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THE ECONOMY - BANKS

Arbift posts Dh29m annual net profit

Posted on 01/05/2003

The Arab Bank for Investment and Foreign Trade (Arbift) yesterday announced it earned a net profit of Dh29 million for full year 2002, down 27.8 per cent from the previous year. Net profit fell mainly due to provisions of Dh78 million towards possible credit losses in accordance with the IAS. "We are positive that the bank will make higher profits this year and next due to lesser provisions. The actual profit was higher in 2002 than 2001 but provisions had to be made," Khalid Ali Al Bustani, ...  >>MORE

NBAD earns net profit of Dh179m

Posted on 29/04/2003

National Bank of Abu Dhabi (NBAD) yesterday said it earned a net profit of Dh179 million for first quarter 2003, an 8 per cent increase over the same period last year. Assets grew to Dh39.2 billion, a 7 per cent increase over the same period last year. Earnings Per Share stood at Dh7.61. "Domestic trading conditions remain difficult with low interest rates and severe competition. Nevertheless, our domestic bank's performance improved over last year," said a statement from the bank. "Our ...  >>MORE

Banks make a killing from loan foreclosures

Posted on 29/04/2003

Banks in the UAE are said to be making a killing from the pre-payment penalty they charge on the foreclosure of personal loans. With more and more banks reaching out to grab new customers from the rolls of other banks, loans foreclosure has picked up momentum among the UAE banks. An existing customer is normally charged 1-1.5 per cent on the outstanding amount, if he/she wants to prepay the loan. However, if it is another bank venturing into buying out an existing loan from another bank, ...  >>MORE

DIB posts Dh149m profit

Posted on 28/04/2003

Dubai Islamic Bank (DIB) reported a net profit of Dh149 million (including depositors' share) - a 15 per cent rise, and a 27 per cent increase in assets for the first quarter of 2003. Assets grew 27 per cent to Dh20.6 billion compared with Dh16.3 billion for the same period last year. The bank also reported an impressive 27 per cent rise in deposits from Dh14.5 billion in first quarter, 2002, to Dh18.4 billion. Financing and investment grew from Dh10.1 billion to Dh12.1 billion in the first ...  >>MORE

Mashreqbank sells off Pak, Lanka branches

Posted on 26/04/2003

Mashreqbank has sold its branches in Sri Lanka and Pakistan as part of its new strategy to work through buying shares in local banks in these two countries instead of working through independent private branches. The bank's strategy is aimed at boosting the bank's competitive capabilities in some markets that are witnessing a rapid development, Abdul Aziz Al Ghurair, Chief Executive of the bank. The bank intends to sell other branches in countries other than the GCC countries to be replaced ...  >>MORE

UAE’s banks balance sheets rise

Posted on 23/04/2003

The consolidated balance sheets of the banks operating in the UAE rose to Dh333 billion by the end of December 2002 against Dh314 billion in September last year. A report issued by the UAE Central Bank said that the consolidated balance sheets of national banks surged to Dh225 billion while that of foreign banks increased Dh78 billion. The report said that the value of local credit and investment banks climbed by 4.7 per cent to Dh172 billion while deposits in the Central Bank fell by 5.8 per ...  >>MORE

NBD posts net profit of Dh170.58m

Posted on 23/04/2003

National Bank of Dubai (NBD) has posted a net profit of Dh170.58 million for the first quarter of the current year, against Dh129.09 million - a 31.5 per cent growth over that of the last year. While the interest income improved marginally from Dh261.41 million to Dh270.94 million, interest expense dropped from Dh100.61 million to Dh73.42 million during this period. The total assets during this period dropped from Dh35.16 billion to Dh34.31 billion as of March 31, 2003. While the customers' ...  >>MORE

