The ADX Abu Dhabi Securities Exchange, where ADIB and FAB banks are listed. The two banks reported net profit increases for Q3 2018. Reuters
The ADX Abu Dhabi Securities Exchange, where ADIB and FAB banks are listed. The two banks reported net profit increases for Q3 2018. Reuters

FAB posts 16% profit rise as it pursues overseas expansion



First Abu Dhabi Bank, the UAE’s largest bank by assets, reported a 16 per cent increase in third quarter net profit with loans and deposits up amid plans to increase its presence overseas.

FAB, which was formed by the merger of National Bank of Abu Dhabi and First Gulf Bank last year, reported group net profit of Dh3 billion, exceeding the average estimate of Dh2.95bn of analysts polled by Bloomberg.

Net fees and commissions grew 7 per cent on the year-earlier period, while net loans and advances for the period were up 3 per cent and 8 per cent year-onyear respectively, led by “sustained momentum in corporate and investment banking”, the lender said.

“FAB’s performance demonstrates the fundamental strength of the bank, as we grew our franchise and cemented our position as the UAE’s largest listed company by market capitalisation,” said Abdulhamid Saeed, group chief executive of FAB.

The lender continues to grow its banking offerings in Egypt and this year completed its first debt capital markets transaction in Saudi Arabia. It plans to ramp up its overseas activities, Mr Saeed said.

“Our business expansion strategy continues to show promise as the bank manoeuvers to take advantage of growth opportunities abroad. We are confident that our expansion plans will enhance our regional presence,” he said.

Meanwhile, Abu Dhabi Islamic Bank, the emirate’s biggest Sharia-compliant lender, posted a 4.5 per cent net profit rise in the third quarter of 2018, as credit provisions and impairments improved and the UAE economy lifted, the bank said.

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Group net profit increased to Dh589.5 million from a year earlier, while group net revenues rose slightly (0.2 per cent) to Dh1.4 billion. The results beat the Dh541.5m median estimate of analysts polled by Bloomberg.

“ADIB has continued to deliver consistent growth across the business…reflecting the continued success of our growth strategy,” said Khamis Buharoon, ADIB’s vice-chairman and acting chief executive.

“The UAE economy has proven resilient in recent years, and the ongoing investment in diversification will provide opportunity for ADIB to develop all its corporate and retail banking businesses in the coming years.”

Credit provisions and impairments for the quarter dropped by 29.2 per cent to Dh171.7m, while customer deposits decreased slightly by 0.6 per cent to Dh98.5bn.

ADIB’s total assets as of September 30 were Dh124.3bn, a 2.5 per cent increase on the year-earlier period. It maintained its position as “one of the most liquid financial institutions in the UAE”, the statement said, with a 79.6 per cent ratio of customer financing to deposits.

Earlier this summer ADIB shareholders approved a Dh1bn rights issue and the issuance of a Dh2.75bn sukuk, in line with its growth strategy.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Types of fraud

Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

* Nada El Sawy

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

Copa del Rey

Semi-final, first leg

Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')

Second leg, February 27

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
The Abu Dhabi Awards explained:

What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.

Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.

When do nominations close? The process concludes on December 31.

How do I nominate someone? Through the website.

When is the ceremony? The awards event will take place early next year.

While you're here
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.