Banking

ABU DHABI / GULF TIME First Abu Dhabi Bank (FAB) has received initial approval to make FAB End of Service Benefits Funds available to UAE-based companies, giving employees the opportunity to grow their end of service benefits through the new government Alternative EOSB Savings Scheme (Savings Scheme). Participating employers pay monthly basic and voluntary contributions on behalf of their employees ...

ABU DHABI / WAM A significant milestone has been achieved by the UAE banking sector. As of July 2024, the total capital and reserves of banks operating within the UAE exceeded AED500 billion for the first time. According to the latest data released by the Central Bank of the UAE (CBUAE), the sector’s capital and reserves witnessed a substantial year-on-year ...

ABU DHABI / WAM The central bank announced that the money supply aggregate M1 increased by 0.6%, from AED884.1 billion at the end of June 2024 to AED889.3 billion at the end of July 2024. This was due to AED0.2 billion and AED5.0 billion rise in currency in circulation outside banks and monetary deposits,respectively. The money supply aggregate M2 increased ...

BEIJING/WAM China’s central bank on Friday conducted a 700-billion-yuan (about US$98.5 billion) medium-term lending facility (MLF) operation to maintain reasonable and ample liquidity in the banking system. According to Xinhua news agency, the MLF operation has a one-year maturity with an interest rate of 2 percent, unchanged from the rate of the previous operation conducted last month. After the operation, ...

ABU DHABI / WAM Commercial Bank International (CBI) announced exceptionally strong financial results for the period ended September 30 2024, recording a net profit before tax of AED254 million in the first nine months of 2024, an 81 percent growth year-on-year (YoY). The bank has delivered exceptional results for Q3 2024, reporting a net operating income of AED278.5 million. This ...

ABU DHABI / WAM Abu Dhabi Commercial Bank PJSC (ADCB) announced on Wednesday its financial results for the third quarter of 2024, reporting a 30 percent increase in profit before tax, reaching AED7.702 billion during the first nine months of the year. The bank’s net profit after tax stood at AED6.846 billion. In a statement, ADCB highlighted its continued strong ...

ABU DHABI / WAM First Abu Dhabi Bank (FAB) has raised almost $200 million assets under management (AUM) through a new Fixed Maturity Portfolio (FMP) — marking record subscription levels. The portfolio includes the second series of FAB’s conventional fixed maturity portfolio, following a successful first series roll-out in 2023, as well as the bank’s first Shari’ah-compliant FMP. Launched to ...

DUBAI / WAM Nasdaq Dubai welcomed the listing of $500 million Sukuk issued by Dubai Islamic Bank (DIB). The additional Tier 1 (AT1) Sukuk was issued at a profit rate of 5.25 percent per annum and received strong investor demand, resulting in substantial oversubscription. This strategic issuance reinforces DIB’s leadership in the global Islamic finance sector, providing additional capital to ...

SHARJAH/WAM United Arab Bank PJSC (UAB) has announced its financial results for the nine months ended 30th September 2024. UAB posted a net profit before tax of AED 233 million for the first nine months of 2024 compared to AED209 million for the same period last year, representing a year-on-year increase of 12%. Net interest income was higher by 20% ...

DUBAI / GULF TIME South Indian Bank (SIB), one of India’s premier scheduled commercial banks, has announced the launch of its exclusive NRI SAGA (Salary Advantage Global Account), a premium banking product designed specifically for salaried NRIs. This initiative is part of our commitment to empower NRIs with enhanced banking services tailored to their unique needs. NRI SAGA Accounts are ...