• Russia’s central bank holds rates amid high inflation

    MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to stubbornly high inflation and labor shortages. The central bank raised rates to 16 percent in a series of hikes last year to cool the pace of price rises. Analysts are...
  • QNB H1 2023 net profit at $2bn

    QNB set aside $1.3 billion as provision for loan losses.
  • US Federal Reserve calls for better supervision of banks

    US Federal Reserve Chair Jerome Powell said stronger regulation and greater agility was required in supervising the banking sector following a string of high-profile failures earlier this year. "We need to strengthen both regulation and supervision," Powell told a banking conference in Madrid, referring to the turmoil that hit the...
  • Availability of government sukuks boosts investment options for Islamic banks: Fitch

    Doha, Qatar--The increasing availability of government sukuk and Islamic liquidity management tools by the Qatar Central Bank supports liquidity management and investment options for Islamic banks, according to a report from Fitch Ratings. In a report issued today, it indicated that its review of its future expectations for three Qatari...
  • Iraq’s finance and business center to be a hub for trading, selling

    BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling both governmental and private securities, according to the Prime Minister's financial advisor Mudhar Muhammad Salih. In an interview with the Iraqi News Agency (INA), Salih emphasized the center's role in...
  • Kuwait’s central bank says broad money supply rises marginally

    KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May to settle at US$130.6 billion (KD 39.6 billion). Local banks' private sector deposits increased by 0.6 percent to settle at US$119.4 billion (KD 36.2 billion), revealed the CBK's economic research...
  • UAE banks’ total capital, reserves rise to US$118.5bn by April-end

    ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY) to US$118.5 billion (AED435.3 billion) at the end of April 2023 from US$107 billion (AED395.9 billion) at the end of April 2022, according to the Central Bank of the UAE’s...
  • UAE banking system maintained stable funding in Q1 of 23: CBUAE

    Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...
  • Rate hikes, tech, government support boost GCC banks

    GCC banks see continued growth on the back of innovation, tech focus and sustained government support. TRENDS Special Report analyzes factors that shape the sector.
  • Gross banks’ assets up $1.03trn at end of April 2023: CBUAE

    Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) announced on Tuesday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 759.3 billion ($206.47 billion) at the end of March 2023 to AED 775.2 billion ($210.68 billion) at the end of April 2023. This was...
  • Qatar and Iran look to boost monetary, banking ties to propel trade

    Tehran, Iran--Qatar and Iran are looking to boost monetary and banking cooperation that would propel all-round development of trade between the two countries. In this connection, the governors of the central banks of the Islamic Republic of Iran and Qatar held talks in Doha. Iranian central bank governor Mohammad Reza...
  • GCC banking’s tech shift saves time, money

    GCC banks started adopting online and mobile banking, and ATMs, in the 1990s and 2000s. More recently, they've integrated advanced technologies like AI, blockchain, and big data, enhancing customer service and fraud detection.
  • UBS set to complete its takeover of Credit Suisse today

    The coming months are likely to be "bumpy", warned UBS chief Sergio Ermotti on Friday, adding the integration will come with "waves" of difficult decisions, particularly regarding employment. The country's leading bank UBS was forced into a marriage to prevent its rival from going under, but it hasn't waited for...
  • Swiss Parliament to examine UBS’ Credit Suisse takeover

    Switzerland's parliament will probe the government-orchestrated takeover of the stricken Credit Suisse bank by larger rival UBS. A parliamentary commission of inquiry will be established to shed light on how the Swiss authorities rapidly stitched together the merger of the wealthy Alpine country's two biggest banks over a weekend in...
  • Dubai Islamic Bank unveils digital banking services

    Dubai, UAE - Dubai Islamic Bank launched DIB alt, a full-fledged digital umbrella brand to house all of the bank's digital offerings and capabilities under one roof. DIB ‘alt’ is a full-service transformative digital banking experience that is set to enhance the banking experience for DIB’s customers by many folds,...
  • 8 new industrial  projects announced at Abu Dhabi’s ‘Make it in the Emirates’ event

    Abu Dhabi, UAE - Eight new projects were announced on Thursday during the Make it in the Emirates Forum in Abu Dhabi. The Abu Dhabi Investment Office (ADIO) and its partners signed Memorandum of Understanding with high-growth companies covering key areas, including manufacturing, banking, oil & gas, pharmaceuticals, and healthcare...
  • Saudi Arabia’s Alinma Bank posts highest first quarter asset growth

