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Arab Banking Corp posts $80m net profit
Arab Banking Corporation has reported a consolidated group net profit of $80m for nine months ending September 2009. It has a net profit of $26m during the third quarter alone, an 18% increase from the second quarter's $22m. The bank has said in a statement, it 'continues to de-risk the balance sheet and is maintaining its cautious approach especially in its wholesale banking businesses'.
GFH rights issue passes $200m
Bahrain-based Islamic investment bank, Gulf Finance House (GFH) has said that receipts from its rights issue have exceeded $200m. It follows recent news that GFH had received some $150m from the capital raising exercise and that it had met the set target of between $200m and $300m in fresh capital from the rights issue
Rakbank reports Dhs530m profit
The National Bank of Ras Al Khaimah, Rakbank has reported a net profit of Dhs530.6m for the nine months ended September 30, up 10.4% on the same period last year. The bank's net interest income rose by 32% to almost Dhs850.9m. Gross loans and advances stood at Dhs13.17bn, 23% up on last year.
National Bank of Fujairah books profit rise
National Bank of Fujairah has reported a net profit of Dhs70.2m for the nine months ended September 30, up 5% from Dhs67m for the same period last year. The loan impairment charge for the period is Dhs159.7m compared to Dhs69.7m in the corresponding period in 2008. The charge includes Dhs59.7m due to the bank's Dhs92m exposure to the Saudi Al Gosaibi and Saad Groups, the lender said in a statement.
NCB books heavy provisions in light of Saad and Algosaibi concerns
National Commercial Bank (NCB), the Saudi Arabia's largest lender by assets, has booked SR769.7m in provisions during the third quarter alone, Reuters has reported. The provision is the highest yet by a Saudi bank, since concerns over the solvency levels of heavily indebted Saudi conglomerates Saad Group and Ahmad Hamad Algosaibi & Bros started to surface in June.
Gulf banks may still see rise in bad loans, says IMF
Gulf banks may still face an increase in bad loans but it would take a very large increase in non-performing loans before the need arises for a significant bank recapitalisation, an official at the International Monetary Fund told Reuters. Masood Ahmed, the IMF director for Middle East and Central Asia, said some banks in the GCC may still need to be recapitalised in the future to cope with bad loans, but tests show a large capital injections may be needed only if volumes of bad loans rise sharply.
New bank rules to spur deposit contest in Bahrain
Bankers have said that the decision by the Central Bank of Bahrain, which requires all banks to have a loan to deposit ratio of 75%, will encourage lenders to compete more for deposits and prompt them to offer higher rates to attract customers, Reuters has reported. Previously the central bank had a voluntary code for banks to have the ratio of 60-65% for most banks and 70-75% for those without large investments outside loans and it would only ask banks to lower their ratio if they were above expected levels.
Emirates NBD seeks approval to transfer shares
Emirates NBD, which was formed after a merger of Emirates Bank International and National Bank of Dubai in October 2007, has asked for the approval of the Dubai Financial Market to transfer shares of the two banks to the parent, Bloomberg has reported. The lender has also asked the market regulator to waive share transfer fees since the volume of shares transferred would be substantial.
ADCB profit plummets 90%
Abu Dhabi Commercial Bank, the third largest lender in the emirate, said today its net profit for the third quarter of this year plunged 90% to Dhs44m ($12m), compared with the same period a year ago. The bank said the earnings decline stemmed mainly from increased provisioning of Dhs810m for the quarter.
National Bank of Abu Dhabi Q3 profit up 41%
The National Bank of Abu Dhabi has reported a net profit of Dhs914m ($248.8m) in the third quarter of 2009, up 41% from the same period last year. The bank also reported that its impairment charges for the quarter stood at Dhs284m, and that its net profit the first nine months of the year was Dhs2.6bn.
UAE mulls new system for grading loans
The UAE's central bank has sent a circular to all banks in the country informing them of plans to introduce a new system for classifying loans and provisions, according to al-Khaleej daily. Investment and finance institutions in the UAE have been given until Wednesday to provide their feedback on the plans. The draft regulation specifies five loans categories ranging from 'normal', 'being monitored', 'below normal', 'recuperation doubtful' and 'lost loans', the report said.
Algosaibi seeks accord with UAE lenders
Ahmad Hamad Algosaibi & Bros., a Saudi Arabian group that defaulted on debt payments earlier this year, met officials at the UAE's central bank in hopes of reaching a deal with lenders over $3bn in money owed, The National has reported, citing unidentified sources. Several plans were proposed although no conclusion was reached.
GFH sells 10% of stake in Qinvest
Bahrain-based Islamic investment bank, Gulf Finance House, has said it has sold 10% of its 15% stake in Qinvest to Qatar Islamic Bank for $50m. The move aims to divest non-core assets, strengthen the balance sheet further and provide the liquidity necessary to 'engage in compelling high value investment opportunities,' GFH said in a statement.
Gulf Bank Q3 profit falls 98%
Kuwait's Gulf Bank has announced that its third-quarter profit dropped 98% on provisions for bad loans. The bank's net income declined to 469,000 dinars ($1.6m) or zero fils per share, from 29.9 million dinars, or 25 fils a share, in the year-earlier period, reported Bloomberg.
Emirates NBD Q3 profit up 3%
The UAE's largest bank, Emirates NBD, announced on Monday that it posted a 3% rise in Q3 profit compared to Q3 2008. The bank said net profit in the three months ended September 30 rose 3% to Dhs1.1bn from the same period a year ago, on total income that climbed 39% to Dhs2.77bn. 'The third quarter of 2009 has witnessed continued stabilisation of local and international economies and sentiment and confidence,' chairman Ahmed Humaid Al Tayer said in a statement.
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