2007
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Qatar's CBQ profits soar
Commercial Bank of Qatar achieved its third consecutive record profit in the third quarter as fees and commissions soared, reported Reuters. Net income at Qatar's second-largest lender by market value rose almost 72% in the three months to September 30 to 384.2 million riyals ($105.6m), or 2.74 riyals per share, compared with 223.94 million riyals, or 1.60 riyals per share, in the year-earlier period.
ICBC plans Gulf expansion
Industrial and Commercial Bank of China, the country's largest bank, plans to open branches in Doha and Dubai, reported Reuters. Chairman Jiang Jianqing said there are many opportunities for banks in the Middle East as it is a 'fast-growing region with lots of capital.' ICBC raised $21.9bn last year in the world's biggest IPO.
ADCB net profit declines
Lack of investment and IPO income lowered Abu Dhabi Commercial Bank's net profit by two per cent for the first nine months to September 2007 to Dh1.58 billion down from Dh1.61 billion to the corresponding period last year. The company said IPO profits contributed a significant share of first half 2006 profits but no IPO profits were generated in 2007.
QIB $98.1m Q3 profit
The Qatar Islamic Bank (QIB) recorded a net profit of $98.1m in Q3, a rise of 38.7% over the same period last year, but missed an analyst's forecast, reported Reuters. Dlala Brokerage and Investment predicted the bank would make a profit of $112.7m in the three months to September 30. The QIB's net income in the first nine months of the year reached $236.1m, a lift of 17%.
KFH, Liberty loan deal
Kuwait Finance House - Bahrain has arranged debt financing for the US based Liberty Aerospace, the manufacturer of the Liberty XL-2 aircraft. The loan will support Liberty's expansion plans following heavy global demand for the aircraft. KFH - Bahrain manages Liberty's major shareholder, Fernas Europe.
Boubyan $15.4m Q3 profit
Kuwaiti shariah compliant lender Boubyan Bank has registered a net profit of $15.4m for Q3, a rise of 143.5% when compared to the same period in 2006, reported Reuters citing a statement on the Kuwait Stock Exchange's website. Earnings per share increased to 4.3 fils as opposed to 1.8 fils in Q3 last year. Investment Dar recently bought a 20% stake in the bank.
Sharjah Islamic $47m Q3 profit
The Sharjah Islamic Bank has posted a net profit of $46.5m for Q3, a 20% increase on the $38.9m achieved in the same period last year. Total assets have increased by 31% since the turn of the year and had reached $2.7bn by the end of September.
CBD $176.5m 9-month profit
The Commercial Bank of Dubai (CBD) has revealed that its net profit over the first nine months of the year reached $176.5m, a 47% increase on the sum accrued over the same period last year. Meanwhile, the bank's operating profit had advanced by 43% by the end of September and its customer deposits were up by 41%. The CBD's loans and advances rose by 59% to $4.9bn.
Abu Dhabi buys Piraeus stake
Abu Dhabi's state investment fund has acquired a minority 3% stake in Greece's Piraeus Bank, reported Bloomberg. The fund has bought 10m shares at a price of $36.9 per share. Piraeus is Greece's fourth largest bank and has 600 branches across various countries including Albania, Romania and Egypt.
QNB $519m 9-month profit
The Qatar National Bank (QNB) has posted a net profit for the nine months ended September 30 of $519.3m, up $69.7m, or 15.5%, on the $449.6m achieved during the same period in 2006. Meanwhile, total assets had increased to $26.7bn by the end of Q3, an increase of $7.2bn, or 37.1%, since September 30 last year.
CBQ borrows $800m for UAB
The Commercial Bank of Qatar (CBQ) is to borrow $800m to support its acquisition of the UAE's United Arab Bank (UAB), reported Reuters. The CBQ received approval last month from the Qatar Central Bank to buy 40% of the Sharjah based lender for $601m. The loan will also be used for general corporate purposes.
Chinese firm in Iran deal
China Nonferrous Metal Industry's Foreign Engineering and Construction Company has tied up with Iran's Jahad Tahghighat Group and Jahad Tahghighat Sahand to co-build an alumina plant in the Islamic republic, reported Reuters. The Chinese firm, along with its partners, has secured a $537.3m contract to develop the plant which will have a capacity of 200,000 tonnes per annum.
Kuwait, US arms deal
Kuwait is to acquire Patriot missile systems and watercraft from the US as part of a military aid package unveiled by Washington in July, reported Reuters citing KUNA. Defence Minister Sheikh Jaber Al Hamad Al Sabah said the deal would not include any aircraft but gave no further details.
Qatar Steel 2008 finance
Industries Qatar subsidiary, Qatar Steel, which has abandoned plans to borrow around $1.3bn due to the ongoing global credit crunch, may in fact look to resurrect the deal in January or February, according to its GM Sheikh Nasser bin Hamad Al Thani and cited by Reuters. The firm was seeking the funds to refinance existing debt and also to add 1.4m tonnes per annum capacity to a steel plant in Qatar.
Fitch affirms HSBC rating at 'AA-'
Fitch Ratings has affirmed HSBC Bank Middle East (HBME) at long-term issuer default rating (IDR) 'AA-' (AA minus), short-term IDR 'F1+', Individual 'B' and Support '1'. The outlook is stable. HBME's IDRs and support rating reflect the extremely high probability that the bank would be supported by its parent HSBC Holdings.
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