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THE ECONOMY - BANKS

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

Strong results indicate another bumper year for UAE banks

Posted on 17/07/2004

The first half results announced by some of the leading commercial banks indicate that riding high on the robust economic conditions, the UAE's banking sector is poised for another bumper year. "Significant long-term developments such as DIFC, Burj Dubai and Dubailand projects will further fuel the growth of UAE's already robust economy coupled with a forecast for stable and relatively high oil price, there are tremendous opportunities for business growth across all sectors. And when ...  >>MORE

Mashreqbank first half profit up 25pc

Posted on 17/07/2004

Mashreqbank has reported a 25 per cent increase in its net profits to Dh338 million in the first half of 2004 compared to Dh270 million during the corresponding period last year. The bank's assets increased by 33.9 per cent from 22.28 billion during the first half last year to Dh29.85 billion during the same period this year. While its operating income was at Dh789 million at the close of the first half this year compared to Dh674 million during the same period last year. The growth in ...  >>MORE

ADCB’s H1 net a record Dh304million

Posted on 14/07/2004

Abu Dhabi Commercial Bank, ADCB, has reported a net profit of Dh304 million for the first half of 2004 against Dh275 for the corresponding period in 2003. For the second quarter alone the net profit has grown by 14 percent to Dh159 million, compared to Dh139 million for the second quarter of 2003. Operating profit for the first half of 2004 has risen to AED484 million, a 5 percent increase over 2003. Total Assets also increased by 5 percent from Dh8.8 billion to AED30.3 during the first ...  >>MORE

Bank of Sharjah posts spectacular results for first half of 2004

Posted on 14/07/2004

Bank of Sharjah has reported a 63 per cent increase in net increase in its 2004 first half net profit at Dh60.4 million. Customer deposits increased by 16% to Dh2018 million on June 30 2004, compared to Dh 1,740 million for the same period last year. Total assets grew by 13% from Dh2685 million in June 2003 to Dh3030 in June 2004 while advances increased by 22% to reach AED 1725 million, compared to Dh1410 million for the same period last year. Shares of the bank with a Dh1 par value and ...  >>MORE

First Islamic and Dubai Sports City in joint venture

Posted on 11/07/2004

First Islamic Investment Bank, a leading Bahrain-based institution, has forged a joint venture with Dubai Sports City for the creation of Victory Heights, a $500 million themed golf residential community project in Dubai, the financing facility for which will be fully underwritten by HSBC. Victory Heights will be developed on 25 million square feet of land within the Dubai Sports City project in Dubailand, the Middle East's first dedicated recreational and commercial sporting city. Developed ...  >>MORE

NBAD posts Dh 503 million in net profit

Posted on 11/07/2004

The National Bank of Abu Dhabi (NBAD) has posted a net profit of Dh 503 million in the first half this year, up 28 per cent from profits accrued during the corresponding period last year. The market value of share rose to Dh 10.69, while the return on equities reached 23.60 per cent against 20.75 percent for the same period last year. A biannual statement on the NBAD performance issued by the Emirates Securities and Commodities Authority (ESCA) said that, the 2004 second quarter's profits ...  >>MORE

First Gulf Bank's profit rises 80pc

Posted on 11/07/2004

First Gulf Bank (FGB) has reported net profit of Dh101.8 million for the first half this year, an 80 per cent growth over same period last year, forecasting continued growth in the second half. Total assets grew to Dh8.3 billion, 15 per cent higher than the figure ending last December. Shareholders' equity rocketed to Dh1.6 billion, growing 129 per cent compared with the same period last year. Furthermore, customer deposits increased by 28 per cent to Dh 6.4 billion compared with the same ...  >>MORE

UAE raises interest rate

Posted on 07/07/2004

The UAE Central Bank yesterday raised the interest rate on certificates of deposit by 0.25 point as from July 1. In a statement issued today, the Bank said the move comes in line with the new interest rates floating between banks in respect of US dollar deposits in global markets. Certificates of deposits as issued by the Central Bank is the mechanism whereby interest rate on the UAE dirham gets changed while banks adopt it as an index to accept deposits and loans by customers. (The Emirates ...  >>MORE

UAE capital outflow estimated at Dh16.5 billion in H1 2004

Posted on 07/07/2004

The total of capital outflow of the UAE financial sector is estimated at Dh16.5 billion, according to the latest report of the UAE Financial and Commercial Authorities concerned. The amount of remittance transferred from the UAE financial system in the first half of 2004 increased by 10 per cent compare to the previous figures of Dh15 billion in 2002. The report also reveals that, the total capital outflow of the six GCC countries' financial system is estimated at Dh 110 billion yearly. The ...  >>MORE

