Latest news with #Remit
Zawya
6 days ago
- Business
- Zawya
Abu Dhabi Islamic Bank's net profit before tax hits $1.08bln in H1-25
Abu Dhabi – Abu Dhabi Islamic Bank (ADIB) has partnered with Visa to launch Remit! as a new real-time cross-border money transfer service powered by Visa Direct. Under the collaboration, ADIB customers will be able to send money to more than 11 billion cards, digital wallets, and accounts worldwide, making ADIB the first bank globally to offer such reach, according to a press release. The partnership reflects a broader push by Visa to expand real-time money movement across the Middle East. Global Head of Consumer Banking at ADIB, Amit Malhotra, said: 'This partnership marks a major milestone for our customers and reaffirms our commitment to digital innovation and customer-centric financial services. We are excited to be the first bank globally to launch such a service, offering our customers a seamless and secure way to send money across the globe.' Visa's Vice President and Country Manager for the UAE, Salima Gutieva, stated: 'The Middle East is home to one of the world's most active remittance corridors. In the UAE alone, consumers send money abroad an average of 1.4 times per month. This is a clear sign of the demand for fast, secure and reliable transfers.' Gutieva concluded: 'Through our partnership with ADIB, we're extending the reach of Visa Direct to make real-time money movement a reality for more people and businesses across the region.' The launch comes amid rising demand for faster and more transparent cross-border transfers in the Gulf, and according to Visa's 2025 remittance study, 95% of surveyed consumers in the UAE send money abroad at least once per year. Among those, 63% prefer to transfer funds digitally from physical locations, and nearly half cite safety, privacy and speed as key reasons for choosing digital methods. Financial Results for H1-25 The announcement of the partnership with Visa came two weeks after unveiling a robust financial performance of ADIB during the first half (H1) of 2025. The bank reported a net profit before tax of AED 4 billion, up 16% year-on-year (YoY), which reflected a strong balance sheet growth, coupled with increased business momentum and a sustained customer growth. In the second quarter (Q2) of 2025 alone, ADIB registered net profit before tax increasing 14% YoY to AED 2 billion, reflecting a positive trajectory that has been built over recent quarters. Furthermore, the net profit after tax for H1-25 was AED 3.50 billion, reflecting a 15% increase on an annual basis, while reaching AED 1.80 billion for Q2-25 which marked a 13% YoY growth. Revenue improved by 11% to AED 5.90 billion in H1-25 compared to AED 5.30 billion for H1-24. This exceptional growth reflects broad-based performance across all key segments, supported by a diverse source of income powered by continued growth in business volumes along with continued growth in fee-based businesses. As of 30 June 2025, the total assets increased by 22% YoY to reach AED 260 billion. This growth was driven by financing growth in both retail and corporate banking, as well as an expansion in the investment portfolio. Customer deposits also rose by 24% YoY to AED 213 billion in H1-25, compared with AED 172 billion at 30 June 2024. Chairman of ADIB, Jawaan Awaidah Al Khaili, stated: 'ADIB has delivered another strong set of results for the second quarter, bringing first-half earnings to a new high with ROE at 30%. This performance reflects the record business volumes and successful execution of our strategy which have contributed to broad-based growth across our core business.' Al Khaili noted: 'Asset growth was exceptional during the first half supported by favorable macroeconomic conditions and robust customer activities which resulted in a growth in customer financing. This demonstrates our ability to capture market opportunities with speed and discipline.' The Chairman added: 'From quarter to quarter, ADIB is continuing a trajectory of accelerated growth, delivering exceptional financial results while focusing on executing our strategy, which is based on a diversified business mix, integrating cutting-edge technology, and creating substantial shareholder value.' From his part, Group CEO of ADIB, Mohamed Abdelbary, said: 'Our Digital strategy continues to be a key driver for growth as we see a strong momentum in digital customer acquisition. We are also advancing our AI-led Innovation agenda to unlock greater personalization, efficiency and intelligence across the bank. These investments are enhancing our customer experience and positioning us at the forefront of the industry.' It is worth noting that in Q1-25, ADIB registered higher net profits after tax at AED 1.71 billion compared to AED 1.45 billion in Q1-24.
Finextra
04-08-2025
- Business
- Finextra
ADIB taps Visa for cross-border remittances
ADIB Visa partnership introduces Remit, a global real-time cross-border transfer service powered by Visa Direct. 0 With access to more than 11 billion cards, wallets, and accounts,this partnership is a significant step in ADIB's expansion of its digital reach and customer-centric innovation. The new service is designed to offer real-time, secure, and convenient cross-border money transfers, allowing individuals to send funds seamlessly for family support, personal needs, or other purposes. The partnership also reflects a broader push by Visa to expand real-time money movement across the Middle East. As consumers increasingly seek digital solutions for sending funds abroad, such collaborations help modernize the region's payments infrastructure and support greater financial inclusion. 'This partnership marks a major milestone for our customers and reaffirms our commitment to digital innovation and customer-centric financial services. We are excited to be the first bank globally to launch such a service, offering our customers a seamless and secure way to send money across the globe', said Amit Malhotra, Global Head of Consumer Banking, ADIB. 'The Middle East is home to one of the world's most active remittance corridors. In the UAE alone, consumers send money abroad an average of 1.4 times per month. This is a clear sign of the demand for fast, secure and reliable transfers. Through our partnership with ADIB, we're extending the reach of Visa Direct to make real-time money movement a reality for more people and businesses across the region,' said Salima Gutieva, Visa's VP and Country Manager for UAE. The launch comes amid rising demand for faster and more transparent cross-border transfers in the Gulf. According to Visa's 2025 remittance study, 95% of surveyed consumers in the UAE send money abroad at least once per year. Among those, 63% prefer to transfer funds digitally from physical locations, and nearly half cite safety, privacy and speed as key reasons for choosing digital methods. Nevertheless, key pain points remain. High fees and the need to travel to a physical location to complete a transfer are among the most frequently reported frustrations. Over a third of UAE consumers surveyed say they have encountered such issues when sending money. Visa Direct is designed to address these concerns. As Visa's global money movement network, it enables real-time, secure transfers to cards, wallets and accounts globally. One such solution, Visa+, allows businesses and financial institutions to send funds using a recipient's mobile number or email, rather than full account details. Already active across key GCC corridors, including the UAE, Qatar, and Bahrain, Visa+ helps streamline a range of use cases, from peer-to-peer payments to business disbursements and cross-border remittances. This ADIB Visa partnership demonstrates how collaboration can reshape global remittances—offering customers faster, safer, and smarter ways to send money abroad.
