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ADNIC given A- rating
Standard & Poor's has reaffirmed Abu Dhabi National Insurance Company's financial strength rating as Strong (A-) with a 'stable' outlook. 'ADNIC has very strong capitalization and of high quality, driven by extremely strong risk-based capital adequacy. Its capital has grown entirely through internal resources,' the rating agency gas said.
Qatar National postpones loan repayments
Qatar National Bank (QNB) has announced the postponement of personal and vehicle loan installments due in the months of August and September 2009. The bank's decision was made in conjunction with the holy month of Ramadan. The promotion is applicable to customers holding salaried accounts with QNB. Postponement charges, normally applicable on the finance amounts during August and September, will be automatically waived, QNB has said.
Al Watany H1 profits up
Al-Watany Bank of Egypt, a member of the National Bank of Kuwait (NBK) Group, has recorded an H1 net profit of $38.46m, a 5.5% increase over the same period of last year, NBK has said. Annual return on assets was 3.12%, up from 2.75% in 2008, the lender has said. Average of annual return divided by shareholders' equity was at 32%, it said.
Fitch reaffirms Gulf International ratings
Fitch Ratings has re-affirmed Gulf International Bank's long-term issuer default and short-term ratings at 'A' and 'F1' respectively, with a stable outlook. The agency also re-affirmed the bank's Individual Rating at 'C/D' and its subordinated debt obligations at 'A'-. GIB's ratings 'reflect expected support from its shareholders, in case of need,' Fitch has said.
Jordan Islamic posts 3% H1 rise
Jordan Islamic Bank, a subsidiary of Bahrain-based Albaraka Banking Corp, has recorded a 3% rise in first-half net profit to JD20.7m ($29.2m) compared to the same period a year ago, Reuters has reported. Total assets rose 5% to JD2.28bn ($3.2bn) at the end of June 2009 against JD2.17bn at the end of 2008, the Islamic lender has said. The bank's loan portfolio increased 9% in the first six months of the year to JD1.216bn at the end of June 2009 from JD1.115bn at the end of 2008, while total customer deposits rose 8.8% in six months to JD1.685bn from JD1.550bn at end of 2008.
Credit Suisse open Mena fund
Credit Suisse has announced the launch of the Credit Suisse SICAV One (Lux) Equity Middle East & North Africa Fund. The UCITS III compliant fund is targeting both institutional and retail investors. Portfolio construction will be limited to 40-60 stocks and adheres to high standards of risk management. Credit Suisse has so far raised $40m for the fund from institutional and private discretionary clients. The fund will be managed by Credit Suisse's Portfolio team in Dubai.
Qatar Islamic posts H1 profit
Qatar Islamic Bank, the country's largest Shariah-compliant lender, has reported a net profit for the first half of 2009 of QR812.6m, with a 32% increase over the first quarter of 2009. The lender's income from financing operations has climbed 52.3% from QR555m in H1 2008 to QR845m. Total assets have grown by 32.3% to QR35.6bn from QR26.9bn in the first half of last year. Depositors' profit shares have reached QR198m, compared to QR166m from the same period last year.
Dawood Islamic given 'AA' rating
Islamic International Rating Agency (IIRA) has assigned Shariah Quality Rating of 'AA' to Pakistan-based Dawood Islamic Bank Limited (DIBL). The rating reflects IIRA's opinion that DIBL conforms to very high standards of Shari'ah compliance in all aspects of Shari'ah quality analysis. DIBL is a joint venture between Pakistan-based First Dawood Group and the Islamic Corporation for the Development of the Private Sector (ICD) in Jeddah, Unicorn Investment Bank in Bahrain, Al Safat Investment Company in Kuwait, Gargash Enterprises in Dubai, in addition to individual investors from Singapore and Saudi Arabia.
Moody's: Bahrain banking sector facing negative outlook
Moody's Investors Service has said that the fundamental credit outlook on the Bahraini banking sector is negative, considering the expected weakening in the financial metrics of rated Bahraini banks within the context of weaker regional economies. Moody's outlook expresses the rating agency's view on the likely future direction of fundamental credit conditions in the industry over the next 12 to 18 months. For the most part, these expectations are already incorporated in current bank ratings, the rating agency has said.
Gulf Finance holds 'BB' rating
Gulf Finance Corporation, a wholly owned subsidiary of Shuaa Capital, has announced that Capital Intelligence, the regional credit rating agency, has reaffirmed its long-term 'BB' rating with a stable outlook. Capital Intelligence has highlighted the low level of non-performing loans, adequately capitalised balance sheet and the management capability as the basis for the rating decision.
National Finance House profits up
Bahrain-based National Finance House (NFH), a closed Bahraini shareholding company, has recorded an increase of 117% net profit at BD470,000 for the first half of this year, compared to the same period last year. Assets had increased by 22% to BD33.3m, while operating profit rose by 105% to BD1.465m. During the first half of this year, NFH car loan financing rose by 49% to BD10.7m, compared to the same period last year.
QNB Syria IPO oversubscribed
Qatar National Bank Syria, which 49% is owned by Qatar National Bank, has said that its SYP1.7bn ($36.9m) initial public offering had received bids worth SYR4.56bn for the 3.4 million shares it offered in the IPO, Bloomberg has reported. QNB Syria, which has authorized capital of $100m, may start operations by November and will have two branches by the end of this year with plans to open 10 more branches next year, the lender has said.
Al Salam reports net profit drop
Al Salam Bank Bahrain has reported a 65% drop in its net profit to BD2.7m during the second quarter ended on June 30, 2009, compared to BD7.9m for the same period last year. Net profit for the six-month period reached BD10.6m, while total assets in H1 grew by 16% to reach BD640.7m from BD554.0m on December 31 2008. The bank's customer deposits rose 7% from BD338m at the end of 2008 to BD364m at end of June 2009. Gross operating income for the period amounted to BD16.6m and the net income represented a 12.4% annualised return on shareholders' equity.
Ahli United given A- rating
Standard and Poor's (S&P) Rating Service has affirmed the Bahrain-based Ahli United Bank's (AUB) Long Term Issue Credit Rating at 'A-' (stable). 'The bank's asset quality indicators remain strong, with a ratio of nonperforming loans (NPLs) to total loans of 1.9% at year-end 2008. Coverage of problem loans is adequate at 111.5% on the same date,' the rating agency has said.
KFH-Bahrain inks ATM deal
Kuwait Finance House Bahrain has announced the signing of a cooperation agreement with Sinnad Company to manage KFH Bahrain's network of ATM machines, and for the production and personalisation of its debit and credit cards, using EMV compliant chip-based smart cards. The new ATM EMV-compliant smart cards will be connected with the Benefit and Visa networks, and feature a built-in system to monitor and manage electronic transactions risks, the lender has said.
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