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United Arab Bank reports net profit of $18 million for Q1United Arab Bank has announced its financial results for the three months ended March 31, 2024, reporting a net profit after tax of AED68 million ($18 million) for the first three months in 2024 as compared to net profit of AED55 million for the first three months in 2023, a report said. More… |
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Aggregate gross loans in GCC hit $2trn: Kamco InvestOutstanding credit facilities for GCC banks witnessed a healthy q-o-q growth of 2.1% during Q4-2023 with aggregate gross loans reaching $2 trillion, according to Kamco Invest, a regional non-banking financial powerhouse based in Kuwait. The y-o-y growth More… |
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Emirates Islamic Q1 net jumps 35pc to record $221mEmirates Islamic net profit surged to a record AED811 million ($221 million) in the first quarter of 2024, up 35% year-on-year, underpinned by a robust 19% growth in total income, propelled by higher funded and non-funded income streams. Net profit margin was at 4.7%. More… |
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ADCB Q1 net before tax jumps 26pc to $660mADCB has continued its growth momentum into 2024, delivering a first quarter (Q1) net profit before tax of AED2.431 billion ($660 million), an increase of 26% year on year. Net profit after tax was AED2.139 billion, with a return on average tangible equity of 14.1%. More… |
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Mashreq's net profit soars 25% to $544.5m in Q1Dubai-based Mashreq's net profit soared to AED2 billion ($544.54 million) in the first quarter of 2024, marking a substantial 25% increase year-on-year, the bank said. It said the results are despite the new 9% corporate tax imposed from January 1, 2024. More… |
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Rawabi Holding raises $320m in record sukuk issuanceRawabi Holding Company has concluded its largest ever Saudi Riyal-denominated Sukuk issuance for SAR 1.2 billion ($320 million), further cementing its position as a dominant catalyst in Saudi financial markets. Led by strong market demand, the landmark issuance surpasses the Company&rs More… |
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Abu Dhabi issues $5bn USD-denominated bondsThe UAE emirate of Abu Dhabi has issued $5 billion USD-denominated bonds across three maturity periods, Abu Dhabi’s Department of Finance (DoF) has announced. The issuance successfully attracted strong investor demand and underpinned the emirate's co More… |
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Emirates NBD Q1 profit surges 67% to record $1.82bnEmirates NBD’s profit surged 67% to a record AED6.7 billion ($1.82 billion) in the first quarter of 2024 compared to the previous quarter and up a strong 12% y-o-y, propelled by regional growth, increased transaction volumes, a low-cost funding base and substantial impaired loan recover More… |
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Dubai FinTech Summit to take place on May 6Dubai will host the second edition of Dubai FinTech Summit from May 6-7 at Madinat Jumeirah, bringing together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges, and showcase cutting-edge technologies, a report said. More… |
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IMF launches new regional office in Saudi ArabiaThe International Monetary Fund (IMF) will open a new regional office in Riyadh, Saudi Arabia (KSA) to enhance the partnership with countries in the Middle East and beyond. The new office will scale up capacity building, regional surveillance, and outrea More… |
