Dubai Islamic Bank Q4 net profit rises 58.4 per cent

Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant lender, posted a 58.4 percent increase in fourth-quarter net profit on Wednesday, beating analysts’ forecasts by a considerable margin. The bank made AED1.37 billion ($373 ... ( read original story ...)

Mashreq Bank posts $520m profit

Dubai-based Mashreq Bank reported a net profit of Dh1.9 billion ($520 million) for the year ending on December 31, 2016. Witnessing a stable growth, Mashreq’s operating income rose 3.2 per cent year-on-year to Dh6.2 billion driven by strong growth in net ... ( read original story ...)

Dubai Islamic Bank profit up 6pc to $1.1bn

Dubai Islamic Bank (DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, posted a net profit of Dh4.05 billion ($1.10 billion) for the year ended December 31, 2016, up 6 per cent compared with Dh3.839 billion ... ( read original story ...)

Higher provisions weigh on Mashreq in fourth quarter

Mr. Al Ghurair, who is also the head of the UAE Banks Federation, said in November that banking sector profits may fall between 10 and 20 per cent in 2016 versus 2015 as a slowing economy takes its toll on loan growth. ( read original story ...)

Dubai Islamic Bank 2016 net profit rises 6%, beats forecasts

Dubai: Dubai Islamic Bank (DIB) said on Wednesday its 2016 net profit rose 6 per cent, beating analysts expectations. The company said it saw robust growth in profitability despite slow economic environment even as impairment losses declined. The bank ... ( read original story ...)

Dubai-based deVere Group buys private bank in the Caribbean

DeVere Group, a global financial advisory company, said it has expanded into private banking by buying St Lucia-based Arton Bank. The Dubai company, which has been beefing up its presence in the Arabian Gulf in recent years, will be wading into a crowded ... ( read original story ...)

Dubai emerges as new Asia finance hub, DFSA says

Dubai: Dubai Financial Services Authority (DFSA) chairman Saeb Eigner said Chinese, Japanese and Indian banks topped the asset lists at Dubai International Finance Centre (DIFC), marking a shift in global trade to Asia. Speaking at the Asian Financial ... ( read original story ...)

Hedge funds make record bet on rising oil price

However, despite the lack of headline price movement, the Financial Times reports hedge funds and other institutional investors ... a fuel broker at Freight Investor Services in Dubai, told Reuters. Crude futures have fallen five per cent since their ... ( read original story ...)

UAE Bank Going Digital-Only

The Commercial Bank of Dubai will soon launch CBD NOW, the UAE’s first digital-only bank. The new bank is based entirely online and will offer all the services a regular bank does, such as current accounts, saving accounts and credit card accounts. ( read original story ...)