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Mid East Info
a day ago
- Business
- Mid East Info
Al Ansari Financial Services' H1 2025 operating income increases by 13% to a record AED 638 million - Middle East Business News and Information
H1'25 Financial and Operational Highlights 13% YoY increase in Operating Income to AED 638 million attributed to the consolidation of BFC Group results from Q2 2025 (post acquisition) and the robust performance across the majority of business lines. Operating Income 11% YoY increase in EBITDA to AED 287 million with an EBITDA Margin of 45% due to increase in operating income. EBITDA Net profit after tax increased by 3% YoY to AED 212 million due to the increase in operating income arising from the consolidation of BFC Group results, offset by the increase in finance cost as a result of the shareholder's loan availed for the BFC acquisition. Total Transactions increased by 10% YoY to 28 million transactions. Outward Remittances value of transactions saw a 12% increase YoY. Bank Notes value of transactions reported a 105% increase YoY. Wage Protection System (WPS) number of salary disbursals saw a growth of 25% YoY . . Digital channels reported an increase of 30% YoY in the number of transactions, accounting for 23% of the overall outward remittances. Expansion in line with the Group's strategy and ambition, solidifying its market leadership position and regional plans. The Group's total number of physical branches reached 439 in H1'25, with Al Ansari Exchange reaching a total of 274 branches in UAE, as a result of 15 net new branches since H1'24 and 165 net branches acquired as part of BFC, across Bahrain, Kuwait and India. Al Ansari Exchange in Kuwait acquisition formalities is expected to be completed by the end Q3'25 (subject to regulatory approvals). Al Ansari Digital Wallet is set to be launched in Q3'25. Dubai, UAE – August 2025: Al Ansari Financial Services PJSC (DFM: ALANSARI) ('the Group'), the largest non-banking financial institution and services provider in the GCC, has delivered a resilient and record breaking performance in the first half of 2025 ('H1'25'), reporting a 13% year-on-year (YoY) increase in operating income to AED 638 million, attributable to the consolidation of BFC Group results from Q2 2025 and the strong performance across the majority of business lines. This growth, achieved despite persistent geopolitical headwinds, reinforces the Group's resilience, market leadership and the success of its long-term strategy to drive sustainable growth by capitalising on the UAE's and wider GCC's robust economic momentum. Financial Highlights: In AED thousands (unless otherwise stated) H1'25* H1'24 % change (YoY) Q2'25 Q2'24 % change (YoY) Operating Income 638,364 567,055 +13% 344,160 292,329 +18% EBITDA 287,051 257,917 +11% 149,386 135,502 +10% EBITDA Margin (%) 45.0% 45.5% 43.4% 46.4% Net Profit after Tax 212,244 205,476 +3% 103,390 106,732 (3%) Earnings per Share 0.0283 0.0274 +3% 0.0138 0.0142 (3%) Free Cash Flow (FCF) 269,790 242,019 +12% 137,213 127,181 +8% Operational Highlights H1'25* H1'24 Change (unit) (YoY) No. of physical branches 439 259 180 net branches since H1'24 Total No. of transactions 27.6 mn 25.0 mn +10% * H1'25 figures include BFC Group results H1'25 FINANCIAL PERFORMANCE COMMENTARY Operating Income demonstrated an increase of 13% YoY driven by the consolidation of BFC figures and robust performance across most of the business lines. EBITDA witnessed a sizeable 11% growth YoY, with EBITDA margin remaining consistent at 45%, despite a complex operating environment characterised by increased costs and geopolitical tensions in the region. Net profit after tax increased by 3% YoY, as a result of the increased finance costs for the acquisition loan, despite the sizeable uptick in operating income arising from the consolidation of BFC results. H1'25 OPERATIONAL PERFORMANCE COMMENTARY The total number of transactions grew by 10% compared to the same period last year, reaching 28 million transactions. The market continues to witness pressures from key remittance corridors as well as certain fintech practices and ongoing geopolitical tensions, which have weighed on remittance income. Despite these headwinds, Remittance Operating Income rose by 2% YoY, reflecting the Group's robust fundamentals and market adaptability. Although geopolitical tensions in certain markets have exerted pressure on the banknotes business, the Group demonstrated resilience in this segment, reporting a substantial 26% YoY increase in