Banking

DUBAI/WAM Emirates NBD reported a record AED27.1 billion profit before tax in 2024, up 15 percent from the previous year, while the profit after tax reached AED23 billion, up 7 percent. In a statement on Wednesday, the bank said that the Board of Directors is proposing a 100 fils dividend per share. Income climbed to over AED44 billion in 2024 ...

ABU DHABI/WAM The Central Bank of the UAE (CBUAE) marked 2024 with significant achievements across the financial, banking, and insurance sectors. This further sets the stage for a bright future for the UAE’s financial sector and underscores the CBUAE’s pivotal role in fostering monetary and financial stability, managing reserves, developing secure financial infrastructure through cutting-edge digital innovation, stimulating sustainable economic ...

ABU DHABI/WAM Abu Dhabi Islamic Bank (ADIB) achieved a record performance in 2024, with Net Profit after tax totalling AED6.1 billion in 2024, an increase of 16 percent compared with AED5.25 billion in 2023. Net Profit before tax increased by 26 percent year-over-year (YoY) to AED6.9 billion. During the last quarter of 2024 (Q4 2024), net profit before tax reached ...

ABU DHABI/WAM Abu Dhabi Commercial Bank (ADCB) aims to double its net profit to AED20 billion within the next five years, targeting an annual growth rate of approximately 20%. The announcement came as ADCB has embarked on a visionary growth strategy, aligning with the UAE’s progressive economic trajectory and contributing to the country’s position as a leading global financial powerhouse. ...

ABU DHABI / WAM The gold reserves of the Central Bank of the United Arab Emirates (CBUAE) surged by 34.8 during the first 10 months of 2024 reaching AED24.464 billion by the end of October 2024. This represents a month-on-month increase of 5.5%, or AED1.28 billion, bringing the total gold reserves to AED24.464 billion compared to AED23.185 billion at the ...

ABU DHABI / WAM The Central Bank of the United Arab Emirates (CBUAE) has announced the issuance of silver coins to mark the bank’s Golden Jubilee. The CBUAE’s 50th anniversary silver coin embodies its achievements in developing the banking and financial sector over the past decades. This coin signifies its pivotal role in driving economic development, aligning with the wise ...

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 ...