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THE ECONOMY - BANKS

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

Bank of Sharjah profit soars 47pc to Dh87.5m

Posted on 14/02/2004

Bank of Sharjah profit soars 47pc to Dh87.5m Bank of Sharjah, which recently trebled its capital to Dh750 million through a rights issue, made a net profit of Dh87.5 million for 2003, representing a 47 per cent jump over that of the previous year. The bank witnessed growth on all fronts with the assets growing by 36.1 per cent to Dh3.024 billion and the deposits improving by 14.8 per cent to reach Dh2.019 billion during the same period. The loans and advances also grew by 16.4 per cent to ...  >>MORE

National Bank of Abu Dhabi earns record Dh8o5.2m profit

Posted on 08/02/2004

National Bank of Abu Dhabi (NBAD) has earned a record net profit of Dh805.22 million for full year 2003, an increase of 23 per cent over the previous year, the bank's preliminary results show. The net profit comes on the back of net revenues which totalled Dh1.262 billion in 2003 compared to Dh1.106 billion. The bank's total assets have grown to Dh43.6 billion, up 12 per cent over the previous year. Shareholders' equity has advanced to Dh4.4 billion from Dh3.85 billion during the period ...  >>MORE

Moody's assigns A3 rating to Mashreqbank euro notes

Posted on 07/02/2004

The US$750 million Euro Medium-Term Note Programme from Mashreqbank has been assigned an A3 rating by Moody's Investor Services. The unsubordinated notes issued under this programme will carry the A3 rating, while the subordinated notes will be rated at Baa1. The A3 unsubordinated debt rating is at the same level as the A3 foreign currency deposit rating already assigned to the UAE-based bank. Moody's existing ratings for Mashreqbank, of A3/Prime-2 for long- and short-term foreign currency ...  >>MORE

Mashreqbank profits rise 19 per cent to Dh601m Board recommends 25% payout, 10% stock dividend

Posted on 26/01/2004

The Mashreqbank group reported 19 per cent growth in net profit at Dh601 million for the year ended Dec.31, 2003, against Dh505 million in the corresponding previous period. Earnings per share improved significantly from Dh7.05 in 2002 to Dh8.39 in 2003. The Mashreqbank board has recommended a dividend of 25 per cent and stock dividend of 10 per cent, making for a 35 per cent distribution for shareholders, against 30 per cent in the previous year. Addressing a press conference in Dubai on ...  >>MORE

EBI doubles bond size to US$500m

Posted on 21/01/2004

Emirates Bank, which pioneered the issuing of international bonds in the UAE market, has sprung a surprise by attracting firm orders of US$700 million for the US$250 million bond it launched yesterday. The overwhelming response to the bond has forced the bank to double the size of the issue to US$500 million. The FRN will carry a coupon of 55 basis points over three months Libor and is listed on the Luxembourg stock exchange under the bank's EMTN programme. Settlement for the bond, which is ...  >>MORE

Emirates Bank's Saudi Arabian operations to commence by July

Posted on 14/01/2004

The Saudi Arabia operations of Emirates Bank International (EBI) will be up and running by July. The bank secured a licence to operate in Saudi more than a year ago. Louis Scotto, general manager of retail for EBI, said the bank is keen to further expand into other GCC countries. Winning the banking licence for Saudi Arabia was a coup for EBI as several UAE and regional banks had been eyeing the market. The EBI plans to expand its branch network in the Kingdom to 10 within five years. EBI, ...  >>MORE

UAE gets online bancassurance via meInsurance

Posted on 13/01/2004

Emirates Bank has linked up with National General Insurance (NGI) to launch the first online bancassurance programme in the country through meInsurance. The scheme will be offered through its branches in Jumeirah, Al Maktoum Road, the Souq and in Sharjah from tomorrow. The programme, which is being hailed as the latest trend in the financial services industry in Europe and a few countries in the Middle East, is launched in the UAE through Heritage Insurance Brokers and has been developed ...  >>MORE

UAE banks shift money to bonds from deposits

Posted on 10/01/2004

The Central Bank and commercial banks operating in the UAE have slashed their deposits with other banks to invest in the more profitable bonds following a steep decline in global interest rates, according to official figures. From Dh51 billion (US$13.9 billion) at the end of June 2002, the Central Bank's deposits with banks inside and outside the UAE plummeted to around Dh43.68 billion (US$11.9 billion) at the end of June last year, the UAE Central Bank's figures showed. Deposits by the ...  >>MORE

