The UAE will host Expo 2020!

THE ECONOMY - BANKS

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

FGB reports 47pc rise in H1 profits

Posted on 28/07/2002

First Gulf Bank (FGB) has reported a Dh36.8 million net profit in the first half of 2002, a 47 per cent growth compared to the same period last year. "The UAE market has a lot of growth opportunities in the banking sector, and FGB is committed to expand its business, offering comprehensive financial products and services," said Abdulhamid Saeed, FGB's Chief Executive Officer. According to a news release from FBG, in line with the bank's strategy to generate more fee based income, the ...  >>MORE

EBI's profit for H1 2002 drops 5.4pc

Posted on 25/07/2002

Emirates Bank International PJSC yesterday reported a 5.4 per cent drop in the group net profit for the first half of 2002 ended June 30 to Dh257.36 million compared to the corresponding half of the previous year. According to figures released by the bank, the drop mainly came from an 18 per cent decline in the fees commission and other income and a two per cent dip in net interest income to Dh295.5 million. The fees, commission and other income stood for the half at Dh109.87 million ...  >>MORE

'Dubai Bank to have Dh300-400m capital'

Posted on 24/07/2002

Dubai Bank, the youngest local bank, promoted by EMAAR Properties, is to be capitalised at between Dh300 and Dh400 million, according to Ahmed Binbrek, chief executive officer of the bank. Speaking to Khaleej Times, Binbrek also said that among the long term ambitions of the bank is to have an investment banking arm that will look at the growing opportunities in the country and the region and emerge as one of the top five banks in the UAE in terms of profitability and business. He also ...  >>MORE

NBD reports over 40pc surge in first-half net

Posted on 23/07/2002

National Bank of Dubai (NBD) has posted a net profit of Dh272.543 million for the first half ending June 30, 2002, reflecting a 40.495 per cent surge over that of the same period last year. The net interest income touched Dh361.737 million as of June 30, 2002 compared with Dh282.009 million recorded during the same period last year. While the other income was Dh92.374 million, the operating income for the first half, 2002 reached Dh454.111 million compared with Dh339.318 million, which was ...  >>MORE

ADCB tops local banks in net profit

Posted on 22/07/2002

While Abu Dhabi Commercial Bank (ADCB) retained the numero uno slot among the local banks in the net profit category at Dh615.43 million during 2001, National Bank of Dubai (NBD) bagged the top slot in total assets pushing National Bank of Abu Dhabi down to the second slot. Abu Dhabi Commercial Bank was successful in improving its net profit by a marginal 0.78 per cent to Dh615.43 million during 2001, whereas National Bank of Abu Dhabi could advance its net profit by a handsome 18.42 per ...  >>MORE

Local banks once again steal show

Posted on 21/07/2002

Local banks once again proved that they are seasoned to weather any adversaries in the market by improving their profits comfortably during 2001. Among the foreign banks, barring a few banks like Standard Chartered Bank, Barclays Bank, banks were not able to post good growth in their net profits over that of the previous year. Though the foreign banks with a limited branch network of eight, argue that they compete with the local banks with large branch network, foreign banks have been ...  >>MORE

DIB releases first half statement

Posted on 21/07/2002

The Dubai Islamic Bank, DIB, has announced a 27 per cent increase in its assets within the first half of this year. As at the end of June 2002, the Bank's assets increased by Dh3.8million from the Dh14.1million it posed within the same period last year to Dh17.9million. According to a DIB statement, the Bank's profits within the same period fell from Dh317million last year to Dh286million, while its investment and financial assets rose from Dh12.7billion to Dh16.2billion, an increase of ...  >>MORE

UNB reports 32pc rise in profits

Posted on 21/07/2002

Union National Bank (UNB) has reported an operating profit of Dh189.8 million in the first half - 32 per cent higher over the corresponding period's Dh143.6 million. Net profit was Dh165 million, 22 per cent over the 2001 first half's Dh135.4 million. This came after loan provisions of Dh24.8 million against Dh8.3 million last year, the statement added. On net interest income, the bank reported Dh218.2 million against Dh158.8 million last year. "Fee and commission income grew by 3.5 per ...  >>MORE

