Latest news with #Bank
United News of India
8 hours ago
- Business
- United News of India
Canara Bank pays Rs 2,283.41 Cr dividend to Central Govt
Hyderabad/New Delhi, June 27 (UNI) Canara Bank, a Bengaluru-based public sector lender Bank, has paid a dividend of Rs 2,283.41 Crore for the financial year 2024-25 to the Government of India. The Managing Director and CEO K Satyanarayana Raju handed over the dividend cheque to Union Finance Minister Nirmala Sitharaman, the bank said in a release on Friday. For the financial year 2024-25, the Bank declared a dividend of Rs 4 per share (i.e., 200% of face value of Rs 2 per share) reflecting its robust financial performance The bank reported a record net profit of Rs 17,027 crore for the year 2024-25, compared to Rs 14,554 crore in the previous year. This marks a 16.99 per cent increase in annual profit. The dividend payout projects Canara Bank's strong financial performance and its continued commitment to long term value for all stakeholders, including the Government of India, which is the majority shareholder. Bank Executive Directors --Hardeep Singh Ahluwalia, Bhavendra Kumar, and S.K. Majumdar were also present on the occasion. UNI KNR BM
See - Sada Elbalad
12 hours ago
- Business
- See - Sada Elbalad
Afreximbank's Assets Surge to $43.5 Billion
Taarek Refaat As his transformative tenure comes to a close, Professor Benedict Oramah, President of the African Export-Import Bank (Afreximbank), announced a monumental rise in the institution's assets, revenues, and impact over the past decade, as he officially steps down during the opening session of the Bank's 32nd Annual Meetings hosted in Nigeria. Speaking before stakeholders and dignitaries, Oramah revealed that Afreximbank's total assets and guarantees soared from $5 billion in 2015 to $43.5 billion in April 2025—a more than eightfold increase. Over the same period, total revenues jumped from $408 million to $3.24 billion, while net income surged by 700%, reaching $1 billion in 2024. Oramah, who has helmed the bank since 2015, reflected on a decade marked by crises and resilience. 'We were tested by shocks—from commodity price crashes and a global pandemic to geopolitical upheaval—but with strong shareholder support, we delivered," he said. Though stepping down, Oramah set an ambitious tone for Afreximbank's next chapter, forecasting that the bank's total assets and guarantees could exceed $250 billion within the next ten years. 'Today, Afreximbank is not just a bank—it is a continental shield in times of crisis and a catalyst for Africa's transformation,' he stated. Afreximbank's track record under Oramah's leadership has been marked by bold and responsive financial interventions across the continent and beyond. Between 2020 and May 2025, the bank invested $120 billion across Africa and the Caribbean, addressing urgent development and recovery needs. Over the past decade, it deployed a total of $155 billion in trade finance and economic support, solidifying its role as a financial backbone for African economies. During the 2015–2016 commodity price shock, Afreximbank disbursed $10 billion to support countries such as Nigeria, Egypt, and Ghana in meeting their trade-related debt obligations and stabilizing their foreign exchange markets. Amid the COVID-19 pandemic, the bank allocated $8 billion in assistance—including $2 billion specifically for the procurement of 400 million doses of Johnson & Johnson vaccines. In response to the geopolitical and economic disruptions caused by the Russia–Ukraine conflict, Afreximbank disbursed $50 billion between 2022 and 2023, further reinforcing its role as a crisis-response institution for the continent. Innovation in Payments and Trade Finance Since the launch of Afreximbank's proprietary "AfPAY" cross-border payment system in 2020, the bank has facilitated $68 billion in commercial payments across 61 African and Caribbean nations. Additionally, it supported $33 billion in trade finance through letters of credit and confirmation services in over 30 countries. These financial instruments have helped reduce Africa's dependency on foreign currency and streamlined intra-African trade in line with the African Continental Free Trade Area (AfCFTA) agenda. Shareholder equity has grown dramatically—from $1 billion in 2015 to $7.5 billion in 2025, while liquidity expanded tenfold from $450 million to $4.5 billion over the same period. As Professor Oramah exits his post, he leaves behind not just a stronger institution, but a symbol of African financial sovereignty and resilience. "It has been the honor of a lifetime to lead Afreximbank during these defining years," he said, thanking Nigeria for hosting what would be his final address to shareholders as president. His legacy, by all metrics, is one of exponential growth, bold leadership, and deep commitment to Africa's future. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Mid East Info
