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QNB, Dubai Islamic Bank Q3 profits up; Saudi insurers face tougher rules


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QNB, Dubai Islamic Bank Q3 profits up; Saudi insurers face tougher rules


* Qatar National Bank (QPSC) reported third-quarter net profit attributable to equity holders of nearly 3.60 billion Qatari riyals, up year over year from 3.41 billion riyals. Profit for the nine months to Sept. 30 rose to 10.25 billion riyals from 9.65 billion riyals in the same period in 2016. A spokesman for QNB said the bank is not selling its stake in United Arab Emirates-based Commercial Bank International PSC, according to Reuters.

* Dubai Islamic Bank (PJSC) reported third-quarter net profit attributable to owners of 1.11 billion United Arab Emirates dirhams, up from 876.3 million dirhams a year ago.

* Abu Dhabi Commercial Bank PJSC hired ANZ and Nomura for a potential Australian dollar-denominated multitranche bond, which could be launched in the near future, Reuters reported.

* ABN AMRO Group NV intends to hire more people at its Dubai hub as part of plans to expand its presence in the Middle East and North Africa, The National reported. The Netherlands-based lender also plans to secure an equity capital markets advisory license to offer pre-IPO services to its clients in the region.

* The Saudi Arabian Monetary Authority plans to introduce a new, more stringent supervisory framework for insurance companies in the country in the coming months, forcing them to significantly increase capital and improve internal risk controls, insiders told Reuters. The move is said to be aimed at triggering consolidation in the insurance sector.

* Shady al-Mahameed, MEDGULF Cooperative Insurance and Reinsurance Co.'s general manager, said the Saudi insurer has started operations in the UAE, Argaam reported, citing Emirati daily Al Khaleej. MedGulf will initially provide health insurance products in the UAE and is in discussions with authorities to provide other insurance services.

* United Cooperative Assurance Co.'s board accepted the resignation of CEO Mishaal Afif, with effect from Nov. 1, Argaam reported.

* Banque Saudi Fransi's board appointed an independent team to investigate employees' incentives violations and identify those responsible, according to Argaam. The Saudi Arabian Monetary Authority said it will closely monitor measures taken by the lender to investigate inefficiencies in the application of sound governance and monitoring policy.

* Saman Bank (PJSC), Parsian Bank and Bank Pasargad Plc plan to open branches in India, the Financial Tribune reported.

* Banque Marocaine du Commerce Extérieur SA is expected to open a representative office in the Dubai International Financial Centre by year-end, after receiving permission from the Dubai Financial Services Authority, according to Financial Afrik. BMCE would be the third Moroccan bank to set up operations in the UAE, after Attijariwafa Bank SA and Banque Centrale Populaire.

* Al Akhdar Bank, a new Moroccan Islamic bank, will be launched Oct. 16, Financial Afrik wrote. Groupe Crédit Agricole du Maroc will hold 51% of the Islamic bank's capital, while the rest will be owned by the Saudi Arabia-based Islamic Development Bank.

* The Central Bank of Sudan said two local lenders received international transfers in U.S. dollars, marking the first foreign-currency inflows into Sudan in 20 years after the U.S. recently lifted economic sanctions on the war-torn African country, Reuters wrote.

* Moody's said the outlook on the Egyptian banking system is stable, as economic growth picks up, loan performance remains broadly resilient and banks benefit from a stable deposit base.

* Commercial International Bank (Egypt) SAE has joined as a member of blockchain consortium R3.


* Kenya's Independent Electoral and Boundaries Commission said the country's presidential election re-run set for Oct. 26 will proceed as planned, Bloomberg News reported, noting that opposition leader Raila Odinga announced Oct. 10 his withdrawal from the election but has not yet filled out the necessary forms to formally withdraw.


* Willem Roos resigned as CEO of OUTsurance Holdings Ltd., effective from Dec. 31, to take up an executive position with 4G+ mobile startup business Rain. Rand Merchant Investment Managers CEO Chris Meyer will also step down from his post, with effect from Dec. 31. The two companies are units of Rand Merchant Investment Holdings Ltd.

* The South African Reserve Bank is investigating India-based Bank of Baroda over money held for companies controlled by the controversial Gupta family, who are friends with President Jacob Zuma, an insider told Bloomberg News.

* The Democratic Republic of the Congo's electoral commission said the country's elections, originally set for November 2016, cannot be held before April 2019, as it would need at least 504 days to organize the polls once the registration of voters is completed, Reuters reported.


Asia-Pacific: China bans 5 insurers from funding parents; AMP Capital to revamp equities biz

Europe: Capital rules compromise; Santander ups ROE target; Italy bad loans decrease

Latin America: Argentina holds benchmark rate; Brazil justifies bank bail-out bill

North America: JPMorgan to launch European ETFs; Blackrock's Q3 revenue up 14% YOY

North America Insurance: Bermuda insurers may fund 25% of hurricane loss; Oregon, Zoom Health settle suit

Leo Magno, Pádraig Belton and Mariana Aldano contributed to this report.

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