Q1 2022 Emirates NBD Bank PJSC Earnings Call Transcript
Ladies and gentlemen, welcome to the Emirates NBD 2021 First Quarter Results Call and Webcast for Analysts and Investors. Today's call is being recorded. Please note that this call is open to analysts and investors only. Any media personnel should disconnect immediately. I will now pass the call over to our host, Mr. Shayne Nelson, Group CEO of Emirates NBD.
Thank you, Alex, and (foreign language) to you all. Let me start with a quick economic update before looking at the group's performance. The global economic and political landscape has changed dramatically in the first 3 months of 2022.
In January and February, many countries started to fully open up following COVID restrictions. This led to global inflation reemerging as demand picked up with oil and food prices increasing. Labor shortages emerged as companies scrambled to hire staff let go during the pandemic. Central banks identified the need for interest rate rises to control inflation.
Then in late February, the conflict in
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