2Q 2026 / 1H 2026 Financial Results Media Briefing

Good morning and thank you for joining us. I think given the global environment remain uncertain, I think the countries, Lucas, Singapore, Ben generally I think South has quite easy which is very encouraging. And even on our side, we see healthy trade and investment flow, stronger connectivity for the China and ongoing supply chain shift into the region. As businesses look to ASEAN for growth and diversification, I believe we are continuing to well-position to support them. ASEAN is a home of our competitive advantage and our engine of growth. Over the years, we have built a different shift

to franchise with deep local, strong customer relationships, and value-added ecosystems. We will continue to invest in our growth drivers. Okay, let me just very briefly touch on three areas, wholesale banking, retail and our priorities. Our wholesale banking franchise continues to benefit from growing trade, investment and connectivity across ASEAN. As clients increasingly operate across multiple markets, our regional footprint is a key difference. ASEAN IV is key to contributing about 27%

of wholesale income and growing faster than it would. Insectial banking is a key pillar, contributing to nearly half of wholesale banking income. Trade loans grew over 30%, while wholesale cash-out deposits increased 9% year-on-year in the first half. We see encouraging momentum in foreign direct Southeast Asia with larger and more strategy. Over the past decades, foreign direct investment into ASEAN more than double, even as global foreign direct investment declined by above.

Through our FDI advisory unit, I've bought more than 300 cross-border deals into the region in the last six months, with projected investment totaling $5.6 billion. More than 60% of these investments are in industrial sectors, reflecting digitalization ongoing supply chain shift. These flows also create opportunities to deepen customer relationship across our retail and wealth businesses through our one bank approach. On the asset quality front, we are addressing a few legacy accounts,

Greater China Real Estate. These are well-provided for total credit costs remain within our guidance. In retail banking, we have one of the region's largest franchises. ASEAN 4 markets now contribute about 35% of retail banking income and are growing faster. The scale we have built strengthen our brand, deepen partnership, and enhances our ability to serve customers across markets. Our differentiated lifestyle solutions help us in customer acquisition and engagement. Our well-income, which every one of you are paying a lot of attention,

grew 16% year-on-year in the first half, with ASEAN 4 up 30%. Grove was particularly strong in Malaysia, 29% and Thailand, 8%. Now, looking ahead, we are focused on these growth priorities. First, to unlock the full value of franchise. With more than 8 million customers across ASEAN, the opportunity is to deepen and become the primary bank for more customers. Our new value proposition for our fluent and emerging and fluent customer is gaining traction. And we will continue to build on this momentum.

Second, to accelerate wealth growth, we see significant opportunities across our SMB and business owner sectors. And we are investing in talent, platform, and products while expanding our North Asia presence to support regional wealth growth. Our Strategic Distribution Partnership with Allianz, we just announced yesterday, will further support our growth ambitions. We will sharpen our focus on wealth advisory and distribution, by combining yield, customer reach, and advisory strength with Allianz investment capabilities. We will strengthen our wealth proposition.

This position as well to make customer evolving needs and support their long-term wealth growth. Third, to continue to capture a larger share of the trade and investment flows across ASEAN and between ASEAN and the rest of the world. ASEAN sees more than US 200 billion annual FDI and more than US 2 trillion of trade flows. With our transaction mechanism platform, sector expertise, and regional network, we are well placed to support businesses and expand. Fourth, to reposition our Hong Kong franchise for more diversified and asset-like growth.

Hong Kong remains an important gateway between Greater China, ASEAN, and the rest of the world. Our focus is on building a more balanced franchise, including private banking and global markets. We as usual remain disciplined in how we allocate capital to drive long-term strategic priorities. As you can see from recent announcement, we seek to unlock value, drive sustainable earnings, and enhance long-term shareholder value. At the same time, we are investing in our core business franchise, including digital platforms, data infrastructure, cyber security, and customer experience.

We are committed to completing our 2 billion capital distribution plan by end 2027. Our ASEAN strategy is gaining traction. The opportunities ahead are significant. We are well positioned to capture them through our regional network, strong customer franchise, and one bank approach. With that, I will hand over to my CFO to provide some financial details. Thank you. Good morning, everyone. Before I go through the financial details, let me take you through a few key messages. The first, our franchise continues to deliver resilient performance amidst external uncertainty.

The second quarter numbers for us in terms of net profit after tax was 1.5 billion dollars, representing a 10% up year-on-year against the same period last year. The underlying business momentum remains healthy across all customer segments, complemented by some non-repairing gains from asset investments. Secondly, our diversified franchise drives earnings stability. I mentioned earlier across customer segments, but it's also within the segments in terms of product categories, such as wealth, parts, and carcer in retail. And in wholesale business, trade lending and carcer continues to contribute to our balance and sustainable earnings.

