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THE ECONOMY - BANKS

Dubai Islamic Bank reports 25pc increase in net profit

Posted on 21/10/2003

Dubai Islamic Bank (DIB) earned a 25 per cent increase in its net profit for the nine-month period ending September 30 this year (including depositors' profits), taking it to Dh544 million compared with Dh435 million earned in the corresponding period last year. The bank's assets during this period rose to Dh22.6 billion, a 22 per cent increase compared with the corresponding period last year, when assets totalled Dh18.5 billion. Customer deposits saw strong growth of 22 per cent, up to Dh16.3 ...  >>MORE

Bank of Sharjah reports 47pc growth in profits

Posted on 20/10/2003

The Bank of Sharjah has reported a 47 per cent growth in net profits to Dh58million for the first nine months of the year from Dh41million last time. Varouj Nerguizian, the bank's general manager attributed the growth to the outstanding performance of the bank's operations, according to a report in ‘Khaleej Times.' He said the with the prevailing low interest rate, the local market was still evolving positively and the bank of Sharjah performed exceptionally well. The bank is now looking to ...  >>MORE

Mashreqbank net profit rises 18pc to Dh443.67m

Posted on 18/10/2003

Mashreqbank earned a net profit of Dh443.674 million for the nine-month period ending September 30, an increase of 18 per cent over the same period last year. The group's net interest income increased by 11.19 per cent to Dh555,562, and commission income went up by 14 per cent compared with the same period in 2002. Costs grew by a nominal 3.55 per cent. While loans and advances at the end of the third quarter showed growth of 13.77 per cent over September 2002 figures the total assets ...  >>MORE

NBAD invests Dh10m to set up leasing company

Posted on 11/10/2003

National Bank of Abu Dhabi (NBAD) has set up a Dh10 million leasing subsidiary – Abu Dhabi National Leasing (ADNL) – to assist companies free up their capital resources and cash flows. The new company will cater to several local and foreign companies and government organisations, thus offering an alternative to traditional bank financing. Leasing is based on the principle that profits are earned through the use rather than the ownership of equipment and assets. While conventional banking ...  >>MORE

UAE credit card business heading for no-fee regime

Posted on 11/10/2003

While National Bank of Dubai (NBD) has announced credit cards that have no annual fee for certain customers, many other banks are offering this facility for their existing customers. First Gulf Bank (FGB) is also said to be approaching individual customers to drive them to their card list with the offer of no annual fee. RakBank was the only bank to offer a credit card without an annual fee until recently. However, RakBank still boasts the lowest interest rate on the credit card spend. ...  >>MORE

ADCB first-half net drops 5pc to Dh274m

Posted on 30/09/2003

Abu Dhabi Commercial Bank (ADCB) earned a net profit of Dh274.8 million in the first half of this year, a 5.6 per cent decline from the same period last year. Limited lending, especially to the local agricultural sector, coupled with low interest rates impacted the bank's bottom line, according to the bank's top executive. The bank is non-committal about prospects for the full year. It posted a net profit of Dh291.1 million for first-half 2002. Total assets of the bank have contracted to ...  >>MORE

UAE's non-performing loans highest in GCC

Posted on 28/09/2003

UAE's banking system has the highest rate of non-performing loans (NPLs) among the six GCC countries, followed by Bahrain and Oman. The loans fall in the NPL category once the repayment of the same fails to come for more than 90 days. According to an analysis made by Standard & Poor's, on non-performing loans in GCC banking system as of December 31, 2002, Qatar has the lowest rate of non-performing loans compared with its total gross loans. However, the non-performing loans in the retail ...  >>MORE

UAE bank assets grow to Dh334.7b in the first half

Posted on 28/09/2003

The total assets of banks in the UAE rose to Dh334.74 billion at the end of June, a very marginal growth for the first six months of the year, the latest figures from the UAE Central Bank showed yesterday. At the same time, the total assets of the UAE Central Bank shrank to Dh52.47 billion from Dh55.27 billion last December. Analysts have forecast better growth in total assets by year-end, stating that the stagnant growth is due to the slow growth of assets of foreign banks here. Total assets ...  >>MORE

UAE banks ready for global competition

Posted on 27/09/2003

The UAE Central Bank has declared commercial banks in the country are ready for competition as the WTO's rules stipulate and that they have all resources to enforce the risk appraisal system. Sultan Nasser Al Suwaidi, bank's governor, said he had told a world financial gathering in Dubai on Wednesday that, the UAE was not "a source of dirty money," and stringent laws would never allow anyone to use its banking system in money laundering or financing terrorism. Since August 2001 the UAE has ...  >>MORE