Adib reports Dh24.3m net

Posted on 22/04/2003

Abu Dhabi Islamic Bank (Adib) yesterday announced it earned a net profit of Dh24.3 million for first quarter 2003, a figure unchanged compared with the same period last year. Its assets have grown 25 per cent to reach Dh7.95 billion at the end of March, the bank said Operating income fell from Dh65.6 million to Dh63.4 million. Operating expenses stood at Dh39.1 million compared with Dh41.3 million. Capital and reserves stood at Dh1.275 billion at the end of March, compared with Dh1.249 billion ...  >>MORE

Mashreqbank posts Dh142.68m profit

Posted on 20/04/2003

Mashreqbank has reported a group net profit of Dh142.68 million for the first quarter of 2003, representing a 15 per cent growth over that of the same period last year. Total assets during this period rose by 2.48 per cent, while shareholders' funds showed an impressive improvement of 13 per cent. The bank's net interest income increased by 11 per cent to Dh183.06 million, commission income went up by 3.5 per cent, and fees and other income increased by five per cent contributing to a growth ...  >>MORE

ADCB reports net profit of Dh135m

Posted on 20/04/2003

Abu Dhabi Commercial Bank made a net profit of Dh135 millions during the first quarter of this year, against Dh145 million in the same period last year. A statement by the bank released yesterday stated that the total operating income jumped to Dh227 million, compared to Dh216 million in the same period last year. Net interest income was Dh179 million, compared to Dh173 million in the same period last year. At the same time, operating expenses increased to Dh93 million from Dh72 million. Total ...  >>MORE

Mashreqbank strikes deal with Union Bank

Posted on 19/04/2003

Mashreqbank has sold off its Sri Lankan operations to Pakistan-based private sector bank - Union Bank. In an interview with Gulf News, Asif Sana, director of international and business development, Union Bank, confirmed the buy-out of Mashreqbank's Sri Lankan operations, which comprise a branch and an offshore unit. The deal has already been signed and the licence will be issued by the Sri Lankan government shortly. Union Bank has also decided to open a representative office in the UAE. Though ...  >>MORE

Citibank sells Dh183.5m Saudi asset to UAE bank

Posted on 15/04/2003

Some foreign banks in the region have either offloaded part of their assets or slowed lending during the past couple of months, according to banking sources here. Though a few cases are being talked about in banking circles, the sources confirmed that Citibank had sold an asset with a top Saudi company with one of the largest market capitalisations in the region - to a UAE-based local bank. According to informed sources, the local bank has acquired the asset worth Dh183.5 million ($50 million) ...  >>MORE

First Gulf Bank profit up 76pc

Posted on 15/04/2003

First Gulf Bank yesterday announced it had earned a net profit of Dh27.7 million ending first quarter 2003, a 76 per cent increase over the same period in 2002. The bank announced its first quarter results on the Abu Dhabi Securities Market. "With the start of the year, the bank has proceeded well as per our strategies and plans. Our 2003 strategy includes expanding our business operations and penetrating the UAE market further by introducing various new services and products to customers," ...  >>MORE

Union National Bank net jumps 26pc to Dh91.26m

Posted on 14/04/2003

Union National Bank (UNB) yesterday announced it had earned a net profit of Dh91.26 million for the first quarter this year, a 26 per cent increase over the same period last year. As the first bank in the UAE to announce first quarter results, UNB expects to maintain a robust growth for the full year going by early trends. Low interest rates, the general slowdown due to the Iraq war and regional tension had no impact on the bank's profitability. "The problems in the region had no impact on the ...  >>MORE

Move to link UAE Switch beyond GCC

Posted on 10/04/2003

The UAE is holding negotiations with Egypt, Jordan, Lebanon and Yemen to connect the UAE Switch with these countries. Currently, the UAE Switch is connected with all the GCC countries. Disclosing this move, the Emirates Banks Association (EBA) has also said that while 945 ATMs are linked locally through the UAE Switch, 3590 ATMs are connected among the GCC Switches. EBA which held its annual general meeting (AGM) for 2002 approved the financial statements for the year. Fathi M. Skaik was ...  >>MORE

