Latest news with #AlvarezAndMarsal
Arabian Business
a day ago
- Business
- Arabian Business
Saudi Arabia banking sector shows strong start to 2025 with improved profitability
Saudi Arabian banks recorded a strong start to 2025, with aggregate net income rising 6.3 per cent quarter-on-quarter to SAR 22.2 billion ($5.92 billion) in the first quarter, according to a report released on Monday by professional services firm Alvarez & Marsal. The Kingdom's Banking Pulse, which analyses the performance of Saudi Arabia's 10 largest listed banks, highlighted improved profitability metrics, with return on equity (ROE) increasing by 44 basis points to 15.3 per cent and return on assets (RoA) edging up to 2.1 per cent. Saudi banking sector shows strong performance Corporate lending momentum accelerated, with net loans and advances rising 5.4 per cent quarter-on-quarter, driven by a 7.5 per cemt surge in corporate loans, which now represent over 57 per cent of total gross loans. 'Saudi banks are entering a new strategic phase marked by stronger capital stewardship and a focus on unlocking liquidity through innovation – from potential mortgage securitisation to targeted portfolio rebalancing,' said Sam Gidoomal, Managing Director and Head of Middle East Financial Services at Alvarez & Marsal. The report revealed that deposit growth rebounded to 4.0 per cent after declining in the previous quarter, led by an 8.1 per cent rise in time deposits. This led to the loan-to-deposit ratio increasing to 106.1 per cent, the highest level in recent quarters. Operating efficiency improved significantly, with the cost-to-income ratio declining by 149 basis points to 29.8 per cent, as banks controlled expenses while growing operating income by 3.2 per cent. Non-interest income surged by 9.6 per cent quarter-on-quarter, primarily driven by growth in trade finance, foreign exchange, and investment gains, offsetting pressure on interest margins following recent policy rate cuts. According to Asad Ahmed, A&M Managing Director, while margin pressures 'persist amid interest rate normalisation, the decline in impairments and growth in fee-based income indicate that banks are diversifying their revenue streams and adapting effectively to the evolving environment.' Asset quality improved marginally with the NPL ratio declining to 1.03 per cent, though coverage ratios fell to 154.8 per cent as banks reduced impairment allowances by 15.8 per cent. According to the report, the Kingdom's economy is expected to grow by 3.6 per cent year-on-year in 2025, with non-oil activities contributing significantly more at 4.3 per cent compared to 3 per cent from oil activities, reflecting ongoing progress in the Kingdom's economic diversification under Vision 2030. The banking sector analysis included Saudi National Bank, Al Rajhi Bank, Riyad Bank, Saudi British Bank, Banque Saudi Fransi, Arab National Bank, Alinma Bank, Bank Albilad, Saudi Investment Bank, and Bank Aljazira, which collectively represent the largest financial institutions in the Saudi market.
Entrepreneur
4 days ago
- Business
- Entrepreneur
Indian Startups Redefine Growth Playbook: Meta Report
Nearly 9 in 10 startups now collaborate with creators, often within their first two years, to build brand affinity and reach. These partnerships are helping young brands establish trust quickly in a crowded digital environment. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India's startup ecosystem is entering a new phase of maturity, with emerging businesses rapidly reshaping their growth strategies through AI adoption, deeper market penetration beyond metros, and global expansion, according to a new report released on World MSME Day by Meta in collaboration with Alvarez & Marsal India. The report draws insights from 100 high-growth startups across sectors and maps six core levers driving their current trajectory: artificial intelligence, cross-border scale-up, omnichannel retail strategies, deeper presence in Tier II and III markets, category diversification, and creator-led brand building. It underscores the accelerated digital transformation that has taken hold across India's startup landscape, no longer an aspiration, but a strategic necessity. More than 70 per cent of startups surveyed have already integrated AI into their operations, with 87 per cent of adopters reporting a significant (~30 per cent) improvement in marketing cost efficiency. AI applications are particularly advanced in sectors like healthcare, edtech, and beauty, powering personalized customer experiences and predictive analytics. "AI, tiered expansion, and omnichannel models are no longer future bets—they're foundational to execution today," said Himanshu Bajaj, managing director & head – Alvarez & Marsal India and GCC. He noted that early-stage ventures are deploying these tools with surprising agility. The omnichannel approach is proving equally critical, with 67 per cent