Zawya
04-08-2025
- Business
- Zawya
ADIB partners with Visa
Dubai, UAE: Abu Dhabi Islamic Bank PJSC (ADIB), a leading Islamic financial institution, has partnered with Visa, a global leader in digital payments, to launch Remit!, a new real-time cross-border money transfer service. Powered by Visa Direct, the service enables ADIB customers to send money to more than 11 billion cards, digital wallets, and accounts worldwide, making ADIB the first bank globally to offer such reach. The new service is designed to offer real-time, secure, and convenient cross-border money transfers, allowing individuals to send funds seamlessly for family support, personal needs, or other purposes. The partnership also reflects a broader push by Visa to expand real-time money movement across the Middle East. As consumers increasingly seek digital solutions for sending funds abroad, such collaborations help modernize the region's payments infrastructure and support greater financial inclusion. 'This partnership marks a major milestone for our customers and reaffirms our commitment to digital innovation and customer-centric financial services. We are excited to be the first bank globally to launch such a service, offering our customers a seamless and secure way to send money across the globe', said Amit Malhotra, Global Head of Consumer Banking, ADIB. 'The Middle East is home to one of the world's most active remittance corridors. In the UAE alone, consumers send money abroad an average of 1.4 times per month. This is a clear sign of the demand for fast, secure and reliable transfers. Through our partnership with ADIB, we're extending the reach of Visa Direct to make real-time money movement a reality for more people and businesses across the region,' said Salima Gutieva, Visa's VP and Country Manager for UAE. The launch comes amid rising demand for faster and more transparent cross-border transfers in the Gulf. According to Visa's 2025 remittance study, 95% of surveyed consumers in the UAE send money abroad at least once per year. Among those, 63% prefer to transfer funds digitally from physical locations, and nearly half cite safety, privacy and speed as key reasons for choosing digital methods. Nevertheless, key pain points remain. High fees and the need to travel to a physical location to complete a transfer are among the most frequently reported frustrations. Over a third of UAE consumers surveyed say they have encountered such issues when sending money. Visa Direct is designed to address these concerns. As Visa's global money movement network, it enables real-time, secure transfers to cards, wallets and accounts globally. One such solution, Visa+, allows businesses and financial institutions to send funds using a recipient's mobile number or email, rather than full account details. Already active across key GCC corridors, including the UAE, Qatar, and Bahrain, Visa+ helps streamline a range of use cases, from peer-to-peer payments to business disbursements and cross-border remittances.
Yahoo
18-02-2025
- Business
- Yahoo
EU to Look at More ‘Flexible' Filling of Gas Storage Post-2025
(Bloomberg) -- The European Union will work with member states to allow for more flexible refilling of gas storage in coming years to reduce stress on the system that sent prices to the highest level in two years earlier this month. Why Barcelona Bought the Building That Symbolizes Its Housing Crisis Por qué Barcelona compró el edificio que simboliza su crisis inmobiliaria A Filmmaker's Surreal Journey Into His Own Private Winnipeg Trump Child Refugee Agency Shares Data With Immigration Enforcers NYC Restaurants Are Still Waiting for Their Outdoor Dining Plans to Be Approved The European Commission, the bloc's executive arm, will 'promote more coordinated and flexible gas storage filling, including with dynamic targets,' as part of a planned extension to the bloc's gas storage targets beyond this year, according to a draft of its upcoming Clean Industrial Deal, which is due to be published at the end of the month. The bloc is also set to examine the need for stricter oversight of the region's gas markets. Gas prices in Europe have surged amid worries that energy traders are using the targets laid out by the EU's gas storage targets to speculate on price rises. Germany has led calls for more flexible targets to damp this phenomenon this year. The commission is due to propose an extension to the current targets early next month. Europe is grappling with how to bring down the cost of energy in order to help its industry compete globally with the US and China. Gas prices hit the highest level in two years earlier this month on fears over security of supply, but there's also concern among policymakers that speculation on the markets are exacerbating volatility in the market. The EU will launch a consultation to determine whether funds and traders active in the EU's gas market should be brought under full regulatory oversight of the bloc's key pillars of financial supervision, such as MiFid and Remit, according to the draft, which could still change prior to publication on Feb. 26. --With assistance from Jorge Valero. The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory The Unicorn Boom Is Over, and Startups Are Getting Desperate Japan Perfected 7-Eleven. Why Can't the US Get It Right? The Startup That Stepped In When the Baby Formula Supply Chain Broke Before DeepSeek Blew Up, Chatbot Arena Announced Its Arrival ©2025 Bloomberg L.P.
