FY 2025 Full-Year Financial Results Briefing

Good morning, everyone. We're going to start soon. Okay, good morning. Welcome to OCBC's full year, 2025, fourth quarter 2025 results briefing. On our panel this morning, we have our Group CEO, Mr. Tan Tae Long, our CFO, Ms. Goh Ching-ee, and as well as our colleagues from our whole of wealth, which our CEO will be talking about, which is Mr. Sunny Quack, Head of Consumer Financial Services, CEO of Bank of Singapore, Mr Jason Moo. And we have today with us the CEO of Great Eastern, and that is Mr Greg Kingston. And last but not least, our head of global markets, Mr Kenneth Lyne. So Chiny, our CFO will take us through our presentation slides and thereafter we will take Q&A. Chiny, please. Good morning, everyone. Thank you for joining us in our FY2025 results briefing. OCBC's profit before tax for a full year of 25 rose 2% year-on-year to a record $9.12 billion Singapore dollars.

This was the first time our pre-tax profit crossed the $9 billion mark. FY25 GroupNet profit of 7.42 billion was 2% below our record 7.59 billion a year ago due to higher tax expense. The rise in tax expense was mainly because of the increased profit contribution from higher tax jurisdictions and implementation of the 15% minimum global tax from the start of 2025. Our record pre-tax profit was driven by three key factors. Firstly, record total income. Secondly, well-managed expenses. And thirdly, lower allowances. interest income fell 6% to $9.15 billion in the declining interest rate environment.

Noninterest income grew 16% to a new high of $5.46 billion from broad-based growth. This more than compensated for the decline in NII. and trading income both rose to record levels up 22% and 10% respectively. In particular, our wealth management fees and customer flow treasury income also hit new highs, driven by increased client activities and franchise strength. Insurance income also delivered a strong 17% percent increase. Operating expenses were well managed, up 2%. Cost to income ratio was largely maintained at 40%. Our disciplined risk management kept NPL ratio stable at 0.9%

percent across the past seven quarters. Credit calls were lower at 17 basis points. On capital, CET1 ratio was 16.9 percent on transitional basis and 15.1 percent on fully face-in basis. With our resilient financial results and sound capital position, We are pleased to announce a final ordinary dividend of 42 cents and a special dividend of 16 cents for FY25. Together with our interim dividend of 41 cents, the total dividend for FY25 will amount to 99 cents. This represents a 60% dividend payout ratio. On our fourth quarter performance, group net profit was 3% higher than a year ago, driven

by 6% growth in income and 4% lower allowances. Against the previous quarter, net profit was 12% lower, mainly due to income seasonality and higher allowances. Moving on to our performance by three key business pillars on slide 5. Wealth management and insurance delivered strong results which more than compensated for the lower profit from banking. Wealth management income and AUM both rose to new highs. Wealth management income was 14% higher at 5.6 billion. It now contributes to 38% of group total income up from 34% a year ago. Banking AUM expanded 15% to 343 billion, driven by both net new money

inflows as well as positive market valuation. Net new money inflows in the fourth quarter was $6 billion. For the full year, our net new money inflows total $27 billion, up by close to 30% from a year ago. On insurance, profit contribution from Great Eastern rose 28% to $1.13 billion, driven by stronger insurance and investment performance. New Business Embedded Value or MBAF grew 19% and MBAF margin improved to 48.2% at Great Eastern continued to shift towards higher margin products. Banking profit before tax was 2% lower at 7.65 billion, mainly due to

to lower net interest income, partly mitigated by double digit growth in non-interest income. I'll move on to details of our group performance trends, starting on slide 8. FY25, NII declined to 9.15 billion, impacted by sharp declines in key benchmark rates, in particular, SORA and Highbok. This was mitigated by an 8% growth in our average assets and the benefits from our cash flow hedges. The asset growth was driven by loans up 7% year-on-year and on constant currency basis up 9%. Our deposits also grow strongly up 10% year-on-year. assessed liquidity was deployed to high quality assesses. For the fourth quarter, NII was 6%

lower year on year and 3% up Q&Q. Our Q&Q rise in NII was driven by a 2% asset growth, lower funding costs and continued deployment of excess liquidity to high-quality assets. NII sensitivity based on one basis point drop in rates across our four major currencies of Singapore dollars, relation ring gate, Hong Kong dollars and US dollars was about 6 billion on an annualized basis. for FY25 was 1.91%. Our exit name for December was 1.84%. We will continue to lower our costs of deposits to manage funding costs, deploy liquidity to income-equitative assets, to grow

income and capture hedging opportunities to mitigate loan new compression.

Moving on to non-interest income. Our full year, non-interest income rose 16% to a record $5.46 billion, driven by broad-based growth across fee, trading and insurance income. For the quarter, Non-interest income grossed 37% year on year, but was 16% lower Q1Q as wealth management and customer flow treasury income were impacted by seasonality in the fourth quarter. Four years, 2035, fee income grew 22% to a record $2.41 billion, lifted by growth across all major fee businesses in particular wealth management. Our wealth management fees surged 33% to a new high of 1.23 billion and contributed to more than half

of our group fee income. The strong performance was driven by two factors. First, improve client sentiment and higher average percentage of invested AUM across all wealth segments. Our invested AUM is now above 60%. Second, our strategic drive to strengthen our wealth franchise, including increasing RMs and use of digitalization. are starting to deliver improved revenues and productivity. On trading income, our trading income grew 10% to 1.68 billion as customer flow treasury income rose 20% to a new high of 1.33 billion.

The growth was driven by both wealth and corporate segments with continued demand for FX hedging and investments products. Next on operating expenses. FY25 expenses increased by a modest 2%, mainly from higher staff and technology costs to support our business growth and raise productivity. Cost to income ratio was maintained at around 40%. We continue to invest strategically for growth while executing strong discipline in our discretionary expenses. Loan growth momentum was sustained. On constant currency terms, loans grew 9% each year and 4% Q&Q to $341 billion.

growth for the year was contributed by both corporate and consumer segments. By industry, the increase was broad-based, in line with our group strategy to capture opportunities in various growth sectors. This includes sustainable financing, TMT, including digital infrastructure, transport, as well as our Singapore residential mortgages. In particular, sustainable financing loans grew 13% year-on-year to $56.5 billion and now accounts for 17% of our total group loans. Our loan bulk remains well-diversified across geographies and sectors. Overall loan portfolio quality remains sound. NPL ratio was stable at 0.9% for 7 consecutive quarters since June 2024.

