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Hi Dubai
07-04-2025
- Business
- Hi Dubai
UAE Central Bank's 2024 Report Marks Milestone Year of Growth, Innovation, and Stability
The Central Bank of the UAE (CBUAE) has released its 2024 Annual Report, highlighting a landmark year of economic resilience, financial innovation, and regulatory transformation. The report outlines major achievements reinforcing the CBUAE's role in safeguarding financial stability, enhancing legislative frameworks, and driving national economic growth. The UAE's real GDP grew by 3.9% in 2024, underpinned by strong performances in both oil and non-oil sectors. Looking ahead, the CBUAE projects a further acceleration to 4.7% in 2025. Non-oil foreign trade surged by 13.8%, surpassing AED2.8 trillion—boosted by key economic partnership agreements. The banking sector reported robust growth, with total assets reaching AED4.56 trillion, placing the UAE at the forefront regionally. Capitalisation, liquidity, and profitability remained strong, reflecting a stable financial ecosystem. The insurance sector also saw total gross written premiums climb to AED64.8 billion. Key initiatives in 2024 included strengthening stress tests, climate risk assessments, and capital buffers to bolster systemic resilience. The UAE's exit from the Financial Action Task Force's 'enhanced monitoring' list underscored its success in combatting financial crime. The CBUAE launched several pioneering platforms, including the domestic card scheme 'Jaywan', the instant payment system 'Aani', and the world's first Open Finance regulation. It also advanced the "Sustainable Monetary Sukuk" programme and expanded Emiratisation efforts, with national employment in the sector growing by over 150%. Crowning a transformative year, the CBUAE earned the Leading Federal Entity Award and propelled the UAE to third globally in Islamic finance rankings. Governor Khaled Mohamed Balama reaffirmed the Bank's commitment to innovation and sustainable development, emphasizing its role in shaping the UAE as a global financial hub. News Source: Emirates News Agency
Zawya
07-04-2025
- Business
- Zawya
CBUAE 2024 Annual Report highlights UAE's leadership in strengthening financial sector
The Central Bank of the UAE (CBUAE) today released its 2024 Annual Report, embodying achievements and initiatives that have marked a transformative shift in its journey and strengthened its vital role in supporting the growth of the national economy, safeguarding financial stability, enhancing monetary and supervisory legislation, and contributing to the advancement of the financial, banking, and insurance sectors. The report provides a comprehensive overview and in-depth analysis of financial, monetary, and economic developments at the local, regional, and global levels, highlighting the progress made in implementing initiatives aimed at reinforcing the UAE's leading position in driving global economic development and shaping a sustainable financial future. The UAE's economic performance witnessed significant growth during 2024, with the nation's real GDP achieving a growth rate of 3.9%, driven by the strong performance of the oil sector and other non-oil sectors. The CBUAE forecasts an acceleration of growth to 4.7% in 2025, reflecting the resilience of the national economy and its ability to achieve targeted diversification. Non-oil foreign trade of goods also increased by 13.8%, exceeding AED2.8 trillion, supported by the prominent role of the Comprehensive Economic Partnership Agreements. The banking system also continued to achieve exceptional strides in the UAE's financial indicators, with total banking sector assets reaching AED4.56 trillion - a growth of 12.0%. This places the UAE at the forefront in the Middle East in terms of banking assets, reinforcing its well-established foundations with strong fundamentals, reflected in high capitalisation levels, strong profitability, sufficient liquidity, and stable financial reserves. The insurance sector, for its part, recorded a notable increase in total gross written premiums, reaching a value of AED64.8 billion. During 2024, the CBUAE supported capital buffers in the banking sector by increasing capital reserves, as a proactive step to address cyclical fluctuations, thereby enhancing long-term financial stability and contributing to building a strong and resilient banking system capable of adapting to global economic changes. As part of its prudential supervisory responsibilities to assess banks' ability to withstand various scenarios, the CBUAE strengthened stress tests and conducted assessments of potential risks to the banking sector due to climate change. As a result of a diligent endeavour to establish an effective framework for combating money laundering and terrorist financing, the CBUAE's efforts, in cooperation and coordination with federal and local authorities, contributed to the UAE exit from the Financial Action Task Force's (FATF) jurisdictions under 'enhanced monitoring process.' In its ongoing efforts to achieve its vision to be among the top central banks globally in promoting monetary and financial stability, the CBUAE made progress in implementing its innovative plans and initiatives, culminating in winning the Leading Federal Entity Award (500+ employees' category) at the Mohammed bin Rashid Government Excellence Award and the UAE's advancement in global Islamic finance rankings from sixth to third place. The