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THE ECONOMY - BANKS

National Bank of Fujairah predicts return of market confidence

Posted on 28/04/2001

National Bank of Fujairah expects the domestic market to remain competitive this year, but feels the market could gain in confidence, its chairman Sheikh Saleh bin Mohammed Al Sharqi said yesterday. In his address to shareholders at the bank's annual general meeting, he said competition may intensify if some Gulf-based banks waiting in the wings now move ahead and open UAE branches. "But unless we see the global economy worsening, we may well see the local economic upturn translating into ...  >>MORE

NBAD profit posts 41pc profit in first quarter

Posted on 28/04/2001

The National Bank of Abu Dhabi (NBAD) has posted a 41 per cent jump in net profit for the first quarter to Dh151.73 million compared to Dh106.99 million last year. Net interest income during the period stood at Dh189.57 million against the corresponding period's Dh151.46 million, up 25 per cent. With other income at Dh64.18 million, total income for the first quarter reached Dh253.75 million, resulting in an operating profit of Dh170.43 million after deducting expenses of Dh83.22 million. While ...  >>MORE

Islamic Bank posts Dh60m profits; assets at Dh4.4b

Posted on 22/04/2001

Abu Dhabi Islamic Bank (ADIB) posted a 227 per cent increase in net profit for the year ended Dec. 31, 2000, as its profit soared to touch Dh60 million compared with Dh18 million in 1999. The bank's operating income reached Dh227 million in 2000 as against Dh104 million in 1999, an increase of 118 per cent. Operating expenses increased by 37 per cent to touch Dh74 million compared with Dh54 million. Operating profits before distribution to depositors touched Dh153 million, representing a growth ...  >>MORE

AGICO posts Dh17.5m loss

Posted on 22/04/2001

Dubai-based Arabian General Investment Corporation (AGICO), which has been re-branded as "Shuaa Capital" said it will launch a close-ended UAE equity fund this year. AGICO, also known in its Arabic acronym as Shuaa, reported a year-end loss of Dh17.5 million in 2000, way down from Dh41.4-million profit in 1999. Earnings per share slipped 150 per cent to Dh 0.6 fils from last year's Dh15 fils. Much of the erosion came from AGICO holding onto a battered Euro last year. Coupled with this the ...  >>MORE

NBAD posts record net of Dh513.18m

Posted on 09/04/2001

National Bank of Abu Dhabi posted a record net of Dh513.18 million last year, up by 65 per cent compared with the 1999 profits of Dh311.02 million. The bank's general annual meeting will discuss a proposal by the board to distribute dividends worth Dh235.4 million or 125 per cent of the profits distributed in 1999. The bank's balance sheet showed that the total assets rose by 16.4 per cent to Dh36.434 billion in 2000 compared to Dh31.3 billion in 1999, while the shareholder's rights rose by ...  >>MORE

Rakbank launches Visa credit cards

Posted on 03/04/2001

Rakbank has announced the launching of its Visa Gold and Classic credit cards in the UAE market. The Gold Card is priced at Dh150 and comes with two free supplementary cards each. The other features include 1.75 per cent increase on retail purchases and interest free credit for a period of up to 55 days. The payment due date has been kept at 25 days from the statement date, while the cash advance facility is up to 75 per cent of credit limit. Terms of repayment have been kept flexible and users ...  >>MORE

EIB raises capital to Dh1 billion

Posted on 03/04/2001

The Board of Directors of the Emirates Industrial Bank (EIB) has decided to increase the bank's capital from Dh 400 million to one billion Dirhams over the coming six years. Dr. Mohammed Khalfan Khirbash, Minister of State for Financial and Industrial Affairs and EIB's board Chairman, said the decision had been made during the first meeting of the year yesterday and that a recommendation in that respect would be submitted to the bank's extraordinary general assembly. ''The move was aimed at ...  >>MORE

New regulations for bank loan guarantors in RAK

Posted on 02/04/2001

The Ras Al Khaimah Civil Court has imposed a new set of regulations for bank loan guarantors which hold the sponsor responsible only during the loan period specified in the application. If the debtor fails to pay the instalments by the time specified and is given extra time to pay, the sponsor will no longer be held liable and the court will cancel his sponsorship. A senior court official said that by law, the sponsorship of the loan continues till the end of the time specified by the bank or ...  >>MORE

