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SME Banking

Fujairah bank opens new branch
The National Bank of Fujairah has opened a new branch in Tawain in Fujairah. Its twelfth branch – of which five are in Fujairah - the opening is part of its strategy to have a high presence in key local markets. On Wednesday, the bank reported a 31% drop in Q1 net profits to Dhs55.4m.
United Arab Emirates: 52 minutes ago

Ithmaar Bank Q1 profit up 91%
Bahrain-based Ithmaar Bank said its net profit jumped 91% in the first quarter to $59.3m, as the bank and its subsidiaries and associates in the Middle East, Asia Pacific, Europe and North Africa continued their expansion into new markets. The bank's operating profit, meanwhile, nearly doubled, from $32.5m to $62.9m.
Bahrain: Thursday, May 15 - 2008 at 14:22

ANZ opens office in Dubai
Australia & New Zealand Banking Group Ltd, Australia's third-biggest bank, has opened an office in Dubai, reported Bloomberg. The office will focus on selling mortgages to the Middle East's 45,000 expatriate Australians and New Zealanders as well as providing export and trade financing services.
United Arab Emirates: Thursday, May 15 - 2008 at 13:53

Kuwait restricts real estate lending
Kuwait's central bank is issuing new rules tightening real estate and share lending loans after imposing similar restrictions on consumer lending to help slow inflation, reported Daily Al Qabas. The central bank has informed local lenders they must set a risk weight of 150% in their balance sheets for commercial real estate and share buying loans, the daily reported, without citing a source. The new rules would exclude loans for private mortgages.
Kuwait: Thursday, May 15 - 2008 at 07:06

National Bank of Fujairah Q1 profit dips 31%
National Bank of Fujairah said its net profit fell 31% to Dhs55.4m in the first quarter of this year due to a downturn in the global investment climate. Investment losses for the quarter were Dhs30.3m as opposed to investment income of Dhs22.5m for the corresponding quarter of 2007.
United Arab Emirates: Wednesday, May 14 - 2008 at 10:49

Albaraka Q1 income up 51%
Bahrain-based Albaraka Banking Group has reported that its operating income jumped 51% to $140.61m in the first quarter of 2008 compared to $93.01m for the same period of last year, reported the Bahrain Tribune. The Islamic banking group's net profits rose 59% and its operating income climbed 68% percent over the same period.
Bahrain: Wednesday, May 14 - 2008 at 09:38

Emirates NBD plans $2bn bond sales
Emirates NBD plans to sell up to $2bn of bonds in Japanese yen and Malaysian ringgit to help diversify its investor base and lower funding costs, the bank's general manager for global markets and treasury, John Eldredge, told Bloomberg. The bank is setting up programmes of about $1bn each in the two currencies and expects to borrow in the second half of this year.
United Arab Emirates: Wednesday, May 14 - 2008 at 07:04

UIB earnings up 83% in Q1
Bahrain-based Unicorn Investment Bank has reported that its earnings rose by $20m in the first three months if this year, or 83%, from $24m in the first quarter of last year to $44m in 2008, reported Arab News. The bank said net profit attributable to its shareholders increased by $15.6m from $4.4m last year to $20m in the first quarter of this year.
Bahrain: Tuesday, May 13 - 2008 at 11:06

Index : Banking