ADIB posts Dh75.6m net profit

Posted on 09/04/2003

Lower operating income coupled with higher operating expenses impacted Abu Dhabi Islamic Bank (ADIB), which reported a net profit of Dh75.6 million for full year 2002, down 6 per cent compared to the previous year. The bank's annual general meeting was not held yesterday due to lack of quorum. It will be held next week. A dividend of Dh0.50 per share, totalling Dh50 million has been proposed, the same as the previous year. Earnings Per Share (EPS) fell to Dh0.756 from Dh0.805. However, the bank ...  >>MORE

Dubai Bank enters Abu Dhabi

Posted on 09/04/2003

Sheikh Suroor bin Mohammed Al Nahyan, Chamberlain of the Presidential Court, formally opened Dubai Bank's new branch in Abu Dhabi yesterday. This move will pave the way for further expansion in the UAE and mark the opening of more branches later this year. At the launch of the 'boutique' branch, Ahmed Bin Brek, chief executive officer, Dubai Bank, said: "When we launched operations in Dubai six months ago, Sheikh Hamdan bin Mohammed Al Maktoum, chairman of Dubai Bank, said we would bring 'a ...  >>MORE

NBAD ascends local banking throne

Posted on 08/04/2003

After remaining in the second position behind Abu Dhabi Commercial Bank (ADCB) for years, National Bank of Abu Dhabi (NBAD) asserted its position as the UAE's leading profit-making bank last year. In fact, NBAD created history by posting the highest-ever profit for any local bank by closing the year with net returns of Dh654 million for 2002. The NBAD profit was ahead of Abu Dhabi Commercial Bank by a margin of about Dh65 million. The leader was, however, helped by a four per cent slippage by ...  >>MORE

UAE banks perform well

Posted on 07/04/2003

Impressive increases in profits as well as profitability despite sustained declines in interest rates, growth in the size and quality of assets, product diversification strategies leading up to innovations and handsome dividends to shareholders marked the performance of UAE banks last year. While banks all over the world were taking hits from exposure to market crises and corporate burnouts, the UAE banks clearly bucked the trend and showed improvements in most areas of their activity. Net ...  >>MORE

EBG profit rises to Dh561.43m

Posted on 03/04/2003

Emirates Bank Group (EBG) has registered 6 per cent growth in its group net profit as it climbed up from Dh529.16 million to Dh561.43 million for 2002. EBG annual general meeting (AGM) yesterday also ratified a 20 per cent cash dividend - which is set to absorb Dh184 million - and a 1:4 bonus issue, which will raise the paid-up capital of EBG to Dh1.148 billion. The AGM also ratified the US$1 billion local bond issue under the medium term note (MTN) programme. Ahmed Humaid Al Tayer, UAE ...  >>MORE

ADCB reports net profit of Dh590m

Posted on 02/04/2003

Abu Dhabi Commercial Bank (ADCB) posted a net profit of Dh590 million in 2002, down 4 per cent from 2001 mainly due to lower interest rates and regional circumstances. Shareholders are to get a cash dividend of 25 per cent, the same as the previous year. Earnings Per Share (EPS) fell to Dh4.72 in 2002 from Dh4.92 in 2001. The bank's total assets grew slightly to Dh27.6 billion from Dh26.5 billion. Fadhel Saeed Al Darmaki, Chairman of ADCB said at the bank's annual general meeting yesterday that ...  >>MORE

NBAD posts net profit of Dh654.2m

Posted on 01/04/2003

National Bank of Abu Dhabi (NBAD) yesterday announced it earned a net profit of Dh654.2 million for full year 2002, an 8 per cent increase over the previous year. A 30 per cent cash dividend was declared for shareholders at the annual general meeting. "The considerable growth in the bank's profits for the year 2002 can be attributed to the Dh118 million or 43 per cent increase in commissions and other income," said Mohammed bin Habroush Al Suweidi, chairman of NBAD. "Despite the modest ...  >>MORE

