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Al Etihad
11-06-2025
- Business
- Al Etihad
UAE banks put up a strong show in Q1 2025
11 June 2025 22:06 MAYS IBRAHIM (ABU DHABI)UAE banks kicked off 2025 on a strong note, posting an 8.4% quarter-on-quarter (QoQ) increase in aggregate net income to Dh22.2 billion, according to Alvarez & Marsal (A&M) latest UAE Banking Pulse report for Q1 surge was attributed to a 59.3% QoQ reduction in impairment charges and an 18% rise in net fee and commission report, which tracks the performance of the UAE's ten largest listed banks, indicates that the first quarter was marked by enhanced cost efficiency, a rise in non-interest income, and renewed momentum in mergers and acquisitions a 2.1% dip in net interest income (NII), profitability ratios showed improvement: Return on equity (RoE) rose to 18.6%, while return on assets (RoA) increased to 2.1%.Lending activity also gained traction, with net loans and advances rising 3.6% QoQ, driven largely by corporate and wholesale lending, which saw a 5.1% grew at an even faster pace, climbing 5.8% due to a 7.6% jump in current and savings account (CASA) inflows. As a result, the loan-to-deposit ratio (LDR) declined to 74.7%, signalling improved sector discipline and digital transformation efforts further strengthened banks' performance. Operating expenses dropped by 7.8% QoQ, pushing the cost-to-income (C/I) ratio down by 234 basis points to 28.2% – the lowest level in the past efficiency gains contributed meaningfully to overall profitability, even as topline revenue remained mostly quality also showed significant improvement. The cost of risk (CoR) fell by 45 basis points to 0.29%, while the coverage ratio rose to 110.5%.The non-performing loan (NPL) ratio declined to 3.2%, supported by stronger recoveries and a healthier loan book. Stage 1 loans increased 3.9% QoQ, while Stage 2 and 3 exposures key trends in Q1 include deposits mobilisation outpacing credit growth. Aggregate deposits grew by 5.8% QoQ, driven by a 7.6% QoQ increase in CASA deposits, exceeding loan growth of 3.6% QoQ. As a result, the Loan-to-Deposit Ratio (LDR) declined 1.5 percentage points to 74.7%.Operating income remained broadly flat, declining marginally by 0.2% QoQ. Net interest income decreased by 2.1%, while fee and commission income rose sharply by 18%, partially offsetting pressure from interest interest margin (NIM) compressed by 15bps QoQ to 2.52% due to lower yield on credit, which dropped by 99 basis points QoQ to 10.9% amid ongoing rate cuts. Cost of funds improved by 52 basis points QoQ to 3.9%, offering some margin protection. The banks analysed in the report are First Abu Dhabi Bank (FAB), Emirates NBD (ENBD), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), Mashreq Bank (Mashreq), Abu Dhabi Islamic Bank (ADIB), Commercial Bank of Dubai (CBD), National Bank of Fujairah (NBF), National Bank of Ras Al Khaimah (RAK) and Sharjah Islamic Bank (SIB).
Al Etihad
21-05-2025
- Business
- Al Etihad
Bitcoin Suisse to commence operations in Abu Dhabi
22 May 2025 01:24 ABU DHABI (ALETIHAD)Bitcoin Suisse, Switzerland's premier crypto financial services provider, is about to commence its operations in Abu Dhabi. In a statement, the company said its subsidiary, BTCS (Middle East) Ltd., has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).The approval enables Bitcoin Suisse to move closer to offering fully regulated crypto financial services in ADGM's internationally recognised regulatory environment. The firm intends to provide services including trading of virtual assets, crypto securities and derivatives, as well as local custody solutions for both private and institutional clients."This milestone represents a significant step forward in Bitcoin Suisse's strategic expansion, reinforcing its commitment to regulatory compliance, financial innovation, and global growth," the statement Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East) Ltd., said, "The IPA reflects our strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance. Abu Dhabi, one of the Middle East's fastest-growing financial centres, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full licence."Bitcoin Suisse has earned a reputation as a trusted and compliant crypto financial services provider. With more than $6 billion (Dh22.2 billion) in assets under custody and $2.6 billion (Dh8.9 billion) in institutional staking services, the firm ranks among the world's largest custodians and staking platforms. Its service model is known for its precision, security, and client-centric approach, built over a decade of Swiss-based Ramamurthy, Chief of Market Development at ADGM, welcomed the development, "ADGM congratulates Bitcoin Suisse on receiving its IPA from the FSRA of ADGM. Their expansion plans to the region to provide regulated crypto financial services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Bitcoin Suisse receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem." "By entering ADGM, Bitcoin Suisse plans to leverage the UAE's progressive and globally acknowledged virtual asset framework to enhance its regulated service offerings," the statement said. Source: Aletihad - Abu Dhabi
The National
10-02-2025
- Business
- The National
Aldar's 2024 profit surges 43% amid thriving property market
Aldar Properties, Abu Dhabi's biggest listed developer, reported a 43 per cent rise in its 2024 profit, as a sharp increase in UAE sales to overseas and resident buyers drove revenue amid a boom in the emirate's property market. Net profit attributable to equity holders of the company for the 12 months to the end of December rose to Dh5.6 billion ($1.49 billion), the company said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue and rental income during the reporting period jumped by more than 62 per cent on an annual basis to Dh23 billion. Aldar's full-year sales reached Dh33.6 billion, up 20 per cent from the previous year. UAE sales to overseas and foreign resident buyers hit Dh22.2 billion at the end of last year, accounting for about 78 per cent of total sales, a sharp increase from 66 per cent contribution in 2023, the company said. 'During 2024, Aldar delivered exceptional operational and financial performance against the backdrop of a thriving domestic real estate market, which is being enabled by government policies that ensure the UAE is one of the world's most attractive destinations for both individuals and businesses to call home,' said Mohamed Al Mubarak, chairman of Aldar Properties.