Banks boost capital by Dh4.5b in two years

Posted on 06/01/2004

UAE banks have expanded their capital base by around Dh4.5 billion over two years and the level is set to increase further because of their strong performance. The increase in both the paid-up capital and reserves, which make up the shareholders' equity, was in line with instructions by the Central Bank for the country's 46 banking units to raise their capital adequacy on par with international banks. The move is intended to ensure all banks will enjoy strong financial position and have ...  >>MORE

Emirates Bank to issue US$250m bond

Posted on 06/01/2004

Emirates Bank has appointed HSBC and Morgan Stanley to lead manage its second international bond issue for about US$250 million under its US$1 billion euro medium term note programme. The UAE bank said the issue will be a floating rate note and expects to launch it and complete the fund raising this month. The notes will have a five-year maturity and represent the first international offering by a GCC entity in 2004. Emirates Bank raised US$230 million in its debut bond issue in June 2002. ...  >>MORE

Dubai Bank plans to launch Islamic investment services

Posted on 06/01/2004

Dubai Bank plans to launch new Islamic financial and investment services in the second stage of its operation in the UAE following the bank's great success in providing the market with retail and commercial financing services in it first year of operation. Chief Executive Officer, Ahmed bin Brek said: "In its first year of operation Dubai Bank managed to build a broad customers base of more than 20,000 and attract some reasonable market share in the banking sector business in the UAE including ...  >>MORE

UAE banks set to repeat growth

Posted on 03/01/2004

Serious doubts were cast on the ability of banks in the UAE to sustain the searing growth rates of 2002 into 2003. Those doubts were unfounded. By the end of the third quarter most had posted fairly good growth in their net profits and in their assets. Union National Bank (UNB), for example, maintained its profit run during the first nine months. It announced a Dh274.19 million net profit for the period to end September — which represented an 18 per cent growth which hand in hand with a 21 per ...  >>MORE

UAE banks gain more than US$8b in deposits

Posted on 03/01/2004

UAE banks have gained more than US$8 billion in deposits since the September 2001 terrorist attacks in the US and bankers considered the increase as a sign of investors' confidence and a partial return of funds abroad. Despite a steep decline in interest rates, deposits with the country's 20 national banks and 26 foreign units swelled to Dh202.3 billion at the end of last September from Dh172.8 billion at the end of September 2001. "The increase is a sign that local investors still have ...  >>MORE

EIB clears loans for three industrial projects

Posted on 29/12/2003

The Emirates Industrial Bank (EIB) agreed yesterday to finance three industrial projects in the sectors of textiles, printing and publishing, and base metals in the tune of Dh 20 million. The board of directors of the EIB which met here today under the chairmanship of Dr Mohammed Khalfan bin Kharbash Minister of State for Industry and Financial Affairs, reviewed details of two industrial units it approved recently at a total cost of Dh 5.6 million. According to EIB Director General Mohammed ...  >>MORE

"Money & Banks" magazine launched

Posted on 22/12/2003

The Emirates Institute for Banking and Financial Studies (EIBFS) yesterday officially launched its "Money and Banks" magazine, the first monthly periodical specialising in banking and finance sector. At a launching ceremony held at the Bustan Rotana here, EIFBS director general Humaid Al Qattami said the new publication was part of the Institute's policy to disseminate public knowledge. The first issue of the new magazine was released on December 1. (The Emirates News Agency, WAM) ...  >>MORE

Fitch lowers Abu Dhabi bank rating

Posted on 19/12/2003

Ratings company Fitch has downgraded the National Bank of Abu Dhabi's (NBAD) individual rating to 'C' from 'B/C', and the long-term, short-term and support ratings of the bank have been affirmed at 'A', 'F1' and '2', respectively. The downgrade reflects the largest bank in the UAE's increasing risk profile and a lack of a commensurate strengthening of equity, resulting in a weakening of capital ratios. Fitch said in a competitive domestic market the bank has been aggressively expanding its ...  >>MORE

Moody's upgrades Mashreqbank

Posted on 17/12/2003

Moody's Investors Service has upgraded the foreign currency deposit (FCD) ratings of the Dubai based Mashreqbank to A3/Prime-2 from Baa3/Prime-3 and its financial strength rating (FSR) to C- from D+. This is a three-notch jump in the bank's rating, something which is exceptional in the history of UAE's banking sector. The outlook for all ratings is stable. Moody's says the upgrade reflects Mashreqbank's growing franchise within the UAE and its improving financial fundamentals. Abdul Aziz Al ...  >>MORE

