Latest news with #InternationalBank
Zawya
14-05-2025
- Business
- Zawya
Gulf International Bank reports 2025 first quarter results
Amid a challenging market environment marked by heightened volatility and declining trading income due to trade tariffs, Gulf International Bank achieved net profit attributable to shareholders of $48.0 million for the first quarter of 2025. This reflects a 1% increase from $47.5 million in the same period last year. The growth was fuelled by strong revenue from foreign exchange and other income, along with stable net interest income. Additionally, the bank maintained operational efficiency with a controlled 6% rise in operating expenses, driven by targeted investments in strategic initiatives aimed at fostering future revenue growth and enhancing the Bank's competitive edge. The consolidated net profit of GIB Group reached $60.0 million during the first quarter compared to a net profit of $58.3 million in the preceding period, a healthy growth of 3% Basic and diluted earnings per share attributable to the shareholders of the Bank is 2.40 cents compared to 2.38 cents per share in the prior year. Total comprehensive income attributable to the shareholders of the parent of $49.4 million compared to $45.2 million in the prior year, up by 9%. Total shareholders' equity excluding minority interest increased to $2.52 billion compared to $2.48 billion in December 2024 representing an increase of 2%. Reserves of $224.3 million and retained earnings of $300.6 million represent 11% and 15% of capital, respectively. The consolidated balance sheet as of March 31, 2025, stood at $46.9 billion, reflecting a 9% year-on-year increase from $42.9 billion on December 31, 2024. This growth was driven by a 15% rise in customer deposits, significantly influenced by temporary client deposits linked to the Group's cash management and payment services in the UK. These deposits are invested in short-term placements with central banks and other banks, leading to a rise in cash and other liquid assets and placements reaching $20.2 billion, which accounts for 43% of total assets compared to 40% at the end of 2024. Investment securities totalled $8.1billion, primarily consisting of highly rated and liquid debt securities issued by major financial institutions and regional government-related entities. Loans and advances reached $15.7 billion, up 2% from the end of 2024, in line with the Bank's strategy to originate, underwrite, and distribute. The bank's funding profile remained strong with customer deposits of $32.5 billion comprising the majority of the Bank's funding base. The liquidity coverage ratio of 127.4%, net stable funding ratio of 139.2%, and Basel III total capital adequacy ratio of 15.4% all exceed the regulatory requirements. The financial statements for the first quarter of 2025 were reviewed by the external auditors KPMG Fakhro and comply with International Accounting Standard (IAS) 34 – Interim Financial Reporting. Gulf International Bank B.S.C. is a pan GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain. GIB's services are delivered across the GCC and international markets through its subsidiaries: GIB Saudi Arabia, GIB Capital, GIB (UK) Ltd. Additionally, the bank has branches in London (UK), New York (USA), Abu Dhabi (UAE) and Muscat (Oman), in addition to a representative office in Dubai (UAE). GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia's Public Investment Fund being the primary shareholder.
Mid East Info
10-02-2025
- Business
- Mid East Info
Emirati Talent Competitiveness Council Adopts New mechanism for Disbursing Support to Beneficiaries of the Nafis Program
The Emirati Talent Competitiveness Council has announced a new mechanism for allocating financial support to beneficiaries of the Nafis program through the International Bank Account Number (IBAN) provided by the beneficiary, replacing the previous method of payment via the Nafis debit card. This update is part of efforts to enhance the beneficiaries' experience, facilitate the support receipt process, and avoid delays in receiving benefit amounts due to issues such as delays in activating or receiving the card, or cases of card damage or loss. The Council urged beneficiaries of the Nafis program to update their activated international account information within the next five months. Citizens who have not yet registered can add their International Bank Account Number (IBAN) in the designated section of their personal account on the Nafis platform to receive financial support through direct bank transfers, regardless of the bank they are affiliated with. The number of citizens employed in the private sector exceeds 132,000, of whom 102,000 benefit from the financial support of the Nafis program as of the end of January. Among these, 92,000 have registered their International Bank Account Number (IBAN) to take advantage of the new payment mechanism. Last month, benefits were disbursed to over 22,000 beneficiaries as part of the first phase. The Emirati Talent Competitiveness Council emphasized its commitment to enhancing collaboration with the Ministry of Human Resources, the Central Bank, the Department of Finance, and the Government Empowerment Department to improve the experiences of beneficiaries of the Nafis support program. It noted that the new mechanism for allocating support to beneficiaries represents an important step in facilitating and expediting procedures, aligning with the Council's goals of providing the best services to citizens and encouraging them to join the private sector, thereby becoming a driving force for the national economy and a fundamental engine for comprehensive and sustainable development in the country.
Zawya
10-02-2025
- Business
- Zawya
Emirati Talent Competitiveness Council adopts new mechanism for disbursing support to beneficiaries of the Nafis program
Abu Dhabi, United Arab Emirates: The Emirati Talent Competitiveness Council has announced a new mechanism for allocating financial support to beneficiaries of the Nafis program through the International Bank Account Number (IBAN) provided by the beneficiary, replacing the previous method of payment via the Nafis debit card. This update is part of efforts to enhance the beneficiaries' experience, facilitate the support receipt process, and avoid delays in receiving benefit amounts due to issues such as delays in activating or receiving the card, or cases of card damage or loss. The Council urged beneficiaries of the Nafis program to update their activated international account information within the next five months. Citizens who have not yet registered can add their International Bank Account Number (IBAN) in the designated section of their personal account on the Nafis platform to receive financial support through direct bank transfers, regardless of the bank they are affiliated with. The number of citizens employed in the private sector exceeds 132,000, of whom 102,000 benefit from the financial support of the Nafis program as of the end of January. Among these, 92,000 have registered their International Bank Account Number (IBAN) to take advantage of the new payment mechanism. Last month, benefits were disbursed to over 22,000 beneficiaries as part of the first phase. The Emirati Talent Competitiveness Council emphasized its commitment to enhancing collaboration with the Ministry of Human Resources, the Central Bank, the Department of Finance, and the Government Empowerment Department to improve the experiences of beneficiaries of the Nafis support program. It noted that the new mechanism for allocating support to beneficiaries represents an important step in facilitating and expediting procedures, aligning with the Council's goals of providing the best services to citizens and encouraging them to join the private sector, thereby becoming a driving force for the national economy and a fundamental engine for comprehensive and sustainable development in the country. The Emirati Talent Competitiveness Council urged citizens to visit the Nafis platform to update their information and stay informed about the latest developments through the website:
