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00:00 So, the Gulf banks and their profit expectations in 2023, with the support of the increase in interest rates, are positive for the banks' financial performance this year.
00:10 It seems that the increase in interest rates by 4 times is what greatly affected the support for this trend.
00:16 Let's look at the details of the Gulf banks' performance in 2023.
00:21 This is the Gulf Bank's election. The Bank of Kuwait, the UAE, the National Bank, the Saudi Bank, the Bank of Egypt, the Raja Abu Dhabi, the Kuwaiti National Bank, the QMB Bank, the Oman National Bank, and the Bank of Egypt.
00:35 The Gulf banks are in charge of the banks.
00:40 In total, the expected profit of the bank will reach $2.7 trillion by the end of September. The expected profit is expected to see positive changes of 16%. We expect that in 2023, the expected profit will be $29.2 billion, while in 2022, it will be $25.2 billion.
01:01 Let's look at some details of the expected profit of the Saudi banks. The expected profit of the Saudi banks is $5.2 billion, while the expected profit of the UAE is $4.2 billion.
01:19 The expected profit of the Saudi banks is $15.4 billion, while the expected profit of the UAE is $5.9 billion, while the expected profit of the QMB Bank is $3.2 billion, while the expected profit of the Qatar Bank is $4.2 billion.
01:45 These are the banks and their leaderships and their performance this year.
01:50 Let's look at the Kuwaiti stock market. The expected growth of the Kuwaiti stock market is expected to be 59% and will reach $1.9 billion. The Kuwaiti National Bank is expected to reach $1.8 billion and will reach 11%. The Masqat Bank is expected to reach $2.519 billion, while the Omani National Bank is expected to reach $27.0 billion.
02:17 Let's look at the most prominent indicators of Gulf banks in 2023. The increase in interest rates was one of the main reasons that led to this. We know that there was a 4-fold increase in the amount of money, and 3-fold increase in the amount of withdrawals in 2024.
02:29 This has greatly supported the banks and has increased their profits. The banks have also increased their profits according to these details. Fitch is also expected to continue to support the UAE banks, especially in terms of their performance in 2024, with 20% of the interest rates on the average of the contributors' rights in 2023.
02:46 Fitch is expected to rise to this level, and we are also facing the continuation of this marathon for the banks, according to these forecasts.
02:55 Some other news related to the agreement to implement the integration between the Kuwaiti National Bank and the United Nations Bank was one of the important news in the Gulf banks. In all, this is 2023. We are in 2024, and there are signs of easing in the monetary policy and even of a decrease in operations after mid-year. We will also see its effects on the banks in the Gulf.