National Bank of Fujairah profit up 65pc

Posted on 01/04/2001

National Bank of Fujairah, NBF, has announced a 65 per cent increase in its net profit for the year 2000 to Dh51.44 million from Dh31.14 million in the previous year. The board has proposed a cash dividend of seven per cent and a bonus share issue of 10 per cent, which will be put up for approval at the annual general meeting to be held this month. Some of the other highlights of the financial performance include a 28 per cent rise in the bank's interest income and a 42 per cent increase in ...  >>MORE

Dubai Islamic Bank profit rises

Posted on 01/04/2001

Dubai Islamic Bank posted a net profit of Dh591 million for the year 2000, achieving a growth rate of 37 per cent over the previous year, the bank reported at the annual general meeting yesterday. Assets increased by 27 per cent from Dh9.3 billion in 1999 to Dh11.8 billion while customer deposits posted an increase of 29 per cent from Dh7.6 billion in 1999 to Dh10 billion, Dr Mohammed Kharbash, Minister of the State for Financial Affairs and Chairman of the bank's board of directors. The bank ...  >>MORE

ADCB net profits rise 10.8 per cent

Posted on 27/03/2001

Abu Dhabi Commercial Bank (ADCB) posted a net profit of Dh 611 million for the period ended Dec. 31, 2000, an increase of 10.8 per cent over the previous year and has maintained the dividend at 20 per cent. The bank's net profit represents 48.85 per cent of the shareholders capital. The net profit in the previous year was Dh 550 million, according to reports in the UAE's dailies. The dividend outgo for the period under review is Dh 250 million, same as last year. Total assets for 2000 grew ...  >>MORE

Sharjah bank decides to turn Islamic

Posted on 19/03/2001

National Bank of Sharjah formally decided to convert itself into an Islamic bank. In keeping with its new identity, likely to be achieved over tow years, it will be known in Arabic as ‘Masrif Al Watani' instead of ‘Bank al Watani' as at present, to better reflect is conversion although its English name will remain the same. The decision to shift to Sharia was taken at an extraordinary general meeting, which followed it 25th annual general meeting wherein shareholders approved a 15 per cent cash ...  >>MORE

Emirates Bank to spend Dh10m on Emiratisation

Posted on 14/03/2001

The Emirates Bank group will spend Dh10 million to create "meaningful" job opportunities for UAE nationals. The announcement which comes ahead of the Third National Career Exhibition for the Banking and Financial Sector was made at a press conference in Sharjah by Preetam Nathan, staff development manager, Emirates Bank. The career fair is scheduled to be held at the Expo Centre Sharjah from March 18 to 20. A Human Resource Development (HRD) team of headed by Nathan outlined the introduction of ...  >>MORE

Bank guarantee for employees enforced

Posted on 13/03/2001

The Council of Ministers has approved a proposal made by the Ministry of Labour and Social Affairs that would make it mandatory for employers to furnish a bank guarantee worth Dh3,000 for every new employee they hire. The requirement, which aims at resolving non-payment of wages and collapse of commercial establishments where expatriate partners flee the country leaving behind unsettled financial dues to workers under their sponsorship, goes into immediate effect. It is applicable to ...  >>MORE

UNB posts 89% rise in profits

Posted on 12/03/2001

Union National Bank (UNB) has reported a hefty rise in net profit of 89 per cent touching Dh202.4 million compared to Dh107.3 million in 1999. The bank announced a 10 per cent cash dividend and a bonus issue of 10 per cent of the share capital to be distributed among shareholders, totalling Dh136 million. Shareholders' equity is expected to reach Dh1.34 billion, an increase of Dh201 million or 18 per cent over 1999. The earnings per share (EPS) of the bank rose to Dh2.98 compared to Dh1.58 the ...  >>MORE

NBS assets up 19.4 per cent

Posted on 12/03/2001

The National Bank of Sharjah posted net profits of Dh90.9 million in 2000 compared to Dh90.3 million in 1999, according to the bank's balance sheet. The bank's assets grew by 19.4 per cent to Dh1.855 billion compared to Dh1.553 billion, while loans and advances rose to Dh1.329 billion compared to Dh1.218 billion over the same period. The bank's annual general meeting scheduled for March 18 will discuss a proposal by the bank's board to distribute cash dividends worth 15 per cent of the bank's ...  >>MORE

Commercial Bank posts Dh50m net

Posted on 11/03/2001

The Commercial Bank International posted net profits of Dh50.289 million in 2000, up 22 per cent compared to Dh41.208 million in 1999. The bank's balance sheet showed a 15.5 per cent growth in value of assets to Dh1.991 million from Dh1.723 billion in 1999. The bank's earnings from interest rose to Dh81.994 million compared to Dh70.709 million in 1999. Earnings from commissions and fees rose to Dh21.269 million compared to Dh18.545 million in 1999. The bank's annual general meeting ...  >>MORE

