ID :
110844
Wed, 03/10/2010 - 14:18
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https://oananews.org//node/110844
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Emirates Industrial Bank reports Dh98.16 million net profit
Dubai, Mar 10, 2010 (WAM)- The Board of Directors of Emirates Industrial Bank in their meeting under the chairmanship of H.E. Obaid Humaid Al Tayer, State Minister for Financial Affairs approved the director's report on the bank's activities for the year ended 31/12/2009.
According to Mohamed Abdulbaki, the General Manager of the bank, the meeting held at the head office of the bank in Abu Dhabi commenced by approving the agenda and attesting the minutes and resolutions of the previous board meeting.
The board of directors reviewed the final accounts of the bank for the last year showing that bank reported a net profit of Dh98.16 million during the year 2009 compared with a net profit of Dh77.184 million during the year 2008 representing an annual growth of 27.18% . Furthermore, the board approved loans and facilities to several industrial projects operating in the sectors of metal works and furniture and wooden products.
In the field of financing, the Bank studied 34 industrial projects during the year, out of which 27 projects were approved to be financed, and these projects were granted loans and facilities with a total value of Dh274.50 million.
By adding the volume of finance in this year to the accumulated volume in previous years, the number of projects studied by the Bank reached to 871 projects, out of which 640 had been approved to be financed with a total value of Dh4860.09 million.
As for the volume of disbursed loans and facilities during 2009, it amounted to Dh331.52 million, compared to Dh447.82 million in 2008.
By adding the volume of disbursed loans and facilities in this year to the accumulated volume of the same in previous years, the total value of disbursed loans and facilities by the end of year 2009 reaches to Dh3572.00 million.
To follow up and ensure the safety of financial and managerial status of the projects financed by the Bank, EIB staff conducted many field visits to the sites of those projects.
By the end of 2009, the fully recovered loans and facilities were 309 loans with a value of Dh1575.31 million, inclusive of due administrative and banking fees, as most of the clients repaid the instalments of their loans and facilities on scheduled maturity dates, the report said.
Along with financing operations, the EIB displayed excellent performance in terms of conducting studies and researches and publishing data relevant to the economic and industrial development in the UAE and GCC countries. These research efforts contributed to the preparation of sectorial studies, and encouraged investment in industrial sector in particular and investment in other sectors in general.
In the same context, the Bank prepared 17 industrial profiles, which helped conduct feasibility studies for projects intended to be implemented by the private industrial sector in various Emirates of the UAE.
According to Mohamed Abdulbaki, the General Manager of the bank, the meeting held at the head office of the bank in Abu Dhabi commenced by approving the agenda and attesting the minutes and resolutions of the previous board meeting.
The board of directors reviewed the final accounts of the bank for the last year showing that bank reported a net profit of Dh98.16 million during the year 2009 compared with a net profit of Dh77.184 million during the year 2008 representing an annual growth of 27.18% . Furthermore, the board approved loans and facilities to several industrial projects operating in the sectors of metal works and furniture and wooden products.
In the field of financing, the Bank studied 34 industrial projects during the year, out of which 27 projects were approved to be financed, and these projects were granted loans and facilities with a total value of Dh274.50 million.
By adding the volume of finance in this year to the accumulated volume in previous years, the number of projects studied by the Bank reached to 871 projects, out of which 640 had been approved to be financed with a total value of Dh4860.09 million.
As for the volume of disbursed loans and facilities during 2009, it amounted to Dh331.52 million, compared to Dh447.82 million in 2008.
By adding the volume of disbursed loans and facilities in this year to the accumulated volume of the same in previous years, the total value of disbursed loans and facilities by the end of year 2009 reaches to Dh3572.00 million.
To follow up and ensure the safety of financial and managerial status of the projects financed by the Bank, EIB staff conducted many field visits to the sites of those projects.
By the end of 2009, the fully recovered loans and facilities were 309 loans with a value of Dh1575.31 million, inclusive of due administrative and banking fees, as most of the clients repaid the instalments of their loans and facilities on scheduled maturity dates, the report said.
Along with financing operations, the EIB displayed excellent performance in terms of conducting studies and researches and publishing data relevant to the economic and industrial development in the UAE and GCC countries. These research efforts contributed to the preparation of sectorial studies, and encouraged investment in industrial sector in particular and investment in other sectors in general.
In the same context, the Bank prepared 17 industrial profiles, which helped conduct feasibility studies for projects intended to be implemented by the private industrial sector in various Emirates of the UAE.
