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UAE completes GCC-wide ATM link

Posted on 06/05/2002

The UAE interbank switch (UAESwitch) has spread its connectivity to all GCC countries following its linking up with Saudi Arabia earlier this month, Central Bank sources confirmed. Interestingly, Oman will use the UAE as its link to other GCC countries, the sources added. The UAE has become the first country among the six-nation Gulf Cooperation Council to establish connectivity of its ATM switch to the ATM switches of all the other GCC countries. The other GCC states have linked up their ...  >>MORE

Banks witness sharp rise in investments

Posted on 05/05/2002

Investment securities have begun playing bigger roles in the asset books of the banks, especially national banks - with the National Bank of Dubai's investment securities even surpassing its loans and advances. In the case of Abu Dhabi Commercial Bank (ADCB), the investment securities, which used to be only 6.6 per cent of the total assets, have surged to 11.9 per cent in 2001. Likewise, that of Emirates Bank International it has gone up from 11.6 per cent to 14.4 per cent. With Mashreqbank, it ...  >>MORE

UAE bank assets hit Dh299.67b

Posted on 02/05/2002

UAE banks maintained their robust growth with total assets touching Dh299.67 billion as of end-2001, registering an 8.14 per cent annual growth, latest Central Bank figures show. Banks have reported all-round increases in deposits, credit and foreign assets, and also in their branch network. The UAE Central Bank's last quarter statistical bulletin showed its own total assets at Dh51.83 billion (Dh50.13 billion). Sectoral gains come on the back of growth in cash and deposits with the Central ...  >>MORE

UAE to take the lead in curbing hawala

Posted on 29/04/2002

The UAE is set to take a big lead in tackling the decades-old financial system called hawala by holding an international conference next month. This would be the first organised initiative at the international level to clamp down on the cross-border fund transfer system, which authorities have never been able to get rid off so far. According to sources, UAE offered to take a lead in holding this conference at the January 2002 meeting of Financial Action Task Force (FATF) in Hong Kong. Hawala ...  >>MORE

NBD posts 10.43pc rise in net

Posted on 29/04/2002

National Bank of Dubai (NBD) has posted a 10.43 per cent growth in its net profit for 2001 when the figure went up from Dh408.996 million to Dh451.872 million. NBD shareholders ratified a 40 per cent cash dividend which will account for a whopping Dh345.808 million dividend outgo and a 25 per cent bonus issue whereby all shareholders will receive one share for every four shares they hold. This will take the share capital of the bank from Dh864.519 million to Dh1.080 billion. The authorised ...  >>MORE

DIB, ADIB to take stake in Bosnia Bank

Posted on 24/04/2002

Three Islamic banks from the Gulf - including two from the UAE - have committed up to US$22 million in the equity of Bosnia Bank International which became operational last year, a senior Islamic banker disclosed. While Jeddah-based Islamic Development Bank (IDB) has committed US$10 million, Abu Dhabi Islamic Bank (ADIB) and Dubai Islamic Bank (DIB) have committed US$6 million each. "These three banks have committed up to US$22 million. Their commitment will go up to US$60 million of the US$300 ...  >>MORE

NBAD in 10:1 stock split

Posted on 16/04/2002

National Bank of Abu Dhabi (NBAD) has gone in for a 10:1 stock split designed to bring liquidity to the scrip. This will bring its par share value to Dh10 after ratification by the general assembly. With the share split, NBAD's issued and fully paid-up share capital will comprise 94,160,000 shares of Dh10 each. "The share split will make our shares more accessible and help in greater liquidity," an official said. NABD recorded an 18 per cent gain in net profit to Dh607.7 million for 2001, ...  >>MORE

Emirates Industrial Bank board approves loans worth Dh92.5m

Posted on 15/04/2002

Emirates Industrial Bank (EIB) board yesterday approved loans and facilities totalling Dh92.5 million sanctioned this year for seven industrial projects. Also, the first instalment of the bank's increased capital has been collected from shareholders to raise the capital by Dh600 million. This is to be collected over a period of six years starting this year. The bank held its board meeting under the chairmanship of Dr. Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial ...  >>MORE