Mashreqbank to split face value of shares

Posted on 01/04/2003

Mashreqbank is set to become the last major listed bank from the UAE to declare a split in face value of its shares - from Dh100 to Dh10. Meanwhile, the Commercial Bank of Dubai (CBD) will get listed on Dubai Financial Market (DFM) from today. Mashreqbank shares shot up by 7.6 per cent during yesterday's trading to close at Dh752.40 Once the Mashreqbank share split is through, the number of Mashreqbank shares listed on Dubai Financial Market (DFM) will go up from 7.158 million to 71.586 ...  >>MORE

Emirates Bank setting up Tehran representative office

Posted on 26/03/2003

Emirates Bank International (EBI), which recently acquired a banking licence in Saudi Arabia, is setting up a representative office in Tehran. The office will be operational within two months. Last year National Bank of Dubai (NBD) set up its representative office in Iran. The fact that trade between the UAE and Iran accounts for around US$3 billion - one of the highest with the UAE - itself is a reason for banks from here to eye Iran's financial sector. NBD is keen to upgrade its Tehran ...  >>MORE

DIB shareholder profit reaches Dh160m

Posted on 19/03/2003

The shareholders' profit of Dubai Islamic Bank (DIB) registered a five per cent growth in 2002 from Dh152.52 million to Dh159.8 million, while assets posted a growth of 28 per cent to Dh19.6 billion from Dh15.3 billion. The annual general meeting ratified a 10 per cent dividend on paid up capital. The depositors' share of profit dropped by around five per cent during this period from Dh463.31 million to Dh441.136 million during 2002. While total income for 2002 was Dh882 million, the net ...  >>MORE

NBD profit surges 25pc to Dh568.76m

Posted on 16/03/2003

National Bank of Dubai (NBD) which witnessed a 25 per cent growth in its net profit to Dh568.76 million for 2002 is keen to upgrade its Tehran representative office, opened in November last, to a full-fledged branch. The general manager of the bank, Douglas Dowie, said that if opportunity comes, and provided the local authorities of Iran permit; NBD will look at upgrading the representative office into a branch. NBD doesn't seem to be enthusiastic about having a physical presence in any other ...  >>MORE

ADCB earns net profit of Dh590.3m

Posted on 12/03/2003

Abu Dhabi Commercial Bank (ADCB) earned a net profit of Dh590.3 million for 2002, lower by 4 per cent on 2001, mainly due to falling interest income. Total assets grew to Dh27.6 billion from Dh26.5 billion. A cash dividend of 25 per cent amounting to Dh312.5 million (unchanged from the previous year) has been proposed. Until 2001, ADCB maintained pole position among UAE banks in net profit for three consecutive years, but in 2002, National Bank of Abu Dhabi (NBAD) has taken the lead. Earnings ...  >>MORE

ADIB to make foray into GCC, Mideast market

Posted on 12/03/2003

With local expansion plans underway, Abu Dhabi Islamic Bank (ADIB) is ready to make a foray into the GCC and Middle East markets to tap growth opportunities. The bank is also launching many Sharia-compliant innovative retail products similar to those of conventional banks. "The bank is seriously thinking of regional expansion and we are weighing options of going to the international markets. Our first expansion would be in the GCC markets and then into the Middle East markets like Syria and ...  >>MORE

ADIB profit drops Dh 5 million in 2002

Posted on 11/03/2003

Abu Dhabi Islamic Bank (ADIB) announced today its 2002 net profits fell to Dh 75.6 million from Dh 80.5 million in 2001. The annual financial results showed that the bank's assets rose to Dh 7.9 billion in 2002 from Dh 6.1 billion in 2001. Earning per share went down to 75 fils 2002 against 50 fils in 2001. Total liabilities surged to Dh 6.5 billion in 2002 from Dh4.75 billion in 2001. Deposits soared to Dh 5.2 billion from Dh 4.3 billion, while Shareholders' equity rose to Dh 1.3 billion from ...  >>MORE

