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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

Big UAE banks losing market domination

Posted on 21/08/2002

The domination of large national banks over the UAE market has been eroding drastically over the last couple of years. Foreign banks as well as smaller national banks are eating into the market of big five national banks. While the five large national banks held 65 per cent of the total assets of the banking system as of 1998 end, it came down to 46 per cent by 2001 end. In the case of loans, the fall has been from 74 per cent to 47 per cent during this period. According to leading rating ...  >>MORE

Other income props up NBAD first-half results

Posted on 18/08/2002

An increase in 'other income' has bailed out National Bank of Abu Dhabi's (NBAD) financial performance for the first half of the year ending June 30. According to an analysis by Emirates Financial Services (EFS), the bank's decline in net interest income was more than offset by the gain in other income, leading to a 3 per cent growth in net income. While this is less than the 18 per cent growth experienced for 2001, it may be considered adequate due to the low interest rate environment and ...  >>MORE

NBAD fund appreciates 26pc

Posted on 17/08/2002

The National Bank of Abu Dhabi's (NBAD) UAE Growth Fund has appreciated by 26 per cent, outperforming several funds globally to be among the top 25 funds worldwide, said officials. The fund's growth is an achievement for the UAE with all eyes now focussed on the UAE stock markets, which are expected to grow steadily and in a sustained manner. Terence Allen, head of investment banking and treasury at NBAD, said the UAE Growth Fund's appreciation confirms the bank's forecasts in October 2000, ...  >>MORE

NBF launches capital guaranteed note

Posted on 15/08/2002

National Bank of Fujairah yesterday announced the launch of a capital guaranteed note as part of its structured notes programme. The Everest 7 per cent lock-up coupon note has a four-year term with a guaranteed return of 4 per cent in the first year. In the next three years, the value of the coupon will be linked to the lowest stock performance of the basket. It thus offers a capital guarantee at maturity and the opportunity to link returns to the performance of a basket of blue chip ...  >>MORE

Dh183m syndicated loan for NBF

Posted on 15/08/2002

A Dh183.5 million (us$50 million) syndicated term loan for National Bank of Fujairah has been concluded by sole mandated lead arranger Dresdner Kleinwort Wasserstein, acting through Dresdner Bank Luxembourg. Significantly, it is believed the first international syndicated loan facility for this region after the events of September 2001. The facility with a term maturity of three years and margin of 0.475 per cent per annum was signed on August 2. It is aimed at refinancing the UAE bank's ...  >>MORE

RakBank to offer online banking by early 2003

Posted on 15/08/2002

RakBank which has recently launched its latest customer inquiry service - Rakconnect, will offer online banking service by the first quarter of 2003. According to Murray Sims, head of personal banking, the bank has already initiated the 'request for information' (RFI) in order to identify and finalise on the technology vendor for the online banking. The bank hopes to identify the vendor soon and will be able to offer this service within six months. Rakconnect allows the bank's ...  >>MORE

DIB set to unveil home loan plan

Posted on 13/08/2002

The home finance market is hotting up, with Dubai Islamic Bank (DIB) preparing to come out with the first Islamic finance package to buy homes in EMAAR Properties. According to sources in DIB, the bank is finalising the package with EMAAR and will launch the scheme, which will finance up to 80 per cent of the cost of a property, within a week. DIB's package will be for a maximum of 20 years. According to bank officials, the rate will be competitive compared to similar schemes offered by ...  >>MORE

NBD top UAE bank in terms of capital

Posted on 12/08/2002

The National Bank of Dubai (NBD) was the highest placed UAE bank in terms of capital in a survey by a magazine of top regional banks. With a capital base of US$1.13 billion, NBD was placed tenth on the list of 20. Saudi Arabia's National Commercial Bank (NCB) came top with US$2.27 billion, while its assets were US$26.5 billion, according to figures released by the Arab Banker magazine. The Saudi-American Bank and the Riyadh Bank ranked second and third with a capital of US$2.234 billion and ...  >>MORE

EBI first-half net at Dh257.4m

Posted on 12/08/2002

Emirates Bank International said yesterday its net profits for the first six months of 2002 fell 5.4 per cent to Dh257.4 million (US$70.1 million) from Dh272.1 million in the same period last year, Reuters reports from Dubai. The bank said in an unaudited statement that total income for the first half of the year was also lower at Dh444.9 million compared with Dh464.4 million a year earlier. Earnings per share fell to Dh0.70 from Dh0.74. Total assets rose to Dh24.7 billion in the first ...  >>MORE

UAE commercial banks see rise in balance sheet

Posted on 11/08/2002

Consolidated balance sheet of commercial banks in the UAE rose from Dh.229.67 billion during the last quarter of the year 2001 to Dh.300.56 billion during the first quarter of this year, according to a UAE Central Bank report. Quoting official statistics, the report said that foreign assets increased by Dh3.75 billion, reaching Dh103.160 billion. Credits and local investments also registered an increase of Dh2.36 billion to reach Dh152.75 billion. While unclassified assets increased by ...  >>MORE

