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Standard Chartered Bank UAE’s net income before tax rose 26.4% y-o-y to USD 421 mn in 2023, according to its financial statements (pdf). Operating income rose 27.9% y-o-y to USD 794 mn during the year. Total assets the bank manages in the country stood at USD 20.37 bn during the year.
In 4Q: The bank recorded a net income of USD 87 mn in the UAE in 4Q 2023, up 16% y-o-y. Operating income stood at USD 182 mn during the quarter, up 2.8% y-o-y.
OTHER EARNINGS-
Umm Al Qaiwain General Investments’s bottom line fell 45.5% y-o-y to AED 27 mn in 2023,according to the company’s financial results (pdf). The company attributes the decline to an AED 8.5 mn decrease in booked unrealized income last year, in addition to AED 11 mn sold in shares in 2022. The investment firm proposed paying out some AED 21.8 mn in dividends.
bu Dhabi-based investor Sawaeed Holding turned to the black in 2023 with a bottom line of AED 6.4 mn,up from a net loss of AED 15.6 mn in the previous year, according to the company’s preliminary results (pdf). The company’s revenues grew 13.9% y-o-y to reach AED 139.8 mn during the period.
