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THE ECONOMY - BANKS

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

FGB lets foreigners own stake

Posted on 23/06/2002

In a far-reaching move, First Gulf Bank (FGB) has decided to allow foreigners, preferably GCC nationals, to own up to 15 per cent of the bank's equity, thus becoming the first Abu Dhabi-based bank to do so. The bank announced it earned a net profit of Dh18.1 million during first quarter 2002, a 58 per cent increase over the corresponding period last year. "The bank has amended the articles of association that will allow 15 per cent of its shares to be held by foreign investors. But at any given ...  >>MORE

DIB opens branch for only ladies

Posted on 18/06/2002

Dubai Islamic Bank (DIB) has opened its first ladies-only branch in Jumeirah and unveiled value-added services, Johara, for them yesterday. DIB has plans to set up such branches in other emirates also. The Johara service is available at most DIB branches in the UAE. Butti Khalifa bin Darwish, general manager of DIB, said the new service was in keeping with the social fabric of contemporary Islamic culture and was aimed at providing women in the UAE with a viable alternative to address their ...  >>MORE

Shuaa Capital reports Dh1.1 million profit

Posted on 17/06/2002

UAE investment bank Shuaa Capital reported a higher operating profit of Dhs5.8 million and a lower net profit of Dh1.1 million for the year ended Mar 31, 2002 at the annual general meeting (AGM) held in Dubai on Sunday. The drop in net profit is owing to the high provisioning of Dh4.5 million in view of the decline in stock value of IT companies following the slowdown in the infotech sector. The company holds a 4.5 per cent stake in a local IT company. Addressing the AGM, Majid Saif Al ...  >>MORE

Emirates Bank’s FRN priced at 35 b.points over Libor

Posted on 17/06/2002

The coupon on Emirates Bank International's US$250 million Floating Rate Note, FRN, has been fixed by the issuers at 35 basis points over three months Libor, an indication that the UAE's first international bong issue from a local bank could achieve one of the best possible pricing for some time to come. The book building process of the issue has begun and is not likely to close until the end of this week, especially with even regional institutions and investors taking keen interest in the ...  >>MORE

EBI to retain 10pc stake in Bank of Beirut

Posted on 16/06/2002

Emirates Bank International (EBI) will retain its 10 per cent holding in Bank of Beirut, which was diluted following the latter's acquisition of another Lebanon based bank - Beirut Riyad Bank. "In fact, the new development has diluted our stake marginally from 10 per cent to something around 9.5 per cent, and this can be raised to 10 per cent level. We are working out arrangements towards this,” said Anis Al Jallaf, managing director and CEO of Emirates Bank International. In 1998, EBIL ...  >>MORE

EMAAR to launch Dubai Bank

Posted on 02/06/2002

EMAAR Properties yesterday announced Dubai Bank as the name of the new bank to be launched by the company as a milestone in the Dubai's drive towards setting new standards in the financial sector. Announcing the name and logo of the new bank, Mohammed Ali Al Abbar, Chairman of EMAAR, said that the name reflected the bank's positioning as one of the key drivers of the financial sector in Dubai. In a statement obtained by the Emirates News Agency, WAM, Al Abbar said that the vision of the company ...  >>MORE

EBI to unveil region's first global bond

Posted on 29/05/2002

The UAE is set to witness the first international bond issue when Dubai-based Emirates Bank International (EBI) launches the US$250 million (Dh915 million) floating rate note (FRN) next week under its euro medium term note (MTN) programme. The programme itself is set at US$1 billion (Dh3.67 billion) to accommodate all its future fund-raising requirements in the capital markets and is to be listed on the Luxembourg Stock Exchange. The notes will be denominated in US$1,000, US$10,000 and ...  >>MORE

EBI net down, assets up

Posted on 23/05/2002

Emirates Bank International has reported a 25 per cent decline in its net profit while the bank's total assets moved up by 6 per cent during the first quarter of 2002. The net profit of the bank for the first three months of 2002 is 113.85 million, down by 37.9 million from 151.84 million in the first quarter of 2001. During the first three months this year, the bank has reported substantial decline in its major income streams. While the interest income was down by 11.27 per cent from ...  >>MORE

