Connect with us

Announcements

ADCB reports 23% growth YoY

Published

on

Spread the love

Abu Dhabi Commercial Bank PJSC (ADCB) today published its financial results for the second quarter of 2023 (Q2’23), reporting a net profit of AED 1.932 bn, an increase of 23 percent year-on-year (YoY). This strong performance is driven by broad-based income growth and improved efficiency metrics.

ADCB logged a net interest income of AED 2.930 bn, an increase of 14 percent YoY, and a non-interest income of AED 1.129 bn, a 22 percent YoY increase.
Meanwhile, the bank’s operating income stood at AED 4.059 bn, climbing 16 percent YoY, with its cost to income ratio improving 260 basis points YoY to 32.5 percent.

Looking at ADCB’s performance in H1’23 as compared to H1’22, net profit reached AED 3.811 bn, a 25 percent increase, net interest income stood AED 5.782 bn, a 23 percent increase, while non-interest income settled at AED 2.190 bn, rising by 28 percent. The operating income reached AED 7.971 bn, increasing by 24 percent, while the bank’s cost to income ratio improved 450 basis points YoY to 32.0 percent.

Commenting on the bank’s quarterly financial results, Ala’a Eraiqat, ADCB’s Group Chief Executive Officer, said, “ADCB is experiencing solid growth momentum and continues to set new records, with first half net profit up 25 percent year on year at AED 3.811 billion, which translates into a return on average tangible equity of 14.8 percent.

“The Bank’s strong market position and digital innovation are driving growth against a backdrop of the UAE’s robust economic fundamentals. In the first half, ADCB extended AED 38 billion in new credit across diverse economic sectors and to the retail segment, resulting in net loan growth of 5 percent during the period. In tandem, deposits have also increased by AED 7 billion, reflecting the trust that customers place in our franchise.”

“The Bank’s focus on service excellence is translating into strong growth in our customer base. In the first half, ADCB attracted a record of over 260,000 new retail customers through its UAE operations, and over 3,500 new corporate clients,” he added.

For his part, Deepak Khullar, Group Chief Financial Officer at ADCB, commented, “ADCB is delivering high quality earnings growth, reporting a 23 percent year on year rise in Q2 net profit, characterised by a broad-based increase in revenues and disciplined cost management in the face of an inflationary environment.

“Healthy loan growth, coupled with rising benchmark rates, have driven a 14 percent year on year increase in Q2 net interest income. It is also pleasing to see continued diversification in revenue streams. Quarterly fee and trading income were up 43 percent and 48 percent year on year, respectively. This contributed to a 22 percent rise in non-interest income, which represented 27.8 percent of total operating income in Q2, up from 26.4 percent a year earlier.”

  • WAM

Announcements

Robin Uthappa to lead Yas Lions as Team Director for Abu Dhabi T10 debut

Published

on

Spread the love

 Former India international and World Cup winner Robin Uthappa has been appointed Team Director of Yas Lions, the newest franchise to join the Abu Dhabi T10, as the Jeetu Kataria-owned team prepares for its debut in the tournament.

Uthappa will oversee the franchise’s cricketing strategy, player development, recruitment and squad culture, working alongside the coaching staff as Yas Lions build their identity ahead of the new Abu Dhabi T10 season.

The franchise has also confirmed West Indies all-rounder Jason Holder as its Icon player, while Andries Gous and David Willey have been unveiled as its Platinum signings.

Yas Lions will make their Abu Dhabi T10 debut at Zayed Cricket Stadium from November 7 to 20, joining an expanding 2026 line-up that includes Arabian Aces, Emirates Eagles, UAE Bulls, United Tigers and Royal Desert Champions.

Uthappa, who was part of India’s 2007 ICC Men’s T20 World Cup-winning squad, brings extensive experience from international and franchise cricket to his new leadership role. Since ending his playing career in 2022, he has developed a second career spanning entrepreneurship, broadcasting and high-performance coaching.

As Team Director, Uthappa will work closely with the franchise’s management and coaching team on player recruitment, mentoring and building the culture of the new side.

The former India international has long advocated for cricket to reach new audiences and sees the fast-paced T10 format as an opportunity to introduce the sport to a wider global fan base.

Robin Uthappa, Team Director of Yas Lions, said:“There is a lot to like about starting a franchise from scratch, because you get to build its identity around clarity, process and performance from the very first conversation. T10 cricket rewards players who can function under pressure rather than avoid it, and that is exactly the mindset we want running through this squad.

“Our Direct Signings include match winners with plenty of experience, class and versatility. I have long believed T10 can be a gateway for new fans into the sport. I am looking forward to working with this group and building something we can be proud of — a team that competes hard and helps grow the game.”

Jason Holder leads Yas Lions’ playing core

Former West Indies captain and T20 World Cup winner Jason Holder has been signed as the Yas Lions’ Icon player.

