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National Bank of Abu Dhabi Q3 profit up 41%
The National Bank of Abu Dhabi has reported a net profit of Dhs914m ($248.8m) in the third quarter of 2009, up 41% from the same period last year. The bank also reported that its impairment charges for the quarter stood at Dhs284m, and that its net profit the first nine months of the year was Dhs2.6bn.
UAE mulls new system for grading loans
The UAE's central bank has sent a circular to all banks in the country informing them of plans to introduce a new system for classifying loans and provisions, according to al-Khaleej daily. Investment and finance institutions in the UAE have been given until Wednesday to provide their feedback on the plans. The draft regulation specifies five loans categories ranging from 'normal', 'being monitored', 'below normal', 'recuperation doubtful' and 'lost loans', the report said.
Algosaibi seeks accord with UAE lenders
Ahmad Hamad Algosaibi & Bros., a Saudi Arabian group that defaulted on debt payments earlier this year, met officials at the UAE's central bank in hopes of reaching a deal with lenders over $3bn in money owed, The National has reported, citing unidentified sources. Several plans were proposed although no conclusion was reached.
GFH sells 10% of stake in Qinvest
Bahrain-based Islamic investment bank, Gulf Finance House, has said it has sold 10% of its 15% stake in Qinvest to Qatar Islamic Bank for $50m. The move aims to divest non-core assets, strengthen the balance sheet further and provide the liquidity necessary to 'engage in compelling high value investment opportunities,' GFH said in a statement.
Gulf Bank Q3 profit falls 98%
Kuwait's Gulf Bank has announced that its third-quarter profit dropped 98% on provisions for bad loans. The bank's net income declined to 469,000 dinars ($1.6m) or zero fils per share, from 29.9 million dinars, or 25 fils a share, in the year-earlier period, reported Bloomberg.
Emirates NBD Q3 profit up 3%
The UAE's largest bank, Emirates NBD, announced on Monday that it posted a 3% rise in Q3 profit compared to Q3 2008. The bank said net profit in the three months ended September 30 rose 3% to Dhs1.1bn from the same period a year ago, on total income that climbed 39% to Dhs2.77bn. 'The third quarter of 2009 has witnessed continued stabilisation of local and international economies and sentiment and confidence,' chairman Ahmed Humaid Al Tayer said in a statement.
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.
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