THE ECONOMY - BANKS

Mashreqbank joins hands with Mizuho

Posted on 25/06/2003

Mashreqbank has tied up with Mizuho Corporate Bank (MHCB) of Japan to create the Mizuho-Mashreq Japan Desk. The new entity has been formed with an aim to facilitate UAE-Japan trade which is currently valued at US$12 billion. "Almost 70 per cent of the 140 odd Japanese business firms established in the UAE have banking relations with Mashreqbank and the new desk will certainly help make business dealings between the two countries easier," said Abdul Aziz Al Ghurair, CEO of Mashreqbank. ...  >>MORE

Cabinet to rein in banks' loan policies

Posted on 20/06/2003

The Cabinet will soon take necessary action on proposals to restrain personal loans granted by banks to both expatriates and UAE nationals. This was revealed by Mohammed Saeed Al Ghandi, Speaker of the Federal National Council (FNC), during discussion here yesterday with Dr Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs. The officials discussed proposals put forward by the council to take a firmer grip of easy-to-get personal loans granted by banks who are ...  >>MORE

NBD arranged largest order for Dubai bond

Posted on 18/06/2003

National Bank of Dubai (NBD) accounted for the largest volume of orders for the recently concluded Dh1.5 billion bond issue by the Dubai Government, with the amount estimated at around Dh600 million. This included the orders placed for the bank's own books, for the purpose of market making, as well as the non-proprietary portion ordered for its customers. Emirates Bank International (EBI) is said to be the second after NBD with orders made by it for itself and the non-proprietary orders ...  >>MORE

Stringent security urged to curb fraud

Posted on 07/06/2003

The UAE banking industry must implement stringent measures to curb the increasing number of ATM scams, stressed a risk management specialist. Johan Du Plooy, Chief Executive Officer of Risk Diversion, an integrated E-security risk management solutions company, said that laws are adequate but there are certain loopholes in the banking system that the ATM scam artists, as he named them, are preying on. Speaking to Gulf News in an exclusive interview, Johan said, "The recent ATM fraud scams ...  >>MORE

Banks lose Dh1.5 million in ATM fraud

Posted on 05/06/2003

The UAE Central Bank yesterday said that Banks operating in the UAE had lost not more than Dh1.5 million as a result of an electronic fraud. In a statement issued following a board meeting, the Bank said that the Board reviewed a memorandum relating to the electronic fraud recently carried out through ATMs of some banks operating in the UAE. The Board directed for the implementation of appropriate procedures at banks, in order to prevent such type of incidents in the future and to minimize the ...  >>MORE

EIB cancels bank loan guarantee

Posted on 05/06/2003

The Emirates Industrial Bank recently decided to cancel the banking guarantee it collected from loan applicants. The bank has also decided to reduce interest rates on loans and other facilities from four per cent to the current interest rate limits prevailing in the market, which is calculated on the basis of the Euro interest rate, said an Emirates Industrial Bank study. Meanwhile, the extraordinary general assembly held in May also decided to increase the bank's capital to Dh1 billion. The ...  >>MORE

Losses are minimal: Central Bank

Posted on 03/06/2003

UAE Central Bank officials yesterday assured the public that losses incurred by banks in the recent ATM scam are minimal and precautionary measures will be taken. "The precautionary measures include improving the quality of plastic cards, increasing the security of banking networks, especially those linked to the Internet, and the encryption of lines which link ATM machines to computer systems even within a single bank," said Saeed Al Hamez, executive director, Banking Supervision Department, ...  >>MORE

UAE banks slash ATM withdrawal limit

Posted on 02/06/2003

Most banks in the UAE have slashed the ATM (automatic teller machine) withdrawal limit to Dh1,000 or Dh2,000 in the wake of reports that huge sums of money are being siphoned off fraudulently from some machines. However, when contacted by Gulf News, the bank officials declined to comment on the issue. Sources in banking circles said this is the first time the UAE is witnessing such a situation. There are unconfirmed reports that 'a team' was into data capturing, either accessing the secret ...  >>MORE

Mashreqbank launches Libor Force

Posted on 01/06/2003

Mashreqbank has launched Libor Force the latest in the series of Capital Guaranteed Investments by the bank. Libor Force offers quarterly retunes which grow from a guaranteed 4.5 per cent per annum in the first quarter, to 9.5 per cent per annum, in its sixth and final year, linked to Libor. The returns are subject to whether the London Interbank Offer Rate (Libor) remains at or below the present barriers, a structure that has become popular with investors since interest rates have fallen to ...  >>MORE

