Two of UAE’s biggest banks beat estimates as economy boosts earnings
- Date: 26-Jan-2023
- Source: Al Arabiya
- Sector:Financial Services
- Country:UAE
Two of UAE’s biggest banks beat estimates as economy boosts earnings
The two biggest banks in the United Arab Emirates posted a jump in annual profit, topping estimates, after the country’s strong economic growth helped to drive an increase in margins and net interest income.
Profit at First Abu Dhabi Bank PJSC rose 7 percent to 13.4 billion dirhams ($3.6 billion) after the lender’s “core businesses sustained positive momentum, resulting in double-digit growth in loans and deposits,” it said in a statement. Income rose 10 percent, boosted by a 23 percent growth in net interest income and gain on the sale of majority stake in payments business Magnati.
For the latest headlines, follow our Google News channel online or via the app.“Underlying operating performance across our core businesses was sustained during the fourth quarter despite a more challenging global macroeconomic outlook,” FAB Chief Executive Officer Hana Al Rostamani said in the statement. “This has provided us headroom to further build provision buffers, take a conservative stance on asset valuations.”
Meanwhile, profit at Emirates NBD PJSC surged 40 percent to Dh13 billion, while impairment charges fell 12 percent to Dh.5.2 billion dirhams. Dubai’s biggest bank “maintained strong income growth momentum, kept a firm control of costs, and benefited from writebacks and recoveries, reflecting a healthy
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Central banks in the #Gulf including in Saudi Arabia, the UAE and Qatar followed the US Federal Reserve’s 25 basis-point rate hike as they seek to protect their currencies’ peg against the US #dollar.
https://english.alarabiya.net/business/economy/2023/03/23/Gulf-nations-follow-US-Fed-s-quarter-point-hike-to-maintain-pegs
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#UAE has given $23bn to SMEs sector which represents more than 95 percent of the total number of companies operating in the country, according to Ministry of Economy. @Economyae
https://trendsmena.com/business/uae-banks-provide-23bn-in-financial-facilities-to-smes-in-2022/
India and UAE have signed an MoU to enhance cooperation and promote innovation in financial products and services, including CBDCs. @RBI #RBI #CentralBanks #Banking #Economy #CBDC #FinTech #Web3 #DeFi #Blockchain #Crypto #NFTs #Trending https://alexablockchain.com/central-banks-india-uae-team-up-fintech-cbdc/ @AlexaBlockchain
Central banks of India and UAE team up to drive FinTech and CBDC innovation. @RBI #RBI #CBUAE #CentralBanks #Banking #Finance #Economy #CBDC #FinTech #Web3 #DeFi #Blockchain #Crypto #Metaverse #NFT #NFTs #NFTCommunity #Trending https://alexablockchain.com/central-banks-india-uae-team-up-fintech-cbdc/ @AlexaBlockchain
UAE banks provide $23bn in #financial facilities to #SMEs in 2022. #CBUAE #economy
http://trendsmena.com/business/uae-banks-provide-23bn-in-financial-facilities-to-smes-in-2022/
Top Indian IT firms most exposed to failed #US banks & #China cutting banks’ liquidity requirements, on the #DailyBrief with @RamiaFarrage
#Forbes #India #Europe #France #Banks #Microsoft #ChatGPT #Billionaires #Economy #UAE #LVMH
@MajidAlFuttaim
#India has reportedly asked banks and traders to refrain from using Chinese #yuan, preferring #UAE dirhams for Russian import payments. Here's what's behind the move.
#Forbes
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real receipts,all that eroded the US economy to lose world charming including banks to crash?
48 hrs time to irreversible mistake to US treasury,never works except chaos? Major rulers may be China,S.Arabia,oil rich Opec, UAE,Kuwait,Oman,Russia etc who stoked trillions?
I just spent two weeks in Dubai and Abu Dhabi.
The United States meanwhile…
“Two of UAE’s biggest banks beat estimates as economy boosts earning” https://english.alarabiya.net/business/economy/2023/01/26/Two-of-UAE-s-biggest-banks-beat-estimates-as-economy-boosts-earnings
#أبوظبي_الأول يحقق إنجازا جديدا في مسيرته نحو #الحياد_المناخي
@FABConnects
#Awalan #جدوى_الخبر #الإمارات #أبوظبي #إقتصاد #استثمار #مصارف #أرباح
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #ClimateAction
https://www.awalan.com/Article/17803/
Russia-India oil deals challenge dollar supremacy.
