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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

NBD set to open Tehran office

Posted on 18/02/2003

National Bank of Dubai, preparing for its 40th anniversary by unveiling a commemorative logo, will officially inaugurate its representative office in Tehran on February 26. Iran is one of Dubai's largest trade partners, with annual exchanges worth more than US$3 billion. Both Dubai and NBD have showed a lot of interest in the fast growing Iran economy. NBD was the largest fundraiser for two bonds issued by Iran, which were heavily oversubscribed. It raised more than 10 per cent of the 375 ...  >>MORE

National Bank of Dubai announces profits

Posted on 16/02/2003

In a press release issued here, the Bank said its annual general meeting of shareholders would take place on March 15. The National Bank of Dubai completed another successful year in 2002, according to the press release. " Total assets grew by 7.7 per cent supported by an 8.1 per cent growth in customer's deposits, while loans and advances increased by 28 per cent. Net profit increased by 25 per cent to Dh 569 million and as a result, earnings per share, based on the revised share capital were ...  >>MORE

UNB set to distribute 20 per cent dividend

Posted on 15/02/2003

The Board of Directors of the Union National Bank recommended that the general assembly distribute dividends of Dh164.4 million or 20 per cent of the bank's capital to shareholders at its meeting scheduled for February 23. The recommendation was that 10 per cent of the capital or Dh82.2 million be distributed in cash and an equal amount in bonus shares. This followed the fact that the bank posted net profits of Dh300.2 million in 2002, up by 23.6 per cent from 2001's profits of Dh242.88 ...  >>MORE

Small banks more cost-efficient in UAE, says study

Posted on 14/02/2003

A recent research study on 35 commercial banks operating in the UAE found that small banks were more cost efficient than large ones. The study further discovered that small banks improved their returns in the year 2000, while large banks maintained constant returns during that period. The study, carried out by Dubai University College and sponsored by Dubai Chamber of Commerce and Industry (DCCI), looked at 35 commercial banks operating in the UAE during 1998 - a weak year for banks, as the oil ...  >>MORE

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

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Quick List

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


NBD set to open Tehran office


National Bank of Dubai announces profits


UNB set to distribute 20 per cent dividend


Small banks more cost-efficient in UAE, says study


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