BankMuscat supports expedition to conquer Mount Aconcagua
(Oman Daily Observer
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31/01/2010)
BankMuscat has announced support to Hamed al Harthy, Omani adventurer, on an attempt to conquer Mount Aconcagua in Argentina. The 6962-metre peak is the highest mountain outside Asia and one of the seven summits of the world. Al Harthy, an avid
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National Bank of Oman gives away grand prizes
(Oman Daily Observer
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31/01/2010)
National Bank of Oman (NBO) has so far announced 30 winners of RO 1000 during the first 3 weeks of January 2010 and the Bank will be announcing 10 winners of RO 1,000 every week during the current year. This week’s Al Kanz draw was conducted at NBO’s
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Ahli United boosts stake in Egyptian subsidiary
(Gulf Daily News
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31/01/2010)
Ahli United Bank (AUB) has increased ownership stake in its Egyptian subsidiary. It has increased its share from 35.3 per cent to 79.6pc in Ahli United Bank, Egypt (AUBE), through a formal tender offer to all its shareholders. AUB and AUBE chairman Fahad
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YU opens SABB Investment Research Center
(Arab News
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31/01/2010)
Under the “SABB in the Community Programs” initiative, the Saudi British Bank (SABB), in collaboration with the Al-Yamamah University (YU), established an “SABB Investment Research Center at YU” last week. This initiative comes within the framework of
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Al Rajhi Capital issues 'Dividends: Fruits of investment' report
(AME Info
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31/01/2010)
The Al Rajhi Capital Research Department has issued a strategy report comparing two baskets of stocks on the Saudi stock exchange: 15 with a high dividend payout, and 15 with a low dividend payout. The full report is available on its website. Dividends
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Major shareholder ups stake in Al Rajhi Bank
(Reuters
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31/01/2010)
A major shareholder in Al Rajhi Bank boosted his stake in the Islamic lender to 14 percent from a previous 13.9 percent, bourse data showed on Sunday. Saleh Abdulaziz Saleh Al-Rajhi bought an extra 1.5 million shares in the bank on Saturday, the data
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Bank of Sharjah to Start $200 Million Property Fund, 24/7 Says
(Bloomberg
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31/01/2010)
Bank of Sharjah PJSC, a commercial lender in the United Arab Emirates, is considering a plan to start a $200 million fund in February to invest in the real-estate industry, Emirates Business 24/7 reported, citing Executive Director and General Manager
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ADCB Owed Total of $2.7 Billion by All Dubai World Entities
(Bloomberg
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31/01/2010)
Abu Dhabi Commercial Bank PJSC, the third-largest bank in the United Arab Emirates, has about $2.7 billion in outstanding loans to Dubai World entities, including those that aren’t affected by the company’s restructuring. “This includes commitments to
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Union National Bank Quarterly Net Climbs to 222 Million Dirhams
(Bloomberg
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31/01/2010)
Union National Bank PJSC, a state- controlled lender in the United Arab Emirates, said fourth- quarter profit surged to 222.1 million dirhams ($60 million)from 65.8 million dirhams in the year-earlier period, according to a statement on Abu Dhabi’s
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UNB Q4 net rises, provisions weigh
(Reuters
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31/01/2010)
Fourth-quarter net profit at Union National Bank (UNB) more than tripled but missed forecasts as customer deposits and bad loan provisions both grew. Earnings at Abu Dhabi's fifth-largest bank by market value came in at Dh222.1 million ($60.47 million),
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NBF Makes a Smart Turnaround in 2009
(Khaleej Times
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30/01/2010)
National Bank of Fujairah or NBF has posted a net profit of Dh 104.3 million in 2009 as against loss of Dh 50.3 million in 2008. The bank could achieve these impressive results despite ‘difficult credit condition during 2009’ and the provisioning that
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ADCB tops list of Dubai World’s creditors
(The National
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30/01/2010)
Abu Dhabi Commercial Bank (ADCB) has disclosed the biggest exposure yet to Dubai World among local lenders as the conglomerate seeks to restructure as much as US$22 billion (Dh80.8bn) of debt. The emirate’s third-largest bank has about Dh9bn in
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S&P affirms Dubai-based EBI and NBD negative outlook
(Reuters
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30/01/2010)
