Banking

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 ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) announced its collaboration on a significant initiative titled ‘Project Aperta’ that aims to connect open finance infrastructures of multiple jurisdictions to advance the UAE’s cross-border interoperability for financial institutions and businesses through a trusted network. CBUAE will join forces with the Bank for International Settlements Innovation Hub Hong Kong Centre, Banco ...

SEOUL/WAM The Republic of Korea’s central bank on Friday cut its key benchmark interest rate, its first pivot in its yearslong monetary tightening mode, as inflation continued to moderate and the property market showed signs of cooling, reported Yonhap News Agency. As widely expected, the Bank of Korea (BOK) slashed its key rate by 25 basis points to 3.25 percent, ...

DUBAI/WAM Ajman Bank has announced the inclusion of its shares in the FTSE Global Equity Index Series as well as their availability on the eToro platform. This milestone underscores Ajman Bank’s growing presence in the global financial markets and provides enhanced visibility for investors worldwide. This follows Ajman Bank’s inclusion in the MSCI Global Index in March 2023, further solidifying ...

ABU DHABI/WAM Net international reserves of the UAE’s banking sector increased by 8.1 percent, or AED92.3 billion, during the first half of 2024 (H1 2024), reaching AED1.238 trillion at the end of June, compared to AED1.145 trillion at the end of the same period last year. The Central Bank of the UAE’s June statistical bulletin, issued today, showed that the ...

ABU DHABI/WAM The total capital and reserves of banks operating in the UAE reached AED 495.2 billion at the end of June 2024, a year-on-year (YoY) increase of 10.6 percent compared to AED 447.8 billion in June 2023, according to the latest statistics of the Central Bank of the UAE (CBUAE). The apex bank’s figures released on Thursday showed that ...