14 hours ago
- Business
- Mid East Info
UAE Participates in the 10th Annual Meeting of the Board of Governors of AIIB - Middle East Business News and Information
Dr. Sultan Al Jaber participates in high-level roundtable on the sidelines of AIIB's Board of Governors Meeting, and reaffirms the UAE leadership's commitment to global partnerships and sustainable development goals Beijing June 2025 – H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and the UAE Governor to the Asian Infrastructure Investment Bank (AIIB), participated in a high-level roundtable held on the sidelines of the Bank's 10th Annual Meeting of the Board of Governors, hosted in Beijing from June 24 to 26, 2025, under the theme 'Connecting for Development, Collaborating for Prosperity.' During the meeting, the Board reviewed key achievements over the past year and explored future initiatives and projects. Participants emphasized the importance of coordinated international efforts to address global economic challenges—particularly those related to climate change—by expanding strategic partnerships, mobilizing concessional finance, and investing in sustainable infrastructure. Dr. Sultan Al Jaber commended AIIB's pioneering achievements and its critical role in financing transformative infrastructure projects across member countries. He noted that the UAE's support for this strategic partnership aligns with the directives of its wise leadership, which prioritizes multilateral cooperation, economic development, and bridge-building among nations. During his meeting with Ms. Zou Jiayi, the new President of AIIB, Dr. Sultan Al Jaber reaffirmed the UAE's continued support for AIIB's efforts to expand its global impact, noting the Bank's success since its establishment in improving living standards in many countries through developmental support and showcasing the importance of multilateral institutions in both development and financing. H.E. Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development and Alternate Governor for the UAE at AIIB, underscored the importance of the strategic partnership between the Fund and the Bank. He emphasized their shared development objectives, which effectively contribute to sustainable economic and social growth in developing nations. He added that AIIB's operational office in Abu Dhabi Global Market has proven to be a successful model for strengthening the Bank's capacity and expanding its operations. Within its first year, the office has helped align investments with the Bank's strategic priorities and enhanced engagement with clients, partners, and stakeholders across the region. It is worth noting that the UAE joined AIIB as a founding member in April 2015 and hosts the Bank's first operational office outside of China, reflecting the UAE's active and leading role in supporting and strengthening multilateral international institutions. Promising Growth and Impact: Over the past decade, AIIB has approved financing exceeding USD 60 billion to support 318 projects. According to its 2024 Annual Report, the Bank recorded exceptional operational growth, approving 51 new projects in 19 member countries, amounting to USD 8.4 billion in financing. AIIB also made significant progress in climate financing, allocating 67% of its total USD 5.6 billion in funding to sustainable projects—exceeding its 2025 target of 50%. Among these initiatives were renewable energy projects with a combined capacity of more than 21 gigawatts, contributing to the annual avoidance of approximately 28 million tons of CO₂ emissions. This decade of success reflects the UAE's forward-looking vision and its dedication to supporting multilateral institutions focused on sustainable development. It also reaffirms the country's strong commitment to international cooperation in addressing global challenges.