NPA's were 9% higher Q&Q at 3.24 billion, mainly due to downgrades of two corporate real estate accounts in Greater China in the fourth quarter. These accounts were previously classified as special-mentioned loans and have been proactively managed. We remain vigilant and continue to actively monitor our loan portfolio. Total allowances for a full year declined 4% to $665 million. Total credit calls were lower at 17 basis points. For the fourth quarter, total allowances for $200 million and many comprise $2.36 million for impact assets, largely for the two corporate real estate accounts that were downgraded.

This was offset by a net right back of $36 million for non-impact assets, mainly due to migration to allowances for impact assets and adjustment of MEV updates to reflect the improved GDP forecast. Our cumulative allowances were higher year-on-year at 4.91 billion. MPA coverage stood at 151%. for non-impact loans were maintained at 0.9% of total performing loans. Customer deposits rose 10% year-on-year and 4% Q&Q to 428 billion, mainly driven by CASA. Our CASA deposits increased

40% year-on-year across corporate SME as well as consumer segments. CASA ratio has improved steadily over the last seven quarters to 50.7%. This is a reflection of our efforts to gather lower cost and stickier deposits as well as the lower interest rate environment. funding position remain stable with 80% comprising of customer deposits. All funding and liquidity ratios are well below regulatory requirements. Next on capital. Transitionary CEET1 ratio was 16.9% and fully The daily phase-in CET1 ratio was 15.1%. Our robust capital position supports our growth strategy and enables us to deliver sustainable

shareholders' returns. Moving on to my final slide on dividend. Our board has proposed a final ordinary dividend of 42 cents and a special dividend of 16 cents per share. Together with our interim dividend of 41 cents, the total dividend for FY25 will be 99 cents per share, representing 60% of group net profit. This is in line with our target payout ratio of 50% for ordinary dividend and 10% for special dividend for FY25 as part of our previously announced capital return plan. We remain committed to complete our 2.5 billion capital return plan by FY2026. With this, I end my presentation.

Thank you very much for your attention. I will now hand the floor over to Tae Long. Thank you. Thank you, Xingyi. A very happy Chinese New Year to all of you. Last year was the year of the snake and it called me and the uncertainties in the words of the exact pattern. So I wish that for everyone in the room and for the economy of the world at large, that in the year the horse is a shear footed one and not a wild horse. If you recall, last year was actually a challenging year, especially after the announcement of the De liberation Day tariffs. The bank also first faces interest rate pressure. And if you recall in the second quarter of last year, Highball actually took a dive from 400 basis point to almost overnight, sub 100 basis point.

Fortunately, yes, the we surface somewhat, and I hope for more stability. So nevertheless, despite all these challenges, the bank managed to deliver a new high in income. To achieve this, we need all cylinders firing. We expanded our loan book, we grew our deposit, and for non-interest income, we achieved a double-digit growth. Great Eastern also keeping very strongly year on year. Our customers flow business for trading, also registered double digit growth contributed by the wholesale bank and of course the well business which has been a stand out in last year's financial performance. So all in all we deliver a strong financial performance, expenses remain well managed at cost to income ratio of 40%, credit quality remains sound with NPL ratio stable at 0.9%.

It's worth to note that we have maintained this NPL ratio across seven quarters so far, and this despite the challenges we see in the market. Looking forward in 2026, we expect market conditions to remain uncertain with continued pressure from softening of interest rates. We expect a slight to moderate decline in net interest income, but we are still aiming for stable to growing total income. Long growth is expected to be in the mixed single-digit range, costing 30%. Credit costs, we expect it to remain benign at 20 to 25 basis points, but let's bear in mind that we are at the beginning of the year, I'm crystal ball gazing a little bit, so 20 to 25 basis points is what we are guiding. We will continue

with our 50% ordinary dividend payout policy, but we will complete our earlier announced 2.5 billion capital return plan by financial year 2026.

Okay, next. I assume that with a new CEO in town, there will be interest to hear our new strategy, but if I'm wrong, please raise your hand and then maybe I'll skip this section. So when we craft our corporate strategy, There were two thoughts at the backdrop in our mind. One is a very deep Asian insights, having operated in this part of the world, in ASEAN and greater China for almost a century. With this deep insight, given the challenges in the marketplace, we want to leverage these insights to capture new opportunities. So that's one thought behind the corporate strategy. The second is really with an eye to the future. In the 30 years I have been in the banking industry, I witnessed three transformations. First, internet banking.

Second, digital mobile banking. And now, with the rapid advancement of AI, we could be on the cabs of a third transformation. Actually, can't think of it, this could be the fault. Because when I joined the banking industry, There were two typewriters around, and we migrated completely with processing. Next page, please. We identified five megatrends, and we grouped our thoughts into four strategic issues to write these megatrends. Asia, tech, net zero, and franchise shift. We ADD at the center. ADD stands for AI, digital, and data. Now we quite easily put AI in the center. There are some top process behind that and we deliberately choose ADD. We don't think AI alone can give us all the synergy we want.

So we want to view holistically using AI, reach the data, focusing on customer journey holistically, focusing on employee journey holistically to get the synergies we can get. We also think that the AI technology, Some are more mature and can give us benefit. And we have already created synergies out there. But agentic AI is a very promising field. And that can give us even more bang for back. However, the technology may not be ready today, but it is a fast advancing field. So as a result, our focus on customer journey supported with deliberate digital and data strategy make us AI ready so that when the AI technology is mature, as and when it's mature, you plug it into our system. So next page, Asia shift.

We want to capture opportunities from a rising Asia. Even though we may be carried away and be confused by the uncertainties in the marketplace, ASEAN is actually a good place to be in. We are seeing a rising Asia with rising intra-Asia trade, rising intra-Asia investments and wealth flows. Indeed, ASEAN is projected to become the fourth largest global economy as a block by 2030. We are very fortunate that our core markets, Malaysia, Indonesia and Singapore account for 60% of the GDP of ASEAN. If we include our branches in Vietnam and Thailand, we can cover 85% of the GDP in ASEAN. To do this effectively, to leverage our single branch presence besides our core market presence,

we are working on digital solutioning, especially upgrading of our transaction banking services to provide one ASEAN value proposition to our customers. We will continue to leverage our doing hubs in Singapore and Hong Kong to capture high network wealth flows. This is not a new strategy. It's an existing strategy. And we have experienced high growth. And we will continue to tap on this. Next. The second strategy shift is the technology shift. With advancements of technology, we have an opportunity to create a customer-centric ADD strategy where we gain a better understanding of customer technology in order to deliver to the right customers, the right products at the right time. So we are going to make investments in this area and grow big.

