Latest news with #financialgroup
Zawya
3 days ago
- Business
- Zawya
Al Salam Bank successfully closes $450mln AT1 capital issuance
Manama, Bahrain: Al Salam Bank (Bahrain Bourse trading code 'SALAM', Dubai Financial Market trading code 'SALAM_BAH') announced the successful close of its USD 450 million Additional Tier 1 (AT1) Capital issuance, reflecting strong investor confidence in the Bank's financial strength and long-term growth strategy. The issuance, which was structured as a private placement and advised by ASB Capital (the Group's asset management and investment banking arm headquartered in the DIFC), attracted substantial demand from regional and international investors. The AT1 Capital issuance forms a key initiative within the Group's broader financial optimization strategy, enhancing its capital position to support future growth plans. Following market leading annual growth exceeding 35% across balance sheet metrics, the issuance was designed to further enhance the Group's financial standing and capitalization profile. The issuance also underscores the Bank's commitment to sustainable growth and financial resilience, positioning it as a leading and diversified financial group in the region. The significant investor demand highlights the Group's ability to access liquidity from regional and global markets, reflecting strong investor confidence in the Bank's strategy and financial position. ASB Capital was mandated by Al Salam Bank to advise and structure the issuance. As part of its Capital Markets offering, ASB Capital provides innovative and tailored financing solutions to meet the evolving needs of clients by leveraging market expertise and strategic partnerships. Most recently, ASB Capital was also appointed as a joint lead manager by Bapco Energies in Q1 2025 for its USD 1 billion Sukuk issuance. Rafik Nayed, Group CEO of Al Salam Bank and Managing Director of ASB Capital, commented: 'The overwhelming response to our USD 450 million AT1 Capital issuance is a testament to Al Salam Bank's financial stability, market credibility, and strategic direction. Since 2020, we have consistently increased our total equity by more than 65%, and this issuance further strengthens our capital base and enhances our financial agility to execute our ambitious growth aspirations. We have recently rolled out an aggressive growth strategy across all Group companies. We are confident that the Group is well positioned to continue creating sustainable shareholder value.' Additionally, he stated: 'ASB Capital's ability to attract substantial investor demand, despite global market volatility, highlights the team's capabilities in the Capital Markets space. By focusing on efficient capital raising and tailored financing solutions, ASB Capital connects clients to a broad network of funding sources, enabling them to adapt to market conditions and achieve growth aspirations. In addition to Al Salam Bank's AT1 Capital issuance, the firm's Capital Markets pipeline includes mandates from regional financial institutions and institutional clients covering Sukuk, Tier 2 Capital, syndications, and other structured instruments.'
Reuters
15-05-2025
- Business
- Reuters
Unipol posts 18% rise in first-quarter net profit
May 15(Reuters) - Italian financial group Unipol ( opens new tab posted a 17.8% rise in its first-quarter net profit, which came in at 285 million euros ($319 million). Italy's second biggest insurer said its quarterly direct insurance income grew 19% to 5.0 billion euros. ($1 = 0.8946 euros)
CNA
15-05-2025
- Business
- CNA
Japan's MUFG posts record annual profit despite 41% slump in Q4
TOKYO :Japan's largest banking group Mitsubishi UFJ Financial Group clocked a record annual net profit even as fourth-quarter profit fell by 41 per cent. MUFG made a net profit of 114 billion yen ($782.11 million) in the January-March quarter compared to 192.8 billion yen in the same period the previous year. Annual profit hit 1.86 trillion yen, beating its previous record of 1.49 trillion yen last year. ($1 = 145.7600 yen)
CNA
14-05-2025
- Business
- CNA
Japan's SMFG posts record annual profit, forecasts better year ahead despite tariff hit
TOKYO :Japan's second-largest banking group Sumitomo Mitsui Financial Group hit a record 1.18 trillion yen ($8.1 billion) profit for the financial year ended March 2025 and sees more growth ahead even accounting for the hit to its business from tariff uncertainty. SMFG generated net income of 42 billion yen in the January-March quarter compared to 170 billion yen for the same period a year before - a 75 per cent slump - but forecast a record 1.3 trillion yen in net profit for the coming financial year. The end of deflation has encouraged borrowing by Japanese corporations for overseas expansion, mergers and acquisitions and capital investments amid a shrinking workforce in Japan. The group has also benefitted from the Bank of Japan endingits policy of negative interest rates in March 2024, which raised margins. Despite the bumper results, SMFG's prospects have suffered from the uncertainty following U.S. President Donald Trump's announcement of sweeping tariffs at the start of April. Compared to its forecasts from March, SMFG has factored in a hit to its bottom line of around 100 billion yen for the current financial year as a result of the tariffs, chief executive Toru Nakashima told a press conference in Tokyo. Corporate activities such as M&A and capital raising that might have gone ahead from the summer onwards are being delayed and decision making slowed as customers wait to see how the tariff situation develops, Nakashima said. But the base trend of growth investment and higher wages as Japan emerges from deflation looks set to continue, he added. Nevertheless SMFG revised down its Japanese GDP growth forecast for this financial year to 0.4 per cent from 1.1 per cent and said it expects no further interest rate hikes. Last week SMFG announced it would acquire 20 per cent of Indian private lender Yes Bank , marking the latest example of an overseas acquisition by a Japanese financial institutions seeking growth beyond their shrinking home market. But the tariff uncertainty means SMFG too is holding off on further acquisitions, Nakashima said. "Now is not the time to do more inorganic acquisitions, while things are still this uncertain we don't have to force it," Nakashima said. SMFG is the first of Japan's three "megabanks" to announce earnings, with the country's largest lender Mitsubishi UFJ Financial Group and number three player Mizuho Financial Group due to report on Thursday.
Japan Times
07-05-2025
- Business
- Japan Times
Mitsubishi UFJ to set up online bank in fiscal 2026
Mitsubishi UFJ Financial Group will set up an online bank in fiscal 2026, which ends in March 2027, it was learned Wednesday. Amid intensifying competition in the banking sector for taking deposits as lending resources following the return of "a world with interest rates," the major Japanese financial group aims to lure younger customers heavily relying on smartphones, people familiar with the matter said. The envisaged branchless bank will use Google's cloud platform to curb costs to pit itself against existing online banks that offer lower transfer fees and higher deposit rates than conventional banks. It is also projected to provide services jointly developed with the group's robot asset investment advisor WealthNavi. Mitsubishi UFJ is expected to announce the online banking plan by the end of the month, the sources added.
