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Ithmaar to raise $500m capital
Bahrain-based investment bank Ithmaar, has announced plans to raise between $400m and $500m through a mixture of a rights issue, a convertible sukuk and a credit call option to shore up its balance sheet, Reuters has reported. The Islamic lender has secured a five-year equity line of credit of up to $125m from Global Emerging Markets of New York (GEM). If Ithmaar draws the line, it will issue equity to GEM.
CBD posts lower net profit in nine months
Commercial Bank of Dubai (CBD) has reported an increase of 6.6% operating profit for the first nine months of 2009, reaching Dhs915m compared to Dhs858m in 2008. However, net profit, after collective and specific provisions for non-performing loans and investments have posted lower at Dhs757m as compared to Dhs826m, a year earlier. The net non-performing loans to total loans stood at a low 1.2%.
Ithmaar to integrate Shamil retail wing
Ithmaar, Bahrain's third-largest Islamic bank by market value, has announced plans to integrate its fully owned unit Shamil Bank, an Islamic retail bank, in a bid to improve liquidity and lower its risks, Reuters has reported. 'The reorganisation will, in effect, turn Ithmaar Bank into an Islamic bank with a retail license,' the bank said in a statement.
Al-Jazira Q3 operating profit up 39%
Saudi Arabia-based Al-Jazira Bank has recorded a 14% rise in its third-quarter net profit to SR70m, compared to the same period in 2008, Reuters has reported. Operating profit rose 39% to SR358m in the three months to September 30, the lender said. Net profit in the second quarter amounted to SR121m.
Qatar Islamic Q3 profit falls 53%
Qatar Islamic Bank's (QIB) has said its third quarter net profit had dropped by 52.8% to QR187.35m ($51.44m) Reuters has reported. Net profit was at QR1bn in the first nine months of the year, the lender said.
Samba's earnings beat expectations
Saudi Arabia's second-largest lender by market value, Samba Financial Group, has recorded a better-than-expected 0.7% rise in third-quarter net profit, Reuters has reported. Net profit was SR1.21bn ($322.9m), compared with SR1.2bn in the same period of 2008. Operating profit rose 1% to SR1.755bn in the quarter.
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.
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