We have also been very successful in identifying and expanding our coverage of TMT sector in the last few years. We have managed to register double-digit growth in the past few years. We managed to write on the AI tier wins to finance digital infrastructure such as data center, but we are also financing the tech supply chain. The third strategic shift, net zero shift. Sustainability remains very important for us. And we will continue to help reduce carbon emissions by financing renewables and greening of industries, including support for SMEs. If you really think about the contents of that sentence, it means that we are trying to make a difference to the environment. The fourth strategic shift, franchise shift,

this is a very big slide because it attempt to cover our four core markets. For this briefing, we have distilled the slide to focus our discussion on the several big ideas. We have twin hubs and we have the ASEAN domestic markets. In Singapore, we are unique compared to other competitors that we have the full capabilities in OCBC, Bank of Singapore and Great Eastern. This gives us a unique opportunity to deliver what we call the whole of wealth value provisions across banking, wealth and insurance. But if you want, you can call us as the world strategy. We have product capabilities under each of our wealth units, and each of them have their respective customer base. Under the whole wealth initiative, we want to have a much more integrated and coordinated

effort in delivering our services to the whole wealth continuum. To underline the importance of the whole wealth strategy, we have set up a wealth management Committee starring Greg, Sunny, and Jason. And myself, too. I don't know whether they'll give me a starring role or I'm going to be a supporting actor. Anyway, I'll be sharing the wealth and seed because it's a really important initiative for us. Hong Kong is a gateway city for greater China flows, and that positioning has not changed. It is also an affluent city. We want to grow the affluence segment in Hong Kong. Last year, OCBC premium banking in Hong Kong grew 70% year on year. As Hong Kong is a financial hub, we also

want to scale up our Hong Kong global market business. And this is a really important initiative. Like emphasize, we are trying to crystallize and distill the ideas for easy presentation. So when it appears here, it's actually really important. So in Malaysia, under ASEAN domestic markets, Great Eastern's customer base, you may not be totally aware, the customer base of Great Eastern Malaysia is almost the size of half of Singapore's population. So the bank and Great Eastern in Malaysia can work together to deliver value propositions through the customer base. It's an immense opportunity here. For Malaysia, we are also very excited about the Johor Singapore Special Economic Zone, given our presence on both sides of the course way. We have already financed more than 15 billion ring gate worth of projects.

We have four branches in Johor Bahru to serve our customers and they are seeing very good business flows. Indonesia, Indonesia is a very vast market,

we'll be embarking on a digital visitor journey to serve this market effectively. Although we have more than 200 branches in Indonesia, but we don't think it is sufficient to cover such a big marketplace. We also aim to extend our OCBC Indonesia services to the wealth customers to move them to cover the higher end of the wealth spectrum. As part of our whole wealth strategy, to help OCBC Indonesia differentiate value propositions as you move up to the higher end of the wealth spectrum, you can tap on the insights and capabilities of Bank of Singapore. So I wanted to illustrate with some real-life example of what is meant by the whole of wealth strategy. As an integrated financial services group, we are able to address the need of seniors across

the entire year wealth continuum. And this is very important as Singapore enters a super-age society this year. So if you look at the three columns on the left, for seniors who need simple banking needs, we have OCBC senior care with special deposit rates and OCBC care ambassadors to assist. In the centre for business owner and out of high net worth, they have other considerations such as a smooth transition of business leadership for family business to the next generation. High net worth families also are very concerned about preservation of wealth and how to do the intergenerational transfer of wealth. Eastern is able to provide protection as well as annuity income for seniors.

So this is just examples of the wealth product services we can bring to the table as an integrated financial services group. Now, interestingly, if you look at the left-hand side, Smart Text resizing in the OCBC app, it's actually quite important. When we announced this feature, I have a lot of friends texting me and congratulating me on this feature because they think that this is exactly what they need. So I think this also suggests to you the each of my friends. Next, somehow I feel very comfortable to talk about gold in the current climate. We have actually embarked under the leadership of myself since last year to come up with a comprehensive goal strategy. What you can see on the slide is a sample of our goal products.

So again, we are trying to serve the whole wealth continuum. We have customers who are simpler banking needs, who are not used to goal investment. We have our OCBC app under our Consumer Financial Services, which allows easy entry into gold investing. They can buy 0.01 hours of gold. As low as 0.01 hours of gold, that translates to less than $100 investment in the CFS app. If you want to know the customer experience we have put in for this product, well, after After the briefing, please don't do it now, but after the briefing, you can try out and buy $100,000 or $10,000 worth of gold in our app. The second, there are customers who want to buy gold, but the one that has a storing gold

at home. And Singapore being a safe heaven is also an ideal place to store gold. So we have launched a GoFund under Lion Global, which addresses this need. Right now it's focused on large institutional investors and high net worth. When the customers want to exchange the units for Go, they can do so. The final product, our feature here, is that we have launched an insurance product which combined protection with investment link plan for Google under Grey Eastern. Next slide please. So we are forging ahead in summary with our new frontier of growth strategy. It is a very much a growth strategy and because we are going to focus quite a lot on higher

returning businesses which requires less capital to support the business, we expect stable to improve ROE. So with this, I end my presentation. All right, we will take questions. Maybe we start with the journalists and we'll come to the analysts. Okay, Chanya. Congratulations OCBC on your beat. and also wishing to take long for a very successful journey and leadership. Looking forward to writing more about you in the future. I have two questions for you and one for Greg, since you are here. For your three-year plan, you mentioned ROE. Could you give specific numbers? What kind of ROE you expect by the end of your implementation of the plans?

Also, for excess capital with some analyst book estimates at about 2 billion, would you share on capital management with how you are going to do this? Any extension of special dividend? Any M&A on the cards? Second question, you mentioned growing private banking in Indonesia, what's the opportunity that you see you mentioned high net worth, the higher end. Also, please share your thoughts on the turmoil that the country is in and how do you look to manage the situation. For Greg, I mean, Singapore just saw a record high single life policy issued here by your competitor. What are your plans on the high net worth segment?

Okay, firstly, that wasn't two questions. I got at least four questions. So, we are at the early stage of implementing the new corporate strategy. I think we are not ready to share the ROE, but directionally, we have positioned it, we have planned for it to be uplifting ROE. So, as we execute the strategy, we will probably be more comfortable to share more insights. Second, on the SS Capital, we have a new strategy and the new strategy is very much focused on growth. So, we need the capital to support the growth. Although I did talk a lot about the wealth business, the loan book remains important and we do have a couple of businesses which is focused on the loan book, such as, for financing tax, financing sustainability, and we intend to continue to grow as much as we can.

