National Bank of Abu Dhabi Q1 net profit rises 36%

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Updated 24 April 2013

National Bank of Abu Dhabi Q1 net profit rises 36%

ABU DHABI: Higher income from investments and fees helped National Bank of Abu Dhabi, the UAE’s largest lender by market value, to a 35.5 percent jump in first-quarter net profit, the bank said.
The bank posted net profit of AED 1.41 billion ($ 384 million) in the first three months of 2013, beating the average forecast of AED 1.09 billion in a Rueters poll of analysts.
Impairment charges for the first quarter of this year were AED 322 million, up 3 percent higher on the corresponding period last year.
Non-interest income grew 70.9 percent to AED 974 million, which the bank attributed to a combination of strength in financial markets and successful hedging strategies.
Net interest income and net income from Islamic financing increased 5.3 percent against last year and net fees and commissions grew 8.9 percent to AED 414 million.
Loan growth continued to be lower than expected, the bank said, but deposits rose 9.6 percent year on year, helped by net inflows of government deposits.
The bank, which this month appointed Australia and New Zealand Banking Group’s Alex Thursby to take over as new chief executive in July, added that it has now fully repaid AED 5.6 billion of finance ministry subordinated notes after repaying AED 1.5 billion in the first quarter and a further AED 1.5 billion at the start of the second quarter.

Saudi Arabia has lion’s share of regional philanthropy

Updated 27 April 2018

Saudi Arabia has lion’s share of regional philanthropy

  • Kingdom is home to three quarters of region's foundations
  • Combined asets of global foundations is $1.5 trillion

Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.

The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.

That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.

While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report. 

Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.

A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.
In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.

Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.

As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.

Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.

Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.

Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”

This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.

The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.