country also earned the "Pioneering Model" title according to the Global Cybersecurity Index. As part of its leading initiatives to support the Financial Infrastructure Transformation (FIT) programme, the CBUAE launched the UAE's domestic card scheme "Jaywan" and the instant payment platform "Aani". It also launched the world's first Open Finance regulation, as well as the licensing and supervision system for virtual stablecoins to enhance financial stability and keep pace with emerging changes in global markets, in addition to the electronic "Know Your Customer" platform to provide a secure financial infrastructure for verifying customer identities. Reflecting commitment to enhancing consumer protection and ensuring fair market conduct, the CBUAE also launched "Sanadak', the MENA region's first independent ombudsman unit, aimed at resolving banking and insurance disputes efficiently and quickly, and enhancing consumer confidence. Emiratisation topped the CBUAE's strategic priorities in 2024, embodying the vision and directives of the wise leadership. Licensed financial institutions exceeded their targets, achieving a growth of 152.9% by employing 2,866 UAE nationals. The number of UAE nationals in vital positions also increased to 7,886, representing a growth of 20.22% compared to the previous year. In support of the national agenda aimed at promoting sustainable finance and solidifying the UAE's position as a leading hub for Islamic finance regionally and globally, the CBUAE launched the development phase of the "Sustainable Monetary Sukuk" programme, with the first phase focusing on studying economic feasibility and market size. Khaled Mohamed Balama, Governor of the CBUAE, said, "The CBUAE, driven by the vision of the wise leadership and the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the CBUAE, continues its efforts to enhance financial and monetary stability, develop regulatory and supervisory frameworks, and lead innovation in the financial services sector. Our transformative initiatives and projects, launched during 2024, have contributed to enhancing the efficiency and competitiveness of the financial sector, building a more resilient and sustainable financial system. These efforts culminated in winning the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award.' He added, 'We will continue our diligent work to strengthen the UAE's position as a global financial hub, and build a prosperous future for the financial sector, reflecting the world's confidence in our economy and our ability to innovate and excel, and affirming our commitment to achieving sustainable development for future generations.'
Trade Arabia
29-01-2025
- Business
- Trade Arabia
Emirates Islamic profit before tax rises 46% to record $844m
Emirates Islamic accomplished a milestone in 2024 by reporting a record profit before tax of AED3.1 billion ($844 million), a remarkable 46% increase over the previous year. Net profit increased to a record AED2.8 billion, up 32%. This exceptional growth is driven by a positive trend in both funded and non-funded income, demonstrating a very strong business performance. Total income increased 13% to AED5.4 billion as assets grew 27% to AED111 billion. Customer financing surged by an impressive 31% to AED71 billion and customer deposits increased by a very healthy 25% to AED77 billion in 2024. These outstanding results highlight the strength of the regional economy and showcase the Bank's agility and expertise in identifying and responding to increased demand for Islamic banking, the bank said. Other key Highlights – FY 2024 • Expenses decreased 7% y-o-y • Impairment Allowances decreased 28% y-o-y due to improvement in credit quality • Operating profit improved 24% y-o-y • Credit Quality: Non-performing financing ratio improved to 4.4% with strong coverage ratio at 142% • Headline Financing to Deposit ratio at 92%, underlines healthy liquidity in the UAE Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said: 'Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE. 'The bank's remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020. 'As we celebrate 20 years since the founding of Emirates Islamic and look back over the past two decades, I am delighted by the significant role that Emirates Islamic played in transforming the Islamic banking landscape. At the core of our success is our proposition of a bank for everyone –supporting all economic sectors and empowering individuals and businesses to establish strong foundations in the UAE,' he said. Farid AlMulla, Chief Executive Officer of Emirates Islamic, said: 'Emirates Islamic exceeded all expectations in 2024 as we delivered our highest-ever profit. This success was driven by strong growth in both funded and non-funded income, resulting in a healthy net profit margin and a low cost of risk. 'Supported by strong capital and liquidity, we remain well-equipped to drive customer growth and capitalise on opportunities from our buoyant economy, as we look to maintain our positive momentum in 2025.' –
Trade Arabia
29-01-2025
- Business
- Trade Arabia
Emirates NBD achieves $6.26bn profit for 2024
