1Q 2026 Results Media Briefing

Good morning, everyone. We have our media friends with us here and we have some of our analysts are virtual. First in the room is somewhere and of course from the various offices. So we are going to go through our results for first quarter this year and because of the HSBC Indonesia international wealth and premium banking business that we are buying is under a non-disclosure agreement. So many of the numbers we would not be able to share and we ask for your understanding on that. So with that I will now pass the time to Chiniz and take us through the results. Good morning everyone. Thank you for joining OCBC's first quarter, 2026 results with it. OCBC delivered strong performance for first quarter of 2026. Group net profit was 1.97 billion Singapore dollars, up 13% Q on Q and 5% year on year. On the back of record, total income. ROE was 13% on an annualized basis.

Net interest income decline amid lower interest rates, partly cushioned by growth in assets, and will cover more in the later slides. The NII decline was more than compensated by record non-interest income, led by strong growth of our wealth management franchise. Non-interest income grew more than 20%, Q1Q and year on year, with broad-based double-digit increased cross-fee trading and insurance income. Despite the escalation of conflict in the Middle East during the quarter, wealth management fees recorded robust growth and our customer flow treasury income reached a new high. We continue to be disciplined in expenses with cost to

income ratio at 39.3%. Low-end deposit growth momentum was sustained up 9% and 10% year-on-year respectively. Our asset quality remained resilient, with NPL ratio stable at 0.9%. Factoring in the heightened macro uncertainties, additional management overlays were prudently taken this quarter with total credit costs at 23 basis points on annualized basis. NPA which grows to 163%. Our capital position remains strong. We fully face in CET1 capital-end-equacy ratio at 15.2%.

Moving on to our performance by Key Business Pillars on slide five. We continue to deliver resilient growth across our diversified franchise of banking, wealth management and insurance. Banking operations profit was up 9% Q on Q and 6% year on year driven by strong fee and trading income. Wealth management income rose 14% Q on Q and 11% year on year to 1.48 billion billion, comprising 39% of the group's total income. This was supported by growth across all segments from private to premier banking to insurance. Our wealth management franchise continues to attract net new money, with 5 billion of inflows for the quarter. Banking AUM moved 12%

year-on-year to $342 billion and was broadly unchanged Q&Q due to a decline in market valuations. For insurance, profit contribution from GEH was $323 million, up 44% Q&Q and generally steady year-on-year. Underline insurance performance was strong, partly offset by a lower valuation of investments, including those from shareholders' funds. Total weighted new sales and new business embedded value grew 16% and 31% year-on-year respectively, led by strong sales from Singapore across both agency and B

and B. margin improved to 48.6% moving on to more details about good performance trends something with net interest income on slack 8. NII for first Q of 26 was 2.22 billion Singapore dollars 5% down year on year and 3% below fourth Q of 25. On a day adjusted basis, NII was slightly lower by 1% Q on Q. To highlight, SORA dropped more than 160 basis points, high ball more than 120 basis points, and SOFR more than 60 basis points from a year ago. These key benchmark rates were also down Q1Q. The impact of lower interest rates was partly cushioned by average asset growth

and positive management of deposit costs. Average assets grew 4% Q1Q, driven by loan growth and the 7% or 12 billion increase in average balances of high quality treasury assets. Surplus liquidity from robust deposit growth and a preemptive increase in wholesale funding due to macro uncertainty were deployed into NII-equity high-quality assets. These treasury assets were diluted to name but added to asset yield compression. First Q26 meme narrowed to 1.76%. Our March exit meme was 1.75%. Income from Treasury assets mitigated about 30% of the rate impact on loans. This underscores our approach to

protect NII. We intend to continue to build this up, but likely at a slower pace than a squatter. NII sensitivity based on one basis point of crop increased across our four major currencies of SING dollars, US dollars, relation ringgit, as well as Hong Kong dollars, was about 5 million on an annualized basis, with same dollar being the key driver of the sensitivity. Moving on to non-interest income. Non-interest income grew by more than 20% to 1.61 billion, which is a quarterly record for us. Fee trading and insurance income all grew by double digits, year-on-year and Q&Q. Non-interest income now comprise 42% of our group total income.