Abu Dhabi plans new hospital for women, children

Posted on 29/05/2003

Abu Dhabi General Authority for Health Services will soon build a new gynaecology, obstetrics and children's hospital here, so that women and children are offered even better services. A number of paediatricians, gynaecologists and obstetricians in Abu Dhabi hospitals are expected to be transferred to the new hospital when it becomes operational. Children taking follow-up treatment at various sections in Abu Dhabi hospitals will also be referred to the new one, when it is ready to receive ...  >>MORE

Dubai Bank launches safe deposit lockers

Posted on 26/05/2003

Dubai Bank has become the first bank in the region to launch a fully automated state-of-the-art safe deposit locker facility - Tijori - that can be accessed 24 hours a day, throughout the week. Tijori also features a unique biometric security system, which requires customers to register their palm impression so that they can validate their identity in order to use the service. Dubai Bank has partnered with security equipment specialists, Comexter, to provide cutting-edge banking technology. ...  >>MORE

ADCB begins major restructuring

Posted on 25/05/2003

Abu Dhabi Commercial Bank (ADCB), one of the largest banks in the UAE in terms of capital, assets and profitability, is said to be undergoing a restructuring. According to informed sources, the restructuring is being carried out on advice from a leading international consultancy company. There are unconfirmed talks within banking circles that there will be reshuffling of key posts in the bank. Gulf News contacted the bank's senior management for confirmation on the veracity of this ...  >>MORE

Foreign bank tax rates in UAE lowest

Posted on 25/05/2003

The UAE compares very favourably to other countries in the region with no corporate taxes except on banks and oil companies, said a KPMG official. "Though Gulf and Middle East countries are not covered by a KPMG corporate tax survey, foreign banks' tax rate of 20 per cent in the UAE is much lower than the global tax rates and the rates in the region," commented Ashok Hariharan, KPMG Lower Gulf tax partner. Foreign oil companies are, of course, taxed at a higher rate of 50 to 55 per cent ...  >>MORE

National bankers to rise to 5,000 by year-end

Posted on 22/05/2003

National staff at the banking sector rose to 22 per cent by the end of 2002, with some banks achieving up to 40 per cent, a senior banking official disclosed today. Minister of Communications and Chairman of the Banking Sector's Human Resource Development Committee Ahmed Humaid Al Tayer said the federal cabinet, motivated by the committee's positive achievements, had issued orders to other sectors to give top priority to Emiratisation. 'The committee has made good results in a record time ...  >>MORE

ATFP, EIB sign agreement

Posted on 21/05/2003

A Dh20 million credit line facility agreement has been signed here today between the Arab Trade Financing Programme, ATFP and the Emirates Industrial Bank, EIB. The new facility, which brings to five the total credit lines, at a total amount of US$62 million, granted by the ATFP to 13 national agencies, would be used in financing UAE foreign trade. ATFP's Chief Executive and Board Chairman, Dr. Jasim Al Mana'e signed for his outfit, while EIB's Director General, Mohammed Abdul Baki Mohammed, ...  >>MORE

Dh90.6m net at Dubai Investments

Posted on 18/05/2003

Dubai Investments has reported a net profit of Dh90.60 million for 2002, which was lower than that of the previous year when the company posted a net profit of Dh112 million. Khalid bin Kalban, managing director and CEO, said the fall in net profit was due to drop in interest earnings as well as the impact of the new accounting standards, IAS 39, whereby the company's investments had to be recognised at fair value. Dubai Investments' annual general meeting yesterday also ratified a 7 per ...  >>MORE

Dubai Bank may raise capital to Dh650m

Posted on 18/05/2003

Dubai Bank, the 100 per cent banking subsidiary of EMAAR Properties, is likely to get approval to raise its capital to Dh650 million. The newest bank in the UAE Dubai Bank was formally launched in September last year amidst scepticism that with 47 players already active in the country, the new entrant could face some stiff challenges given the tough competition for market share among the existing banks. Sources yesterday said the likely approval for capital increase from Dh300 million to ...  >>MORE

NBAD plans to manage fund for Iraqi projects

Posted on 17/05/2003

National Bank of Abu Dhabi (NBAD) is planning to manage a fund on behalf of private and institutional investors for project development in Iraq, following strong interest, confirmed a top bank official. Several requests have been received from regional investor groups, from both its private clientele and reputed institutional clients, to manage various amounts of money seeking investment opportunities in Iraq as the country and the economy start opening up for investments. "There is ...  >>MORE

