MANAMA, BAHRAIN: Al Baraka Banking Group BSC (ABG), the leading Islamic banking group with its headquarters in the Kingdom of Bahrain, achieved a net income of US$ 180 million in 2019, while net operating income reached US$ 399 million and total operating income US$ 967 million in the same period. Total assets increased to exceed…
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Al Salam Bank offers property financing for The Courtyard at Seef
MANAMA, BAHRAIN: Al Salam Bank-Bahrain, the pioneering Shari’a-compliant Bank in the Kingdom, is offering competitive property financing options for customers looking to purchase apartments in The Courtyard at Seef. The stylish urban development, which is connected to a popular shopping center, offers three types of one-bedroom apartment as well as a two bedroom option. Al…
ASX Limited posts 1.8% growth in net profits to $250.4mn
SYDNEY: Australia Securities Exchange (ASX Limited) has posted strong earnings growth for the half-year ended December 31, 2019 as the operating revenues surged 7.1% to $454.9 million and net profit after tax clocked in at $250.4 million, up 1.8%. Core activity plus strategic initiatives drove higher shareholder returns – interim dividend up 1.7% to 116.4…
SGX RegCo uses AI to enhance surveillance activities
SINGAPORE: Singapore Exchange Regulation (SGX RegCo) is making its surveillance and regulation of the securities market more targeted and effective with the application of artificial intelligence (AI) enhancements to its real-time monitoring system. The introduction of AI can help to better isolate unusual activity, by learning from historical trading patterns and filtering out noise caused…
New India Assurance Company outlook downgraded to negative
SINGAPORE: Insurance sector rating agency AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of New India Assurance Company Limited. These ratings reflect New India’s balance sheet strength, which AM Best categorizes as very strong, as well…
Polar Capital to acquire Pierre Py and Greg Herr led equity team
LONDON: Polar Capital Holdings has reached agreement to acquire from Los Angeles based asset manager First Pacific Advisors its International Value and World Value equity team led by Pierre Py and Greg Herr. Polar Capital and the Managers share common philosophies, being specialist, investment-led active fund managers. Polar Capital offers the team a platform from…
Al Salam Bank reports 14% growth in net profit to BD 21.1 million in 2019
MANAMA, BAHRAIN: Al Salam Bank-Bahrain reported a net profit attributable to shareholders of BD 4 million in the fourth quarter of 2019 compared to BD 5 million in the fourth quarter of 2018, a variance of 20% and a corresponding earnings per share at 1.8 fils compared with 2.3 fils per share for the same…
Deyaar Development posts net profit of AED 71.5 million in 2019
DUBAI: Dubai based property developer and real estate service provider, Deyaar Development announced its financial results, wherein the company reported revenues of AED 603.7 million for the year ended 31 December 2019 compared to AED 643.7 million in the same period of 2018. Net profit for 2019 was reported as AED 71.5 million. During its…
Pelatro announces mViva Platform new version launch
LONDON: Pelatro Plc, the multichannel marketing hub software specialist, has reported the launch of the new version of its flagship mViva Platform, V6, which has several new advanced features compared to the previous version launched in 2018, reflecting the rapid evolution of the Group’s software products. The mViva Platform comprises a number of products and…
Ratings of Hanwha General Insurance Company put under review with negative implications
HONG KONG: Global Rating Agency, AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Hanwha General Insurance Company Limited (HGI), South Korea. The under review status follows HGI’s public disclosure on Jan. 31, 2020, of a consolidated net loss…
Frasers Property establishing AUD 2 billion Multicurrency Debt Issuance Programme
SINGAPORE: Frasers Property AHL Limited has established an AUD 2 billion Multicurrency Debt Issuance Programme, which is unconditionally and irrevocably guaranteed by Frasers Property Limited. In connection with the Programme, the Issuer has appointed Oversea-Chinese Banking Corporation Limited and Australia and New Zealand Banking Group Limited to act as the joint arrangers and dealers of…
SGX and IPOS jointly launch Intangible Disclosure Evaluation and Audit Scheme
SINGAPORE: Singapore Exchange (SGX) and the Intellectual Property Office of Singapore (IPOS) have partnered to launch the Intangible Disclosure Evaluation and Audit Scheme (IDEAS) programme exclusively for SGX-listed companies and companies preparing for a listing. The programme aims to raise awareness and encourage companies to undergo intangible assets (IA) evaluations and promote a more robust…