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First Gulf Bank seeks to boost foreign equity

Posted on 13/02/2003

Buoyed by steady growth and demand for its shares, First Gulf Bank (FGB) is likely to increase the foreign share in its equity, a top official of the bank said yesterday. Also, the heavy trading in the bank's scrip is due to strong investor confidence and not speculative trading, he added. Last year, the bank allowed foreigners to own up to 15 per cent of the bank's equity and as at end-2002 some 11.5 per cent of FGB's shares were held by non-UAE nationals. "If there is demand from foreigners ...  >>MORE

meBank to give first franchise to UAE company

Posted on 13/02/2003

Dubai meBank, Emirates Bank International's retail banking arm, will give the first franchise to a UAE company by the third quarter of the year, said a top official of the bank. Talking to this paper, Louis A.Scotto, general manager of the bank's retail banking, said that negotiations are still underway with this company, which he declined to name, but added that it is active in the area of financial services and also has operations outside the UAE in the Gulf region. He also clarified ...  >>MORE

UAE banks earn net Dh5.79b in 2002

Posted on 10/02/2003

UAE banks have earned net profits totalling Dh5.795 billion in 2002, an 18.25 per cent growth over 2001, the UAE Central Bank said yesterday. However, declining interest rates impacted the Central Bank whose net profit fell by 52 per cent in 2002. "The board reviewed a report on performance of banks during 2002 where banks achieved net profits amounting to Dh5.795 billion compared to Dh4.900 billion in 2001, which is equivalent to a growth rate of 18.25 per cent," a statement from the Central ...  >>MORE

Bank of Sharjah to boost capital base to Dh750m

Posted on 10/02/2003

Bank of Sharjah proposes a massive 300 per cent expansion in capital base through a 2:1 rights issue offered at Dh10 each. The expansion of capital to Dh750 million will begin on March 1 and close after a month. Meanwhile, the bank, which held its 29th ordinary and ninth extraordinary general assembly on Saturday, cheered shareholders with an 8.33 per cent bonus issue, which initially boosted capital by Dh20 million to Dh260 million, while maintaining a 12 per cent cash dividend payout. Net ...  >>MORE

45pc dividend likely for EBI

Posted on 10/02/2003

Emirates Bank International (EBI) has proposed a 25 per cent stock dividend and 20 per cent cash dividend for its shareholders. Should the annual general meeting ratify the proposals, the bank will be giving out Dh183.682 million in cash to its shareholders. Likewise, the bonus issue will take the capital of the company up to Dh1148.012 million, the largest among UAE banks. (The Gulf News) ...  >>MORE

NBD proposes 40pc dividend

Posted on 09/02/2003

National Bank of Dubai (NBD) has proposed a cash dividend of 40 per cent for its shareholders for the year 2002, according to banking officials. The annual general meeting (AGM) of the bank to be held on March 15 will take dividend and other issues for ratification from the shareholders. The register of the company will be closed on March 22, subject to the AGM approval for dividend. The trading in National Bank of Dubai shares will be suspended on March 15 to resume again the next day. The ...  >>MORE

UNB earns profit of Dh300.2m

Posted on 09/02/2003

Union National Bank (UNB) maintained its growth curve earning a net profit of Dh300.2 million for full year 2002, a 24 per cent growth over 2001, a senior bank official told Gulf News. The board has proposed a cash dividend of 10 per cent and a bonus issue of 10 per cent of the share capital for shareholders, amounting to Dh82.2 million, to be ratified at the annual general meeting later this month. A resolution is to be put at the AGM to increase the authorised share capital of the bank to ...  >>MORE

IMF report lauds UAE financial sector growth

Posted on 30/01/2003

The UAE financial sector has developed significantly in the past few years and some sectors posted remarkable growth, an International Monetary Fund stated. The report said that the banking sector demonstrated efficiency in performance and strict monitoring of systems by restricting risks in the short term. The report, published in "The Gulf Today,” however, said the financial sector's payment systems contained risks. However, the report, which was prepared by a team of IMF economists, ...  >>MORE

Competition forces loan rates down

Posted on 29/01/2003

Competition among banks to capture the lucrative personal loan market has heightened to such an extent that rates have steadily been falling from the levels of 19 per cent just a few years ago, to as low as below 10 per cent. The latest entrant in the market with an offer to provide 'financial liquidity' is Abu Dhabi Islamic Bank (ADIB) with its Al Khair Financing scheme. The new scheme from ADIB is at a fixed 'profit rate' of 4.6 per cent and a longer repayment period of 72 months. This ...  >>MORE

