Latest news with #assetgrowth
Al Bawaba
18-07-2025
- Business
- Al Bawaba
United Arab Bank Net Profit up by 50% for the First Half of 2025
United Arab Bank PJSC (UAB or 'the Bank') has announced its financial results for the six months ended 30th June 2025. UAB posted a net profit of AED 208 million for the first half of 2025, compared to AED 139 million for the same period last year, representing a 50% YoY increase. Total income rose by 24% YoY to AED 374 increase in net profit reflects significant growth in total assets—up 11% from December 2024—and the Bank's disciplined approach to risk management. UAB's balance sheet was further strengthened through a continued focus on asset quality and capital results underscore the Bank's solid momentum and strategic readiness for future growth.H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: 'The Bank's exceptional financial performance in the first half of 2025 underscores the effectiveness of our strategic vision and the strength of our governance framework. Looking ahead, we are unwavering in our commitment to advancing the UAE's economic agenda while creating enduring value for all stakeholders. We will continue to lead with discipline, resilience, and an uncompromising focus on innovation, digital transformation, and operational excellence.'Shirish Bhide, Chief Executive Officer of United Arab Bank, said: 'Our first-half results reflect robust operational performance and the growing impact of our transformation agenda. The strong growth in profitability and total assets highlights the success of our strategic execution and our unwavering focus on customer value, efficiency, and prudent risk-taking.'He added: 'As we move forward, we will continue to scale our digital capabilities, introduce innovative products, and further strengthen our control environment—while keeping the customer at the center of everything we do.' United Arab Bank is in the process of enhancing its capital by up to AED 1.03 billion through a Rights Issue offered to existing shareholders. This capital injection will increase the total share capital by up to AED 3.09 billion, subject to completion of the process and necessary regulatory approvals, strengthening the Bank's capital adequacy and enhance its resilience to any adverse macro-financial shocks, while enabling future asset growth towards achieving its strategic and financial goals.
Khaleej Times
17-07-2025
- Business
- Khaleej Times
United Arab Bank net profit up by 50% for the first half of 2025
United Arab Bank on Thursday announced that it posted a net profit of Dh208 million for the first half of 2025, compared to Dh139 million for the same period last year, representing a 50 per cent YoY increase. Total income rose by 24 per cent YoY to Dh374 million. The increase in net profit reflects significant growth in total assets—up 11 per cent from December 2024. UAB's balance sheet was further strengthened through a continued focus on asset quality and capital resilience. Earnings per share rose to Dh0.10 per share in H1 2025 compared to Dh0.07 in the corresponding prior year period. Total income increased by 24 per cent YoY to Dh374 million for H1 2025, compared to Dh300 million for H1 2024, driven by higher net interest income which increased by 13 per cent and higher non-interest income increasing by 70 per cent compared to the corresponding prior year period. Total assets stood at Dh23.9 billion for H1 2025 representing a growth of 11 per cent compared to December 2024. This is driven by a 16 per cent growth in loans, advances, and Islamic financing and 10 per cent growth in Investments. Asset quality metrics maintained their improvement streak with non-performing loans (NPL) ratio now dropping below 3 per cent to 2.2 per cent, and provision coverage increased to 148 per cent. The bank's capital position remains robust, with a Common Equity Tier 1 (CET1) of 12.1 per cent and total capital adequacy ratio (CAR) at 16.3 per cent. UAB's liquidity profile remains strong, as reflected by an advances to stable resources ratio of 80 per cent, and an eligible liquid asset ratio of 17 per cent - both comfortably above regulatory thresholds. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: 'The Bank's exceptional financial performance in the first half of 2025 underscores the effectiveness of our strategic vision and the strength of our governance framework. Looking ahead, we are unwavering in our commitment to advancing the UAE's economic agenda while creating enduring value for all stakeholders. We will continue to lead with discipline, resilience, and an uncompromising focus on innovation, digital transformation, and operational excellence.' Shirish Bhide, Chief Executive Officer of United Arab Bank, said: 'Our first-half results reflect robust operational performance and the growing impact of our transformation agenda. The strong growth in profitability and total assets highlights the success of our strategic execution and our unwavering focus on customer value, efficiency, and prudent risk-taking As we move forward, we will continue to scale our digital capabilities, introduce innovative products, and further strengthen our control environment—while keeping the customer at the center of everything we do.' Fitch and Moody's affirmed UAB's credit ratings at BBB+/Baa3, with 'Stable' and 'Positive' outlooks, respectively. United Arab Bank is in the process of enhancing its capital by up to Dh1.03 billion through a Rights Issue offered to existing shareholders. This capital injection will increase the total share capital by up to Dh3.09 billion, subject to completion of the process and necessary regulatory approvals, strengthening the Bank's capital adequacy and enhance its resilience to any adverse macro-financial shocks, while enabling future asset growth towards achieving its strategic and financial goals.