So with a growth strategy, we will need capital at this point in time. I will also point out that we use our insights to capture opportunities, but the world actually has a challenging environment. In fact, right now, a simple question is, what is the trade tariff being levied by banks, by the US is also very uncertain. So nobody even really know how you land and how you evolve. So given such a climate, we also want to hedge the downside by making sure we have a strong capital position. And when the downturn happened, we also want to take the opportunity to acquire things where it fits our corporate strategy. So, yeah, in short, we will stick with our dividend policy of 50% and we will complete our capital return as size in 2026.

Then for future dividend, it's still 50% dividend policy, but with a growth strategy, it can translate highly dividend even though it's a 50% dividend policy. You have a question on the turmoil on Indonesia, correct? See, I listen to all your questions very carefully. Turmoil, I would say Indonesia, we have been there for 80 years. We have seen up and down. We are a long-term player. We continue to be invested and is very committed to the Indonesian market. It also appears in my strategy as part of the ASEAN domestic market. I spoke about it being a very big market. I spoke about the potential for us to use fister digital model to continue to grow market share. So the turmoil will be there, but we'll

continue to execute our strategy. The interest of moving up the spectrum for the high-end customers, I think Indonesia is a market where we don't I want to say the customers either a high net worth or a PPC type of premium because actually the behavior of customers that's quite a bit overlap. A customer create high net worth and they create overseas wealth investments but they also have wealth domestically to deploy. Also because the market is very large, there's still a slice of customers we can aim to target to grow our wealth business at the higher end of the wealth continuum. Have I answered the question or your questions? I think so. Yeah, thank you. I'll pick up on the the Great Eastern question around high net worth and so

quite a quite a timely question actually. So yeah, we see this as a very significant opportunity for Great Eastern. It's a segment that we've probably been underweight in historically. It's been a very fast-growing segment, obviously, and particularly here in Singapore, given the International Financial Centre status. So you'll be hearing more from us next week, actually, on our high net worth strategy. We will be launching the first phase of that to the market, so we will be announcing something next week. So I can't talk about it in detail now, but you'll see the first evolution of Great Eastern really focusing on that segment. Why? Because we have a large number of customers that we serve already that have those needs, And obviously, I operate within a group that has a private bank and a very large retail and commercial bank with a lot of wealthy customers. And we want to be serving those needs more effectively. And working more closely with the parts of the bank to bring best of breed solutions, not just on insurance, but in investments as well to our client base as well as the bank's

client base. So it's a big opportunity. You will be seeing a lot more of Great Eastern in their space, and you'll hear more about that next week. Yauhong, please go ahead. Hi. Good morning. I'm Yauhong from the city. I just have three questions, two on capital and one on your new strategy. And firstly on capital, the 14% target CT1 ratio was in the deck and it's back in. So just wondering how do we reconcile this 14% CT1 ratio with your new strategy which appears to be across capitalized business. And you also talk about conserving some capital for M&A. So how much capital or any ballpark number will be helpful just to understand how much will be conserved for M&A. Maybe I'll ask my second question later. Okay, that will be your third and fourth question, not second.

The first question is, our target CET1 in the near term, we are still aiming for 14%. I think it really depends on how we execute a strategy in the market environment. If we grow very fast, we actually need more capital to support. On MAA opportunities, we are always keen to look at MAA opportunities as long as there's a strategic fit. But it's very difficult to see how much is set aside for MAA because it really depends on the size of the opportunity. we will look at the opportunity as and when required and our capital position then. Maybe second question again on your 2.5 billion capital return, 1.4 by 5 billion is done by specials, 225 done by buybacks, a level of $100 million or about $0.18 per share. And this time you didn't talk about 60% payout ratio like what you did last year. To any high level view on how these $800 million remaining capital can be returned,

Because if you're thinking about OCBC, profits going year on year, your PR reach will be above 60%.

We will continue to execute our share by back plan in FY26. And if we did not acquire as many shares as we would like to, we will return capital via special dividend.

I think on my back previously, it was communicated that maybe one year ago, account multiples, it may be more beneficial for shareholders as dividends. So just wondering your thinking on balancing buyback dividends. My preference is that between share, between return capital via share buyback versus special dividend, I have preference for special dividend.

Maybe just one final question to wrap up the strategy. Maybe I want to tell on I haven't finished my reply. Sorry. If you really think about our shareholding base, we have a lot of long term shareholder. I think especially if that actually reports our shareholders in a broader way. If we do share by fact basically is shareholders who return the shares back to the bank. I think there's a slight difference in terms of thinking. So if you really want to reward our long-term shareholder base. Maybe just one more question to wrap up the strategy. You talk about many non-interest income opportunities across OCPC Bank, Great Eastern, and also, Bank of Singapore. Any high-level numbers or target that we can think about for non-interest income in the near term or in the longer term, and how does that translate into higher ROE for your long-term targets?

These are all my questions. Thank you. We are aiming for double digit growth in non-interest income. If you think about our guidance just now, we expect loan business to be missing the digit. We have calibrated the deposit business to what we need for loan business so that we don't overpay for deposits, at least for the high cost deposit, such as FD. The second, so if you look at the mix, if you are growing non-interest income at a pace of double digit for wealth. And then even for the wholesale bank, we are still aiming high single digit to double digit as well. The mix will change. And therefore, you help us in the returns. OK, thank you. I will go to Ravika from Bloomberg. Hi. Hi, Eklan. Congratulations. I'm Ravika with Bloomberg. And I have a question for you on AI.

You've been adding RMs to drive wealth growth. As AI and digital tools become more embedded, do you see that hiring pace continuing or will there be a point where technology starts to replace some of the roles in the bank?

That is assuming if the business don't grow. We intend to grow our business and we intend to grow in all the segments of wealth, whether it's the Premier, PBC, or the high network business. Because of this, some of the businesses, just as high network business is you require attention to the customers, you require the human touch, we use AI to help them to do their job better so that they can become more productive. So in the bank of Singapore business, for example, we have already implemented AI which helps to shorten the time taken and be more efficient in the curation for the KYC assessment. So that has been very helpful from that perspective for the RIMs. So the answer is yes, as we use more AI technology, the ADD strategy, we will address the lower end of the well spectrum more effectively.

So that may not require a lot more hiring in RIMs, but in the middle high end of the spectrum, the human touch is absolutely necessary. Okay, thank you. Can I also just ask a quick follow up? Which part of the bank is furthest along on AI adoption? And where are you seeing the biggest impact on productivity so far? Sorry, can I repeat this? Where are you seeing the biggest impact on productivity so far due to the automate? Like which part? That means our benefit. Yeah. When we approach the AI,

when we approach it from AI anger, we look at every opportunity. So it's quite across the board. We look at opportunities. For Gen AI, we use it for some of the grunge work where we can save RN time. So we had done that in the wholesale bank. We had done that in the private bank. So this, we have done it. In the technology side, we also use AI to accelerate our writing or course to make it simpler and faster. And let's go to Harsh next. Hi, thanks, Tiklong and Happy New Year. Three questions, if I may. First is provisions, guidance of 20 to 25 basis points. What is driving that? It is slightly higher than last two years. Any particular segment or segments that worries you? And I'll have follow up after that.