Read more:
https://bit.ly/3JoyeKn
#sales #money #insurance #energy #europe #economy #australia #funding #uae #media #business #bank #payments #oil #banking #refinery #petroleum #currency #abudhabi #banks #dollar
#بنك_دبي_التجاري يعلن عن تعيين خالد الحمادي مديراً عاماً لمجموعة الخدمات المصرفية للأفراد
@CBDUAE
#Awalan #جدوى_الخبر #الامارات #دبي #مصارف #إقتصاد #استثمار #تعيينات
#Gulf #UnitedArabEmirates #UAE #Dubai #Banks #economy #investments #Nominations
https://www.awalan.com/Article/17760/
Savings deposits in #UAE banks have increased from AED152 billion ($41 billion) at the close of 2018 to AED172.2 billion ($47 billion) in 2019 and to AED215.2 billion ($58 billion) in 2020. @Economyae
https://trendsmena.com/economy/saving-deposits-in-uae-banks-rose-to-67bn-in-2022-cbuae/
Saving deposits in #UAE banks rose to $67bn in 2022: #CBUAE
http://trendsmena.com/economy/saving-deposits-in-uae-banks-rose-to-67bn-in-2022-cbuae/
#الإمارات: 245.8 مليار درهم الودائع الادخارية في القطاع المصرفي بنهاية 2022
#Awalan #جدوى_الخبر #إقتصاد #مصرف_الإمارات_المركزي #استثمار #مصارف #مصارف_الإمارات
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #CentralBank
https://www.awalan.com/Article/17743/
#بنك_نقد_المحلي يسعى إلى تلبية احتياجات #الاقتصاد_الرقمي في دولة #الإمارات
#Awalan #جدوى_الخبر #الإمارات #إقتصاد #استثمار #مصارف #أرباح #مصارف_الإمارات
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #DigitalEcononmy #EmiratesBanks
https://www.awalan.com/Article/17720/
#بنك_أبوظبي_الأول يقر توزيع أرباح نقدية بقيمة 5.74 مليارات درهم
@FABConnects
#Awalan #جدوى_الخبر #الإمارات #أبوظبي #إقتصاد #استثمار #مصارف #أرباح
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #Profits
https://www.awalan.com/Article/17712/
#UAE Banks Federation organised a virtual workshop on combating trade-and-credit-documents-based money laundering. #Economy @UAEBF
https://trendsmena.com/economy/uae-banks-federation-holds-workshop-on-fighting-money-laundering/
528 مليار درهم استثمارات #بنوك_الإمارات بنهاية 2022
#Awalan #جدوى_الخبر #الإمارات #إقتصاد #مصرف_الإمارات_المركزي #استثمار #مصارف_الإمارات #المؤشرات_المصرفية
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #CentralBank #EmirateBanks
https://www.awalan.com/Article/17713/
#المركزي_الإماراتي يلغي ترخيص #شركة_صرافة عاملة في الدولة
#Awalan #جدوى_الخبر #الإمارات #إقتصاد #استثمار #مصارف #مصرف_الإمارات_المركزي
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #CentralBanks
https://www.awalan.com/Article/17689/
ارتفاع #الميزانية_العمومية لـ #مصرف_الإمارات_المركزي إلى أعلى مستوى في تاريحها بتسجيلها 555 مليار درهم
#Awalan #جدوى_الخبر #الإمارات #إقتصاد #استثمار #مصارف
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #CentralBank
https://www.awalan.com/Article/17679/
#الامارات: #أصول_القطاع_المصرفي في الإمارات ترتفع 0.8% لتتجاوز 3.66 تريليون درهم
#Awalan #جدوى_الخبر #إقتصاد #مصرف_الإمارات_المركزي #استثمار #مصارف #الأصول_المصرفية
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #CentralBank
https://www.awalan.com/Article/17676/
#قطاع_التأمين_الإماراتي يحافظ على الصدارة #عربياً ويتقدم مرتبة عالمياً
#Awalan #جدوى_الخبر #الإمارات #إقتصاد #مصرف_الإمارات_المركزي #استثمار #مصارف #قطاع_التأمين
#Gulf #UnitedArabEmirates #UAE #economy #investments #Finance #Banks #CentralBank #insurance
https://www.awalan.com/Article/17681/
5 things that happened this week:
The US raised interest rates & most GCC central banks followed:
• Saudi, UAE, Oman, Bahrain: matched the 25 basis-point increase
• Kuwait pre-empted with a 50 basis-point hike
• Only Qatar kept its rates on hold
1/5
https://www.arabnews.com/node/2243501/business-economy
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