Banks, top hotels exempted from bank guarantee

Posted on 07/07/2004

Banking and top hotel companies have been exempted from depositing bank guarantee for employment visa, said a senior labour official. "The Ministry of Labour and Social Affairs has decided to exempt banking and luxurious hotel companies from the bank guarantee required upon issuing of employment visa," Dr Khalid Mohammed Al Khazraji, Under-Secretary of the Ministry, said, according to the "Khaleej Times.” The move aims at improving the service industry and the banking companies and help ...  >>MORE

Adib launches credit card that complies with Sharia

Posted on 05/07/2004

Competition in the crowded credit-card market will heat up with a new Sharia-compliant card from Abu Dhabi Islamic Bank (Adib). Adib's cardholders will be allowed to opt for the new Islamic credit card or hold both. "There is a clear need in the market for an alternative to the conventional credit card, a card that meets Sharia rules and regulations and we are optimistic the new card will go down well because it allows deferred payments," said Abdul Aziz Al Mehairi, acting chief executive. ...  >>MORE

Dubai Islamic Bank reports 25pc jump in net profit

Posted on 03/07/2004

Dubai Islamic Bank (DIB) recorded a sharp 25 per cent increase in net profit, including depositors' profit, to total Dh405 million for the first six months of the year. The corresponding figure for 2003 was Dh325 million. Dr. Mohammed Khalfan bin Kharbash, UAE Minister for Finance and Industry and DIB's chairman, said: "Dubai Islamic Bank has maintained a high rate of growth in recent years as a result of adopting an ambitious diversification and expansion strategy across its investment and ...  >>MORE

ADCB expands loan offering

Posted on 30/06/2004

Abu Dhabi Commercial Bank (ADCB) has expanded its personal loan product offering to include UAE national working women and expatriates as part of its drive to introduce improved customer service, new products and upgraded facilities. ADCB's specifically designed personal loan for UAE national working women offer a higher than average salary multiple and less stringent eligibility conditions. The new ADCB personal loan product offers extremely competitive interest rates, high loan amounts ...  >>MORE

EIB approves finance of six projects

Posted on 28/06/2004

The Emirates Industrial Bank (EIB) has agreed to finance six industrial projects at a total cost of Dh 127 million. The six projects will produce vegetable oil, ghee, butter, metal furniture, cement products and plastic bags, among other things. The EIB's board of directors gave the go-ahead to financing the projects in a meeting held here today under the chairmanship of Dr. Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industry. The board also took notice of other six ...  >>MORE

DIB to become largest capitalised bank in UAE

Posted on 27/06/2004

The Extraordinary General Meeting (EGM) of the shareholders of Dubai Islamic Bank held yesterday in Dubai approved the recommendations of the Board to increase of the bank's capital to Dh3 billion and paid capital to Dh1.5 billion, paving its way to become the largest capitalised bank in the UAE. The shareholders approved an extension of the company's activity period by an additional 50 years. The EGM also accepted a proposal to allocate two per cent of the proposed capital increase to the DIB ...  >>MORE

Egypt bank to list in UAE

Posted on 24/06/2004

An Egyptian bank has secured formal approval to list in the UAE stock market, becoming the first foreign bank to do so. Commercial International Bank (Egypt) SAE will be listed on the Dubai Financial Market (DFM), following approval by the Emirates Securities and Commodities Authority (ESCA), it was announced yesterday. With this, the total number of foreign companies listed in the UAE rises to three. Applications of others for listing in the UAE are being evaluated. "The ESCA has cleared ...  >>MORE

Emirates Islamic Bank unveils its new corporate identity

Posted on 21/06/2004

The Emirates Islamic Bank, EIB, yesterday unveiled its new corporate identity following the changing of the former Middle East Bank into an Islamic banking corporation under the name of Emirates Islamic Bank. In a press conference here today, Ibrahim Fayez, EIB CEO, said all preparations were in place to start operations and that the Bank's inauguration date would be announced soon. Other officials said that the nine branches of the former Middle East Bank had now become branches for the EIB, ...  >>MORE

