billion in the first half of Year 2003 to Dh10.76 billion in the first half of Year 2004, an increase of 28%. The Bank's customer deposit base has grown to Dh8.0 billion by the end of first half of 2004 compared to Dh5.9 billion in 2003. This represents a healthy growth rate of 36%. Operating income advanced to Dh148.9 million, compared to Dh125.6 million for the first half of Year 2003. Revenues from Murabaha, Mudaraba, Istisna ...  >>MORE

National Bank of Dubai net surges 27.2% to Dh421.6 million

Posted on 25/07/2004

The National Bank of Dubai, NBD, earned a net profit of Dh421.6 million during first half of this year, an increase of 27.2 per cent over the same period last year. The bank's total assets stood at Dh35.3 billon compared with Dh35.6 billion last December, according to a statement from Abu Dhabi Securities Market. Operating income increased 17.9 per cent in the first half to Dh665.4 million. Other income grew 91.6 per cent to Dh280.9 million from Dh146.6 million in the same period. This ...  >>MORE

ADCB to launch series of mutual funds

Posted on 25/07/2004

As part of a new strategy income diversification, Abu Dhabi Commercial Bank, ADCB, is entering the funds market with domestic and offshore mutual funds. The debut funds are expected to be launched in the last quarter of this year, said Ervin Knox, ADCB Chief Executive. "The funds will be launched in early fourth quarter this year providing new investment avenues for nationals and expatriates,” he told Gulf News. Bullish about prospects, Knox said investor demand for mutual funds in the ...  >>MORE

Abdullah Al Ghurair voted Arab Banker of the Year 2003

Posted on 24/07/2004

Abdullah Ahmad Al Ghurair, chairman of Mashreqbank, was named Arab Banker of the Year 2003 at the Union of Arab Banks awards ceremony in London. "The Arab Banker of the Year is selected by other bankers in the region and is a measure of their respect for the winner's achievements. Abdullah Al Ghurair has earned the admiration of his peers over a long and very successful career, not only as a banker but also as a private businessman and an ambassador for the financial services industry," ...  >>MORE

NBAD funds post record growth

Posted on 21/07/2004

The two mutual funds of the National Bank of Abu Dhabi, NBAD, have surpassed expectations, posting record growth during the first half this year and with a strong outlook for the rest of the year. The UAE Growth Fund and the UAE Trading Fund have performed strongly, beating the NBAD index and increasing returns for investors, the bank announced yesterday. The Growth Fund generated returns of 25.3 per cent for investors, culminating in a 112.5 per cent return since inception in October 2000 ...  >>MORE

Emirates Bank profit soars

Posted on 19/07/2004

Emirates Bank Group (EBG) posted an impressive growth of 41.6 per cent in its first-half net earnings to Dh402 million, thus taking the earnings per share (EPS) up to 70 fils from 50 fils for the same period last year. The group has managed to grow its assets by over 22 per cent since the first half of last year. The growth in revenues has reached over 33 per cent, as both interest income and non-interest income improved significantly during this period. The growth in non-interest income ...  >>MORE

Commercial Bank of Dubai profit grows to Dh149.8m

Posted on 17/07/2004

Higher interest and non-interest income boosted net profits of the Commercial Bank of Dubai (CBD) in the first half of 2004 to Dh149.8 million, a 13.21 per cent increase over the same period last year. The bank's total assets surged by 32.8 per cent to Dh9.66 billion as of June 30 compared with Dh7.27 billion in the same period last year, and Dh8.66 billion at the end of last December. Earnings per share rose to Dh5.49 from Dh5.34 for the period under review while shareholder's equity ...  >>MORE

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Quick List

NBAD profit surges 35pc in first three quarters of 2004


UNB earns 15pc more in 2004 so far


Expatriates in UAE can buy UNB shares


Emirates Islamic Bank set to start operations


ADCB increases profit by 41 per cent


First Gulf Bank records highest growth


Commercial Bank of Dubai customer deposits up 30pc


National Bank of Sharjah to debut on ADSM


Mashreqbank reports upward profit growth


ADCB appoints a new board chairman


Emirates Bank launches 'ATM on Wheels' at GITEX 2004


ADCB opens new branch in Industrial City of Abu Dhabi


ADCB to set up business centre at Abu Dhabi Industrial City


IFC office to be set up in the UAE


Deadline given to banks on Emiratisation


Assets of UAE banks grow 8.2pc in first half


Consolidated budget of banks in UAE reaches Dh 397 billion


Abu Dhabi signs Dh1.2b refinancing deal


ADCB Partners with Lebanese Canadian Bank to Offer Expatriate Consumer Loans


UAE banks perform well in H1


NBD introduces its first regional fund


Moody's raises ADCB outlook


UAE scores high on credit data-sharing says World Bank


NBAD declared UAE Bank of the Year 2004


National Bank of Sharjah net up 5pc to Dh38m


Fitch upgrades Abu Dhabi Islamic Bank


NBAD releases directory on UAE shares


Emirates Bank wins EuroMoney award


UAE gets second-highest safe investment rating


First credit card from UAE non-banking firm planned


Fitch upgrades ratings of UAE banks


ABN Amro unveils UAE's first credit card for women


Commercial Bank of Dubai cuts energy bill by 15pc


Major US bank expresses interest to locate in DIFC


Abu Dhabi Islamic Bank's assets rise


National Bank of Dubai net surges 27.2% to Dh421.6 million


ADCB to launch series of mutual funds


Abdullah Al Ghurair voted Arab Banker of the Year 2003


NBAD funds post record growth


Emirates Bank profit soars


Commercial Bank of Dubai profit grows to Dh149.8m