UAE good arrangements will attract more world events: Arab banker

Posted on 24/09/2003

The UAE remarkable and extraordinary organisation of the WB-IMF meetings in Dubai would strengthen the country's conference and hospitality industry to host world-class conferences and events, a senior Arab banker said today. 'By the good arrangements of the meetings of international financial institutions, the UAE has raised aloft the Arab outstanding before the international delegates who gather here for the events, said Dr. Joseph Torbey, Chairman of Arab Banks Union. 'The UAE excellent work ...  >>MORE

NBD named as 'Best Bank in UAE'

Posted on 24/09/2003

The National Bank of Dubai has been named as the Best Bank in the UAE by the Global Finance Magazine which has over 50,000 subscribers and more than 250,000 readers in over 150 countries worldwide. The Bank was selected as the UAE's best financial institution and listed among other top bankers in this competitive market. The award was decided after extensive research into banking sectors in the market. According to Mr. Omran Al Owais, board member and deputy managing director, National Bank ...  >>MORE

Mashreqbank gets UAE Bank of the Year Award 2003

Posted on 24/09/2003

Mashreqbank has been awarded the coveted UAE Bank of the Year Award 2003 by The Banker magazine, a Financial Times publication, in its annual survey of the world's leading banks. The award, presented at a ceremony held in London's prestigious Dorchester Hotel, honours Mashreqbank for its growth and performance in terms of capital, assets and return on equity. It also acknowledges Mashreqbank's banking strategy, structure and technology, and how these have equipped it for future developments in ...  >>MORE

Kharbash stresses need for cooperation in Islamic finance

Posted on 23/09/2003

Islamic banking and finance has tremendous potential to cooperate with mainstream global capital, according to Dr Mohammed Khalfan bin Kharbash, UAE Minister of State for Finance and Industry. Kharbash noted this while speaking at the second International Islamic Finance Conference here yesterday. Addressing the delegates he added, "It is our goal at Dubai 2003 to promote the idea of global cooperation further. We need your help in this endeavour and we hope that what you learn at this ...  >>MORE

Rating boosts NBAD move to increase equity return

Posted on 23/09/2003

The recent upgrade to its rating has provided fresh impetus to National Bank of Abu Dhabi's five-year strategy to increase its return on equity. Currently, the bank is in the fourth year of its RoE strategy rollout. Moody's has upgraded the bank's key financial strength. The upgrade is based on improving financial fundamentals, its increasing earning power, satisfactory asset quality and adequate capital position. The report stated that NBAD management's increased focus on the level and ...  >>MORE

Suwaidi makes foreign bankers wait for licences

Posted on 21/09/2003

The UAE Central Bank said it has not yet taken a decision to allow new banks from outside to set up facility in the UAE. Dismissing reports published last week quoting a top Central Bank official, Sultan bin Nasser Al Suwaidi, governor of the Central Bank of the UAE, said that the issue has been under serious consideration by the bank. "There are two schools of thought - to allow new banks to set up office here after signing a bilateral agreement with the other country or allow new banks from ...  >>MORE

Single Gulf currency to boost financial markets

Posted on 21/09/2003

The move towards a single currency by the countries in the AGCC region is likely to boost growth in the region by contributing to the unification and development of the region's bond and equity markets and by improving the efficiency of financial services, according to a report from the National Bank of Dubai (NBD). The report comes at a time when the six AGCC countries have decided recently to move forward in economic integration by establishing a monetary union with single currency pegged to ...  >>MORE

UAE Banks set to earn Dh6b profit in 2003

Posted on 17/09/2003

The UAE banking industry is expected to achieve a record net profit of Dh6 billion in the year 2003, an increase of 12 per cent compared to the previous yea's figures said Saeed Al Hamiz, Executive Director, Banks Supervision and Control Department, UAE Central Bank. The electronic linkage between the UAE and Saudi Arabia, Qatar and Bahrain, Oman and Kuwait was achieved last year linking more then 4000 ATMs. The Emiratisation rate in the banking sector has increased, reaching 3,814 out of a ...  >>MORE

UAE banks excel in capital norms

Posted on 17/09/2003

UAE banks have surpassed international standards on capital adequacy as their strong performance aided by sustainable growth in the domestic economy has allowed them to heed Central Bank instructions and boost capital reserves. With the exception of Sudan's El Nelein Bank and Iraq's Rafidain which provided no balance sheet figures, all banks operating in the UAE are now ahead of the eight per cent capital adequacy floor set by the Bank for International Settlements for banks to ensure they have ...  >>MORE