NBD, HSBC lead sector in assets

Posted on 19/07/2002

HSBC Bank M.E. came out on top in overall assets among foreign banks operating in the UAE, while among local banks the honour went to National Bank of Dubai. HSBC's total assets grew to more than Dh16 billion, and was followed by Standard Chartered Bank with over Dh12 billion, and Citibank with over Dh8 billion, according to a survey on the banking sector's performance in 2001 by KPMG, the international accounting firm. Among local banks, National Bank of Dubai (NBD) pipped National Bank of ...  >>MORE

NBAD shares to be traded under new format soon

Posted on 18/07/2002

The 1:10 split of the National Bank of Abu Dhabi (NBAD) will definitely reflect on the scrip's liquidity in the medium-term and impact favourably on wider market sentiments, according to market analysts. The process could pick up speed with Abu Dhabi Commercial Bank expected to get its approval soon. The NBAD shares will be traded on ADSM under the new format from July 27. The bank will thus have 94.16 million shares of Dh10 each. Between now and the 27th, the shares will continue trading ...  >>MORE

EBI ready to sell meBank franchises across Gulf

Posted on 17/07/2002

Emirates Bank International (EBI) is planning to sell meBank franchises across the Gulf in a move to spread the tech-savvy banking concept in a big way. Even in the UAE, EBI is ready to offer the meBank franchise to any firm such as automobile dealers or supermarkets for whom it would prove to be an added advantage, Louis Scotto, general manager, retail banking at EBI, told Gulf News. Scotto said the bank was set to add several meBank units in different parts of the UAE, including one in Abu ...  >>MORE

UAE banks hike capital base by Dh2b

Posted on 15/07/2002

The UAE banks have cemented their capital base with at least Dh2 billion over two years in line with instructions by the Central Bank to consolidate their financial position to face growing global competition and avert fresh crises in the banking sector. The Central Bank figures showed the combined capital and reserves of the UAE's 46 commercial banks grew to around Dh36.8 billion at the end of 2001 from nearly Dh34.2 billion in 2000. The bulk of the increase was recorded in the 20 national ...  >>MORE

Mashreqbank first-half net rises 23pc

Posted on 15/07/2002

Mashreqbank has reported a group net profit of Dh228.2 million for the half year ending June 30, which is 23 per cent higher than that of the corresponding period last year. The bank's net interest income went up by 7 per cent while commission income increased by 22.2 per cent and the other fee income grew marginally over the same period last year. The effective cost management resulted in maintaining operating expenses at the same level in spite of increased business volumes. Net loans and ...  >>MORE

UAE banking sector strong, says report

Posted on 13/07/2002

The Standard & Poor's said in a report released yesterday that its assessment of the creditworthiness of UAE banking system reflects the strong financial profile of the banks and improvements in bank regulation offset by credit risk concentrations by economic sector and single borrower, the high risk related to operating in an economy sensitive to changes in the oil prices, and the low level of transparency in the country. The report, Bank Industry Risk Analysis: United Arab Emirates, is ...  >>MORE

EIB's 2002 loans total Dh 133m

Posted on 11/07/2002

The Emirates Industrial Bank (EIB), at a meeting of its board of directors in Abu Dhabi yesterday under the chairmanship of Dr Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industrial Affairs, approved loans and facilities to three industrial projects in the sectors of sign board making, commercial printing and plastics, amounting to Dh18 million. The board also approved loans and facilities to the tune of Dh10.5 million to five other industrial projects engaged in plastics, ...  >>MORE

