UAE bank shareholders are set to reap bumper dividends after the country’s biggest banks added billions of dirhams in fourth-quarter profits.
A slew of double-digit earnings increases from the UAE’s largest lenders has capped a year defined by rebounding consumer confidence, rising spending and surging property prices.
The Abu Dhabi-based lender First Gulf Bank said yesterday it planned to distribute a 100 per cent dividend, which translates to Dh1 a share, after its profit gained 15 per cent in 2013.
Dubai Islamic Bank, the country’s biggest Sharia-compliant lender, said that it would pay out a 25 fils per share dividend after its profit soared 42 per cent, the biggest gain of banks that have reported full-year earnings so far.
Both payouts are subject to shareholder and Central Bank approval.
First Gulf Bank reported a record net income of Dh4.77 billion in 2013 from Dh4.15 bn in 2012. Its dividend payout this year is up 20 per cent from last year’s 83 fils per share dividend, the bank said.
“While there is no doubt that the economic environment is improving, both in the domestic market and overseas, our continued focus remains primarily on balance sheet optimisation,’’ said Andre Sayegh, First Gulf’s chief executive. “In fact, we manage ratios with the objective of achieving best asset allocation while maintaining a strong liquidity position and strong capital base.”
Meanwhile, Dubai Islamic Bank said its full-year profit in 2013 was boosted by a rise in business activity and a decline in bad loans. Net income rose to Dh1.72bn from Dh1.21bn in 2012, the lender said.
The bank’s non-performing loan ratio declined to 11.1 per cent in 2013 from 12.9 per cent the previous year, it said. Customer deposits rose 18.6 per cent to Dh79.1bn at the end of 2013 from Dh66.7bn the previous year, it said.
“On the back of improved market conditions and focused strategy over the past few years, DIB has posted a strong performance in 2013 with solid financial results,” said Mohamed Ibrahim Al Shaibani, the chairman.
“The recent Expo 2020 win will provide a significant economic boost to all sectors across Dubai and the UAE and given the recent results, DIB is better positioned than ever to take advantage of the current positive market trends.”
Elsewhere, National Bank of Ras Al Khaimah, also known as RAKBank said its net income in 2013 was Dh1.43 billion, without giving a comparative figure for the previous year.
It said its income was bolstered after the lender’s Islamic finance division broke even ahead of target after its first year. RAKBank said its directors had recommended a cash dividend of 50 fils per share.
“We have seen solid growth in the balance sheet for most of the bank’s business lines,” said Peter England, RAKBank’s chief executive. “Fee income also grew very strongly for the year and costs were contained, further reducing our cost income ratio, all of which are very positive signs for the future.”
Net interest income and income from Islamic financing grew 5.5 per cent while loans and advances gained 8.5 per cent to Dh22.4bn, of which Dh1.2bn came from Islamic financing assets, RAKBank said. Non-interest income rose 20 per cent to Dh793.4 million thanks to a large contribution from investments, the bank added
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
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Nicki Minaj
(Young Money/Cash Money)
MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
SPECS
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Torque: 230Nm
Transmission: 6-speed automatic
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Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
SPECS
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Power: 268hp
Torque: 380Nm
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UAE medallists at Asian Games 2023
Gold
Magomedomar Magomedomarov – Judo – Men’s +100kg
Khaled Al Shehi – Jiu-jitsu – Men’s -62kg
Faisal Al Ketbi – Jiu-jitsu – Men’s -85kg
Asma Al Hosani – Jiu-jitsu – Women’s -52kg
Shamma Al Kalbani – Jiu-jitsu – Women’s -63kg
Silver
Omar Al Marzooqi – Equestrian – Individual showjumping
Bishrelt Khorloodoi – Judo – Women’s -52kg
Khalid Al Blooshi – Jiu-jitsu – Men’s -62kg
Mohamed Al Suwaidi – Jiu-jitsu – Men’s -69kg
Balqees Abdulla – Jiu-jitsu – Women’s -48kg
Bronze
Hawraa Alajmi – Karate – Women’s kumite -50kg
Ahmed Al Mansoori – Cycling – Men’s omnium
Abdullah Al Marri – Equestrian – Individual showjumping
Team UAE – Equestrian – Team showjumping
Dzhafar Kostoev – Judo – Men’s -100kg
Narmandakh Bayanmunkh – Judo – Men’s -66kg
Grigorian Aram – Judo – Men’s -90kg
Mahdi Al Awlaqi – Jiu-jitsu – Men’s -77kg
Saeed Al Kubaisi – Jiu-jitsu – Men’s -85kg
Shamsa Al Ameri – Jiu-jitsu – Women’s -57kg
Match info:
Portugal 1
Ronaldo (4')
Morocco 0