Latest news with #InternationalCapitalMarketAssociation
Trade Arabia
26-02-2025
- Business
- Trade Arabia
Bank ABC announces its Sustainable Finance Framework
Bank ABC has announced the launch of its Sustainable Finance Framework, a comprehensive guide outlining the bank's approach and methodology for sustainable finance. The framework establishes clear eligibility criteria for green, social, sustainable, sustainability-linked and transition finance projects, ensuring alignment with the group's broader sustainability strategy. Bank ABC's Group CEO, Sael Al Waary, commented: 'The banking industry plays a central role in facilitating the transition towards a more sustainable global economy. At Bank ABC, we have embedded sustainability at the core of our strategy, and sustainable finance is a key pillar of this commitment. The launch of our Sustainable Finance Framework marks another key step in our journey, enabling us to continue to support our clients to achieve their sustainability goals.' Developed in line with global best practices, the framework sets out the environmental and social metrics that financing activities must meet to be classified as sustainable by Bank ABC. As part of its commitment to good governance and transparency, Bank ABC obtained a second party opinion (SPO) and external review from ISS-Corporate, a leading global SPO provider. ISS-Corporate validated that the framework is fully aligned with the International Capital Market Association's (ICMA) Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG), the Loan Market Association (LMA) Green Loan Principles (GLP) and Social Loan Principles (SLP) and contributes to the achievement of the UN SDGs, the bank said.
Zawya
25-02-2025
- Business
- Zawya
Emirates NBD approves substantial ordinary dividend of 100 fils per share
DUBAI: Emirates NBD held its 18th General Assembly Meeting today, 24 February 2025. At the General Assembly Meeting, a review of the Group's performance during 2024 was presented. Commenting on the Group's performance, Emirates NBD Chairman, H.H. Sheikh Ahmed bin Saeed Al Maktoum, said: 'The story of Dubai and the UAE in 2024 is one of relentless ambition and boundless opportunity. Dubai and the UAE had another exceptional year, cementing their position among the leading global hubs for innovation, talent, and investment. Dubai's GDP grew by 3.2% in 2024 to reach AED 443 billion, driven by the expansion of key sectors, including transport, hospitality, logistics, and financial services.' H.H. Sheikh Ahmed bin Saeed added: 'A key catalyst in this remarkable growth story is Emirates NBD, which continues to perform and transform, as Dubai's largest bank and the most profitable financial institution in the region. The Dubai Economic Agenda, D33 aims to double the size of Dubai's economy by 2033 and position the city among the top three global cities. Emirates NBD is actively driving progress through strategic initiatives that prioritise innovation, financial inclusion, and sustainable growth, solidifying its standing as a critical enabler in Dubai's vision.' 'Our landmark financial performance has been achieved in harmony with Emirates NBD's longstanding commitment to responsibility and sustainability. In 2024, Emirates NBD expanded its sustainable finance offerings with innovative solutions, such as Sustainable Fixed Deposits and ESG-linked working-capital facilities for customers across the region. It also introduced the region's first globally recognised Sustainability- Linked Loan Bond Framework, fully aligned with the latest International Capital Market Association guidelines,'' H.H. noted. ''Our ESG Forward Journey outlines a comprehensive roadmap to enhance sustainable finance governance, achieve net zero emissions for key sectors, and reduce Scope 1 & 2 Greenhouse Gas emissions by 30% from the 2023 baseline by 2030. We have also committed to provide USD 30 billion in sustainable finance and achieve 25% female representation in senior leadership by 2027.' Key financial highlights for 2024 included: Profit before tax 15% higher on significant loan growth, a low-cost funding base, strong transaction volumes and substantial recoveries. Profit after tax of AED 23 billion up 7% * Total income up to AED 44.1 billion on strong loan growth coupled with an excellent stable, low-cost funding mix * 10% loan growth in 2024, with AED 88 billion of new Corporate lending on optimisation of regional network and a 30% increase in * Deposit mix is a key strength, growing AED 82 billion in 2024, including a AED 48 billion increase in Current & Savings Accounts * Emirates Islamic's AED 2.8 billion record profit driven by exceptional 31% Customer Financing growth in 2024 * Earnings per share up significantly by 7% to 356 fils in 2024 The General Assembly Meeting passed a number of resolutions including the approval of the Board's proposal to distribute cash dividends for the year ended 31 December 2024 of AED 1 per ordinary share (100%), being AED 6,316,598,253 in total, to shareholders on the register of the Bank's shareholders at the close of the trading on 6 March 2025. It also approved the report of the board of directors ('the Board') on the Bank's activities and the financial statements for the year ended 31 December 2024.