Sharjah 24
18 hours ago
- Business
- Sharjah 24
UAE participates in 10th Meeting of Board of Governors of AIIB
During the meeting, the Board reviewed key achievements over the past year and explored future initiatives and projects. Participants emphasised the importance of coordinated international efforts to address global economic challenges—particularly those related to climate change—by expanding strategic partnerships, mobilising concessional finance, and investing in sustainable infrastructure. Dr. Al Jaber commended AIIB's pioneering achievements and its critical role in financing transformative infrastructure projects across member countries. He noted that the UAE's support for this strategic partnership aligns with the directives of its wise leadership, which prioritises multilateral cooperation, economic development, and bridge-building among nations. During his meeting with Zou Jiayi, the new President of AIIB, Dr. Al Jaber reaffirmed the UAE's continued support for AIIB's efforts to expand its global impact, noting the Bank's success since its establishment in improving living standards in many countries through developmental support and showcasing the importance of multilateral institutions in both development and financing. Mohamed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development and Alternate Governor for the UAE at AIIB, underscored the importance of the strategic partnership between the Fund and the Bank. He emphasised their shared development objectives, which effectively contribute to sustainable economic and social growth in developing nations. He added that AIIB's operational office in Abu Dhabi Global Market has proven to be a successful model for strengthening the Bank's capacity and expanding its operations. Within its first year, the office has helped align investments with the Bank's strategic priorities and enhanced engagement with clients, partners, and stakeholders across the region. It is worth noting that the UAE joined AIIB as a founding member in April 2015 and hosts the Bank's first operational office outside of China, reflecting the UAE's active and leading role in supporting and strengthening multilateral international institutions. Over the past decade, AIIB has approved financing exceeding US$60 billion to support 318 projects. According to its 2024 Annual Report, the Bank recorded exceptional operational growth, approving 51 new projects in 19 member countries, amounting to US$8.4 billion in financing. AIIB also made significant progress in climate financing, allocating 67 percent of its total $5.6 billion in funding to sustainable projects—exceeding its 2025 target of 50 percent. Among these initiatives were renewable energy projects with a combined capacity of more than 21 gigawatts, contributing to the annual avoidance of approximately 28 million tonnes of CO₂ emissions. This decade of success reflects the UAE's forward-looking vision and its dedication to supporting multilateral institutions focused on sustainable development. It also reaffirms the country's strong commitment to international cooperation in addressing global challenges.
Economic Times
a day ago
- Business
- Economic Times
Stocks to buy today: ICICI Bank, RIL among top 10 trading ideas for 27 June 2025
Indian market is likely to trade higher on Friday tracking positive global cues. ADVERTISEMENT The Nifty future closed positively with gains of 1.20% at 25554 levels on Thursday. India VIX fell nearly 3% to close at 12.59 in the previous session. On the options front, the maximum Call OI is placed at 25500 and then towards 26000 strikes while the maximum Put OI is placed at 25500 and then towards 25200 strikes. Call writing is seen at 25500 and then towards 26000 strikes while Put writing is seen at 25500 and then towards 25200 strikes. 'Options data suggests a broader trading range in between 24000 to 26000 zones while an immediate range between 25300 to 25700 levels,' Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said. 'Nifty formed a bullish candle on the daily frame on Thursday with a breakout from the consolidation and has been forming higher lows from the last five sessions,' he said. ADVERTISEMENT 'Now the index has to hold above 25500, for an up move towards 25750 and 25850 zones while supports have shifted higher to 25350 then 24250 zones,' recommended Taparia. We have collated stocks from various experts for traders who have a short-term trading horizon: Expert: Amol Athawale, VP - Technical Research at Kotak Securities ADVERTISEMENT RIL: Buy| Target Rs 1540| Stop Loss Rs 1470National Aluminum: Buy| Target Rs 200| Stop Loss Rs 190 ADVERTISEMENT Bajaj Auto: Buy| Target Rs 8680| Stop Loss Rs 8300Axis Bank: Buy| Target Rs 1270| Stop Loss Rs 1210 ADVERTISEMENT Expert: Sharan Lillaney, Independent SEBI Research AnalystShriram Finance: Buy| Target Rs 733| Stop Loss Rs 673National Aluminum: Buy| Target Rs 203| Stop Loss Rs 185Union Bank of India: Buy| Target Rs 158| Stop Loss Rs 138 Expert: Kunal Bothra, Market Expert told ETNow Tata Steel: Buy| Target Rs 168| Stop Loss Rs 156ICICI Bank: Buy| Target Rs 1490| Stop Loss Rs 1420SAIL: Buy| Target Rs 139| Stop Loss Rs 129 (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
