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THE ECONOMY - BANKS

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

Commercial Bank International posts Dh24.38m profit

Posted on 29/04/2004

The Commercial Bank International posted a profit of Dh24.38 million for the first quarter of this year, improving slightly upon its performance over the corresponding period for the previous year when the figure stood at Dh23.27 million, according to a report in Khaleej Times. The earnings per share continued to remain at 7 fils. The total assets of the bank were up to Dh3.19 billion from Dh3.08 billion while total liabilities reached Dh2.72 billion from the previous level of Dh2.64 billion. ...  >>MORE

Emirates Bank Q1 net rises to Dh181m

Posted on 27/04/2004

The Emirates Bank International, EBI, posted an unaudited net profit of Dh181.67 million for the first quarter of this year, a sizeable increase over Dh141.45 million for the same period last year, representing an increase of 35.3 per cent. Total assets increased 5.3 per cent from Dh31.87 million at the end of last year to Dh33.58 million by the end of the first three months this year. Loans and advances rose from Dh22.83 million to Dh24.217 million, an increase of 6.3 per cent. Medium term ...  >>MORE

NBAD reports First Quarter Earnings

Posted on 25/04/2004

The National Bank of Abu Dhabi (NBAD) yesterday reported an all time record net profit of Dh 216 million in the first quarter of 2004, a 21 per cent increase over the first quarter of 2003. According to a trading statement by NBAD, annualised earnings per share of Dh 9.19 represent a 21 per cent increase over the prior year period of Dh 7.61. The annualised return on equity is 19.2 per cent compared with 18.8 per cent in the corresponding 2003 year. Domestic business performance improved ...  >>MORE

Abu Dhabi Commercial Bank net up 14pc

Posted on 25/04/2004

Abu Dhabi Commercial Bank (ADCB) yesterday announced it earned a net profit of Dh145.24 million for first quarter 2004, up 14.6 per cent over the corresponding period last year. Lower provisions for impaired loans and advances have helped to lift the net profit higher than last year's first quarter figure. Earnings per share (EPS) went up to Dh1.16 from Dh1.08. Total assets have shrunk slightly to Dh28.73 billion ending March 2004 from Dh28.75 billion ending December 2003. Interest income ...  >>MORE

Banks report record earnings for 2003

Posted on 24/04/2004

In the UAE some banks saw their yearly profits for the year 2003 achieve record performance and even the first quarter of 2004 stood up from the past level as there is a boom in the local economy due to massive infrastructure development and the successful World Bank meeting held in Dubai. Last year, banks also collected more money as deposits in the wake of return of funds kept in overseas banks. The Central Bank figures showed the bulk of the increase in the deposits in the form of individual ...  >>MORE

UAE banking sector to remain buoyant

Posted on 24/04/2004

UAE's buoyant banking sector - the second largest in the AGCC after Saudi Arabia with total assets of more than Dh350 billion - has entered an aggressive growth phase thanks to an array of exciting new opportunities, products and services. In the wake of a remarkable surge in net profits during 2003 to over Dh6 billion, the upbeat industry, comprising some 47 commercial units - 22 national and 25 foreign banks - is pressing ahead to build on its 2003 performance with new services and products ...  >>MORE

ADIB reports 33 per cent rise in profits in 2003

Posted on 21/04/2004

Abu Dhabi Islamic Bank , ADIB, reported a net profit of Dh 101 million in 2003, registering an increase of 33 per cent (Dh 25 million) over the previous year. The Chairman of the ADIB Board, Obaid bin Saif Al Nasseri, said in at statement at the Annual General Meeting on Monday, read on his behalf by Mohammed bin Hamouda bin Ali, Board Member, that total assets of the bank as at December 31, 2003, reached Dh 9.2 billion compared to Dh 7.8 billion in 2002, an increase of Dh 1.4 billion (18 per ...  >>MORE

NBD reports Dh283m profit in first quarter

Posted on 20/04/2004

National Bank of Dubai, NBD has reported Dh283 million net profits for the first quarter of 2004 up by 66 per cent from Dh170.6 million for the same period last year. While the net interest income increased marginally, the total other income was up by 160 per cent to Dh209.8 million in the first quarter of this year compared to 80.9 million during the same period last year. The other income included the one-off exceptional income of Dh106 million profits from the sale of securities. The ...  >>MORE

Mashreqbank posts Dh165m quarterly profit

Posted on 17/04/2004

Mashreqbank reported a net profit of Dh165.3 million for the first quarter of the current year, representing 15 per cent growth year-on-year. During the first quarter, its commercial banking group signed an agreement with a contractor for the Bahrain Financial Harbour to fully finance its Dh900 million contract, with a tenure of three years. The BFH project, spread over a coastal site of 38 hectares, is a joint venture of Bahrain Government and Kuwait Finance House. While net interest ...  >>MORE

