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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.
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.
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