JPMorgan Chase profits up 6%
The bank's CEO warns about risk of persistent inflation.
2 Emirates NBD India branches
The branches cater to northern, southern areas.Emirates Islamic bank net profit for Jan-Sept period $285 million
The bank attributed the profit to higher funded and non-funded income.Credit Suisse to pay US$495m to settle legacy case
It has agreed to pay $495 million as part of a deal reached with US prosecutors in a long-running dispute over mortgage-backed securities. The disputed dating back to the 2008 financial crisis will see the European lender make the "one-time payment" in order to resolve claims for compensation.Lebanese lawmaker stages bank sit-in to free trapped savings for surgery
Cynthia Zarazir, who was elected to parliament in May, is the latest in a growing number of angry depositors who are forcing Lebanese lenders to unlock savings trapped under informal capital controls imposed in the face of an unprecedented financial crisis.Wio launches in UAE
The digital bank is co-owned by ADQ, Etisalat, and others.Stocks and oil prices rally, as dollar drops
Stock markets and oil prices rallied Friday, with investors largely pricing in more interest rate hikes aimed at taming runaway inflation. The dollar slid one percent versus the pound and euro after recent hefty gains. London's stock market jumped more than 1.5 percent in morning deals, mirroring advances in Paris...Money transfer firms replace banks in crisis-hit Lebanon
Once the flagship of Lebanon's economy, the banking sector is now widely despised and avoided after banks barred depositors from accessing their savings, stopped offering loans and closed hundreds of branches and slashed thousands of jobs. Last month, a local man was widely cheered as a folk hero after he...CBUAE says gross banks’ assets vault to $939bn in June
The growth in total bank deposits was due to the rise in resident deposits by 2.6% and non-resident deposits by 2.0%.Saudi central bank’s assets climb to $535 billion in July
For the first time in more than five years, assets of Saudi Arabia's central bank have shot up to $535 billion, according to data shared by the central bank on its website.NBK Bahrain H1 net profit $145m
The profit in the same period last year was $159mElectronic payments scan more success than cash
Despite ease in the measures set to combat the COVID-19 pandemic, electronic payments in the Gulf countries surged more than cash transactions in several other Arab countries.Lebanese man who took bank staff hostage let off
Bassam al-Sheikh Hussein held bank staff hostage in Beirut last week to demand access to his trapped savings. After a long stand off Hussein turned himself in after the bank agreed to let him draw out $30,000 of his more than $200,000 in trapped savings.Bank digitization: Customers, convenience & cost
Not all banks in the GCC are at the same stage of digital adoption. TRENDS reviews which ones are way ahead of the curve and which are still lagging.Technological advancements make regional banks more buoyant
Another important and influential trend being witnessed by the banking sector in the region is reduced physical networks and shifting some of the staff to more cost-effective locations. All this allows financial institutions to serve their clientele better and provides convenience to the customers by saving their energy and time.COVID-19 helps GCC grow its appetite for digital banking
Banks in the Gulf region were already on the path towards digitization, but the pandemic became the catalyst for accelerated change. As consumers got used to superior online shopping, health, and governmental services, they have increasingly been demanding that banks follow suit with their digital processes and offerings.HSBC H1 pre-tax profit falls
Pre-tax earnings sank 15 percent to $9.2 billion.Standard Chartered posts record profit in H1 of 2022
The bank's profit rises 28% to US$581 million in the first half.QIB posts profit of US$499m for first half of 2022
Total assets of the bank have increased by 4.8 percent compared to June 2021 and now stand at QAR 193 billion.Stan Chart unveils API in KSA
The British company aims to ensure data security.FAB completes Bank Audi Egypt merger
FAB's Egypt assets will operate under the new brand "FABMISR".Iran arrests 13 bank heist suspects: judiciary
Iran has arrested 13 suspected robbers accused of making off with the contents of more than 160 safe boxes from a bank branch in the capital, the judiciary said Friday. The state-owned lender said thieves had taken advantage of a public holiday on Sunday to break into the branch.Firms listed on Muscat Stock Exchange post $1.4bn in net profits
Omani companies, which are listed on the Muscat Stock Exchange (MSX), reported total net profits of $1.39bn for the year 2021, 3.7 percent less than the $1.44bn in 2020. The decline was due to a fall in net profits of four out of the top five sectors at the MSX,...ADQ invests in Egypt
The Abu Dhabi-based firm has an office in Cairo.Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.Global Entrepreneurship Conference records $7.71bn in deals on Day 2
