Banking & Insurance

Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) delivered a strong net profit before tax valued at AED 111.80 million in the first quarter (Q1)of 2024, according to a press release. Net insurance service result stood at AED …

UAE – Mubasher: The Central Bank of the UAE (CBUAE) has signed a memorandum of understanding (MoU) with Bank Indonesia to boost trade relations. Under the agreement, the two central banks will establish a framework to use local currencies in …

Dubai – Mubasher: Ajman Bank registered net profits amounting to AED 107.42 million in the first quarter (Q1) of 2024, marking a year-on-year (YoY) hike from AED 49.15 million. Total operating income before depositors’ share of profits reached AED …

Dubai – Mubasher: Amlak Finance posted a net profit of AED 27 million during the first quarter (Q1) of 2024, up from AED 14 million in the same quarter a year earlier. The company’s total revenues declined to AED 68 million in Q1-24 from AED 74 …

Riyadh - Mubasher: Payments giant Mastercard announced restructuring its regional operations, appointing new division leaders as it aims to step up growth across the Middle East and North Africa (MENA). This initiative forms part of the company's …

Cairo – Mubasher: Beltone Holding has signed a strategic partnership agreement with Abu Dhabi-based Comera Financial Holding to bolster digital transformation and customer experience in Egypt. Under the agreement, the two companies will join …

UAE - Mubasher: The card payments market in the UAE is expected to grow at a compound annual growth rate (CAGR) of 10.60% between 2024 and 2028, according to a report by GlobalData. The report forecast the market to reach a value of AED 764.10 …

Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), an Egypt-based unit of the ADX-listed FAB, has inaugurated two new branches in Egypt. The new branches, the bank’s 66th and 67th in the country, are located on El-Haram Street in Giza …

Abu Dhabi – Mubasher: Fitch Ratings has affirmed Bank of Sharjah’s long-term issuer default rating (IDR) at 'BBB+' with a stable outlook. The rating agency upgraded the bank’s viability rating (VR) to ‘b-‘ from 'ccc+', according to a press …

Abu Dhabi – Mubasher: Commercial Bank International (CBI) registered a 19% increase in net profit before tax to AED 40.42 million during the first quarter (Q1) of 2024 from AED 34.03 million in Q1-23. CBI also posted AED 36.91 million worth of net …

Abu Dhabi – Mubasher: Bank of Sharjah logged net profits attributable to the owners valued at AED 80.67 million in the first quarter (Q1) of 2024. Net operating income hit AED 142.80 million in Q1-24, while the basic and diluted earnings per share …

UAE – Mubasher: The Central Bank of the UAE (CBUAE) has opted to keep interest rates unchanged, following a similar decision by the US Federal Reserve. The CBUAE has also retained the Base Rate for the Overnight Deposit Facility (ODF) at 5.40%, …

UAE – Mubasher: Cash deposits at Emirati banks rose by 11% year-on-year (YoY) to AED 725.8 billion in February 2024 from AED 654.6 billion. Month-on-month (MoM), cash deposits in the UAE’s banks grew 1.92% in February from AED 712.1 billion in …

Abu Dhabi – Mubasher: The net profits after tax of First Abu Dhabi Bank (FAB) surged by 6% year-on-year (YoY) to AED 4.15 billion in the first quarter (Q1) of 2024 from AED 3.92 billion. Total income stood at AED 7.97 billion in Q1-24, higher by …

Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) witnessed an annual leap in net profits to AED 251.05 million during the first quarter (Q1) of 2024, compared to AED 152 million. The operating income amounted to AED 614 million as of 31 …

Dubai – Mubasher: The annual general assembly of Dubai National Insurance (DNI) approved a 10% cash dividend to shareholders amounting to AED 11.55 million. The insurance firm delivered a strong financial performance in 2023, achieving a full-year …

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) witnessed an annual leap in net profits to AED 574.19 million during the first quarter (Q1) of 2024, compared to AED 450.32 million. The ADX-listed lender registered operating …

Abu Dhabi – Mubasher: The United Arab Bank (UAB) logged net profits after tax worth AED 68.24 million during the first quarter (Q1) of 2024, marking an annual rise of 25% from AED 54.75 million. Earnings per share rose to AED 0.03 per share as of …

Dubai – Mubasher: The net profits of Mashreq Bank increased by 25% year-on-year (YoY) to AED 2 billion in the first quarter (Q1) of 2024 from AED 1.61 billion. Total operating income hit AED 3.14 billion in Q1-24, higher by 25% than AED 2.51 …

Dubai – Mubasher: Emirates NBD recorded an annual hike of 67% in net profit to AED 6.71 billion during the first quarter (Q1) of 2024, versus AED 6.02 billion. Total operating income amounted to AED 10.66 billion as of 31 March 2024, up from AED …

Dubai – Mubasher: The Commercial Bank of Dubai (CBD) posted higher net profits at AED 700.98 million in the first quarter (Q1) of 2024, versus AED 575.22 million in Q1-23. Total income amounted to AED 1.37 billion in Q1-24, an annual rise of …

Dubai – Mubasher: The net profits of Emirates Islamic Bank hiked by 35% year-on-year (YoY) to AED 811.44 million in the first quarter (Q1) of 2024 from AED 600.86 million. Total operating income amounted to AED 1.34 billion in Q1-24, an annual …

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) achieved a net profit after tax worth AED 1.45 billion during the first quarter (Q1) of 2024, signalling a 32% increase from AED 1.10 billion in Q1-23. The UAE lender generated revenues of AED …