Standard & Poor''s (S&P) Ratings Services said on Friday that it has affirmed its ''BBB/A-2'' long and short-term counterparty credit ratings on Dubai-based Emirates Bank International PJSC (EBI) and National Bank of Dubai (NBD), which have been merged
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NBQ Q4 profit slides
(Reuters
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30/01/2010)
The UAE's National Bank of Umm Al-Qaiwain reported an increase in full year net profit on Thursday, though provisions for bad loans also grew, a company statement said. Profit for the fourth quarter slid 71 per cent to Dh13.4 million ($3.65 million),
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Arab Banking swings to Q4 profit
(Reuters
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30/01/2010)
Bahrain-based Arab Banking Corp on Thursday swung back to a fourth-quarter profit, while its shareholders approved a planned capital hike. The bank said net profit in the three months ending December 31 was $42 million, compared with a $28 million net
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Oman International Bank profit down 28pc
(Reuters
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30/01/2010)
Oman International Bank, the sultanate's fourth-largest bank by market capitalisation, posted fourth quarter net profit of 5.95 million Omani rials ($15.5 million) on Thursday, down 28 percent from the year-ago period. Three analysts had forecast
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Bank Muscat’s 10th CD auction oversubscribed
(Oman Daily Observer
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28/01/2010)
BankMuscat successfully closed its 10th Certificate of Deposit (CD) auction which attracted bids totalling RO 34.5 million against the issue size of RO 15 million. There was a good mix of applications for the 1 and the 5 year CDs. The oversubscription
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Kuwait’s NBK to Post ‘Small Growth’ in 2009 Profit (Update1)
(Bloomberg
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28/01/2010)
National Bank of Kuwait SAK, the country’s biggest lender by market value, expects to post a “small growth” in 2009 profit, Chief Executive Officer Ibrahim Dabdoub said. “We are showing a growth in our bottom line,” Dabdoub said in an interview today at
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Emirates NBD Drops Standard & Poor’s
(Khaleej Times
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28/01/2010)
Emirates NBD, the largest banking group in the Middle East by assets, said on Wednesday that it would discontinue the use of Standard & Poor’s Investors Service for rating of its banking subsidiaries, Emirates Bank International and National Bank of
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Large Provisions to Hit 6 UAE Banks’ Margins: CS
(Khaleej Times
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28/01/2010)
Leading investment bank Credit Suisse has predicted that earnings of the six national banks would be affected by heavy provisioning in the fourth quarter of the year 2009. In a forecast on country’s top banks for the upcoming Q4 09 results, Credit Suisse
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FGB registers net profit of $232.8 million
(Gulf Daily News
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28/01/2010)
Abu Dhabi's First Gulf Bank (FGB) yesterday reported a fourth-quarter net profit of 855 million UAE dirhams ($232.8m), up 27 per cent from a year earlier, beating analyst forecasts. The lender, Abu Dhabi's second-largest by market value, reported a
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NBF returns to profitability with a net profit of US$28.42 million
(Business Intelligence
-
28/01/2010)
National Bank of Fujairah PSC (NBF) is pleased to announce its results for 2009 which are being submitted for Central Bank’s approval. Highlights: • NBF recorded profit of AED104.3 million compared to a loss of AED50.3 million in the same period last
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EIB introduces the first comprehensive life takaful cover
(Press Release
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27/01/2010)
In line with its commitment to be at the forefront of innovation & service excellence, EIB, one of the leading financial institutions in the region, in alliance with AMAN Insurance Co., has introduced Al Hesn Takaful, a new bankassurance cover for a
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First Gulf Bank Net Rises 27% to 855 Million Dirhams (Update1)
(Bloomberg
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27/01/2010)
First Gulf Bank PJSC, owned by Abu Dhabi’s ruling family, said fourth-quarter profit rose 27 percent as net interest income improved. Net income advanced to 855 million dirhams ($233 million) from 671 million dirhams in the same period a year earlier,
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Dubai’s Emirates NBD Discontinues Use of S&P Ratings
(Bloomberg
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27/01/2010)
Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, dropped Standard & Poor’s Investors Service as a rating company. Emirates NBD will utilize the services of Fitch Ratings, Moody’s and Capital Intelligence, it said in an e-mailed
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