Next, we continue to have adequate provision buffers. Our credit costs remain within guidance. There is one specific exposure which I'll talk about as I go through the asset quality slides later on. And lastly, in terms of capital position, our strong capital position allows us to support consistent shareholder returns. The board has declared an interim dividend of 88 cents per share. This is consistent with our commitment to give a 50% payout ratio to shareholders. And as CEO mentioned, our 2 billion dollar share return program is on track. We have completed 40% of the share buyback and will commit to complete or return a total of 2 billion by the end of 2027.

Let me now move to some details around the recently announced deal with AGI, which is short-form for Allianz Global Investors. The purchase consideration was $535 million. This amounts to roughly a 330 million gain and an increase of CET ratio by around 14 basis points once completed. The price reflects a valuation of about 2.5 times price to book and 1.3% of AUM. The partnership strengthens our wealth management franchise by allowing UOB to focus on open architecture investment solutions for our customers.

And reinforces our advisory-led approach to customers. This allows us to focus on driving sustainable earnings growth and enhancing long-term shareholder value. Our next go into the second quarter results in more detail. I mentioned earlier on, the second quarter results delivered a net profit of 1.5 billion. That translates to an ROE of 11.8%. Net interest income did ease marginally quarter on quarter. But with healthy loan growth and active balance sheet management, we were able to cushion the impact of margin pressure from the lower interest rate environment. Net fee income maintained positive momentum, rising 4% from the last quarter, supported by record wealth fees,

which has helped to offset a moderation in investment banking activities. Trading and investment income saw a 6% decline amidst fewer liquidity management and market opportunities. However, the customer treasury flows continue to hold steady, underpinned by healthy demand for hedging and investment solutions. Asset quality was at 1.6%, NPA coverage including collateral improved to 306%. Our capital and funding position changed strong with CET ratio at 15.4% and NSFR at 114%. Our next move to the first half of 2026 numbers.

Net profit stood at 2.9 billion, resilient performance amid macroeconomic headwinds. This was a 3% increase year on year. Total income was flat compared to a year ago, reflecting the impact of lower benchmark rates and softer investment banking fee income. Other non-interest income remained resilient, supported by customer related treasury activities and divestments. Expenses remained well controlled, modest increase of 2%, underscoring our disciplined approach to cost management. Allowance for credit losses declined 27% as the release of general allowance more than offset the specific allowance for a single real estate account in Greater China.

Now let me take you through the business lines. In our group retail business, the franchise continued to demonstrate a consistent and disciplined delivery. Group retail's income held steady at 2.6 billion, supported by strong growth in wealth and cards, which helped to offset margin pressures. Wealth delivered invested AUM and wealth income rising about 15% and 16% respectively year on year. Net new money flows was 4 billion for the first half of this year. Castor mix has also improved from 57% to 58% reflecting the strength and stability of our deposit franchise.

Our next move to the wholesale banking business. Despite the twin headwinds of lower interest rates and heightened competition for quality assets, the transaction banking business remained a key driver of our wholesale banking franchise contributing to nearly half of the segment's income. Strong growth in cash-out balances and trade loans supported that. Trade loans actually grew about 33%. Customer treasury income rose 2% year on year on the back of sustained client engagement amid a competitive environment. Gross loans expanded 8% year on year, mainly led by demand from the technology and financial sectors. Our diversification strategy continues to underpin earnings stability, with non-real estate sectors accounting for 72% of the portfolio,

and cross-border income at 28%, demonstrating our regional connectivity and client franchise. Next, in global markets, we saw a double digit 15% growth year on year. The treasury income from customer activities rose to a record half-year high of 584 million for the first half of 2026. This uplift was driven primarily by proactive asset liability and funding management, effective deployment of liquidity, as well as timely capture of market opportunities. Next, I'll touch on net interest income and margin.

There was indeed loan margin compression, but mitigated by asset growth. On the left-hand side, you would see that the average interest-bearing assets actually grew 7% over the period, and net interest income declined a 3%. I'll cover a little bit more detail in terms of net interest margin movements. The first quarter of 2026, we disclosed a 1.82 net interest margin. It saw our basis points decline to 1.74, and we're exiting the end of July timeline with 1.71. This was largely due to loan repricing in a lower-rate environment.

During the quarter, we did see healthy customer deposit and other funding inflows, but loan growth opportunities helped, and we deployed excess liquidity to support the net interest income. SORA appears to be bottoming out and is expected to trend higher in the second half of this year, and that will support NIMP. We continue to maintain a disciplined approach balancing between NII optimization and NIMP management. While we proactively pursue opportunities to enhance NII, we recognize that such actions may result in measured pressure on NIMP in support of overall earnings performance. Next is on the gross fee income.

Despite record wealth fees underpinning our second quarter performance, loan-related fees did soften, so overall fees stayed flat. In terms of expenses, we grew expenses 7% over the period, reflecting our continued investments in strategic priorities such as our people, technology, and regulatory activities. We will continue to maintain a disciplined approach in terms of cost management. Next, I'll move to NPA formation and NPL ratios. NPL ratio at 1.6%, with new NPA set $902 million.

