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Al-Ahli bank Q3 earnings plunge 84%
Kuwait-based Al-Ahli Bank has reported an 83.7% decline in third-quarter net profit, Reuters has reported. Net profit in the three months to September 30 was KD4.09m compared to KD25.16m in the same period last year, the lender said.
Bank Sohar Q3 profit up 13.2%
Oman's Bank Sohar has said its net profit for the three month period ending September 30, 2009 had climbed by 13.2% to RO2.7m from RO2.4m in the second quarter. Net profit for the first nine months of 2009 had amounted to RO4.44m, compared to a net loss of RO0.656m in the same period of 2008, the bank said.
Global sees support for restructuring
Global Investment House, Kuwait's largest investment bank, has said that an 'overwhelming majority' of its creditors have agreed to a restructuring plan that aims to resolve a $3bn debt default, Reuters has reported. GIH had previously announced the restructuring plan, but reports surfaced that some creditors had raised concerns.
Kuwait Finance House Q3 profit drops 46%
Kuwait Finance House, the country's largest Islamic lender, has said its third-quarter net profit had declined by 46%, Reuters has reported. Net income in the three months to September 30 had dropped to KD34.3m, compared with KD63.23m in the same period a year ago.
List released of largest regional banks
US-based Global Finance magazine has issued a list of the 10 biggest banks in the Middle East. The rankings have been based on total assets as of the end of 2008. The UAE's Emirates NBD topped the list, followed by; The National Commercial Bank (Saudi Arabia); Bank Melli Iran (Iran); Samba Financial Group (Saudi Arabia); Arab Bank (Jordan); National Bank of Abu Dhabi (UAE); Al Rajhi Banking and Investment Corp (Saudi Arabia); National Bank of Kuwait (Kuwait); Bank Saderat Iran (Iran); Bank Mellat (Iran).
Samba Q3 profit up 0.7%
Saudi Arabia's second-biggest lender by market value, Samba Financial Group has posted a 0.7% rise in third-quarter net profit, Reuters has reported. Samba had booked SR76.9m in loan provisions in the third quarter, the lowest in at least one year. Provision booked by the lender for loan losses in the second quarter had amounted to SR97.3m.
Banque Saudi Fransi releases Q3 figures
The Saudi affiliate of French Calyon, Banque Saudi Fransi, has posted a 1.9% decline in third-quarter net profit, after booking SR57.6m in provisions for loan losses during the period, Reuters has reported. The lender had booked loan loss provisions worth SR119.9m in the second quarter of this year, according to bourse data.
Dubai Islamic Bank posts 31% Q3 profit drop
Dubai Islamic Bank has recoded a 31% fall in its third-quarter net profit year-on-year, as the lender had booked higher provisions for exposure to bad loans, Reuters has reported. Provisions booked by the lender had amounted to Dhs164m in the three months to September 30, slashing its net profit to Dhs296.75m. DIB's nine-month earnings had also seen a 35% drop to Dhs1.12bn compared to a year earlier.
SABB posts Q3 net profit drop
HSBC's Saudi affiliate, SABB Bank has reported a worse-than-expected 19.8% drop in third-quarter net profit, hit by an increase in provisions for bad loans, Reuters has reported. SABB said that it had booked SR351.5m ($93.7m) in provisions for loan losses during the third quarter.
Fitch gives Arab National Bank 'A' rating
Saudi Arabia-based Arab National Bank has received 'A' rating for its Long-term Issuer Default rating (IDR), with stable outlook. Short-term IDR is at 'F1', individual rating at 'B/C', support rating at '1' and support rating floor at 'A-'. Fitch has cited IDR ratings based on the bank's large domestic franchise, comfortable liquidity and well controlled market risks.
Emirates Islamic Bank inks Emcredit deal
Emirates Islamic Bank (EIB) has announced the signing of an agreement with Emcredit to avail of its credit information reporting services. Emcredit's Credit Scope will enable EIB to make more informed lending decisions, improve services to its existing customers and tailor products and services based on the credit history of its customers, the lender said.
Barhain Islamic Bank posts Q3 loss
Bahrain's biggest Islamic retail bank by market value, Bahrain Islamic Bank, has said that its net loss for the three months ended September 30 was BD1.36m, compared with a net profit of BD6.26m in the same period a year earlier, Reuters has reported. Increased provisioning for bad loans and a decline in income from investments have led to the quarterly loss, the lender said.
Union National Bank Q3 profit down 38%
UAE's state- controlled lender, Union National Bank has said its third-quarter profit had declined by 38% to Dhs358m ($97.5m), compared to Dhs581.7m a year earlier, Bloomberg has reported. The lender had a Dhs232m gain from a property investment last year, which wasn't repeated, and an impairment loss on Dhs31.4m versus none a year ago, it said.
Emirates NBD eyes more branches in Saudi
Sanjay Uppal, chief financial officer of Emirates NBD, said the Dubai-based lender is seeking to expand in Saudi Arabia by opening additional branches, Reuters has reported. 'Saudi Arabia is very important because of its GDP and population,' he told the news service. The bank already has a representative office in Riyadh.
Qatar to sell 379m Barclays shares
Qatar Holding, a unit of the Qatar Investment Authority, said today it plans to sell more than 379 million shares of Barclays. Qatar will first exercise warrants at 197.775 pence, and stands to make more than 630 million pounds ($1bn) on the transaction at today's market price, according to Bloomberg. 'The decision to exercise the warrants and dispose of the resultant shares forms part of Qatar Holding's portfolio management program and does not impact on our current intention to remain a long-term strategic shareholder in Barclays,' Chief Executive Officer Ahmad Al-Sayed said in a statement.
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