{"id":608534,"date":"2023-10-22T00:00:00","date_gmt":"2023-10-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/"},"modified":"2023-10-22T00:00:00","modified_gmt":"2023-10-22T00:00:00","slug":"rising-interest-income-drives-fabs-record-earnings-in-3q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/","title":{"rendered":"Rising interest income drives FAB\u2019s record earnings in 3Q"},"content":{"rendered":"

UAE\u2019s FAB notches record earnings in 3Q: <\/strong>First Abu Dhabi Bank (FAB), the UAE's biggest bank by assets, saw its net profits climb 46% y-o-y to AED 4.3 bn in 3Q 2023, it said in a statement (pdf)<\/a>. The quarter\u2019s net income topped the c. AED 3.7 bn dirhams forecasted by analysts, Reuters<\/a> reports, citing LSEG data.<\/p>\n

OpenAI could offer up USD 86 bn worth of shares<\/strong>: Artificial intelligence startup OpenAI \u2014 the parent of AI-powered language model ChatGPT \u2014 is apparently considering selling shares of its existing employees worth an estimated USD 86 bn, Bloomberg wrote<\/a> on Thursday, citing unnamed sources it says are in the know. Following the sale, the company, which is 49%-owned by Microsoft, would stand alongside Elon Musk\u2019s SpaceX and ByteDance\u2019s TikTok as one of the most valuable privately held companies, Bloomberg notes.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

21,617<\/p>\n<\/td>\n

\n

-2.3% (YTD: +48.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,655<\/p>\n<\/td>\n

\n

-0.6% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

A<\/strong>D<\/strong>X<\/strong><\/p>\n<\/td>\n

\n

9,307<\/p>\n<\/td>\n

\n

-1.3% (YTD: -8.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,752<\/p>\n<\/td>\n

\n

-1.5% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,224<\/p>\n<\/td>\n

\n

-1.3% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,402<\/p>\n<\/td>\n

\n

-1.3% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Eu<\/strong>r<\/strong>o Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,025<\/p>\n<\/td>\n

\n

-1.6% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 92.16<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.90<\/p>\n<\/td>\n

\n

-2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,994.40 <\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 30,051<\/p>\n<\/td>\n

\n

+1.4% (YTD: +81.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 2.3% at today\u2019s close<\/strong> on turnover of EGP 3.52 bn (57.8% above the 90-day average). Foreign investors were net sellers. The index is up 48.1% YTD.<\/p>\n

In the green: <\/strong>AMOC (+2.4%), TMG Holding (+2.1%) and Palm Hills Development (+1.0%).<\/p>\n

In the red: <\/strong>Mopco (-10.1%), Sidpec (-5.4%) and Eastern Company (-4.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Profits for the quarter jumped to AED 4.3 bn from AED 2.9 bn the year before<\/p>\n","protected":false},"author":1,"featured_media":608535,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[409,72,882,8370,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-earnings-watch","tag-enterpriseam","tag-first-abu-dhabi-bank","tag-openai","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"eea50ea4-f7d2-4b10-8125-c3df8a1f00a4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1048.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Rising interest income drives FAB\u2019s record earnings in 3Q","related_issue":[608513],"teaser":"Profits for the quarter jumped to AED 4.3 bn from AED 2.9 bn the year before","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.7a67e040-0730-43f9-8f9d-80ee1b14f175.mp3"},"yoast_head":"\nRising interest income drives FAB\u2019s record earnings in 3Q - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rising interest income drives FAB\u2019s record earnings in 3Q\" \/>\n<meta property=\"og:description\" content=\"Profits for the quarter jumped to AED 4.3 bn from AED 2.9 bn the year before\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-22T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1048.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Rising interest income drives FAB\u2019s record earnings in 3Q\",\"datePublished\":\"2023-10-22T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/\"},\"wordCount\":252,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1048.jpg?fit=%2C&ssl=1\",\"keywords\":[\"earnings watch\",\"EnterpriseAM\",\"First Abu Dhabi Bank\",\"OpenAI\",\"Planet Finance\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/22\/rising-interest-income-drives-fabs-record-earnings-in-3q\/\",\"name\":\"Rising interest income drives FAB\u2019s record earnings in 3Q - 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The company, which is majority-owned by Abu Dhabi sovereign wealth fund ADQ, raised USD 1.1 bn from its IPO ahead of its debut on the Abu\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609040,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/","url_meta":{"origin":608534,"position":2},"title":"SODIC + Mashreq earnings jump in 9M 2023","author":"enterpriseam admin","date":"30 October 2023","format":false,"excerpt":"Real estate developer SODIC\u2019s net income rose 26% y-o-y to EGP 548 mn in 9M 2023, it said in a statement (pdf). The company\u2019s revenues for the nine-month period rose 7% y-o-y to EGP 5 bn, driven by deliveries of East Cairo projects, namely in SODIC East and Villette\u2019s Sky\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1424.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654256,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/","url_meta":{"origin":608534,"position":3},"title":"SODIC reports highest ever quarterly sales + Mashreq reports 9M earnings","author":"enterpriseam admin","date":"30 October 2024","format":false,"excerpt":"Earnings o'clock: It was a busy day for earnings with both our friends at real estate developer SODIC and UAE-based lender Mashreq Bank reporting their earnings for 3Q 2024 and the first nine months of the year. SODIC REPORTS HIGHEST EVER QUARTERLY SALES- SODIC\u2019s Ogami pushes the company\u2019s sales to\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2635.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614344,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/mashreq-delivers-record-net-income-in-2023\/","url_meta":{"origin":608534,"position":4},"title":"Mashreq delivers record net income in 2023","author":"enterpriseam admin","date":"31 January 2024","format":false,"excerpt":"The growth was mainly attributed to a 69% y-o-y rise in net interest income","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/979.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591180,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/aldar-net-income-up-52-y-o-y-in-2q-2023\/","url_meta":{"origin":608534,"position":5},"title":"Aldar net income up 52% y-o-y in 2Q 2023","author":"enterpriseam admin","date":"1 August 2023","format":false,"excerpt":"The company reported record quarterly sales for the second time in 2023","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/300.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=608534"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608534\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608513"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608535"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608534"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608534"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}