OK, I'll take this question first before your next question. For the 2020-25 basis point, we are crystal ball gazing at the beginning of the year. It is through the cycle credit cost which we anchor our thinking. We hope to do better than that. If you look at the response currently, obviously we continue to monitor and track the Hong Kong portfolio for real estate. Have you said that we have been tracking and editing managing it for the last two years? So what you see is the outcome of our active management. At the same time, we also managed to lift our provision to asset coverage, provision to MPA coverage to 150%. That's pretty high compared to the market average. All right, thanks. The second one is on the 14% CET1. Why when?

Well, it depends on how fast we deliver the targets the new corporate strategy, well over the next couple of years is what we are thinking of. So you think in next two years by end of 27 you can get from 15.1 to 14 percent? Okay I want to be a little bit more measured in the response. I think over the next when we say high growth it really depends what we can achieve. As you have heard some of the businesses we measure achieve 70% growth. There are many other businesses in the corporate strategy, especially those which are refreshed on the current strategy where we as content as skill like technology, we actually grow at north of 20% or even 30%. So therefore, you will need the capital to acquire, to support the growth. So I can't really give you a timing, but certainly in the faster we achieve some of this growth target,

the faster you reach the 14%. Right, so I guess the question will just take long. OK, that is the organic aspiration. But if, for whatever reason, let's say organically, let's say you end up growing in the less capital intensive segments, is there still a commitment that you will get to 14% CT1 by a particular time frame? How do we understand that 14% number? Is it just an aspirational number? Or is it a number that you are committing to deliver by a particular date? It is a target number. We don't have a fixed timeline to say that we need to get to 14% because that's not realistic in real life, especially when you're throwing MAA opportunities and the way the whole environment is working. So we are committed to look at 14% over the next few years,

but we don't have a concrete timeline for it. All right, thanks. And the last one, if I may, you touched on M&A. What kind of gaps in the overall franchise as you would have gone through the different businesses, either geography or business, where, let's say, over the next couple of years, you would want to supplement with some kind of an organic opportunity. So any kind of details you can talk about broadly, that'd be great. Thanks a lot. In terms of geography footprint, we are very committed to our twin hub and ASEAN domestic strategy. So if the right portfolio comes along, we will be very keen in this market. So stay in this part of the world. to Ultra, Ultra Array from Reuters. Thank you, I have two questions. The first one is your assessment on the latest tram situation especially following the court tariff ruling. You see like a better

or improved improving environment going forward and the second question interestingly is on your goal product launches. I just want to get more details on is it something new that has just been launched and if yes how has the reception by the customers has been and the other thing I would presume that OCBC has a physical vote of goal right just for this product and lastly want to get your view broadly on the goal as a outlook on the goal. Thank you. Okay, this is a very difficult and as an easy question which I say so in the past when it comes to trying to predict present trans policy. I have always maintained that the trade-tire situation has not worked its way to hold the whole economy. Part of the reason is because you know, the supply chain take time to absorb that.

But more importantly, it's actually since liberation day until now, trade tariffs has been changing and it's not quite set that globally. So it does affect a lot investment decision. So we are still in uncertain time. What I really want to focus is other fundamentals. And this is where we come in with a position of strength. We have strong balance sheet. We know our location well. We are very forward-looking with our deployment of ADD. So using this, we are actually looking for opportunities to help our customers, to help grow our business. I want to point to last year's outcome. If you look at last year's outcome, aside from the wealth business, if you look at the loan business, we expanded high-singer digit. On a constant currency basis, we almost approached double digit. So we are able to navigate this environment quite well.

But having said that, I still want to be cautious because the environment changes so quickly. Just like what happened in the second quarter, we never expect Haibol to take a dive trip. Although we don't. And then we surface up again. 300 basis point overnight is a very big movement. Your second question is relating to gold. We had some gold products in the past, But last year, we became very concerted about our goal strategy. And those are the numbers. I invite our wealth heads to share some of the outcome. Yeah, maybe I can provide a little bit of context. We have goal trading on our app since 2024. In 2025, we grew eight times. And for the first two months of this year, we're almost at last year's level already. We do not have a physical goal. We don't do physical in the OCPC. So this is because I think it's a lot of,

it's very cumbersome for customers to buy, to sell back the goal. And the goal has to be intact in the wrapping and all these things. So I think we, and we, through the studies, we see there's a segment of customer who prefer to just buy on the app, right? Because they just want to enjoy the price of this decision of the goal. So there's very, has a free and convenient way and you can do it anywhere. 24 by seven, at night, you feel like buying, you just buy off the app itself. Thank you. I would supplement that the CFS app, the OCBC app, is very user-friendly. So although I talk about the hurdle to invest is set low, but actually, customers who could be a higher network may also use this app to buy because of the shared convenience. cost they also may buy even bigger amounts to the RIMs. For gold, the reason why we decided to focus on gold last year was also because we saw

some trends. We saw central banks buying. We saw a lot of retail investors' interest. We saw a lot of debasement trade as well. So you want to say something, Ken? Yeah. to add. So currently, as Tae Long and San Yee are looking to, our goal offering is unallocated, so pay per go. And that's being offered on our online platforms or through voice as well. We also offer that 24 by 7. So even after the goal market closes, after New York hours, we continue to offer pricing to our customers over the weekend. So that's the unallocated Now, in terms of how we are approaching our goal strategy, it's two-fold. Basically, one is custody on chain and out of chain, right? So the out of chain business is something that requires a bit more thought because that involves basically retail clients buying gold and taking out.

So from that point, from that perspective, we feel that our current offering is adequate enough and we've actually been getting a lot of traction in terms of just offering paper gold. But that's something we continue to explore to see whether it makes sense. The custody on chain business is where we're going to be offering physical goal, and that's mainly to institutional clients, and that's also to high network clients. So your question to us, do we have a vote? We have a vote with our custodians because in terms of offering allocated goal, physical goal to institutions, you probably need to subsidize that with reputable custodians today. I'll take a question online. Nick please unmute yourself and go ahead. Hi TechLong, sorry it's Nick from Morgan Stanley.