of startups embracing models that fuse online discovery via digital ads, WhatsApp, or Reels with offline retail, especially in lifestyle categories. This blended consumer journey has become standard, not optional. Expanding into Tier II and III cities is also becoming essential for scale. Most startups surveyed are already making inroads into these regions, with service-based companies often reaching them earlier than product-based counterparts. Local language content and regional influencers have become instrumental tools in these markets. A growing number of startups, 52 per cent, are also venturing abroad. With strong global interest in Indian-origin products, markets such as the US, UAE, and UK are emerging as top destinations. Aakriti Rawal, co-founder of House of Chikankari, credited Meta's AI-led campaigns with helping the brand achieve a 30 per cent higher ROI while expanding globally. Category diversification is gaining momentum, with 84 per cent of startups moving beyond core offerings to strengthen consumer engagement. Noise CEO, Gaurav Khatri, emphasized that for smart wearables, performance and innovation are now the primary levers. "90 per cent of our campaigns leverage A+ to scale efficiently," he said. The rise of the creator economy is another standout trend. Nearly 9 in 10 startups now collaborate with creators, often within their first two years, to build brand affinity and reach. These partnerships are helping young brands establish trust quickly in a crowded digital environment.
Associated Press
23-06-2025
- Business
- Associated Press
World Insurance Associates Further Expands Presence in Louisiana
ISELIN, N.J., June 23, 2025 /PRNewswire/ -- World Insurance Associates LLC ('World'), a Top 50 Insurance Brokerage, announced today that it acquired the business of five entities with locations across Louisiana on March 1, 2025. The agencies are Insurance Unlimited of Louisiana, LLC ('IU'), Erwin Insurance Agency, Inc. ('Erwin'), Burke & Burke Insurance Marketing Inc. ('Burke & Burke'), Courtney Insurance Services, Inc. ('Courtney'), and US Principal Insurance ('USPI') Terms of the transaction were not disclosed. The entities provide comprehensive property and casualty and employee benefit insurance products to businesses across numerous industries, as well as to individuals. 'I would like to warmly welcome all the agencies to the World family,' says Rich Eknoian, CEO and Founder of World. 'With this transaction, World further increases its presence in the Louisiana market. In addition, these agencies bring experienced and tenured employees to our team. I look forward to their continued success.' Giordano, Halleran & Ciesla provided legal counsel and Alvarez & Marsal advised World on the transaction. Greenberg Traurig, LLP provided legal counsel, and MidCap Advisors advised the entities on the transaction. No other advisors, diligence firms, or legal counsel were disclosed. About World Insurance Associates LLC World Insurance Associates (World) is a nationally ranked financial services organization headquartered in Iselin, N.J., that serves its clients from more than 300 offices across the U.S. and U.K. World's comprehensive network of brokers and specialists empower people to make informed decisions to improve their risk management outcomes, modernize their benefits programs, and help achieve their long-term financial goals. Using data-driven analytics, World's advisors innovate new products and solutions tailored to clients' needs across commercial and personal insurance and bonds, employee and executive benefits, wealth management and retirement plan services, private client services, and payroll & HR solutions. For more information, please visit View original content to download multimedia: SOURCE WORLD INSURANCE ASSOCIATES LLC
CBC
23-05-2025
- Business
- CBC
Alberta's largest cattle industry lender to restart loan program after province lifts order
The Alberta government says loans will resume at Picture Butte Feeder Cooperative, the province's largest cattle financing co-op, now that it's compliant with the rules on feeder associations. The PBFC is part of the province's Feeders Association Loan Guarantee (FALG) Program , which helps livestock producers get easier access to loans. Earlier this year, then-minister of Agriculture and Irrigation, RJ Sigurdson, signed an order that stated the province would prohibit the co-op from issuing further advances to its members under the program. An inspection had alleged a number of regulatory and financial mismanagement issues. The entire board subsequently resigned, and a restructuring officer, Alvarez & Marsal, was appointed to oversee PBFC's operations and work toward lifting the loan suspension. The order was rescinded on May 1, according to the province. "The co-operative, working under Alvarez and Marsal Canada's sound management, has brought its operations into compliance with the rules