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UAIC shares up 36% on Union Bank
The United Arab Investors Company (UAIC) in partnership with Arab Corp has acquired 25.58% more of the Union Bank's shares. The shares are now 36.3% of the bank's capital as UAIC previously owned 10.72%.
Jordan: Saturday, May 03 - 2008 at 09:26

Mashreqbank Q1 income up 4.5%
Mashreqbank, the UAE's second-largest lender by market value, posted its smallest profit growth in a year in the first quarter due to the global credit crunch and rising costs, reported Reuters. Net income in the three months to March 31 climbed 4.5% to Dhs465.3m ($126.7m), compared with Dhs445m in the year-earlier period. Investment income fell 28% to Dhs175m, while costs rose 32% as the bank spent more on staff, infrastructure and technology, it said in a statement.
United Arab Emirates: Thursday, May 01 - 2008 at 13:57

Bank of Sharjah to offer bonds on ADSM
Bank of Sharjah has announced that it will offer its converted bonds for clearance in the Abu Dhabi Securities Market beginning today. The bonds were converted into shares on March 17. The bank announced last month that 395 bondholders had converted 487,472,086 bonds representing 97.49% of the total. The capital of the bank after the said conversion stands at Dhs1,737,472,086.
United Arab Emirates: Thursday, May 01 - 2008 at 12:11

ABC plans $1bn increase in share capital
Bahrain-based Arab Banking Corporation announced yesterday a rights issue approved by its shareholders to double its paid up capital by way of raising $1bn in Tier 1 capital. Shareholders agreed to an increase in the authorised capital of the bank from $1.5bn to $2.5bn and an increase in issued and paid up capital from $1bn to $2bn by way of a priority rights offering to existing shareholders.
Bahrain: Thursday, May 01 - 2008 at 11:58

Emirates NBD profit up 37%
Emirates NBD has reported a net profit of Dhs1.19bn ($324.5m) for the first quarter of 2008 up, 37% from Dhs874 million during the same period last year due to demand growth in corporate and retail loans. Total income for the first three months of 2008 was up by 49% to Dhs2.19bn as total assets reached Dhs277.5bn at the close of the first quarter from Dhs253.8bn at the end of the fourth quarter last year.
United Arab Emirates: Thursday, May 01 - 2008 at 07:08

Gulf Finance House profit up 61% in Q1
Bahrain-based investment bank Gulf Finance House has reported a net profit of $116m in the first quarter of 2008, an increase of 61% compared to the corresponding period of the previous year. Earnings per share for the first quarter 2008 were 14.68 cents compared to 9.08 cents for the same period of 2007.
Bahrain: Wednesday, April 30 - 2008 at 14:23

EIB profit jumps 253% in Q1
Emirates Islamic Bank has reported a net profit of Dhs148.6m ($40.4m), up 253% compared to the same period last year. The total income in the first quarter of 2008 grew to Dhs359.2m from Dhs189.5m in the first quarter of 2007.
United Arab Emirates: Wednesday, April 30 - 2008 at 14:02

Qatar National Bank, Oman bank ink deal
Qatar National Bank and Bank Sohar have signed an agreement to provide a Syndicated Credit Facility of OR22.4m ($58.2m) to Oman Investment and Finance Company, reported the Peninsula. The facility will be used by the company to meet their contract financing requirement.
Oman: Wednesday, April 30 - 2008 at 10:43

Index : Banking : Page 4