24-04-2004
NBAD reports record Q1 profit of Dh216m
ABU DHABI - The National Bank of of Abu Dhabi (NBAD) achieved an all-time record net profit of Dh216 million for the first quarter of this year, representing a 21 per cent increase over the corresponding period for the last year, with the annualised earning per share scaling up to Dh9.19, also a 21 per cent rise over the previous Dh7.61. The return on equity went up to 19.2 per cent from the earlier 18.8 per cent for the corresponding quarter. "NBAD's first quarter performance demonstrates its commitment to focus on the customer, develop people and reward shareholders," said Michael Tomalin, Chief Executive of the bank. The bank's strong growth of 18 per cent in operating income reflects increased customer volumes while maintaining credit quality and cost-to-income ratio, he said. Domestic business record improved over last year with profits up 13 per cent. International banking profits went up 26 per cent, driven by emerging markets and regional syndication business in Abu Dhabi. Investment banking performance was up 9 per cent. Operating income rose 18 per cent to Dh341 million while cost income ratio improved marginally from 32.4 per cent to 32 per cent. "Looking ahead, we propose to manage with a cost income ratio between 30 and 35 per cent," Mr Tomalin said. Business volumes continued to grow with total assets reaching Dh47 billion, 20 per cent higher than the year-ago figure. The bank's business excellence initiatives also received formal recognition with its winning the Dubai Quality Award.

18-04-2004
Union National Bank first quarter Net Profit surged 15.2 % to reach AED 105.14 Million compared to AED 91.26 Million of last year’s quarter

Union National Bank is relentlessly continuing to grow, and has posted Net Profit for the first quarter of 2004 of AED 105.14 million being an increase of 15.21% against profits for the same period last year. UNB’s Loans and Advances rose from AED 9.43 billion as at March 2003 to reach AED 10.33 billion as at March 2004, demonstrating a growth of 9.56%. The total assets of the Bank surged from AED 13.23 billion for the first quarter 2003 to AED 15.68 billion for the same period in 2004, being an increase of 18.5%. Customer Deposits increased by 21.47% period on period, to reach AED 12.24 billion from AED 10.07 billion. Operating expenses were reduced by 1.7% on a period-to-period basis reflecting the Bank’s efforts to contain costs, whilst optimising efficiencies and pursuing growth. In its endeavour to achieve its mission, UNB have refurbished/relocated several of its branches, the latest being its Khalidya branch in Abu Dhabi which opened its new location early last quarter, and Ras Al Khaimah branch, which was recently inaugurated. Work is also currently ongoing on UNB’s new Shahama and Al Dhafra buildings which are scheduled to open shortly, and final preparations are also underway at the new Habshan Pay Office located within the GASCO compound, to provide a convenient service to customers within that area. UNB also began offering more services online by placing applications for some services and products such as “Al Awal” certificates, fixed deposits and loan postponement, on its web site ‘www.unb.com’. This move was designed to help customers to apply for these specific products from the comfort of their home or office, and in turn reduce time spent in accessing branches. A number of new innovative products were also introduced by the Bank last quarter, including the “UAE Loan” which is a revised and further enhanced version of its “Al Bedaya Loan” to serve UAE nationals. UNB introduced two new loan packages specifically tailored to the employees of the Abu Dhabi Police Department and Ministry of Interior. In promoting its very successful “Al Awal” certificate, UNB offered holders of these certificates a free pre approved Visa Card. A special draw for Al Awal certificate holders has been announced which gave a holder a chance of winning 1000 times the certificate value, and a future draw for AED 1 million to be won by one winner. UNB continued with its highly successful IGN investment series by launching its IGN 10, 11, 12 and 13 last quarter. The continued success of this offering is a testament to the quality of the products introduced in the market. The Bank also increased its market penetration in Corporate Banking in the first quarter and took on board various large projects like Emirates CMS Power syndication and provided construction finance to contractors in prestigious contracts like Abu Dhabi Grand Mosque and the Jumeirah Beach Residence. As part of its involvement in community events, UNB was a Platinum sponsor of the “Largest Human Flag” event which was held in Abu Dhabi and hosted by the Higher Colleges of Technology. The Bank also took a part in this year’s Terry Fox run held in Abu Dhabi. UNB was also one of the sponsors of the new and unique “World Sand Golf Tournament”. This Pro-Am golfing event was held at the Ghazal Golf Course and was hosted by his Excellency Shiekh Hamdan Bin Mubarak Al Nahyan.