Several foreign banks seeking to enter UAE

Posted on 14/09/2003

A line-up of foreign banks, including several from India and the GCC countries, are eagerly waiting to enter the UAE market with a physical presence. They are either in the process of submitting new applications or reviving old ones with the Central Bank. This follows the recent announcement by the bank's Deputy Governor Mohammed Ali bin Zayed that foreign banks would be allowed to open offices in the UAE on a reciprocal basis. Scores of Indian banks which have to be content with a ...  >>MORE

UAE banking sector excels in Arab world

Posted on 14/09/2003

The UAE has emerged among the top three powers with a significant share in equity, deposits and total assets in the Arab banking sector, a report released locally said. While the UAE banks rank second in the total shareholders' equity of Arab banks, it is ranked third in deposits and advances and third in total assets. The annual report of the Emirates Banks Association (EBA) showed UAE banks account for 19 per cent of the total equity of the Arab banking market which stood at US$55.65 billion ...  >>MORE

Bank guarantee rule 'will have no retrospective effect'

Posted on 18/08/2003

A senior official at the Ministry of Labour and Social Affairs yesterday confirmed that the bank guarantee rule would not be implemented with retrospective effect. Speaking to Khaleej Times, Dr Khalid Mohammed Al Khazraji, Under Secretary of the ministry, clarified that the bank guarantee imposed by the ministry on companies upon issuing new employment visa for workers will apply only to fresh applications. On reports that the ministry is examining the possibility of collecting bank ...  >>MORE

21 local banks operating in UAE

Posted on 11/08/2003

The number of incorporated local banks operating in the UAE has increased to 21 in 2002 compared to 20 banks at the end of 2001, while the number of branches and cash offices of these also increased from 324 to 345 in the same period following licensing of the newly founded Dubai Bank, according to the latest statistics published by the UAE Central Bank. The number of foreign banks operating in the country remained unchanged at 26. Branches and cash offices of these banks, however recorded ...  >>MORE

EBI plans to offer 10-year loans

Posted on 06/08/2003

Emirates Bank International (EBI) is planning to extend its loan period from the present seven years to 10 years, according to a top official. Louis Scotto, general manager for retail banking, said the plan is to make loans more customer-friendly. According to Scotto, the bank is exploring aspects of its plans to offer long-term loans to customers. Scotto yesterday opened a new meBank branch at the Century mall. Like most other banks, EBI is also waiting for the government to make rules ...  >>MORE

Dubai Bank signs pact with Reuters

Posted on 06/08/2003

Dubai Bank has signed an agreement with Reuters, the global information company, to provide a real-time trading room that delivers cutting edge treasury products and risk management solutions to its customers. Dubai Bank has chosen a combination of Reuters Kondor+, Kondor Trade Processing and Kondor Global Limits technology to provide integrated front to back office risk management, a complete treasury solution which offers a sophisticated and flexible means of identifying, measuring and ...  >>MORE

RakBank reports 20pc profit jump

Posted on 05/08/2003

RakBank reported a smart 20 per cent increase in net profit for the six months ended June 30 to Dh41.87 million. The gains were primarily driven by its recent emphasis on personal banking, plus those related to trade finance. Net interest income was up 24 per cent to Dh86 million, while non-interest income was up 53 per cent. The latter reflects the bank's push to expand its fee-based income, "particularly under the current regime of low interest rates". Totals assets in June were Dh3.13 ...  >>MORE

UAE second in Arab banking sector

Posted on 04/08/2003

The UAE had the second biggest banking sector in the Arab world after Saudi Arabia last year by overtaking Egypt as most local banks pushed ahead with plans to expand their capital base in line with Central Bank instructions. By the end of 2001, the combined capital of the UAE's 46 commercial banks peaked at around US$10.2 billion and the capital was expected to have exceeded US$11 billion at the end of the first quarter of this year as many banks continued to raise their capital and the ...  >>MORE

Banks reliant on services in UAE likely to be profitable

Posted on 03/08/2003

Banks in the UAE will expand a variety of banking services such as personal loans, credit cards, auto loans in order to remain profitable in the face of dropping interest rates, according to experts. The banks have reported higher profits on increased banking services though the interest rates have been declining continuously. In fact, banks more dependent on commercial lending had suffered as they had to reduce the interest rate in tandem with the drop in the rate on deposits, the experts ...  >>MORE