US$16.7 b finance deals are due in next 18 months

Posted on 28/01/2003

Competition will reach a feverish pitch between local, regional and international banks in the next 18 months over major project finance deals in the growing Middle East energy sector, a Dubai senior banker said yesterday. But, he expects regional banks to take the lead as their liquidity remains strong with an increasing number of banks willing to book project finance. 'Total value of substantial business deals done in the last 18 months in the GCC sectors of petrochemicals, natural gas ...  >>MORE

Mashreqbank net crosses Dh500m

Posted on 28/01/2003

Mashreqbank is about to enter the Dh500 million net income club when the financial statements for 2002 are announced. The estimates worked out by analysts as well as indications from the market show that Mashreqbank, which has proposed a cash dividend of a handsome 30 per cent for its shareholders, is said to have posted around 25 per cent growth in 2002 net profit over the previous year. The estimates show that the Mashreqbank net profit for 2002 should be near Dh505 million. The bank which ...  >>MORE

Bank accumulated balance sheets rose by 2.8 per cent

Posted on 27/01/2003

The accumulated balance sheets of the national and foreign banks increased from Dh306 billion last June to Dh314 billion by the end of September 2002, thus recording a rise of 2.8 per cent. A UAE Central Bank report issued today cited that the accumulated balanced sheets of national banks rose to Dh239 billion, while that of foreign banks increased to Dh76 billion. The report said that the value of local credit and investments surged to Dh164 billion foreign assets rose to Dh103 billion, while ...  >>MORE

EBI corporate bank functions revamped

Posted on 20/01/2003

With competition in corporate lending in the UAE banking sector weakening, Emirates Bank International (EBI) has integrated its corporate banking function into seven nationwide corporate banking units (CBUs). Of the seven CBUs, four are located in Dubai and one each in Sharjah, Abu Dhabi and Al Ain. The bank expects this centralisation to bring about quicker turnaround time, an increased focus on business revenues, better quality service to customers and enhanced management of risk. The new ...  >>MORE

Banks and DMCC launch strategic financial alliance

Posted on 15/01/2003

Dubai Islamic Bank (DIB), ABN-Amro and Dubai Metal and Commodities Centre (DMCC) yesterday announced a strategic alliance to provide Islamic finance packages to companies specialising in gold and diamond trade. DIB said that the alliance will leverage the various skills of the three partners with the Islamic Bank coming in with its expertise in Islamic financing, while the Dutch banking major provide its knowledge on gold and diamond industry and DMCC will market the packages to its members. ...  >>MORE

New branch only if banks meet 4pc quota

Posted on 31/12/2002

Banks which fail to raise their national employee strength by four per cent annually will not be allowed to open new branches under a decision of the UAE Central Bank board at a recent meeting presided over by the chairman, Mohammed Eid Al Meraikhi. It also made mandatory the publication of interest rates for personal financial services being charged by banks. Though the Central Bank decided to leave interest rates on personal loans to be determined by market competition, the apex bank clearly ...  >>MORE

EIB finances projects worth Dh150m in '02

Posted on 31/12/2002

Emirates Industrial Bank (EIB) financed 22 industrial projects, valued at Dh150 million in 2002. It is also planning to restructure activities and build a new headquarters soon. The bank's board approved new loans and facilities totalling Dh19.6 million to three industrial projects at a recent meeting. It also considered loans and facilities amounting to Dh9.3 million extended to another four industrial projects. The meeting was chaired by Dr Mohammed Khalfan bin Kharbash, Minister of State for ...  >>MORE

Banks to net 7% profit growth at Dh5b

Posted on 27/12/2002

The banking sector will record a 7 per cent growth in profitability this year and will cross the Dh5-billion mark in net profit, according to UAE Central Bank Governor Sultan bin Nasser Al Suwaidi. 'This is quite a significant achievement and places the banking sector in the UAE right among the top league in overall profitability compared with those in other developing nations,' Suwaidi told government officials and leading businessmen in Dubai at a meeting organised by the Dubai Department of ...  >>MORE

Dubai Bank storms credit card market

Posted on 23/12/2002

In a market where banks are said to be competing by offering benefits for their credit card customers, Dubai Bank has sprung surprises by announcing innovative features for its newly launched gold and silver credit cards. This year has seen banks like First Gulf Bank enter the market, even as banks like National Bank of Dubai, Standard Chartered Bank, HSBC, Mashreqbank, Citibank, etc, topped up the benefits on offer. However, RakBank still remains the only bank which doesn't collect annual fee ...  >>MORE

