2007
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DIB profit up 86%
Dubai Islamic Bank has reported a net profit of Dhs1.9bn ($518m) for the first nine months of this year, up 86% compared to Dhs1.02bn for the same period last year. During the period, profit before distribution to depositors touched Dhs3.9bn, an increase of 77% compared to Dhs2.2bn in the corresponding period of 2006.
Emirates NBD eyes mergers
Emirates NBD, the UAE's largest bank, plans to expand throughout the GCC and the Middle East via organic growth and through acquisitions, reported Gulf News. Ahmad Humaid Al Tayer, chairman of the bank, said 'the time has come' for intra regional bank mergers, adding that the bank is open to regional acquisitions. He said acquisitions are very important in reaching out to some of the key markets in the GCC such as the Saudi market.
Fire destroys 3 Sharjah factories
Three factories in Sharjah were destroyed by flames on Monday, reported Gulf News. Police said the fire may have been caused by a gas cylinder explosion at workers's living quarters at a lubricant and oil factory. Ten workers suffered severe burns and two others sustained moderate injuries.
UAE banks' assets hit Dhs1tr
The combined assets of banks operating in the UAE exceeded Dhs1 trillion (appr. $272bn) at the end of the second quarter of this year, reported Gulf News, citing figures provided by the UAE Central Bank. The UAE's total banking sector assets increased by 15% from Dhs860bn as of December last year, the figures showed. The assets of local banks increased to Dhs785bn at the end of last June, while the assets of foreign banks increased to Dhs217bn during the same period.
Mashreq profit up 21%
Mashreq, the largest private bank in the UAE, has announced that its profit for the first nine months of 2007 was Dhs1.35bn (appr. $368bn), an increase of 21% over Dhs1.11 bn for the same period last year. The total assets were at Dhs74.2bn, up 45% from Dhs51.1bn in 2006.
Global posts $221m in 9 months
Global Investment House announced its performance in three quarters of 2007 has recorded a net profit $221m. Assets under management grew by 13% since the beginning of 2007 and has reached $8.4bn from capital acquired by existing investment funds.
QNB to hike capital by shares
Qatar National Bank's (QNB) Board of Directors has recommended to to increase QNB's capital through the issue of new shares. The decision was taken in view of the bank's regional and international expansions.
NBAD loans $288m to Etihad
National Bank of Abu Dhabi (NBAD) and Etihad Airways have signed a $288m loan agreement that will finance the airline's acquisition of 4 new Airbus 330-200. The loan facility is structured as lease with repayment spread over 12 years. All aircrafts have been received by Etihad and are in service.
Arab Banking Corp profit hikes 43%
Arab Banking Corporation (ABC) has made a net profit of $216m for the first 9 months, an increase 43% over the net profit of $151m compared to 2006, reported Bahrain Tribune. The bank mentions the increase is partly due to gain realised in late July from the initial public offering of its Brazilian subsidiary, Banco ABC Brasil.
NBK to offer $ money market fund
National Bank of Kuwait is launching a new USD money market fund according to Islamic Shariah Principles. It aims to achieve competitive returns by investing in short and medium term Shariah compliant instruments that are available in the financial markets. The Fund is denominated in USD, with a minimum investment of $25,000 and additional investments of $1,000.
Arab Bank nets $572m in 9 months
Arab Bank Group has announced it has made $753.4m in nine months, in profit before taxes and provisions compared to $663.2m in the same period last year. Net profit after taxes and provisions rose to $572m, compared to $494.9m in the same period last year, with a growth of 15.6%.
BMB posts $16.9m income
BMB Investment Bank (BMB) reported a net income of $16.2m in first 9 months of 2007 compared to $5.9m in the same period last year, cited Bahrain Tribune. Net income for Q3 stood at $3.3m compared to $2m in the same quarter of 2006.
Dhs750m raised for Abu Dhabi F1
BNP Paribas, Mashreq Bank and HSBC banks successfully co-arranged a contractor financing of Dhs750m for the construction of the Abu Dhabi F1 circuit. The Abu Dhabi F1 circuit is developed by Aldar Properties.
New Saudi insurance offers 42%
Trade Union Cooperative Insurance Company, a recently licensed company in KSA announced it is going public today, cited Arab News. It will be open for subscriptions until Nov. 3. The company is offering 42% of its shares to the public, amounting to 10.5 million shares.
Rakbank profit rises 51%
The National Bank of Ras Al Khaimah (Rakbank) has reported a net profit of $80m for the nine months ended September 30, a 51% increase over the same period in 2006. Net interest income at $108 million increased by 47% when compared to September 2006, due to growth in the mortgage finance, commercial loan and credit card portfolios.
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