NBD proposes to raise capital

Posted on 13/04/2002

National Bank of Dubai (NBD) is proposing to increase the paid-up capital of the bank from Dh864.518 million to Dh1080.64 million with a bonus issue of one share for four - 25 per cent. The increase in capital through bonus issue, which has to be ratified by the shareholders in April, will make NBD the second largest capitalised bank in the UAE, the first being the Abu Dhabi Commercial Bank (ADCB) with a paid-up capital of Dh1.25 billion. NBD's bonus issue is coming after a gap of eight ...  >>MORE

ADCB registers record Dh615 million net profit

Posted on 11/04/2002

The Abu Dhabi Commercial Bank (ADCB) posted a net profit of Dh615.43 million for the year 2001, the highest in the bank's history, and which represents 49 per cent of the bank's share capital, as compared to Dh610.68 million the previous year. Presenting the 17th annual report for the year 2001, at the annual general meeting held at the bank's premises yesterday, Fadhel Saeed Al Darmaki, Chairman of Board and Executive Committee, said though the bank's profit for the year 2000 was the largest ...  >>MORE

ADIB's 1Q profits rise to Dh 25.1 million

Posted on 10/04/2002

Abu Dhabi Islamic Bank (ADIB) has announced that its net profits for the first quarter of 2002 rose 1.4 per cent to Dh 25.1 million, against Dh 24.8 million for the 2001 corresponding period. The bank said in a statement that total assets surged 29.3 per cent to Dh 6.3 billion by the end of the first quarter of the year as compared to Dh 4.9 billion for the 2001 first quarter. "The bank's operating income fell to Dh 66.7 million for the 2002 first quarter from Dh 75.3 million for the same ...  >>MORE

Mashreqbank launches new fund

Posted on 07/04/2002

Mashreqbank yesterday announced launching a seven-year term capital guaranteed investment fund called MashreqInvestments Maxi Coupon Plus, which offers up to nine per cent return per annum based on a six month US dollar London Interbank Offered Rate (Libor). The fund will pay out interest every six months, while an incentive to the investors, the offer is priced at 0.5 per cent discount fro the par value. Societe Generale is the guarantor of the note, while the issuer of the note is Societe ...  >>MORE

NBD rated among most creditworthy banks

Posted on 04/04/2002

The Standard and Poor's (S&P) yesterday declared National Bank of Dubai (NBD) as "one of the most creditworthy banks" in the Gulf. "The bank's balance sheet is very strong, as is evidenced in NBD's risk-adjusted capital ratio of about 37 per cent in 2001. Placements in the international money markets with banks rated 'A' or above form the bulk of the bank's assets. "In addition, NBD has a selective and cautious approach to lending, which is borne out by the low loans-to-assets ratio of 23 per ...  >>MORE

RakBank reports 20pc rise in profit

Posted on 01/04/2002

The National Bank of Ras Al Khaimah (RakBank) closed an eventful in 2001 with a profit rise of 20 per cent at Dh60.2 million - up from Dh50 million in 2000. A cash dividend of Dh37.5 million, representing 15 per cent of the bank's share capital has been approved by the shareholders. No interim dividends are likely to be paid during the year. Earnings per share improved to Dh2.41 compared to Dh2 per share at the end of 2000. And, having broken away from the stolid bankers' club last year by ...  >>MORE

ADIB Murabaha, Istisna financing touches Dh1.7b

Posted on 31/03/2002

Murabaha and Istisna financing by Abu Dhabi Islamic Bank (ADIB) reached Dh1.7 billion, growing at the rate of 300 per cent from their 2000 level, ADIB Board Chairman Obaid Bin Saif Al Nassiri said. Speaking at the fourth annual general meeting (AGM) of the bank in Abu Dhabi, he said the distribution of the Murabaha and Istisna portfolio by economic activity showed that 73 per cent of the fund was deployed in the commercial, industrial and government sector and 27 per cent in the retail sector. ...  >>MORE

