ADCB sees profits climb again in second quarter of 2023
Commercial banking
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FAB
First Abu Dhabi Bank announces record $2.2bn H1 profit
First Abu Dhabi Bank reports highest ever half-year profit
banking business
Standard Chartered Bank reports a record first-quarter performance in the Middle East and Africa region
The bank recorded 59 percent growth in its operating profit, with the operating profit for a single quarter crossing $300 million for the first time in nearly a decade
Abu Dhabi
Abu Dhabi’s ADCB records 32 percent increase in net profit to $403.74 million despite global uncertainty
ADCB has consistently been proactive in supporting the rescue and turnaround of the NMC Group, which led to the bank receiving 37.5 percent of a new $2.25 billion facility issued by NMC HoldCo SPV Ltd
banking business
Qatar National Bank raised provisions and remains on alert
Many banks in the Gulf are seeing higher profits on the back of improvements in trade and tourism as regional economies recover from the pandemic
banking business
Russia’s largest bank eyes UAE capital for Islamic finance expansion
Sberbank is set to open its newest office in Abu Dhabi, with Islamic finance as the backbone of its business activity in the region
banking industry
Why the future of corporate banking is digitally-powered and platform-driven
Evolving customer expectations and the need for digitisation has forced corporate banks to shift away from traditional relationship models and embrace the digitally-enabled platform approach
Banking & Finance
Dubai sets up task force to drive green finance ambitions
Dubai Financial Services Authority has launched the Task Force on Sustainable Finance
Bahrain banking
Bahrain’s GFH eyes deal to take over Khaleeji Commercial Bank
Shareholders approve board recommendation to pursue acquisition of more shares in Bahraini bank
green deposits
First Saudi bank makes green deposit as demand for sustainable finance grows
Saudi British Bank says it has deposited funds with HSBC in the UAE which will be used to finance green initiatives
banking
Central Bank of Kuwait launches e-payment service amid digital expansion plans
New system allows all local payment and transfer transactions among banks operating in Kuwait and to customers’ accounts to go through within seconds
Dubai Islamic Bank
Dubai Islamic Bank raises foreign ownership to 40%
Foreign ownership limit increased from 25%, driven by strong investor demand
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Abu Dhabi Islamic Bank
ADIB becomes first UAE bank to use facial recognition for account opening
Facial recognition system, provided by the UAE’s Ministry of Interior, allows for instant identity verification for new account opening
National Bank of Ras Al Khaimah
RAKBank CEO sees Q2 as ‘turning point’ as it recovers from Covid shock
Peter England describes the second quarter of 2021 as ‘very strong’ after net profit rebound
Fitch Ratings
Fitch upgrades outlook for six Saudi banks on back of gov’t support
Ratings agency revises outlooks for Saudi banks to stable from negative
Emirates NBD
Why Dubai-based Emirates NBD updated its market outlook from bullish to constructive
The bank shares its regional and global outlook for the next six months, including equity and fixed income assets investment recommendations
Abdul Aziz Al Ghurair
Mashreq chairman ‘cautiously optimistic’ amid uncertain banking landscape
AbdulAziz Al Ghurair makes comments as Mashreq reports AED85m net profit for first six months of 2021