Emirates NBD's profit before tax climbed to a record AED27.1 billion ($7.38 billion) in 2024, a 15% increase compared to 2023 figures, as it expanded its regional presence and enhanced its wealth management franchise. The group recorded a net profit after tax of AED23 billion ($6.26 billion), up 7% on 2023 numbers. Income grew to over AED44 billion in 2024, a 3 per cent growth year-on-year, with the group's strategic investment in digital banking and branch network, generating significant new revenue streams, said the bank. All business units achieved an outstanding performance with AED160 billion ($43.56 billion) in new loans provided to customers, driving assets up an excellent 16% as it maintained a one-third market share of UAE credit cards. Emirates NBD Capital, the number one investment bank for UAE IPOs, generated its highest ever revenue, during its busiest year for transactions. Emirates Islamic delivered a record profit of AED2.8 billion, firmly establishing itself as an Islamic banking powerhouse in the UAE. In light of the group's excellent performance, the Board of Directors is proposing a 100 fils dividend. Other key highlights • 10% loan growth in 2024, with AED88 billion of new corporate lending on optimisation of regional network and 30% increase in retail lending as priority and private banking franchise grows rapidly • Deposit mix is a key strength, growing AED82 billion in 2024, including a AED48 billion increase in Current & Savings Accounts (CASA) • Impairment charge of AED0.1 billion with zero cost of risk, a record low, on strong recoveries • Impaired loan ratio improved to 3.3% as clients benefit from a buoyant economy • Emirates Islamic's AED2.8 billion record profit driven by exceptional 31% customer financing growth in 2024 • Earnings per share up significantly by 7% to 356 fils in 2024 • Assets Under Management across the Group now exceed $44 billion, reflecting ongoing success of our wealth management strategy • KSA network expanded to 21 branches and 62 ATMs, driving an impressive 57% loan growth in 2024 Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Emirates NBD, said: 'Emirates NBD's profit before tax climbed to a record AED27.1 billion in 2024 as the Group optimises its regional corporate presence and expands its Wealth Management, Priority and Private banking franchise. 'We are delighted with our incredible 57% loan growth in the Kingdom of Saudi Arabia in 2024, driven by our expanded network of 21 branches and 62 dedicated ATMs. Our international expansion story is one of growth, diversification and resilience, leveraging our unique proposition to expand our footprint across the MENAT region and beyond,' he said. Dubai's GDP is projected to grow 5% in 2025, driven by expansion in key sectors including infrastructure, transport, hospitality and logistics, and Emirates NBD stands ready to continue driving UAE and regional growth, said Sheikh Ahmed.. Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said: 'Income grew to over AED44 billion in 2024 as the group's strategic investment in digital banking and regional expansion generates new revenue streams. 98% of customers are now onboarded digitally, with Private and Priority Banking offering a market-leading product range to a growing affluent population. 'All business units achieved an outstanding performance with record retail lending, a one-third market share of UAE credit card spend and corporate originating AED88 billion of gross new loans, two-thirds of which is to the private sector, as it leverages the group's regional presence,' he said. Shayne Nelson, Group Chief Executive Officer, said: 'Emirates NBD's record income and profit is a direct benefit of successfully harnessing key growth areas, including Private Banking, Wealth Management, Escrow, regional Corporate growth and Investment Banking. 'Our enhanced Digital Wealth platform propelled Assets Under Management beyond $44 billion, with digital wealth transactions up ninefold in 2024. 'Emirates NBD has the highest number of LEED Platinum certified branches of any bank globally and is recognised as the leading bank in the region for sustainable solutions,' he said. 'We are employing Generative AI to identify trade opportunities, expand merchant acquiring prospects through data mining and screen transactions using machine-learning based alerts. Emirates NBD's investment in digital and expanded network positions it perfectly to benefit from a buoyant regional economy,' he added. – TradeArabia News Service
Hi Dubai
29-01-2025
- Business
- Hi Dubai
Emirates Islamic Reports Record Profits in 2024 with a 46% Increase in Pre-Tax Earnings
Emirates Islamic has reported a record profit before tax of AED3.1 billion in 2024, a remarkable 46 percent increase over the previous year. Net profit also reached a record high of AED2.8 billion, representing a 32 percent growth. This exceptional growth is driven by a positive trend in both funded and non-funded income, demonstrating a very strong business performance. Total income increased 13 percent to AED5.4 billion as assets grew 27 percent to AED111 billion. Customer financing surged by an impressive 31 percent to AED71 billion and customer deposits increased by a very healthy 25 percent to AED77 billion in 2024. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said, "Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE. "The bank's remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020." Farid AlMulla, Chief Executive Officer of Emirates Islamic, said, "Emirates Islamic exceeded all expectations in 2024 as we delivered our highest-ever profit. This success was driven by strong growth in both funded and non-funded income, resulting in a healthy net profit margin and a low cost of risk." News Source: Emirates News Agency
