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UBS reports lower net profit in 2023
The Swiss government pushed it to buy Credit Suisse last year.
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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... -
Joe Biden reassures Americans about safety of banking system
Washington, United States--President Joe Biden sought to reassure Americans over the country's financial system Monday as more US banks and leading European lenders were hammered amid contagion worries. Silicon Valley Bank -- a key lender to startups across the United States since the 1980s -- collapsed after a sudden run on... -
Lebanon central bank chief summoned in European probe
A Lebanese judge has asked central bank chief Riad Salameh to appear before visiting European investigators, a judicial official said Monday, part of a multinational probe into his personal wealth. The embattled central bank chief faces embezzlement accusations in separate investigations in Lebanon and abroad, looking into the fortune he... -
ADIB to pay $462m cash dividend
The bank had posted a net profit of $985 million for 2022. -
Saving deposits in UAE banks rose to $67bn in 2022: CBUAE
Abu Dhabi, UAE - Saving deposits in the UAE banking system, excluding interbank deposits, increased to AED245.867 billion ($67 billion) by the end of December 2022, a YoY growth of AED4.00 billion ($1.08 billion), or 1.7 percent, from about AED241.82 billion ($66 billion)Â in November 2021, statistics by the Central... -
UAE and Azerbaijan sign MoU to boost financial, banking ties
Abu Dhabi, UAE--UAE Banks Federation (UBF) has signed a memorandum of understanding (MoU) with the Azerbaijan Banks Association to enhance cooperation and and promote the growth of the financial and banking sectors in both countries. The scope of the MoU includes organising various activities in the finance and banking sector... -
Lebanon’s central bank chief not to renew his term
Riad Salameh, who became the head of the central bank in 1993, has come under increased scrutiny both at home and abroad -
UAB 2022 net profit at US$42m
Total operating income rose 11% in 2022 compared to 2021. -
NBQ 2022 net profit $99m
Umm al Qaiwain, UAE-- National Bank of Umm Al Qaiwain (NBQ) has reported a net profit of AED364.52 million ($99 million), a 38 percent increase from 2021. Total assets were at AED 13.605 billion, up 3.5 percent compared to December 2021, with a deposits-to-advances ratio of 126 percent. The bank... -
First Abu Dhabi Bank not eyeing offer for Standard Chartered
The company, second time it has quashed reports of an imminent bid, refuted the speculations in the press in a report to Abu Dhabi Securities Exchange. -
New bank reforms reveal fraudulent dollar transactions: Iraq PM
Iraq's Prime Minister Mohammed Shia al-Sudani has said the country's new banking regulations have revealed fraudulent dollar transactions made from his country. In recent months the country has been seeking to make sure that its banking system is in sync with the international electronic transfer system. -
ADCB 2022 net profit $1.75 bn
The bank’s net profit for Q4 2022 was up 23%. -
Iran, Russia link banking systems amid western sanctions
Linking of banking system with Russia is seen as an attempt by both the countries to get around the US economic sanctions. -
UAE banks’ saving deposits rise to $67bn
On a monthly basis, the deposits grew by 0.06 percent. -
Saudi TASI shines as UAE stocks give lackluster performance
Shored up by healthcare, financial services, banking sector, and raw material companies, the Saudi equities posted gains throughout the weeks. -
Emirates NBD’s 2022 net profit $3.53 bn
The rise was driven by strong regional economic growth. -
Gross banks’ assets jump to US$988 billion in November: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7 percent, rising from $983 billion at the end of October 2022 to $988 billion at the end of November 2022. According to figures published in CBUAE's November summary... -
Iraqi central bank chief quits amid currency volatility
Iraq's prime minister said the country's central bank governor had been relieved of his duties as the local currency continues to fall against the dollar. "The central bank governor's request for discharge was approved, as was the request for retirement by the president of the Trade Bank of Iraq," Prime... -
Financial innovation vital but checks needed for stability: Saudi minister
Mohammed Al-Jadaan also warned of risks if the central bank digital currency was introduced as it will require citizens to provide large amounts of data. -
Sustainable innovations to help Gulf industries reduce CO2 emissions, says report
Seven industries - advanced manufacturing services, retail, banking, energy, healthcare, consumer products, and automotive - are poised to be the key gainers, says a report. -
GCC banks to benefit from 2022 growth momentum
Since the COVID-19 outbreak, GCC banks have experienced a growth of more than 10 percent annually, a positive sign that is likely to earn a higher return on equities. -
Citi names new co-heads of emerging markets division in EMEA
Shaikh and Girach have worked at the bank for about 20 years. -
Resilience helps UAE banks face global challenges
