Daily Archives: October 24, 2013

Ajman Ruler receives Umm Al Qaiwain Ruler

Ajman Ruler receives Umm Al Qaiwain Ruler
2013-10-24 11:43:42

WAM AJMAN, 24th October, 2013 (WAM) — H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, this morning received H.H. Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Qaiwain, in the presence of H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman.

The meeting was attended by a number of sheikhs and senior officials.

WAM/ES

National Bank of Fujairah net profit surges by 31.3 percent

WAM FUJAIRAH, 24th October, 2013 (WAM) — The National Bank of Fujairah PSC has announced its financial results for the nine month period, which ended on 30th September 2013.

The bank recorded a net profit of AED 286.4 million compared to AED 218.1 million in the corresponding period of 2012. Similarly the operating profit of the bank was AED 402.6 million compared to AED 341.4 million in the corresponding period of last year.

Loan loss provision was AED 116.2 million compared to AED 123.3 million in 2012, an improvement of 5.8 percent. Non-performing loan ratio improved to 5.9 percent from 8.4 percent at 30 September 2012 and 7.6 percent at year end.

Total provision coverage improved to 97.0 percent from 72.1 percent at 30th September 2012 and 79.7 percent at 31st December 2012.

The operating income of the bank grew by 16.2 percent and foreign exchange and derivatives income experienced a growth of 15.7 percent, the operating expenses increased by 13.2 percent, which reflected ongoing investment in new initiatives and operating platforms to enhance NBF’s customer service experience. Cost-to-income ratio also improved to 36.2 percent compared to 37.2 percent in the corresponding period of 2012.

Strong capital adequacy and advances-to-deposits ratios were maintained at 15.9 percent (Tier 1 ratio: 14.6 percent) and 86.3 percent respectively, well ahead of Central Bank minimum requirements.

Some of the highlights show that total assets of AED 19.6 billion were up 11.7 percent from AED 17.5 billion at year end and up 22.0 percent from 30th September 2012. Loans and advances of AED 13.9 billion were up 14.0 percent from AED 12.2 billion at year end and up 20.1 percent from 30th September 2012.

Likewise customer deposits of AED 13.3 billion were up 6.6 percent from AED 12.4 billion at year end and up 18.2 percent from 30th September 2012.

Easa Saleh Al Gurg, KCVO, CBE, and Vice Chairman of NBF, said, “We are pleased to highlight once again the growth momentum of the bank, as can be seen through the steady growth of its loans and advances, customer deposits, operating profit and net profit. Improvement in the NPL ratio will further augment the bank’s underlying performance.

“Customer service delivery remains the cornerstone of the bank’s high quality performance, as well as efforts to raise its public profile to better leverage opportunities in the improving regional economy. NBF also remains committed to the aspirations of the U.A.E. and will continue to play a role in the country’s growth through ongoing talent development efforts within the bank and regular investment in the local community,” he added.

WAM/AM/CM

Emirates NBD announces Q3 2013 Results

WAM DUBAI, 24th October, 2013 (WAM) — Emirates NBD today announced its financial results for the 9 months ending September 30th, registering a net profit of AED 2.6 billion, up 34 percent compared to AED 1.9 billion in the same period of 2012.

The total income of the bank was AED 8,695 million showing an increase of 13 percent compared to AED 7,706 million in the same period last year.

Emirates NBD’s Chief Executive Officer, Rick Pudner, said, “During the first 9 months of 2013, we have delivered a strong set of financial results with net profit for the period up by 34 percent compared to the same period in 2012. This is testament to our ability to take advantage of the improving economic backdrop in the U.A.E., and Dubai in particular, as well as the relentless and successful execution of our strategic agenda. Profitability has been underpinned by a strong 13 percent increase in revenue as growth momentum, particularly in our retail and Islamic franchises, has continued to gather pace.” Emirates NBD’s Chief Financial Officer, Surya Subramanian, said, “Operating profits for the first 9 months of 2013 grew strongly by 24 percent over the comparable period of 2012. This excellent operating performance was achieved despite continued conservative provisioning as strong top line growth was supported by improved operational, funding and capital efficiency. We are also on track to achieving our targeted impaired loan coverage by the end of 2013 as outlined 2 years ago.” Total income for the 9 months ended 30th September 2013 amounted to AED 8,695 million, an increase of 13 percent compared with AED 7,706 million in the same period of 2012.

Emirates NBD continued to pro-actively manage credit quality and impaired loans across the bank’s corporate, retail and Islamic financing portfolios have improved marginally during the first 9 months of 2013 by 0.2 percent to end the period at 14.1 percent.