Banknotes Operating income. Strategic partnerships, strong overall performance and increased demand on our prepaid cards, the consolidation of BFC figures and the GCC's surge in tourism enabled us to navigate disruptions and to continue to meet and exceed customer expectations. The Group's WPS and Other Products & Services business delivered impressive growth, with operating income increasing by a robust 36% YoY. This growth was driven by the GCC's expanding labour market and ongoing infrastructure and development projects. As more employers prioritise compliance and timely salary disbursements, demand for secure, efficient payroll solutions remains strong. The Group's continued investment in digital innovation is yielding strong results, with a notable 30% YoY increase in the number of transactions conducted through its digital channels, constituting 23% of the total outward remittance transactions. This growth reflects the accelerating adoption of our digital platforms, as more customers choose the convenience, speed, and reliability of our online and mobile services. The uptick in usage is a direct outcome of our commitment to deliver a seamless and intuitive customer experience — one that builds trust and encourages long-term digital engagement. As we advance our digital transformation strategy, these early adoption trends position us well for scalable growth and deeper customer connectivity in the quarters ahead. Commenting on the results, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said: 'We continue our strong momentum in the first half of 2025, building upon our positive first-quarter results coupled with the consolidation of BFC results into the Group during the second quarter. Despite the ongoing geopolitical challenges and fierce competition, we achieved solid growth across our business segments through our focus and discipline on execution and customer experience. Our results are a testament to the strength of our business model, the trust of our customers, and our commitment to delivering accessible, technology-driven financial solutions. We continue to successfully grow our customer base and market share, underscoring the resilience of our brand. The continued growth in digital transactions reflects our increased efforts to drive innovation and expand access to essential financial services. Our performance across business units reinforces our central role in advancing financial inclusion and supporting the diverse needs of individuals and businesses in the UAE, the GCC and beyond. Through the acquisition of BFC Group, we have delivered on our promise, of expanding our footprint beyond UAE, where we are already the undisputed market leader. Our strategic growth initiatives and recent acquisition are designed to future-proof the company, positioning us for success in an evolving financial landscape. In addition, we have begun integrating AI into our systems, and the early results have been promising and have exceeded initial expectations . As we look ahead, we remain deeply aligned with the UAE's and the GCC's overall vision for a digitally empowered and inclusive economy. We will continue investing in technology, focusing on customer experience, and pursuing sustainable growth that delivers long-term value to our shareholders, customers, and the communities we serve.' Mohammad Bitar Deputy Group CEO of Al Ansari Financial Services, added: 'H1 2025 was defined by robust operational execution across the Group, as we focused on strengthening service delivery, driving efficiency and preparing for future growth initiatives. We achieved notable improvements in customer engagement as well as process optimisation across both our physical and digital avenues. A key milestone was the consolidation of the BFC acquisition into the results of the Group, which marks a crucial step forward in our growth strategy. This acquisition is crucial for the Group as it expands our geographic reach and enhances our ability to serve a wider and larger customer base with greater scale and capability. We are also on the verge of launching our much-anticipated digital wallet—a market-changing innovation that promises to revolutionise the way our customers manage their finances. Designed with accessibility and ease-of-use in mind, the wallet will empower customers to store, send, and spend money more conveniently and securely than ever before. We remain focused on seamless integration, operational excellence, and value add opportunities that will reinforce our market leadership in the sector.