The Global Entrepreneurship Conference (GEC) recorded 28.9 billion ($7.71 billion) worth of agreements and launches on the second day. The conference is designed to support entrepreneurship in various fields and enhance the Kingdom's position as an attractive environment for pioneers, innovators and creators from around the world. It has been...Social Development Bank extends $2.93bn support to Saudi entrepreneurs
The bank announced this while participating in the Global Entrepreneurship Congress (GEC) in Riyadh.Why GCC should heed Fed rate changes
Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a quarter percentage point for the first time since 2018.New UAE app predicts which cheque will bounce
ChequeScore is an app released by the UAE government-owned Al Etihad Credit Bureau, and can predict the possibility of a cheque bouncing.East Pipes of KSA gets $133m financing
East Pipes of Saudi Arabia has secured a Shariah-compliant working capital financing of $133 million from Bank Albilad.Sanctions seek to cripple Russian economy as Ukraine invasion continues
The sanctions came as the Russian military stepped up its bloody, multi-pronged assault against Kyiv and other Ukrainian cities.SWIFT: The Russia sanctions threat for Ukraine invasion
Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded his country on Wednesday.Russian central bank to intervene as ruble, Moscow exchange plummet
The ruble-dominated Moex index opened down 13.97 percent, while the dollar-dominated RTS was down 20.16 percent.Bahrain-based GFH Financial Group launches GCC $100m Sukuk Fund
GFH Financial Group (GFH), a Bahrain-based Islamic investment bank, has announced that is has launched and seeded a $100 million sukuk fund which holds a diversified portfolio of sukuk, following signing agreement with Credit Suisse to provide financing and fund administration services. The fund holds a portfolio of sovereign, quasi...Lebanon’s ‘zombie banks’ downsize to weather crisis
More than two years into a financial crisis that has seen the local currency lose 90 percent of its value, the reputation of Lebanese lenders has been shredded.Emirates Islamic 2021 net profit $224m on higher non-funded income
Emirates Islamic’s net profit jumped to AED 823 million ($224 million) for 2021 on higher non-funded income and a significant reduction in the cost of risk reflecting the strong economic recovery, the bank said. The bank, which is one of four Islamic banks in Dubai, said in a statement that...Savii seeks to empower GCC teens financially
The new UAE-based start-up is trying to instil the virtues of economy among teenagers in the regionAl Rajhi issues $1.17 bn Sukuk
The settlement issuance was set on 23 January 2021.UAE banks saw 80% growth in deposits in 10 years
Deposits at banks in the UAE grew 80 percent to AED1,884 billion ($513 billion) in 2020 from AED1,049 billion ($285.64 billion) in 2010.Moody’s ranks QIIB ‘stable’
It has also has assigned the Qatari bank an A2 rating.Arab youths are increasingly saving, investing with fintech
The region's economic instability, exacerbated by the coronavirus pandemic, has spurred many to turn to online banking and financial tools.Kuwait begins a drive to educate people on virtual assets
The Central Bank of Kuwait (CBK) and Capital Market Authority (CMA) have launched a campaign to educate people about virtual assets (crypto currencies and coins).EFG Hermes of Egypt unveils new digital trading platform
EFG Hermes, the first universal bank in Egypt and the leading investment bank in Frontier Emerging Markets (FEM), has launched an advanced version of its flagship “EFG Hermes One” trading platform.Emirates Islamic lists US$500m sukuk
The five years’ benchmark issuance, rated A+ by Fitch Ratings, was priced at 2.082%.Saudi bank inks $100m deal
The agreements are aimed at bolstering Saudi exports.UAE fines, imprisons several for financial crimes
A top law official in the UAE has detailed several cases where the judicial system fined and jailed people for financial irregularities, and recovered sums to the tune of millions of dirhams from them. Many such people were also deported.UAE credit card applicants to get pre-approved status online
The UAE’s Al Etihad Credit Bureau has joined hands with online financial aggregator Policybazaar UAE to implement real-time eligibility checks for credit card applications based on the AECB Credit Score and banks’ approval criteria.Iran bank loans to economic sector rise 58%
The Iranian banking system has paid 12.41 quadrillion rials (over $295.49 billion) of facilities to domestic economic sectors in the first six months of the current Iranian calendar year (March 21-September 22). This is 57.9 percent higher than the amount in the same period from the previous year.Lloyds Bank, the British lender, to shut down 48 branches
Lloyds Banking Group will close a further 48 branches across England and Wales, the British lender said on Wednesday, as it seeks to further cut costs by trimming its physical network.Emirates Islamic net profit $218m
Higher non-funded income, reduction in the cost of risk push profits up.Apicorp to allot $1bn for green energy
The bank will make the investment over the next two years.