UAE plans Islamic arbitration centre

Posted on 16/06/2004

A commercial arbitration centre will be established in the UAE shortly to speed up settlement of disputes among Islamic financial institutions, officials said yesterday. The Islamic Centre for Mediation and Commercial Arbitration to be based in Abu Dhabi is being set up by the UAE government and the Jeddah-based Islamic Development Bank. This autonomous entity has secured the approval of the Cabinet and the Ministry of Finance and Industry is reviewing the documents before a final agreement is ...  >>MORE

UAE banks post higher growth in earnings

Posted on 15/06/2004

The assets and net earnings of most banks in the UAE registered handsome growth in 2003, with local entities like First Gulf Bank (FGB), Bank of Sharjah (BOS), etc, staging remarkable performance, a survey conducted by "Gulf News” revealed. On the net profit side, while most local banks reported extremely good growth, that of the foreign banks was not that encouraging. Leading foreign banks like ABN Amro and HSBC Bank witnessed a drop in their net profit, with that of ABN Amro falling 24 per ...  >>MORE

ADCB expects better results in first half

Posted on 14/06/2004

Improved performance in the last two months will help Abu Dhabi Commercial Bank (ADCB) maintain net profit growth of around 7.5 per cent for first half of this year, the bank's chief said. ADCB is also pushing ahead with expansion plans by adding three new branches in the UAE this year and is refurbishing all retail branches with a new corporate logo. ADCB earned a net profit of Dh145.24 million for the first quarter of this year, up 7 per cent over the corresponding quarter last year. Total ...  >>MORE

Banks are free to manage liquidity, says Al Suwaidi

Posted on 13/06/2004

The robust UAE banking system is flush with excess liquidity but its judicious deployment in foreign assets leaves no room for concern, said Central Bank Governor Sultan bin Nasser Al Suwaidi. Banks will have their independence in managing liquidity, he noted. Moreover, bank deposits in the country are largely owned by nationals, thus providing a protective ring for banks in crisis situations, a Central Bank study has shown. "There is excess liquidity in the system and bank managements have ...  >>MORE

National banks poise for good results in 2004: Central Bank

Posted on 06/06/2004

National banks are projected to post good results in 2004 riding on robust performance of 20 per cent during the first quarter of the year, according to the UAE Central Bank. A bank statement said today the board reviewed, in its third meeting for the year, reports on the monetary and banking conditions in the country and the performance of banks during the first quarter of 2004. 'Performance of these banks in the first quarter exceeds that of the corresponding period in 2003 by about 20 per ...  >>MORE

UAE banks expand capital to cope with competition

Posted on 05/06/2004

UAE banks bolstered their capital base by nearly US$1 billion during 2003 within an ongoing expansion programme intended to face growing global competition. The increase allowed the UAE to maintain its status as having the second largest banking sector in the Arab world after Saudi Arabia by overtaking Egypt three years ago. The bulk of the increase came from the 21 national banks through issuing new shares to subscribers, public subscription and allocation of part of their profits to the ...  >>MORE

UAE banks' profits jumped last year

Posted on 03/06/2004

Most of the banks in the UAE performed well in 2003 and saw their yearly profits increase sharply which was possible due to factors like huge property development, high oil prices, rising stock markets and massive investments both in the private and the public sector. According to published figures, the top 10 banks in the UAE with high net profit and total assets are National Bank of Dubai (NBD), National Bank of Abu Dhabi (NBAD), Mashreqbank, Emirates Bank International (EBI), Abu Dhabi ...  >>MORE

Mashreqbank expands ATM network to exceed 100 this year

Posted on 25/05/2004

Mashreqbank's expanded network of ATMs, 10 per cent of the UAE total, is providing 24-hour convenience at an ever-increasing number of locations. The latest addition is in the lobby of the JW Marriott Hotel, adjacent to the Hamarain Centre, which brings the bank's total number of ATMs in the UAE to 91, with a further 23 to be added before the end of this year. Mashreqbank is the only bank to have ATMs in all seven emirates, all strategically located in popular locations such as shopping ...  >>MORE

National Bank of Sharjah’s Q1 profit up 20%

Posted on 24/05/2004

National Bank of Sharjah has reported 20 per cent increase in net profit at Dh17.7 million for the first quarter of 2004 ended March 31, 2004. The bank said in a statement that the impressive results for the first quarter of 2004 underline the success of its decision to convert from traditional banking to the world's first fully-fledged Islamic bank. Assets rose by 10 per cent to Dh2.9 billion and financing activities grew by six per cent to Dh1.6 billion. The bank converted to full Islamic ...  >>MORE