Yahoo
27-06-2025
- Business
- Yahoo
PENN Launches Digital Wallet at M Resort with Everi Tech
Everi Holdings Inc. (NYSE:EVRI) is among the 10 Best Casino Stocks To Buy Now. It declared that PENN Entertainment's new 'PENN Wallet' at M Resort Spa Casino in Henderson, Nevada, is now powered by its CashClub Wallet® technology. This is the state's first implementation of Everi Holdings Inc. (NYSE:EVRI)'s mobile wallet. The smart wallet allows guests to make cashless payments around the gaming floor while seamlessly integrating with existing loyalty and payment systems. Its CashClub Wallet has been deployed by PENN in 22 properties across 11 jurisdictions. CashClub Wallet is the most extensively used land-based digital gaming wallet in the United States, accepting money from PayPal and Apple Pay via Everi Holdings Inc. (NYSE:EVRI)'s Banking as a Service infrastructure. The solution provides self-service, efficient cross-channel payments, improving both operational efficiency and player experience. The wallet's function in enhancing customer interaction and expediting the funding process was emphasized by Darren Simmons, Executive VP and FinTech Business Leader at Everi Holdings Inc. (NYSE:EVRI). The business plans to update the cash-centric casino culture across the country. While we acknowledge the potential of EVRI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None.
Yahoo
26-06-2025
- Business
- Yahoo
U.S. Prepaid Card and Digital Wallet Market Report 2025: 9.1% CAGR Forecast During 2025-2029, with US Prepaid Card Market Set to Reach Approximately US$ 1.06 Trillion
The U.S. prepaid card and digital wallet market is set for significant growth, expecting an 11% annual increase to reach $749.46 billion by 2025. Recent trends indicate robust expansion driven by consumer demand for cashless transactions, e-commerce, and innovations in closed-loop prepaid cards. Key players like Blackhawk Network Holdings and fintech firms are intensifying competition, leveraging digital wallets. Government disbursements and financial inclusion efforts continue to bolster the market. As regulatory frameworks evolve, prepaid cards remain integral to the U.S. cashless economy, presenting substantial market opportunities. U.S. Prepaid Card and Digital Wallet Market Dublin, June 26, 2025 (GLOBE NEWSWIRE) -- The "United States Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook - Q2 2025 Update" report has been added to United States prepaid card and digital wallet market is on a continuous growth path, projected to increase by 11% annually, reaching US$ 749.46 billion by 2025. Experiencing a CAGR of 12.9% from 2020 to 2024, the market is anticipated to further expand at a CAGR of 9.1% through 2029, potentially reaching approximately US$ 1.06 trillion. Key Trends and Drivers in the United States Prepaid Cards SectorThe prepaid card market in the United States is rapidly transforming, with consumer-driven and institutional factors fueling its expansion. The rise of general-purpose and closed-loop prepaid cards reflects changing consumer payment preferences, particularly in e-commerce and retail transactions. Additionally, businesses and financial institutions leverage prepaid card programs to enhance customer engagement, improve financial accessibility, and generate upfront revenue through stored-value cards are expected to be more prominent in government disbursements and financial inclusion initiatives, further increasing their adoption. The market's projected growth trajectory indicates heightened competition among established players and new entrants, leading to further innovations in prepaid solutions. As regulatory frameworks evolve and digital payment ecosystems expand, prepaid cards will remain a key component of the broader cashless economy in the of the Prepaid Card Market The growth is driven by increased consumer demand for cashless transactions and the rise of e-commerce. Technological advancements and government initiatives promoting financial inclusion are further driving market expansion. Growth in Closed-Loop Prepaid Cards Driven by Self-Use Closed-loop prepaid cards, which are restricted to specific merchants or services, are experiencing notable growth, particularly due to increased self-use by consumers. Companies like Starbucks have successfully implemented prepaid programs encouraging customers to load funds onto cards for personal use, enhancing customer loyalty and engagement. The convenience of loading funds for specific retailers and the integration of rewards programs incentivize consumers to adopt closed-loop prepaid cards. Businesses benefit from upfront revenue and increased customer retention through these programs. The trend of self-use in closed-loop prepaid cards is expected to intensify as more companies develop proprietary prepaid programs to foster customer loyalty. This could lead to a more competitive market with diverse offerings tailored to consumer preferences. Adoption of Prepaid Cards for Government Disbursements U.S. government agencies