We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

Euro Zone woes deepen; Abu Dhabi banks in focus

Abu Dhabi

Abu Dhabi Commercial Bank reported a second-quarter profit of 733 million dirhams, topping forecasts after the lender took lower provisions


July 25, 2012 1:16 by

Renewed worries over the euro zone are likely to weigh on Gulf sentiment on Wednesday, while estimate-beating results by Abu Dhabi banks may do little to attract new buyers.

Asian shares are down as soaring borrowing costs deepened concerns Spain might need a bailout, while Greeceappeared unlikely to meet terms conditional to its aid package.

In the United Arab Emirates, Abu Dhabi Commercial Bank reported a second-quarter profit of 733 million dirhams ($199.6 million), topping forecasts after the lender took lower provisions.

National Bank of Abu Dhabi, the UAE’s largest lender by market value, reported a 2-percent rise in quarterly profit, meeting forecasts.

First Gulf Bank edged higher on Tuesday after it posted a 14 percent rise in second-quarter profit, beating expectations.

“Some banks are witnessing tighter margins due to the low interest rate environment, others are reducing loan loss provisions as a result of higher asset quality,” says Sleiman Aboulhosn, assistant fund manager at Al Masah Capital.

“Overall, I think the small earnings beat is unlikely to have a pronounced effect on stock prices this week. Volumes have plummeted as many investors are absent and the market lacks momentum, so we hesitate to day-trade in this environment.”

Trading slumps on Gulf markets in the summer as many participants escape the searing heat, while the Muslim holy month of Ramadan, which started on Thursday evening, exacerbates the lack of investor interest.

In Doha, Vodafone Qatar posted a narrower quarterly loss, beating an analyst forecast.

Brent crude slipped by 48 cents to $102.94 a barrel by 0537 GMT.


Tags: , , , , , ,

Leave a Comment