Latest news with #bankingsector
Zawya
a day ago
- Business
- Zawya
CBUAE issues commemorative coins to mark the Golden Jubilee of DIB
Abu Dhabi: The Central Bank of the UAE (CBUAE) has issued 7,000 silver commemorative coins to mark the Dubai Islamic Bank's (DIB) Golden Jubilee and to honor its achievements in the banking sector since its establishment in 1975. The issuance includes 2,000 coins of 50 grams and 5,000 coins of 20 grams. The obverse of the coin features the inscription "50 Years of Progress", the mnemonic descriptor of this occasion in Arabic and English, signifying the 1975-2025 period, along with the name "Dubai Islamic Bank" in both languages. The reverse side displays the nominal value of "50 dirhams" in Arabic, encircled by the inscription "Central Bank of the UAE' in both Arabic and English. The issuance of the coin comes as part of DIB celebration of its anniversary and the launch of its journey full of growth, development, and achievements over fifty years, making it a prominent financial institution in the UAE that provides innovative banking services to individuals and companies, in line with the economic and developmental aspirations of the country. The commemorative coins will be formally handed over to DIB and will not be available for sale to public through CBUAE or DIB. H.E. Saif Humaid Aldhaheri, the CBUAE's Assistant Governor for Banking Operations and Support Services, said: 'The Central Bank issues these commemorative coins that embody DIB's fifty-year journey of contributions and successes and its effective role in supporting the national economy. This issuance reflects the central bank's support to document the prominent institutional achievements that are integral to the financial sector's history, and it highlights the continuous efforts to enhance trust and financial stability in the UAE.' Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, said: 'We are deeply honoured by the Central Bank of the UAE's gesture in adopting the DIB initiative and issuing commemorative coins to mark our 50-year legacy. More than symbolic tribute, it reflects the enduring partnership between DIB and the nation's financial ecosystem, and our shared commitment to building a resilient, inclusive, and forward-looking economy. As we celebrate five decades of pioneering Islamic finance, this recognition reinforces our resolve to lead with purpose, inspire innovation, and shape the future of banking in the UAE and beyond.'
Bloomberg
2 days ago
- Business
- Bloomberg
UK's Ofwat Set for Supervisory Role in Regulatory Overhaul
The UK water regulator needs to take a more supervisory role akin to the banking sector in order to help stem the industry's worst crisis in decades. Ofwat currently relies heavily on 'comparability' — or benchmarking water companies against one another to assess efficiency and justify customer bills. A more supervisory approach would allow the regulator to be more reactive and possibly intervene earlier when issues arise, according to interim findings from the Independent Water Commission published on Tuesday.
Arab News
4 days ago
- Business
- Arab News
Oman's banking sector credit rises 9% to $87.3bn
RIYADH: Total outstanding credit extended by Oman's banking sector, comprising both conventional and Islamic institutions, rose by 9 percent year-on-year to 33.6 billion Omani rials ($87.3 billion) at the end of April, according to new data. According to the Central Bank of Oman, private sector credit rose by 7 percent to 27.8 billion rials. Non-financial corporations held the largest share at 46.6 percent, followed closely by the household sector at 44 percent. Financial corporations held 5.6 percent, while other sectors represented the remaining 3.7 percent. Deposits across the banking system also showed robust growth. 'Total deposits held with ODCs (other depository corporations) registered a YoY significant growth of 9.3 percent to reach 32.8 billion Omani rials at the end of April 2025,' the report stated. Of this, private sector deposits reached 21.5 billion rials, a 7.1 percent increase from the previous year. Household deposits contributed the largest share at 50.3 percent, followed by non-financial corporations at 30.4 percent, financial corporations at 17 percent, and other sectors at 2.3 percent. Credit extended by conventional banks grew by 7.9 percent to 21.3 billion rials, while their aggregate deposits increased by 6.1 percent to 25.7 billion rials. The banking sectors across the Gulf Cooperation Council countries have demonstrated credit growth, reflecting the region's economic resilience and strategic investments. In Saudi Arabia, outstanding credit facilities reached SR2.96 trillion by the end of the fourth quarter of 2024, marking a 14.4 percent year-on-year increase. However, Qatar's banking sector saw a slight contraction, with total credit facilities declining by 0.2 percent to 1.4 trillion Qatari riyals, primarily due to reduced lending to the public sector and consumption. Oman's private sector deposits with conventional banks rose 4.5 percent to 16.8 billion rials in April. Investments in government development bonds increased by 6.2 percent to 2 billion rials, whereas holdings in foreign securities declined by 3.7 percent to 2.1 billion rials. Islamic banks and windows also demonstrated strong performance. Their total assets increased by 18.1 percent to 8.9 billion rials, accounting for 19.6 percent of the total banking assets. Financing provided by these entities reached 7.2 billion rials, marking a 13.5 percent annual increase. Total deposits held by Islamic banks and windows increased by 22.6 percent to 7.1 billion rials. Broad money supply grew 7.5 percent to 25.4 billion rials, driven by a 12 percent rise in narrow money and a 6 percent increase in quasi-money components. Currency held by the public rose by 7.5 percent, while demand deposits expanded by 16.8 percent. Interest rate trends showed mixed movements. The weighted average interest rate on deposits with conventional banks rose to 2.594 percent in April, up from 2.580 percent a year earlier. Meanwhile, the weighted average lending rate fell to 5.555 percent from 5.604 percent. The overnight domestic interbank lending rate dropped to 4.392 percent, down from 5.212 percent the previous year, reflecting a decrease in the central bank's repo rate to 5 percent in line with US monetary policy trends. Oman's nominal gross domestic product increased by 1 percent yea on year in the fourth quarter of 2024, driven by a 4.1 percent expansion in the non-hydrocarbon sector. Real GDP rose by 1.7 percent, supported by 3.9 percent growth in non-hydrocarbon activities. The average oil price stood at $75.9 per barrel at the end of April, 5.2 percent lower than a year earlier. Average daily oil production was 986,700 barrels, reflecting a 1 percent decline. Consumer price inflation remained subdued at 0.9 percent year on year as of April.
