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

Banque Saudi Fransi posts 18% higher net profit for FY 2023

Loans and advances were up 13% while customer deposits rose 9%

Commercial Bank of Kuwait enters strategic partnership with Network International to transform digital banking

The partnership marks a significant milestone in the Digital Transformation journey of Al-Tijari, the second oldest and one of the leading financial institutions in Kuwait.

ADIB leads $178mln financing deal for Giza Systems, VAS Integrated Solutions

The deal aims to refinance existing facilities with better terms and lower financing costs, to support the growth, expansion, and development of the business of Solutions’ subsidiaries in the region

UAE records first digital dirham transaction via mBridge CBDC

The bilateral transaction was settled on mBridge, a joint wholesale central bank digital currency (CBDC) project by the Bank for International Settlements (BIS).

Saudi National Bank reports more than 7% jump in 2023 net profit

The lender made a net profit of $5.34bln in 2023

Emirates Development Bank recognized as best regional development bank at International Finance Awards

Award recognizes the bank’s long tenor patient debt approach and innovative financing solutions to empower businesses and drive economic impact

Boubyan Bank makes KD 80.4 mln in profit for '23

He added that customer deposits increased by nine percent reaching KD 6.5 billion

NBK reports KD 560.6mln in net profits for financial year 2023

The Group recorded a net profit of KD 560.6 million (USD 1.8 billion), up 10.1% year-on-year from KD 509.1 million (USD 1.7 billion) in 2022

National Bank of Oman and Paymob Forge strategic alliance to transform Oman's digital landscape

The signing ceremony took place at NBO’s head office in Al Athaiba and was signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO and Islam Shawky, Co-founder and CEO of Paymob

Standard Chartered starts Egypt operations to solidify MENA presence

Bank opens first branch in Egyptian capital after obtaining central bank final approval

Arab Bank Group, Jordan reported net profits of $829.6mln for 2023

Randa Sadik, chief executive officer, stated that Arab Bank delivered robust results during 2023

Five banks finance over 210,000 projects with $898.8mln under ‘Mashrou’ak’ initiative

The banks involved are NBE, Banque Misr, Banque du Caire, the Housing and Development Bank (HDB), and the Agricultural Bank of Egypt (ABE)

RAKBank is latest UAE bank to cross 2023 with record profits - and with a strong loan book

Lending gains, especially to its core SME clients, fueled bank's solid gains

Mashreq achieves historical financial milestone in 2023

With its net profit soaring by an impressive 130% to reach an unprecedented AED 8.6 billion amidst Exceptional Income Growth and Significantly Reduced Risk Costs

Arab Bank Group reports net profits of $829.6mln for 2023, 30% cash dividends

In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2023.

Gulf Bank: WISE records outstanding returns in 2023

Conservative portfolios: 10.7%, high-risk portfolios: 20.9%, WISE's Islamic portfolio: 22%

Omani banks’ profits jump to OMR453.5mn in 2023

The preliminary financial results showed an increase in the profits of all seven banks listed on the MSX.

National Bank of Oman announces strategic partnership with UnionPay to drive mobile payments

NBO will become the first bank in Oman to launch UnionPay acceptance

NBE, Banque Misr new CDs attract EGP 471 bln in three weeks

The NBE and Banque Misr will repay more than EGP 500 billion in principal and interest of 22.5 percent and 25 percent one-year CD issued in January 2023.

Doha Bank achieves net profit of QR769m in 2023

Based on these results, the Board of Directors passed a resolution in its meeting held on January 24, 2024.

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