Emirates Bank to open eight new branches in UAE

Posted on 24/05/2004

Emirates Bank will open 8 new branches this year, in addition to the bank will also open its first branch in Saudi Arabia in July this year. The new round of expansion gives special emphasis to high net worth clients and the bank's fast growing retail business. Out of the eight new branches three will be located in Dubai, tow in Sharjah and two in Abu Dhabi. (The Khaleej Times) ...  >>MORE

UAE bank deposits rise despite low interest rates

Posted on 22/05/2004

UAE commercial banks gained nearly US$8 billion in deposits in one year despite weak interest rates to underscore the absence of major investment opportunities for expatriates. But bankers said the increase also reflected a general trend by nationals to bring back part of their overseas funds to invest in high-return shares following a sharp increase in the profits of listed companies because of an upsurge in the domestic economy. From Dh209.6 billion (US$57.1 billion) at the end of 2001, ...  >>MORE

National Bank of Dubai named best bank in UAE by top finance magazine

Posted on 18/05/2004

For the second consecutive year, National Bank of Dubai has been chosen the best bank in the UAE by Global Finance Magazine. The bank was also selected among top banking performers in emerging markets in the Middle East and Africa for the year 2003. The renowned financial magazine publishes details of the survey and the winning financial institutions in its May issue. Banking consultants, analysts and corporate executives in addition to the Global Finance editors contributed to the ...  >>MORE

DIB poised to become largest capitalised bank

Posted on 16/05/2004

With the board of directors recommending an increase in the paid-up capital from Dh1 billion to Dh1.5 billion through a rights issue and the authorised capital from the present Dh1 billion to Dh3 billion, Dubai Islamic Bank (DIB) is set to become the largest capitalised bank in the country. The board has recommended the increase in capital in its meeting held on May 13. The move has led to a huge trading at DIB counter on Dubai Financial Market (DFM) yesterday. DIB shares gained Dh4.85 ...  >>MORE

DIFC deal to build US$260m 'Hexagon'

Posted on 11/05/2004

Dubai International Financial Centre (DIFC) and Nexus Capital SA yesterday announced the development of the Hexagon, a US$260 million mixed use real estate complex in Dubai. The joint venture project is aimed specifically at attracting foreign direct investment into the DIFC and its construction is expected to take three years. The Hexagon would offer 1.4 million square feet of premium quality commercial and residential space within the boundaries of DIFC in central Dubai, and is designed ...  >>MORE

Rakbank Q1 profit up 55pc to Dh32.7m

Posted on 11/05/2004

National Bank of Ras Al-Khaimah (Rakbank) has reported a net profit of Dh32.7 million for the quarter of this year up by 55 per cent compared to the same period last year. The bank's interest income was up by 22 per cent at Dh53 million at the close of this quarter over the previous quarter due to the significant increase in the funded assets of the bank. Gross loans and advances were up by 8.8 per cent at Dh2.9 billion from the close previous quarter. Rakbank's personal banking portfolio ...  >>MORE

UAE economy surges 10.2pc in 2003

Posted on 10/05/2004

The UAE's economy grew 10.2 per cent in 2003 mainly due to high oil prices with limited impact from the war and regional tension, Minister of State for Industrial and Financial Affairs Dr. Mohammed Khalfan bin Kharbash announced yesterday. The growth is measured in real terms taking into account inflation as well. "The high oil prices and the limited economic impact of the Iraq war saw the UAE's domestic economy achieve a growth of 10.2 per cent (at current prices) and 7 per cent at constant ...  >>MORE

Consumption loans up 21pc

Posted on 10/05/2004

The volume of personal loans for consumption purposes provided by banks operating in the UAE during 2003 have increased by 21.1 per cent at Dh21.4 billion compared to Dh17.7 billion in 2002, while personal loans for commercial purposes increased by 15.7 at Dh23.9 billion from Dh20.7 billion in 2002. The standard growth in personal loans as exposed by the "Central" was triggered by competition between banks to provide the best and highest profit loans as compared to other loans ,since the banks ...  >>MORE

UAE banks boost capital base and buy bonds for more profits

Posted on 09/05/2004

UAE banks have boosted their capital base by nearly US$1 billion over the past year as they set off to take advantage of an economic boom caused by a surge in oil prices. The country's 21 national banks and 26 foreign units also slashed their deposits with banks abroad and pumped their funds into bonds to avert low interest rates. The capital increase, in line with Central Bank instructions for all banks to strengthen their financial position, allowed the UAE to maintain the second biggest ...  >>MORE