Zawya
29-05-2025
- Business
- Zawya
Bahrain-listed companies' net profits rise 2.2%
Bahrain - Bahrain-listed companies saw a modest uptick in net profits during the first quarter of 2025, climbing 2.2 per cent year-on-year to $465.3 million. Analysis by Kuwait-based Kamco Invest shows that this slight increase was primarily driven by strong performance in the banking, transportation, and capital goods sectors, which helped offset declines across the majority of the exchange's 14 industry segments. The banking sector emerged as the clear leader, with its net profits surging 16.8pc to $289.4m in Q1-2025. This boost largely stemmed from Bahrain Islamic Bank, which reported a multi-fold increase in net profits to $26.5m. The bank's improved performance was attributed to higher net interest income, despite a dip in non-interest income and increased impairments. Arab Banking Corporation (Bank ABC) posted the highest net profits among Bahraini banks, reaching $76m, a slight rise from the previous year, aided by reduced impairments. National Bank of Bahrain also saw a 2.2pc gain in net profits, hitting $74.6m, propelled by an increase in non-interest income. In contrast, the materials sector experienced a significant setback, with net profits plummeting 25.9pc to $48.1m. Alba, the sector's sole constituent, cited higher production costs as the main culprit, which eroded its EBITDA and ultimately its bottom line. This occurred despite a 20pc rise in LME aluminium prices and a 38pc increase in premiums. The telecom sector also faced headwinds, with total net profits declining 3pc to $51.1m. Batelco (Beyon), the dominant player, reported a 3.8pc drop in net profits to $48m. The company attributed this decline to the implementation of Domestic Minimum Top-Taxes (DMTT), which took effect on January 1, 2025, as well as costs associated with acquisitions completed in 2024. Meanwhile, aggregate net profits for companies listed on GCC exchanges rose 2pc year-on-year in the first quarter of 2025, reaching $58.6 billion, primarily driven by strong performances in the banking, telecom, and real estate sectors. This modest improvement came despite a 5.7pc decline in profits from the energy sector, largely due to a 7.5pc year-on-year drop in net profits from Saudi Aramco. Excluding Aramco's results, total GCC corporate profits would have increased by 10.7pc in Q1 2025. The GCC banking sector was a significant positive contributor, with aggregate earnings surging 10pc year-on-year to $16bn. Banks in Abu Dhabi, Saudi Arabia, and Bahrain all reported double-digit profit growth. While the energy sector as a whole saw a decline, 17 out of 27 listed energy companies reported improved net profits. The GCC telecom sector experienced a robust 45.3pc year-on-year growth in net profits, reaching $3.5bn, with broad-based double-digit gains across most GCC countries. The GCC real estate sector also posted a strong performance, with net profits increasing by 55.5pc year-on-year to $2.9bn. This growth was led by substantial gains in the UAE, where real estate company profits rose 38pc to $2.1bn, and in Saudi Arabia, which saw a multi-fold increase to $472.7m. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
28-05-2025
- Business
- Khaleej Times
UAE: 72% survey respondents prefer mobile banking apps
Driven by customers' growing appetite for seamless digital and in-person services, the UAE banking sector is undergoing a profound transformation, according to a new study. Conducted with 24 UAE banks by Arthur D. Little (ADL), the survey released on Wednesday reveals that 72 per cent of UAE respondents now prefer mobile apps as their primary banking channel, drawn to their convenience, intuitive interfaces, and personalised financial tools. This digital surge reflects a broader global trend, with the UAE's mobile banking adoption rate outpacing many developed markets, where mobile app usage averages 65 per cent, per a 2024 Statista report. Despite this digital dominance, physical branches remain vital for complex financial needs. Around 35 per cent of UAE customers still visit branches for services like loan applications and mortgages, valuing the trust and expertise of in-person interactions. High-income customers, in particular, show a nuanced preference: 70 per cent favor digital solutions for routine banking but rely on face-to-face advisory for high-value decisions. Additionally, 43 per cent of respondents regularly use self-service kiosks for tasks like cash withdrawals and account inquiries, indicating a demand for hybrid solutions that blend automation with human touch. Mobile wallet adoption is also on the rise, especially among younger and tech-savvy middle-income groups. The UAE's mobile payment market is projected to grow by 8.2 per cent annually through 2030, driven by innovations like contactless payments and digital remittances, according to a 2025 PwC report. This trend underscores the need for banks to enhance digital self-service options, such as advanced kiosks for loan processing and card issuance, alongside robust mobile wallet functionalities. Martin Rauchenwald, partner and global head of financial services at ADL, said by integrating advanced digital platforms with high-quality in-branch advisory, banks can build trust and loyalty. Seamless omnichannel strategies are key to meeting evolving customer expectations.' Rezwan Shafique, principal at ADL Middle East, added that investments in AI-powered personalization and digital literacy programs are critical to bridging the digital divide and enhancing user experiences across mobile apps, online portals, and branches. The survey highlights the growing demand for 'phygital' banking — merging digital efficiency with personalized human interactions. UAE banks are urged to adopt hybrid models, leveraging AI-driven wealth management tools and optimised remittance platforms while maintaining trusted in-branch consultations. According to banking industry experts, with the UAE's financial sector contributing 14.2 per cent to the national GDP in 2024, per the UAE Central Bank, these strategies are essential for banks to stay competitive.