ADIB reports Dh100.5m net profit

Posted on 13/04/2004

Abu Dhabi Islamic Bank (ADIB) will pay a seven per cent dividend after reporting a net profit of Dh100.56 million for last year. Abdul Rahman Abdul Malik, the chief executive of ADIB, said: "The bank is paying a seven per cent dividend which is Dh0.70 per share, totalling Dh70 million for 2003, higher than the five per cent paid the previous year." The bank will launch its Islamic credit card next month, in a tie-up with Visa International. "It will be the first Islamic credit card. We expect a ...  >>MORE

EIB disbursals this year touch Dh33.65m

Posted on 12/04/2004

The Emirates Industrial Bank (EIB) has sanctioned loans worth Dh51.9 million since the start of this year. Most of these funds have been earmarked for various industrial projects, but actual disbursals for the year are only Dh33.65 million, the bank announced yesterday. Its board held a meeting yesterday in Abu Dhabi, chaired by Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs. "The board approved loans and facilities totalling Dh40 million for two ...  >>MORE

DIB net profit increases 21pc

Posted on 12/04/2004

Dubai Islamic Bank (DIB) recorded a smart 21 per cent increase in net profit, including depositors' profits, for the first quarter of this year to Dh180 million. This compares with the Dh149 million for the same period last year. At the same time, assets rose 23 per cent from Dh20.6 billion to Dh25.4 billion, while customer deposits also witnessed strong growth of 23 per cent, an increase of Dh4.3 billion.They eventually weighed in at Dh22.7 billion from Dh18.4 billion. The bank's ...  >>MORE

ADCB declares 25pc dividend

Posted on 11/04/2004

The Abu Dhabi Commercial Bank (ADCB) yesterday announced a 25 per cent cash dividend for shareholders despite a 30 per cent fall in profitability for full year 2003 mainly due to sizeable bad debt provisions. At the bank's annual general meeting (AGM) yesterday, Fadhel Saeed Al Darmaki, chairman of the bank, said ADCB earned a net profit of Dh405.02 million last year compared with Dh590.33 million the preceding year. The lower net profit was due to higher provisions amounting to Dh283.30 ...  >>MORE

Middle East card spend rises 41pc to record US$8b

Posted on 11/04/2004

The card spend at retail outlets in the Middle East soared by 41 per cent to US$8 billion last year according to the official figures recently released by Visa International. This is a record for the region and is partly attributable to the launch of innovative card products across the region's financial sector. Khamis Buharoon Al Shamsi, head of the domestic banking division of the National Bank of Abu Dhabi (NBAD) and UAE-based member on Visa International's board for the Central Europe, ...  >>MORE

Arbift profit rises 58pc on lower provisions

Posted on 05/04/2004

Lower provisions coupled with higher commissions and trading income helped the Arab Bank for Investment and Foreign Trade (Arbift) earn a net profit of Dh46 million last year, a 58 per cent increase over the previous year. The Abu Dhabi-based bank has declared a 10 per cent dividend, totalling Dh57 million. No dividend was declared last year. However, total assets shrunk to Dh4.841 billion ending December 2003 compared to Dh5.799 billion in 2002, the decrease being due to lower interbank ...  >>MORE

NBAD profit up 23pc

Posted on 05/04/2004

Announcing 35 per cent cash dividend for its shareholders, the National Bank of Abu Dhabi (NBAD) has registered a net profit of Dh805.2 million during year ended December 31, 2003, which is 23 per cent higher than its earnings during year 2002. It was announced by the Chairman of the Board of Directors, Mohammed bin Habroush Al Suweidi at the annual general meeting of the Bank, yesterday evening in the capital. He said that the considerable growth in the Bank's profits for the year 2003 ...  >>MORE

National Bank of Fujairah profit up 15.2pc

Posted on 29/03/2004

The National Bank of Fujairah (NBF) recorded a 40 per cent growth in shareholder equity to Dh861 million last year. Net profit increased 15.24 per cent to Dh93 million last year, while total balance sheet growth was 27 per cent with total assets growing to Dh3.4 billion, compared with Dh2.54 billion in 2002. "We are delighted to have produced another set of record figures for the NBF. We have seen strong growth all round with our loans and advances now standing at Dh2.1 billion, guarantees ...  >>MORE

