Search results for

Bank Muscat dominates the Omani banking market, and it appears unwilling to let go of that position. In 2007, the bank’s total shareholders’ equity doubled to $1.6 billion. Its total assets grew 40% to $11 billion. Its operating income grew 30% to $500 billion, and its net income grew by a quarter to $324 billion. In the first quarter of 2008, the bank’s profit rose almost 40%.

After being among the top performers of 2007, Asia-focused hedge funds are suffering this year. In 2007, the HFR Asia composite hedge fund index returned more than 17%, and the Asia ex-Japan index almost 40%. Year to end-May 2008, however, the Asia ex-Japan index is down almost 10%. If investors piled in based on past performance, they will now be kicking themselves.

Société Générale

FSA forces disclosure of significant short positions in companies undertaking rights issues while issuers look for a quicker route to market.

Barclays Capital

Butterfield Bank Group reported a 2008 first-quarter net income of $36.3 million, the second highest on record for the group and up 1.8% year on year. Total operating revenue grew year on year by $16.2 million, or 14.6%, to $127.1 million. The loan portfolio increased year on year by 11%, or $419 million, to $4.2 billion. This increase reflected increased loan demand across the banking group, in particular in Bermuda, up 15.8%, Barbados, up 11% and the Bahamas, up 104.3%. The group’s balance sheet remains highly liquid, with a loan to customer deposits ratio of 37.8% compared with 39.2% a year ago. Deposits with banks and investments increased year on year by 14% to $8.1 billion and amount to 62.9% of total assets.

RBS abandons project finance

Every cloud has a silver lining. With the international debt markets only now open to a select few Russian corporates, and with many Russian banks strapped for cash, there are plenty off opportunities for asset managers to lend to strong corporate credits at distressed debt-type margins.

Dealers crushed by shift in interest rate expectations as swap yield curves invert.

Merrill Lynch

The Euromoney Awards for excellence define banking excellence in global categories and across 110 individual countries. Over the years these awards have set the standards for banking and capital market excellence amongst the top ranking financial institutions around the world. Awards are based on outstanding performance, quality service, innovation and momentum.

Muslim Commercial Bank is again nominated best bank in Pakistan. Moreover, MCB has proven itself to be one of the best-performing banks in Asia, and garners our award this year for best overall regional bank in Asia. The award is well deserved. MCB posted a 26% rise in full-year 2007 profits, to PRs15.3 billion ($242 million). Analysts attribute the strong performance to an aggressive foray into consumer finance and low administrative charges. MCB is well placed geographically and financially. Its return on assets at March 31 2008 stood at 5.69% – one of the highest rates in the world – and its solid financial performance continued this year, with profit after tax rising to PRs4.1 billion in the first quarter of 2008, up more than 10%. MCB’s financials have hardly been ruffled by the challenging global environment. "Pakistan is very non-correlated to the US economy – rather, it is strongly connected to the Gulf region, which is driving the investment in Pakistan stocks," says a Hong Kong-based investment banker. "Moreover, Pakistan has one of the best and strongest banking sectors in the world, with MCB the strongest bank in the country. They’re a class act." MCB has been further boosted by the sale of a 15% stake to Maybank of Malaysia this year for $680 million. Maybank’s acquisition, at 5.1 times book, shows how highly MCB is valued – Maybank has the right to boost its stake to 20% by May 2009. The Pakistan bank said the alliance enabled Maybank to join forces with a lender with a strong consumer and Islamic banking franchise.