banking

October 17, 2019

Commercial Bank of Dubai reported a 28.27 per cent increase in third quarter net profit as operating income climbed and impairment allowances reduced.

Net profit for the three-month period ending September 30 rose to Dh362 million, the lender said in a statement to the Dubai Financial Market, where its shares trade. The bank reported quarterly operating income of Dh732m, a 6.1 per cent year-on-year increase.

Strong earnings are a result of 'fostering a culture of growth and disciplined execution of our well-planned strategy,' the bank's chief executive,"...

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October 17, 2019

DUBAI, 16th October, 2019 (WAM) -- Commercial Bank of Dubai today reported a net profit of AED1,063 million for the first nine months of 2019, a 26.1 percent increase over the same period last year.

In a statement today, the bank said the operating profit is 14.9 percent higher at AED1.589 billion, with the operating income hitting AED2,242 million, up 11.1% year on year driven by higher net interest income and other operating income.

Operating expenses increased by 2.9 percent to AED 653 million, with the operating profit up by 14.9 percent to AED1,589 million. Net"...

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October 16, 2019

Bank of America reported its third-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191016005398/en/ Bank of America newsroom at https://newsroom.bankofamerica.com Bank of America Investor Relations website at http://investor.bankofamerica.com Business Wire’s news webpage at http://www.businesswire.com/portal/site/home/news Investor Conference Call information Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss the financial results in a conference call at 8:30 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can also listen to a live audio webcast of the conference call and view the presentation slides by visiting the “Events & Presentations” section of the company’s Investor Relations website. Replay information for Investor Conference......

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October 15, 2019

ABU DHABI, 14th October, 2019 (WAM) -- Banks operating in the UAE have increased their investments in bonds since the beginning of 2019 to make for losses caused by a fall in proceeds from their other investment instruments, including loans.

The value of investments in bonds by banks during the first eight months of 2019 amounted to AED10.3 billion, which increased their total investments to AED91.2 billion at the end of August, a growth of 12.7 percent compared to the same period in 2018.

The UAE Central Bank cut its key interest rate in August for the second time"...

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October 13, 2019

GCC banks will successfully navigate a less-than-favourable macroeconomic environment in 2020 supported by their solid financial profiles, a leading global ratings agency said.

'We believe that GCC banks' financial profiles will remain stable in 2020, absent any unexpected shocks. In our view, the two main sources of latent risk for GCC banks are geopolitical risk and a significant drop in oil prices, with the former including a potential full-scale military intervention in the region and the latter a weaker global economy,' S&P Global Ratings said in a report.

In"...

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October 10, 2019

The Central Bank of the UAE directed local banks to reduce the early settlement fee on mortgages to a maximum of 1 per cent or Dh10,000, whichever is less, to those borrowers who want to exit their mortgages early.

The apex bank said in a circular that borrowers who had already paid 3 per cent settlement fee can get the refund from their banks within 30 days.

The early settlement fee was set at 3 per cent in June 2018.

'Early settlement or partial settlement fee for applying to home loans"...

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October 3, 2019

ABU DHABI, 2nd October, 2019 (WAM) -- The Central Bank of the UAE, CBUAE, has announced that it will be issuing a commemorative coin in celebration of Hazza Al Mansoori, the first UAE national to travel to space.

'His launch marked a significant day in our history as a nation,' the Central Bank said in a statement today.

'We also take the time to remember our Founding Father, the late Sheikh Zayed Bin Sultan Al Nahyan, and the pivotal role he played in Hazza and UAE’s success. For back in the 1980s, fueled by a strong desire to have the UAE be a key"...

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October 2, 2019

A retail business unit of Standard Chartered Bank in the UAE has let go of about 100 staff as the lender increasingly digitises its services.

The third-party business unit of the bank has made the job cuts in recent weeks, a bank official said on Tuesday, who spoke on condition of anonymity.

“We are continuously reviewing our businesses and accelerating our shift towards digital and consumer preferences,” a spokesperson of the bank said in a statement, declining to comment on specific details.

Lenders"...

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October 2, 2019

Visa (NYSE:V) and Revolut, the leading fintech in Europe, today announced a new agreement that will help Revolut expand its business globally. Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion.

Revolut"...

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October 1, 2019

The UAE’s Central Bank is seeking comments and feedback from experts on a draft regulation on loan-based Crowdfunding Platforms CFPS, before it is approved and issued, CBUAE has announced.

In a statement published by the UAE’s state-run WAM news agency, the objective of the proposed regulation is to put in place a framework for licensing, regulating and monitoring loan-based CFPs and to establish standards that the Central Bank will expect them to follow.

These requirements, the CBUAE added, will protect the financial system from the risks posed by CFPs"...

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