Hopefully you can hear me, can you hear me? Congratulations on the results. A couple of questions from me, first of all I just wonder if you could talk a little bit more about your Malaysia wealth strategy. Sounds quite interesting. I just interesting how you're thinking specifically it will tie together sort of three bits of the business to deliver on that. Second link to that, I mean obviously you've done a big review of wealth and I'd like you to just explain to us how you think you are competitively positioned especially in the Bank of Singapore space. You know what makes me become a client of Bank of Singapore rather than say a standard charted area, you know a DBS for example. And then just finally a small question, I noticed a big uptake of a dividend from Great Eastern yesterday so I just wondered if you could talk about sort of dividend policy at Great Eastern and you know how you're thinking about getting capital out of Great Eastern and into the bank. Sorry what was your last bit? I missed how do we get the... So Great Eastern's

The greatest dividend stepped up quite nicely. I think it almost doubled yesterday, fully. So I just wondered if you could talk a little bit about capital policy for Greater Eastern and how you're thinking of getting capital out of Greater Eastern and into Bank. Okay. Yeah, I'll leave the easier question for Jason and Greg. For Malaysia, we are re-energizing our consumer financial services, and so we want to target the premier all the way to the higher end of the wealth continuum. In Malaysia, currently, we have a lot of competitive advantage because G actually services a custom base equal to half of Singapore's population. that will keep us really very busy thinking on how to deliver value proposition to the customer base. Now, we must bear in mind that in all the well business, we need to segment the customers

and understand the need of the customer in order to deliver the correct journey. So this is our thinking in Malaysia to give us an edge. Under the whole wealth initiative, the other units of the bank, such as the Bank of Singapore, which actually publishes their insights and their strategic allocation of asset view, will also be helpful to grow our wealth business in Malaysia. Now I will ask Jason to address the question on how competitive he is and he said fine. Jason, please. Jason, please. I don't necessarily think it's the easiest question, but I will try nonetheless. So thank you very much for the question. So for the Bank of Singapore, we've spent the last three years really building out our intellectual capital and our thought leadership. So in 2024, we convened a global advisory council to identify super trends, which our clients have

been able to capitalize and build on, things like digital infrastructure, AI, trends that we hope clients will benefit for multi years. Tech Long did talk about a strategic asset allocation model, which we've developed a proprietary to Bank of Singapore, which we will make available also over time to the OCBC ecosystem in general. We also have a best in class transaction engine with pricing and speed capability that is probably top of the market right now. So I really feel confident that clients who bank with us also get the benefit of Bank of Singapore's intellectual advice and investment capability, plus with the backing of OCBC they have an access to a broader array of services both on the corporate side where needed and obviously over insurance and banking capabilities.

So I think combine all of that, we've got a very strong proposition to stand out amongst all the other private banks. Do you want me to cover that? Just on the Great Eastern Dividend Policy. So we have a progressive dividend policy. So we won't go backwards based on the dividend we paid this last year. So even if it's a volatile year going forward, shareholders are going to get this at least the same as what they got previously. our policy is actually to move progressively up to 50% payout. So we will be paying out more as we go forward. And obviously we will be looking at opportunities to deploy that capital. So we will be looking to grow the business substantively over the next few years. So we will be investing significantly in the business. So we will be using that capital to grow the business organically. And we are also looking at inorganic options, as I think it's a long mentioned earlier.

Thank you very much. Good morning, I have been here to everybody. I have a few questions on the wealth management side. Firstly, it's on the new wealth management community that the CEO talked about. Maybe you just share why setting up this committee is important and more of the thinking behind it. Second question is on the whole of wealth strategy. Does this also mean, basically, we might see a more concerted effort in cross-selling across all the different parts of the CVC, and does this mean changes in perhaps how teams work or how teams work together across the different parts of the bank? Thank you. Answering the second question first. Yes, indeed, you'll be a much more concerted effort working across the whole group. Right now, there's a lot of collaboration already which exists within the group. So a lot of the product owners and the customer-side-move owners have been collaborating.

But what we really want is to be even more ambitious and think about the whole group as in not just Singapore, not just in-country collaboration, but also a global collaboration. So I think that's one big change. Now, the wealth business is a complicated business. Sometimes we think in simplistic terms, high net worth, PPC, premier. But actually in real life, it can overlap because sometimes the world customers would prefer to be PPC, some premier are premier only because we haven't mentioned got their AUM from the other banks yet. So it's a whole spectrum. Now, in any mentioned construct, from the top is very important. With this wealth MC, we will have a coordinated loan from the top where the three wealth hit will jointly lead wealth initiatives which cuts across the whole group. Whether is it getting the benefit

or ADD strategy, whether is it get the benefit of new product launches, whether is it mutual support for our products like for example we have high net worth strategy which Greg just spoke about for GE, you can just imagine the potential if you take what they have. Of course, he hasn't reviewed the full plan yet, so I shall refrain to talk a little bit more. But it's very exciting. The way I look at it, when I evaluate the plan for high network for Great Eastern, I can see so much synergy with Bank of Singapore Well, wealth is important, but at some point in time, health is also important. So this is a teaser for the future yet to be launched high-level strategy. So in short, everything starts from leadership. That's our belief. So we have set up the leadership correctly to make sure that we have a tighter and more coordinated approach to wealth, to deliver value to the customer.

If I can add on a little bit, I think in the past we will look at customers from our own business perspective and then we tend to collaborate. But I think what we are doing things now is we look at the customer and how all of us can chip in and make the customer experience to be seamless. And customer move through different life stages. So I think it's important that we are there to cater the customer journey from end to and all of us who just take a look and see how can we chip in and make customers the center of everything that we do and instead of just looking at our own business perspective. Can I share something a little bit more? BAU. On a BAU basis, all the wealth units have their own system and processors re-engineering to get more efficiency and more productivity. With the wealth MCU, you'll be much more coordinated even in systems investments So, that will also give us benefit. If all the wealth and sea members decide to do certain

things, then we can start to plan which unit go first, which is the one which can get the most bang for buck, and then after that, roll it out. We can test new products with certain customer segments across some of their units before we roll out to the broader customer base. So, there are a lot of synergies beyond like, you know, let's just go for a coordinated strategy with the metamashment working with metamashment. So I think this is really the tone from the top. We'll take another question online. Melissa, please unmute yourself and go ahead. Hi there. Happy New Year. Thank you for taking my questions. I just have a follow up on the wealth to be the first question. I think you talk a lot about it and there's a strong focus. just put it into numbers for us. What are you thinking in terms of your AUM target growth or your fee growth? You know, you talk a lot about the revenue synergies and, you know, moving on to that part, but will there be cost synergies as we work together? That's my first

