Managers of Wealth Middle East -Wealth, private banking and asset management news and opinion

Leumi Reports First Quarter 2020 Results

The income from this liability decrease was directly credited to the Bank’s shareholders’ equity and is therefore not reflected in the said results

Bank Muscat AGM approves 35% cash dividend, 5% bonus shares

Shareholders of the bank ratified the pay-out of 40% dividend for 2019.

UAE banks’ risk rise in bad loans: S&P

It said the volume of stage 3 loans - non-performing loans that require significant write downs - will rise to 7%-8% of system-wide loans in 2020-2021

Qatar banks’ net profit growth averages 5.5% in 2019: KPMG

Banking experts agree that the sector will be dealing with the effects of this pandemic for the foreseeable future

Saudi banks maintained sound financial metrics in 2019, but under pressure - Fitch

The average net interest margin remained strong and steady at 3.7%

QDB extends coverage period of National Response Guarantee Program

QDB stated that companies wishing to benefit from the programme must be fully owned by private sector and registered in the wage protection system in force in Qatar.

National Bank of Oman Ends 2019 With Solid Financial Results

Rounding off a busy and exciting year, the bank achieved several cutting-edge initiatives, pioneering digital disruption in the Sultanate and providing its customers with the best in modern banking.

Mashreq: Contactless payments are on the rise due to COVID-19

The bank has seen a 21 per cent increase in transactions over the previous quarter

ABK Egypt's profit grows 22% in Q1-20

The bank’s gross customer deposits and loans rose by 2% YoY

Turkey’s public banks increase profit by 111% in Q1

Ziraat Bank, presiding over a profit of TL 1.8 billion following a 70% increase in the first quarter, became the sector leader in terms of profitability.

First Abu Dhabi Bank ends acquisition talks with Lebanon’s Bank Audi-Egypt

First Abu Dhabi Bank was formed in 2017 from the merger of National Bank of Abu Dhabi and First Gulf Bank.

Bahrain Islamic Bank advocates the utilisation of its digital platforms

In the first quarter of 2020, the bank launched a number of digital products and services as part of its strategy to simplify money matters for customers, thereby enabling them to perform a wide range of banking transactions.

SABB reports 7.6% drop in Q1 profit at $272m

The earnings per share are SR0.50 compared to SR0.74 for the corresponding period of the previous year.

First Abu Dhabi Bank puts talks to acquire Bank Audi's Egyptian business on hold -sources

One of the sources said the deal was worth $700mln but the timing was now not right due to the need to support the UAE economy

Saudi’s NCB posts 2% rise in first-quarter profit even as impairments surge 173%

Net impairment charge for expected credit losses reached to 396 million riyals for the current period against 145 million riyals in the similar period of the previous year with an increase of 173%.

Digital innovation crucial for banks

This can be seen in the global banking industry, which has been slower to evolve than most, so entrenched and established are its business practices.

First Abu Dhabi Bank puts talks to acquire Bank Audi's Egyptian business on hold: sources

The UAE central bank has launched $70 billion worth of capital and liquidity measures to support the economy during the crisis.

Saudi NCB, Samba post profits, diverge on provisions

NCB's net profit was $745.5mln for the period that ended March 31

Emirates Post records 45% increase in last-mile delivery volumes in UAE

It has implemented a series of innovative service solutions to support key players in the sector, such as Amazon, Landmark and Mumzworld.

Fitch Revises Arab Banking Corporation's Outlook to Negative; Affirms IDRs

The Negative Outlook on ABC's IDR reflects also Fitch's expectation of the bank's weaker asset quality, earnings and profitability over the next 12 to 18 months compared with when the ratings were last reviewed on 7 October 2019.

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