governing feeder associations. It is now compliant with the rules on feeder associations and is being operated soundly," reads a statement from the Office of the Minister of Agriculture and Irrigation. "On Monday, May 26, producers can confidently apply for and receive loans from the PBFC as it resumes full operations. "The government will continue to provide oversight of and advice to the PBFC — and other feeder co-operatives — to ensure the Feeder Associations Loan Guarantee Program continues with its success." An 'exceptionally trying time' The Feeder Association of Alberta, the provincial umbrella organization, said the past few months have been "an exceptionally trying time for the many members of PBFC that have had their operations put on hold through no fault of their own." "We recognize the pace of business has no sympathy for interruptions and acknowledge the very tough financial position members were placed in," the organization wrote in a release issued Thursday. George L'Heureux, a spokesperson for the Feeder Association of Alberta, said it will be "business as usual" starting Monday morning, with normal lending scheduled that day. "For the producers, boots on the ground, it's been very challenging … waiting and not knowing is huge, and not being able to do business as usual was quite a hardship on quite a few," he said. The co-op will still be run by the receiver for the time being. According to Alvarez & Marsal, a new local supervisor, Cody McBride, has been appointed. Efforts are underway to run a fair and transparent election to appoint a new board of directors, the receiver added. The co-operative is based in "Feedlot Alley," located in southern Alberta.
Telegraph
20-05-2025
- Business
- Telegraph
EY ‘never even opened the books' in £2bn hospital ‘fraud'
EY has been accused of 'extremely serious' failings in its audit of failed hospital operator NMC Health. The 'big four' accountancy giant is battling claims that it failed to spot an alleged multibillion-pound fraud at the former FTSE 100 company, which was plunged into bankruptcy in 2020. Administrators at Alvarez & Marsal have since launched a £2bn lawsuit against EY in the High Court over claims that its shortcomings resulted in NMC's failure. In court documents released on Monday, EY is accused of allowing three of the company's biggest shareholders to steal billions of pounds. Lawyers have claimed that EY's accountants 'never even opened the books' during their time auditing NMC Health between 2012 and 2018. They argued: 'EY never gained access to the group's transaction-level records in a way that allowed them to be meaningfully audited, and did not identify the fact that a massive fraud was being committed by posting manipulated entries.' NMC Health was founded by Indian entrepreneur BR Shetty in 1974, who floated the business on the London Stock Exchange in 2012. At its peak, NMC Health owned 45 hospitals and 15 pharmacies throughout the UAE and Europe, including in the UK, Sweden and Latvia. However, the business collapsed after its three main backers, Dr Shetty, Khalifa bin Butti and Saeed bin Butti, allegedly extracted billions in cash. All three have denied wrongdoing. Dr Shetty has claimed he was a victim of a wider fraud. The High Court subsequently froze Dr Shetty's assets in 2022, including a luxury London penthouse. According to the court documents, management of NMC Health at the time put forward 'implausible and contradictory reasons' to prevent EY's auditors from accessing the company's accounts. EY's auditors instead relied on limited information about NMC Health's finances, obtained by 'looking at a single screen, over the shoulder of an NMC employee'. 'If EY … had obtained proper access to [NMC Health's] general ledgers, the fraud would have quickly become apparent,' the administrators have argued. 'The ledgers were littered with thousands of entries that had been manipulated and were on their face indicative of fraud, including the hidden borrowing.' US short seller Muddy Waters subsequently raised allegations of fraud in a report published in December 2019. Shares in NMC Health subsequently fell 32pc. The administrators have also accused EY's auditors of 'pulling the wool over the eyes' of the firm's own investigators by working to cover up their failures. EY has denied the claims and instead argued it was the 'principal target and victim' of the alleged fraud, and claims that the case is 'without merit'. 'Everyone to whom EY might realistically have turned for information about the finances of NMC was actually engaged in practising the wholesale deception of EY,' the firm has argued. EY has also accused the administrators of having 'shied away' from pursuing those who committed the alleged fraud, including the bin Butti brothers. Khalifa bin Butti said in 2020 that 'any suggestion that I have been involved in wrongdoing is categorically rejected', according to The Times.