Dubai Bank to increase capital to Dh500m

Posted on 27/03/2004

Dubai Bank, a subsidiary of property group EMAAR, yesterday announced that it will increase its paid-up capital from Dh300 million to Dh500 million. The Dh200 million of new capital will come from EMAAR, which has also diluted its stake in another subsidiary, Amlak Finance. Dubai Bank has requested UAE Central Bank approval for the capital increase. "The file is currently under review at the Central Bank and a response is expected shortly," Ziad Makkawi, chief executive officer of the bank, ...  >>MORE

UAE banks beef up capital and reserves

Posted on 24/03/2004

UAE banks have boosted their capital and reserves by at least US$1 billion in a year, to strengthen their financial position and meet official rules on adequacy. The shareholders equity of the 47 commercial banks, covering their capital and provisions, peaked at nearly Dh43.6 billion (US$11.88 billion) at the end of last September, compared with around Dh39.9 billion (US$10.87 billion) at the end of September 2002, an increase of US$1.01 billion, according to the Central Bank. Bankers said ...  >>MORE

RakBank reports 26pc rise in profit to Dh95.1m for 2003

Posted on 21/03/2004

The National Bank of Ras Al Khaimah (RakBank) reported a record net profit of Dh95.1 million for the year ending December 31, 2003, an increase of 26 per cent over the previous year's profit of Dh75.5 million. This is the third year in a row that profits have grown in the region of 20-26 per cent. During the bank's annual general meeting held yesterday, shareholders approved a dividend of 21 per cent, to be distributed as 11 per cent cash and 10 per cent shares. The meeting was presided ...  >>MORE

UAE banks prosper under high oil prices

Posted on 20/03/2004

The UAE's banks netted their highest income last year and are expected to have another prosperous year in 2004 as strong oil prices produced an upsurge in domestic business. A sharp expansion in trade and other non-oil sectors caused directly and indirectly by high crude prices allowed the country's 21 national banks and 26 foreign units to have one of their busiest years in credit activity and to sharply boost their profits. Figures from the Central Bank showed their combined credits leaped ...  >>MORE

Mashreqbank's Japan Desk helps boost trade with UAE

Posted on 14/03/2004

Mashreqbank's Japan Desk is running well ahead of plan and has helped boost trade between the UAE and Japan, which surged in the first three quarters of 2003 by over 30 per cent. "Our customer feedback, from both local customers in the UAE and their counterparts in Japan, is excellent," said Omar Bouhadiba, head of commercial banking group, Mashreqbank. He said the majority of the growth is from companies involved in automobiles, electronics and consumer goods, engineering and the ...  >>MORE

NBD lending outside UAE soars 179pc

Posted on 14/03/2004

Lending by the National Bank of Dubai (NBD) outside the UAE grew by 179 per cent last year compared with the previous year. While total loans and advances grew by 27 per cent from Dh9.239 billion to Dh11.744 billion, those granted outside the UAE soared from Dh785 million in 2002 to Dh2.196 billion last year. In fact, while 91.5 per cent of the total loans and advances from NBD during 2002 went to borrowers within the UAE, the corresponding percentage for last year was 81.3 per cent, ...  >>MORE

ADIC, NI establish Finance House

Posted on 13/03/2004

The Abu Dhabi Investment Company, ADIC and the National Investment, NI, have jointly set up a new corporate body with an initial capital of AED200 million. According to a press release, issued today, the "Finance House”, as the new body is to be known, has got the blessings and approval of the Abu Dhabi Executive Council, chaired by H.H. Sheikh Khalifa bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces. It has also got the approval of the UAE ...  >>MORE

Kharbash for more homegrown Islamic products and innovation

Posted on 08/03/2004

Dr Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry called for more product innovation and homegrown solutions in the region's Islamic finance sector. Speaking at the opening session of the International Islamic Finance Forum in Dubai yesterday, Kharbash acknowledged that Islamic finance deals like Ijara transactions have become increasingly common in property purchases and there has been a growing interest from regional institutions in Sharia-compliant ...  >>MORE

UAE bank’s outstanding personal debts not over 2pc

Posted on 08/03/2004

The percentage of outstanding personal debts payable to banks in the UAE does not exceed two per cent, according to Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank. "The percentage of outstanding personal loans in the UAE is relatively trivial percentage compared to other international banks or global banking standards,” he added. Al Suwaidi pointed out that 96 per cent of the loans are recovered by banks, while two per cent are recovered through arbitration procedures between ...  >>MORE

