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TAQA net income $1.93bn in 2024

The company's revenues increased 6.7 percent year-on-year.

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Swiss reserve hike hits UBS

UBS was strongarmed by the Swiss government to buy Credit Suisse last year. (AFP)
  • The move follows government plans unveiled earlier this month that would tighten rules for banks deemed too big to fail.
  • UBS, Switzerland's biggest bank, acquired struggling rival Credit Suisse last year in a government-engineered deal aimed at preventing a financial crisis.

Zurich, Switzerland — The Swiss central bank said Monday that it would raise the amount of funds that domestic lenders must store in its vaults, a move that weighed on UBS shares.

The Swiss National Bank (SNB) said the minimum reserve requirement will increase from 2.5 percent to four percent from July 1.

“Since sight deposits which are held by banks to meet minimum reserve requirements are not remunerated, the interest costs for the SNB will be reduced,” it added in a statement.

Around 1130 GMT, UBS shares were down around 10.4 percent following the announcement.

The move follows government plans unveiled earlier this month that would tighten rules for banks deemed too big to fail.

UBS, Switzerland’s biggest bank, acquired struggling rival Credit Suisse last year in a government-engineered deal aimed at preventing a financial crisis.

The acquisition created a banking behemoth with a balance sheet twice the size of Switzerland’s annual economic output, causing significant jitters.

The government’s proposed changes could force UBS to set aside an additional 15 to 25 billion Swiss francs ($16.4 billion to $27.4 billion), according to sector experts quoted in media reports.