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00:00 Supported by the income of the UAE East Bank, the profits are above expectations and still exceed the level of 2 billion dirhams in profits at the first quarter of this year, despite the pressure from the tax obligation of the companies and the beginning of their accounting.
00:19 Let's take a look at the performance of the East Bank in the first quarter. Profits rose 36% to 2.3 billion dirhams in the first quarter of this year, but profits after the tax reduced to 25% to 2.0 billion dirhams in exchange for 1.6 billion dirhams.
00:40 We know that the tax on companies was approved in June last year by the UAE Ministry of Economy and was applied at the beginning of the financial year for companies that start with the East Bank and most of the UAE banks from January 1 of this year, i.e. in the first quarter.
01:01 Initially, this tax was estimated at about 9% of the profits of companies and of course of the profits of banks. Let's look at the benefits and the income of the benefits, which are still high and of course reflect the performance of banks.
01:18 The interest rates reached 2.2 billion dirhams, with a 23% increase from the previous quarter. What is noteworthy is the improvement of economic performance, which reflects the performance of banks and also the specializations.
01:36 The specializations related to low-value loans have increased by 61% this year to 38 million dirhams in the first quarter of this year, compared to 96 million dirhams in the previous year.
01:56 We also look at what we see in the assets. The assets of the East Bank rose by about 24% to record 250 billion dirhams in the first quarter of this year.
02:10 We also see growth in loans and deposits during the previous year. Deposits rose by 29% to 155 billion dirhams, compared to loans, which rose by 159 billion dirhams to 30%.
02:26 The loan rate to deposits is acceptable for banks, and we have seen the benefits and the interest rates, and the difference between loans and deposits, which naturally reflects the interest rates of banks.
02:39 The East Bank recorded profits in the first quarter, exceeding expectations, supported by the interest rate in the first quarter of 2024, as well as the assets that grew.
02:57 The East Bank is not the only bank in the past year, but the East Bank, Abu Dhabi Trading, Abu Dhabi Islamic, and the UAE. All banks are supported by interest rates in the first quarter of next year.