Iraq oil exports rise to 2.359 m bpd in January

Updated 03 February 2013
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Iraq oil exports rise to 2.359 m bpd in January

BAGHDAD: Iraq’s oil exports climbed to 2.359 million barrels per day (bpd) in January from 2.340 million bpd the previous month, oil ministry officials said.
Iraq shipped 2.095 million bpd from the southern oil hub of Basra and 264,000 bpd from the northern fields around Kirkuk, including 11,000 barrels trucked to Jordan, they said.
Slowing exports from the Kurdish region and repeated attacks on the major export line to Ceyhan port in Turkey have significantly reduced Iraq’s shipments from the north.
The Kurdish Regional Government (KRG) and the central government in Baghdad have been locked in a lengthy dispute over oil payments to producers in the Kurdish area.
The dispute was further aggravated at the start of January with the beginning of independent crude oil exports by the KRG via truck to Turkey, a blow to Baghdad’s claim to full control over Iraqi oil.
Iraq’s January crude shipments from the southern oilfields were higher by around 75,000 bpd compared to previous monthlevels of 2.02 million bpd.
Iraq has set a target to export around 2.2 million bpd from the south, but bad weather and maintenance work at Iraq’s giant Rumaila oilfield have disrupted exports, oil officials said.
OPEC member Iraq has the world’s fourth-largest oil reserves and is targeting exports of 6 million bpd by 2017.


Emirates NBD Q2 profit surges 30 pct as net interest income rises

Updated 18 July 2018
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Emirates NBD Q2 profit surges 30 pct as net interest income rises

  • Emirates NBD made a net profit of $716.1 million in the three months to June 30
  • Bank expanded its international operations in May by agreeing to buy Turkey’s Denizbank from Russia’s state-owned Sberbank for $3.2 billion

DUBAI: Emirates NBD (ENBD), Dubai’s largest lender, posted a 30 percent rise in second-quarter net profit on Wednesday, boosted by a climb in net interest income and a drop in provisions to cover bad loans.

The bank made a net profit of 2.63 billion dirhams ($716.1 million) in the three months to June 30, it said in a statement, compared with 2.02 billion dirhams in the corresponding period of 2017.

That was ahead of two analysts’ forecasts. SICO Bahrain forecast the bank would make a net profit for the quarter of 2.31 billion dirhams, while EFG Hermes expected a profit of 2.14 billion dirhams.

Banks in the United Arab Emirates are expected to benefit this year as economic growth recovers and investment in infrastructure picks up ahead of Dubai’s hosting of the World Expo in 2020.

Emirates NBD, 55.6-percent owned by state fund Investment Corp, was boosted by a 20 percent rise in net interest income to 3.25 billion dirhams compared with the same period a year earlier. — Reuters

That helped offset a 3 percent dip in non-interest income to 1.10 billion dirhams as income from investment securities dropped.

Reflecting improved economic conditions, provisions for bad loans eased by 49 percent to 315 million dirhams.

With existing overseas operations in several countries including Egypt, India, Saudi Arabia, Singapore, Britain, Indonesia and China, Emirates NBD expanded its international operations in May by agreeing to buy Turkey’s Denizbank from Russia’s state-owned Sberbank for $3.2 billion.

The bank said a 21 percent increase in costs during the quarter was due to higher staff and IT costs related to its digital and technology transformation, as well as higher costs related to international branch expansion.

The bank’s loan and deposit portfolio increased marginally at the end of June. Loans rose by 4 percent to 316.4 billion dirhams, while deposits increased by 3 percent 335 billion dirhams.