Thursday 31 July 2014

Emirates NBD trims loan growth forecast

Emirates NBD trimmed its 2014 loan growth forecast but raised its expectations for how much lending would earn it this year after reporting an estimate-beating 34.8 percent jump in second-quarter net profit. Dubai's largest lender expects to see its lending grow by 4 to 5 per


Gold falls below $1,300 as equities gain

Gold broke below the key psychological level of $1,300 an ounce on Thursday as safe-haven demand for the metal eased due to rising Asian equities and strong Chinese manufacturing data. Physical demand in the region, however, increased slightly on the lower prices, with premiums i


Sama issues new currency worth $266m

The Saudi Arabian Monetary Agency (Sama) has issued new Saudi riyal currencies worth SR1 billion ($266.6 million) to meet growing demand during Eid Al-Fitr, said a report.   The newly issued currencies are availbale at Sama&


Finance House profit increases 8pc in H1

Finance House (FH) has registered a net profit of Dh61.2 million for the six months ended June 30, an increase of 8.3 per cent compared to Dh56.5 Million in the corresponding period last year.   The net fee and commission in


RakBank in talks to acquire Rak National Insurance

UAE-based National Bank of Ras Al Khaimah said on Thursday it was looking to acquire a majority stake in a listed insurance company in the emirate, a rare example of a takeover attempt involving two public UAE firms.   RakBa


Emirates NBD H1 profits surge 30pc to $640m

Emirates NBD, the largest bank in the UAE by total income and branch network, today reported a net profit growth of 30 per cent year on year for the first half to Dh2.350 billion ($639.7 million). The strong operating performance was helped by solid revenue growth in both Retail


AFS launches new products for banks

Arab Financial Services (AFS), a regional payment processor, has launched three new products that will be offered to all member banks.   The products will improve the current value proposition that the member banks can offer


BNH net profit surges 23.2pc to $6.15m

Bahrain National Holding (BNH) has reported 23.2 per cent rise in consolidated net profit at BD2.34 million ($6.15 million) for the six months ended June 30 when compared with BD1.9 million for the same period last year.   B


Commercial Bank of Qatar net profit dips 3pc

Commercial Bank of Qatar (CBQ) suffered a three per cent decline in second-quarter net profit, Reuters calculations based on half-year figures from the bank showed on Wednesday, as higher costs and provisions overshadowed strong loan growth.


Saudi state investment fund to set up new firms

Saudi Arabia's Public Investment Fund (PIF) aims to establish companies in areas including housing, petrochemicals and technology as it expands its investments locally and overseas, Finance Minister Ibrahim Al-Assaf said. His statement, quoted on Wednesday by the Al-Sharq Al-

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