Latest news with #FAB
Al Etihad
18 hours ago
- Business
- Al Etihad
Over 1% FAB shares sold in bulk transactions
2 June 2025 11:28 A. SREENIVASA REDDY (ABU DHABI)The Abu Dhabi Securities Exchange (ADX) on Monday reported large-scale bulk transactions involving shares of First Abu Dhabi Bank (FAB), the UAE's largest bank.A total of 113.356 million shares, valued at Dh1.757 billion, were traded across 32 transactions at an average price of Dh15.5 — a slight discount compared to FAB's closing price of Dh16.1 on Friday. The number of shares traded constitutes slightly above 1% of total shares of 11.047 billion. International wire agencies reported a big secondary sale of FAB shares on Friday, quoting Citi, which is said to be the bookrunner for the deal.'The selling shareholder, whose name was not disclosed, is offering around 113 million shares at a price of Dh15.5 per share through an accelerated bookbuilding,' Reuters said, quoting a Citi reported total assets of Dh1.31 trillion as of the end of March, while its market capitalisation currently stands at Dh174 billion, according to the latest data available from information published on FAB's official website, as of March 31, 2025, shows that Mubadala Investment Company holds the largest stake at 37.9%, followed by Abu Dhabi's ruling family (18%), and other UAE entities and individuals (21.7%). Foreign ownership accounts for 22.4%, while the free float — the proportion of shares available for trading on public markets — is listed at 42%. Stock Markets Continue full coverage
Arabian Post
20 hours ago
- Business
- Arabian Post
FAB Share Sale Draws Strong Demand Amid Strategic Expansion
Arabian Post Staff -Dubai First Abu Dhabi Bank , the largest lender in the United Arab Emirates by assets, is set to raise approximately $480 million through a secondary share offering. The transaction involves the sale of around 113 million shares at a fixed price of 15.5 dirhams per share, representing a 3.7% discount to the bank's closing price of 16.1 dirhams on the Abu Dhabi Securities Exchange. Citi, acting as the bookrunner, confirmed that the offering was fully subscribed, with demand surpassing the number of shares available. The identity of the selling shareholder remains undisclosed. FAB's largest stakeholder is Mubadala Investment Company, Abu Dhabi's sovereign wealth fund, which manages assets exceeding $330 billion. As of the end of March, FAB reported total assets of 1.31 trillion dirhams, underscoring its dominant position in the region's banking sector. ADVERTISEMENT The oversubscription of the share sale indicates robust investor confidence in FAB's financial health and strategic direction. The bank has been actively pursuing growth opportunities beyond the Gulf region. Two years ago, FAB explored a potential acquisition of London-listed Standard Chartered, signaling its ambition to expand its international footprint. Under the leadership of Group CEO Hana Al Rostamani since 2021, FAB has undergone significant restructuring to enhance operational efficiency and shareholder returns. The bank reorganized its operations into four new divisions and appointed Linos Lekkas, a veteran from Citi, as the head of its investment banking division. This strategic realignment aims to strengthen FAB's position in the Gulf and support its expansion plans. FAB's strong financial performance further bolsters investor sentiment. In the first quarter, the bank reported a 23% increase in net profit, driven by growth in non-interest income from fees and commissions. This performance exceeded analysts' expectations and reflects the bank's diversified revenue streams and effective cost management.
Al Etihad
3 days ago
- Business
- Al Etihad
ADX and DFM-listed companies post $15 billion in Q1 net profits: Kamco Invest
30 May 2025 19:48 REDDY (ABU DHABI)Companies listed on Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) recorded a combined net profit of $15 billion in the first quarter of 2025, representing a robust year-on-year (YoY) growth across key sectors, according to a report from Kamco ADX alone contributed $9 billion to the total, while companies on the DFM posted $6 billion in profits, driven largely by strong performances in the banking, telecom, and real estate Dhabi-listed companies witnessed a 9.8% increase in net profits, rising from $8.2 billion in Q1-2024 to $9.0 billion in Q1 2025. The growth was underpinned by strong earnings in the banking sector, which posted a total profit of $2.9 billion, up from $2.4 billion a year earlier. This performance was bolstered by higher earnings across almost all banks, most notably First Abu Dhabi Bank (FAB), which reported a 23.4% YoY increase in net profit to $1.4 billion.'FAB's revenue rose to Dh8.81 billion during the quarter, representing an 11% increase compared to Q1-2024,' the report noted, highlighting "solid business momentum and strong client activity across diversified income streams."Abu Dhabi Commercial Bank also posted solid results, with a 17.3% increase in net profit to $606.6 million, supported by diversified income and enhanced operational the telecom sector, net profits more than doubled, climbing to $1.5 billion in Q1-2025 from $634 million a year earlier. The gain was primarily attributed to Emirates Telecommunication Group (E&), which reported the entire $1.5 billion profit figure. Kamco noted the telco's 18.6% increase in revenue to Dh16.9 billion and 15.4% rise in EBITDA, underscoring efficiency in core energy sector in Abu Dhabi also saw