Category
🗞
NewsTranscript
00:00 >> And a number of MOUs today at the Wi-Fi Tech Summit
00:04 with CBD ranging from our partners from Dyna AI,
00:08 which specializes into conversation and generative AI.
00:12 And subsequently we have signed up an MOU
00:15 with the strategic partnership with QK,
00:18 which is a system reliability engineering firm.
00:20 In the afternoon we'll be looking forward
00:22 to announcing a couple of other,
00:24 some major announcements related to strategic partnerships
00:28 into infrastructure and cloud computing.
00:31 So very exciting day for us here at CBD
00:34 and at the Wi-Fi Tech Summit.
00:35 (speaking in foreign language)
00:40 >> So a bank is clearly looking at strategic partnerships,
00:52 which help us in achieving better customer experience
00:56 for our clients.
00:57 And today there's no bank in the world
01:00 which operates on non-physical reach out.
01:03 Our clients are interacting with us
01:06 through the digital channels.
01:07 Technology is an inevitable part of it.
01:10 And then the latest technologies and emerging technologies
01:13 such as Internet of Things, AI, blockchain,
01:17 these are the areas which we are exploring
01:19 with different techs,
01:21 which can help us eventually
01:22 to deliver a better customer experience.
01:25 And in turn, essentially make it competitive
01:28 into the market, our position,
01:30 because ultimately banking is about
01:32 a higher quality service delivery.
01:34 It's very difficult to differentiate only on product.
01:37 It's the service delivery which is the key driver
01:41 in banking these days.
01:42 (speaking in foreign language)
01:54 So a significant portion of our investment
01:56 goes into technology.
01:57 We have been expanding for the last three years
01:59 in this space.
02:01 If you will see, there are two or three large use cases.
02:05 We have a very, very successful
02:07 digital supply chain financing system
02:09 with the FinTech which we entered two years back.
02:12 And essentially that has now resulted
02:13 into over one billion dirham
02:16 of supply chain financing loans
02:18 to the small and medium enterprises in UAE,
02:21 which is the backbone of the financing
02:24 and the driver of the economy.
02:27 (speaking in foreign language)
02:30 You must have all seen the financial results.
02:43 It's been a stellar results.
02:45 We see growth across all sectors.
02:48 Bank is in an incredible position
02:50 from a strength perspective.
02:52 We see loans growth, deposit growth.
02:54 So we have the trust of our customers.
02:56 The economy is into a absolute growth mode
03:00 and CBD is there to back the ambitions
03:02 of Dubai and wider UAE business sector.
03:06 So we see a positive growth over 20%
03:10 into the net profit, double digit growth.
03:12 PBT was over 30%.
03:14 Stellar results, market leading actually
03:16 in the top quartile as well.
03:18 (speaking in foreign language)
03:22 I think the tax regime is the same for everyone.
03:28 It is a duty to be paid to the state back.
03:33 And I think all the banks are,
03:35 all the corporates are into the same space.
03:38 It's a positive development for the development
03:41 of the wider financial system
03:43 and ecosystem for the UAE and the region as well.
03:47 So we are there to support the government
03:50 in making that task on behalf of them easier
03:53 and facilitate the process.
03:55 (speaking in foreign language)
04:00 So we have given the guidance,
04:05 our CFO and investor relations have the guidance to it.
04:08 We will stay into the same guidance.
04:11 So we do not see any change in that guidance at this stage.
04:14 The results will be looking strong
04:16 and will be a repeat of the quarter one.
04:18 And we are quite hopeful for the rest of the year,
04:20 we'll also gonna show a successful growth.
04:23 (speaking in foreign language)
04:27 Yeah, that will be a market leading question
04:36 at this point in time.
04:37 I think that will be known only in the quarter four
04:40 when we close towards the year end.
04:43 Market share is growing significantly.
04:44 If you see our loans and advances,
04:46 we are now growing at a fast pace.
04:49 In our retail franchise, the mortgages and credit cards
04:52 are clearly originating into the top quartile.
04:55 If you see, we are now close to 5%
04:57 in the loans market share as well,
04:58 which has grown over the years successfully.
05:01 Market share is a key parameter for us in terms of growth,
05:04 and we will see a growth beating the market
05:07 in that sense this year as well.