are increasingly utilizing prepaid cards to distribute benefits and payments, providing an efficient alternative to traditional paper checks. This method has been employed for unemployment benefits, tax refunds, and other government disbursements. Prepaid cards offer a cost-effective and secure means for governments to deliver funds, especially to unbanked or underbanked populations. They reduce the administrative burden and costs associated with issuing paper checks. The use of prepaid cards for government payments is expected to expand, driven by ongoing efforts to improve efficiency and financial inclusion. This expansion will likely contribute to the overall growth of the prepaid card market in the U.S. Competitive Landscape of the United States Prepaid Card MarketThe prepaid card market in the United States is rapidly evolving, driven by a mix of established financial institutions, fintech innovation, and regulatory developments. Strategic partnerships, mergers, and acquisitions have played a critical role in shaping the competitive landscape, enabling companies to expand their product offerings and reach broader customer segments. Increasing competition and regulatory scrutiny will drive further prepaid card technology and service model advancements. Companies prioritizing security, transparency, and digital innovation will be best positioned to capitalize on emerging trends, reinforcing prepaid cards' role as a key financial tool in the evolving U.S. payment Market Dynamics The prepaid card market in the United States is growing steadily, supported by advancements in digital payment infrastructure and changing consumer preferences. Various prepaid card types, including general-purpose reloadable, payroll, and gift cards, serve distinct consumer and business needs. These cards are widely used in financial inclusion programs, corporate expense management, and retail transactions, reflecting their versatility in the U.S. economy. The rise of digital wallets and fintech solutions integrating prepaid cards further supports this growth. As consumers shift away from traditional banking solutions and cash transactions, prepaid cards continue to gain traction across different demographics, including unbanked and underbanked populations. Key Players and Market Share Well-established companies offering various financial products dominate the U.S. prepaid card market. Blackhawk Network Holdings, Green Dot Corporation, and Global Payments Inc. are among the key players that provide prepaid solutions for consumers, businesses, and government entities. These firms maintain strong market positions through partnerships with retailers, financial institutions, and digital payment platforms. New entrants, particularly fintech companies, are introducing innovative prepaid products to differentiate themselves in a competitive landscape. Many firms focus on specialized solutions like digital-only prepaid cards, travel-focused options, and cryptocurrency-linked products. The influx of fintech players has intensified competition, driving greater innovation and expanding consumer choices in prepaid financial services. Recent Launches and Partnerships Strategic partnerships and acquisitions have significantly shaped the prepaid card market in the United States. Established players continue to acquire fintech firms and digital payment solution providers to enhance their prepaid offerings. Blackhawk Network Holdings, for example, has expanded its portfolio through key acquisitions, such as CashStar in 2017 and SVM Cards in 2020, to strengthen its digital and corporate prepaid card solutions. In addition to mergers, major partnerships between prepaid card providers and large retailers have driven adoption. Companies are forming alliances with e-commerce platforms, financial service providers, and digital banking solutions to expand their prepaid offerings. These strategic moves are expected to continue, enabling prepaid card companies to diversify their services and tap into new customer segments. Anticipated Market Evolution (Next 2-4 Years) Over the next two to four years, the U.S. prepaid card market is expected to see increased competition due to technological advancements and shifting consumer expectations. More fintech firms and international players will likely enter the market, leveraging digital-first strategies to attract customers. Traditional financial institutions may expand their prepaid offerings to compete with digital-native prepaid card providers. As regulatory oversight intensifies, prepaid card companies must balance compliance with innovation to maintain market competitiveness. Integrating prepaid cards with digital banking solutions and embedded finance models is expected to accelerate, driving new use cases and business opportunities. The prepaid card market is set for continued growth, with companies focusing on digital transformation and customer-centric prepaid solutions. Regulatory Changes Recent regulatory changes in the U.S. prepaid card industry