Rakbank profit shoots up 50pc

Posted on 22/05/2002

National Bank of Ras Al Khaimah (Rakbank) reported a net profit of Dh17.6 million in the first quarter of 2002, a 50 per cent increase over the 2001 tally of Dh11.7 million. The performance was mainly attributed to gains made in personal banking. The bank had embarked on the programme in mid-2000. Trade finance was another strong earner. The new auto loan and credit-card programmes are yielding results, the bank said. Customer deposits by the end of March were Dh118.65 million, compared to ...  >>MORE

ADCB shares hit the roof

Posted on 22/05/2002

Abu Dhabi Commercial Bank continued from where it left off on Monday by gaining Dh11 to close at Dh520 yesterday. The most "exuberant" performer for the last two days, the scrip gained Dh45 in the period. On Monday it was the biggest gainer by putting on Dh34 and finishing at Dh509. ADCB is the third biggest bank in the UAE in terms of assets and had the highest income of Dh615.42 million last year. The investor attention could be a precursor to the first quarter results which are due to be ...  >>MORE

Dubai firm restructures its board

Posted on 19/05/2002

With improving returns from its subsidiaries, Dubai Investments has reported a net profit of Dh38.9 million for 2001, more or less unchanged compared to Dh39 million in 2000. A dividend payout of five per cent, amounting to Dh32.5 million, was also announced. The company has also restructured its board of directors to seven from the earlier ten. At yesterday's annual general meeting, Ahmed Humaid Al Tayer, Sheikh Sultan bin Saqer Al Qasimi, Sultan bin Sulayem, Abdul Aziz Al Ghurair and ...  >>MORE

Abu Dhabi banks top profit list

Posted on 19/05/2002

Two Abu Dhabi banks - Abu Dhabi Commercial Bank (ADCB) and National Bank of AbuDhabi (NBAD) - have sped away in 2001 results, each announcing net profit of more than Dh600 million. The gap with their nearest competitor is almost Dh80 million. ADCB has come top declaring a net profit of Dh615 million for 2001, up by one per cent from Dh611 million in the previous year. Next on the list is NBAD which posted a profit of Dh608 million, up from Dh513 million in 2000. The 19 per cent increase ...  >>MORE

Asset leasing finance option under-utilised in Mideast

Posted on 18/05/2002

Asset leasing in the Middle East is still an under-utilised financing option accounting for less than 10 per cent of the worldwide market, an expert said on Thursday. "This is despite the Middle East being a rich source for asset leasing as governments and companies seek new financing methods and means of diversifying access to capital," said Gordon Dixon, CEO of the Abu Dhabi- based Oasis International Leasing (OIL). According OIL, despite an annual global growth of 6 per cent, the Middle East ...  >>MORE

UNB profit rises 30pc

Posted on 13/05/2002

Union National Bank (UNB) has reported first quarter net profit of Dh72.5 million, a growth of 30 per cent. Net profit during first quarter 2001 was Dh55.7 million. The growth came after deduction of provisions for loans of Dh21.8 million as against Dh2.4 million in the first quarter of 2001. Operating profits were Dh94.3 million against Dh58.2 million. Interest income reached Dh165.3 million as against Dh212.5 million, while interest expenses totalled Dh51.6 million against Dh139.2 million. ...  >>MORE

NBAD posts higher profit

Posted on 13/05/2002

National Bank of Abu Dhabi (NBAD) has earned unaudited net profit of Dh165.6 million for the first quarter of 2002, a 5.06 per cent increase over the 2001 figure. Earnings per share has gone up to Dh70.35 from Dh66.96. Total assets grew to Dh36.67 billion by end March 31 compared to Dh34.4 billion last year, the bank said. Capital and reserves went up to Dh3.66 billion compared to Dh3.29 billion. However, net interest income was lower in this year's first quarter at Dh175.5 million compared to ...  >>MORE

Mashreqbank posts 20pc rise in profit

Posted on 12/05/2002

Mashreqbank has reported a net profit of Dh124.08 million for the first quarter of 2002 which is 20 per cent higher than the corresponding period last year. Total assets rose by a marginal 1.8 per cent while shareholders funds increased by 6.8 per cent. Net interest income rose by over 10 per cent to Dh164.8 million, while other income at Dh156.2 million was higher by 9 per cent, mainly as a result of commission income growing by 19 per cent. Expenses were marginally higher than the ...  >>MORE

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