National banks in Abu Dhabi grow 6.7%

Posted on 30/03/2002

The national banks in Abu Dhabi last year achieved 6.7 per cent growth in profits to touch Dh1.646 billion compared with Dh1.542 billion in 2000. An analysis of Abu Dhabi banks results conducted by Al Khaleej shows distribution of profits rose by 6.7 per cent to touch Dh764 million compared with Dh716 million earlier. Total assets of these banks rose to Dh87.196 billion compared with 85.717 billion. The National Bank of Abu Dhabi led the list of Abu Dhabi banks in terms of the volume of assets, ...  >>MORE

Sharjah stake in NBS comes down to 27pc

Posted on 29/03/2002

The Sharjah Government's holding in National Bank of Sharjah (NBS) has come down by around 36 per cent following the issue of 10 per cent new shares to Kuwait Finance House (KFH) during 2001. The bank also sold a big chunk of its holding, which is equivalent to 10 per cent of total share capital, to KFH. These two developments have brought down the government stake in NBS from 42 per cent as of end-2000, to 27 per cent as of end-2001 - a 36 per cent effective drop. The share capital of the ...  >>MORE

ADCB reports Dh615.4m net profit

Posted on 26/03/2002

Abu Dhabi Commercial Bank (ADCB) has maintained its growth, earning a net profit of Dh615.4 million in 2001, a marginal increase over the previous year, the bank's managing director, Khalifa Mohammed Hassan, said yesterday. The bank will pay a cash dividend of 25 per cent of its net profit and is going in for a share split bringing down the face value of a share to Dh10 from Dh100, subject to ratification by shareholders at the forthcoming annual general meeting. "Lower interest rates had an ...  >>MORE

ADIB net rises to Dh80.5m

Posted on 24/03/2002

Abu Dhabi Islamic Bank (ADIB) posted a net profit of Dhs80.5 million for the period ended Dec. 31, 2001, compared with Dh60 million in the previous year, according to the bank's annual report. The bank's annual general meeting (AGM) scheduled to be held on Saturday was cancelled due to lack of quorum, and will be held next week. As per the annual report, operating income for the period under review jumped to Dh267.8 million compared with Dh225.3 million in the previous period. Total assets ...  >>MORE

Fujairah bank profit rises to Dh70.1m

Posted on 21/03/2002

National Bank of Fujairah (NBF) recorded a profit of Dh70.1 million last year, an increase of 36 per cent. This was announced by Sheikh Saleh bin Mohammed Al Sharqi, chairman, at the annual general meeting. The shareholders have approved an increase in capital to Dh386 million and a bonus issue of 11.5 per cent, together with a cash dividend of 5 per cent. "2001 was excellent with net profit increasing by 36 per cent," he said. "Last year's results come from the increase in net interest ...  >>MORE

NBAD net rises 18pc to Dh608m

Posted on 21/03/2002

National Bank of Abu Dhabi (NBAD) reported record profits of Dh608 million for 2001, which represents an 18 per cent growth over 2000. The bank has proposed 30 per cent cash dividend compared with 25 per cent the year before. As of 2001-end, total assets of NBAD was Dh32 billion, some 11 per cent lower year-on-year. Despite the drop, the earning assets increased during this period, with loans increasing by Dh1 billion and non-trading investments easing by Dh2 billion. (The Gulf News) ...  >>MORE

Local banking sector is sound: Hamdan

Posted on 19/03/2002

Deputy Ruler of Dubai and UAE Finance and Industry Minister Sheikh Hamdan bin Rashid Al Maktoum yesterday said he was confident and satisfied with the performance of the local banking sector, adding the sector is receiving special attention from the government to remain healthy and sound. Sheikh Hamdan made his remarks during talks with Mervin Davis, CEO of Standard Chartered Bank over prospects of UAE economic outlook in light of the dramatic global political changes under the IT revolution. ...  >>MORE