US$1b dividend for BCCI creditors announced

Posted on 15/05/2003

Liquidators of the failed Bank of Credit and Commerce International (BCCI) yesterday announced a fourth dividend payment of 15 per cent, equivalent to over US$1 billion, to some 70,000 creditors that include many in the UAE. Also, a further dividend is likely with the liquidators committed to pursuing outstanding litigation. The payment will bring total dividend payout to 75 per cent, or approximately US$5.7 billion. "It is anticipated that payments will go out by cheque or electronic transfer ...  >>MORE

Legal framework will help boost e-banking

Posted on 11/05/2003

The future of e-banking in the UAE and the region is directly linked to the ability to create a secure electronic legal regulatory framework. This was stressed yesterday by Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, in his keynote address to the two-day seminar on 'Electronic Banking Operations between Sharia and Law'. He also said the law must clearly define the roles of the banks, consumers and supervisory bodies, hand in hand with ...  >>MORE

DIB - star performer among Islamic banks

Posted on 10/05/2003

Islamic banks are continuing to show above-average growth in all spheres of business, but the star performer has been the Dubai Islamic Bank (DIB), staking its claim as the bank with the highest rate of growth in customer deposits. DIB, the world's first Islamic bank, showed a solid growth record last year, with all-round improvements in net profit, assets and customer deposits. Shareholders' profit registered a five per cent growth from Dh152.52 million to Dh159.8 million, while assets grew ...  >>MORE

UAE national banks to boost capital

Posted on 07/05/2003

National banks in the UAE are pushing ahead with plans to boost their capital in line with Central Bank instructions as they are encouraged by a large growth in their profits and widening investment opportunities due to an economic upturn. Official and independent figures showed the combined shareholders equity of 18 national banks surged by 11.2 per cent to around Dh32.5 billion (US$8.85 billion) at the end of 2002 from nearly Dh29.2 billion (US$7.95 billion) at the end of 2001. Their paid ...  >>MORE

EIB quashes loan guarantees and slashes interest rate

Posted on 07/05/2003

The Board of the Emirates Industrial Bank, EIB, yesterday decided to abolish all loan guarantees and to reduce interest rates. Dr. Mohammed Khalfan Kharbash, Minister of State for Financial and Industrial Affairs, said that the guarantee condition was required as part of the financing terms. In a press conference here, Kharbash said the bank had earlier slashed the loan guarantee by 50% per cent and has now decided to abolish it entirely. He added that the bank has also decided to reduce the ...  >>MORE

Aggregated balance sheets of banks rise 6 per cent in last quarter of 2002

Posted on 05/05/2003

The aggregate balance sheet of banks rose by Dh 18.77 billion (6 per cent) during the fourth quarter of 2002, reaching Dh 333.24 billion, against Dh 314.47 billion at the end of the third quarter of 2002. The Central Bank's quarterly bulletin for October to December 2002 showed that on the assets side, foreign assets rose by Dh 9.51 billion (9.2 per cent) to equal Dh 112.42 billion. Domestic credit and investments rose by Dh 7.79 billion (4.7 per cent) to reach Dh 172.06 billion. In ...  >>MORE

RakBank first quarter net up 19pc to Dh21m

Posted on 05/05/2003

RakBank has reported 19.2 per cent growth in its net profit to Dh21.03 million for the first quarter of the current year. According to a statement from the bank, the significant rise in profit reflects the outstanding asset growth the bank has seen as a result of personal banking initiatives and the efforts of corporate banking's trade finance activities. Assets reached Dh3.05 billion. This was a 4 per cent increase compared to last year. While loans and advances decreased by Dh60 million (2 ...  >>MORE

Bank of Sharjah profit up

Posted on 03/05/2003

Bank of Sharjah has recorded a 26 per cent increase in profit to Dh17.5 million during the first quarter of 2003. The bank has also completed a threefold capital increase to Dh750 million, which made it the largest private company in Sharjah in terms of capitalisation, and advanced its rank to No 11 from its No 18 position previously among UAE national banks. The bank reiterated the large capital increase was to position itself to expand operations across the country within the framework of its ...  >>MORE

Arbift posts Dh29m annual net profit

Posted on 01/05/2003

The Arab Bank for Investment and Foreign Trade (Arbift) yesterday announced it earned a net profit of Dh29 million for full year 2002, down 27.8 per cent from the previous year. Net profit fell mainly due to provisions of Dh78 million towards possible credit losses in accordance with the IAS. "We are positive that the bank will make higher profits this year and next due to lesser provisions. The actual profit was higher in 2002 than 2001 but provisions had to be made," Khalid Ali Al Bustani, ...  >>MORE