Bank of Sharjah to expand into other GCC states

Posted on 16/12/2003

Bank of Sharjah (BoS), which recently made headlines by almost trebling its equity capital from Dh260 million to Dh750 million, has unveiled plans to grow organically and through acquisitions, and to expand its operations into GCC and other regional markets. BoS, which unveiled a new corporate identity to mark its 30th year of operations, hopes to post a 40 per cent jump in its net profit in the current year. This will take its return on equity (RoE) to 15 per cent from the current 10 per cent. ...  >>MORE

Capital Intelligence upgrades ADIB rating

Posted on 14/12/2003

The Abu Dhabi Islamic Bank (ADIB) has secured a better rating from Capital Intelligence which yesterday raised the bank's financial strength rating to A- from BBB+. The foreign currency ratings were affirmed at A- (long-term), A2 (short-term) and the support rating at 2. The outlook remains "stable" for all the ratings, a bank statement said. ADIB is owned 10 per cent by the Abu Dhabi Investment Authority (ADIA) and members of the ruling family while prominent private shareholders own a ...  >>MORE

NBD in tie-up with US group

Posted on 09/12/2003

National Bank of Dubai's (NBD) private banking services has aligned with Washington-headquartered Russell Investment Group to offer clients a select choice of investing opportunities. At the heart of the alliance is RIG's concept of 'manager of manager' funds, whereby it creates a universe of the top fund managers in individual classes - equity, bonds, mutual funds - and geography - the Americas, Europe, Asia - and use their inputs for asset allocation. RIG has been associated with some of ...  >>MORE

Banks report significant growth in deposits

Posted on 01/12/2003

UAE banks deposits have increased to Dh213 billion during the first half of the year, registering a growth of 1.7 per cent against the previous year, despite lower interest rates as compared to the same period last year. According to a UAE Central Bank report released here today the deposits of resident expatriates recorded a 2% growth increasing to Dh202 billion. In contrast, deposits of non-residents fell by 3.4 per cent to just Dh11 billion. The report also said that consolidated budget of ...  >>MORE

More banks line up to enter nascent home loan market in UAE

Posted on 24/11/2003

More banks in the UAE have lined up to enter the home loan market, estimated to be around Dh40 billion, despite the fact that the land law is still awaited. Mashreqbank became the first to announce a comprehensive mortgage product for both residents and non-residents about two weeks back. The announcement last year by leading property developers like Nakheel Corp, Emaar Properties and Jumeirah Beach Residence, that their properties would be available for freehold ownership, has sent lots of ...  >>MORE

Coin to mark FIFA youth cup

Posted on 22/11/2003

The UAE Central Bank has issued a commemorative coin of Dh50 on the occasion of the UAE hosting the FIFA World Youth Championship Emirates 2003. the face of the coin shows an inscription of the country's name in both Arabic and English along with the denomination while the back depicts the logo of the occasion. The coins are available at the tellers at the banks operating in the UAE and its face value plus the additional costs estimated at Dh10. The coin is of 40mm in diameter weighs 40 grams ...  >>MORE

UAE, Oman, Qatar banks working on data sharing system

Posted on 22/11/2003

Banks in Qatar, Oman and the UAE are said to be in the process of building modern electronic information-sharing systems on a large number of significant debtors. Research carried out by Standard & Poor's on Gulf banking recently has found that the move is supported by the respective central banks. The report by S&P notes that collectively, banks and central banks in the Gulf must still become accustomed to the principle and functioning of credit bureaus. Though the lending, both corporate ...  >>MORE

UAE banks set for record year

Posted on 12/11/2003

UAE commercial banks are poised for a record financial year this year as the National Bank of Dubai (NBD) and other major local banks took advantage of high-return bond investments and a strong domestic economy to lead the banking boom. The country's 46 banks made record profits in the first nine months of this year and experts attributed the increase to a surge in the net earnings by NBD, the state-controlled National Bank of Abu Dhabi (NBAD) and other local banks operating in one of the ...  >>MORE

Fujairah bank to boost capital by Dh100m

Posted on 11/11/2003

National Bank of Fujairah (NBF) has decided to increase its capital by Dh100 million through a rights issue. The shareholders of the bank ratified the issue at an extraordinary meeting held yesterday. With the rights issue, the total shareholders' funds will surge to Dh770 million. The proposed rights issue is priced at Dh150 per share, representing a nominal value of Dh100 and a share premium of Dh50. Shareholders have one month to subscribe to the issue before the end of this year. "NBF's ...  >>MORE