UAE banks exceed global adequacy laws

Posted on 19/12/2002

Commercial banks in the UAE have heeded Central Bank instructions and largely surpassed international standards on capital adequacy by strengthening their reserves and tightening credit rules, according to their balance sheets. At the end of 2001, all national and foreign banks were far ahead of the 8 per cent floor set by the Bank for International Settlement for financial institutions worldwide to ensure they have sufficient funds to face a possible financial crisis. Balance sheets of ...  >>MORE

Dubai Bank to have branch in Capital by March

Posted on 19/12/2002

The new Dubai Bank will set up its first branch in Abu Dhabi in the first quarter of next year, for which a location has been identified, according to a senior official. "The bank has been operational since September 22, and at present various systems are being tested. The move into Abu Dhabi will follow its completion," said Ricky Madan, vice-president of Dubai Bank. The EMAAR Properties-owned entity is also on track to open its second branch in Dubai, which would be in Jebel Ali. On the ...  >>MORE

ADIB gets ISO 9001

Posted on 17/12/2002

Abu Dhabi Islamic Bank (ADIB) yesterday announced it has secured the ISO 9001:2000 international quality certification from BVQI, a leading accreditation body. The combination of state-of-art technology, innovative products and services, sophisticated use of market research, skilled management and motivated staff have enabled ADIB to provide top quality services to corporate and retail customers in the country and overseas, a press statement said. The quality management system addresses the ...  >>MORE

UAE banks' overseas lending rises

Posted on 28/11/2002

UAE banks have spread their wings abroad in a big way since the end of 2000 by increasing their lending outside the UAE by a substantial Dh5 billion. The non-resident lending by UAE banks during this period rose by 27 per cent from Dh17 billion of 2000, to Dh22 billion as of this year's second quarter. Abdulaziz Al Ghurair, CEO of Mashreqbank, said UAE banks are becoming regional banks and it makes sense that more and more of them are looking beyond the UAE, according to a report in "Gulf ...  >>MORE

Oasis posts 15pc growth in RALB

Posted on 26/11/2002

Oasis International Leasing Co (Al Waha) has posted a 15 per cent growth in its Risk Adjusted Lease Book (RALB) during the first nine months of this year, the company said yesterday. Its RALB (the present value of contracted future lease revenues) increased by Dh117 million to Dh912 million from Dh795 million at the end of 2001. "In addition to the snapshot historical information tools such as profit and revenue, the financial strength of a company like Oasis Leasing can be measured by its ...  >>MORE

National Bank of Dubai revamping public portal

Posted on 25/11/2002

National Bank of Dubai has signed up with Emirates Computers to completely revamp its existing public portal, in addition to introducing a complete range of customer-friendly services that will add significant value for clients. The aim of the project is to enable the portal to reflect the underlying values and goals of the bank. The implementation of the solution, which is currently underway, will provide customers the added option of Internet Banking functionality and its integration with the ...  >>MORE

Dubai Bank challenges rivals

Posted on 24/11/2002

Dubai Bank has appeared on the horizon of the busy banking scene in Dubai with the pledge to emphasise innovation and customer service. In an exclusive interview with Gulf News, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, bank chairman, said Dubai Bank will compete with the 47 banks operating in the UAE by catering to a growing and increasingly sophisticated population. Following is the text of the full interview. What are the new services that Dubai Bank will offer in the market? ...  >>MORE

DIB receives UAE's top Visa card issuer award

Posted on 23/11/2002

Dubai Islamic Bank (DIB), one of the UAE's leading financial institutions, has been awarded "the UAE's number one card issuer" by Visa International, in recognition for their leadership and growth in terms of card numbers, transactions and cardholder expenditure volume as of end June 2002. The award comes just as the bank has celebrated the conclusion of their recent Visa cardholder free flight promotion providing 30 winners with return flights to a variety of destinations including Sydney, ...  >>MORE

Bank assets up 8pc to Dh282.57b

Posted on 19/11/2002

The total assets of commercial banks in the UAE have grown to Dh282.57 billion end-2001, an 8.20 per cent growth over 2000, according to the annual report of the Emirates Banks Association released yesterday. Assets of national banks grew by 8.4 per cent to Dh206.49 billion. National Bank of Dubai (NBD) has been ranked first for total assets and total deposits. NBD with assets of Dh32.66 billion ranked first in assets, followed by National Bank of Abu Dhabi (Dh32.25 billion) and Abu Dhabi ...  >>MORE

