Banking and Finance

Riyadh – Mubasher: Banque Saudi Fransi logged a 6.87% year-on-year (YoY) increase in net profit to SAR 1.15 billion during the first quarter (Q1) of 2024 from SAR 1.07 billion. Clients’ deposits grew 4.42% YoY to SAR 174.82 billion in Q1-24 from …

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 …

Riyadh – Mubasher: The Capital Market Authority (CMA)greenlighted the request of Al Sagr Cooperative Insurance Company to increase its capital by way of a rights issue. The listed firm plans to raise its capital by SAR 160 million to SAR 300 …

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 …

UAE – Mubasher: Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has signed a partnership with Core42, a subsidiary of artificial intelligence (AI) technology company G42. The partnership aims to start the …

Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) reported a consolidated net profit after tax from continued operations of EGP 596.54 million during the first quarter (Q1) of 2024, up 91% year-on-year (YoY) from EGP 312.77 million. The bank’s …

Dubai – Mubasher: The net profits of Dubai Islamic Bank (DIB) surged to AED 1.66 billion in the first quarter (Q1) of 2024 from AED 1.50 billion in Q1-23. DIB registered a total net income amounting to AED 5.60 billion in Q1-24, higher by 27% than …

Riyadh – Mubasher: The shareholders of Alinma Bank greenlighted the board’s proposal to increase the capital by SAR 5 billion from the retained earnings by way of granting one share for every four shares. The lender’s extraordinary general meeting …

Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) inked a partnership with Astra Tech, becoming the first lender to provide users across the country access to financial services on the Botim Ultra app. ADIB and Botim will join forces to develop …

Abu Dhabi – Mubasher: The net profits attributable to the owners of Sharjah Islamic Bank hit AED 259.65 million in the first quarter (Q1) of 2024, an annual growth from AED 233.06 million. Total operating income jumped to AED 504.74 million in …

Abu Dhabi – Mubasher: The value of Abu Dhabi Commercial Bank’s (ADCB) brand grew 8.70% year-on-year (YoY) to AED 10.50 billion in 2023. The bank ranked 109th in the 2024 Banking 500 report from Brand Finance, moving up four places from last year, …

Cairo - Mubasher: The Central Bank of Egypt (CBE) offered treasury bonds (T-bonds) worth EGP 4 billion on Monday, 22 April, through one issue. The semi-annual tranche will mature in three years on 16 April 2027, according to official data. …

Riyadh – Mubasher: Amlak International Finance Company has renewed the SAR 864.50 million one-year credit facility agreement with the Saudi Investment Bank (SAIB). The Sharia-compliant loan will be used to facilitate the company's business and …

Cairo – Mubasher: Palm Hills Developments Company has confirmed a media report that it is in talks with a syndicate of three banks for a loan totalling EGP 1.72 billion. The company said that it is in the final stages of these talks, according to …

Dubai – Mubasher: Emirates Islamic Bank has concluded its debut $500 million syndicated financing facility, according to a recent press release. The three-year term facility is the first of its kind raised by a Shariah-compliant financial …

Cairo – Mubasher: The Central Bank of Egypt (CBE) auctioned treasury bills (T-bills) at a combined value of EGP 55 billion through two offerings on Sunday, 21 April 2024. The first issue was valued at EGP 30 billion, holding a tenor of 91 days …

Riyadh – Mubasher: The Capital Market Authority (CMA) has approved Al Etihad Cooperative Insurance Company's request to increase its capital from SAR 450 million to SAR 500 million through 5 million bonus shares. The company will carry out the …

Riyadh – Mubasher: Saudi Enaya Cooperative Insurance Company submitted an application file to the Capital Market Authority (CMA) on 17 April 2024 to increase its capital to SAR 380 million. The insurance firm plans to raise its capital by offering …

Abu Dhabi – Mubasher: National Bank of Umm Al Qaiwain (NBQ) posted an unaudited consolidated net profit after tax of AED 175.73 million in the first quarter (Q1) of 2024, up from AED 139.15 million in the comparative quarter a year earlier. …

Dubai – Mubasher: Dubai Islamic Insurance and Reinsurance Company (Aman) incurred accumulated losses valued at AED 143.21 million at the end of the fourth quarter (Q4) of 2023. The registered accumulated losses account for 63.44% of the company’s …

Cairo – Mubasher: A subsidiary of the National Bank of Egypt (NBE) has submitted a request to launch a new gold investment fund, said Mohammed Fareed, Chairman of the Financial Regulatory Authority (FRA). The clientele of the only two gold …

Riyadh – Mubasher: National Building and Marketing Company has extended a Sharia-aligned bank facilities agreement with Alinma Bank as signed on 16 April 2024. The revolving loan is valued at SAR 85 million and holds a nine-month tenor, according …