UAE tops credit rating in GCC

Posted on 08/11/2003

The UAE has maintained the A2 rating given to it by the international credit rating agency, Moody's thus coming with Kuwait in the first place at the GCC level in terms of credit standing. The UAE obtained the A2 rating for issuing bonds in foreign currency, long-term bonds and in terms of reliable bank deposits due to the stability prevailing in the UAE. The above rating was given to express UAE's strong credit capability and limited investment hazards. In addition, the UAE was given P2 ...  >>MORE

National Bank of Sharjah launches UAE's first Islamic credit card

Posted on 05/11/2003

National Bank of Sharjah (NBS) is the first bank in the UAE to launch an Islamic credit card in association with Visa International. The new credit card will meet the needs of a large section of the population who require credit card facilities in accordance with the provisions of Islamic Sharia. This is expected to fulfil a huge market demand for Sharia compliant financial products. Mohammed Abdullah, NBS acting general manager and head of the commercial banking division, said, "As the ...  >>MORE

EIB offers finance for six projects

Posted on 03/11/2003

The Emirates Industrial Bank (EIB) agreed yesterday to finance six projects at a total cost of Dh 67 million. The approved projects cover base minerals, plastic and paper products and foodstuffs. EIB Director General Mohammed Abdul Bagi said the bank had financed 18 projects worth Dh 116.3 million since the beginning of the year. 'We expect that total value of financed projects to reach Dh 200 million by year-end,' he added. He said the bank's board of directors re-elected Dr. Mohammed Khalfan ...  >>MORE

Rakbank reports 20pc rise in profit

Posted on 02/11/2003

National Bank of Ras Al-Khaimah (Rakbank) has reported a net profit of Dh67.2 million for the nine months ended September 30, representing a year on year increase of 20 per cent. The bank attributed strong growth in personal banking products and trade finance volumes as the main drivers for the rise in profits during the nine months. The net interest income rose some 23 per cent to Dh133 million compared to the same period in 2002, while non-interest income rose 55 per cent in the same ...  >>MORE

NBD posts Dh693m nine-month profit

Posted on 29/10/2003

An exceptional 'other income' helped National Bank of Dubai (NBD) earn a nine-month net profit of Dh693 million - the highest net profit ever reported by any UAE-based bank. This is also 72.1 per cent more than the net profit it posted for the same period last year, which was Dh402.7 million. While net interest income grew by 15.2 per cent to Dh630 million, the other income during this period grew by a whopping 162.7 per cent to Dh415 million against Dh158 million the bank made for the same ...  >>MORE

UAE bank Emiratisation fund to take off this year

Posted on 28/10/2003

The new fund set up to promote Emiratisation in the banking sector is set to take off by the end of this year. There will be a committee comprising members from the Central Bank, Emirates Institute for Banking and Finance and the Human Resources Development Committee for the Financial Sector to supervise the fund. Ahmed Humaid Al Tayer, UAE Minister of Communications and head of the Human Resources Development Committee for the Financial Sector, said the fund will be devoted to training and ...  >>MORE

CBD may be open to merger proposal, says Al Tayer

Posted on 28/10/2003

The Commercial Bank of Dubai (CBD) may favour the option of a merger for a strong presence in the post-WTO environment and also to stay equipped for the imminent Basel 2 accord being finalised for the global banking industry. Ahmed Humaid Al Tayer, UAE Minister of Communications and chairman of CBD, said: "We may not go in for a capital increase, but rather go in for a merger in view of the WTO and Basel 2 accord." Two days ago, the First Gulf Bank (FGB) announced its intention to raise its ...  >>MORE

NBAD net profit increases 19pc

Posted on 27/10/2003

National Bank of Abu Dhabi (NBAD) earned a net profit of Dh593 million in first three quarters this year, up 19 per cent over the same period last year. Earnings per share (EPS) stood at Dh8.39 compared with Dh7.04. The bank's total assets grew to Dh44.838 billion from Dh38.317 billion, up 17 per cent. Only third quarter earnings of Dh200 million were 21 per cent up on the corresponding quarter of last year, reflecting good trading performance and a marked increase in domestic division profits ...  >>MORE

First Gulf Bank to boost equity through bond

Posted on 27/10/2003

First Gulf Bank is increasing its equity by Dh800 million by taking on a new partner through a bond issue, said the bank's top official yesterday after announcing an increase of 43 per cent in its net profit for first nine months of this year. The bank earned a net profit of Dh81.6 million through September, a 43 per cent rise over the same period last year. At an extraordinary general meeting held late Saturday, the board approved the bank's decision to increase its equity by Dh800 million ...  >>MORE

