Banking

The bonds have attracted a quality order book of more than $1.4bn

22 October 03:58 PM CBD issues $600m Additional Tier 1 perpetual bonds

Dubai – Mubasher: Commercial Bank of Dubai (CBD) has issued a $600 million Additional Tier 1 perpetual non-call six-year bonds, according to the bank's disclosure to the Dubai Financial Market (DFM) on Thursday. To be listed on the Euronext Dublin …

Banking and Finance

The bank’s net income declined to AED 6.94bn

21 October 10:08 AM DIB logs AED 3.13bn profits in 9M

Dubai – Mubasher: Dubai Islamic Bank (DIB) registered net profits attributable to the owners of AED 3.13 billion in the first nine months of 2020, down from AED 3.97 billion during the same months in 2019. The bank’s net income declined to …

Banking and Finance

Lower net profits are attributed to an AED 101 million increase in provisions

20 October 01:49 PM Sharjah Islamic Bank sees 15% lower profits in 9M

Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB) recorded AED 353.38 million net profits attributable to the shareholders during the first nine months of 2020, down 14.9% from AED 415.41 million in the corresponding period of 2019. Lower net …

Banking and Finance

20 October 10:26 AM Emirates Islamic logs AED 311m net losses in 9M

Dubai – Mubasher: Emirates Islamic Bank witnessed net losses of AED 311.24 million in the first nine months of 2020, against net profits of AED 937.18 million in the year-ago period. The bank has incurred losses in the first nine months of 2020 …

Banking and Finance

20 October 09:53 AM Emirates NBD reports 55% lower profits in 9M

Dubai – Mubasher: The net profits attributable to the equity holders of Emirates NBD declined by 55% to AED 5.64 billion in the first nine months of 2020, compared to AED 12.48 billion in the same period of 2019. Lower net profits are attributed …

Banking and Finance

The three-month term deposits reached AED 559.25bn in August

19 October 12:56 PM UAE's investors inject AED 15.25bn in short-term deposits in August

UAE - Mubasher: Investors in the UAE have injected AED 15.25 billion in short-term deposits from three to six months in August, according to the Emirates News Agency (WAM). The short-term deposits have attracted many investors seeking to achieve …

The UAE banks' investment in debt securities rose by 15.8% in August

18 October 12:24 PM UAE banks invest AED 276.8bn in debt securities in August

UAE – Mubasher: The UAE banks have increased their investments in debt securities by 2.3% month-on-month (MoM) or AED 6.3 billion to record around AED 276.8 billion in August 2020, according to the latest data by the Central Bank of the UAE …

The loans provided to the public sector jumped by 23%

18 October 11:03 AM UAE banks' loans hit AED 1.8trn in August

Abu Dhabi – Mubasher: The loans granted by the UAE banks rose by 5.5% to AED 1.8 trillion by the end of August 2020, compared to around AED 1.7 trillion in the same period of 2019. The UAE banks have lent the private sector AED 1.13 trillion in …

Banking and Finance

The credit facility will enable the company to redeem the Sukuk

15 October 09:38 AM Dana Gas enters $90m credit facility agreement with Mashreq Bank

UAE – Mubasher: Dana Gas has signed a credit facility agreement worth $90 million with Mashreq Bank, according to a press release on Thursday. The one-year facility, which could be extended for additional four years, is priced at an initial 3% per …

Companies Investments

The bank is issuing the Additional Tier 1 (AT1) bonds

14 October 11:09 AM CBD starts marketing perpetual dollar bonds

Dubai – Mubasher: Commercial Bank of Dubai (CBD) began marketing the US dollar-denominated perpetual bonds with initial price guidance of about 6.375%, Reuters reported. The bank is issuing the Additional Tier 1 (AT1) bonds that are non-callable …

Bonds

Around 94% of the bank's transactions have been made digitally

14 October 10:17 AM ADIB sees surge in demand for digital banking services in 2020

Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) witnessed a rise in customer demands for digital banking services in 2020, with 75% of its customers using the bank’s digital platforms. The bank has continued to record strong demands for …

Banking and Finance

Dubai banks' loans reached AED 896.9bn

13 October 12:36 PM Dubai banks inject AED 31bn in UAE economy in 8M

UAE – Mubasher: Dubai banks have injected around AED 31 billion in the UAE economy in the first eight months of 2020, according to the latest data by the Central Bank of the UAE (CBUAE). Dubai banks' loans reached AED 896.9 billion by the end of …

The total loans reached AED 1.8 trillion in August

13 October 10:52 AM UAE banks' assets hit AED 3.2trn in August

UAE - Mubasher: The assets of the UAE banking system jumped by 8% to AED 3.2 trillion in August 2020 from AED 2.98 trillion in the same month of 2019. The UAE banks' deposits rose by around 7.7% to AED 1.9 trillion in August 2020, compared to AED …

The Tier 1 benchmark bonds would be non-callable for six yrs

12 October 11:22 AM CBD hires banks for US dollar-denominated bond issuance

Dubai – Mubasher: Commercial Bank of Dubai (CBD) has hired banks to arrange for potential issuance of US dollar-denominated perpetual bonds, Reuters reported. The additional Tier 1 benchmark bonds of at least $500 million in size would be …

Banking and Finance

This reflects CI’s expectation for a stable outlook over the coming 12 months

8 October 05:08 PM Capital Intelligence affirms Emirates NBD’s ratings; outlook stable

Dubai – Mubasher: Capital Intelligence Ratings (CI Ratings) has maintained the long-term foreign currency rating (LT FCR) and short-term foreign-currency Rating (ST FCR) of Emirates NBD at 'A+' and 'A1', respectively. CI Ratings also affirmed …

Ratings

The Sukuk issuance was 2.4 times oversubscribed

6 October 12:07 PM Emirates Islamic lists $500m Sukuk on Nasdaq Dubai

Dubai – Mubasher: Emirates Islamic Bank rang the bell to celebrate the listing of a $500 million Sukuk on Nasdaq Dubai, according to a press release on Tuesday. The Sukuk issuance was 2.4 times oversubscribed, with a 1.827% profit which is the …

Banking and Finance

ADQ Holding plans to establish a fully digitalised UAE bank

5 October 04:12 PM FAB's shareholders to eye transferring First Gulf Bank's banking license to ADQ

Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of First Abu Dhabi Bank (FAB) will consider the transfer of ownership of Legacy First Gulf Bank's banking license to ADQ Holding. ADQ Holding plans to establish a fully digitalised UAE bank, …

Mergers and Acquisitions

ADCB has exited its businesses from Jersey

5 October 03:36 PM ADCB exits operations from Jersey

Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) has ended its operations in Jersey as a part of the bank's strategy to focus on the local market. ADCB has exited its businesses from Jersey on 30 September 2020, a decision that will not have …

Banking and Finance

The clients' suppliers will benefit from the early payment of their invoices

5 October 01:31 PM Emirates NBD launches digital Supply Chain Financing platform

Dubai – Mubasher: Emirates NBD has launched a digital Supply Chain Financing platform for its corporate and institutional clients to facilitate their supply chain collaborations. As part of the bank's digitisation strategy, smartSCF platform has a …

Banking and Finance

The issuance of the non-callable bonds was subscribed with more than $1.5bn

30 September 01:27 PM FAB issues $750m benchmark Tier 1 six-year bond

Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued benchmark fixed-rate Additional Tier 1 perpetual six-year bonds worth $750 million, according to the Emirates News Agency (WAM). The issuance of the non-callable bonds was subscribed with …

Banking and Finance

The webinar discussed the Road to Digital Transformation and Innovation

30 September 12:33 PM Industry leaders discuss the future of digital transformation

By: Moslem Ali Cairo – Mubasher: The British Egyptian Business Association (BEBA) organized a webinar on Tuesday discussing “The Road to Digital Transformation and Innovation” to discuss the rising importance of digital transformation, especially …

The decision was part of ADCB's objective to focus its operations on the local market

28 September 03:20 PM ADCB to exit operations in China

Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) will exit its operations in China, as the China Banking and Insurance Regulatory Commission (CBIRC) has approved the closure of the bank's branch in Shanghai. The decision was part of ADCB's …

Banking and Finance

The banks invested AED 191.3 billion in debt securities in February

27 September 01:56 PM Abu Dhabi banks' investments in debt securities exceed AED 17bn in 7M

UAE - Mubasher: Abu Dhabi banks have invested around AED 17.2 billion in debt securities during the first seven months of 2020, according to the latest statistics by the Central Bank of the UAE (CBUAE). The banks' total cumulative investment …

Banking and Finance

The CI has affirmed the ratings of five Emirati banks

27 September 12:09 PM CI affirms five Emirati banks' ratings; outlook 'stable'

UAE - Mubasher: Capital Intelligence (CI), the international credit rating agency, has affirmed the ratings of five Emirati banks, with a stable outlook. The banks comprise Abu Dhabi Commercial Bank (ADCB), the Commercial Bank …

Ratings

The bank signed a SWAP agreement worth BHD 46.4m with GFH

24 September 02:16 PM Khaleeji Commercial Bank's OGM nods to agreements with GFH

Mubasher: The ordinary general meeting (OGM) of Khaleeji Commercial Bank has approved the agreements signed with GFH Financial Group, according to the bank's disclosure to Bahrain Bourse on Thursday. The bank signed a SWAP agreement worth BHD 46.4 …

Banking and Finance