Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
Business
Gulf International Bank wins 2 honors in ‘Innovators 2021’Awards
*Award honors institutions that identify new paths and design new tools in finance *Selections made on the inputs of reporters...
Non-performing loans ratio for GCC banks up by 0.4%: KPMG report
Report provides banking industry leaders with analysis along with insights and forward-looking views Cost and operational efficiencies expected to...
Saudi traders can now receive payment from patrons with a smartphone
“Tap to phone” solution uses near-field communication technology The move is in line with Saudi Arabia’s goal to modernize its...
Saudi Arabia’s Bank Aljazira taps into debt market
Saudi Arabia’s Bank Aljazira will issue US-denominated capital certificates that could reach up to $500 million, the Saudi bank said...
HSBC commits funding to UAE coastal ecosystem restoration project
Project aimed at mitigating climate change and driving socio-economic benefits such as eco-tourism and food security Bank has committed US$100...
UAE GDP to grow by 2.4% in 2021, 3.8% in 2022: Central Bank
Pandemic resulted in banks’ higher impairment charges, lower operating income and reduced profitability The report demonstrates that the UAE banking...
UAE interbank rates up replicating US Fed’s move
The move comes after the US Federal Reserve increased the interest on excess reserves by 5 bps In the UAE,...
A Russian bank in Riyadh is on the cards
Russia might get a toehold in the banking sector in Saudi Arabia A proposal in this regard is being looked...
Investor sells his 2.4 stake in Abu Dhabi Commercial Bank for $300 million
The offering consisted of 164 million shares in the bank The Abu Dhabi Investment Council is the largest shareholder in...
UAE engages onshore, offshore financial institutions to combat money laundering, terrorist financing
Top financial authorities in the UAE brought together public and private firms to help firm up the country’s anti-money-laundering policies...
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
Business
Company News
Credit Suisse 2022 loss $7.9bn
Business
US, UAE officials discuss financial crimes
Geostrategy
Santander 2022 profit at $10.6bn
Business
Latest News
UBS Q4 net profit at US$1.7bn
Business
ADIB net profit in 2022 is $985m
Business
European probe officials to question Lebanon central bank audit firms
European investigators probing Lebanese central bank chief Riad Salameh's wealth will question officials from two international firms previously tasked with...
Geostrategy
US Fed accepts supervision failed in Silicon Valley Bank
The US Federal Reserve called for greater banking oversight while admitting to its own failures in a report published into...
Business
Swiss central bank says tough rules needed for sector
BERN, SWITZERLAND - Switzerland's central bank said Friday that the country's banking regulations needed toughening up after the implosion of Credit...
Business
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Business
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year.
- The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity of 18.5 percent.
- The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
Economy
US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a...
- US gross domestic product rose at an annual rate of 1.1 percent in the January to March period, down from 2.6 percent in the fourth quarter last year.
- The GDP growth figure "reflected increases in consumer spending, exports, federal government spending," said the US Commerce Department.
Business
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.
- Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
- The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.