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Ajman Bank puts expansion on hold
The UAE's Ajman Bank has said it has postponed its retail expansion plans in the country but is increasing its lending for property and stocks to boost markets, Reuters has reported. The bank will open only six branches by the end of this year against eight it had planned earlier but is on track to break even by the end of this year, acting CEO Ali Alshaqoosh Al Mueen told the news service.
Saudi British Bank Q3 profit falls 20%
Saudi British Bank, 40% of which is owned by HSBC Holdings, has reported a 20% drop in third-quarter profit, after the bank tightened lending and increased provisions for bad loans, Bloomberg has reported. The lender's net income declined to SR570m ($152m), compared to SR711m in the year-earlier period. The bank had increased provisions 'for possible credit losses' by SR505m during the first nine months of the year, from the same period in 2008.
UAE banks $11bn short of liquidity, says Standard Chartered
The UAE's banks are short of as much as Dhs40bn ($11bn) of liquidity, Standard Chartered's Shayne Nelson said today. Nelson, who is the bank's CEO for the Middle East and North Africa, also said the Dubai property market has reached the bottom, Bloomberg has reported.
Arab National Bank records slight profit
Saudi Arabia-based Arab National Bank has recorded a 0.8% rise in third-quarter net profit after both its lending income and income from non-lending services posted modest growth rates, Reuters has reported. The bank, in which Arab Bank holds a 40% stake, has earned SR633m($168.8m) in the three months to September 30, compared to SR627.7m a year earlier. Net lending income rose by 1.6% to SR838m, while net income from non-lending operations rose 5% to SR229m.
ADIB says it has no need to up provisions
Abu Dhabi Islamic Bank has said it has taken adequate provisions against potential losses and has no need to increase reserves, Reuters has reported. ADIB, along with First Gulf Bank, are the only two Abu Dhabi-based lenders who have not disclosed specific exposure to indebted Saudi groups Saad and Ahmad Hamad Algosaibi.
Doha Bank waiting for economic rebound to expand
R. Seetharaman, CEO of Doha Bank, has said the lender is waiting for an upturn in the economy before expanding, Reuters has reported. 'Doha Bank is looking at options but this year is about optimisation and consolidation. We have to plan for an upturn after the first three quarters of this year,' he told the news service.
Arabian Bank in Jaguar finance deal
Bahrain-based Arabian Bank Corporation (ABC) International Bank has announced the completion of a new $90m financing trade deal to finance facilities for UK-based Jaguar Land Rover, Kuna has reported. The deal aims to help the British carmaker support their exports into the Mena region, ABC said.
National Bank of Bahrain profits up
The National Bank of Bahrain has recorded a net profit of BD36.95m ($98.27m) for the nine months of 2009, compared to BD35.06m ($93.24m) for the same period of 2008. Third-quarter net profit increased by 19.6% to BD11.35m ($30.19m), compared to BD9.49m ($25.24m) for the corresponding period of the previous year. Net Interest Income for the third quarter of 2009 also increased by 9.4% to BD12.11m ($32.21m), the lender said in a statement.
Unicorn eyes Dubai Group Bank Islam stake
Majid al-Sayed Bader al-Refai, chief executive of Bahrain's Unicorn Investment Bank has said that the lender is interested in buying Dubai Group's stake in Malaysia's Bank Islam and plans to issue Sukuk in Saudi Arabia before the end of the year, Reuters has reported. Unicorn had already tried to acquire a stake in the bank in 2006. Dubai Group had said on October 1 that it is reviewing its options for the 40% stake in Malaysia's second largest Islamic bank as it shifts its focus closer to home.
Awal seeks US bankruptcy protection
Bahrain-based Awal Bank, which was put into administration by Bahrain's central bank in July, has filed a petition for Chapter 15 bankruptcy in the US to seek protection as it decides whether to liquidate or reorganize, Emirates Business has reported. The US bankruptcy will 'safeguard the ability of the external administrator to treat all creditors equitably', according to lawyers from the bank's US-based counsel. Under Chapter 15 of the bankruptcy code, US lawsuits can be stayed and American creditors can be organised, helping a company with its main proceeding in a foreign court.
Saudi Fransi Q3 net profit down 1.9%
Banque Saudi Fransi, the Saudi affiliate of France's Calyon, has posted a 1.9% fall in third-quarter net profit on lower fees from deposit management and its local brokerage, Reuters has reported. The lender earned SR714m in the three months to September 30, compared to SR728.6m a year earlier. Net operating income stood at SR1.06bn, down 7% from the third quarter in 2008, while net lending income rose 10.8% to SR758m, the bank said.
NBAD names S&P to maintain Islamic index
The National Bank of Abu Dhabi's (NBAD) Asset Management Group has appointed Standard and Poor's Custom Indices to calculate and maintain the NBAD UAE Listed Islamic Index. The index is designed to measure the overall performance of Shariah-compliant securities listed on the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM).
Amlak, Tamweel to form Islamic realty bank
The merger between UAE mortgage lenders Amlak Finance and Tamweel may result into an Islamic realty bank, Bloomberg has reported. According to Ministry of Economy Sultan Bin Saeed Al Mansouri, a third of the new bank may be owned by Amlak and Tamweel's investors, while the federal government and Dubai's government may share the remaining stake equally. The proposal may be passed before the end of this year, said Al Mansouri.
Gulf Finance House to offer rights issue
Bahrain-based Gulf Finance House has unveiled its plans to raise capital to the market and will offer up to 907,898,065 shares at an offer price of $0.38 a share. The offering period will open on October 15th 2009 and close on October 29th 2009 with an allotment date of 5th November 2009. Bank of America Merrill Lynch has been retained as financial advisor and corporate broker to Gulf Finance House. KPMG will be the issue managers and both Khaleeji Commercial Bank (Bahrain) and Commercial Bank of Kuwait (Kuwait) hav been appointed as receiving banks for the capital raising exercise.
Middle East banks offer good value, says EFG-Hermes
Egypt-based EFG-Hermes has said that Middle East banks still present attractive value compared to international peers, with return on equity expected to remain around 20% over the medium term for most banks, Reuters has reported. Banks in Qatar, Saudi Arabia and Oman were likely to show the quickest recovery, with credit growth expected to go up to a range of 12% to 15% in 2010 after having dipped to 4% to 6% in 2009, it said. The UAE is in better shape than was feared, the investment bank added.
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