The positive contribution of the Bank’s investments in associates and joint ventures amounted to AED 101 million during the period compared with AED 73 million in the first 9 months of 2012. The Group sold 32.6 percent of its stake in Union Properties PJSC, resulting in a decrease in the Group’s shareholding from 47.6 percent as at 31st December 2012 to 15 percent and gain of AED 191 million was recorded on the disposal of the stake.

Net profit for the Group was AED 2,584 million for the 9 months ended 30th September 2013, 34 percent above the profit posted in the comparable period of 2012 of AED 1,929 million principally due to higher top line growth.

Customer Loans as at 30th September 2013 (including Islamic financing) amounted to AED 234.4 billion, an increase of 7 percent from the end of 2012.

Customer Deposits as at 30th September 2013 were AED 228.6 billion, an increase of 7 percent from 31st December 2012.

The loan to deposit ratio continued to remain within the Bank’s target range of 95 percent to 105 percent throughout 2013 to end the period at 102.5 percent.

In a landmark deal by the Global Funding desk, Emirates NBD improved the capital structure of the bank by issuing AED 3.67 billion Tier I Perpetual non-call 6 notes. AED 7.8 billion of U.A.E. Ministry of Finance funds were also repaid.

The financial results for the 9 months ended 30th September 2013 reflects Islamic Banking’s aspiration to become the leading Islamic bank in the region with a net profit of AED 128 million.

On 9th June 2013, the Group acquired a 95.2 percent stake in BNP Paribas Egypt S.A.E. for a consideration of USD 476 million while the remaining minority interest of 4.8 percent was acquired in September 2013 for a further USD 24 million.

Despite a challenging political and economic backdrop, the BNP Paribas Egypt operation has continued to perform well since its consolidation with the Group on 9th June 2013, contributing AED 201 million revenue and AED 79 million net profit to the Group results.

The bank says, that the U.A.E. remains well-positioned to enjoy solid growth in 2013, driven primarily by an expansion in non-oil sectors, particularly manufacturing, tourism and retail sectors, while oil production is also likely to contribute to growth given a 4.6 percent increase in oil production for the first 9 months of 2013. Although the external environment remains challenging, economic data during the period supports the bank’s view that GDP growth of 4.4 percent could be achieved during 2013. Emirates NBD is well placed to capitalise on the improving economic fundamentals as the bank has a clear strategy in place to further enhance shareholder returns and take advantage of the selected growth opportunities. This strategy is built around five core building blocks which include delivering excellent customer experience, building a high performance organisation, driving core businesses, running an efficient organisation and driving geographic expansion.

WAM/AM/CM

Dubai Government and du sign MoU during GITEX 2013

WAM DUBAI, 24th October, 2013 (WAM) — Inspired by the vision of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, for a smart Dubai government, the General Directorate of Residency and Foreigners Affairs, Dubai, signed a Memorandum of Understanding with du during GITEX 2013. The new partnership will see du support the Directorate in the creation of a smart application, among other areas, to support the nation’s smart government efforts.

The MoU was signed by Major General Mohammed Ahmed Al Marri, Director of General Directorate of Residency and Foreigners Affairs, and Osman Sultan, CEO, du, at the Directorate’s GITEX 2013 stand.

In its first phase, the Directorate’s “app” will offer a smart queuing system, through which customers can book a timeslot to visit the Directorate in order to streamline the waiting process, and increase service levels. In addition, a comprehensive checklist of required documentation will also be available so that customers can prepare themselves ahead of their appointment.

“We are proud to support the vision of H.H. Sheikh Mohammed, by making the General Directorate a smart establishment, with full m-Government accessibility for everyone within the U.A.E.,” said Major General Al Marri. “Through this collaboration, we aim to make our customers’ interactions even more streamlined, by rolling out various features that will add to their experience in a positive way.” “Today’s new partnership marks a positive step towards achieving H.H. Sheikh Mohammed’s vision of smart governance in the U.A.E.,” said Sultan. “We believe that achieving smart government and smart city vision requires collaborative efforts from everyone. This is to contribute to a more convenient, and therefore happier, future for us all.” WAM/MZ/CM

Mohammed bin Rashid visits Humaid Al Nuaimi

Mohammed bin Rashid visits Humaid Al Nuaimi
2013-10-24 14:18:35

WAM DUBAI, 24th October, 2013 (WAM) — U.A.E. Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has paid a courtesy visit to H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman.

Present at the meeting was H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman.

They exchanged talks on a number of national issues, pertaining to the homeland and serving citizens nationwide.

The meeting, held at the Ajman Ruler’s Court, was attended by a number of Sheikhs and senior officials.

WAM/HH/CM