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BankMuscat profit up by 39%
BankMuscat announced its net profit of RO84.2m for 2007 has increased by 39.4% against a net profit of RO60.4m in 2006. the bank has reported a market share of 42.7% in terms of total assets, 43.3% in terms of total credit and 38.0% in terms of total customer deposits as at 30 November 2007.
Bahrain follows US in rate cut
The Central Bank of Bahrain (CBB) has decided to cut its key policy interest rate by 50 basis points, following the second round of rate cut made by the US Federal Reserve, reported Bahrain Tribune. The CBB's rate on the one-week deposit facility is now down to 3% from previous 3.5%. Overnight deposit facility is also now down to 2.50% from 3% previously.
Bank of Beirut profit up 19%
Bank of Beirut has announced that its 2007 profit rose 19% as customer deposits increased, reported Bloomberg. Net income increased to 66.5bn Lebanese pounds ($44.3m) from 55.8bn pounds the previous year. Customer deposits climbed 19.5% to 276.6bn pounds.
Gulf Finance House profit up 61%
Bahrain-based Gulf Finance House has announced that 2007 was the most profitable year in the history of the bank with a net profit of $340m, an increase of 61% compared to the previous year. GFH Q4 net profits marked an increase of 205% to $109m over the corresponding period of last year, and a 28 increase on Q3 2007.
Emal to build $5bn Saudi smelter
Emal International, a joint venture of Abu Dhabi's Mubadala Development Company and Dubai Aluminium Company (Dubal), plans to set up a $5bn aluminium smelter complex in Saudi Arabia, reported Gulf News. Emal has signed an agreement with real estate developer Emaar Economic City to set up the plant in the latter's King Abdullah Economic City development. The smelter will produce 700,000 tonnes of raw aluminium per year in the first phase but capacity can be doubled.
Standard Charter invites funds to buy stake
Standard Chartered Bank has invited UAE sovereign wealth funds to buy a stake in the bank, reported Gulf News. Standard Chartered chairman E. Mervyn Davies said invitation does not reflect any losses incurred by SCB in relation to the US subprime mortgage crisis, but rather confidence in the UAE's SWFs reliability and long-term investment objectives.
Dubai Islamic Bank profit up 61%
Dubai Islamic Bank has reported a 61% increase in its net profit to Dhs2.5bn ($681m)) for 2007, compared to Dhs1.56bn in 2006, reported Gulf News. The results were announced following a meeting of the board of directors on Wednesday, which proposed a bonus share of 15% and a cash dividend of 40% for the year 2007. The bank's total revenue rose 46 per cent to Dhs7bn last year, up from Dhs4.8bn in 2006.
CBY to develop payment system in Yemen
Governor of the Central Bank of Yemen (CBY) Ahmed al-Samawi confirmed adherence of the bank to develop the payment system in Yemen to cope with the latest international banking developments, reported Saba. In a symposium of payment system and payment orders organized by the CBY and the Banking Studies Institute in collaboration with Arab Monetary Fund and International Monetary Fund (IMF), al-Samawi said that the purpose of forming a technical committee for payment system in 2004 was to narrow the gap between banks in field of banking services. He said that all the Yemeni banks and financial bodies are linked by "SWIFT" net, noting to the CBY's role in directing the Yemeni banks to acquire the advanced banking techniques through developing the payment system as a key pillar in improving the banking sector's services.
Abu Dhabi bank to open new Bahrain branch
The National Bank of Abu Dhabi (NBAD) is set to open a branch in Bahrain, reported Gulf Daily News. It is part of an expansion programme by the bank, which will see it start operations in Libya, Jordan and Hong Kong. It is also looking to expand operations in Qatar, where it is waiting to receive a banking licence. The bank opened seven branches in Egypt and Oman last year.
FGB earning grow by 31%
First Gulf Bank (FGB) on reported a 31 per cent growth in profit to AED2bn last year on its 2006 performance, reported Gulf News. For the year, total operating income increased by 37 per cent to Dh2.8 billion, with net interest of AED1.3 bn representing an increase of 10 per cent. The net profit of AED621m for the fourth quarter was 23 per cent higher than the third quarter and 57 per cent higher than the same quarter of 2006.
Saudi bank profits fall 14.5%
Profits of Saudi banks declined by 14.5% in 2007, reported Gulf News. Eleven banks realised net profits of 30.21 billion Saudi riyals in 2007 compared to 35.34 billion Saudi riyals in the previous year. Four banks - Al Jazira, the Saudi Investment Bank, Al Saudi Al Hollandi and Al Bilad reported a decline of more than 50% in profits in 2007. The profits of Saudi banks in 2006 increased by 31.2% over 2005.
Qatar's domestic credit growth rises
Qatar's banks increased domestic lending by an annual 76% in October, compared with 66% in September, as money poured into the economy from oil and gas sales, reported Bloomberg. M2 money supply growth, an indicator of future inflation, increased to 33% in October from 29% in September. Giyas Gokkent, head of research at National Bank of Abu Dhabi, said the numbers are 'not good for inflation'.
NBAD annual earnings up 19%
National Bank of Abu Dhabi has announced that its full year net profits for 2007 reached Dhs2.5bn ($681m), an increase of 19% compared to 2006, reported Gulf News. Operating income reached Dhs3.66bn, up 24% from 2006. Meanwhile, net interest income, which represented 66% of operating income, rose 19% while fee and other operating income rose 35%.
Abu Dhabi Islamic Bank hits record profit
Abu Dhabi Islamic Bank beat analysts' forecasts, posting its biggest quarterly profit ever after selling some investments and boosting lending. It also plans to expand abroad, reported Gulf News. Net income in the three months to December 31 surged 73.4 per cent to $78.38m based on full-year data the bank released.
Arab National Bank profit falls 1.7%
Saudi Arabian-based Arab National Bank has announced that its net profit dipped 1.7% to $656 million in 2007 compared to $668 million in the preceding year reported Arab News. The bank's earning per share reached $1.44 compared to $1.47 in 2006, while its total operating income reached $1,055m compared to $1,028m in 2006, an increase of 2.6%.
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