00:00 By announcing nine of the ten banks that have been reduced from their profits by 2023,
00:06 these banks have achieved a total of $1.466 billion.
00:12 Profits are increasing by almost 29% compared to those achieved in 2022,
00:19 and may rise to more than that in growth and size if the Kuwaiti Commercial Bank announces
00:24 a growth in annual profits, so that 2023 is one of the best years for banks
00:31 in terms of profit size, growth rate, and distribution, which will reach $1.8 billion.
00:39 All Kuwaiti banks have strong foundations and have the ability to adapt to all circumstances.
00:47 We saw the same with the bank in the United States and even in Europe.
00:55 There were no revelations for Kuwaiti banks, and this is something that is a testimony to us.
01:00 The growth of profits is based on different factors,
01:03 including the exceptional jump in net profits for the Kuwaiti National Bank,
01:08 which reached $560 million, and the profits of the Kuwaiti Bank of Finance,
01:13 which reached $584 million, and the Bank of Bubyan, which achieved $80 million.
01:21 These are the highest profits in the history of the three banks and in the history of the Kuwaiti banking sector as a whole.
01:28 Net profits rose by 63% to $584.5 million,
01:36 which is the highest annual profit in the history of your home and the highest in the Kuwaiti banking sector.
01:42 We announced net profits in the Bank of Bubyan, which is the highest,
01:47 of $80.4 million and a 39% growth.
01:52 The external factors played a role in achieving high growth rates.
01:56 The Kuwaiti National Bank of Finance acquired about 4 billion pounds of its assets in Egypt,
02:02 while the Kuwaiti People's Bank of Finance also acquired 3.9 billion pounds of its assets in Egypt.
02:09 We have been in Egypt since 2014, when the bank was acquired.
02:15 I think the strategic plan is to grow and grow in the Arab Republic of Egypt.
02:21 I think the Egyptian market is promising.
02:23 Of course, there are some problems, not only in the Republic of Egypt, but in all the countries of the world.
02:31 But we are able to withstand shocks, if we say it in a suitable expression.
02:38 The exceptional figures in the performance of banks in 2023 also benefited from the recovery of specializations,
02:45 the growth of credit card holders, the recovery of the rate of inflation and the increase in coverage rates.
02:52 Samer Rashid, CNBC, Arabia, Kuwait