Our first quarter's 26 fee income rose 12% Q&Q and 24% year-on-year to $675 million, a few million shy of the record we had in the third quarter of 25. P gross momentum was robust. This is the third quarter in a row that our fee income was above 600 million. In particular, all wealth segments continued to deliver strong performance, reflecting the results of our ongoing efforts in growing our wealth management franchise. Wealth fees rose 34% year-on-year, driven by higher investment activities from customers and our expanded AUM base. Growth was broad-based across all product channels including private banking, bank insurance,

treasury products, unit trust, brokerage as well as fund management. For brokerage and fund management fees are now reported within our wealth segments to better reflect the full spectrum of wealth related products. Moving on to trading income, first Q26 net trading income moved 10% Q1Q and year on year to 434 million underpinned by record customer flow income. Customer flow income was up 35% year on year and crossed 400 million for the first time, driven by both wealth-related activities and corporate customers. Increased market volatility and demand for hedging amid economic uncertainty continue

to support transactional flows. Moving on to operating expenses, we continue to maintain cost discipline while being targeted on our investments to support our next frontier corporate strategy. One Q26 operating expenses of 1.5 million were up 6% year on year, mainly due to higher costs to support business growth and continued investment in technology. Against four Q25, expenses were down 4%. Our cost to income ratio was 39%. Moving on to loans. During the quarter, we expanded our loan book by 6 billion or 2% to 347 billion. Gold was largely brought base across industries.

Compared to a year ago, loans was up 9% year on year on constant currency basis. By geography, this was led by Singapore and Malaysia, as well as our international markets like UK and US. The sustained momentum in loan growth reflects the continued traction in our strategic focus areas, in wholesale as well as consumer and private banking segments. This includes Singapore residential mortgages, wealth financing, key MT industries, including digital infrastructure and sustainable financing. our sustainable financing laws increased 17%, year on year to 59.7 billion, now comprising 17% of our total constraints. Our low portfolio quality remains sound. NPL ratio was 0.9%,

unchanged for eight consecutive quarters. NPAs were 3.12 billion, 4% lower Q1Q, As new corporate NPA formation was more than offset by net recall risk and upgrades. When Q26 new corporate NPA's were an annualized 14 basis points of period start loans. This is lower as compared to 39 basis points for FY25. We are highly watchful of the ongoing Middle East conflict and potential downside risks. We note no significant credit deterioration and continue to refresh our stress tests. First order impact is not material at less than 3% of loans or 1% of total assets. This includes petrochemical and refinery sector and other direct Middle East nexus.

We continue to actively engage our customers and are closely monitoring for potential second and third order impacts should the situation become protracted. Total allowances for 1Q26 for $216 million, up 8% Q1Q and 2% year-on-year. Allowances were mostly for non-impact assets. Additional management overlays were set aside in relation to the unraveled macro uncertainties, reflecting our prudent and proactive mismanagement approach. Total credit costs were 23 basis points on an annualized basis. With the increased incumulative allowances and drop in our MPAs, The NPA coverage ratio was higher at 163%.

Our performance loans coverage ratio helped steady at 0.9%. Our coverage levels positioned as well to navigate the uncertainties. Moving on to deposits. Customer deposits grew 10% year on year to 444 billion, driven by 13% growth in CASA deposits from both wholesale and consumer segments. CASA ratio rose 1.3% points year on year to 15.2%. For the quarter, deposits were up 4% and group. deposit ratio was 77.2%. The growth in our well-diversified deposit base enables us to continue expanding our balance sheet and increase funding resiliency in an uncertain environment.

Our funding base remains balanced with close to 80% from customer deposits. All liquidity and funding ratios remain well above regulatory requirements. Wrapping up on the cap-to-the-off, transitional CET1 was 17.0 cents and fully-based in CET1 was 15.2 cents. On a pro-forma basis or fully-facing CET1, the payment of our full year 25 final and special dividend will reduce CET1 by 1 percentage point. The acquisition of HSBC individuals, international wealth and premier banking, which we announced earlier this week, will utilise up to 0.2 percentage points of CET1

when completed in the middle of next year. Tae Long will share more of this in his presentation later. Our capital position remains strong, allowing us to support strategic growth opportunities and provide buffer against uncertainties. Our CET1 target of 14% over the medium term remains unchanged. With this, I end my presentation. Thank you very much for your attention. I will now hand the floor over to Kexang. Thank you, Ngaon-Ching Yi. Normally, change presentation is the main cause, but today we have two main causes because of the HSBC provision. First, let me give a very quick reflection of our results. Maybe we can move this slide. So, we are pleased with our results. the first quarter is very strong. We actually check every box of interest of growth. We expanded

our loan book, we expanded our deposit book even faster. All the non-interpreting term for experienced growth is about based growth across all business units. For treasury income, we have been focusing on growing the customer flow about the treasury income and it has come in very very strongly at a new high as well. Now all this work was achieved in the context of a low interest rate environment. So as a result, our year on year growth in terms of profit is 5%.