NBAD earns net profit of Dh179m

Posted on 29/04/2003

National Bank of Abu Dhabi (NBAD) yesterday said it earned a net profit of Dh179 million for first quarter 2003, an 8 per cent increase over the same period last year. Assets grew to Dh39.2 billion, a 7 per cent increase over the same period last year. Earnings Per Share stood at Dh7.61. "Domestic trading conditions remain difficult with low interest rates and severe competition. Nevertheless, our domestic bank's performance improved over last year," said a statement from the bank. "Our ...  >>MORE

Banks make a killing from loan foreclosures

Posted on 29/04/2003

Banks in the UAE are said to be making a killing from the pre-payment penalty they charge on the foreclosure of personal loans. With more and more banks reaching out to grab new customers from the rolls of other banks, loans foreclosure has picked up momentum among the UAE banks. An existing customer is normally charged 1-1.5 per cent on the outstanding amount, if he/she wants to prepay the loan. However, if it is another bank venturing into buying out an existing loan from another bank, ...  >>MORE

DIB posts Dh149m profit

Posted on 28/04/2003

Dubai Islamic Bank (DIB) reported a net profit of Dh149 million (including depositors' share) - a 15 per cent rise, and a 27 per cent increase in assets for the first quarter of 2003. Assets grew 27 per cent to Dh20.6 billion compared with Dh16.3 billion for the same period last year. The bank also reported an impressive 27 per cent rise in deposits from Dh14.5 billion in first quarter, 2002, to Dh18.4 billion. Financing and investment grew from Dh10.1 billion to Dh12.1 billion in the first ...  >>MORE

Mashreqbank sells off Pak, Lanka branches

Posted on 26/04/2003

Mashreqbank has sold its branches in Sri Lanka and Pakistan as part of its new strategy to work through buying shares in local banks in these two countries instead of working through independent private branches. The bank's strategy is aimed at boosting the bank's competitive capabilities in some markets that are witnessing a rapid development, Abdul Aziz Al Ghurair, Chief Executive of the bank. The bank intends to sell other branches in countries other than the GCC countries to be replaced ...  >>MORE

UAE’s banks balance sheets rise

Posted on 23/04/2003

The consolidated balance sheets of the banks operating in the UAE rose to Dh333 billion by the end of December 2002 against Dh314 billion in September last year. A report issued by the UAE Central Bank said that the consolidated balance sheets of national banks surged to Dh225 billion while that of foreign banks increased Dh78 billion. The report said that the value of local credit and investment banks climbed by 4.7 per cent to Dh172 billion while deposits in the Central Bank fell by 5.8 per ...  >>MORE

NBD posts net profit of Dh170.58m

Posted on 23/04/2003

National Bank of Dubai (NBD) has posted a net profit of Dh170.58 million for the first quarter of the current year, against Dh129.09 million - a 31.5 per cent growth over that of the last year. While the interest income improved marginally from Dh261.41 million to Dh270.94 million, interest expense dropped from Dh100.61 million to Dh73.42 million during this period. The total assets during this period dropped from Dh35.16 billion to Dh34.31 billion as of March 31, 2003. While the customers' ...  >>MORE

Adib reports Dh24.3m net

Posted on 22/04/2003

Abu Dhabi Islamic Bank (Adib) yesterday announced it earned a net profit of Dh24.3 million for first quarter 2003, a figure unchanged compared with the same period last year. Its assets have grown 25 per cent to reach Dh7.95 billion at the end of March, the bank said Operating income fell from Dh65.6 million to Dh63.4 million. Operating expenses stood at Dh39.1 million compared with Dh41.3 million. Capital and reserves stood at Dh1.275 billion at the end of March, compared with Dh1.249 billion ...  >>MORE

Mashreqbank posts Dh142.68m profit

Posted on 20/04/2003

Mashreqbank has reported a group net profit of Dh142.68 million for the first quarter of 2003, representing a 15 per cent growth over that of the same period last year. Total assets during this period rose by 2.48 per cent, while shareholders' funds showed an impressive improvement of 13 per cent. The bank's net interest income increased by 11 per cent to Dh183.06 million, commission income went up by 3.5 per cent, and fees and other income increased by five per cent contributing to a growth ...  >>MORE

ADCB reports net profit of Dh135m

Posted on 20/04/2003

Abu Dhabi Commercial Bank made a net profit of Dh135 millions during the first quarter of this year, against Dh145 million in the same period last year. A statement by the bank released yesterday stated that the total operating income jumped to Dh227 million, compared to Dh216 million in the same period last year. Net interest income was Dh179 million, compared to Dh173 million in the same period last year. At the same time, operating expenses increased to Dh93 million from Dh72 million. Total ...  >>MORE