RakBank to announce launch of SMS banking soon

Posted on 11/08/2002

The National Bank of Ras Al Khaimah, RakBank, is about to announce the launch of its SMS banking solution called RakConnect. The bank is also likely to introduce its Internet banking solutions in the market by the first quarter of next year. The officials said the RakConnect will allow customers to both push and pull information from the bank. They said that once the service is launched, customers will be able to access the status of their accounts with RakBank using their mobile phones and get ...  >>MORE

DIB, Bank of Beirut sign deal

Posted on 10/08/2002

Dubai Islamic Bank (DIB) and the Bank of Beirut have signed an agreement to arrange a three-year syndicated Islamic Mourabaha transaction valued at Dh92 million (US$25 million). Arab Investment Co of Bahrain and Shamil Bank of Bahrain participated in the transaction. The agreement was signed in Beirut this week. The syndicated Islamic Mourabaha transaction comes two months after the announcement that Bank of Beirut has acquired majority shares of Beirut Riyad Bank. The merger made Bank of ...  >>MORE

RakBank profit increases 13pc

Posted on 08/08/2002

Even as most of the public joint stock company (PJSC) banks do not bother to bring out audited semi-annual financial statements, RakBank has once again published its audited first-half results with a 13 per cent jump in net profit to Dh34.9 million. RakBank, which made news last year by launching credit cards carrying the lowest interest rate and without an annual fee, is the only bank in the UAE which publishes audited financial statements every quarter. Total assets of the bank increased ...  >>MORE

EIB calls for improvement of iron industry

Posted on 04/08/2002

The Emirates Industrial Bank, EIB, has urged the concerned quarters in the country to step up efforts to improve upon the local iron and steel industry to enable it face the growing local demand. According to a report from the Bank, local production accounts for only 12 per cent of local demand of the commodity. It said that manufacturing of iron, including those being used in building construction, had not improved much to meet the level of constructional development in the country in the past ...  >>MORE

Dubai Bank gets formal nod, to start off in a few weeks

Posted on 04/08/2002

Dubai Bank has officially been born with the approval of the Ministry of Economy and Commerce and is set to start operations within a few weeks against a backdrop of an upswing in real estate, construction and other sectors in the UAE. The ministry said it had given the green light for the new bank to launch business in the local and external markets after it met terms specified in the country's corporate law. "The Ministry has endorsed the statute of the Dubai Bank as a joint stock venture ...  >>MORE

NBAD first-half net edges up

Posted on 03/08/2002

The National Bank of Abu Dhabi (NBAD) has posted a three per cent growth in its first-half net profit, from Dh321.348 million to Dh331.223 million. The bank's earnings per share stood at Dh7.04 compared to Dh6.82. Its previous earnings per share was Dh68.26 as the share had a face value of Dh100 at that time. While the net interest income fell from Dh376.208 to Dh354.961 million, other income soared from Dh139.745 million to Dh190.536 million. While the total assets of the bank rose from ...  >>MORE

NBS sets benchmark for profit distribution

Posted on 01/08/2002

The National Bank of Sharjah (NBS), the newest Islamic bank in the country, has set a benchmark for the distribution of profits by announcing the first monthly profits for savings, Watany deposits and fixed deposits. According to Ahmed Saad Ibrahim, the financial controller of NBS, the first conventional bank to be converted into a fully Islamic bank will embark on a unique system of distributing profits on savings at the end of each month. NBS, which just completed the first month of ...  >>MORE

UAE bank deposits cross US$3b in 2001

Posted on 28/07/2002

Deposits with UAE banks surged by more than US$3 billion at the end of 2001 reflecting growing public confidence in the country's banking sector although interest rates plummeted to one of their lowest levels, official figures showed yesterday. The increase occurred despite a decline in government deposits as it had to resort to partial withdrawal from those deposits to finance a widening deficit in consolidated accounts, which covers federal spending and the local budget of each emirate. ...  >>MORE

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Quick List

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


Big UAE banks losing market domination


Other income props up NBAD first-half results


NBAD fund appreciates 26pc


NBF launches capital guaranteed note


Dh183m syndicated loan for NBF


RakBank to offer online banking by early 2003


DIB set to unveil home loan plan


NBD top UAE bank in terms of capital


EBI first-half net at Dh257.4m


UAE commercial banks see rise in balance sheet


RakBank to announce launch of SMS banking soon


DIB, Bank of Beirut sign deal


RakBank profit increases 13pc


EIB calls for improvement of iron industry


Dubai Bank gets formal nod, to start off in a few weeks


NBAD first-half net edges up


NBS sets benchmark for profit distribution


UAE bank deposits cross US$3b in 2001