Banking

SEOUL/WAM The Republic of Korea’s central bank kept its benchmark interest rate frozen Thursday following its two successive rate cuts. According to Yonhap News Agency, the monetary policy committee of the Bank of Korea (BOK) held its key rate unchanged at 3 percent during a rate-setting meeting in Seoul. The decision came on the heels of two rate cuts in ...

DUBAI/WAM Commercial Bank International (CBI) announced its financial results for the year ended  December 31 2024, reporting an impressive performance driven by its transformation journey and unwavering focus on innovation and customer experience. The bank achieved a pre-tax profit of AED222.7 million, reflecting a significant 30% year-on-year (YoY) growth and marking a historic milestone. Total revenues surged by 29% YoY ...

ABU DHABI/WAM The Abu Dhabi Social Support Authority (ADSSA) has signed a Memorandum of Understanding with First Abu Dhabi Bank (FAB), appointing it as the banking partner for its marriage loan service. This initiative is part of the Emirati Family Growth Programme launched by the Department of Community Development – Abu Dhabi to enhance the quality of life and boost ...

ABU DHABI/WAM Emirates Development Bank (EDB) has provided AED1.12 billion in financing to the food security sector, representing 8% of its total cumulative financing. Since the launch of its new strategy in April 2021, EDB’s total financing has reached AED14.72 billion, reflecting the strategic importance the bank places on this critical sector. By supporting food security, EDB seeks to cultivate ...

ABU DHABI / WAM Abu Dhabi Islamic Bank (ADIB) has published its first comprehensive Net Zero report, outlining the bank’s journey towards reducing carbon emissions across its operations and financed emissions. With this report, ADIB becomes the first commercial Islamic bank in the region to set sector-specific decarbonisation targets for 2030. The report highlights the bank’s baseline assessment for its ...

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 ...