UAE has lowest retail loan ratio in GCC

Posted on 26/10/2003

Although the growth of consumer lending in the UAE banking sector is said to have raised concern among the authorities, the UAE still enjoys the lowest ratio of retail loans to total credit among the GCC countries. A study carried out by Standard & Poor's (S&P), the leading rating agency, shows that the ratio of the UAE's retail loans to total credit last year was the lowest among the GCC countries at 25.4 per cent. In Bahrain, retail loans accounted for 41 per cent of total credit, ...  >>MORE

Commercial Bank of Dubai reports Dh200m profit

Posted on 26/10/2003

Commercial Bank of Dubai (CBD) posted a net profit of Dh200 million for the nine-month period ending September 30, which represents a 15.5 per cent improvement over that of the same period last year. Earnings per share (EPS) grew from Dh5.1 to Dh5.4 during this period. While the assets advanced by eight per cent to Dh7.492 billion, the loans and advances increased by 11.3 per cent to Dh5.343 billion as of September 30. Investments posted significant growth of 54.4 per cent during this period ...  >>MORE

ARBIFT announces net profit of Dh63.6m

Posted on 25/10/2003

The Arab Bank for Investment and Foreign Trade (ARBIFT) yesterday announced it earned a net profit of Dh63.6 million for first nine months of 2003. Comparative figures for last year were not made available. However, it earned a net profit of Dh29 million in 2002. Total assets of the bank stood at Dh3.560 billion in September, up 7.6 per cent. Shareholders' equity increased to Dh1.315 billion compared with Dh1.309 billion in the same period of 2002. Customer's deposits jumped to Dh1.501 billion ...  >>MORE

ADCB posts net profit of Dh 428 million

Posted on 22/10/2003

Abu Dhabi Commercial Bank (ADCB) has posted net profit of Dh 428 million in the first three quarters of the current year versus Dh 449 million in the corresponding period of last year, according to the balance sheet released by the bank today. The Bank's financial statement shows that interest income has shrunk to about Dh 826 million in the past nine month from about Dh 896 million during the same period last year. Interest expense has decreased to Dh 287 million compared to Dh 383 million, ...  >>MORE

Dubai Islamic Bank reports 25pc increase in net profit

Posted on 21/10/2003

Dubai Islamic Bank (DIB) earned a 25 per cent increase in its net profit for the nine-month period ending September 30 this year (including depositors' profits), taking it to Dh544 million compared with Dh435 million earned in the corresponding period last year. The bank's assets during this period rose to Dh22.6 billion, a 22 per cent increase compared with the corresponding period last year, when assets totalled Dh18.5 billion. Customer deposits saw strong growth of 22 per cent, up to Dh16.3 ...  >>MORE

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Quick List

EIBFS to change its name


Bank of Sharjah profit soars 47pc to Dh87.5m


National Bank of Abu Dhabi earns record Dh8o5.2m profit


Moody's assigns A3 rating to Mashreqbank euro notes


Mashreqbank profits rise 19 per cent to Dh601m Board recommends 25% payout, 10% stock dividend


EBI doubles bond size to US$500m


Emirates Bank's Saudi Arabian operations to commence by July


UAE gets online bancassurance via meInsurance


UAE banks shift money to bonds from deposits


Banks boost capital by Dh4.5b in two years


Emirates Bank to issue US$250m bond


Dubai Bank plans to launch Islamic investment services


UAE banks set to repeat growth


UAE banks gain more than US$8b in deposits


EIB clears loans for three industrial projects


"Money & Banks" magazine launched


Fitch lowers Abu Dhabi bank rating


Moody's upgrades Mashreqbank


Bank of Sharjah to expand into other GCC states


Capital Intelligence upgrades ADIB rating


NBD in tie-up with US group


Banks report significant growth in deposits


More banks line up to enter nascent home loan market in UAE


Coin to mark FIFA youth cup


UAE, Oman, Qatar banks working on data sharing system


UAE banks set for record year


Fujairah bank to boost capital by Dh100m


UAE tops credit rating in GCC


National Bank of Sharjah launches UAE's first Islamic credit card


EIB offers finance for six projects


Rakbank reports 20pc rise in profit


NBD posts Dh693m nine-month profit


UAE bank Emiratisation fund to take off this year


CBD may be open to merger proposal, says Al Tayer


NBAD net profit increases 19pc


First Gulf Bank to boost equity through bond


UAE has lowest retail loan ratio in GCC


Commercial Bank of Dubai reports Dh200m profit


ARBIFT announces net profit of Dh63.6m


ADCB posts net profit of Dh 428 million


Dubai Islamic Bank reports 25pc increase in net profit