EBI reports Dh529m net profit

Posted on 18/03/2002

Emirates Bank International (EBI) yesterday reported a net profit of Dh529 million compared to the 2000 tally of Dh524 million. The bank has also approved a dividend payout of 20 per cent, totalling Dh184 million. Net profit for 2001 before minority interests increased by Dh36.03 million as a result of the adoption of IAS 39 and IAS 40 accounting standards. Commenting on the results, Ahmed Humaid Al Tayer, Minister of Communications and chairman of the EBI said: "We are well aware of the ...  >>MORE

GIA plans to set up National Data Bank

Posted on 13/03/2002

The General Information Authority (GIA) has been setting up a computer data warehouse, National Data Bank, to provide a centralised information backbone for e-government services. The facility will supply on demand information and data that will be collected from all the federal ministries and local departments from all the emirates. The GIA has recently completed a comprehensive study and has now set up a pilot project. The pilot project will continue for several months and help the GIA to ...  >>MORE

DIB posts Dh616m net profit

Posted on 07/03/2002

Despite the impact of the September 11 events, Dubai Islamic Bank (DIB) has reported an impressive gain in net profit to Dh616 million. The corresponding figure for 2000 was Dh591 million, the Gulf News reported today. "The results are very good," said Dr. Mohammed bin Kharbash, UAE Minister of State for Finance and Industry, and DIB chairman, at the end of the bank's annual general meeting yesterday. DIB will come out with an Islamic fund focusing on the UAE market, during the second quarter. ...  >>MORE

Adib reports 33pc jump in net profit

Posted on 05/03/2002

Abu Dhabi Islamic Bank (Adib) has maintained its robust growth, earning a net profit of Dh80.4 million for 2001, a 33 per cent rise over the previous year. Total assets have grown to Dh6.1 billion from Dh4.3 billion in 2000, the bank's annual report showed. The bank has proposed total dividend amounting to Dh50 million, the first to be paid since the bank's inception. This is to be ratified at the forthcoming annual general assembly. The earnings per share ending December 2001 stood at ...  >>MORE

Banks to implement risk management in phases

Posted on 04/03/2002

Banks operating in the UAE are expected to implement the first stage of a risk management framework developed by the Central Bank by the middle of the year. In the second stage, banks will need to furnish quarterly updates - based on the 'dashboard' type of rating system - to the Central Bank. This is expected to be introduced by early 2003. At a later stage, similar processes will be made mandatory for local broking houses as well. The framework and reporting, pilot tests for which are going ...  >>MORE

UNB posts Dh242.88m net profit

Posted on 03/03/2002

Union National Bank (UNB) has recorded net profit of Dh242.88 million for 2001 through a 20 per cent growth. The board of directors has proposed a cash dividend of 10 per cent and a bonus issue of 10 per cent of share capital, amounting to Dh149 million, to be ratified at the annual general assembly on Monday. According to the annual report, earnings per share (EPS) climbed to Dh3.25 by end 2001 from Dh2.71. Total assets grew to Dh13.26 billion from Dh12.11 billion. Operating profits ...  >>MORE

Arbift posts Dh40.2m profit

Posted on 28/02/2002

The Arab Bank for Investment and Foreign Trade (Arbift) has reported a net profit of Dh40.2 million for 2001 compared to the previous year's Dh107.7 million. The decline was mainly due to a provision made for possible credit losses. No dividends were announced, while a dividend of 12 per cent was paid last year. However, total assets grew to Dh5.77 billion in 2001 from Dh5.54 billion, helped by a growth in deposits and other balances due from banks. Khalid Ali Al Bustani, vice-chairman, ...  >>MORE

Shuaa buys 55pc stake in Gulf Finance

Posted on 20/02/2002

The UAE's leading investment bank, Shuaa Capital yesterday acquired a majority stake in Gulf Finance Corp (GFC) from Investbank. The deal, where Shuaa Capital acquired a 55 per cent controlling stake in GFC, was concluded yesterday in a privately negotiated transaction. Meanwhile the purchase price was not disclosed, Shuaa Capital said it had valued GFC at Dh47 million. The chairman of Shuaa, Majid Saif Ghurair said that the acquisition was part of the company's strategy to provide a ...  >>MORE

