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CBQ launches bond roadshow in US
Qatar's third-biggest lender by market value, Commercial Bank of Qatar, is launching a roadshow today that aims at attracting US investors for a potential bond issue, Reuters has reported. The bank's last US roadshow took place in 2006 with a $500m bond as part of a $1.5bn Euro medium term note programme.
Boubyan Bank posts Q3 loss
Kuwait-based Islamic lender, Boubyan Bank, has reported a third-quarter loss, compared with a profit in the year-earlier period, Bloomberg has reported. The lender's loss had stood at KD5.5m ($19m), compared with a net income of KD5.6m.
Al Baraka eyes acquisition in Indonesia
Bahrain-based Al Baraka bank has returned to its strategy of growing through acquisitions in Asia and plans to spend $30m to $50m to buy a bank in Indonesia, the lender's CEO told Reuters. 'Indonesia is a target market for us. We have a representative office there and one of its responsibilities is to find a target,' Adnan Yousif said. "Bank Kesawan is one of them.'
Mizuho to launch investment bank in Saudi
Japan's third-largest bank by market value, Mizuho Financial Group, has received a license to start offering investment-banking services in Saudi Arabia, Bloomberg has reported, citing two people familiar with the matter. Mizuho joins Nomura Holdings, Japan's biggest brokerage, in starting investment-banking operations in the kingdom.
Arab Bank 9-month profit falls
Jordan-based Arab Bank recorded a 25% fall in net profit in the nine months to September, after increasing its bad loan provisions in the third quarter, Reuters has reported, citing the lender's financial statements. The bank had allocated $54.6m in provisions for non-performing loans in the third quarter, pushing up total provision at September 30 to $742m from $647.5m in the same period last year, the statements showed.
Gulf Finance House raises $300m in rights issue
Bahrain-based Gulf Finance House has said it had raised $300m in fresh capital through a rights issue, slightly short of its initial $345m target, Reuters has reported. GFH had offered around 908 million shares for $0.38 each in the rights issue that closed last week. The lender had undertaken the rights issue to repair its balance sheet after posting three consecutive quarterly losses.
Mashreqbank mulls investment in Dubai bond
UAE-based Mashreqbank says it may consider purchasing part of Dubai's planned $10bn debt issue, Reuters has reported. 'We're always examining what the opportunities are to invest and we have surplus liquidity now,' Mashreqbank chief executive Abdul Aziz Al-Ghurair told the news service.
Arab Bank appoints executive general manager
The board of Jordan-based Arab Bank has approved the creation of the post of executive general manager, and announced that Nemeh Sabbagh will be the first to occupy this position starting January 17, 2010, Jordan Times has reported. Sabbagh will be steering the everyday operations of the bank under his new post, which was created in accordance with corporate governance requirements issued by the Central Bank of Jordan and accredited by the board, the bank said.
Shuaa Capital narrows loss in Q3
Dubai-based investment bank, Shuaa Capital, has reported a net loss of Dhs269.7m in the third quarter, compared to a loss of Dhs438.5m in the year-earlier period, Reuters has reported. Improved performance in some business divisions and in liquidity has contributed to reducing the bank's net loss for the third quarter, Shuaa said. The bank's loss for the first nine months of 2009 had amounted to Dhs383.4m, against a loss of Dhs319.3m in the same period in 2008.
Mashreq opens its first branch in Kuwait
UAE-based Mashreqbank has said it has opened its first branch in Kuwait with a capital of KD15m. The new branch is the lender's 94th in the Middle East region.
Bahraini bank to issue Saudi bonds
Gulf International Bank, a Bahrain-based state-owned lender, has announced plans to issue Saudi riyal-denominated bonds in a private placement, Reuters has reported. GIB Financial Services and HSBC have been mandated as lead managers and book runners for the bond, the lender said.
Housing Bank Q3 profits nose-dive
Jordan-based Housing Bank for Trade and Finance (HBTF) has posted a 45% decline in third quarter net income. The bank's profit fell to JD48.8m, compared to JD89.1m for the same period last year. Pre-tax profit fell 42% to JD73m, compared to JD126m for the same period last year, while operational income dipped 3.6% to JD193.4 million. Despite its results, which also saw client deposits increase by JD351m to JD4.1bn, its liquidity remains the highest among banks in Jordan, at 177%. The bank's troubled results were blamed on "the reserved policy in dealing with faltering loans', with HBFT saying that the bank had set provisions as a precautionary measure for doubtful loans, even if they are covered by sufficient collateral.
BBK reports healthy profit rise
Bahrain-based bank BBK has said its net profit for the first nine months of this year rose 25% to BD25.04m ($66.42m) from BD20.08m over the same period last year. The growth in net profit was put down in part to BBK reducing its provisioning requirement by 58% compared to the same period last year. The bank also saw net interest income rise by 13% and fees and commission income grow from BD16.1m to BD16.4m.
Blom Bank reports rising profits
Lebanon-based lender Blom Bank has reported a 3.5% rise in its net profit for the first nine months of 2009, Reuters has reported. Net profit increased to $205m (Dhs752.3m) from $198m, customer deposits grew 16.1% to $17.5bn and total assets grew 13.8% to $20.3bn, compared with the same period in 2008. Las t week the bank launched its Qatari operation, and is now present in 12 countries throughout the Middle East and Europe.
Mashreq net income declines 26%
Mashreq has posted a net income of Dhs1.12bn for the nine months ending 30 September 2009. This is 26% decline year on year in response to prudent financial management. Mashreq's earnings per share is at at Dhs6.95, a 26% reduction year on year. The bank has increased its provisions for loans, advances, and other financial assets to Dhs1.4bn.
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