NBUAQ posts Dh59.6m net

Posted on 27/02/2001

The National Bank of Um Al Quwain reported profits of Dh59.6 million for 2000, up by 4 per cent from Dh57.2 million in 1999. The annual general meeting (AGM) of the bank held on Monday endorsed a proposal by the bank's board to distribute cash dividends worth 18 per cent (Dh45 million) of the bank's Dh250-million capital. The AGM also approved the bank's closing accounts for 2000. According to the bank's balance sheet, the profit amounted to 23.84 per cent of the capital and the bank's ...  >>MORE

Sharjah bank silent on talk of becoming Islamic entity

Posted on 26/02/2001

National Bank of Sharjah officials refused to comment yesterday on reports that it will seek its shareholders' opinion on a plan to convert into an Islamic bank under Shariah law. The shares of face value Dh2.50, however, continued to rise in the OTC market, edging up a fil to Dh7.65 in sizeable volumes worth over Dh1 million. The statement yesterday said shareholder approval would also be sought on opening up 20 per cent of the bank to foreign ownership at the annual general assembly ...  >>MORE

NBRAK posts Dh50m net

Posted on 26/02/2001

National Bank of Ras Al Khaimah has reported a net profit of Dh50 million for 2000 compared with Dh49.5 million in 1999. The board of directors has recommended a cash dividend of Dh37.5 million, representing 15 per cent of the bank's share capital subject to the approval of the shareholders at the annual general meeting, AGM to be held on March 17. During the year the shareholders equity increased by 2.4 per cent to Dh518 million. Earnings per share improved by 3.6 per cent from Dh1.93 at the ...  >>MORE

Investbank net rises 24.4% to Dh72.95million

Posted on 21/02/2001

Investbank reported net profits of Dh72.95 million, up by 24.4 per cent from Dh58.64 million in 1999. The annual general meeting (AGM) of the bank held in Sharjah on Tuesday approved the board of directors' proposal to distribute cash dividends grossing 10 per cent of the bank's capital (Dh30 million) to shareholders. In addition, the AGM also approved the distribution of bonus shares grossing 10 per cent of the capital. After the issue of bonus shares the bank's paid-up capital will be Dh330 ...  >>MORE

NBRAK unveils new brand identity

Posted on 18/02/2001

National Bank of Ras Al Khaimah (NBRAK) unveiled a new brand identity on Saturday. The bank will now be known by the brand name Rakbank. The Dh5 million branding exercise follows a host of innovative measures undertaken by the bank's management to make it more customer-friendly. The bank's range of products and services have also been extended to include credit cards, 24-hour phone banking and Internet banking by the end of this year." According to the bank's management, the change in identity ...  >>MORE

UAB net rises 18 per cent bank to distribute Dh51.14 million in dividends

Posted on 18/02/2001

United Arab Bank posted a net profit of Dh65.2 million in 2000, up 18.1 per cent from Dh55.2 million in 1999. Keeping with the growth in profits, the bank's earnings per share (EPS) improved by 15.2 per cent from Dh2.43 to Dh2.80. The bank reported a strong and steady performance in terms of diversification and broadening customer base. During the year the loans and advances portfolio of the bank grew by 9 per cent from Dh1.1 billion to Dh1.2 billion. Speaking about the provisions for bad ...  >>MORE

First Gulf Bank posts Dh50m profit

Posted on 14/02/2001

After posting a net loss for 1999, First Gulf Bank's turnaround strategy has enabled the bank to achieve a net profit of Dh50 million for full year 2000, the highest ever profit since the bank's inception in 1979, a top bank official said. Accordingly shareholders can rest assured of a proposed 7.5 per cent cash dividend to be ratified at the bank's annual general meeting later this month. Abdulahamed M. Saeed, General Manager, First Gulf Bank, FGB, said the Dh50 million plus net profit clocked ...  >>MORE

Mashreqbank posts Dh350.5 million net profit

Posted on 13/02/2001

MashreqBank has announced a net profit of Dh350.5 million for 2000, up marginally form the previous year's Dh350.3 million. The bank proposes to declare a dividend of 22 per cent at the upcoming annual general meeting this week. The payout for 1999 was 25 per cent. The bank also proposes to retain Dh193 million of profit to augment shareholder's funds to Dh2.711 billion. The bank's assets grew 10.5 per cent to Dh22.1 billion, while customer deposits jumped 14.2 per cent to Dh16.1 billion. ...  >>MORE