focus on consumer protection, transparency, and fraud prevention. Authorities have introduced stricter guidelines on fee disclosures, requiring prepaid card issuers to provide clearer information regarding costs and charges. These regulations ensure consumers can make informed financial decisions when using prepaid products. Additionally, regulatory bodies have intensified efforts to enhance security and compliance measures, particularly in fraud prevention and anti-money laundering (AML) practices. With digital prepaid card transactions increasing, the government is working closely with financial institutions to establish stronger fraud monitoring frameworks. These measures will create a more secure and consumer-friendly prepaid card environment. This report provides a detailed data-centric analysis of the prepaid card and digital wallet industry in United States, covering market opportunities and analysis across a range of prepaid card and digital wallet domains. Company Coverage: Starbucks Blackhawk Network Holdings Green Dot Corporation Global Payments Inc. CashStar (acquired by Blackhawk Network) SVM Cards (acquired by Blackhawk Network) Key Attributes: Report Attribute Details No. of Pages 159 Forecast Period 2025 - 2029 Estimated Market Value (USD) in 2025 $0.75 Trillion Forecasted Market Value (USD) by 2029 $1.06 Trillion Compound Annual Growth Rate 9.1% Regions Covered United States Report ScopeThis report offers an in-depth, data-driven examination of prepaid payment instruments, focusing on expenditures via prepaid cards and digital wallets within both retail and corporate consumer sectors. It also presents an overview of consumer behavior and retail spending patterns in United States. The report includes a detailed breakdown of key market segments for each country. Comprising 111 tables and 136 charts, it delivers a comprehensive analysis of the prepaid card and digital wallet markets. With over 80+ country-level key performance indicators (KPIs), the report provides a thorough understanding of market dynamics in the prepaid card and digital wallet sectors, as follows: United States Prepaid Payment Instrument Market Size and Forecast United States Digital Wallet Market Size and Forecast United States Digital Wallet Retail Spend Dynamics United States Prepaid Card Industry Market Attractiveness United States Open Loop Prepaid Card Future Growth Dynamics United States Closed Loop Prepaid Card Future Growth Dynamics United States Prepaid Card Consumer Usage Trends United States Prepaid Card Retail Spend Dynamics United States General Purpose Prepaid Card Market Size and Forecast United States Gift Card Market Size and Forecast Gift Card Market Size and Forecast by Functional Attribute Gift Card Market Size and Forecast by Consumer Segments Gift Card Market Share Analysis by Retail Categories U.S. Entertainment and Gaming Prepaid Card Market Size and Forecast U.S. Teen and Campus Prepaid Card Market Size and Forecast U.S. Business and Administrative Expense Prepaid Card Market Size and Forecast U.S. Payroll Prepaid Card Market Size and Forecast U.S. Meal Prepaid Card Market Size and Forecast U.S. Travel Forex Prepaid Card Market Size and Forecast U.S. Transit and Tolls Prepaid Card Market Size and Forecast U.S. Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast U.S. Fuel Prepaid Cards Market Size and Forecast U.S. Utilities, and Other Prepaid Cards Market Size and Forecast U.S. Virtual Prepaid Card Market Size by Key Categories For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment U.S. Prepaid Card and Digital Wallet Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Yahoo
25-06-2025
- Business
- Yahoo
PENN Launches Digital Wallet at M Resort with Everi Tech
Everi Holdings Inc. (NYSE:EVRI) is among the 10 Best Casino Stocks To Buy Now. It declared that PENN Entertainment's new 'PENN Wallet' at M Resort Spa Casino in Henderson, Nevada, is now powered by its CashClub Wallet® technology. This is the state's first implementation of Everi Holdings Inc. (NYSE:EVRI)'s mobile wallet. The smart wallet allows guests to make cashless payments around the gaming floor while seamlessly integrating with existing loyalty and payment systems. Its CashClub Wallet has been deployed by PENN in 22 properties across 11 jurisdictions. CashClub Wallet is the most extensively used land-based digital gaming wallet in the United States, accepting money from PayPal and Apple Pay via Everi Holdings Inc. (NYSE:EVRI)'s Banking as a Service infrastructure. The solution provides self-service, efficient cross-channel payments, improving both operational efficiency and player experience. The wallet's function in enhancing customer interaction and expediting the funding process was emphasized by Darren Simmons, Executive VP and FinTech Business Leader at Everi Holdings Inc. (NYSE:EVRI). The business plans to update the cash-centric casino culture across the country. While we acknowledge the potential of EVRI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None.
