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Arabtec, Dubai’s largest listed construction firm, said yesterday it had dropped plans for a second phase of a planned $1.3bn rights issue and capital hike, after reporting a jump in third-quarter net profit.
Arabtec, which is building a branch of France’s Louvre museum in Abu Dhabi, made a third-quarter net profit of Dh100.8mn ($27.4mn) compared with Dh35mn in the corresponding period in 2012, it said in a statement on Dubai’s bourse.
The earnings were well ahead of estimate by five analysts polled by Reuters who expected a quarterly profit of Dh64.9mn.
Arabtec said its board of directors had decided to cancel the phase 2 of its rights issue and capital increase due to a strong financial position reached by the company.
It had raised $653mn through a rights issue in July and planned to raise an equal amount in the second phase if needed.
CIB
CIB, Egypt’s biggest listed bank, said its third-quarter net income climbed 51% to 920mn Egyptian pounds ($133.55mn) versus the same period a year ago.
CIB also said its revenue for the quarter had climbed to 1.8bn pounds, a 24% year-on-year increase.
Deposits were 94.1bn pounds, 19% higher than at the end of 2012, the bank said. Its consolidated gross loan portfolio was 45.1bn pounds at the end of the quarter — 2% higher than at the end of 2012.
Net interest income generated 1.28bn pounds in the quarter, 24% higher than in the same period of 2012.
The consolidated gross loan-to-deposit ratio was 47.9% at the end of the quarter, down from 55.2% a year earlier.
Growth in the deposit base was “a key driver in the bank’s growing top line,” Chairman and Managing Director Hisham Ezz al-Arab said in a statement.
“Additionally, strong non-interest income performance compensated for the effects of a falling interest rate environment in the third-quarter,” he added.
Consolidated non-interest income was 520mn pounds in the quarter, an increase of 23% year-on-year.
Kuwait Finance House
Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported a 17% rise in third-quarter net profit yesterday, beating analyst estimates.
Net profit rose to 39.3mn Kuwaiti dinars ($138.6mn) from 33.7mn dinars in the same period a year ago, the lender said in a bourse filing. Five analysts in a Reuters survey had predicted 37.4mn dinars net profit on average for the quarter to the end of September.
Shuaa Capital
Shuaa Capital, the Dubai-based investment bank, reported a third-quarter net profit yesterday driven by growth in its core asset management and lending business. Shuaa made a net profit of Dh3.6mn ($980,100) in the third quarter compared with a loss of Dh13.9mn in the corresponding period in 2012. Revenue for the quarter was Dh54.8mn, up 57% from Dh34.9mn in the prior year period.
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