Nouf Hijazi’s Post

Here are some key highlights from First Abu Dhabi Bank (FAB) Q3 results: 🔹 Net profit: AED 4.46 billion ($1.2 billion), up 5% year-on-year. 9M’24 net profit at AED 12.87 billion. 🔹 Operating income: AED 8.20 billion, up 18% year-on-year. 🔹Impairment charges: AED 909 million, up 50% year-on-year. 🔹 Operating expenses: AED 1.98 billion, up 9% year-on-year. 🔹Net interest margin (NIM): 1.89%, down 7 basis points from the previous quarter and 8 basis points year-on-year.

Saudi Arabia's leading banks, Al Rajhi Bank and Saudi National Bank have declared a staggering SAR 10 billion (Dh9.7 billion) in dividends for the latter half of 2023.     This significant payout not only highlights a prosperous year for banks in Saudi Arabia and the UAE compared to their global counterparts but also underscores the robustness of the regional banking sector in overcoming both regional and global economic challenges.    Explore how these financial milestones impact investment landscapes with NFSA, visit www.nimaifs.com #SaudiBanking #DividendGrowth #BankingResilience #FinancialHealth #DividendGrowth #CapitalMarkets #FinancialResilience #NFSA #NIMAI

Abu Dhabi Commercial Bank (ADCB) is making a strategic move into Kazakhstan's financial market. ADCB has acquired 100% of the common shares of Al Hilal Islamic Bank, solidifying its status as a banking holding. This expansion highlights ADCB's strong financial standing and commitment to growth, backed by significant support from the UAE government. #Banking #Finance #Kazakhstan #ADCB #GlobalExpansion #Investment #FinancialNews

The Board of Directors at United Arab Bank (UAB) has unanimously chosen Sheikh Mohammed bin Faisal bin Sultan Al Qassimi as the new Chairman, succeeding Sheikh Faisal bin Sultan bin Salem Al Qassimi, who led the Board for almost fifty years. This selection underscores the bank's and its shareholders' commitment to innovation and growth amid ongoing developments in the banking industry, marking a new era of success. #uae #banking #uab #financeworld #financeworldmagazine

Abu Dhabi Islamic Bank (ADIB) has reported a 45% growth in net profit for 2023, reaching Dh5.25 billion compared to Dh3.62 billion in 2022. The bank's Q4 2023 net profit reached Dh1.5 billion, reflecting a 29% growth compared to Q4 2022. Revenue for 2023 increased by 36% to Dh9.3 billion, driven by income diversification and growth across all business segments. The cost-to-income ratio improved to 32.9%, a 2.0 percentage point improvement from the previous year. ADIB also announced a dividend of 71 fils per share, equivalent to 49% of net profit. Total assets increased by 14% to Dh193 billion, with customer deposits rising by 14% to Dh157 billion. Gross customer financing increased by 6% to Dh120.2 billion. The bank maintained a strong capital position with a common equity tier 1 ratio of 12.2% and a total capital adequacy ratio of 16.8%. The eligible liquid asset ratio was 21.0%, comfortably within regulatory requirements. #UAE #Abudhabi #Islamic #Bank #Net #Profit

Highlighting the growth of Bahrain’s financial sector, our CEO, Bader Sater, shares insights on the rise of fintechs in the kingdom and the promising future ahead in an article by the AGBI - Arabian Gulf Business Insight. #FinTechBay #Bahrain #Fintech

BBK (Bank of Bahrain and Kuwait) has expressed optimism for the global growth outlook in 2024, highlighting factors like early action on interest rates, commodity price adjustments and the resolution of geopolitical issues. Speaking on the sidelines of a ceremony at the Gulf Hotel Bahrain Convention and Spa yesterday, where the bank rewarded employees for excellence and long years of service, Dr AbdulRahman Saif, the group chief executive of BBK, one of Bahrain’s biggest banks, said they are actively managing their liquidity and balance sheet position in response to these anticipated changes. Read more: https://lnkd.in/eKgWqFYd

Abu Dhabi Commercial Bank (ADCB) has announced its financial results for the second quarter of 2024 (Q2’24), showcasing a strong performance driven by double-digit year-on-year (YoY) growth in both net interest income and non-interest income, underpinned by robust #UAE economic fundamentals. According to the financial results statement, #ADCB's ambitious strategy for accelerated growth is propelling strong momentum in its operational and financial performance. The #bank's net profit before tax surged by 30% #YoY to AED 2.593 billion in Q2’24, and rose by 28% to AED 5.023 billion in the first half of 2024 (H1’24). Post-tax net profit for H1’24 stood at AED 4.456 billion, with Q2’24 net profit at AED 2.317 billion, representing a return on average tangible equity of 15.0% and 16.5%, respectively. Read more: https://lnkd.in/dCz_7hAs Abu Dhabi Commercial Bank #FintechNewsUAE #ABCD #FinancialResults #YOYGrowth #Growth #Performance #ProfitAfterTax #ProfitbeforeTax #Income #Profit #Equity #CAGR #Tech #Bankperformance #Innovation #Finance #H12024 #AbuDhabi #UAE #Dubai #UAEFintech #Banking #IslamicBanking #BankinginUAE #UAEStartups #UAEFintechNews #MiddleEast #MENA

ROSHN Group has established partnerships with four prominent Saudi banks—Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank—to offer a comprehensive range of financial services, as outlined in a ROSHN Group press release. These agreements aim to provide specialized banking services to ROSHN's sub-developers and contractors, emphasizing the group's dedication to bolstering the Kingdom's private sector and achieving operational efficiency in its ventures. The collaboration entails the delivery of tailored banking services to sub-developers and contractors referred by ROSHN, including competitive profit margins, coverage ratios, expedited account opening, credit assessments, and access to credit facilities for eligible clients. ROSHN Group's Chief Financial Officer, Avinash Pangarkar, highlighted, "The agreements with Arab National Bank, Bank Albilad, Bank AlJazira, and Riyad Bank signify our commitment to empowering the private sector through improved financial support, efficient assessments, and streamlined financial services. These strategic partnerships will enable our partners to undertake larger, more ambitious projects contributing to their sustained growth and success, aligning with Vision 2030 goals for economic diversification and increased homeownership targets." #SaudiArabia #SaudiTimes

Productive Meeting with Al Rajhi Bank's CEO Waleed Al Mogbel I had the pleasure of meeting with Waleed Al-Mogbel, the CEO of Al Rajhi Bank, as part of my on-the-ground research for "The Report: Saudi Arabia 2024." We discussed Al Rajhi Bank's recent strategic initiatives, which are driving remarkable growth and positioning the bank as a leader in the financial sector. Our conversation highlighted several key points of Al Rajhi Bank's strategy: **Robust Financial Performance**: The bank's net profit for Q1 2024 grew by 6% year-on-year, reaching SAR 4.4 billion, driven by a significant rise in net financing and investment income. **Market Leadership**: Al Rajhi Bank was recently recognized as the strongest banking brand in Saudi Arabia for 2024, underlining its significant market value and presence. **Strategic Investments**: Increased investments in digital transformation and customer service enhancements, such as their innovative self-service banking solutions. This meeting was incredibly insightful and will contribute valuable perspectives to our upcoming report. #SaudiVision2030 #Banking #Finance #EconomicGrowth #AlRajhiBank #TheReport2024