Mashreq, the Dubai-based lender, said its second quarter net profit advanced 3.4 per cent, boosted by gains in investment income and a decline in money set aside to cover bad debt.
Its net profit rose to Dh557 million in the three months ended June 30 compared with Dh539m in the corresponding period last year. The bank said investment income jumped 27.7 per cent to Dh39m from Dh30m in the same period last year.
The bank's second quarter profit beat the analyst estimate of Dh520m compiled by Bloomberg.
Meanwhile, impairment allowances fell 28 per cent to Dh341m compared with Dh472m in the second quarter of last year.
“Mashreq’s continued focus on business performance while remaining committed to our customers’ needs is evident in the financial results for the first half of 2017," said Abdul Aziz Al Ghurair, the bank's chief executive.
"Our perennial drive to deliver innovative solutions which exceed customer expectations is the reason we are able to achieve sustained performance, despite market slowdown and regional headwinds," he said.
UAE banks have been battling surging levels of bad debt since the price of oil crashed in 2014. Though in recent quarters, impairments at lenders have begun to subside amid the improving economy.
Last week, Fitch Ratings affirmed Mashreq's long-term issuer default rating at 'A' and upgraded the bank's Viability Rating to "bbb-" from "bb+". The Viability Rating reflects the bank's low risk appetite and improved asset quality owing mainly to the reduction of its small and medium enterprise lending book to Dh1 billion from Dh5.4bn since the beginning of last year.
Elsewhere, the National Bank of Fujairah (NBF) said its second quarter net profit increased 24.4 per cent to Dh155m compared to Dh125m in the same period last year, lifted both by interest from loans as well as fees and commissions. Net interest income and net income from Islamic financing and investment activities gained 9.2 per cent in the second quarter to Dh224m compared to Dh205m in the corresponding period last year.
The bank's provisions in the second quarter declined 12 per cent to Dh72m compared to Dh82m in the same period last year.
"NBF's strategy continues to revolve around client relationships, which is reflected in the segmented approach adopted by the bank to serve its customer needs with a dedicated focus," said Vince Cook, the bank's chief executive.
"This also helps in diversification and maintaining stable growth."
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Results
2pm Handicap (PA) Dh85,000 1,800m
Winner AF Al Baher, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm Maiden (TB) Dh75,000 1,400m
Winner Alla Mahlak, Fabrice Veron, Rashed Bouresly.
3pm Handicap (TB) Dh80,000 1,400m
Winner Davy Lamp, Adrie de Vries, Rashed Bouresly.
3.30pm Handicap (TB) Dh105,000 1,400m
Winner Ode To Autumn, Richard Mullen, Satish Seemar.
4pm Handicap (TB) Dh80,000 1,950m
Winner Arch Gold, Pat Dobbs, Doug Watson.
4.30pm Maiden (TB) Dh75,000 1,800m
Winner Meqdam, Pat Dobbs, Doug Watson.
5pm Handicap (TB) Dh90,000 1,800m
Winner Native Appeal, Sam Hitchcott, Doug Watson.
5.30pm Maiden (TB) Dh75,000 1,400m
Winner Amani Pico, Tadhg O’Shea, Satish Seemar
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
'Hocus%20Pocus%202'
%3Cp%3EDirector%3A%20Anne%20Fletcher%3Cbr%3E%3Cbr%3EStars%3A%20Bette%20Midler%2C%20Sarah%20Jessica%20Parker%2C%20Kathy%20Najimy%3Cbr%3E%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
Company%20Profile
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