08-04-2004
OASIS LEASING SIGNS $52.5m CREDIT FACILITY
Oasis International Leasing Company has signed a US $52.5 million revolving credit facility with a consortium of banks, led by Mandated Lead Arranger, HSBC. It will be used to provide short to medium term funding for the Abu Dhabi based big ticket leasing company. Lead Arranger on the transaction is German transportation bank Deutsche VerkehrsBank AG, with Emirates Bank International acting as Co-Arranger and First Gulf Bank and Persia International Bank as Senior Lead Managers. This agreement is a significant vote of confidence in Oasis Leasing by a consortium of leading international and regional banks, said Gordon Dixon, CEO, Oasis Leasing. It will enable us to refinance debt maturities, associated with three of our leased aircraft, as well as provide some new money which can be used to further grow our asset base. The deal was signed in Abu Dhabi by Oasis Leasings Chairman Mohammed Saif Al Mazrouei and by Abdul Jalil Yousuf Darwish, Vice-Chairman, HSBC Bank Middle East. We have developed a significant relationship with Oasis International Leasing and we are proud to have acted as lead arranger of their first corporate loan facility, said Darwish The fact that the facility has been oversubscribed in general syndication demonstrates the support for this important UAE Offsets company in the local and international finance markets. With the flexibility that this facility provides, Oasis Leasing will be able to capitalise on opportunities in the leasing market, for the benefit of both the company and its shareholders, said Darwish. Todays announcement comes a week after Oasis Leasing unveiled a substantial increase in its Risk Adjusted Lease Book (RALB) – the present value of contracted lease revenues – in 2002. Year-end figures show that the company added US $53.2 million to the key performance indicator, bringing the total to US $227 million. In its annual financial report, Oasis Leasing also recorded revenues of US $53.7 million, representing a 24% growth rate over the five years since it first began reporting in 1998.

09-04-2004
Listing of Union Insurance Company at ADSM
On Sunday, 11 April 2004, Union Insurance Company ( UIC) was listed in Abu Dhabi Securities Market. An official ceremony was held to mark the occasion. UIC is the first company from Ajman to be listed. The ceremony was also attended, from the Market’s side, by H.E Nazar Ahmed Al Obeidly, Acting Director General , Mr. Rashid Al Baloushi, Manager, Clearing & Depository Dept. and Mr. Khalid Khalfan Al Suwaidi, Acting Manager of Listed Companies Department, and from the Union Insurance Company side: by Mr. Wamidh Al Jarrah, General Manager, Mr.Abd El Salam Mahmoud, legal Advisor. The ceremony’s functions included a tour around the Market’s facilities during which attendees were introduced to the Market’s operation systems and mechanisms and were shown the trading hall and the electronic boards which display trading information, and were briefed on the nature of those displayed information. The attendees were also briefed on the Market’s established rules and procedures for listing public shareholding companies at the Market. ADSM Executive advised that listing of Union Insurance Company comes within a framework of continued efforts by The Abu Dhabi Securities Market to attract companies from Ajman to list in the Market, in an attempt to strenght the Market’s contribution to the national economy and create more investment opportunities, and in order to help achieve objectives, such as protection of investor, full disclosure on positions of listed companies, and appropriate mechanisms for fair pricing of securities. ADSM further added that listing of Union Insurance Company brings the total number of public shareholding companies listed in Abu Dhabi Securities Market to 33.