ADCB to embark on aggressive expansion plan

Posted on 08/03/2004

An Abu Dhabi Commercial Bank (ADCB) official has said his bank has an aggressive plan to expand and be involved in the large infrastructure projects to support the development of Abu Dhabi and the UAE. Fadhil Al Darmaki, ADCB's chairman of Board of Directors, said as he was addressing a special function to introduce a new team of management in Abu Dhabi yesterday that, his bank remains strong financially. Addressing the function, Ervin Knox, ADCB's Chief Executive Officer, stressed that the ...  >>MORE

DIB wins honours for its leading role in Islamic finance

Posted on 06/03/2004

Dubai Islamic Bank's role as a leader in the Islamic finance industry was recognised at the Euromoney Institutional Investors IFW Awards for Achievement in Islamic Finance. Saad Abdul Razaq, executive vice-president, retail and corporate banking services received the two awards for the best overall 'Islamic Retail Bank' and 'Best Islamic Bank for Women', presented on behalf of DIB. The award of excellence presented at the first Islamic Retail Banking Conference marks the second time the ...  >>MORE

NBAD UAE Growth Fund appreciates by 28.8 per cent in 2003

Posted on 03/03/2004

The NBAD (National Bank of Abu Dhabi) Growth Fund showed an impressive performance in 2003, appreciating by 28.8 per cent. The fund recorded its highest single year of growth since its inception in October 2000 and closed the year at 16.9608. During a period of a little over three years, the fund has made a return of 69.6 per cent, it was announced yesterday. Up to February 2004, the fund has risen 5.5 per cent and crossed the Dh 17 mark, reaching a high of Dh 17.8980. The fund's total ...  >>MORE

NBD net up 41.5%; dividend at 60%

Posted on 02/03/2004

National Bank of Dubai reported 41.5 per cent higher net profits at Dhs805 million for the year ended Dec.31, 2003. The bank showed a growth of 1.3 per cent in total assets despite a slight fall in customer deposits. The bank's AGM, which was held on Monday, approved the board recommendation of a cash dividend of 60 per cent "in view of the strong growth in profitability." New Managing Director Omran Abdullah Al Owais said the corporate banking-focused bank would focus on retail banking ...  >>MORE

NBAD announces 35pc cash dividend

Posted on 01/03/2004

National Bank of Abu Dhabi (NBAD), the bank which ramped up the highest profits for last year, yesterday announced a cash dividend of 35 per cent to shareholders. NBAD earned record profits of Dh805 million for last year, the highest achieved in its history, registering a 23 per cent increase over the 2002 net. The return on equity last year was 21.1 per cent surpassing the bank's 20 per cent return on equity target and making NBAD one of the most profitable banks in the UAE. "It is ...  >>MORE

Emirates Bank wins two top awards

Posted on 01/03/2004

At last week's Bankers Middle East Awards, Emirates Bank walked away with two top prizes — Best Retail Bank in the UAE and Best e-Banking Service in the region. A panel of over 15 industry experts, in addition to online public, voted in eight categories. On receiving the award for the Best Retail Bank in the UAE from Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs, Louis Scotto, General Manager Retail Banking of Emirates Bank, said: "Ever since its ...  >>MORE

Emirates Bank International net rises 8.47pc to Dh609m

Posted on 29/02/2004

One of the biggest banks in the UAE, Emirates Bank International (EBI) posted an 8.47 per cent increase in net profit for 2003, which climbed from Dh561.43 million to Dh609 million. In the process, EBI recorded its first ever net profit beyond the Dh600 million mark. EBI has proposed a total dividend of 45 per cent - 20 per cent cash and 25 per cent stock dividend, which will take the capital of the bank from Dh1.148 billion to Dh1.435 billion. The cash dividend will amount to a payout to ...  >>MORE

Mashreqbank bond issue closes at US$300m

Posted on 29/02/2004

Mashreqbank psc. announced yesterday that its first issue of Floating Rate Notes under the Euro Medium Term Note Programme was oversubscribed and was successfully closed at US$300 million. The US dollar denominated FRNs have a maturity of five years and pay quarterly coupons linked to the three month Libor, reports in the UAE's dailies said. According to the Bank's CEO, Abdul Aziz Al Ghurair, "Mashreqbank had met its key objectives through the successful closure of its first issue of FRNs. ...  >>MORE

Dubai Islamic Bank profit rises 25pc in 2003

Posted on 28/02/2004

Dubai Islamic Bank announced a 25 per cent rise in net profit (including depositors profits) for the year ending December 31, 2003 at Dh751 million compared to Dh601 million for the year 2002. Assets also rose by 16 per cent from a Dh19.6 billion in 2002 to Dh22.77 billion last year The announcement followed a meeting of the board of directors of the bank during which the results were reviewed and approved for submission to the shareholders at the AGM to be held on 10 March 2004. The board ...  >>MORE