Mid East Info
14-05-2025
- Business
- Mid East Info
Al Ansari Financial Services' net profit after tax surges 10% to AED 109 million underpinned by strong operating income and robust performance across all business lines
Financial and Operational Highlights: 7% YoY increase in Operating Income to AED 294 million attributed to an increase across all business lines. Operating Income 13% YoY increase in EBITDA to AED 138 million with an EBITDA Margin of 46.8% due to increase in operating income. EBITDA Net profit after tax increased by 10% YoY to AED 109 million due to notable increase in operating income. Total Transactions increased by 1% YoY to 12.5 million transactions. Bank Notes value of transactions reported a 6% increase YoY to AED 22 billion. Wage Protection System (WPS) number of salary disbursals saw a growth of 27% YoY reaching 2.5 million . . Digital channels reported an increase of 16% YoY in the number of transactions conducted across the Group's digital platforms, accounting for 24% of the overall outward remittances. Expansion in line with the Group's strategy and ambition, solidifying its market leadership position and regional plans. Al Ansari Exchange's total number of physical branches reached 270 by Q1'25. Al Ansari Financial Services closed the acquisition of BFC Group Holdings W.L.L. The figures will be consolidated in Q2'25. Al Ansari Exchange in Kuwait will be acquired by Al Ansari Financial Services by Q2'25, with synergies to be realised by Q3'25. Al Ansari Digital Wallet is set to be launched in Q2'25. Dubai, UAE – May 2025: Al Ansari Financial Services PJSC (DFM: ALANSARI) ('the Group'), the largest non-banking financial services provider in the GCC and parent company of Al Ansari Exchange, has delivered an outstanding performance in the first quarter of 2025 ('Q1'25'), reporting a 7% year-on-year (YoY) surge in operating income to AED 294 million. This impressive growth, achieved despite persistent geopolitical headwinds, reinforces the Group's resilience, market leadership and the success of its long-term strategy to drive sustainable growth by capitalising on the UAE's and wider GCC's robust economic momentum. Financial Highlights: In AED thousands (unless otherwise stated) Q1'25 Q1'24 % change (YoY) Operating Income 294,204 274,726 7% EBITDA 137,666 122,415 13% EBITDA Margin (%) 46.8% 44.6% Net Profit after Tax 108,854 98,744 10% Earnings per Share 0.0145 0.0132 10% Free Cash Flow (FCF) 132,577 114,838 15% Operational Highlights Q1'25 Q1'24 Change (unit) (YoY) No. of physical branches in UAE 270 259 11 new branches since Q1'24 Total No. of transactions 12.5 mn 12.0 mn 1% Digital Channels – No. of transactions 1.3 mn 1.1 mn 16% Q1'25 FINANCIAL PERFORMANCE COMMENTARY Strong performance across all revenue streams and efficient cost management has led to a Net Profit after tax of AED 109 million, representing a 10% YoY growth. EBITDA margin witnessed an increase to 46.8% in line with the rise in operating income despite a complex operating environment characterised by increased costs and geopolitical tensions in the region. The Group's strategic focus on digital transformation and optimised branch network expansion resulted in a 33% reduction in Capital Expenditure (CAPEX) for Q1'25, with a Free Cash Flow of AED 133 million and a 96% EBITDA to cash conversion rate. Q1'25 OPERATIONAL PERFORMANCE COMMENTARY The total number of transactions for Q1'25 grew by 1% compared to the same period last year, reaching a 12.5 million transactions. Improved conditions across key remittance corridors have strengthened the operating environment; however, the market continues to navigate pressures from certain fintech practices and ongoing geopolitical tensions, which have weighed on remittance income. Despite these headwinds, Remittance Operating Income rose by 4% YoY to AED 171 million, reflecting the Group's robust fundamentals and market adaptability. Although geopolitical tensions in certain markets have exerted pressure on the banknotes business, the Group maintained a resilient performance in this segment during Q1'25 reporting an increase in Banknotes Operating income by 7% YoY to AED 93 million. Strategic partnerships, strong performance and increased demand on our prepaid cards, and the UAE's surge in tourism enabled us to navigate disruptions and continue meeting and exceeding customer demand. The Group's Wage Protection System (WPS) Other Products & Services business