Banking

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 ...

RIGA/WAM The European Central Bank (ECB) can lower borrowing costs at this month’s meeting, Bloomberg quoted ECB Governing Council member Martins Kazaks as saying on Wednesday. “Next week we have the ECB’s council meeting, and to my mind — looking at the data that we have at available at the moment — we can take the next step in the ...

ABU DHABI/WAM The National Bank of Fujairah (NBF) today announced the launch of the “NBF Emerging Business Unit” to provide personalised service and the support needed for businesses to achieve their aspirations. Customers of the new unit will have a dedicated relationship manager who will build a deep understanding of their business needs, and from that craft the optimal banking ...

ABU DHABI/WAM Al Maryah Community Bank (Mbank), the leading digital bank in the UAE, has entered into a Memorandum of Understanding (MoU) with Ras Al Khaimah Economic Zone (RAKEZ). This collaboration aims to streamline and facilitate the account opening process for businesses establishing themselves in RAKEZ via Mbank’s fully integrated digital platform. All types of companies operating within the RAKEZ ...