Profit before tax rises 56% to $2.12 billion on strong loan growth and improving deposit mix; Deposits grew by 5%; Income up 11%
UAE bank
Latest in UAE bank
Russia-Ukraine conflict
Russia-Ukraine ceasefire would have limited impact on UAE banks, S&P says
UAE banks to maintain strong asset quality with central bank rule changes boosting loan coverage ratios, already near 100%
Dubai
Dubai Islamic Bank total income grows 15.9% to $6.36bn in 2024
Pre-tax profit up 27% to $2.45 billion; Customer deposits up almost 12% to $67.8 billion; NPF ratio improves 140bps to $2.48 billion
financial institutions
United Arab Bank reports 30% jump in pre-tax profit for FY2024
Total assets for the Sharjah-based bank climb 22% to $5.85 billion driven by a 23% growth in loans, advances, and Islamic financing
Mashreq Bank
Mashreq delivers $2.45bn net profit in 2024
The bank reported a 24% jump in its revenue in 2024 to AED 13.4 billion
financial institutions
RAKBANK posts record over AED 2bn profits in 2024
For Q4’24, the profit after tax was AED 386M, and the profit before tax was AED 424M, representing declines of 10.4% and 4.6%, respectively
digital banking
UAE leads the way for digital innovation in Middle East’s $3.2bn banking sector
The UAE’s willingness to adopt innovative banking practices such as blockchain adoption and AI put it at the forefront of Middle East banking
Abu Dhabi
First Abu Dhabi Bank reports net profit of $1.23bn for Q3, up 5% year-on-year
The bank’s net profit was based on a revenue of AED23.9bn ($6.51bn)
Abu Dhabi
AD Ports Group signs agreements to refinance $2.25bn debt
The agreements will enable the Group to save up to $12mn in financing costs over the next 12 months
National Bank of Fujairah
National Bank of Fujairah issues $275mn additional Tier 1 capital securities
The new issuance has been privately placed with the Government of Fujairah
CBUAE
UAE banking sector’s liquid assets surpass AED 800bn in Q2 2024
This is a 20.2 percent rise from the same year-ago period
Dubai
Dubai Islamic Bank’s H1 pre-tax profit surges past $1 billion mark
Total income up 21% to $3.08 billion; Pre-tax profit up 18% to $1.01 billion; Balance sheet rises 2.7% to $87.95 billion
Small and medium enterprises
UAE banks extend $22.2bn in loans to SMEs
According to the UAE Ministry of Economy, SMEs represent over 95 percent of all companies in the country
UAE bank
UAE banks to roll out Jaywan card to generate $272m savings
UAE banks will roll out the domestic Jaywan card and create huge savings
CBUAE
UAE orders banks and insurance companies to allow 6 months of payment deferrals without cost following heavy rainfall
CBUAE orders banks and insurance companies to allow payment deferrals to customers facing rain damage
CBUAE
UAE bank transfers hit $412bn in January
Central Bank of the UAE data shows 25 per cent increase in transfers in January 2024
CBUAE
UAE banking sector poised for continued growth in 2024
Total assets of banks operating in the UAE increased by 3.1% on a quarter-on-quarter basis at the end of Q4, 2023 to reach AED4.075 trillion