delivered stable growth in Q1'25, with operating income increasing by 26% YoY to reach AED 30 million. This growth was driven by the UAE's expanding labour market and ongoing infrastructure and development projects. As more employers prioritise compliance and timely salary disbursements, demand for secure, efficient payroll solutions remains strong. Our robust digital payroll offerings and extensive branch network have enabled us to deepen client relationships and support the evolving needs of businesses across sectors. This steady performance reaffirms our strategic role in facilitating financial inclusion and supporting the UAE's economic momentum. The Group's continued investment in digital innovation is yielding strong results, with a notable 16% YoY increase in the number of transactions conducted through our digital channels in Q1'25, with Digital Channels contributing to 24% of the total outward remittance transactions. This growth reflects the accelerating adoption of our digital platforms, as more customers choose the convenience, speed, and reliability of our online and mobile services. The uptick in usage is a direct outcome of our commitment to delivering a seamless and intuitive customer experience — one that builds trust and encourages long-term digital engagement. As we advance our digital transformation strategy, these early adoption trends position us well for scalable growth and deeper customer connectivity in the quarters ahead. Commenting on the results, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said: 'We began 2025 with strong momentum, and our first-quarter results are a testament to the strength of our business model, the trust of our customers, and our commitment to delivering accessible, technology-driven financial solutions. Despite ongoing geopolitical challenges and fierce competition, we achieved solid growth across our core segments through disciplined execution and an unwavering focus on customer experience. We successfully maintained our customer base and market share, underscoring the resilience of our brand. The continued growth in digital transactions reflects our successful efforts to drive innovation and expand access to essential financial services. Our performance across remittances, WPS, and banknotes reinforces our central role in advancing financial inclusion and supporting the diverse needs of individuals and businesses in the UAE and beyond. We delivered on our promise, expanding in line with our strategy and doubling the number of countries in which we operate. Our strategic growth initiatives and recent acquisition are designed to future-proof the company, positioning us for sustained success in an evolving financial landscape. In addition, we have begun integrating AI into our systems, and the early results have been both promising and exceeding expectations . As we look ahead, we remain deeply aligned with the UAE's vision for a digitally empowered, inclusive economy. We will continue investing in technology, deepening customer engagement, and pursuing sustainable growth that delivers long-term value to our shareholders, customers, and the communities we serve.' Mohammad Bitar Deputy Group CEO of Al Ansari Financial Services, added: 'Q1 2025 was defined by strong operational execution across the Group, as we focused on driving efficiency, strengthening service delivery, and preparing for future growth. We achieved notable improvements in process optimisation and customer engagement across both physical and digital touchpoints. A key milestone was the successful closing of the BFC acquisition, which marks a major step forward in our regional growth strategy. Integration efforts are progressing smoothly, and we expect to begin reflecting the impact of this consolidation in Q2 2025. This acquisition not only expands our geographic reach but also enhances our ability to serve a broader customer base with greater scale and capability. We are also on the verge of launching our much-anticipated digital wallet—a market-changing innovation that promises to revolutionise the way our customers manage their finances. Designed with accessibility and ease-of-use in mind, the wallet will empower customers to store, send, and spend money more conveniently and securely than ever before. We remain focused on seamless integration, operational excellence, and unlocking synergies that will reinforce our leadership in the non-banking financial services sector.