IMF commends UAE for strong banking supervision

Posted on 02/08/2003

Dubai The International Monetary Fund (IMF) has commended the UAE for what it described as "strong banking supervision". The IMF endorsement provides a fitting reply to concerns of inadequacy in supervising the country's banking sector, raised by various quarters from time to time. The Financial Sector Assessment Programme (FSAP) of the IMF concluded that the banking sector in the UAE was buttressed by strong banking supervision. In fact, it said one of the key elements of the current ...  >>MORE

Local banks performed well in '02

Posted on 29/07/2003

Most of the local banks, with the exception of four, were successful in improving their net profit last year. This performance has to be viewed against the backdrop of the fact that European, U.S., and Japanese financial institutions are struggling to retain their performance level and, of course, the global slow-down. However, in the foreign banks sector, several banks saw a drop in their net profit compared with the previous year. Among the local banks, First Gulf Bank (FGB) led the way, ...  >>MORE

UAE banks may have to revamp strategy to sustain profitability

Posted on 28/07/2003

Banks in the UAE may have to rethink their strategies in order to sustain performance in the coming years as they are said to have achieved their near-peak in terms of profitability. Several top officials were approached seeking their comments on the future performance of banks. According to Narendra Gajra at the UAE Country Administrative Office, ABN Amro, there will be pressure on margins for banks. "The industry has, however, been growing at a compounded annual rate of 9 per cent since ...  >>MORE

NBD posts Dh331.4m net for first half of this year

Posted on 27/07/2003

National Bank of Dubai posted a net profit of Dh331.4 million for the first half, a healthy 21.6 per cent gain over the corresponding period tally in 2002, when it totalled Dh272.48 million. There were solid gains on net interest income, which was up 15 per cent to Dh418 million. This was the result of higher net interest margins. The bank was able to keep interest expenses down to Dh136.04 million, down significantly from the Dh203.39 million recorded for the first six months of 2002. Other ...  >>MORE

Mashreqbank named 'Best Bank in UAE'

Posted on 27/07/2003

The international finance journal Euromoney magazine has named Mashreqbank as 'Best Bank in the UAE' during its Awards for Excellence ceremony held at London's Natural History Museum. Abdul Aziz Al Ghurair, CEO of Mashreqbank, received the award on behalf of the bank from Padraic Fallon, the magazine chairman and editor-in-chief. In making its 'Awards for Excellence', Euromoney focuses on the quality of management, strategic focus, profitability and innovation of the banks it reviews. In ...  >>MORE

UAE banks turn to bonds, securities for bigger profits

Posted on 27/07/2003

The UAE Central Bank and commercial banks operating in the country are cutting their cash deposits in major banks abroad to invest in the more profitable bonds and securities because of a steep decline in interest rates over the past three years. Official figures showed a sharp fall in the deposits of the Central Bank and other UAE banks with banks abroad while there was a large increase in bonds and securities. From Dh50.9 billion (US$13.8 billion) at the end of 2001, the Central Bank's ...  >>MORE

EBI net touches Dh284.21m for first six months of this year

Posted on 23/07/2003

Emirates Bank International (EBI) registered a net profit of Dh284.21 million for the first six months of this year. The group profit before tax touched Dh296.05 million. The bank has not declared any dividends for the period. It has also refrained from issuing any bonus shares during the first half of the year. The total income of the bank touched Dh519.07 million during the period ending June 30. The net interest income touched Dh323.56 million during the same period, according to a Dubai ...  >>MORE

NBAD gets top rating by Capital Intelligence

Posted on 21/07/2003

National Bank of Abu Dhabi (NBAD) has been named the financially strongest bank in the UAE by Capital Intelligence (CI) with an 'A+' rating, along with National Bank of Dubai (NBD) and Emirates Bank International (EBI). While NBAD enjoys an 'A+' rating on long-term foreign currency, its foreign currency short-term rating of 'A1' rendered by CI is also the highest among the UAE-based banks. Moreover, NBAD enjoys a high level of 'support' at 1, whereas the outlook attached to it by CI is ...  >>MORE

EBI, DSC sign US$63m deal for ship financing

Posted on 21/07/2003

Emirates Bank International has concluded a US$63 million shipping finance loan facility with Dubai Shipping Company (DSC), a subsidiary of Emirates National Oil Company (ENOC) Ltd. DSC has mandated Emirates Bank International to extend a long-term loan to finance up to US$63 million of the cost of acquisition of two high-specification double-hulled tankers. The tankers will be built in Hyundai's yard in Korea and are due for delivery by mid-2005. (The Gulf News) ...  >>MORE