Outlook wise, we remain very concerned about what's happening in the middle east world because it is a very direct impact, surface issue, industrial energy supply and therefore the prices. So to be prudent, although we don't see a credit quality issue in our portfolio, to be prudent, we have put in some provisions, general provisions for not impact loans. It's already a third order effect which we are being prudent about. So that would leave our MPA coverage ratio to 1.6 times, which I believe is the highest in the months and years. So outlook wise, we are very focused on what's the economy in the East wall and the prices of energy. We are still keeping to our earlier financial guidance. Now we're standing in what's happening in the Middle East. Our capital position remains strong. We expect to complete our 2.5 billion capital return plan by financial year 2026, meaning

the dividends will be paid out in FY27. Okay, so we go to the HSBC part also. I was quite tempted to say that's possible questions.

So earlier this week we announced our acquisition of HSBC's Indonesia wealth and pre-mapped banking portfolio. I shall refer to it as the IWP portfolio. If you recall under our next frontier strategy, we say that we will focus on growing wealth as well as deepening our franchise in our core markets, the three hubs in Hong Kong, Singapore, as well as ASEAN domestic market in Malaysia and Indonesia. When I look at the IWP portfolio, I realize this is a perfect fit for our next frontier strategy. Most of the portfolios we have seen in the marketplace available for MAA, they tend to be a mix of loans and deposits. But this portfolio is very clean. It's largely deposits and AUM. Why is that good portfolio? If a portfolio has a loan content, they do worry about two things. Now, downside due to credit costs.

And secondly, if the portfolio is large, we actually made lose value because of single borrower risk limit concentration. So we have to manage that. So for this particular portfolio, it's largely deposits, largely AUM, a small retail loan largely relating to credit cards. So that's the business we are buying. What I really like when I look at the deposits part of the equation, they have sizeable CASA. So CASA to the bank, if we book on the CASA, we will actually make money straight away because CASA is a low cost CASA for us to help to fund our loan business. So as a well portfolio, IWP is highly complementary to our existing Indonesian franchise with clear synergies across customers' capabilities. We will add further scale to our EUM and customer base.

Now, this is a big competitive advantage we have in Indonesia. We are one of the top three private-link bank in Indonesia. We enjoy big economy of scale. We can both on this equation and gain cost energy very quickly. Not many banks can match how we call your spill in future. We expect the equation to be earnings-equative, excluding one-time integration costs. Under our whole wealth strategy, products, channels, insights belonging to any of our wealth units of whole CBC group will be tapped to support the whole group. We will leverage bank or Singapore's product capabilities and insights to help further uplift our enlarged wealth franchise in Indonesia. That question also comes with a small

retail loan book that I referred to just now of $200 million, largely related to the credit card business. It is a nice addition to our credit card business. Our credit card balance will increase by by 1.5 times. Indonesia is still a very important market for us. It is a core market. If you really think about it, ASEAN is still a very good place to be in right now, given the global environment. And Indonesia remains the largest economy in ASEAN. Even though there are economic hit wins in the short term, we are still committed to investing and growing our franchise in ASEAN in Indonesia. as part of our next frontier strategy. We have a strong capital position. More importantly, we have good local insights in this region. We are well positioned to navigate an uncertain environment and take advantage of any opportunity which may arise.

As we speak, we are already one of the top three privately owned banks in Indonesia. With this acquisition, we have further expanded our franchise in the largest economy in RCS. Thank you. So thank you, Tae Long. Thank you, Chinyi. We will take questions from the media. And, Amelis, online, you are free to stay on. Otherwise, we will see you later at about 10.30. So we'll start with the media now. Questions? Tae-Hye Janya, go ahead. Yes, Tae-Hye Long, congratulations. And also, share prize as prairie and why your rivals are going down. So happy, frankly. Happy Monday, happy Friday. Sure. So I would like to ask first three questions. First, how do you expect to maintain the earnings momentum for the rest of the year when the NII sold out and you are in a contraction on the quarterly basis?

