Banking

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SME Banking

NBK profit rises 16% in Q2
National Bank of Kuwait posted a 16% increase in second-quarter net profit, reported Reuters. Kuwait's biggest lender by assets boosted quarterly profit to 93 million dinars ($350.4m) compared with 80.30 million in the same period a year ago. Return on assets was 3.1% in the first six months, while return on equity reached 23.5%.
Kuwait: Thursday, July 10 - 2008 at 12:07

FGB posts record profit
Abu-Dhabi based First Gulf Bank posted record profits of Dhs808m ($220m) during the second quarter of 2008, an increase of 70% over the same period last year. The net profit for the first half of this year stood at Dhs1.484bn, 69% higher than the Dhs880m generated during first half of 2007.
United Arab Emirates: Thursday, July 10 - 2008 at 10:37

BIB profit more than doubles
Bahrain Islamic Bank has announced that its first-half profit more than doubled on higher Islamic loans and investments, reported Bloomberg. Net income in the six months to June advanced to 26 million dinars ($69m) from 10.6 million in the same period last year. Operating income rose to 42 million dinars from 22 million.
Bahrain: Thursday, July 10 - 2008 at 10:14

UAE banks to post strong growth
The profits of UAE-based banks in the first half of this year are expected to be between 30 to 45% during the first half of this year, according to Ahmad Humaid Al Tayer, chairman of Emirates NBD, the region's largest bank in assets. He said Emirates NBD's profits will be at the high end of this range, supported by strong government and private sector spending.
United Arab Emirates: Thursday, July 10 - 2008 at 07:20

Emirates NBD launches business credit card
Emirates NBD has announced the launch of Emirates Business Credit Card in partnership with Emirates Airline's Business Rewards programme and Visa. Targeted specifically at small and medium enterprises in the UAE, the co-branded card provides a flexible tool to help businesses manage expenses easily and offer the additional value of earning money saving rewards, according to a statement.
United Arab Emirates: Wednesday, July 09 - 2008 at 11:03

Al-Rajhi profit up 8% in Q2
Al-Rajhi Bank, the largest Gulf Arab bank by market value, said it made a net profit of 1.74 billion riyals ($464.5m) in the three months ending June 30, 2007, up 8.2% from the 1.61 billion riyals it made in the year-earlier period, reported Reuters. The company's second quarter profit is near the top end of analysts' forecasts.
Saudi Arabia: Wednesday, July 09 - 2008 at 09:39

DIB signs $225m loan deal
Dubai Islamic Bank has arranged Islamic financing of Dhs824m ($225m) for Al Hamad Group to fund a portion of the Remraam project being developed in Dubailand. The total value of the contract for Al Hamad Group is Dhs3.37bn and consists of 108 residential buildings, including facilities such as shopping malls, health clubs and mosques.
United Arab Emirates: Wednesday, July 09 - 2008 at 09:06

UBS wins Saudi licence
UBS has won a licence to open an investment banking branch in Saudi Arabia, reported Reuters. The Saudi operation, called UBS Saudi Arabia, will enable the bank to extend its position in wealth management in the Gulf, said John Fraser, who will be chairman of the unit. UBS has also applied for a licence to operate in Qatar.
Saudi Arabia: Wednesday, July 09 - 2008 at 07:10

Index : Banking : Page 30