14pc net growth for CBD

Posted on 20/07/2003

Commercial Bank of Dubai (CBD) has improved its first half performance by posting a net profit of Dh132 million, representing a handsome 14 per cent growth over that of the corresponding period last year. CBD made a net profit of Dh233.42 million for the whole of last year. The Dubai-based bank, which yesterday unveiled its new-look corporate identity, has decided to expand its network by opening three more branches this year. They will be located in Musaffa in Abu Dhabi, Al Awir in Dubai ...  >>MORE

Mashreqbank profit up 18pc to Dh270m

Posted on 20/07/2003

Mashreqbank has reported Dh270 million net profit for the first half ending June 30, representing an 18.4 per cent improvement over that of the same period last year. Operating Income, comprising interest income, commission and fee income increased by 11.3 per cent during this period. Earnings per share (EPS) for the six-month period increased to Dh3.78 against Dh3.19 for the corresponding period last year. The bank's total assets increased 7 per cent compared with that of a year earlier. ...  >>MORE

Abu Dhabi Islamic Bank concludes finance deal

Posted on 16/07/2003

Acting as Islamic lead arranger for the Umm Al Nar Independent Water and Power Project (IWPP), Abu Dhabi Islamic Bank (ADIB) has successfully concluded its facility, the bank said yesterday. The Islamic participation totalled US$540.5 million, the largest financing for a single project arranged by an Islamic bank. It comprised a US$290.5 million five-year tranche in which Dubai Islamic Bank (DIB) also participated and a long-term tranche of US$250 million which was co-arranged with HSBC ...  >>MORE

DIB net rises 14pc to Dh325m

Posted on 16/07/2003

Dubai Islamic Bank (DIB) reported a net profit (including depositors' profits) of Dh325 million for the first half ending June 30, representing a 14 per cent growth compared with that of the same period last year. DIB announced a 22 per cent increase in assets to Dh21.8 billion (US$5.93 billion) compared with Dh17.9 billion (US$4.87 billion) at the end of June 2002. Customer deposits grew 23 per cent from Dh15.8 billion to Dh19.9 billion. The investment and financing portfolio increased by 22 ...  >>MORE

Aggregated balance sheet of banks records decrease

Posted on 13/07/2003

The aggregated balance sheet of banks decreased by Dh2.36 billion (0.7%) during the first quarter of 2003, reaching Dh 330.88 billion, against Dh 333.24 billion, at the end of the fourth quarter of 2002. On the assets side, foreign assets decreased by Dh 5.01 billion (4.5%) to reach Dh 107.41 billion. Domestic credit and investment meanwhile rose by Dh 4.91 billion (2.9%) to reach Dh 176.97 billion. Cash and deposits with the Central Bank increased by Dh290 million (1.2%) to reach Dh25.35 ...  >>MORE

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Quick List

Dubai Islamic Bank reports 25pc increase in net profit


Bank of Sharjah reports 47pc growth in profits


Mashreqbank net profit rises 18pc to Dh443.67m


NBAD invests Dh10m to set up leasing company


UAE credit card business heading for no-fee regime


ADCB first-half net drops 5pc to Dh274m


UAE's non-performing loans highest in GCC


UAE bank assets grow to Dh334.7b in the first half


UAE banks ready for global competition


UAE good arrangements will attract more world events: Arab banker


NBD named as 'Best Bank in UAE'


Mashreqbank gets UAE Bank of the Year Award 2003


Kharbash stresses need for cooperation in Islamic finance


Rating boosts NBAD move to increase equity return


Suwaidi makes foreign bankers wait for licences


Single Gulf currency to boost financial markets


UAE Banks set to earn Dh6b profit in 2003


UAE banks excel in capital norms


Several foreign banks seeking to enter UAE


UAE banking sector excels in Arab world


Bank guarantee rule 'will have no retrospective effect'


21 local banks operating in UAE


EBI plans to offer 10-year loans


Dubai Bank signs pact with Reuters


RakBank reports 20pc profit jump


UAE second in Arab banking sector


Banks reliant on services in UAE likely to be profitable


IMF commends UAE for strong banking supervision


Local banks performed well in '02


UAE banks may have to revamp strategy to sustain profitability


NBD posts Dh331.4m net for first half of this year


Mashreqbank named 'Best Bank in UAE'


UAE banks turn to bonds, securities for bigger profits


EBI net touches Dh284.21m for first six months of this year


NBAD gets top rating by Capital Intelligence


EBI, DSC sign US$63m deal for ship financing


14pc net growth for CBD


Mashreqbank profit up 18pc to Dh270m


Abu Dhabi Islamic Bank concludes finance deal


DIB net rises 14pc to Dh325m


Aggregated balance sheet of banks records decrease