ADIB's assets rise 26 per cent

Posted on 10/07/2002

Abu Dhabi Islamic Bank (ADIB) announced yesterday its first half year unaudited net profits posted a slight one percent increase to Dh 41.2 million, against Dh 40.7 million for the corresponding period in 2001. ' Assets rose 26 per cent to Dh1.5 billion for the same period, while gross operating income dropped to Dh 127.9 million in the first six months of 2002 from Dh 142.8 million for the corresponding period of 2001,' a bank press release said. It said that shareholders' equity went up to Dh ...  >>MORE

meBank plans expansion in Abu Dhabi, Al Ain

Posted on 10/07/2002

meBank, the 24-hour banking channel of the Emirates Group, plans to open 15-20 branches in Abu Dhabi and Al Ain region, according to a top executive of the bank. meBank inaugurated its first fully automated branch in the capital on Monday in Grand Al Mariah Cinema lobby. This branch features an ATM machine, PC terminal and plasma screen. This takes the total number of active meBank branches in the UAE to 17. To celebrate the massive expansion, meBank has announced a special promotion ...  >>MORE

UAE rules out plan for more foreign banks

Posted on 09/07/2002

The UAE will tell the World Trade Organisation it has no intention to reverse its long-standing policy and allow the opening of more foreign banks when the two sides resume negotiations on services in Geneva this month, a UAE negotiator said. Saeed Al Nusaibi, director of the WTO Affairs at the Ministry of Economy and Commerce, said the negotiations would cover several issues related to the services sector including banking, insurance, energy, tourism and services associated with trade. In ...  >>MORE

Hamdan is chairman of Dubai Bank

Posted on 06/07/2002

Sheikh Hamdan bin Mohammed Al Maktoum's appointment as Chairman of Dubai Bank has been agreed upon by General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister. Sheikh Hamdan, a Sandhurst graduate, will take over immediately. The bank, to be launched by EMAAR later this year, has significant plans to be positioned as the prime mover in the UAE and the regional financial sector. "The appointment is indeed a new challenge, both for me and the team at Dubai ...  >>MORE

Sharjah bank goes Islamic

Posted on 01/07/2002

In a pioneering move of its kind worldwide, National Bank of Sharjah today transforms itself wholly into an Islamic bank from that offering conventional banking services. The new name in Arabic will be Masref Al Shariqa Al Watani, although its name in English remains the same. The bank also unveils its new logo today: a flying falcon, shaped in Arabic calligraphy. This thus becomes the third Islamic bank in the UAE. Sources said the transformation "has won a very positive response, both from ...  >>MORE

DIB announces Internet banking

Posted on 26/06/2002

Dubai Islamic Bank (DIB), which opened its call centre last month, has now announced the launch of its new Internet banking service - Al Islami Online. Though DIB has only English version on offer as of now, the bank will launch its Arabic version later this year. DIB claims to have one of the most advanced Internet system in the region with the largest number of features. Al Islami Online is a comprehensive and completely secure 24x7 banking service, that can be accessed by DIB customers ...  >>MORE

Page: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47

RETURN TO TOP | WAM UP TO THE MINUTE NEWS

Quick List

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


FGB reports 47pc rise in H1 profits


EBI's profit for H1 2002 drops 5.4pc


'Dubai Bank to have Dh300-400m capital'


NBD reports over 40pc surge in first-half net


ADCB tops local banks in net profit


Local banks once again steal show


DIB releases first half statement


UNB reports 32pc rise in profits


NBD, HSBC lead sector in assets


NBAD shares to be traded under new format soon


EBI ready to sell meBank franchises across Gulf


UAE banks hike capital base by Dh2b


Mashreqbank first-half net rises 23pc


UAE banking sector strong, says report


EIB's 2002 loans total Dh 133m


ADIB's assets rise 26 per cent


meBank plans expansion in Abu Dhabi, Al Ain


UAE rules out plan for more foreign banks


Hamdan is chairman of Dubai Bank


Sharjah bank goes Islamic


DIB announces Internet banking