The second question, if departures in the middle east at the back of Singapore, do you see impact on the ABN in terms of wells? Sorry, Eunice. The departure by Ranjit Khanna in Dubai, and we are expecting more departures from that front, do you see much impact on ABN on wells? For Indonesia, can you give a bit more colors on valuation? Even high liabilities of the unit that some people expect, meaning that are you getting a very good discount because of the banks debt obligations?

I took note of your commitment to Indonesia, but do you expect this to be short term? You've been physical on sales and also sovereign trading risk. I'm sorry, I just to clarify the question about this column. That's how you refer to the... I mean, I think you said mentioned a premium to NAB, but NAB is not available. I think some analysts expect like say that... Oh, I see. Because... They are indebted. So basically, you get it. Is it something that we could confirm? So first question is that are we able to maintain our anise momentum given an interest rate which we continue to decline? Actually the decline has slowed down. So the quarter to quarter fluctuation is because we got some recovery of MPL which you can add

on to the interest rate recovery. In the MPL management, we are conservative. The moment we put a case into MPL, we actually do not recognize interest. We still have to have a book, some cases into MPL, quite early on, and therefore the interest is completed. So it's the ones of when you measure recovery. So it's actually good news. It proved that we have been good at emerging our MPLs or our new book, and then we get some recovery now and then. So that's good. So to answer your question, the interest rate decline has slowed down. Our fee business is what we are focusing on, consistent with our next front dish strategy. The second question is about what's happening in Dubai. Dubai is a centre for Bank of Singapore. The contribution from Dubai is actually not that much. So even if you have some temporarily outflow or temporary impact, you don't expect material

impact to our franchise. Anyway Dubai at the moment is still under the state of well one day ceasefire one day is a war so we don't really know we have to see what's happening. So overall structurally we do see some increase in inquiries from Dubai customers in general so I think that will also dictate the impact of any stop living. It's just just yeah and the war is still going on but no operations remain there? You haven't moved anyone? We have, sorry. Have you moved any relocated? Any staff? When the war, I mean now is some sort of ceasefire year. Earlier on when things were a lot more tense, some staff on their own decided to leave the country. So we have a, maybe a bottom up, and 20% of the staff on the voluntary basis left the country.

It doesn't impact operation. In fact, throughout the whole situation, we have been operating. So it's BAU. But our staff work remotely from home. So about 10% to 20% are in the net. Yes, they are still working. Yes, remotely. Yes, but the staff in Dubai also work remotely. You have quite a number of points relating to the HSBC acquisition in Indonesia. I think firstly, maybe let me explain the structure of this. So, deposits to a bank is a liability, right? But it's what we want to grow, unlike other companies. So, for most companies, we talk about liabilities in the negative sets because you won't do the money. But for the bank we like it because our library is it's not about us owning people money it's actually deposits kept with us so technically it's a library. So because of this right we can estimate a cash flow stream from the library as well as

the AUMP business. Now on the asset side because it happened to be so small which is only a $200 million dollar loan book, the total AO and deposit is like 10 times more. So,

more than 10 times more. 20 times more. The deposit is 10 times more, the total is bigger than that. So, because of this characteristic, it makes it better.

Well, in other words, if you think about it from banking viewpoint, We have a portfolio which we have minimum credit risk, but it provides us with an extreme. And you see, I mean, Indonesia is well featured about credit breaks, sovereign breaks. Is it a worry to you at all? Do you see it as a short term thing? I think I can comment this way. For Indonesia, we have been there for more than eight years. We write to many, many scientists. So just an alluded to that to operate in this part of the world, we need a lot of ability to make insights. So in a way the barriers and entries are quite high. What we have seen are some banks reducing their operation in Indonesia. As you can see, our Indonesia business remains very committed. On a VEU basis, we continue to expand. And now there's an opportunity we managed to buy it.

So you will be able to run some obvious or intonation is that there'll be ups and downs and you know over a long period of time, the hour will be good. Well, Chanel, the questions answered. Okay, good. Thank you. Any other questions? Renof, go ahead. Renof, you too. Renof, hello, business times. Congratulations on the virtual. So, I would like to ask about the wealth talent right now. Are you planning to expand the account? And I think among what the local bank who's been here, the whole state also, the account And I think among all the local banks who think that they are the most stable account of the valuation they own here, if you are expecting the wealth benefit, you also expect overall account to remain stable year to year. And also the competition amongst the banks, because now every bank is also chasing a wealth management income. The stem of the traditional housing for such talent and also when you do all these M&As, and you are bidding for the business. Is there more competition there and how do you never get this?