Mashreqbank strikes deal with Union Bank

Posted on 19/04/2003

Mashreqbank has sold off its Sri Lankan operations to Pakistan-based private sector bank - Union Bank. In an interview with Gulf News, Asif Sana, director of international and business development, Union Bank, confirmed the buy-out of Mashreqbank's Sri Lankan operations, which comprise a branch and an offshore unit. The deal has already been signed and the licence will be issued by the Sri Lankan government shortly. Union Bank has also decided to open a representative office in the UAE. Though ...  >>MORE

Citibank sells Dh183.5m Saudi asset to UAE bank

Posted on 15/04/2003

Some foreign banks in the region have either offloaded part of their assets or slowed lending during the past couple of months, according to banking sources here. Though a few cases are being talked about in banking circles, the sources confirmed that Citibank had sold an asset with a top Saudi company with one of the largest market capitalisations in the region - to a UAE-based local bank. According to informed sources, the local bank has acquired the asset worth Dh183.5 million ($50 million) ...  >>MORE

First Gulf Bank profit up 76pc

Posted on 15/04/2003

First Gulf Bank yesterday announced it had earned a net profit of Dh27.7 million ending first quarter 2003, a 76 per cent increase over the same period in 2002. The bank announced its first quarter results on the Abu Dhabi Securities Market. "With the start of the year, the bank has proceeded well as per our strategies and plans. Our 2003 strategy includes expanding our business operations and penetrating the UAE market further by introducing various new services and products to customers," ...  >>MORE

Union National Bank net jumps 26pc to Dh91.26m

Posted on 14/04/2003

Union National Bank (UNB) yesterday announced it had earned a net profit of Dh91.26 million for the first quarter this year, a 26 per cent increase over the same period last year. As the first bank in the UAE to announce first quarter results, UNB expects to maintain a robust growth for the full year going by early trends. Low interest rates, the general slowdown due to the Iraq war and regional tension had no impact on the bank's profitability. "The problems in the region had no impact on the ...  >>MORE

Move to link UAE Switch beyond GCC

Posted on 10/04/2003

The UAE is holding negotiations with Egypt, Jordan, Lebanon and Yemen to connect the UAE Switch with these countries. Currently, the UAE Switch is connected with all the GCC countries. Disclosing this move, the Emirates Banks Association (EBA) has also said that while 945 ATMs are linked locally through the UAE Switch, 3590 ATMs are connected among the GCC Switches. EBA which held its annual general meeting (AGM) for 2002 approved the financial statements for the year. Fathi M. Skaik was ...  >>MORE

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Quick List

Mashreqbank joins hands with Mizuho


Cabinet to rein in banks' loan policies


NBD arranged largest order for Dubai bond


Stringent security urged to curb fraud


Banks lose Dh1.5 million in ATM fraud


EIB cancels bank loan guarantee


Losses are minimal: Central Bank


UAE banks slash ATM withdrawal limit


Mashreqbank launches Libor Force


Abu Dhabi plans new hospital for women, children


Dubai Bank launches safe deposit lockers


ADCB begins major restructuring


Foreign bank tax rates in UAE lowest


National bankers to rise to 5,000 by year-end


ATFP, EIB sign agreement


Dh90.6m net at Dubai Investments


Dubai Bank may raise capital to Dh650m


NBAD plans to manage fund for Iraqi projects


US$1b dividend for BCCI creditors announced


Legal framework will help boost e-banking


DIB - star performer among Islamic banks


UAE national banks to boost capital


EIB quashes loan guarantees and slashes interest rate


Aggregated balance sheets of banks rise 6 per cent in last quarter of 2002


RakBank first quarter net up 19pc to Dh21m


Bank of Sharjah profit up


Arbift posts Dh29m annual net profit


NBAD earns net profit of Dh179m


Banks make a killing from loan foreclosures


DIB posts Dh149m profit


Mashreqbank sells off Pak, Lanka branches


UAE’s banks balance sheets rise


NBD posts net profit of Dh170.58m


Adib reports Dh24.3m net


Mashreqbank posts Dh142.68m profit


ADCB reports net profit of Dh135m


Mashreqbank strikes deal with Union Bank


Citibank sells Dh183.5m Saudi asset to UAE bank


First Gulf Bank profit up 76pc


Union National Bank net jumps 26pc to Dh91.26m


Move to link UAE Switch beyond GCC