healthy growth, with total earnings rising 7.4% YoY to $2.3 billion. Among top contributors were ADNOC Gas, which recorded a 6.9% rise in profit to $1.3 billion, and ADNOC Drilling, which posted a 24.1% increase to $341 firms saw their aggregate profits grow by 6.3% to $6 billion in Q1 2025, compared to $5.7 billion in the same quarter of 2024. The performance was mainly driven by real estate, transportation, and telecom sectors, while banking, utilities, and consumer services saw YoY declines.'Corporate profits during the period were largely concentrated in the Banking, Real Estate, and Transportation Services sectors, which together accounted for 84.3% of the total net profits in Q1-2025,' the report real estate sector saw one of the strongest growth trends, with total profits increasing by nearly a third to $1.7 billion, up from $1.3 billion in Q1 2024. Emaar Properties led the surge, posting a net profit of $1.01 billion, up 27% YoY, buoyed by sustained demand, successful project launches, and a 50% increase in revenue to Dh10.1 transportation sector reported an 18.4% jump in net profits to $246.7 million. Salik Co., which operates Dubai's toll gates, saw its profits climb 33.6% to $100.9 million, supported by the launch of new gates and the adoption of variable pricing. Banking sector earnings in Dubai slipped by 2.4% to $3.2 billion, largely due to Emirates NBD's profit falling 7.3% to $1.7 billion, driven by higher impairments. However, Dubai Islamic Bank bucked the trend, recording a 9.2% rise in profit to $473.7 million, supported by increased interest and non-interest income.
Business Recorder
3 days ago
- Business
- Business Recorder
UAE's biggest bank FAB seeks to raise $480mn from secondary offering
DUBAI: First Abu Dhabi Bank (FAB), the UAE's biggest bank by assets, is looking to raise around $480 million from a secondary share sale, the bookrunner for the deal said on Friday. The selling shareholder, whose name was not disclosed, is offering around 113 million shares at a price of 15.5 dirhams ($4.22) per share through an accelerated bookbuilding, said Citi, which is acting as bookrunner. It added that books were fully covered as demand exceeded the deal size. The offer price represents a 3.7% discount to FAB shares' closing price of 16.1 dirhams apiece on Abu Dhabi's bourse on Friday. FAB, whose top shareholder is the $330 billion Abu Dhabi wealth fund Mubadala, held assets worth 1.31 trillion dirhams as of the end of March. The bank has been seeking to expand including outside of the Gulf. Two years ago it said it had considered a bid for London-listed Standard Chartered.
Business Wire
7 days ago
- Business
- Business Wire
Paytm Appoints Ramana Kumar as CEO for Middle East Business
DELHI NCR, India--(BUSINESS WIRE)--Paytm (One97 Communications Limited), India's leading payments and financial services distribution company and pioneer of mobile payments, QR codes and Soundbox, today announced the appointment of Mr. Ramana Kumar as Chief Executive Officer for its Middle East business. He brings over 20 years of leadership experience in the fintech, payments, and banking sectors along with deep expertise in driving innovation and business growth in financial services. Before joining Paytm, Mr. Kumar was the founding CEO of Magnati, a leading payments company in the United Arab Emirates (UAE) and a subsidiary of First Abu Dhabi Bank (FAB), where he led key initiatives to modernize payment systems and drive business growth. He also served as Executive Vice President at FAB, overseeing the bank's payments and digital banking businesses. Prior to that, he was Managing Director and Head of Global Transaction Banking – Product and Business Management at the National Bank of Abu Dhabi (NBAD), where he played a key role in developing digital banking and payment solutions. Over the years, Mr. Kumar has built a strong reputation for creating scalable, innovative, and secure payment solutions. Mr. Kumar will lead Paytm's expansion in the UAE and the broader Middle East, focusing on developing digital payment solutions tailored to local needs. He will leverage the company's proven technology and expertise as a pioneer of mobile payments and payment devices in India to drive regional growth. His appointment marks a key step in Paytm's journey to bring its digital financial services to new international markets. Vijay Shekhar Sharma, Founder & CEO - Paytm said, 'We welcome Ramana, who has built a formidable merchant payments business in the UAE. We aim to serve the region by building and bringing strong regional leadership, backed by our proven technology.' Mr. Ramana Kumar, Chief Executive Officer, Middle East, Paytm said, 'I am excited to join Paytm and lead its Middle East business. The region is rapidly adopting digital payments, and there's a strong demand for innovative, secure, and scalable solutions. Paytm's technology, built and refined in India, is well-suited to meet these needs. We will work closely with regulators and ecosystem partners to introduce impactful innovations and strengthen the digital payments landscape.' The company sees strong potential to expand its technology-driven merchant payments and financial services distribution model to international markets. Paytm is exploring select global opportunities as part of its long-term growth strategy, with meaningful results expected over the next few years. About Paytm Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm's mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.