CBD reports Dh216.44m profit

Posted on 18/02/2002

Despite a 15 per cent lower interest income in 2001, Commercial Bank of Dubai managed to post a 7.4 per cent growth in its net income when it came out with a Dh216.442 million net. The bank also maintained 30 per cent cash dividend on an equity capital of Dh450.943 million which works out a hefty dividend payout of around 62 per cent, one of the highest in the industry. During the year under discussion, the balance sheet grew from Dh7.353 billion to Dh7.172 billion - a growth of 2.52 per cent. ...  >>MORE

United Arab Bank steps up payout

Posted on 18/02/2002

Following a 10.3 per cent surge in net profit to Dh71.86 million in 2001, United Arab Bank has cheered investors with a step-up in total payout to 25 per cent. At the annual general meeting yesterday, the bank proposed a 15 per cent cash dividend and a 10 per cent (1:10) bonus, together amounting to Dh62.5 million, or 25 per cent of the paid-up capital. Addressing shareholders, Sheikh Faisal bin Sultan Al Qasimi, chairman, expressed satisfaction at the bank's overall performance, especially ...  >>MORE

UNB profits rise 20% to Dhs242.8m

Posted on 18/02/2002

Union National Bank's profits last year grew 20 per cent to Dhs242.8 million from Dhs202.3 million in 2000. This was the result of a rise in net interest revenues to Dhs372.9 million from Dhs295 million and other revenues to Dhs551.4 million from Dhs467.3 million. The losses from a fall in the value of assets amounted to Dhs100.2 million compared with Dhs77.5 million earlier, while expenses of operations rose to Dhs208.2 million compared with Dhs187.4 million. In its meeting on March 4, ...  >>MORE

NBD launches offshore trust service

Posted on 18/02/2002

National Bank of Dubai's NBD's Private Banking Service has announced the official introduction of its offshore trust service. The new service will be offered through a separate and wholly owned offshore company known as National Bank of Dubai Trust Company (Jersey) Ltd. This company has been established with the support of NBD's alliance partner Royal Bank of Canada's trust firm, which is based in Jersey. The trust funds that will be created can have a life cycle of up to 100 years as per ...  >>MORE

First Gulf Bank increases capital

Posted on 17/02/2002

The General Assembly of the First Gulf Bank has decided to increase the Bank's capital from Dh 360 million to Dh 374.4 million. A statement issued after the meeting said that the Bank recorded Dh 61.7 million net profits in 2001 against Dh 50.2 million in 2000. Assets rose from Dh 2.4 billion in 2000 to Dh 3.44 billion in 2001, while total liabilities increased from Dh 1.9 billion to Dh 2.9 billion in the same period. Shareholders' equities rose from Dh 500 million to Dh 556.7 million. (The ...  >>MORE

UAE banks to spend more on e-finance projects

Posted on 16/02/2002

Banks in the UAE are planning to increase spending on e-finance projects by 20 per cent, less than half that of countries like Bahrain, according to a report in the "Gulf Today". A recent survey by Accenture, conducted with executives from 52 Gulf-based financial services organisations, indicates most banks are aggressively developing online services and 24 per cent of the banks will have serious online services by 2004, against the present seven per cent. By 2006, half of the banks in the GCC ...  >>MORE

Cabinet to review bank deposit regulation annually

Posted on 13/02/2002

The Cabinet will review every year the bank deposit regulation which is being implemented by the Ministry of Labour and Social Affairs, said a senior official at the ministry. Ahmad Mohammed Taryam, Assistant Undersecretary of Labour Affairs at the Ministry, noted that Article 10 of the Cabinet decision No. 14 for the year 2001 states that "an evaluation of the regulation has to take place every year. As for the evaluation period, it should not exceed three years from the date of the ...  >>MORE