An experienced international all-rounder, Holder brings a combination of power hitting and seam bowling to the side. Renowned for his lower-middle-order batting and ability to generate bounce with his bowling, he will be one of the key figures in Yas Lions’ first Abu Dhabi T10 campaign.

The franchise has also secured two Platinum signings in Andries Gous and David Willey.

Gous, a wicketkeeper-batsman, has scored centuries across all three formats and boasts an average of almost 40. The aggressive right-hander is known for his boundary-hitting approach and adds further firepower to the Yas Lions batting line-up, alongside his skills behind the stumps.

Willey, the former England international, brings experience from the highest level of white-ball cricket. The left-arm bowler and batsman was part of England’s squad that won the 2022 T20 World Cup, adding further international pedigree to the new franchise.

Building a franchise for the long term

Yas Lions is owned by entrepreneur and investor Jeetu Kataria, who brings almost two decades of experience across institutional capital markets, investment banking, asset management and financial technology.

Kataria’s vision is to build more than a cricket team, with the franchise aiming to establish a strong identity based on governance, player development, performance and long-term partnerships.

Jeetu Kataria, Owner of Yas Lions, said:
“Building Yas Lions is about applying the core principles I stand by — meticulous planning and a long-term vision. The Abu Dhabi T10 gives us an outstanding platform to build a franchise with a real identity, one grounded in process, governance and respect for players and partners.

“Having Robin lead our cricketing operation gives us a rare combination of championship experience and modern high-performance thinking. Together with Jason, Andries and David, we have the foundations of a squad built to compete from the first season itself.

“Our ambition is clear: build a contender, build a brand, and help take cricket to new audiences around the world.”

Matt Boucher, CEO of the Abu Dhabi T10 and Abu Dhabi Cricket and Sports Hub (ADCSH), said the arrival of Yas Lions adds further momentum to the tournament’s international ambitions.

Matt Boucher said:
“Welcoming Yas Lions is another important step in our ambition to build the Abu Dhabi T10 into a truly global sporting property. With strong international investment, experienced leadership and world-class playing talent, franchises such as Yas Lions are integral to our strategy of expanding the tournament’s international reach, attracting new audiences and creating long-term value for the sport.

“Our vision extends well beyond the tournament itself. We want to establish Abu Dhabi as a leading international destination for cricket and major sporting events, bringing together global talent, commercial partnerships and passionate fans. Yas Lions share that ambition, and their arrival adds further momentum to an exciting new era for Abu Dhabi T10.”

Further squad announcements are expected ahead of the Official Player Draft in Abu Dhabi on September 30, as Yas Lions continue to build their squad for their inaugural Abu Dhabi T10 campaign.

Over the next three to five years, the franchise aims to establish itself as a consistent contender while developing into a recognisable global T10 brand, with a focus on talent development, fan engagement, sustainable partnerships and connecting with cricket communities across the UAE and wider diaspora.

Continue Reading

Announcements

Etihad Rail opens Dubai station ahead of UAE passenger services launch

Published

on

Spread the love

Dubai’s new Etihad Rail station has officially opened, marking a major step towards the launch of passenger train services connecting the emirate with Abu Dhabi and Fujairah.

Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the Board of Directors of Etihad Rail, inaugurated the station in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan.

The opening comes ahead of the start of passenger services on September 30, when trains will begin connecting Abu Dhabi, Dubai and Fujairah as part of the UAE’s national railway network.

Before the official inauguration, Sheikh Mohamed travelled by Etihad Rail from Abu Dhabi to Dubai. During the journey, he was briefed on the train’s operating systems, national objectives and passenger services. After arriving in Dubai, the UAE President met members of the national team working on the project and posed for commemorative photographs with them.

During a tour of the Dubai station, Sheikh Hamdan and Sheikh Theyab were briefed on its facilities and operations, including ticket booking, passenger procedures, boarding and the overall journey experience.

Sheikh Hamdan also shared a photograph of his Etihad Rail ticket. Dated September 28, the ticket showed a 2.11pm departure from Dubai and arrival in Abu Dhabi at 3.13pm — a journey time of one hour and two minutes. The ticket was for the Comfort Saver category, priced at Dh39.

Sheikh Hamdan said the Dubai station would serve as a new national gateway, strengthening connections between the emirate, the capital and other cities across the UAE.

“Connecting Dubai to the national Etihad Rail network enhances its presence at the heart of the country’s movement, supports its pivotal role in the national economy, and consolidates its position as a global centre for business, tourism and investment,” he said.

Sheikh Theyab said the strong demand for passenger services between Abu Dhabi and Fujairah since their launch reflected public confidence in rail travel as a new mode of transportation.

