Iraq’s Central Bank will not remove three zeros from its currency, the dinar, a move it had said it wanted to implement in 2013.

The bank had drawn up plans to start replacing current banknotes with new ones, deleting three zeros and reducing the volume of dinars in circulation with each four billion dinars substituted by one billion dinars.

• Net profit of QR 131.5 million for the first quarter of 2013 is 8% higher than the same period of 2012
• Total assets at QR 34.4 billion, 28% higher than the first quarter of 2012
• Loans and advances grew by 8% during Q1 2013 and 20% comparing with Q1 2012 to reach QR 14Bn
• Net fee and commission income at QR 47.3 million, up 82% comparing with same period in 2012
• Earnings per share were at QR 0.37 by end of Q1 2013, 9% higher than the first quarter of 2012

al khaliji (KCBK),"...

Following the acquisition and integration of Nexar, Union Bancaire Privée, UBP SA has launched an alternatives division that offers clients broad alternative investment expertise, as well as innovative solutions. As part of this strategy, it has selected Guggenheim Fund Solutions (GFS) as its partner to provide clients with a state-of-the-art platform that combines carefully sourced, dynamic, high-potential hedge fund managers with a next-generation solution that delivers the transparency, governance, and structural"...

Business Momentum Continues

• Deposit Balances up 5 Percent From Q1-12 to $1.1 Trillion
• First-lien Mortgage Production up 57 Percent From Q1-12 to $24 Billion
• Global Wealth and Investment Management Reports Record Post-merger Revenue, Net Income and Long-term Assets Under Management Flows
• Consumer Credit Loss Rates Reaching Five-year Lows
• Commercial Loan Balances up 17 Percent From Q1-12 to $367 Billion
• Maintains No. 2 Ranking in Global Investment Bank Fees; up 26 Percent"...