RakBank net profit jumps to Dh75.5m

Posted on 10/03/2003

The National Bank of Ras Al Khaimah (RakBank) has posted 25 per cent growth in its net profit for 2002 to Dh75.5 million. The annual general meeting (AGM) ratified a 10 per cent cash dividend and 10 per cent stock dividend, which will take the paid-up capital of the bank to Dh275 million. The bank has achieved 41.19 per cent emiratisation - the highest in the industry - against the 40 per cent target set by the Committee for Nationalisation in the Banking and Insurance Industries in 2008. The ...  >>MORE

Fujairah bank's dollar note meets targets

Posted on 08/03/2003

The National Bank of Fujairah's recently launched 10-year dollar callable corridor note offer has been closed as targets have been achieved. The product, issued by BNP Paribas as part of a series of structured notes, yields a coupon of up to 9 per cent per annum, subject to six-month Libor remaining below a certain range, with maturity in 10 years. The bank stated yesterday the product, designed to provide protection against the impact of a sharp fall in interest rates, has witnessed excellent ...  >>MORE

Sharjah bank posts Dh56m net

Posted on 05/03/2003

The National Bank of Sharjah (NBS), the first bank to convert itself from a conventional to a fully Islamic bank, has posted a drop in net profit from Dh76.30 million to Dh56.008 million in 2002. The bank announced a 10 per cent cash dividend, which will absorb Dh36.7 million, and a 1:20 bonus issue for its shareholders, against a 20 per cent cash dividend and the same level of stock dividend announced in the previous year. NBS will also expand its branch network to 11 by adding two branches in ...  >>MORE

NBAD's net profit rises to Dh 656 million in 2002

Posted on 03/03/2003

The National Bank of Abu Dhabi (NBAD) announced yesterday its net profits for 2002 grew 7.8 per cent over those of 2001 to Dh 656 million. A bank official said the financial results were the highest among those unveiled so far by national banks with Dh 87 million and Dh96 million over those of the National Bank of Dubai and Emirates Bank International respectively. Ziyad Dabbas, Head of NBAD Shares Department, said the bank had been recording natural growth in its profits for the third running ...  >>MORE

Hamdan chairs first meet of realty bank

Posted on 03/03/2003

Sheikh Hamdan bin Rashid Al Maktoum, Dubai Deputy Ruler and UAE Minister of Finance and Industry chaired yesterday at the Dubai Ruler's court this year's first board meeting of the Real Estate Bank, reports WAM. Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs, attended the meeting, during which the board approved the appointment of Dr. Kharbash as the board's vice chairman and the formation of an executive committee of the bank, under the chairmanship ...  >>MORE

Smart cheque patented in over 100 countries

Posted on 03/03/2003

About a year ago, Moussa Issa Al Amri, a UAE lawyer specialised in handling economic crimes, applied to the UAE's Central Bank to get a licence for his 'smart cheque' invention. After three years spent researching, inventing, filing and testing, Al Amri then registered his smart cheque invention in 110 countries and the Geneva-based World Intellectual Property Organisation (WIPO). The invention aims to provide a much-needed solution for the bouncing cheque phenomenon in the UAE and abroad. ...  >>MORE

Major banks back e-government online debit system

Posted on 02/03/2003

Dubai e-Government will introduce an Online Direct Debit system for public service transactions through banks, which will open up a secure additional channel to enable the people to use government services electronically. In a strategic step in this direction, Dubai e-Government recently held a meeting with the major banks in the UAE, the Central Bank and Comtrust, to discuss the Central Bank's proposal for using it's ATM Switch for Online Direct Debit for people-to-government transactions, ...  >>MORE

CBD profit rises 8pc to Dh233.42m

Posted on 01/03/2003

Commercial Bank of Dubai (CBD), which successfully reined in its interest expense to one-third of that in the previous year, posted an eight per cent growth in net profit to Dh233.42 million for 2002. Saying that the shares of the bank will be listed on Dubai Financial Market (DFM) on April 1, 2003, Ahmed Humaid Al Tayer, UAE Minister of Communications and Chairman of the bank, said that the UAE economy has been doing extremely well during 2002 prompting the majority of the banks to come out ...  >>MORE

