Value-packed mortgages for resident expats

Interest rates starting from 4.49 per cent (with fixed rate pricing options for up to 7 years)

Up to 85 per cent financing

Includes free life, property and home contents insurance for first year

*Available for salaried and self-employed expatriates

Emirates NBD, a leading bank in the region, announced today that it has expanded its mortgages offering to expatriates residing in the United Arab Emirates. Read more

UAE banking profits seen soaring

UAE banking profits seen soaring at 22%YoY in 2012

Banks are nearing end of the NPL cycle but risks remain

ADCB & ENBD are most susceptible to capping of interest on credit cards

UAE banking profits to rise 22%YoY in 2012

After a tough year in 2011, aggregate profits of our banking universe rose 30%YoY due to one-off gains but remained stagnant otherwise. The current year is expected to bear sweeter fruit, with one-off adjusted profits rising 22%YoY. Bottom-line growth is anticipated to be driven by drop in provisions (down 13%YoY) while top-line slows down to 3 – 5% due to pressure on spreads and dampened volumes. Read more

MasterCard, Visa warn of credit card data breach

“Massive” breach may affect more than 10 million credit card holders

Credit cards compromised between January 21, 2012 and February 25, 2012

MasterCard and Visa said Friday that they had notified banks and other issuers of credit cards of a potential customer accounts breach of security.

MasterCard said it notified law enforcement officials in the U.S. and has hired an independent data-security organization to review the possible breach. A U.S. Secret Service spokesman said the agency was investigating, but declined to give any specifics about the breach. Read more

Top-line performance of GCC banks continues to improve

GCC banking profitability rose 8%YoY

GCC banks witness 67%YoY jump in provisions, driven largely by Kuwait

All countries under coverage performed poorly than expected in the quarter

GCC banking profitability underwent a rise of 8%YoY in 4Q11, profits drop QoQ

GCC banks under our coverage saw their profits improving by 8%YoY, though the same slid by 13%QoQ. This was the second consecutive quarterly slip during the year after the banks reached the highest quarterly profit ever in 2Q11 since 2Q08. Kuwait was the only country that witnessed a decline in profits YoY, down 22%YoY, while Qatar saw the highest growth up by a similar figure. On a QoQ basis, all the countries saw a decline in profitability, again with Kuwait exhibiting the highest decline and Qatar, the lowest. Read more

Next-generation mobile payment solution launched in UAE

Emirates NBD, Etisalat and Visa  launch next-generation mobile payments solution – MoneyMobile

Development of contactless payments using Visa payWave via mobile device

NFC mobile payments solution branded “MoneyMobile,” introduced in partnership with Etisalat, Visa and Gemalto

In line with its focus on providing next-generation banking services, Emirates NBD announced the launch of the “MoneyMobile”. This is a contactless mobile payments solution that will enable customers to pay for purchases with a single wave of their contactless mobile device. Read more

UAE bank deposits top a trillion

The UAE’s Central Bank announced that total bank deposits in the country increased by 1.5 percent during the month of December 2011 to close at AED 1,069.7 billion. Meanwhile, total bank loans and advances (net of provisions and interest in suspense) decreased by 0.3 percent to reach AED 1,071.0 billion and total bank assets decreased by 0.6 percent to reach AED 1,662.1 billion, at the end of December 2011. Read more

Money supply in UAE decreased

The UAE’s Central Bank announced that money supply M0 (currency in circulation + currency at banks) decreased by 2.1 percent. from AED 53.2 billion at the end of November 2011 to AED 52.1 billion at the end of December of the same year.

Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.2 percent, from AED 264.6 billion at the end of November to AED 264.1 billion at the end of December of 2011. Read more

FGB AGM approves 100% cash dividend and 100% bonus shares

First Gulf Bank PJSC, leading financial partner of choice, successfully concluded its Annual General Meeting today (February 29, 2012) in Abu Dhabi.

The AGM approved a cash dividend of 100 per cent of capital, as well as distribution of 100 per cent bonus shares. Buyers of FGB shares by the 7th of March 2012 are eligible to cash dividends and bonus shares. The AGM also approved the financial statements for the year ending December 31, 2011. Read more

Commercial Bank International launches Home Loan

Commercial Bank International (CBI) today announced the launch of its new Home Loan product as part of its overall strategy to expand its product menu by offering innovative and customer centric products and services. Read more

“Best Local Bank in the UAE” for 2011

First Gulf Bank (FGB), the leading financial partner of choice in the UAE, was awarded the “Best Local Bank in the United Arab Emirates” award for 2011 during EMEA Finance’s Annual Middle East Banking Awards. FGB was honored during the event’s charity dinner, which was held at the Jumeirah Emirates Towers in Dubai on Wednesday 15 February. Read more

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