Font Size

- Aa +

Sun 29 Jul 2007 05:49 PM

Font Size

- Aa +

Results round-up - July 29

Dubai Islamic Bank posts a near tripling of Q2 net profit; Arab Bank reports H1 net profit of $370.4mn.

Dubai Islamic Bank, the Gulf's third-largest Islamic lender by market value, posted a near tripling of second-quarter net profit on "exceptional profit" from a bank subsidiary.

The lender made 1.08 billion dirhams ($294.1 million) in the three months to June 30, up 190% from the year-earlier period, when it earned 372.3 million dirhams.

The bank's first-half profit included 617 million dirhams of "exceptional profits" from a bank subsidiary.

Excluding the one-off gain, the quarterly profit was 463 million dirhams.

First-half net profit after depositors' share reached 1.5 billion dirhams, compared with 707 million a year earlier.

***

Jordan-based Arab Bank, the country's largest lender, reported a first-half net profit of $370.4 million, up 10% from the year-earlier period.

Arab Bank, one of the Middle East's largest financial institutions, said its first-half pre-tax profit rose 15.8% to $495.4 million compared to the same period last year.

Arab Bank said the bulk of the income generated came from core business with improved use of funds and forecast "continued positive results or better" by year-end.

The total assets of Arab Bank Group, which includes Arab Bank Switzerland headquartered in Zurich, rose in the first half to $35.7 billion compared to $29.8 billion in the same period last year.

***

Dubai-based Islamic mortgage lender Tamweel posted its second-biggest profit ever in the second-quarter, beating analysts' forecasts as its home loan business more than doubled.

The UAE's second-largest mortgage financer by market value posted a 47.4% jump in second-quarter profit to 57.53 million dirhams ($15.67 million), compared with 38.94 million dirhams in the year-earlier period.

First-half net profit after depositors' share was 108 million dirhams. The firm's first-quarter net profit was 50.47 million dirhams.

***

Shuaa Capital, the largest UAE investment bank by market value, said profit recovered in the first quarter from a stock market crash that had hurt its brokerage and asset management business.

Net income in the three months to June 30 rose to 75 million dirhams ($20.42 million), compared with 1.97 million dirhams in the year-earlier period, when profit tumbled 98% as investment banking and brokerage income slumped.

Dubai-based Shuaa's financial year begins on April 1.

Shuaa's assets under management grew 36% to 7 billion dirhams and operating costs jumped 267% to 40 million dirhams.

***

Egypt's El Sewedy Cables posted a 32% rise in consolidated net profit to 337 million Egyptian pounds ($59.65 million) in the first half of 2007.

Net profit in the year-ago period was 256 million pounds.

***

Qatar Gas Transport Company (Nakilat), a shipper of liquefied natural gas from the world's largest producer of the fuel, posted a record profit in the second quarter, up 37.4% year-on-year.

Net income in the three months to June 30 was 31.38 million riyals ($8.62 million).

First-half net profit was 54.4 million riyals, or 0.108 riyals per share, compared with 28.2 million riyals, or 0.102 riyals per share, in the year-earlier period.

The second quarter profit was the highest on record, according to data going back to the third quarter of 2005.

***

Global Investment House, Kuwait's largest investment bank by market value, boosted quarterly profit by 54%.

Global, which buys into companies via funds, said net profit surged to 24.2 million dinars ($85.69 million) in the three months to June 30, a record according to data going back to 2004.

Revenue rose to 73.5 million dinars in the first six months, up from 49.3 million dinars a year ago. Assets under management rose to 2.4 billion dinars, up from 1.9 billion dinars a year earlier.

Global said it was benefiting from its investments and expansion plans, and "remained on a high growth path".

***

Bank Dhofar, Oman's third-largest lender by market value, posted its second-biggest quarterly profit ever in the second quarter as lending grew and the bank set less money aside to provision for bad debt.

The lender made 4.96 million rials ($12.89 million) in the three months to June 30, up 20.4% from the 4.12 million rials it earned in the year-earlier period.

First-half net profit was 9.01 million rials, or 0.034 rials per share, compared with 7.79 million rials, or 0.029 rials per share, a year earlier.

Bank Dhofar made 4.12 million rials in the second quarter of 2006 and 4.05 million rials in the first quarter of this year.

Profit growth was partly helped by a 14.1% rise in net interest income in the quarter to 7.36 million rials.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.