FGB shareholders to get dividends

Posted on 23/02/2003

The shareholders of First Gulf Bank (FGB) are to get dividends of four per cent bonus shares and two per cent cash, which were ratified at the bank's annual general meeting (AGM) yesterday. The dividends are the result of a Dh80.6 million net profit earned by the bank for full year 2002, a 31 per cent growth over the previous year. Accordingly, cash dividend will amount to Dh7,488,000 and bonus share dividend will amount to Dh14,976,000 at the rates of two per cent and four per cent ...  >>MORE

UAB posts Dh73.6m net profit

Posted on 19/02/2003

United Arab Bank has declared a 1:10 bonus and a 10 per cent cash dividend for 2002, atop a 2.4 per cent uptick in net profit to Dh73.62 million. Despite the shaky environment, the bank recorded a satisfactory year, as evidenced by progress recorded across a broad front, Sheikh Faisal bin Sultan Al Qasimi, chairman, told shareholders at the annual general meeting yesterday. "We concentrated on quality lending coupled with good security parameters, and managed to grow loans and advances 18.3 per ...  >>MORE

National bank profits surge more than 8pc

Posted on 18/02/2003

National banks in the UAE weathered hectic competition from foreign units and a less attractive business environment due to war fears and boosted their net profits by more than eight per cent last year, experts said yesterday. The 18 national commercial banks listed on the UAE stock markets netted nearly Dh4.2 billion (US$1.14 billion) in 2002 compared with around Dh3.86 billion (US$1.05 billion) in 2001. The 2002 figures means the national banks had one of their best financial years as growth ...  >>MORE

FGB wins major loan mandate

Posted on 18/02/2003

Abu Dhabi-based First Gulf Bank (FGB) has won the mandate to buy out the huge consumer loan portfolio of a key government institution which is the largest employer in the UAE. According to a circular sent to banks, FGB was selected after considering bids offered by several banks. FGB is understood to have quoted an annual interest rate of 8.5 per cent to buy out loans from other banks. FGB has said the bank would be willing to buy out individual loans up to Dh250,000 to be paid back in a ...  >>MORE

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Quick List

Arbift posts Dh29m annual net profit


NBAD earns net profit of Dh179m


Banks make a killing from loan foreclosures


DIB posts Dh149m profit


Mashreqbank sells off Pak, Lanka branches


UAE’s banks balance sheets rise


NBD posts net profit of Dh170.58m


Adib reports Dh24.3m net


Mashreqbank posts Dh142.68m profit


ADCB reports net profit of Dh135m


Mashreqbank strikes deal with Union Bank


Citibank sells Dh183.5m Saudi asset to UAE bank


First Gulf Bank profit up 76pc


Union National Bank net jumps 26pc to Dh91.26m


Move to link UAE Switch beyond GCC


ADIB posts Dh75.6m net profit


Dubai Bank enters Abu Dhabi


NBAD ascends local banking throne


UAE banks perform well


EBG profit rises to Dh561.43m


ADCB reports net profit of Dh590m


NBAD posts net profit of Dh654.2m


Mashreqbank to split face value of shares


Emirates Bank setting up Tehran representative office


DIB shareholder profit reaches Dh160m


NBD profit surges 25pc to Dh568.76m


ADCB earns net profit of Dh590.3m


ADIB to make foray into GCC, Mideast market


ADIB profit drops Dh 5 million in 2002


RakBank net profit jumps to Dh75.5m


Fujairah bank's dollar note meets targets


Sharjah bank posts Dh56m net


NBAD's net profit rises to Dh 656 million in 2002


Hamdan chairs first meet of realty bank


Smart cheque patented in over 100 countries


Major banks back e-government online debit system


CBD profit rises 8pc to Dh233.42m


FGB shareholders to get dividends


UAB posts Dh73.6m net profit


National bank profits surge more than 8pc


FGB wins major loan mandate