Fujairah bank starts service for companies

Posted on 11/02/2002

National Bank of Fujairah has launched the 'Privilege Express Banking' service for corporate customers at its Dubai branch. The initial response has been "very positive", said Asad Ahmed, deputy general manager. The service offers tailored banking services designed to meet corporates' need for precise and latest information. It has ten enhancements, with the flexibility to choose services, preferred delivery mode and frequency of receiving information most suitable to customers. They include ...  >>MORE

Bank of Sharjah to pay out Dh28.8 million

Posted on 11/02/2002

The General Assembly of Bank of Sharjah on Sunday has approved the board's proposal to distribute cash dividends to shareholders amounting to Dh28.8 million, representing 12 per cent of the paid-up capital of Dh240 million. The closing accounts showed the bank posted net profits of Dh50.18 million, growing by 3.9 per cent compared with the profits posted in 2000, which totalled Dh48.33 million. A report by the board showed that according to Capital Intelligence, a global rating agency, the ...  >>MORE

EIB forecasts profit of Dh26m for 2001

Posted on 10/02/2002

The Emirates Industrial Bank (EIB) expects to post a net profit of Dh26 million for 2001, slightly lower than in 2000, said a senior official. The lower net profit is attributed to provisions made as also lower interest rates, added Mohammed Abdul Baki, general manager. EIB posted a net profit of Dh29.2 million for 2000 against Dh24.5 million in 1999. Financing for some nine projects has been finalised and will be submitted to the board next month. The total value is estimated at Dh95-110 ...  >>MORE

UAESwitch spreads its connectivity

Posted on 10/02/2002

The UAE inter-bank switch has spread its connectivity to all GCC countries - except Saudi Arabia - which will also be linked shortly, the UAE Central Bank confirmed in a statement. Following five-and-a-half years of operation, the UAE inter-bank switch (UAESwitch) has been connected to Qatar, Bahrain, Kuwait and Oman. The UAESwitch now connects 840 ATMs in the UAE and 829 ATMs across the GCC. Meanwhile, the UAE Central Bank earned a net profit of Dh1.11 billion for 2001, with total assets ...  >>MORE

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Quick List

UAE completes GCC-wide ATM link


Banks witness sharp rise in investments


UAE bank assets hit Dh299.67b


UAE to take the lead in curbing hawala


NBD posts 10.43pc rise in net


DIB, ADIB to take stake in Bosnia Bank


NBAD in 10:1 stock split


Emirates Industrial Bank board approves loans worth Dh92.5m


NBD proposes to raise capital


ADCB registers record Dh615 million net profit


ADIB's 1Q profits rise to Dh 25.1 million


Mashreqbank launches new fund


NBD rated among most creditworthy banks


RakBank reports 20pc rise in profit


ADIB Murabaha, Istisna financing touches Dh1.7b


National banks in Abu Dhabi grow 6.7%


Sharjah stake in NBS comes down to 27pc


ADCB reports Dh615.4m net profit


ADIB net rises to Dh80.5m


Fujairah bank profit rises to Dh70.1m


NBAD net rises 18pc to Dh608m


Local banking sector is sound: Hamdan


EBI reports Dh529m net profit


GIA plans to set up National Data Bank


DIB posts Dh616m net profit


Adib reports 33pc jump in net profit


Banks to implement risk management in phases


UNB posts Dh242.88m net profit


Arbift posts Dh40.2m profit


Shuaa buys 55pc stake in Gulf Finance


CBD reports Dh216.44m profit


United Arab Bank steps up payout


UNB profits rise 20% to Dhs242.8m


NBD launches offshore trust service


First Gulf Bank increases capital


UAE banks to spend more on e-finance projects


Cabinet to review bank deposit regulation annually


Fujairah bank starts service for companies


Bank of Sharjah to pay out Dh28.8 million


EIB forecasts profit of Dh26m for 2001


UAESwitch spreads its connectivity