    Dubai, UAE -- Saudi Arabian Alinma Bank posted the first quarter asset growth of 19.1 percent, leading other Saudi-listed banks, compared to same period a year ago. Al Rajhi Bank came second with 18.1 percent growth. The sector’s average growth rate stood at 11.2 percent. The Saudi Investment Bank led...
  • UAE bank investments at all-time-high of $147 bn in February

    Abu Dhabi, UAE - Bank investments in the UAE hit $147 billion by the end of February, the highest level in the country's history, a report by the Central Bank of the United Arab Emirates revealed. The report, issued on Thursday, showed a YoY growth of 15.2 percent in the...
  • ECB fines Goldman Sachs US$7.2m for misreporting capital needs

    BERLIN, GERMANY -  The European Central Bank (ECB) has fined US financial giant Goldman Sachs US$7.2 million (6.63 million euros) for misreporting its capital needs, it said on Monday. Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in...
  • Meydan Free Zone-ADIB pact to promote SMEs, sustainability in economy

    Abu Dhabi, UAE-- The recent partnership signed between Abu Dhabi Islamic Bank (ADIB) and Meydan Free Zone is expected to promote SMEs and sustainability in the economy. Through this partnership, trade licence holders within the Meydan Free Zone will have access to ADIB's diverse range of business banking products and...
  • EDB review ways to boost SMEs financial inclusion at 2-day event

    ABU DHABI, UAE - Emirates Development Bank (EDB) displayed its flexible and customized financing solutions in the Annual Investment Meeting, held at ADNEC here, local media reports said. The two-day event served as a platform for networking and connecting with experts, investors, companies, and SMEs. EDB's CEO, Ahmed Mohamed Al...
  • SoftBank Group logs $7.2bn loss

    The bank took hits across a range of start-up investments.
  • Switzerland: UBS merger with Credit Suisse raises job fears

    Keeping the Swiss banking division as an independent unit appeals to many in Switzerland -- particularly as it could prevent mass layoffs in the important banking sector. Together, the two banks employ 120,000 people worldwide, including 37,000 in Switzerland.
  • Credit Suisse CEO to join executive board after takeover: UBS

    Koerner will be the only executive from Credit Suisse to remain on board after the bank is absorbed by UBS. The Swiss government strongarmed UBS into buying its rival for $3.25 billion after the collapse of three US lenders in March raised concerns about Credit Suisse's own financial health following...
  • UAE Federal Treasury Sukuk Program appoints ADIB as primary dealer

    ABU DHABI,  UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has been appointed as a primary dealer for UAE's Federal Treasury Sukuk Program. This new program has been launched by the federal government of the UAE, through the Ministry of Finance (MOF) and aims to issue...
  • US authorities probe Goldman Sachs over Silicon Valley Bank collapse

    Goldman has been criticized over its multiple roles with SVB, in which it was both advising the California bank and purchasing distressed debt in a deal that ultimately played a central role in SVB's collapse. SVB was seized by federal banking regulators on March 10 following a run on deposits...
  • Eurozone banks toughen lending criteria, says ECB

    FRANKFURT, GERMANY -  Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt crisis, while demand for loans fell heavily, according to a European Central Bank survey released Tuesday. The results highlight the impact of aggressive monetary tightening combined with recent banking sector...
  • HSBC posts bumper profits

    Its pre-tax profits touched US$12.9bn in Q1 of 2023.
  • US regulators seize First Republic Bank, sell to JPMorgan Chase

    With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank to fall in US history. The FDIC has said that it will enter into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all...
  • 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 auditing the central bank's accounts, a judicial official said. Salameh is the target of a series of judicial investigations at home and abroad on suspicion of embezzlement and money laundering,...
  • 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 the collapse of Silicon Valley Bank last month. "Following Silicon Valley Bank’s failure, we must strengthen the Federal Reserve’s supervision and regulation," Federal Reserve vice chair for supervision Michael Barr...
  • 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 Suisse, while the sector also needed to ensure proper competition for services. "Banking regulation and supervision will have to be reviewed in light of recent events," Swiss National Bank chairman...
  • FAB posts Q1 net profit of $1bn

    Operating income increased by 51 percent year-on-year.
  • Barclays Q1 net profit at $2.2bn

