Abu Dhabi banks post 30.83 billion dirhams in aggregate earnings for 2017

First Abu Dhabi Bank was formed with the merger of First Gulf Bank and National Bank of Abu Dhabi on April 1, 2017.
Updated 14 March 2018
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Abu Dhabi banks post 30.83 billion dirhams in aggregate earnings for 2017

DUBAI: Abu Dhabi banks recorded 30.83 billion dirhams worth of earnings in 2017, data recently released by Statistics Center-Abu Dhabi (SCAD) show.
The earnings of commercial banks headquartered in the capital reached 25.53 billion dirhams, accounting for 82.8 percent of the total, while Islamic lenders contributed the rest.
The government statistical agency said the figures were gathered “to identify the characteristics of banking activities in the emirate,” with the information being used “to support the development of the banking and investment sectors in the capital.”
Abu Dhabi banks reported the best performance during the last quarter to the year, with the combined net earnings of 7.82 billion dirhams during about 1.25 percent higher compared with the 7.73 billion dirhams earning during the previous quarter.


Oil jumps as market tightens, more gains seen

Updated 24 September 2018
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Oil jumps as market tightens, more gains seen

  • Brent crude hit its highest since May at $80.47 per barrel
  • Commodity traders Trafigura and Mercuria said that Brent could rise to $90 per barrel by Christmas

LONDON: Oil prices rose 2 percent on Monday as US sanctions restricted Iranian crude exports, tightening global supply, with some traders forecasting a spike in crude to as much as $100 per barrel.
Brent crude hit its highest since May at $80.47 per barrel, up $1.63 or more than 2 percent, before easing back slightly to around $80.40 by 0730 GMT. US light crude was $1.18 higher at $71.96.
US commercial crude oil inventories are at their lowest since early 2015 and although US oil production is near a record high of 11 million barrels per day (bpd), subdued US drilling activity points toward a slowdown in output.
Commodity traders Trafigura and Mercuria said on Monday that Brent could rise to $90 per barrel by Christmas and pass $100 in early 2019, as markets tighten once US sanctions against Iran are fully implemented from November.
J.P. Morgan says US sanctions on Iran could lead to a loss of 1.5 million bpd, while Mercuria warned that as much as 2 million bpd could be knocked out of the market.
The Organization of the Petroleum Exporting Countries as well as top producer Russia are discussing raising output to counter falling supply from Iran, although no decision has been made public yet.
OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday ruled out any immediate extra increase in output, effectively rebuffing a call by US President Donald Trump for action to cool the market.
“I do not influence prices,” Saudi Energy Minister Khalid Al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.
A source familiar with OPEC discussions told Reuters on Friday that OPEC and other producers have been discussing the possibility of raising output by 500,000 bpd.
“We expect that those OPEC countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels,” said Edward Bell, commodity analyst at Emirates NBD bank.
JP Morgan said in its latest market outlook, published on Friday, that “a spike to $90 per barrel is likely” for oil prices in the coming months due to the Iran sanctions.
Struggling with high crude prices and a weak rupee, Indian refiners are preparing to cut back crude imports.