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Wednesday, 27 July 2016

NBAD and FGB results show pace of growth in bank sector has slowed | The National

NBAD and FGB results show pace of growth in bank sector has slowed | The National:

"National Bank of Abu Dhabi (NBAD) and FGB said in their first earnings releases ahead of a planned merger that second- quarter profitability had waned as interest from lending slowed amid weakening economic growth and rising debt defaults.

Net income at NBAD slipped 4.8 per cent in the three months ended June 30 to Dh1.38 billion versus Dh1.44bn in the same period last year. Net interest income fell 0.2 per cent to Dh1.8bn versus Dh1.84bn as net impairment charges rose 79 per cent to Dh298 million.


Meanwhile, FGB said net income during the second quarter fell 10 per cent year-on-year, also weighed down by money set aside to cover bad debt and a drop in net interest income. Profit fell to Dh1.3bn from Dh1.45bn in the same period last year. Provisions rose 54 per cent to Dh398m compared to Dh258m a year earlier. Net interest and Islamic financing income decreased 3 per cent year-on-year to Dh1.56bn versus Dh1.6bn."



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Etisalat net profit beats expectations | GulfNews.com

Etisalat net profit beats expectations | GulfNews.com:

"Etisalat, beating analysts expectations, registered a 14.7 per cent rise in net profit for the first half to June helped by forex gains, lower financing cost and federal royalty.

The telecom major’s net profit for the six months to June jumped to Dh4.98 billion from Dh4.35 billion in the same period last year, it said in a statement on Wednesday. Revenues for the same period rose a tad to be at Dh26.178 billion as against Dh25.85 billion in the first half of last year.

“These are better than expected numbers. The forex gains, lower financing and royalty helped the bottom line even though top line was stable,” Tariq Qaqish, head of asset management at Al Mal Capital told Gulf News. “The company was able to eke out good numbers despite challenging conditions outside.”"



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Fitch Affirms 11 UAE Banks | Reuters

Fitch Affirms 11 UAE Banks | Reuters:

"Fitch Ratings has affirmed the Long- and Short-Term Issuer Default Ratings (IDR) of 11 UAE banks as part of its second 2016 peer review of the UAE banking sector. Fitch has also affirmed all 11 banks' other ratings. A complete list of rating actions is available at the end of this rating action commentary. KEY RATING DRIVERS BANKS' IDRs, SENIOR DEBT, SUPPORT RATINGS AND SUPPORT RATING FLOORS The affirmation of the banks' Long-Term IDRs, Support Ratings and Support Rating Floors, except for Emirates Islamic Bank PJSC (EI) and Commercial Bank International (CBI), reflects the extremely high probability of support available from the UAE authorities, and the government of Abu Dhabi (AA/Stable/F1+) and other emirates, if required."



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MIDEAST STOCKS-Egypt jumps on IMF loan talks, oil pulls down Gulf | Reuters

MIDEAST STOCKS-Egypt jumps on IMF loan talks, oil pulls down Gulf | Reuters:

"Egyptian stocks surged on Wednesday on news that Cairo was close to agreeing an International Monetary Fund (IMF) lending programme, while weak oil prices pulled down most bourses in the Gulf.

The main Egyptian equities index climbed 5.0 percent to 7,915 points, its biggest daily gain since mid-March, in the market's heaviest trade since mid-April.

Blue chips favoured by foreign investors outperformed with Commercial International Bank, the largest listed lender, jumping 5.7 percent and Global Telecom up 6.1 percent."



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Egypt close to $7bn a year support agreement with IMF - FT.com

Egypt close to $7bn a year support agreement with IMF - FT.com:

"Egypt said on Tuesday that it was close to finalising an agreement with the International Monetary Fund for a three-year support programme with the aim of securing funding worth $7bn a year.
The announcement comes as the Egyptian pound reached a record low against the dollar on the black market this week. It has been selling for a 45 per cent premium over the official rate."



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Saudis in $1.3bn bid for Grosvenor House and Plaza hotels - FT.com

Saudis in $1.3bn bid for Grosvenor House and Plaza hotels - FT.com:

"A consortium of Saudi and UK family wealth funds has launched a $1.3bn bid for London’s Grosvenor House Hotel plus majority stakes in New York’s Plaza and Dream Downtown hotels from India’s Sahara India Pariwar group.
The offer may spark a bidding war after Sahara revealed it was in talks with Qatari investors over a potential deal."



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Turkey in Turmoil | Analysis Review - YouTube

Turkey in Turmoil | Analysis Review - YouTube: ""



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Nakheel records Dh2.95b net profit in first half of 2016 | GulfNews.com

Nakheel records Dh2.95b net profit in first half of 2016 | GulfNews.com:

"Dubai property developer Nakheel posted a net profit of Dh2.95 billion for the first half of this year, up four per cent compared to the same period in 2015.

The company did not give revenue for the period.

Nakheel handed over 1,177 units during the first six months of this year, with its retail, residential leasing and hospitality businesses all performing strongly, it said in a statement on Wednesday."



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UAE's Pacific Controls in bank talks about 1.4 bln dirhams debt | Reuters

UAE's Pacific Controls in bank talks about 1.4 bln dirhams debt | Reuters:

"Pacific Controls, a Dubai-based technology company, is in talks with banks about restructuring debts of 1.4 billion dirhams ($381 million), sources told Reuters, one of the largest firms to have to do so since the emirate's economy began to slow.

It is also set to be the highest-profile example to date of a company receiving assistance from a special mechanism set up by the United Arab Emirates' banking federation to help firms struggling to repay debt owed to more than one lender, the sources said.

Many businesses have found it hard to repay hefty debts after a cooling economy hit their balance sheets, although so far this has mostly been among small and medium sized enterprises and companies with debt issues lingering from the emirate's 2009-10 financial crisis."



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MIDEAST STOCKS-Gulf moves little, Emaar retreats from chart barrier | Reuters

MIDEAST STOCKS-Gulf moves little, Emaar retreats from chart barrier | Reuters:

"Gulf stock markets were little moved in early trade on Wednesday, dampened by weak oil prices and mixed second-quarter earnings in Saudi Arabia, while Dubai's Emaar Properties again pulled back from major technical resistance.

The Dubai index edged down 0.2 percent as Emaar, which has since last week been testing resistance on its October peak of 7.01 dirhams, slipped 0.6 percent to 6.86 dirhams.

Logistics company Aramex dropped 0.8 percent after jumping 5.5 percent on Tuesday. After the close on Tuesday, Bloomberg reported, citing unnamed sources, that founder Fadi Ghandour had sold his entire 9.9 percent stake in the firm to Gulf investors including Emaar Chairman Mohamed Alabbar.

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