Tickets from Dh39

From September 30, passengers will be able to travel between Abu Dhabi, Dubai and Fujairah on Etihad Rail passenger services.

Tickets are available through the Etihad Rail app, website and ticket machines at stations. Fares start at Dh39 for Comfort Class and Dh109 for Premium Class.

The Dubai station is also linked to Jumeirah Golf Estates Metro Station through a dedicated pedestrian bridge, allowing passengers to transfer directly between Etihad Rail and the Dubai Metro.

Integration with Dubai’s Nol passenger system will further connect rail and public transport services. Passengers can use a unified QR code for journeys involving Etihad Rail, the Metro, tram and bus services.

The passenger service is operated by Etihad Rail Passenger Services, a joint venture between Etihad Rail and Keolis, a global passenger transport operator.

The launch marks the next phase of the UAE’s national railway network, bringing intercity passenger rail travel to Dubai and creating a new public transport link between some of the country’s major cities.

Continue Reading

Announcements

Arthur, Powell set to power Emirates Eagles’ Abu Dhabi T10 debut

Published

on

Spread the love

Emirates Eagles have become the latest team to confirm it will vie for honours in the new era of the Abu Dhabi T10, unveiling a formidable cricket line-up featuring West Indies star Rovman Powell as captain, highly decorated international coach Mickey Arthur, and direct signings Trent Boult and Shimron Hetmyer.

Owned by Maverick Sports and Entertainment, the Eagles will debut when the Abu Dhabi T10 returns to Zayed Cricket Stadium from November 7-20.

The franchise has signalled its ambition by assembling an experienced leadership group and a powerful core of international talent capable of making an immediate impact in cricket’s fastest format.

Powell, one of the most destructive power-hitters in the global franchise game, will lead the side, while former South Africa, Australia, Pakistan, and Sri Lanka Head Coach Mickey Arthur will oversee its cricketing strategy. New Zealand left-arm fast bowler Trent Boult brings proven wicket-taking quality with both the new ball and at the death, while explosive West Indies batter Shimron Hetmyer adds further firepower.

Matt Boucher, CEO of both the tournament and its owners Abu Dhabi Cricket and Sports Hub (ADCSH) said: “Emirates Eagles arrive with an exciting vision for what they want to build, both on and off the field. The combination of Rovman Powell, Mickey Arthur, Trent Boult and Shimron Hetmyer gives them an outstanding cricketing foundation, while the ownership group brings the long-term commitment we want to see from our franchises.

“As we shape this new era of the Abu Dhabi T10, we want teams with strong identities, world-class talent, and the appetite to grow alongside the tournament. Emirates Eagles bring all three, and I am looking forward to seeing what they can deliver in November.”

Maverick Sports and Entertainment brings together Annam Satish Prabhakar, Classic Investments, Kondaveeti Durga Pavan Kumar, Bonam Suryaprakash, Annam Kusumkiran and Allada Ashok Vardhan.

The consortium views its entry into the Abu Dhabi T10 as a major step in expanding its presence in franchise cricket, with the long-term goal of developing Emirates Eagles into a competitive and commercially sustainable global sporting brand.

Annam Satish Prabhakar, Managing Director of Emirates Eagles, said: “We are entering the Abu Dhabi T10 with a long-term plan for Emirates Eagles. Our ambition is to create a franchise that combines success on the field with a strong, distinctive brand that can connect with cricket fans in the UAE and internationally.

“We have put together an exceptional leadership group and secured players who understand what it takes to perform at the highest level of franchise cricket. With Mickey guiding the team and Rovman leading on the field, supported by players of the calibre of Trent and Shimron, we believe we have the foundations to make a strong impression from our very first season.”

Powell’s experience across international and franchise cricket will be central to that challenge, with the West Indies star renowned for his ability to change the course of a game through aggressive middle-order hitting.

Powell said: “There is something special about joining a new franchise at the beginning of its journey because you can help create its identity from day one. T10 cricket demands confidence, clarity, and the willingness to take the game on, and I think the squad we are building has those qualities.

“We want Emirates Eagles to play fearless, entertaining cricket and, most importantly, compete to win. With Mickey’s experience and the quality already coming into the team, there is plenty for us to be excited about.”

Supporting the franchise’s leadership will be Chief Operating Officer Sandeep Yara, an Indian first-class cricketer whose professional playing background is complemented by experience in franchise operations, digital marketing, and brand building.

Nabeel Hashmi joins as Team Director following three years as Team Manager of Deccan Gladiators, bringing further Abu Dhabi T10 and franchise cricket experience to the Eagles’ management structure.

The arrival of Emirates Eagles adds another distinctive franchise to the evolving Abu Dhabi T10 line-up as the tournament prepares for its 2026 edition in the UAE capital.

Continue Reading

Popular

© Copyright 2025 HEADLINE. All rights reserved

https://headline.ae/