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Threads on regulatory news from companies
Emirates Islamic reported a record profit of AED 1.7 billion for the first half of 2024, marking a 37% increase from the previous year. The bank's total assets surpassed AED 100 billion, reflecting a 16% growth. Total income rose by 15% to AED 2.7 billion, while operating profits increased by 40%. Expenses decreased by 20%, and impairment allowances dropped by 46%. The bank's net profit margin stood at 4.56%, and the cost-to-income ratio was 28.8%. Emirates Islamic's capital and liquidity remained strong, with a Common Equity Tier 1 ratio of 18.4% and a capital adequacy ratio of 19.6%. The bank received several awards, including 'Best Overall Islamic Bank' and 'Most Innovative Islamic Bank' at the Islamic Finance News Awards 2024.
Emirates Islamic Bank (Public Joint Stock Company) has released its unaudited group condensed consolidated interim financial statements for the six-month period ending on 30 June 2024. The bank's head office is located on the 3rd floor of Building 16 in Dubai Health Care City, Dubai, United Arab Emirates. Contact information includes a telephone number (+971 600599995), fax number (+971 4 3582659), and the website www.emiratesislamic.ae. The bank's P.O. Box number is 6564.
Ooredoo Q.P.S.C. will disclose its financial results for the first half of 2024 on July 30, 2024, following a financial review meeting at 13:30. A conference call to discuss the results is scheduled for August 5, 2024, with the presentation available on the company's website. The call will take place at 14:00 Doha time, 15:00 UAE time, 12:00 UK time, and 07:00 NYC time. Registration for the call is required. Ooredoo operates in the Middle East, North Africa, and Southeast Asia, serving consumers and businesses in nine countries. As of December 31, 2023, Ooredoo generated revenues of QAR 23 billion, with shares listed on the Qatar and Abu Dhabi stock exchanges.
Al Ain Ahlia Insurance Co. (PSC), incorporated in Abu Dhabi in 1975 and registered in 1984, operates under Federal Decree-Law No. 48 of 2023 regulating insurance activities, with a paid capital of AED 150,000,000. On Thursday, July 18, 2024, the Board of Directors held a meeting from 12:00 PM to 1:00 PM with all seven members present, achieving a 100% quorum. During the meeting, the board approved the minutes from the May 13, 2024 meeting, discussed and approved recommendations from Board Committees, and approved various policies and procedures related to financial reporting, external auditors, fraud, underwriting, succession, recovery plans, and enterprise risk management. They also reviewed and acknowledged circulars from the Central Bank. The meeting details were signed off by Yaser Ibrahim Hmedan, Board Secretary.
The document is a review report and condensed consolidated interim financial information for Abu Dhabi Commercial Bank PJSC, covering the six-month period ending June 30, 2024.