Zawya
03-07-2025
- Business
- Zawya
Saudi Central Bank assets surpass $532bln
The Saudi Central Bank (SAMA) has posted around 5% growth in assets, underscoring the kingdom's growing financial reserves. Total assets as of May 2025 reached approximately SAR 2 trillion ( $532 billion), up from SAR 1.9 trillion a year ago. Foreign currencies recorded a significant increase, rising to SAR 292.8 billion in May 2025 from SAR 272.2 billion a year earlier. Miscellaneous assets surged substantially to SAR 273.8 billion from SAR 153.5 billion, while cash in vault grew to SAR 25.5 billion from SAR 22.6 billion over the same period. However, investment in foreign securities, which represent the largest asset category, dropped to SAR 969.5 billion from SAR 1 trillion. Gold holdings remained unchanged at SAR 1.6 billion. (Writing by Cleofe Maceda; editing by Seban Scaria)
Zawya
10-06-2025
- Business
- Zawya
Saudi banks' assets surged to $1.4trln in April 2025
Saudi Arabia's commercial banking sector continued to demonstrate strong growth, with aggregate assets rising by 7.4% in April 2025 compared to a year earlier. Total assets of lenders stood at SAR 5.3 trillion ($ 1.4 trillion) during the month, marking a robust increase from SAR 4.9 trillion in the same period in 2024, according to the latest figures from the Saudi Central Bank (SAMA). Rising claims on the private sector and the government were the main drivers for the growth, highlighting the banking sector's expanding role in supporting economic activity. Over the past several years, the banking sector's assets expanded consistently, rising from SAR 4.03 trillion in 2020 to SAR 5.17 trillion at the end of 2024, recording a growth exceeding 28%. Claims on the private sector totalled around SAR 3 trillion during the first three months of the year, making it the largest contributor to asset growth. Claims on the government also grew substantially, reaching SAR 612 billion in the same period. (Writing by Cleofe Maceda; editing by Seban Scaria)
The National
23-05-2025
- Business
- The National
Abu Dhabi's IHC to double assets to $218bn by 2030, CEO says
International Holding Company (IHC), the largest listed company in the UAE, aims to double its asset base to Dh800 billion ($218 billion) and hit the Dh200 billion annual revenue mark by the end of the decade, driven by its acquisition spree, its chief executive said. The company, whose board is chaired by Sheikh Tahnoon bin Zayed, is keen to expand its portfolio of assets in the US, India and fast-growing economies in the Central Asian region. Acquisitions as well as developing new businesses are part of the aggressive assets growth investment strategy the Abu Dhabi-listed company is following, Syed Basar Shueb told The National on the sidelines of the Make it in the Emirates summit in Abu Dhabi. 'Way before 2030" is the target perhaps in 2029, and 'we will double it, that's for sure', he said of the potential timeline for doubling the company's portfolio of assets. The UAE, the Arab world's second-largest economy, accounts for 60 per cent of the company's Dh416.5 billion asset base as of the end of the first quarter of this year,while the rest is spread across the region and the markets beyond. Mr Shueb, however, expects this ratio to inverse in the next 10 years, with the company's foreign asset portfolio accounting for about '60 per cent to 70 per cent' with the UAE hosting the rest. 'Earlier we were doing a lot of acquisitions, now we are developing new businesses very fast,' he said. The Abu Dhabi-headquartered conglomerate is a frontline company in the emirate's push to diversify its non-oil business sectors and has grown rapidly to become one of the most valuable listed holding companies in the broader Middle East and North Africa region. IHC, which has a market capitalisation of Dh883 billion, has been on an investment spree buying businesses as well as acquiring fast-growing companies over the past few years in the UAE as well as in markets across contents. Earlier this month, the company announced the launch of a $1 billion reinsurance company in partnership with the world's biggest asset manager BlackRock. It also established a new holding company 2PointZero with more than $27 billion in assets in January. IHC also revealed plans to set up a new infrastructure platform 'Gridora' in partnership with Abu Dhabi's state holding company ADQ and Modon for the development of new infrastructure projects in the UAE and markets around the globe. The company's acquisitions this year include buying Egypt's microfinance platform Maseera, with a pledge to invest $1 billion in the next five years to support its expansion. 