question. We are not ready to talk about the AUM targeted flows, but if you look at our revenue target, we continue to aim for double digit growth in wealth. So you can, it's underpinned obviously by AUM flows as well and transaction volume based on the AUM. Now, would there be synergies, cost synergies across the wealth group? The answer is yes. When we develop system, a lot of the systems, in today's world, we think about micro services. So as we create microservices, we can then use that and replicate it across the wealth unit and also where it's applicable across the whole OCBC-graded group. So I think that's a cost energy as well. We will also be thinking about the human resource, how to equate them correctly to make sure

that with the ideal mix of product specialists and the RIM, so quite a lot of synergies there in terms of cost synergies. Right, thank you. Maybe just in terms of some housekeeping questions first. On the NII guidance, I think at the bottom of the deck, it says that you are looking for SORA at about 1.4% and NII then won't decline. Given where SORA is today and if SORA stays at this level today, does it mean there will be more downside for NII or are you protected from some of the hedges that you have put in place. I answer. Currently, we have done a, we have a house view on SORA. We know that SORA is a little bit low now. The house view is that SORA could retrace. So it's at 1.4% assumption. If SORA is below 1.4%, there will be a downside risk

to our revenue expectation. Right. OK, thank you. And then lastly, maybe just a quick one from you, in terms of your strategy, I mean, just to be a bit picky on it, you said stable to rising RONs. Just wanted to understand the risk or the thoughts on where and how or why we would be stable in any case in the next, say in the two, three year phase. I think currently the banks do digesting the effect of NIM compression. So that is a big uncertainty. So that's why we are a little bit cautious. Despite the uncertainty, if you just look at our guidance for 2026, we are still aiming to grow total income. Now the NIM compression has a direct impact on ROE. So that's why we are a little bit more reserved. Otherwise, as a company strategy,

we will just say that we can lift the ROE. So it's really the NIM environment which is uncertain. Right. Maybe if I can say in just one last one, I think Great Eastern that they will be looking for rising dividend numbers, DPS numbers on a total basis. Any thoughts on the group for OCLBC as well? Do you think that we can also have other than the 50% payout a step on rising DPS? I think for 2026 we have our ordinary share dividend and we probably will be looking at share dividend, you know, moving from a share buyback to special dividend if we cannot complete the share buyback. The dividend policy remains at 50%. If we grow our revenue, if we grow our profit, that 50% actually translates to a higher dividend.

So our policy remains unchanged. In fact, what we aim is to sell a steady ship to this choppy water, whether it's a capital position, whether it's the way we do loan business. Maybe we have not been selling ourselves about how well we have done, for example, in the loan business. The challenging market, we managed to rehire the system average growth in the last few years. challenge in Greater China, you don't really see a MPA rate going up. You see provisions. In fact, we also took the opportunity to increase our ECL2 and just that our provisions right now is 1.5 times of the MPA. And for those who might not be so familiar with this ratio, MPA is the whole non-performing asset. It's not our non-performing asset, especially when it

when it comes to real estate, it's typically also secure. So you won't lose the whole loan, but we don't need to go there because we are already at 1.5 times of MPA. So if you really think about the whole thinking, actually we have done very well.

All right, thank you very much. Okay, can we have Gola from the edge, please? Thanks, thanks. Thanks for taking my questions and congratulations on your good results. And I'm also happy to hear that you prefer special dividends to share buybacks, because the analysts love share buybacks.

So I have two separate questions on two separate topics. First, on the NPAs, which you've done very well on your credit costs versus what your peers have reported. So what differentiates your sort of credit risk management from your peers? So that's the first question. And the second question is that in terms of your, you know, you've got a capital light focus in your new frontier strategy. So I'm just wondering whether if you could, I mean, I know ROEs are difficult over this year because of the NIM compression, but in the next two years or three years, could you get to the mid teens or towards where your previous bank got to? You know, that's the second question. And the third question is, you know, the first time we mentioned the word China was what you just said a moment ago.

So there appears to be a geographic shift to ASEAN from greater China, because there was a sort of greater Bay Area focus previously. So I'm just wondering what are you looking at? I know you've talked about it, but are you looking at it in terms of organic opportunities? But what about inorganic opportunities? Does your ASEAN shift include that? So there are three questions. So it's just a matter of clarification. You are referring to inorganic shift in China? No, referring to the inorganic... I mean, you've got a shift to ASEAN. Yes. It appears in your frontier. Is there any inorganic opportunity there? I cannot comment on other banks' credit policy. For us, we took a very conservative view. We have been observing a slide ahead of the – if I would judge based on the questions

relating to Hong Kong CRE as a thermometer on the, you know, focusing on the issues there for real estate. Actually, even before that started, we had started to take positive action. We had actually stopped growing the high risk segment and de-gear that part. Our growth in Hong Kong, you will see that we are still growing, but we are focusing on loans to quality customers. Secondly, when it comes to provisioning, we have been, or a way we managed our cases, we have been very proactive in downgrading the cases. So as we downgrade the case, our system is just that ECL2 would also increase. So automatically there's a buffer zone, even before it go to ECL3. And where the situation warrants, we were downgraded into ECL3 and have more provisionings.

And that provisioning is quite conservative. So this is how we have been managing it. Our peers, I cannot really comment. On the second question, help me along. You were talking about capitalized and NIM compression. Ah, okay, compared to the peer. Okay, I want to be very grounded in the way we think of our strategy. We are at the start of execution thinking of strategy. I think in one year time, we will have a better picture of what works well, what works really very well. And then maybe at the point in time, we also the NIM impact digested, then maybe we are more ready to share some thoughts on what could be a guided CT1, what could be a guided ROE.

Okay, the next question is, so you have picked up the messages. Thanks for picking up the messages. Indeed, there's a pivot to focus on ASEAN domestic market. Hong Kong remains important to us. So like what I mentioned, what we have done in that slide relating to franchise shift is a very big slide. We need not include a lot of the BAU staff, which we are also gaining momentum. Like for example, loan growth in Hong Kong, despite the challenge, we managed to also keep the loan. I mean, it's a bit slower growth than the rest of the franchise, but we also managed to grow our loan franchise there. We also managed to grow our fee franchise across the wholesale bank, across the wealth business. Our fee growth in Greater China, in global markets, is also double digit from customers'

flow, so very good set of results. I just did not have time to go into detail. So Hong Kong is important. ASEAN, there's huge opportunity for us. If there's any organic opportunity in ASEAN, we certainly want to take a look. Let's go to Jie-Yen for the next question. Hi, thank you so much for the opportunity. I just wanted to clarify on the 2.5 billion to be returned completed this year. Can I just confirm that the remaining amount is in the low 700 million? So I think Yong-hong mentioned 800, but I had a different number. And then I think you've made it very clear that you prefer special dividends. would you sort of look at spacing that out or would it all come at the end of the year if you don't do the buyback? Because I guess we've become accustomed to seeing it sort of sequentially, so it'd be great to see that consistency would be keen for your thoughts. But my second question is just on the strategy which was very helpful. You've sort of kept the guidance though at pretty consistent costs.

