Banking

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SME Banking

New Islamic bank plans Q4 launch
A new Islamic bank, Imaar International Bank, plans to start operations in Saudi Arabia in the fourth quarter once it raises funds for its $11bn paid-up capital, reported Reuters. The Bahrain-based venture is led by Saudi businessman Sheikh Saleh Kamel. Imaar Bank expects to complete raising funds from private, government-owned and public investors by the end of July.
Saudi Arabia: Wednesday, April 30 - 2008 at 08:28

Dubai Islamic Bank profits up 31%
Dubai Islamic Bank has posted a first quarter 2008 profit of Dhs556m, 31% up on the same period last year. Total assets for Q1 were Dhs85.1bn, a 24% rise. The bank said it financed Dhs12bn worth of new real estate contracts during the period and it opened four new branches, taking the number to 48.
United Arab Emirates: Tuesday, April 29 - 2008 at 15:55

National Bank of Oman profit up 49% in Q1
National Bank of Oman has reported a net profit of RO10.9 million ($28.3m) and an operating profit of RO12.7 million for the first quarter period ended March 31. The bank's operating profit for the first three months of 2008 increased by 49% compared to the same period of 2007, the bank said in a statement.
Oman: Tuesday, April 29 - 2008 at 13:23

Standard Chartered opens trading hub at DIFC
Standard Chartered Bank has opened a new trading platform for the Middle East and Africa that it will host at the Dubai International Financial Centre (DIFC), reported Gulf News. The new trading floor hosts 200 seats and is the largest such facility in the region. The newly-established trading platform at the DIFC was previously hosted from London.
United Arab Emirates: Tuesday, April 29 - 2008 at 07:01

NBAD Q1 profits up 45%
The National Bank of Abu Dhabi has reported that Q1 net profits have risen 45% on the same period in 2007 to $238.3m. The bank also reported that net assets were up 41% on March 2007, to a value of $43bn.
United Arab Emirates: Monday, April 28 - 2008 at 07:46

Bank of Sharjah shows Q1 rise
The Bank of Sharjah has announced that profits for the first quarter of 2008 show a 38% increase. The growth in deposits from the end of Q1 2007 has risen 81% to Dhs7.2bn ($1.96bn).
United Arab Emirates: Sunday, April 27 - 2008 at 08:23

Al Ahli up by 21% in Q1
Al Ahli Bank of Kuwait reported its net profit has reached KD23m for the first quarter 2008. The result is higher by 21% compared to KD19m during the same period in 2007. The bank attributed growth in its investments in human resources, including training of Kuwaiti citizens for leading positions in the bank.
Kuwait: Saturday, April 26 - 2008 at 09:35

ADCB raised to 'buy' from 'hold'
Abu Dhabi Commercial Bank, the UAE's third-largest bank by assets, has been raised to 'buy' from 'hold' at Citigroup Inc, reported Bloomberg. Citigroup forecasts ADCB's 2010 net profit to grow by 1.8 times from 2007 levels driven by growth in fee income, and it raised its price estimate for the bank's shares to 9 dirhams from 7.90 dirhams.
United Arab Emirates: Thursday, April 24 - 2008 at 14:18

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