'Acquisition is a daily thing … what we are reviewing right now is at least 50 [acquisition transactions] in multiple sectors and different geographies,' he said. Mr Shueb did not give details about the potential size of investments it plans to make on acquisitions, but said those deals will be funded through the company's own balance sheet as IHC has sufficient cash on hand for financing. Founded in 1998, IHC operates through more than 1,300 subsidiaries and aims to expand and diversify its holdings in sectors including asset management, health care, property and construction, marine and dredging, IT and communications, financial services, food production, utilities and services. Some of the companies under its umbrella include Abu Dhabi's biggest listed developer Aldar Properties, Modon Properties, Adnec Group, Presight, Al Seer Marine and NMDC Group. US and India in focus In terms of the geographic focus of its investments, the company is seeking deals in the US and India, Asia's third-largest economy. It has $60 billion worth of investments in the US alone, including in companies such as SpaceX and Ardent Healthcare. Within the next decade, IHC plans to boost its US investment by another $40 billion to $50 billion and ultimately aims to hit the total investment target in the world's biggest economy of about $120 billion, Mr Shueb said. In India, it will invest up to $110 billion, while in the CIS or Far East countries, investments are expected to be in the range of $50 billion over the same period. Data centres, renewable energy, nuclear as well as building infrastructure projects are the priority sectors of investment for the company, he added. In the US, IHC is keen to develop small modular nuclear reactors in partnership with other companies as well as buy established businesses to further expand its footprint. 'We are talking with a few players [on small modular reactors]. It's at a very advanced stage," he said. In India, the company has a partnership with Adani Group, owned by billionaire Gautam Adani, and IHC 'values that partnership a lot, and we are expanding with them", Mr Shueb said. 'India is one of the major markets for us,' he said, adding that a bulk of IHC international expansion, other than the US, is set to take place through partnerships. Potential IPOs A number of IHC units are listed on the Abu Dhabi Securities Exchange, where its own shares trade, including Modon, Multiply Group, Al Seer Marine and Alpha Dhabi Holding. The company plans to list more of its subsidiaries on the Abu Dhabi bourse, Mr Shueb said. The newly created company 2PointZero is among the companies being lined up for public floats and the listing could take place at the 'beginning of the second half', he said without giving further details on the stake being sold and how much IHC plans to raise in funding through the deal. Dh200bn revenue target by 2030 The company's aggressive growth strategy will also help it more than double its annual revenue to Dh200 billion by the end of this decade, he said. IHC reported Dh92.6 billion in revenue by the end of last year and Mr Shueb said 'if we cross Dh200 billion, we will be in great shape'. The continued growth of the UAE economy as well as new opportunities in the US will help it achieve its revenue target, he said. Opening of regional economies, including Syria, is also expected to provide new investment opportunities for IHC. 'There's a lot of development required there. Hopefully, other countries will also open up soon,' he added. Last week, the US announced lifting of economic sanctions on Syria, paving way for more investments in the country.