First Gulf Bank says it is back in the black

Posted on 08/02/2001

First Gulf Bank (FGB) has announced it posted a Dh50.2 million net profit for full year 2000 compared to a loss of Dh49.3 million in 1999. At the annual general meeting the bank declared a cash dividend of 7.5 per cent totalling Dh27 million. It's the first time in 10 years that the bank has proposed a cash dividend. Vice-Chairman Ahmed Ali Al Sayegh said the bank was committed to maximise value for its shareholders. Cash dividends account for some 54 per cent of the profit. The remaining ...  >>MORE

NBD posts net of Dh409 million

Posted on 06/02/2001

National Bank of Dubai posted a net of Dh404 million in 1999, according to industry sources. Sources at the bank's board proposed distributing cash dividends worth 40 per cent of the paid-up capital or Dh345.8 million to its shareholders. The bank achieved good growth in its assets during the year. The bank's assets grossed at Dh24.9 billion, while total loans and advances touched Dh6.863 billion and shareholders' rights Dh4.392 billion. The bank has 8.645 million shares with nominal value of ...  >>MORE

ADCB unveils European equity fund

Posted on 06/02/2001

The Abu Dhabi Commercial Bank (ADCB) and Germany's Commerzbank Asset Management yesterday announced the launch of the AlSukoor European Equity Fund, one of the first European equity funds managed in accordance with Sharia (Islamic law). ADCB will be the exclusive distributor of the Islamic fund in the UAE, which is targeting 100 million euros by end of this year. It has 35 million euros under management worldwide. The AlSukoor Fund will be managed by Commerzbank Asset Management. German bank ...  >>MORE

Bank of Sharjah net rises by 13.3 per cent

Posted on 06/02/2001

Bank of Sharjah reported a net of Dh 48.3 million, up 13.3 per cent from Dh 42.6 million posted in 1999. The bank's board has recommended distributing bonus shares worth Dh20 million to shareholders. In addition, the board has also recommended distribution of cash dividends of 12 per cent (Dh26.4 million). The extraordinary general annual meeting of Bank of Sharjah on Monday approved a proposal by the bank's board to increase capital by 9.09 per cent from Dh220 million to Dh240 million. The ...  >>MORE

NBAD's growth fund plans to garner Dh1billion

Posted on 04/02/2001

National Bank of Abu Dhabi's, NBAD UAE Growth Fund aims to raise approximately Dh700 million to Dh1 billion for investment in the country's stock market, a top official of the bank said. Terence D. Allen, head of investment banking at NBAD, said the money to be raised is sizeable enough to carry on trading of a reasonable size in a small market, where on an average, only about five per cent of listed shares actually change hands on a year-to-year basis. "The net asset value (NAV) of the ...  >>MORE

UAB profits rise 18 per cent to Dh65.2 million

Posted on 29/01/2001

United Arab Bank (UAB) posted a net profit of Dhs65.2 million in 2000, an 18.1 per cent increase from the 1999 figure of Dhs55.2 million. Bertrand Giraud, the bank's director-general, told The Gulf Today that the bank's board has proposed distributing cash dividends worth 12.5 per cent of the capital, amounting to Dhs28.418 million along with bonus shares worth Dhs22.734 million or 10 per cent of the capital. The bank's annual general meeting will be held on Feb. 17. Giraud said following the ...  >>MORE

ADCB plans new Islamic equity fund

Posted on 28/01/2001

COMMERZBANK'S Asset Management Group and the Abu Dhabi Commercial Bank (ADCB) will launch a new Islamic fund in the UAE worth 100 million euros (Dhs335 million). Al Sukoor European Equity Fund will be one of the first European equity funds in the UAE to be managed in accordance with Sharia. The fund will be offered by ADCB from Feb. 5. ADCB will be the fund's exclusive distributor in the UAE. The fund's volume target for the end of 2001 is 100 million euros. Currently, it has approximately ...  >>MORE

UAE banks need to reduce costs

Posted on 07/01/2001

Faced with declining returns on equity and assets, UAE banks need to either reduce costs or increase revenues. Also, Arab banks have yet to begin meeting the challenges of globalisation or joining the merger wave and the Internet revolution, the latest research report of the Union National Bank, UNB, states. In the UAE, reducing costs has been difficult. Operating efficiency (cost/income ratio) deteriorated for both large and small banks compared to levels in 1997 although they were worse ...  >>MORE

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