Thank you. The head count you're referring to the whole banking group. Yes, out of the asset and the whole banking group. Yes, right. Yes. So for the whole banking group, we still meet their high cost discipline. The head counts which are relating to sales we are continuing to expand it. So because it's crucial for us to have the talent to help us expand the wealth business. So I hope that answered the first part of your question. The second part of your question, are we seeing more competition? Well, the way I think about it is that competition has been, that's over the last 10 years, it's not new thing to us. But the more important thing is our capabilities. So I will describe it in two ways. One, the competitive landscape in pass here. Interestingly, you see as is of some players. And once they're as if it's actually less crowded, few and we have a good franchise in the ASEAN Comma case because we have the

we have productivity in the group whether it's in Singapore or OCBC Singapore we do have very strong productivity in each other country we tailor the products to be launched in these countries so there's a lot of community sharing which we can do under our whole wealth strategy so in a sense that is a differentiating advantage for us. I agree with you on that. Thanks for the presentation. I know you mentioned regarding the other insight that you're being included about regarding the general probabilities. Can you elaborate a bit on that in terms of the sector or certain sectors on markets where you've kind of owned a bit more from this a lot? And on the wealth side, apart from the increasing queries from Dubai, Where else do you see the greatest opportunities within the joint and the rest of the world?

When we actually, so first order, second and third order effect to us, first order effect are those industries which are directly impacted by the immediate situation. The second order impact other industries who might experience some economy supply chain due to the Middle Eastern impact. So this is a general sizing. The third-order impact, to be more accurately described, is actually a macroeconomic impact. So what we have to size up is actually for the third-order impact. Your second question is relating to... Opportunities. Oh, very opportunities for... In terms of like flows and... Our wealth business is actually very diversified.

So we draw wealth from all over the world. So that's one. So that the margin remains because we look at it, Singapore is actually a very attractive place to be a wealth hub. So that competitive advantage remains. The second is the rising affluence. So in the RCN, we continue to see economic growth and we continue to see rising affluence. So this is another catchment we want to target.

Sorry, I forgot to add, because I was talking about the domestic market. Our strategy is spin hubs. So Hong Kong also capture China Hong Kong flows and there's also a lot of wealth within Hong Kong and also neighboring Hong Kong, the greater Bay region. So this is not a high net worth, ultra high net worth of business. So we want both, we want the ultra high net worth of business. You also won our EPC Premier kind of Well Business. See some OPC Premier private client. So there is a higher end of the Premier of the low-intercept. Thank you. Thank you. Oh, I'm going to ask. I don't know if you have a question. You're lining up. Sorry, my toilet's not very good today. So, two questions. One is on the dividends and the capital return. So there is a shared buyback portion of that. How much have you completed?

And what will you do if you don't compete it? Will you return the rest of it to the shareholders? That's one question on that. Another question is, I don't know whether this is the right place to ask, but you're in the undercurrents of all this competition between the three local banks. The one you came from had a specific competitive advantage in its treasury business. And I think you were part of that whole, that whole. Will you bring some of that, I mean, I'm talking about undercurrents of competition, you had to bring some of that, so that OCPC has a fourth leg of this. Well, I guess, I mean, not at all. Well, you answered it by the time. But I guess, you know, it was not because you were a leader of our treasury business. Yes, from the other COCB has had so if you could. There are just a few.

Don't you? I'll take the question on the dividend share buyback as well as capital return. So for the share buyback for cancellation, we have completed 20%. So there's about 200-ish in the end, you know. That means we have left about 800 million or so. Yeah, so we will be monitoring the situation, see that the conditions is visible or conducive for further buyback. If not, we are flexible in terms of returning in the form of specialty victim. Now, Tae Long also mentioned during the full year financial reserves, paying the battery this year, that given our retail, our sort of investor base, which are the long-term sort of shareholders,

the preference, but also before specials, even personally, Tae Long's visitors. Yeah, so that's certainly an area of us. And just now, we mentioned that if you were to return that, in the form of special dividend, you will complete the entire 2.5 billion of capital return by full year of financial year 2026, meaning if special dividend payouts, that will be for final year 2026 dividend, and paying out typically in May of 2027.

Today's the day we get out of the way. Yes, today's you. That's why I say it's a happy bright year. Yes, it is. Right.