Abu Dhabi Commercial Bank profits drop 3opc

Posted on 27/02/2004

Abu Dhabi Commercial Bank (ADCB) - among the biggest in the UAE - recorded a third straight year of profit decline as the 2003 profits fell 30 per cent following a sizeable bad debt provision. Net profit for the year was Dh405 million, which represents a 30 per cent drop on the 2002 figure of Dh590.34 million. Its earnings per share were also trimmed, to Dh3.24 from Dh4.72 in 2002. The bank - which is passing through a major re-organisation following the recommendations of an outside ...  >>MORE

DIB wins award for innovation

Posted on 22/02/2004

Dubai Islamic Bank (DIB) was recognised for taking the region's industry forward in innovation in Islamic finance at The GCC Banking Awards 2004 ceremony last week. Saad Abdul Razak, executive vice president of retail and corporate banking at DIB accepted the award for Innovation in Islamic Finance on behalf of Dubai Islamic Bank's Management. The event, organised by Banker Middle East magazine, was attended by senior representatives from the nominated banks and select banking officials from ...  >>MORE

UAE's three top-tier banks report good results

Posted on 20/02/2004

Three top tier local banks announced strong gains in their 2003 results at their annual general meetings yesterday. Union National Bank (UNB) reported a smart 25 per cent rise in net profits to Dh376.06 million, and rewarded shareholders with a 25 per cent cash dividend. This works out to Dh226 million. Sheikh Nahyan bin Mubarak Al Nahyan, chairman of the bank and UAE Minister of Higher Education and Scientific Research, chaired yesterday's meeting. Meanwhile, higher interest income of ...  >>MORE

Union National Bank unveils 25pc rise in net to Dh376m

Posted on 20/02/2004

Union National Bank (UNB) yesterday announced an increased dividend in line with higher profitability in 2003. A cash dividend of 25 per cent for shareholders will be paid following a 25 per cent growth in net profit to Dh376.06 million. An aggregate amount of Dh226 million has been approved for dividend distribution. Sheikh Nahyan bin Mubarak Al Nahyan, Chairman of the bank and the UAE Minister of Higher Education and Scientific Research, chaired yesterday's annual general meeting. He ...  >>MORE

EIBFS to change its name

Posted on 20/02/2004

The Sharjah-based Emirates Institute for Banking and Financial Studies (EIBFS) will change its name to Academy of Financial and Banking Studies, with plans to offer graduation degrees in banking and finance-related studies. EIBFS also has plans to open offices in Abu Dhabi and Dubai, with the base planned at the Knowledge Village or Dubai International Financial Centre to be a learning centre. This is part of a three-year strategic plan formulated by the institute. "We will expand the ...  >>MORE

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Quick List

UAE banks on sound footing


Commercial Bank International posts Dh24.38m profit


Emirates Bank Q1 net rises to Dh181m


NBAD reports First Quarter Earnings


Abu Dhabi Commercial Bank net up 14pc


Banks report record earnings for 2003


UAE banking sector to remain buoyant


ADIB reports 33 per cent rise in profits in 2003


NBD reports Dh283m profit in first quarter


Mashreqbank posts Dh165m quarterly profit


ADIB reports Dh100.5m net profit


EIB disbursals this year touch Dh33.65m


DIB net profit increases 21pc


ADCB declares 25pc dividend


Middle East card spend rises 41pc to record US$8b


Arbift profit rises 58pc on lower provisions


NBAD profit up 23pc


National Bank of Fujairah profit up 15.2pc


Dubai Bank to increase capital to Dh500m


UAE banks beef up capital and reserves


RakBank reports 26pc rise in profit to Dh95.1m for 2003


UAE banks prosper under high oil prices


Mashreqbank's Japan Desk helps boost trade with UAE


NBD lending outside UAE soars 179pc


ADIC, NI establish Finance House


Kharbash for more homegrown Islamic products and innovation


UAE bank’s outstanding personal debts not over 2pc


ADCB to embark on aggressive expansion plan


DIB wins honours for its leading role in Islamic finance


NBAD UAE Growth Fund appreciates by 28.8 per cent in 2003


NBD net up 41.5%; dividend at 60%


NBAD announces 35pc cash dividend


Emirates Bank wins two top awards


Emirates Bank International net rises 8.47pc to Dh609m


Mashreqbank bond issue closes at US$300m


Dubai Islamic Bank profit rises 25pc in 2003


Abu Dhabi Commercial Bank profits drop 3opc


DIB wins award for innovation


UAE's three top-tier banks report good results


Union National Bank unveils 25pc rise in net to Dh376m


EIBFS to change its name