Dubai Islamic Bank posts 12% rise in Q1 profit, beats estimate
Dubai Islamic Bank, the UAE’s largest Islamic lender, posted a 12% jump year-on-year (YoY) in its Q1 2023 net profit to 1.5 billion dirhams ($408 million), driven by higher revenues and lower impairments. The earnings beat Refinitiv’s mean analysts’ estimate of AED 1.43 billion. Net financing and sukuk investments came in at AED 240 billion, […]
Emirates NBD Securities offers trading account opening through DFM application
Emirates NBD Securities, the brokerage arm of the Emirates NBD Group, has become the first securities brokerage in the region to offer seamless trading account opening through the Dubai Financial Market (DFM)’s digital onboarding application. The application provides investors with an additional channel to open a trading account with Emirates NBD Securities, allowing them […]
Mashreq Bank provides $15.5bln of sustainable finance and adaptation-related investments
Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said that since January 2021, Mashreq has facilitated $15.5 billion of sustainable finance and adaptation-related investments. In a statement to Emirates News Agency (WAM), Dusen said that ESG is related to cash flow in five important ways. It minimises regulatory […]
Asset growth in UAE’s banking sector likely to be sluggish in 2023
The UAE banking sector’s asset growth is expected to be sluggish in 2023 as the demand for credit may slow down due to further monetary tightening, professional services firm Alvarez & Marsal (A&M) said in a new report. Oil-sector may face production cuts as agreed upon by OPEC, but the non-oil sector is likely […]
Central Bank of UAE revokes licence of ‘Dollar Exchange’ house
The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house operating in the UAE and struck off its name from the Register, pursuant to Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities. The sanction is […]
Swiss bank Edmond de Rothschild sets up MENA hub in Dubai’s DIFC
Swiss-based private banking giant Edmond de Rothschild Group is opening its MENA hub in Dubai’s DIFC today as part of efforts to significantly grow its presence and client base in the region. Dubai joins Switzerland, Monaco and Luxembourg in Edmond de Rothschild’s network of international private wealth hubs. The bank, founded in 1953, has been […]
India’s Bank of Baroda to shut down Al Ain branch in March
India’s Bank of Baroda (BoB) will close its Al Ain branch on March 22, 2023, following approval from the Central Bank of the UAE. The commercial decision was taken a year ago, the bank said in a tweet. All accounts are being transferred to BoB’s Abu Dhabi branch to ensure smooth service continuation. The statement […]
UAE’s ADCB sells NPL portfolio worth $1.1bln to investment funds
UAE’s Abu Dhabi Commercial Bank PJSC (ADCB) has sold a portfolio of non-performing loans (NPL) worth 4.2 billion dirhams ($1.1 billion) to investment funds advised by Davidson Kempner Capital Management LP. The transaction represents the first sale of a significant portfolio of NPLs by ADCB and is thought to be the largest such transaction effected […]
Mashreq’s 2022 net profit climbs to $1bln as customer deposits rise
Mashreq, a leading Dubai-based lender, on Monday reported a remarkable jump in 2022 net profit to Dh3.7 billion as operating profit surged 39. per cent to Dh4.4 billion year-on-year. The bank reported a 12.1 per cent increase in customer deposits to Dh 113.8 billion as its liquid assets ratio stood at 33.2 per cent […]
UAE Central Bank issues new guidelines to combat money laundering
The UAE Central Bank has issued new guidelines for licenced financial institutions, including banks, finance companies, exchange houses and insurance companies, agents and brokers, to combat money laundering and the financing of terrorism. The new guidelines focus on the use of digital identification systems by licensed financial institutions, or LFIs, to address customer due diligence obligations. […]