NBS to be listed on Abu Dhabi stock market

Posted on 09/05/2004

Islamic financial institutions in the UAE have stressed the need for an Islamic regulatory body, and informal discussions on this are already on among these banks, according to Hussain Al Qemzi, the newly appointed general manager of National Bank of Sharjah (NBS). In an interview with Gulf News recently, Al Qemzi said these banks may approach the Central Bank in order to seek the regulatory body's advice. The UAE currently has four Islamic financial institutions - Dubai Islamic Bank (DIB), ...  >>MORE

UAQ Bank to have a new building

Posted on 08/05/2004

Sheikh Nasser bin Rashid Al Mualla, Managing Director and CEO of the Umm Al Qaiwain National Bank, has signed a contract for the construction of the Bank's new head office here. The Bank's new 5-storey head office will be built on an area of 94,000 square metres and will be furnished with state-of-the-art installations. The new building will provide ample parking lots and a drive-through automated teller as well as a special section for ladies. (The Emirates News Agency, WAM) ...  >>MORE

Finance House sets record in IPO subscription

Posted on 08/05/2004

The initial public offering of Finance House, Abu Dhabi's first IPO this year, was overwhelmingly oversubscribed 75-fold when subscriptions closed on Thursday. The response of investors shattered all previous records for multiples in over-subscription in the UAE, as some Dh8.60 billion poured in to support the offer. It was a clear indication of the bullish mood of local investors and paves the way for similar offerings to mop up the deluge of cash looking for a home. Despite Dh8.60 billion ...  >>MORE

Dubai Investments halves share capital

Posted on 04/05/2004

Dubai Investments (DI), which reported a net profit increase of 8.5 per cent to Dh98.4 million for 2003, has decided to reduce the share capital of the company by half to Dh650 million. The decision to slash the authorised capital by the Board of Directors of the company was taken after a careful review of the financial position of the company. "Based on a careful review of the portfolio of assets, related risks and the availability of adequate liquid funds, the board has proposed a reduction ...  >>MORE

UAE banks on sound footing

Posted on 03/05/2004

While the first quarter net profit of 12 banks that have already announced their financials represented 18.30 per cent of the total net profit for 2002, this year's first quarter net profits account for more than 23 per cent. Wadah M. Al Taha, R&D manager of Abu Dhabi Financial Services Co for National Bank of Abu Dhabi (NBAD), said the average growth in net profit witnessed by these 12 banks is close to 27 per cent because the combined figure has gone up to Dh1.3 billion. In terms of ...  >>MORE

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Quick List

Commercial Bank of Dubai profit grows to Dh149.8m


Strong results indicate another bumper year for UAE banks


Mashreqbank first half profit up 25pc


ADCB’s H1 net a record Dh304million


Bank of Sharjah posts spectacular results for first half of 2004


First Islamic and Dubai Sports City in joint venture


NBAD posts Dh 503 million in net profit


First Gulf Bank's profit rises 80pc


UAE raises interest rate


UAE capital outflow estimated at Dh16.5 billion in H1 2004


Banks, top hotels exempted from bank guarantee


Adib launches credit card that complies with Sharia


Dubai Islamic Bank reports 25pc jump in net profit


ADCB expands loan offering


EIB approves finance of six projects


DIB to become largest capitalised bank in UAE


Egypt bank to list in UAE


Emirates Islamic Bank unveils its new corporate identity


UAE plans Islamic arbitration centre


UAE banks post higher growth in earnings


ADCB expects better results in first half


Banks are free to manage liquidity, says Al Suwaidi


National banks poise for good results in 2004: Central Bank


UAE banks expand capital to cope with competition


UAE banks' profits jumped last year


Mashreqbank expands ATM network to exceed 100 this year


National Bank of Sharjah’s Q1 profit up 20%


Emirates Bank to open eight new branches in UAE


UAE bank deposits rise despite low interest rates


National Bank of Dubai named best bank in UAE by top finance magazine


DIB poised to become largest capitalised bank


DIFC deal to build US$260m 'Hexagon'


Rakbank Q1 profit up 55pc to Dh32.7m


UAE economy surges 10.2pc in 2003


Consumption loans up 21pc


UAE banks boost capital base and buy bonds for more profits


NBS to be listed on Abu Dhabi stock market


UAQ Bank to have a new building


Finance House sets record in IPO subscription


Dubai Investments halves share capital


UAE banks on sound footing