Saturday 15 August 2020

Bank ABC reports $67m loss due to provisions

Bank ABC (Arab Banking Corporation) today reported a net loss of $67 million attributable to the shareholders of the parent company for the first half of this year, due to an increase in loan loss provisions, largely related to a major fraud case and Covid-19 impact.  


Bank ABC Islamic posts $14.5m net profit

Bank ABC Islamic has announced that its net profit for the first half of 2020 was $14.5 million compared to $18.9 million reported in the first half of last year.   Total operating income rose to $23.4 million, 5% higher compared to the first six months of last


Global commercial insurance prices up19% in Q2

Global average commercial insurance prices increased 19% in the second quarter (Q2) of 2020, according to the Global Insurance Market Index released today by Marsh, a world-leading insurance broker and risk adviser. The increase, the largest since the index was launched in 2012,


Watania Takaful posts 136% surge in H1 net profit

UAE-based Watania Takaful said its net profit jumped to AED16.6 million ($4.5 million) during the first half of the year (H1) from AED7 million for the same period last year, marking a growth of 136%. The lockdown imposed on account of the pandemic saw significant reduction in ro


ADIB reports H1 net profit of $160 million

Abu Dhabi Islamic Bank (ADIB) has reported a net profit of AED587.6 million ($160 million) and AED2.5 billion in net revenue for the first half of the year (H1). Net revenue for H1 decreased to AED2,556.6 million from AED2,887.1 million in H1 2019, reported Emirates news agency


Shuaa Capital reports $44.6m net profit for H1

Shuaa Capital has reported a net profit of AED164 million ($44.6 million) and EBITDA at AED284 million during the first half (H1) of the year, the asset management and investment banking platform said. The company has also reported net profit attributable to shareholders of AED5


Govts, firms need to make changes to face new normal: experts

Firms and governments will need to make a lot of changes in their working to face the challenges and the 'new normal' brought by the Covid-19 pandemic impact, said leading experts and economists participating in an e-symposium.   Addressing the concludin


E-commerce services subject to VAT when used in UAE

The UAE’s Federal Tax Authority (FTA) has clarified in a guide issued to the e-commerce sector that Value Added Tax (VAT) is applied on e-commerce services upon their actual use or enjoyment in the UAE. Although many of the general rules of VAT apply to e-commerce, there ar


ENBD says digital banking services restored

Emirates NBD has announced that its teams have resolved issues arising from its core banking platform upgrade and have restored digital banking services across all channels as of Tuesday (Aug 11).     “As previously communicated, Emirates NBD has


HMD Global raises $230m from strategic partners

HMD Global, the home of Nokia phones, today said it has closed $230 million in the first closing of its current funding round from some of its top global strategic partners. The investment will further fuel HMD Global’s strategic vision in four key areas. Firstly, it will a

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