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THE ECONOMY - BANKS

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

Dubai Bank opens for business

Posted on 23/09/2002

The UAE's newest bank - Dubai Bank - was yesterday launched by its Chairman Sheikh Hamdan bin Mohammed Al Maktoum, at a function also attended by Mohammed Ali Alabbar, chairman of EMAAR Properties, and Ahmed bin Brek, the chief executive of the bank. Living up to its promise of being a truly breakaway brand and a catalyst of change, the new bank commenced commercial operations yesterday with a rich portfolio of innovative and unique banking products and services. The bank, capitalised at Dh300 ...  >>MORE

EIB reports 16.3pc growth in loans cleared in 2001

Posted on 22/09/2002

Emirates Industrial Bank, the premier term lending institution for project finance and development finance, reported a 16.03 per cent increase in loans approved during the year 2001. During the year, the bank sanctioned Dh207.6 million for 23 projects across the country against Dh178.5 million sanctioned during the year 2000. In 2001, the bank disbursed a total of Dh137.1 million, making the total outstanding loans and facilities at Dh561.23 million as of December 31, 2001. Cumulatively, since ...  >>MORE

DIB offers home finance to GCC nationals, expats

Posted on 19/09/2002

Dubai Islamic Bank (DIB) is offering home finance packages to expatriates and GCC nationals, apart from UAE nationals, interested in investing in the local real estate market. The home finance options that DIB will offer will be open to investors earning a minimum monthly income of Dh8,000 and entail providing finance of up to 80 per cent of the property value, for a period of up to 12 years. "The real-estate market in the UAE is growing at an exceptional rate, especially after the ...  >>MORE

NBD gets 'Best Bank' in UAE award

Posted on 16/09/2002

The National Bank of Dubai (NBD) received the "Best Bank in the UAE - 2002" award from the international magazine "The Banker", according to an NBD Press release. Abdullah Saleh, managing Director of NBD, said: "We are proud to have won this prestigious international award recognising the effectiveness of the considerable investment the bank has made over the last three years in its people and technology." He also pointed out that driven by a strong commitment to significantly improve ...  >>MORE

DIB in financing deal with DWTC

Posted on 15/09/2002

Dubai Islamic Bank (DIB) has signed an agreement with Dubai World Trade Centre (DWTC), for a four-year 'Wakala' Islamic financing facility for Dh100 million for the centre's current expansion phase. The agreement was signed by Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry who is also DIB chairman; and Mohammed Alabbar, vice-chairman of DWTC. Providing corporate customers like DWTC with better finance alternatives allows us to be a partner in Dubai's ...  >>MORE

EBI unveils four-year deposit scheme

Posted on 08/09/2002

Emirates Bank International (EBI), which announced the early closure of its two special deposit schemes launched on September 1, has come out with a new deposit scheme with a tenor of four years. The subscription to this special fixed deposit scheme will open today. The earlier schemes (three-year and five-year deposit schemes) are said to have garnered the targeted amount of Dh100 million in just more than one week's time. EBI said these schemes are closed for subscription due to an ...  >>MORE

Emirates Industrial Bank calls upon GCC states to speed up common currency procedures

Posted on 05/09/2002

The Emirates Industrial Bank, EIB, today urged GCC states to speed up technical requirements for the common currency requirements in order to realise the GCC single Currency target set by the Muscat summit in December 2001. In its monthly bulletin released here today, EIB said that the decision of the GCC states to advance the introduction of their internal GCC Customs Union by two years, had overcome the obstacle of the calculation of the added value for the movement of goods. It said that ...  >>MORE

Emirates Bank set to enter mortgage finance market

Posted on 01/09/2002

Emirates Bank International (EBI) which is in the process of finalising a mortgage finance scheme in view of the booming property market in the UAE has come out with two special long-term deposit schemes. With leading property developers like EMAAR, Palm and Jumeirah Beach Residence announcing aggressive marketing programmes during the recent few weeks, banks like National Bank of Dubai (NBD) and Dubai Islamic Bank (DIB) announced that they would enter mortgage finance. According to ...  >>MORE

UAE banks' personal loans rise sharply

Posted on 27/08/2002

The growth in personal loans for UAE banks during the first quarter of the current year was more than double the growth their gross loans portfolio witnessed during this period. With falling volume of corporate loans and rising pressure on margins on corporate loans, retail banking has become the real breadwinner for many banks helping prop up the profit and loss statement. Many banks are charging heavy service fees on retail banking operations like the penalty for not maintaining minimum ...  >>MORE

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Quick List

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


Dubai Bank opens for business


EIB reports 16.3pc growth in loans cleared in 2001


DIB offers home finance to GCC nationals, expats


NBD gets 'Best Bank' in UAE award


DIB in financing deal with DWTC


EBI unveils four-year deposit scheme


Emirates Industrial Bank calls upon GCC states to speed up common currency procedures


Emirates Bank set to enter mortgage finance market


UAE banks' personal loans rise sharply