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00:00 "Today, we announced a record profit in Wabian Bank, which is 80,400,000 dinars, and a 39% growth rate.
00:11 This is because we took specialties worth 31 million dinars.
00:16 These are the net profits after the specialties.
00:19 Our operating profit exceeds 100 million dinars, or 107 million dinars in Ahra.
00:24 This is 9% growth rate. Thank God, the operating profit of the bank is growing.
00:31 The bank's assets today are 8,400,000,000 dinars,
00:36 and the amount of the fund's capital is 6.5 billion dinars,
00:41 and the client's deposits are 6.7 billion dinars.
00:45 Thank God, today the bank is in a large amount of banks in Kuwait,
00:51 and our profit will be distributed and will continue to increase.
00:58 What are the factors that supported the growth of the fund in Wabian Bank?
01:04 Thank God, our client base is good.
01:06 The distribution of bank activities in the individual and company distribution sectors is balanced.
01:12 There was a pressure in 2023 on the individual sector in terms of growth.
01:18 At least in Wabian Bank, the growth rate was not as high as it was.
01:24 Thank God, the company sector in 2023 also grew well.
01:29 The diversification of the bank's funding sources
01:33 led to the bank's continuous growth rate over the years.
01:38 Did Wabian Bank benefit from the improvement of the operating environment of the bank in general?
01:44 I think that 2023 was more stable than 2022,
01:48 especially in terms of interest rates.
01:51 Maybe in 2022 there were big bumps in terms of interest rates.
01:55 In 2023, it was more stable.
01:57 There were no major changes in 2022.
02:01 The size of the assets in the banks and the strength of the assets in the banks
02:08 did not force them to take the loans that were taken in previous years.
02:13 This led to the growth of profits.
02:15 Of course, the operating profits.
02:17 Thank God, in Kuwait, there are still projects.
02:20 The private sector still has some growth.
02:23 The individual sector is still seeing some growth.
02:27 We hope that in 2024 there will be huge growth projects
02:32 that will help accelerate the economy and accelerate the growth in banks.
02:38 Because projects are the fuel for growth
02:43 or the engine that banks use in Kuwait.
02:47 We saw in 2023 a series of increases in interest rates.
02:51 Did Wabian Bank benefit from the increase in interest rates?
02:55 In a small part, not much.
02:57 But some of the movements of interest rates were positive and some were negative.
03:04 The balance between the negative and the positive
03:08 led to a stable profit during the year.
03:12 There were no major fluctuations like in 2022.
03:17 What is the rate of unregulated loans?
03:20 It does not exceed 1%.
03:22 This is the path we are used to in the bank.
03:25 We always keep the interest rate of the loans we are in doubt about not exceeding 1%.
03:30 I will ask you about the activity of Wabian Bank in the export market.
03:34 How is it?
03:35 We always look at the needs of the bank in terms of capital.
03:40 Every two or three years we have capital action.
03:46 There may be an increase in capital or an export of stocks.
03:49 This depends on the needs of the bank.
03:52 This is announced at the time.
03:54 We are also active in the purchase of stocks for investment purposes.
03:59 We had a growth in the size of the stock market
04:02 of more than 200 million dinars in 2023.
04:06 The stock market growth was about 45%.
04:11 The stock market is in good shape today.
04:15 We are selective in choosing the stocks we participate in.
04:20 I think the strategic plan that Wabian was following in the past has ended.
04:26 What are the key elements of the next strategic plan?
04:29 We at Wabian Bank are continuing in our strategy and policy.
04:34 We have completed the five-year strategy in 2023.
04:38 Now we are in the process of presenting the new strategic management plan in 2024-2028.
04:45 Most of it will be to continue the strategy of Wabian Bank since its foundation.
04:52 We will continue to serve the customers in the field of technology and digital services.
04:58 Our bank is in London, the Bank of London and the Middle East.
05:02 Our digital asset is the Nomo Bank.
05:04 It will have a large focus and expansion in the Gulf countries.
05:07 We are present in Kuwait and the UAE.
05:11 We recently opened a bank for Saudi Arabia and its citizens to join the digital Nomo Bank.
05:17 It is a special bank for the countries of the Cooperation Council to link them to the banking system and the British banking sector.
05:25 This is the focus.
05:26 We have noticed the business community and business owners, Kuwaiti entrepreneurs.
05:33 Everyone sees that they have big projects.
05:36 We are putting them in our strategy in the coming years to focus on business owners and entrepreneurs.