Growing assets, increased financing, and enhanced capital adequacy ratios reflect the sector’s resilience and ability to adapt to changes in the world, say key bankers. -
HSBC sells Canada ops for $10bn
Bank will use funds for core business, give cash to investors. -
GCC banks earned $18.6bn in interest income in Q3: Kamco
During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022. -
ADIB, ADGM to support growth needs of Abu Dhabi financial community
Abu Dhabi, UAE -- Abu Dhabi Islamic bank (ADIB) and Abu Dhabi Global Market (ADGM) will collaborate to support the growth needs of the financial community of Abu Dhabi. They signed an agreement under which the ADIB will provide clients with ADGM licensed managers for Sharia compliant banking services and... -
Wio Bank, ADGM sign pact
Pact will help SMEs in UAE gain access to key banking services. -
Innovation, technology implementation help GCC banks compete with European, US counterparts
The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly approximate' pre-pandemic profitability ranks by the end of 2022. -
Ahlibank 9M net profit $65m
Customer deposits up by 9.2% to reach $5.79 bn. -
Oman’s Loan-to-Deposit ratio best in GCC
The Gulf region’s loan-to-deposit ratio fell by 160 basis points in the second quarter of 2022, due to higher customer deposits. -
2 Emirates NBD India branches
The branches cater to northern, southern areas. -
Total broad money supply in Qatar reaches US$189bn in September 2022
The Planning and Statistics Authority (PSA) has released the 105th issue of (Qatar; Monthly Statistics) bulletin for the month of September, which showed total broad money supply (M2) increasing 11.4 percent YoY to US$189 billion (QR 688 billion). -
ING Q3 profit at US$958m
Bank announced a share buyback of US$1.4 billion. -
Firms in Middle East focus on sustainability innovation
Innovations poised to have an important impact on the sustainability of seven industries: advanced manufacturing services, retail, banking, energy, healthcare, consumer products and automotive. Banks, for example, continue to create new forms of greener, impact-driven products and services, he adds. -
ADEX signs line-of-credit pact with National Bank of Iraq
The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a US$10 million (AED36.7 million) line-of-credit agreement with the National Bank of Iraq (NBI), part of the Capital Bank Group. -
UBS Q3 net profit is US$1.7b
The bank income in Q3 fell by 10 percent to $8.2billion. -
Trio win Nobel for banking’s role in economy, collapse prevention
Ex-Fed chief Ben Bernanke together with Douglas Diamond and Philip Dybvig were honoured for having "significantly improved our understanding of the role of banks in the economy, particularly during financial crises, as well as how to regulate financial markets". -
Saudi stocks shine, while UAE’s post losses
GCC markets had a mixed week as Saudi stocks powered by the banking and commodities retail sectors posted gains, while the UAE stocks tanked, ending the weeks with losses. -
Dubai Metaverse Assembly takes delegates to Mars
Participants were taken on an immersive space journey to a detailed metaverse city on the Red Planet. -
GCC banks cash in on high deposits, rising oil prices
Rising oil prices, which have proved to be a windfall for governments and companies in the upstream sector, has strengthened balance sheets of the region's banking sector. -
‘Certainly a risk’ of US recession, Yellen says
An American recession "is a risk when the Fed is tightening monetary policy to address inflation," President Joe Biden's leader on financial, economic and tax policy told CNN, referring to the US Federal Reserve. "So it's certainly a risk that we're monitoring," Yellen added, but "we've got a good strong... -
Qatar Central Bank’s foreign currency reserves rise to $59bn in August
Official reserves consist of four main components: foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, special drawing rights deposits, and Qatar's share in the IMF. -
UAE stocks post gain of US$2.72bn in market cap
The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments at the realty, banking, telecom sectors and cash inflows by institutions and individuals. -
UAE stocks gain US$3bn in Wednesday trade
Abu Dhabi index (FTFADGI) rose 0.566 percent to 9,717.380 pts, with conglomerate International Holding Company (IHC.AD) closing high at AED 350. -
Saudi Central Bank updates its Regulatory Sandbox Framework
The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of the key objectives of the Saudi Vision 2030. -
Electronic 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. -
Digital transformation in Gulf region not agile enough
It's crucial to identify the right working model to fix the challenges of digital transitions in the GCC, Nick Curran, Business Development Manager at Endava, tell TRENDS. -
Egypt’s central bank cancels maximum cash deposit limit in banks
During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its global economic impact. -
Facial recognition helps GCC banks verify, curb frauds
The new technology is the most accurate form of identity verification since biometric data is incredibly hard to fake or replicate, and faces cannot be lost, says an expert.