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UAE Banks See Costs Reduction in Q1 2010

United Arab Emirates : 02 May

Many banks in the United Arab Emirates are now concentrating on reducing their core cost levels through shrewder cost management and by implementing new strategies which will mean overall savings.

The Emirates National Bank in Dubai is an example of one bank who is implementing these types of cost saving measures. In 2009 they reduced their costs in relation to income levels, by one third in the first three months of 2009 and by almost 37% in the final three months of the year. The bank stated at the time that they were able to do this through careful cost management and through the integration of synergies while still maintaining investment in core areas such as technology and government investment.

The First Gulf Bank reduced their cost-to-income by almost 15% in the first quarter of 2010 and this was following through on cost reductions that were becoming apparent during the 2009 accounting period. They say they effectively managed their expenses for the period and their cost-to-income ratio is now the lowest in the banking industry.

While these banks may have been the leaders for the period every bank has undoubtedly seen some cost reduction during the past eighteen months, the Abu Dhabi Commercial Bank dropped its costs by 4%. ADCB also recorded a 26% increase in operating income for the period.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
01 May

Dubai World’s Revised Offer Leaves Lenders Dissatisfied

At present the Dubai World talks are still ongoing with the latest news indicating that they have now made a revised offer to lenders. However the banks involved still remain largely dissatisfied with the terms being offered analysts are stating.
The offer at present is for a 1% interest rate and another 1% of payment in [...]

30 April

Planned UAE Job Losses at Barclays Retail Banking

A recent statement from Barclays bank in the UAE has confirmed that there will be redundancies within their UAE branch as they now plan to downsize their retail banking division as part of their restructuring plan. They also said they now plan to concentrate more on their corporate and investment operations and did not release [...]

28 April

National Bank Abu Dhabi Performs Well in the First Quarter

The figures releases by the National Bank of Abu for the first three months of 2010 show an impressive rise of their net profits and they were recorded to be a third higher than they were for the same period in 2009. Their total assets are now at Dh201 billion which is 2% higher when [...]

27 April

Saudi Basic Industries Corp Exceeds Expected Profit Levels

Saudi Basics Industries Corp is the biggest petrochemical conglomerate in the world and they have just broken records concerning analyst predictions for their overall profits this year. Their profits are also expected to increase further during the course of this year.
The company is already anticipating that this year higher steel prices and new petrochemical units [...]

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