I just wanted to know if any of the strategy is going to require any significant investment. Like would there be a period where the cost would be higher in anticipation of better revenues and better growth later on? We're good to understand the thinking on that. Thanks very much. Okay. Ching, you want to take the question on the share? Yeah. Yeah. Jaden, you asked about the share buyback remaining portion, whether it's 700 or 800, it's about 780, because we have done 22% of the 1 billion. Okay. Just the timing. If you don't actually deploy it, would you do a special in the first half? We mentioned that remaining of that 780 million, if we do not continue to execute our nearby

bank for cancellation, we will return that in the form of dividend by financial year 2026. Thank you, Ching. On the execution of strategy, yes, we are the on-sale execution of a new strategy and we have a refreshed ADD strategy. ADD strategy is about strategy, it's also about culture. It's also about how do we get value out of our ADD efforts in a more concrete manner, shall we say, so that we have visibility. Now, there will be investments required. but we are conditioned on the trade-off between cost-to-income ratio during gestation period. So perhaps in the gestation period, we will have slightly higher cost-to-income ratio, but we keep my eye on it. So in my last slide, I actually also explicitly state that we will keep the cost-to-income

ratio within a certain range. So we could base our investments, for example, I mean, that's a trade-off, right? we will do that trade-off to make sure the cost-income ratio may be a couple of percentage points for investments, but we don't want to deviate from the 40 to 45% guidance. Thanks very much. We'll take the last question online, then please unmute yourself and go ahead. Hi, I'll take it off. Thanks for taking my question. I just have two very quick questions. This one is on just wanted to hear your thoughts on GDE and whether there's a need to pursue another buyout in the near term, even how you've been talking about GE as being an important part of your wealth strategy going forward. And second question is on whether there is any exposure to private credit, both your direct lending and indirect through the wealth management distribution business. Maybe some rough numbers on the percentage of AUM in private credit would be very helpful. Thank you. Okay, for GE, we have initiated the S-size and complete the S-size

to buy more shares in GE or even to privatize it. So that is a chapter behind us already. We will not be looking at acquiring more GE shares in the foreseeable future. Secondly, we today own 93.7% of GE. That's good enough for us to collaborate within the group. So at this level, we don't feel the need to increase the share just for the collaboration. On private credit, if you have been circumspect about private credit in Asia, so if you really think about it, the biggest market for private credit is in the United States. We don't indulge in that space. In Asia, while there are a lot of private credit outfit being set up and so and so so forth, we think we know Asia the best. We have not embarked on any private credit strategy

just that we took on risk access. So private credit is not part of. We don't have private credit exposure here in our book today. So on the AUM front, I think it's less about AUM is about us having because of the demand for certain high net worth customers, we might have some private credit funds on the shelf for the customers to invest if they choose to. Thank you. If you have one more minute, if any analysts have a question, we can take that. There were many hands earlier. Hi, it's Kriti Bansal from Bank of America. Just a quick one on the wealth, I mean extremely strong growth expected on back of a strong

2025 base at double digit. Just wanted to understand a little bit where the net new money, like which pockets is it coming more from and where do we expect this to continue coming from in addition to the synergies of course that is the. It's actually quite broad base. Maybe I'll ask the wealth case to share a little bit on the net new money. can ask Sunny or speak first or Jason? So I think we, we, what the fall we saw 6B of net new money and we end up the year with 27 billion net new money. As shared I think it's very broad base. I think basically some of the things that we do are also about engaging our customers and deepening their relationship. For example, I think we are treating customers by making our payments very efficient. In fact, if you take a look at our mobile app, we have 10 wallets that we have added. The most number of wallets you can see in the Southeast Asia, meaning you can transfer money to 10 wallets in the region.

And also look at scan and pay capabilities. In China, we have Alipay, Yunyenpay, and Weixingpay. So we are the only bank that has the most comprehensive payment. So I think it is strategies like this that we are engaging customers. We give them a reason to put more money with us by putting money inside there. and they also give us the opportunity to cross out into them. And the other thing that we do also is look at the senior care. We launched the senior care, and you know, this elderly, this group of customers tend to be sort of neglected in the way that you can't really sell them too much things, but we coming from a super-age country that we are coming in 2030, I think this is an opportunity whereby we really want to engage this group of customers, and there's a whole four main pillars that we are in trying to engage them. And we do see customers moving money here as well. And there are many opportunities that we can do with them. And in fact, if I can add one more point. In Hong Kong, I think we've done very well.

The one I shared earlier, our welfare up 70%, the year before was about close to 60% as well. And you can see that we are investing in Hong Kong. We have recently just unveiled our flagship branch in Queens Road Central. And what we did there was I think we also brought the local SME there in Osingchun. And we are the first in Hong Kong whereby in the retail bank, it is a consumer bank branch with a retail concept. So in our flagship branch in Hong Kong, we have about 100 square feet of space dedicated for customers. Hong Kong love, Hong Kong people love Singapore pandemic. So we brought our Singapore SME there. It's the first office card in Hong Kong In fact, it has gone viral in Hong Kong. A lot of customers are very impressed, and they are accused forming up. We're probably going to give Jenny's a run for his money in the queue as well. Jenny's cookies. Thank you. Maybe I'll just stand on from the Bank of Singapore perspective. We found, especially with 2025, we've

found a lot of clients deploying their excess cash into investments. So we did very well on the trading front as well. So we found ourselves also being the primary kind of money manager for clients. So a lot of clients have put large amounts of money for asset allocation with us and discretionary portfolio management. So our fee-based business has risen as well. So I think we're trying to migrate ourselves, as I mentioned earlier, into the intellectual thought leadership space and being the main investment – main bank for investments for clients in the future. So I think that's where we are looking to generate most of our revenues from. Okay, so with that, I'll stay. Can I have your permission to say something? Sure, of course. She controls the meeting. I just want to, in summary, say is that we are going to be very focused on growth.

We are going to be very focused on the customer journey. So all the digital data, these are tools to help the customer journey. Despite the challenges in the environment, we are still going to focus on growth because we believe our Asian insights really give us a competitive advantage to understand where the pockets of opportunities are. So in summary, we are going to foster hate with our new frontier of growth strategy. So, back to you. With our next frontier of growth that brings us forward, I will end this morning's session. Thank you very much for joining us this morning. Thank you.