DIB leads in card issuance and spending

Posted on 14/11/2002

Dubai Islamic Bank (DIB) has kept its lead in the UAE banking sector in terms of overall credit card numbers, electron cards, cardholder spending and transactions. DIB' annual credit cardholder expenditure has increased to over US$400 million, said a press release. The bank has been awarded 'UAE's No.1 card issuer' by Visa International in recognition of its leadership and significant growth in terms of card numbers, transactions and cardholder expenditure volume as of end June 2002. ...  >>MORE

Mashreqbank launches Islamic scheme

Posted on 06/11/2002

Mashreqbank, which has successfully sold 60 new investment products in the UAE during the last 18 months, has now come out with its first Islamic investment fund, jointly with National Commercial Bank (NCB) of Saudi Arabia. These products will be available in units of US$5,000 and multiples of the same thereof. This is considered to be the first Islamic product to be mass-sold in this market by any bank in the UAE. According to Mashreqbank officials, the funds will be invested in the U.S., ...  >>MORE

FGB poses 3Q profit of DHs57.1million

Posted on 02/11/2002

The First Gulf Bank, FGB, which is one of the rapid growing financial institution in the UAE, has posed a net profit of DHs57.1million in the first nine months of this year. This represents a growth of 29 per cent compared to last year's. According to Abdul Hamid Saeed, Executive Chairman of the Bank, the bank was moving according to plan towards achieving the targeted financial goals for the year 2002. He said that the bank had released new credit cards in an effort to further boost the bank's ...  >>MORE

RakBank posts 25.6pc growth in net profit

Posted on 28/10/2002

The National Bank of Ras Al Khaimah (RakBank) recorded a 25.6 per cent growth on way to a nine-month net profit of Dh55.9 million. The audited results announced yesterday also revealed total assets at Dh2.8 billion, an increase of 14.5 per cent over that at December 31, 2001. Its personal banking and trade finance lines were the biggest contributors to the bottomline. Corporate banking also provided growth despite the low interest regime, officials said. However, a conscious decision has been ...  >>MORE

NBD reports 30pc rise in net profit

Posted on 28/10/2002

National Bank of Dubai (NBD) has posted a net profit of Dh403 million for the nine-month period ending September 30, against Dh310 million, which the bank posted for the same period last year - a 29.8 per cent growth. While the net interest income grew 26 per cent from Dh434 million to Dh547 million during this period, the 'other income' improved by 39.6 per cent. In the case of loans and advances, the growth registered by the bank was 23.3 per cent to Dh8.866 billion, whereas the deposits rose ...  >>MORE

ADIB reports lower income

Posted on 28/10/2002

A sharp fall in operating income has pushed unaudited net profit of Abu Dhabi Islamic Bank (ADIB) lower by 2 per cent for the first nine months of 2002 compared with the corresponding period last year. However, the total assets of the bank have grown to Dh7.3 billion ending September, 2002, compared with Dh5.9 billion ending September, 2001, registering 24 per cent growth. A statement issued by the bank yesterday showed that the bank earned a net profit of Dh59.4 million, compared with Dh60.9 ...  >>MORE

EBI posts Dh 432.64 million net profit

Posted on 27/10/2002

Emirates Bank International (EBI) has posted a 7 per cent growth in net profit for the nine-month period ending September 30, going up from Dh404.18 million in the same period of the previous year to Dh432.64 million this year. With this, earnings per share (EPS) improved from Dh1.10 to Dh1.17. While interest income fell from Dh980.407 million to Dh703.602 million, interest expense plunged from Dh484.19 million to Dh258.05 million, reports in the UAE's dailies said. Fees, commission and other ...  >>MORE

DIB assets grow 26pc, net down

Posted on 23/10/2002

Dubai Islamic Bank (DIB) reported a 26 per cent rise in assets to Dh18.5 billion at the end of third quarter, but its net profit fell from Dh475 million to Dh446 million. Total investments and financing rose 31 per cent to Dh16.7 billion compared with the figure for the same period last year - Dh12.7 billion. The bank has also reported total customer deposits of Dh16.5 billion - a 29 per cent increase from the previous period's Dh12.8 billion. Earnings were Dh616 million compared with Dh629 ...  >>MORE

Mashreqbank posts Dh375m net profit

Posted on 22/10/2002

Retaining the trend set in the first two quarters of the current year, Mashreqbank has posted 25 per cent growth in its nine-month net profit which reached Dh375 million as of September 30. During the first nine months, the group's net interest income increased by 7.5 per cent, while commission and other income rose by 8.6 per cent as compared with the same period in 2001. Costs remained flat and provisions were down by 12.7 per cent. Loans and advances at the end of the third quarter showed a ...  >>MORE

