iPhone | iPad
Android
Huawei
The bombing has killed more than 1,110 people and displaced up to one million in Lebanon, according to official figures
KT APPDOWNLOAD
Banks’ Profits Lift DFM 3-week High
DUBAI — Dubai stocks climbed to the highest in three weeks after fourth-quarter earnings at the Emirates NBD PJSC and Dubai Islamic Bank PJSC, surged. Qatar shares gained the most this year.
Emirates NBD jumped after quarterly profit soared more than 10-fold and Dubai Islamic Bank surged 5.2 per cent. That pushed the DFM General Index up 2.2 per cent, the biggest increase since Jan. 20 and the biggest gain among global benchmark indexes tracked by Bloomberg. The measure advanced 0.8 per cent this week, closing at 1,676.2. Qatar’s Doha Securities Market Index rose 1.6 per cent, the most since Dec. 14, as the prime minister said the budget for the next fiscal year will be “much larger” and the nation “stands by” its publicly listed companies.
The earnings are “an indication that the banking sector has reached a bottom both in terms of provisioning and operating profit, so the outlook now looks a lot healthier,” said Rabih Sultani, a fund manager at Duet Mena Ltd., a unit of Duet Group, which oversees $2.1 billion.
UAE banks are setting aside more cash to cover losses after the credit meltdown slowed lending, hurt investment banking income and led to a rise in bad loans.
National Bank of Abu Dhabi PJSC fell 13 per cent in the last quarter of 2009, while losses widened at Abu Dhabi Commercial Bank PJSC, because of loan provisions.
Emirates NBD climbed 4.7 per cent, the most since Dec. 30, to Dh2.68. The United Arab Emirates’ largest bank posted fourth-quarter profit of Dh178.8 million $49 million) compared with Dh15 million a year earlier.
The bank’s provisions for bad loans for the year more than doubled to Dh3.63 billion.
Dubai Islamic Bank, the UAE’s biggest Islamic lender, advanced to Dh2.44. Fourth-quarter profit increased to Dh79.1 million from Dh1.44 million in the year- earlier period, according to Bloomberg calculations based on full-year results. Provisions for the year rose 57 per cent to Dh818 million.
Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber Al Thani said the government’s budget for the 2010-11 fiscal year will be “much larger” than the last one as the country seeks to continue infrastructure projects. The state’s budget for fiscal 2009-10 was 94.5 billion riyals ($26 billion).
Emaar Properties PJSC, the UAE’s largest real-estate developer, added 3.2 per cent, the most since Feb. 1, to Dh3.23, before reporting earnings after markets closed. The builder of the world’s tallest skyscraper in Dubai posted a fourth-quarter profit of Dh720 million ($196 million), beating estimates as revenue from its malls and hotels grew.
Abu Dhabi’s ADX General Index rose 0.7 per cent, the Kuwait Stock Exchange Index increased 0.1 per cent and Oman’s Muscat Securities Market 30 Index gained 0.5 per cent. The Bahrain All Share Index fell 0.4 per cent. Saudi Arabia’s market is closed for the weekend. —
More news from
Updated rules have been issued for these commuters as experts call for safer batteries to avoid the risk of spontaneous combustion on trains
Both parties also confirmed their shared commitment to improving cooperation in artificial intelligence, especially after the President's recent historic visit to the US
Only 12 out of 120 players completed their rounds as Japan’s Rintaro Nakano held the lead at seven under par
The IHW Summit recognised Dr Khorakiwala’s extraordinary contributions to transforming healthcare in India and on a global scale
The Triangulum Galaxy is the third largest in our local group, right behind the Milky Way and Andromeda
The event promises to bring a unique blend of traditional