Okay, on tragic business, thank you for the question. You gave me a chance to elaborate on this business. The tragic business is a very important business for us. We have to think about tragic business in two parts, even though it describes trading income in our accounting firm is actually two parts. One part is trading trading as people may perceive it to be. The second part is more important to ask, which is trying to grow the customer flows with using treasury products. So that's classified under trading income. So this is the part which we are building up. Palant, we do have a very good talent bank strength at OCBC to start. We have been executing it. If you look carefully at the quarterly results, the customer flow has been going higher and higher. So to continue to sustain that growth, we have on water some talent, many different product categories and sales. So the product category is important

because the productivity without the drive to grow of the front-facing business, in particular, the wealth business. We are as well as all about structuring products for sale. So this is really important. So think of it as this way, treasury business will continue to grow, we add resources to support the growth of the customer flow business in both wealth and the corporates. So do you have like a certain amount you think will be treasury income for Porter? To look at it that way. I think for this particular meeting, I think we should look at the path and project forward. We have of course big, the best.

In fact, in our twin cup strategy in the next frontier, go back to the next frontier strategy, we actually spell up, then we want to spell out treasury in Hong Kong. We also call it a big cup as well. Yeah, any other questions? I mean, this is an addition. On AI, what's your thoughts on mythos? And like you see that Singapore fans would have access to this.

Mid-dose is indeed a cause of concern and we are monitoring the situation quite closely. Internally we accelerated scanning our own system to make it as strong as it can be thus of protecting us and inside the risk. Now, Mid-DOS is a new development. Currently, it's released to selected tech vendors and selected American banks. The tech vendors are also our vendors. When the tech vendors discover the vulnerabilities, we also stand by to catch any vulnerabilities they discover. For us, I don't think we can. And the districts has bank alone. There will be a lot. We will have a lot more say if we can approach it together, we are peers, together we are vendors, and together we are government agencies. So this is something which is developing and we are paying close attention to it.

Hi, how can we start? Just curious, following a Chinese question, how does this change or CDC way of like using the party AI and the other question is, do you still see AI as a net benefit to profit and productivity or you rather see it as a new cause or new kind of piece in terms of your management stuff. So there are a couple of pass to the question. It doesn't stop us from using the party AI. In fact, using the party AI as its benefits. It could be a lot cheaper, it could be a lot more vigorous, it's faster by more people. But this AI is more like plugging in certain, into certain parts of the operation. The more important thing in this approach is that we actually

see, we have an ADB strategy, which we see AI as being plugged in with feet for purpose. And one of the considerations for feet for purpose, besides capability, is also the cost. because a lot of people may think that AI software, software everything, but AI can be very expensive. You are too early a doctor. So our strategy contemplates the cost and the benefit which should maybe adopt AI. So that's how we'll be operating. Now, does AI bring new risk? Yes, mid-torch is a new risk. The rest of AI risk I think has been well articulated by for example, hallucination and to what extent you should can let the AI use the agentic AI. So we are very, very careful with that. Also the AI we are using

are related to augmenting our operation. So therefore there's a human using that to improve his productivity. But agentic AI, we can only use it in a very limited way. We have a very good we springboard to decide where we can go, and where we cannot.

If I could ask one more question, the college of the record, an interesting comment, so this point, sort of attribute to the new and expanded strategy, right? Knowing all of my own proposition. This is the toughest question so far. The reason is because I was appointed the Deputy Crucio last July, right? And also under Helen's leadership when she transit to me there's a lot of continuity. Some of the next front edge strategy especially the parts which we so far have not talked about which are really important like the tax shift which is how to write the technology with to increase revenue for the bank we have been executing that for a while and we continue to be high growth industry and we continue to have that. Net zero shift, sustainability we have been talking about it and executing it that continues. Well, we have actually started by talking and organizing ourselves for wealth, even during Helen's time, but after I became the deputy group CEO, we also accelerated the

organization construct to facilitate a wealth business. So that goes to the next front-end strategy, some of which we started executing last year. I did not spend time to say which part is which man I mean there's continuity in leadership transition which is a very smooth one so that's not top priority to continue with side-keeping. Okay, but it's a key of well-management. I mean because it's a key segment to grow. So do you have any specific target to achieve that in terms of the UML, so the incomes? We expect another digit growth so it's in our plan. What's your net? New money? What is it called? Five billion. Five billion. No, no. One five ten.

Looks like we are good. We are good. Our friends here are okay. Okay, good. So thank you very much for your questions and thank you for joining us this morning. Thank you.