Abu Dhabi Islamic Bank (ADIB), the emirate's biggest Sharia-compliant lender, and Abu Dhabi Commercial Bank said on Sunday that profits for the third quarter surged amid expectations of an improvement economic outlook.
ADIB's net profit for the three months ended September 30 rose 10.8 per cent to Dh563.9 million from Dh508.9m a year earlier, beating an average estimate of Dh531.6m from three analysts polled by Bloomberg.
The lender's revenue increased by 3.9 per cent to Dh1.42 billion from Dh1.36bn a year earlier, while its credit provisions and impairments fell 9.3 per cent to Dh242.7m from Dh267.7m.
“Notwithstanding the potential return of volatility in global financial markets and ongoing geopolitical concerns in multiple regions, we remain positive about the UAE’s economic outlook and will continue to invest in growing our market share in an increasing number of segments,” said Khamis Buharoon, ADIB’s vice chairman and acting chief executive.
“ADIB is well positioned to take advantage of opportunities that are expected to arise as the pace of economic diversification accelerates.”
_________________
Read more:
Mashreq Q3 profits up 35% on lower impairments
Moody's maintains stable outlook on UAE banking industry on back of 'economic resilience'
_________________
ADCB's third-quarter net profit rose 9 per cent to Dh1.09bn from Dh999m a year earlier, broadly in line with analysts' expectations, as it boosted net interest and Islamic financing income.
Three analysts polled by Bloomberg had forecast an average net profit of Dh1.05bn.
Operating income rose 9 per cent to Dh2.24bn from Dh2.07bn a year earlier.
Total net interest and Islamic financing income rose 10 per cent to Dh1.67bn from Dh1.52bn, while non-interest income increased 5 per cent to Dh569m from Dh541m.
“ADCB is well positioned to benefit from the long-term growth prospects of the UAE economy,” said Ala’a Eraiqat, chief executive of ADCB. “Our strategy is efficient, our business model is strong and we remain committed to deliver value for all our stakeholders.”
ADCB’s non-performing loans rose 10.7 per cent to Dh5.09bn at the end of September, compared with Dh4.6bn at the end of December last year.
Mashreq, the Dubai lender, said last week it posted a 35 per cent jump in third-quarter net profit to Dh561m, boosted by gains in net interest income, fees and commissions and a drop in money set aside to cover bad debt.
Bank profitability is expected to improve with the economic recovery and higher credit growth. Moody’s Investors Service is forecasting credit growth of 5 per cent for the UAE banking sector in 2018. That compares to 2 per cent in 2017, 5.8 per cent in 2016 and 8 per cent in 2015.
First Person
Richard Flanagan
Chatto & Windus
Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
COMPANY PROFILE
Non-oil%20trade
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
COMPANY%20PROFILE
Vikram%20Vedha
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Crisis in Lebanon
Sunniva Rose: People reminisce about war years during Ramadan
Massoud A Derhally: Central bank governor a saviour or scapegoat?
Bilal Saab: How the US can bypass Hezbollah and help the people
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
%20Ramez%20Gab%20Min%20El%20Akher
Company%20Profile
COMPANY PROFILE
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The%20specs
TALE OF THE TAPE
Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm
Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm
COMPANY%20PROFILE
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice.
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Scoreline:
Manchester City 1
Jesus 4'
Brighton 0
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Specs%20
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
FROM%20THE%20ASHES
The specs
Kanguva
COMPANY PROFILE
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
While you're here
Richard Heydarian: Across Asia there are crowds who can't get enough of Donald Trump
C Uday Bhaskar: The 'Asian Century' depends on China and India working together
Sholto Byrnes: Asia's bumpy trade routes are by no means dead-end streets
While you're here
Richard Heydarian: Decoding Asean's deliberate silence over the Myanmar coup
Kareem Shaheen: Our Myanmar reactions shaped by simplistic narratives
Sholto Byrnes: Washington tells South-East Asians to pick a side
If you go
While you're here
Nasser bin Nasser: Is US-China conflict in West Asia inevitable?
Sholto Byrnes: Time for an uninhibited China to lead Asia
Damien McElroy: BRI has changed the rules of the game
Wicked
Company%20Profile
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars