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Banking

Lower net income was attributed to the group's higher precautionary provisions
04:40 PM Al Baraka Banking Group achieves 8% lower net income in 2020
Mubasher: The total net income of the Bahrain-based Al Baraka Banking Group (ABG) declined by 8% to $166 million in 2020, compared to $180 million in 2019. Lower net income was attributed to the group's higher precautionary provisions allocated to …
The cash dividend distribution stands at 40 fils per share
09:33 AM Emirates NBD's OGM nods to 40% dividends for 2020
Dubai – Mubasher: The ordinary general meeting (OGM) of Emirates NBD has approved to distribute a cash dividend, equivalent to 40% of the capital, for 2020. The cash dividend distribution stands at 40 fils per share, aggregating at a total amount …
The company has repaid part of the acquisition financing to Emirates NBD
24 February 02:37 PM Dar Al Takaful repays AED 100m of acquisition financing
Dubai – Mubasher: Dar Al Takaful has repaid AED 100 million of acquisition financing to Emirates NBD ahead of schedule, despite the uncertain business conditions due to the coronavirus (COVID-19) pandemic in 2020. In June 2020, the company has …
The team implemented its first two transactions from Russia
23 February 12:32 PM Emirates NBD Capital completes 60 debt capital transactions in 2020
Dubai – Mubasher: Emirates NBD Capital, the investment banking arm of Emirates NBD, has completed 60 debt capital transactions in 2020 across the GCC, Turkey,  India, China, and Russia. Emirates NBD Capital ranked third in terms of the number of …
The total balance of non-resident deposits reached AED 202.4bn
22 February 04:36 PM Non-resident deposits in UAE banks exceed loans by AED 20.1bn in 2020
UAE - Mubasher: The deposits by non-residents in the UAE-based banks have exceeded their loans by AED 20.1 billion in 2020, the Emirates News Agency (WAM) reported. The total balance of non-resident deposits reached around AED 202.4 billion in …
The dividend distribution aggregates at AED 246.527m
21 February 11:45 AM Sharjah Islamic Bank's OGM approves 8% dividends
Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Sharjah Islamic Bank (SIB) has approved to pay out cash dividends, equivalent to 8% of the issued capital. The cash dividend distribution aggregates at a total amount of AED 246.527 …
The company will also allow the board to issue additional Tier 1 non-convertible Sukuk
21 February 11:00 AM DIB's shareholders to authorise board to issue senior, additional Tier 1 Sukuk
Dubai – Mubasher: The shareholders of Dubai Islamic Bank (DIB) will consider authorising the board to issue any senior Sukuk or similar instruments, which are not convertible into shares, at a total amount not exceeding $7.5 billion. During its …
This initiative was launched in collaboration with Emirates NBD
17 February 11:47 AM DP World utilises Emirates NBD's digital solution to fully convert transactions
Dubai - Mubasher: DP World has achieved 100% conversion of its customer transactions to the online collection through the Smart Transactions platform in 2020. This initiative was launched in collaboration with Emirates NBD Corporate & …
The CBUAE launched an AED 100bn TESS initiative in March 2020
17 February 11:00 AM UAE banks return AED 14.47bn from CBUAE's stimulus package
UAE - Mubasher: The UAE banks have returned around AED 14.47 billion from the stimulus package that has been offered by the Central Bank of the UAE (CBUAE) since March 2020, the Emirates News Agency (WAM) reported. This step has decreased the …
The UAE banks have decreased their investments in stocks
17 February 10:10 AM UAE banks register AED 290.5bn investments in December 2020
UAE - Mubasher: The UAE banks' investments went up by 0.35% month-on-month to about AED 455.8 billion by the end of December 2020, compared to AED 454.2 billion in the year-ago period. The UAE banks have invested around AED 290.5 billion in debt …
The public sector has received AED 251.9bn loans from the UAE banks
17 February 09:54 AM UAE banks' loans hit AED 1.78 trn in December
UAE - Mubasher: The loans granted by the UAE banks rose by 1% to AED 1.779 trillion by the end of December 2020, compared to around AED 1.758 trillion in the year-ago period. The UAE banks have decreased their loans provided to the private sector …
The bank's total assets declined to AED 14.849bn
16 February 11:07 AM UAB's net losses deepen in 2020
Abu Dhabi – Mubasher: The interim financial statements of United Arab Bank (UAB) showed a rise in net losses to AED 667.295 million in 2020, compared to AED 470.753 million in 2019. The bank's revenues decreased to AED 402.863 million in 2020 from …
The bank's net income rose to AED 9.47bn in 2020
16 February 09:55 AM DIB sees lower profits in 2020; dividends recommended
Dubai – Mubasher: The consolidated financial results of Dubai Islamic Bank (DIB) reported a decrease in net profits attributable to the owners to AED 3.293 billion in 2020 from AED 5.014 billion in 2019. The bank's net income rose to AED 9.47 …
The bank's revenues plunged to AED 89.992 million in 2020
16 February 09:29 AM Emirates Investment Bank turns to losses in 2020
Dubai – Mubasher: Emirates Investment Bank has incurred annual net losses of AED 29.315 million in 2020, versus net profits of AED 8.851 million in 2019, as per the bank's preliminary results for fiscal year 2020. The losses are driven by the …
Photo Archive
15 February 02:53 PM Remittances from Filipinos in GCC down to $5.1bn in 2020
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 11.21% on an annual basis in 2020. Filipinos’ remittances from the Gulf region registered $5.11 billion last year, compared to $5.76 billion in 2019, according to …
Lower net profits are attributed to unprecedented market conditions
14 February 04:34 PM ADIB's net profits plunge 38% in 2020
Abu Dhabi - Mubasher: The net profits after Zakat and tax of Abu Dhabi Islamic Bank (ADIB) dropped by 38.3% to AED 1.604 billion in 2020 from AED 2.601 billion in 2019. Lower net profits are attributed to unprecedented market conditions due to the …
The license will facilitate the membership of Misr for MCDR
14 February 04:06 PM FAB obtains custody license from Egypt's Financial Regulatory Authority
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has obtained a custody license from the Egyptian Financial Regulatory Authority, according to a press release on Sunday. The license will facilitate the membership of Misr for Central Clearing, …
UAE banks registered a 0.4% MoM decline in their gross assets
14 February 10:29 AM UAE banks report 3% YoY higher gross assets in December 2020
UAE - Mubasher: The UAE banks' gross assets increased by 3.4% year-on-year (YoY) to AED 3.188 trillion in December 2020, according to the latest statistics by the Central Bank of the UAE (CBUAE). On a monthly basis, the UAE banks registered a 0.4% …
The financing will help Bloom Education perform better as it makes bigger plans for the future.
11 February 04:01 PM ADFD extends AED 53m in financing to Bloom Education
Abu Dhabi - Mubasher: The Abu Dhabi Fund for Development (ADFD) has awarded AED 53 million in financing on preferential terms to Bloom Education, making the company one of the first beneficiaries of the fund’s AED 1 billion initiative launched in …
The bank's revenues declined to AED 1.049bn in 2020
11 February 03:44 PM Ajman Bank reports lower profits in 2020 initial results
Dubai – Mubasher: Ajman Bank recorded net profits of AED 53.4 million in initial results for 2020, down from AED 84.4 million in the earlier year. The bank's revenues declined to AED 1.049 billion in 2020 from AED 1.274 billion in 2019. The …
The number of cash offices decreased to 23 offices in the October-December period of 2020.
11 February 02:48 PM UAE national banks’ branches reach 541 in Q4-20
Abu Dhabi – Mubasher: The number of national banks operating in the UAE dropped by 115 branches in the fourth quarter (Q4) of 2020 on a year-on-year (YoY) basis. The UAE's national banks’ branches reached 541 branches in Q4-20, down from 656 …
The bank's total assets rose by 11% in 2020
11 February 10:42 AM Al Salam Bank – Bahrain registers 57% lower profits in 2020; dividends proposed
Mubasher: The consolidated financial results of Al Salam Bank – Bahrain reported a 57% drop in net profits attributable to the shareholders to BHD 9.1 million ($ 24.2 million) in 2020 from BHD 21.1 million ($ 56 million) in 2019. The bank's net …
The bank's net operating income decreased by 5%
11 February 10:38 AM CBI sees lower net profits in 2020
Abu Dhabi – Mubasher: The net profits attributable to the owners of Commercial Bank International (CBI) plunged to AED 27.336 million in 2020, compared to AED 116.734 million in 2019. The bank's net interest income declined to AED 417.602 million …
Wahby has started his career as an investment banker in Egypt
9 February 02:10 PM Al Ahli Bank of Kuwait names new CEO in UAE
Mubasher: Al Ahli Bank of Kuwait (ABK) has appointed Omar Wahby as the bank's CEO in the UAE, according to a press release. With a 25-year experience, Wahby has started his career as an investment banker in Egypt and occupied senior roles in a …
The Emirati bank has set initial price guidance of about 115 basis points
3 February 11:33 AM FAB launches sterling-denominated bonds worth GBP 400m
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued GBP 400 million ($546.56 million) bonds due in December 2025 at 98 basis points over UK gilts, Reuters reported. The Emirati bank has set initial price guidance of about 115 basis points …