#Banking

Scoring a goal: Following the AlUla Declaration, how will Qatar’s growth plans fare?

Normalisation of ties with the GCC, the upcoming FIFA World Cup and economic reforms are painting a positive picture for the gas-rich nation

UAE bank

UAE gross bank assets at Dhs3.172 trillion at the end of January

Gross credit in the banking system grew from Dhs1.779 trillion by the end of December 2020 to Dhs1.779.2 trillion in January 2021

UAE Central Bank

Overall liquidity in UAE banking system back to pre-Covid levels – Central Bank

The Central Bank of the UAE projects the country’s real GDP to increase by 2.5 per cent in 2021

NCB, Samba shareholders approve merger to create Saudi National Bank, kingdom’s biggest lender

Operations under the new name and structure are planned to start on April 1, 2021

First Abu Dhabi Bank

First Abu Dhabi Bank approves Dhs8.08bn cash dividends for 2020

The bank recorded a a full year 2020 net profit of Dhs10.6bn

Different Arab money

Revealed: Impact of Covid-19 on GCC retail banks revenues

BCG says earnings could shrink by -2.1% annually between 2019 and 2024

National Bank of Fujairah posts net loss of Dhs475m for 2020

The decline was attributed to a substantial increase in impairment provisions and lower operating profit

Emirates NBD

Dubai’s Emirates NBD reports a 52% slide in net profit for 2020

Total income of Dhs23.2bn improved 4 per cent year-on-year

Abu Dhabi Islamic Bank

Abu Dhabi Islamic Bank launches one-year healthcare equities note for investors

The structured note which matures in 12 months provides 95 per cent capital protection

Citi UAE expects to triple assets under management to $15bn by 2025

Bank plans to quadruple wealth clients in five years

FIrst-abu-dhabi-bank-atms

UAE’s First Abu Dhabi Bank issues five-year $500m sukuk

It attracted a total orderbook of around $1.5bn which represents a three times over-subscription rate

From left, Jayafar Moidu, founder and CEO of JMR Infotech and Hisham Al Gurg, CEO of SEED Group and the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum

JMR Infotech signs JV with UAE’s Seed Group to enhance digital transformation within the financial sector

JMR’s Genie de Banca digital platform will enable banks and financial institutions to automate and digitise their lending departments, develop new revenue channels, and present their customers with new products and services

Global bank job cuts reach five-year high

The total number of positions that have been eliminated has reached 85,540 globally

Natixis replaces Saudi Arabian CEO after six months in the role

International banks have been expanding in Saudi as the country embarks on a plan to diversify its economy beyond oil

Banking Tech

Here’s how regional banks can create a loyal customer base

Lenders should leverage the use of technology to understand customers’ needs and create a personalised journey for them, says IT firm Comarch

Abu Dhabi Commercial Bank ADCB

UAE’s ADCB posts Q3 2020 net profit of Dhs1.3bn; down 3% y-on-y

It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year

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