    The bank's profit was boosted by rising interest rates.
  • NBF Q1 net profit up 151 percent

    The bank's operating profit rose by 35.7 percent compared with Q1 2022.
  • More rate rises may be needed to tame high inflation, says ECB economist

    FRANKFURT, GERMANY - More eurozone interest rate increases will be appropriate to tame high inflation if conditions remain as expected, the European Central Bank's chief economist said Wednesday. The ECB has hiked rates by 3.5 percentage points since July last year in an unprecedented campaign of monetary tightening to bring soaring...
  • Goldman Sachs net income down

    The bank's shares dropped 3.7% to $327 in pre-market trading.
  • Large US banks post higher profits despite recent industry turmoil

    JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the sector - since the collapse of Silicon Valley Bank and two other banks - showed the industry is benefiting from the Federal Reserve's shift towards higher interest rates and from...
  • Small US banks use enlarged deposit guarantee to compete with giants

    Federal data shows that some depositors at small banks did head for the exits, moving some $120 billion in a single week into larger banks sometimes viewed as too big to fail. But minnows like Leader Bank of Massachusetts and Heritage Bank of Minnesota also have a solution to the...
  • Credit Suisse chiefs apologize to shocked shareholders

    ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose money has gone up in smoke. Credit Suisse's chiefs fronted up at the bank's annual general meeting, 16 days after its...
  • Saudi National Bank chair resigns after Credit Suisse buyout

    Saeed Mohammed Al Ghamdi, who had been serving as CEO, will replace AlKhudairy as chair, Monday's statement said. Talal Ahmed Al Khereiji has been appointed acting CEO, it said.
  • First Citizens agrees to buy failed Silicon Valley Bank

    It will buy "all loans and deposits" from Silicon Valley Bank, whose fall this month set off global fears about the sector. SVB became the biggest US bank to fail since 2008 when regulators seized it after a sudden run on deposits. The bank was a key lender to the...
  • Deutsche Bank shares tank

    The shares fell on the lender's rising cost of default cover.
  • European economy reaches 10 month high after surge in March

    BRUSSELS, BELGIUM - Economic growth in the eurozone accelerated in March and hit a 10-month high, according to a closely watched survey published on Friday, despite turmoil in the markets and concerns over banks. The S&P Global Flash Eurozone purchasing managers' index (PMI) showed the indicator at 54.1, up from 52.0...
  • IMF warns ‘inaction will leave Lebanon in never-ending crisis’

    Lebanon and the IMF reached a conditional agreement in April 2022 on a $3-billion-dollar loan needed to save the country's economy, in free fall since 2019. But nearly a year after Beirut signed the agreement, officials have yet to enact the substantial changes required to kickstart the 46-month financing program.
  • Global financial woes may hit Europe, warns ECB chief Lagarde

    The ECB president insisted, however, that if the most recent forecasts were confirmed, "we will still have ground to cover to make sure that inflation pressures are stamped out".
  • US government seeks to avoid ‘bailout’ label amid banking turmoil

    Days after SVB's collapse this month, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) announced that its depositors -- along with those of Signature Bank -- would have access to their money. But officials were quick to add: "No losses will be borne by the taxpayer."
  • European banking sector is resilient, says ECB

    FRANKFURT, GERMANY -  The European financial system is "resilient" and has sufficient liquidity, the European Central Bank said Monday, as banking shares plunged following the announcement that UBS would take over troubled rival Credit Suisse. "The European banking sector is resilient, with robust levels of capital and liquidity," the ECB said...
  • Credit Suisse buyout: Saudi National Bank fears no impact

    The Saudi bank said its statement came "in light of the recent market announcement with regards to Credit Suisse", without directly mentioning the UBS buyout. Saudi National Bank spent 5.5 billion riyals ($1.5 billion) on a 9.88 percent share in Credit Suisse in November.
  • Lebanon central bank chief denies financial misconduct

    Lebanese central bank governor Riad Salameh maintained his innocence following a second day of questioning before European investigators in Beirut as part of a probe into his personal wealth. Salameh, 72, is part of the Lebanese political elite widely blamed for a crushing economic crisis that began in late 2019.
  • Saudi banking sector poised for gains, after profitable 2022: BCG

    Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.   Analysis by the US-based firm reported the Kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since...