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Emirates NBD

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Emirates NBD News

People, Person, Backpack

Bad loan provisions drop markedly at UAE banks

Most of the UAE’s top banks have significantly reduced how much they put aside to cover bad loans, in an indication of a generally benign economy and expectations of growth stretching into next year. During April and June this year, banks set aside AED1.3 billion ($350 million) in net loan loss provisions (LLPs) – the […]

A Yes Bank branch in Mumbai. Emirates NBD is among bidders reportedly interested in securing a 51% stake

Emirates NBD seeks majority stake in India’s Yes Bank

Dubai’s largest lender Emirates NBD is in advanced talks to acquire a majority stake in India’s Yes Bank, according to a media report. The potential acquisition comes as the state-owned State Bank of India (SBI) intends to divest its 24 percent stake in Yes Bank for $2.2 billion by the end of March, Reuters reported […]

An IDBI Bank branch in New Delhi. The bids for IDBI are expected to be called before the close of the financial year

Emirates NBD in race to buy stake in India’s IDBI Bank

Emirates NBD, Dubai’s biggest bank by assets, is among three suitors shortlisted to acquire a majority stake in India’s IDBI Bank. The Indian government intends to privatise the lender, according to a local media report. Canada’s Fairfax Financial Holdings and India’s Kotak Mahindra Bank have also received clearance from the Indian central bank, CNBC-TV18, an […]

Airport, Terminal, Furniture

Loan growth pushes Emirates NBD profit up 12% to $4bn

Emirates NBD, Dubai’s biggest bank, reported a 12 percent year-on-year increase in net profit to AED13.8 billion ($3.8 billion), driven by increased lending and higher impaired loan recoveries. Total income reached AED21.4 billion after strong loan growth across all business segments coupled with a stable, low-cost funding mix. Lending grew 6 percent year on year […]

People in downtown Dubai. The emirate welcomed 19,000 new companies to the Dubai Chamber of Commerce in the first quarter of this year, a 17.6 percent annual jump

UAE economic growth brings rise in court disputes, say lawyers

Debt recovery cases in Dubai and the wider UAE are increasing, a pair of local law firms told AGBI, citing anecdotal evidence from their practices. Behind the trend, they said, are various factors, chief among them being the influx into the emirates of new businesses from around the world. Also contributing are a host of […]

Saudi Aramco's secondary share offering was the largest in Europe, the Middle East and Africa since 2000

Aramco to issue new bonds after $11bn share sale

Saudi Aramco has appointed regional and global bankers for a new bond sale just a month after raising more than $11 billion from a secondary share offering. The oil giant, listed on the Saudi stock exchange, will issue senior unsecured US dollar-denominated bonds. The fund will aid in its general corporate purposes or any other […]

Al-Hokail Academy to sell over 2m shares on Saudi bourse

Al-Hokail Academy Specialized Digital Polyclinics Company, a digital healthcare services provider in Saudi Arabia, will launch its initial public offering (IPO) to sell 29 percent of its capital, or over 2 million shares, on the Nomu-Parallel Market. The company has set the IPO price range between SAR118 and SAR125 ($31.46- 33.32) per share, Emirates NBD […]

Emirates Airline cabin crew. The Investment Corporation of Dubai owns the airline and has a significant stake in Dubai's biggest bank Emirates NBD

Dubai wealth fund reports record net profit for second year running

Investment Corporation of Dubai, the Dubai government’s main investment unit, has reported a record annual net profit. Earnings were bolstered by higher interest rates and a resurgent aviation sector. ICD owns Emirates and FlyDubai airlines, travel agency Dnata, Emirates National Oil Company (Enoc) and stock exchange operator Borse Dubai.  NewsletterGet the Best of AGBI delivered […]

Locals at Daraw market, Egypt. The biggest challenge facing digital banks could be the 60 percent of Egyptians who say they lack internet access

Digital lenders eager to tap into Egypt’s unbanked masses

Egyptian banking history was made this month when Misr Digital Innovation (MDI) became the first Egyptian company to receive preliminary approval for a digital banking licence.  MDI, a subsidiary of Banque Misr, will open Onebank – Egypt’s first digital bank – by the first quarter of next year at the latest. Experts predict many more […]

The indicative price for EIB's 5-year sustainability sukuk was set at 100 basis points over US Treasuries

Emirates Islamic Bank’s green sukuk orders hit $1.9bn

The Islamic unit of Emirates NBD, Dubai’s largest lender, has launched a $750 million green sharia-compliant sukuk. The indicative price for Emirates Islamic Bank’s (EIB) 5-year sustainability sukuk was set at 100 basis points over US Treasuries, Reuters reported, citing a document from an arranging bank.  The issuance, part of EIB’s $2.5 billion certificate issuance […]