Dubai's largest lender, Emirates NBD (ENBD), reported a 16 per cent rise in second-quarter net profit on Monday, broadly in line with analysts' forecasts, aided by a cut in the amount of cash it sets aside to cover bad debt.
UAE banks slightly reduced bad loan provisions in October for the first time since they launched a provisioning drive to strengthen their financial position in the wake of the 2008 financial crisis, figures by the Central Bank
Bahrain-based Islamic retail bank Ithmaar registered a net loss of $500,000 in the first quarter compared to a net profit of $4.8 million in the same period last year mainly due to prudent impairment provisions.
Announcing the results on S
The banking industry in the Middle East experienced a healthy revenue growth of 7 percent in 2011, after revenues had stagnated the year before, a new study by The Boston Consulting Group (BCG) said.
Profits also increased significantly in
Bahrain-based Taib bank has reported a significant improvement in its core business with a narrower third-quarter net loss of $2.7 million compared to $8.5 million last year.
Announcing the results for the nine month period, Taib said its
Islamic mortgage lender Tamweel, whose shares resumed trading in May after being suspended since 2008, posted a five-fold increase in second-quarter net profit helped by a sharp decline in impairment provisions.
Tamweel, which is majority-
The Saudi British Bank (SABB) posted a 90.6 per cent rise in its second quarter net profit, beating analysts' forecasts, the bank said in a bourse statement on Tuesday.
SABB, an affiliate of the HSBC Group, attributed th
Dubai builder Arabtec is looking to more than double its workforce to 25,000 in Saudi Arabia as it continues to shift its focus to other markets, its chief financial officer said.
The company will not reverse provisions in 2011 and has no
Abu Dhabi Islamic Bank expects to post single-digit credit growth in 2011 and the lender will continue to book provisions going forward, its chief executive said on Sunday.
ADIB, the second biggest Islamic bank in the Un
Saudi banks have taken enough measures against bad loans and are poised for growth as lending in the world's top oil exporter will accelerate this year, the kingdom's central bank governor said on Wednesday.
Most banks in the count