ADCB posts Dhs448.9m profits over nine months

Posted on 19/10/2002

Abu Dhabi Commercial Bank posted net profits of Dhs448.9 million over the first nine months of 2002 compared with Dhs451.9 million over the same period last year, recording a slight drop of 0.7 per cent. In an interview with Al Khaleej, the bank's Chief Executive Khalifa Mohammed Hassan said the drop in profits was basically attributed to the drop in interest rates, noting that the financial statements disclosed by the bank might change by the year-end. According to the financial ...  >>MORE

Banks combined balance sheets record a significant rise

Posted on 13/10/2002

Combined balance sheets of local and foreign banks operating in the UAE rose from Dh300.56 billion in March 2002 to Dh305.8 billion by the end of June, registering an increase of 1.8% or Dh5.3 billion. A Central Bank bulletin issued today cited that the combined balance sheets of the national banks rose to Dh229.7 billion last June against Dh213.12 billion of June 2001, while that of the foreign banks increased from Dh72.43 billion to Dh76.13 billion in the same period. The bulletin said that ...  >>MORE

UAE banks the most advanced in region: Arab banker says

Posted on 28/09/2002

A noted Arab banker has described UAE's banking networks as " the most advanced in the Arab world." Dr. Babikir Mohiuddein, Ass. Secretary General of the Association of Arab Banks, told WAM at the end of his visit to the Saudi capital that, UAE's banks had played a major role in supporting governmental and private sectors through financial facilities, be they loans or credits to promote trade exchange between UAE and other countries. He said that his recent visits to Riyadh, Jeddah and some ...  >>MORE

Report calls for more nationals in banks

Posted on 28/09/2002

Although there has been a marked rise in the number of UAE nationals working in the banking sector, from 1,278 in 1995 to 2,988 by December 2001, an increase of 133.8 per cent, recruitment of nationals in the sector varies from one bank to the other. The banking industry is a major employer in the country. The sector had 14,471 employees in December 2000 and the number increased to 15,245 in December 2001. Yet the UAE nationals working in banks constituted only a small portion of people ...  >>MORE

Dubai, Deutsche Bank launch US$100 million 10-year fund

Posted on 25/09/2002

Dubai Government and Deutsche Bank yesterday announced in Dubai the launch of a 10-year US$100 million (Dh365 million) private equity fund, which will be managed from the Dubai Media City. Called the Estithmaar Ventures, the fund is mandated to invest in mid to late-stage Technology, Media and Telecommunications companies in the Middle East, Europe, the US and the Indian subcontinent. The fund has already had its first closing with both the Dubai Government and Deutsche Bank through their ...  >>MORE

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Quick List

First Gulf Bank seeks to boost foreign equity


meBank to give first franchise to UAE company


UAE banks earn net Dh5.79b in 2002


Bank of Sharjah to boost capital base to Dh750m


45pc dividend likely for EBI


NBD proposes 40pc dividend


UNB earns profit of Dh300.2m


IMF report lauds UAE financial sector growth


Competition forces loan rates down


US$16.7 b finance deals are due in next 18 months


Mashreqbank net crosses Dh500m


Bank accumulated balance sheets rose by 2.8 per cent


EBI corporate bank functions revamped


Banks and DMCC launch strategic financial alliance


New branch only if banks meet 4pc quota


EIB finances projects worth Dh150m in '02


Banks to net 7% profit growth at Dh5b


Dubai Bank storms credit card market


UAE banks exceed global adequacy laws


Dubai Bank to have branch in Capital by March


ADIB gets ISO 9001


UAE banks' overseas lending rises


Oasis posts 15pc growth in RALB


National Bank of Dubai revamping public portal


Dubai Bank challenges rivals


DIB receives UAE's top Visa card issuer award


Bank assets up 8pc to Dh282.57b


DIB leads in card issuance and spending


Mashreqbank launches Islamic scheme


FGB poses 3Q profit of DHs57.1million


RakBank posts 25.6pc growth in net profit


NBD reports 30pc rise in net profit


ADIB reports lower income


EBI posts Dh 432.64 million net profit


DIB assets grow 26pc, net down


Mashreqbank posts Dh375m net profit


ADCB posts Dhs448.9m profits over nine months


Banks combined balance sheets record a significant rise


UAE banks the most advanced in region: Arab banker says


Report calls for more nationals in banks


Dubai, Deutsche Bank launch US$100 million 10-year fund