#Banking

UAE top 10 banks see profits drop by 38.9% in H1 2020: KPMG

Non-performing loan ratio increases from 3.8% in December 2019 to 4.1% in June 2020

Oman’s top banks see 34.2% decline in profits: KPMG

Increase in non-performing loans squeezed banks’ profits in the GCC country

HSBC’s role in the US lawsuit against Huawei called into question

Lawyers for Huawei argue HSBC improperly aided the US to indict CFO Meng Wanzhou

Majority of UAE customers would readily switch their bank: report

BCG survey says 87 per cent of respondents would consider a digital-only bank

HSBC shares fall to 25-year low on China fears, banks report

Europe’s largest bank has been named as a possible candidate for China’s “unreliable entity list”

Emirates NBD

Dubai’s Emirates NBD signs MoU with Bank Leumi Le-Israel

Bank Leumi currently holds approximately 30 per cent market share in the Israeli banking system

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank records 52% decrease in net profit for H1 2020

Its net revenue also declined nearly 11.5 per cent year-on-year to Dhs2.5bn

UAE Central Bank ramps up TESS scheme to support banking sector

The directive will encourage banks to strengthen the TESS scheme and support customers in overcoming the impact of the pandemic

ADCB

UAE’s ADCB to lay off around 400 employees – reports

The bank had asserted in March that no employees would be made redundant as a result of the Covid-19 pandemic

Standard Chartered

Standard Chartered appoints new CEO for Saudi Arabia banking division

In February last year, the British bank received approvals from Saudi Arabia’s financial regulator to open a branch in the kingdom

Bahrain digitisation

Why digitalisation has helped Bahraini banks escape the brunt of Covid-19

As Covid-enforced social distancing measures became commonplace, Bahrainis turned increasingly online to conduct financial services

Abu dhabi uae capital flag

UAE provided financial facilities worth Dhs5.8bn to non-profit organisations in Q1 2020

The Central Bank of the UAE has said that the support provided to non-profit organisations is expected to increase in 2020

Dubai Islamic Bank lists $300m sukuk on Nasdaq Dubai

There is a total of $71.09bn sukuk now listed on the exchange

Outward personal remittances from the UAE in Q1 2020 increased 7.8% y-on-y

The top five destination countries for remittances were India, Pakistan, Philippines, Egypt and the US

Deutsche Bank’s head of EMEA to exit the company

Ashok Aram, who also heads the firm’s international private and commercial bank operations, is departing for personal reasons

Millennials prefer robot bankers to humans – Nordic data

Banks are trying to find ways to accommodate growing investment demands from cash-rich clients

UAE’s ADCB posts 82% drop in Q1 net profit on NMC impairment charges

Its net loans stood at Dhs247bn and customer deposits at Dhs263bn as of the end of Q1 2020

Virus may force Kuwait Finance and Bahrain’s AUB to reassess merger

Last year, Kuwait Finance House offered to buy Ahli United Bank in an all-share deal that was valued at about $8.8bn

Saudi finance minister says country looking at ‘painful’ measures, deep spending cuts

He added that state oil revenue has decreased by more than half, and non-oil revenue will decrease as well

Saudi banks act in unison to reassure investors on oil and virus

Lenders warned that it’s still too early “to determine the size and extent of the financial impact at this stage”

First Abu Dhabi Bank

First Abu Dhabi Bank reports 22% decrease in year-on-year Q1 2020 net profit

Meanwhile, the value of total assets of the UAE’s largest bank rose 14 per cent to Dhs835bn

Expired Emirates IDs will be valid for banking transactions in the UAE

The country’s central bank also instructed all banks to consider entry permits issued to expats in the UAE from March 1 – December 31, 2020 to be valid

NMC saga: Abu Dhabi’s ADCB begins criminal legal action against several people

ADCB is owed $963m by Abu Dhabi healthcare group NMC, which has now been placed under administration

Revealed: Top 5 most powerful Arabs in Saudi Arabia

The highest ranked Arabs originating from Saudi Arabia in Gulf Business’ annual Arab power list

Abu Dhabi’s ADIB looks to save Dhs500m by cutting jobs, shutting branches – report

Abu Dhabi Islamic Bank is reportedly planning to close local and international branches

Revealed: Top 10 banks in the UAE

The UAE’s biggest listed banks ranked by total asset size

Abu Dhabi banks ADCB, UNB and Al Hilal merge to create third largest UAE lender

The enlarged ADCB group, listed on ADX, has Dhs423bn in assets and over one million customers

ADCB’s chairman, CEO to fill top positions in new Abu Dhabi merged bank – sources

The three-way merger with Union National Bank and Al Hilal Bank could form a bank with around $113bn in assets

Revealed: Top 10 companies in Bahrain in 2018

The biggest listed companies in Bahrain by market capitalisation

Revealed: Top 10 companies in the UAE in 2018

The biggest listed companies in the UAE by market capitalisation