This is largely the result of one real estate account in Greater China, which we had been monitoring closely. The provisions that we had set aside in the third quarter of last year had taken this into account, and we continue to remain very proactive in reviewing and monitoring our credit portfolio. In terms of total credit costs, it stood at 28 basis points this quarter, or 27 basis points for the first half, both within our guided range. Next, in terms of provisions coverage, it continues to remain adequate with an NPA coverage at 88%, but when NPA coverage includes collateral, that's 306%.

We are confident of the provision coverage that we have put in place and our credit cost guidance of 25 to 30 basis points. Briefly, on customer loans, it's up 5% year on year. It is broad based across business segments and sectors. Healthy growth and wholesale term and trade lending, as well as continued expansion of our mortgage portfolio, underpinnities numbers. On funding, liquidity and funding positions remain very strong, with LCR at 159% and NSFR at 114%. Capital, CET ratio at 15.4% post dividend payout, on a fully loaded basis at 15.0%.

Next, on dividend, I mentioned earlier on, the board has approved 88 cents per share. That's consistent with our payout ratio of 50%. Our share buyback program is guided by a discipline capital management framework. We have, as I mentioned, completed about 40%, which amounts to $794 million. We remain committed to delivering this 2 billion capital return plan, either through share buyback or other means by the end of 2027. In summary, the four key messages again is a set of resilient performance amid external uncertainty, a very diversified franchise that drives earnings stability, adequate provision but first to navigate uncertainties in the credit portfolio.

And capital strength, supporting consistent long-term shareholder returns. On the right side of the page, the 2026 outlook and guidance from us for loans, low single digit growth, 2 year NIMP of about 1.75 to 1.8, fee income at low single digit growth, operating costs of low single digit increase, and credit costs of total credit costs 25 to 30 basis points. With that, I conclude my presentation and we open the floor to questions. Thank you. We'll now begin the Q&A. Any questions? Hi, thank you for having us here. I'm Rithika Sivarna with Bloomberg. I have a couple questions for you.

Let's start with, you know, MAS data roughly shows healthy loan growth in Singapore. Why is UOB still in the low digits, low to single digits? Fee or loan growth? Loan growth at 8% in post-year banking growth is low? Yeah, yeah. Okay, let me re-check that. What is your outlook for loan growth in the second half of this year? Sure. I think our four year guidance for loan growth is at low single digits. If you look at post-year banking loan growth is about 8% and our retail banking loan growth is about 4%. How come UOB kept its targets largely unchanged compared to the other two banks?

Which targets are you? The 2026 outlook. Earnings outlook? Our outlook for 2026 earnings is flat to 2025. It's consistent with what we've projected. Yeah, there are no changes to this year's outlook. Okay, and is there, what will we do with the proceeds from the sale to Alliance? Firstly, the sale proceeds from Allianz will only come in when the deal is completed and that's expected sometime in 2027. I think it's premature to look at the allocation of the use of proceeds, but suffice to say it will be used in terms of investing in capabilities to ensure sustainability.

We're asking for the same earnings for our shareholders. If you're asking that in the context of potential dividends and so on, we will look at it holistically, taking into account the needs of the organization and where we're operating at the point in time. You mentioned that the new NPA formation was largely linked to one account in Greater China. Can you give us more color on what drove that and which market is it in? Is it in Hong Kong? Sure, it's one real estate client in China but booked in Hong Kong. That explains why the complication around using the Greater China terminology. Can we get any other questions for Moiters?

Good morning, thank you for the presentation. I have two questions. The first one, the 2026 outlook fee income at no single-digit growth. The previous quarter, I think, is mentioned high single-digit. So just wondering what's the reason for the lower forecast. And secondly, just wondering what's your exposure to the iron ore trader, Radian World, that was in the news overnight regarding Deutsche Bank freezing some of the Singapore accounts. On the second question first, we never comment on customers specifically. On the first question was around fee guidance, right? So some of the fee deals in the pipeline have been pushed into the second half of the year. I think with some of the pushback in terms of our pipeline, it does not look like a high single-digit fee income guidance would be accurate to reflect.

So we're guiding to a low single-digit fee income. Good morning, thanks for the presentation. A little bit of what you mentioned about the wealth growth, the significant opportunities across SME business owners. Could you expand on what these opportunities are? And you also mentioned investments in talent, platform and products. What are these investments for mean? And is this a sort of a way for you to differentiate yourself in the wealth position? I think it's a good question. I think generally we are focusing on what? Yes, as far as the private banking side, on the standard loan, you will continue to improve the platform, improve the product, taking in more headcount.

And the fact is we are selling our asset management to early on and early on with the global fund managers. They will accelerate, continue to sharpen, continue to make our capabilities stronger as well as better customer outcome. So that itself is taking care of. So when I talk about one bank, that cut across wholesale. Corporate banking, SME, the whole regional franchise. You can see the growth is actually double digits. So this is where I do think we have the competitive advantage.

First of all, we have the most comprehensive footprint. Secondly, you know, we started this foreign direct investment units 12 years ago. And you can see the traction of getting people to invest. That has nothing to do with the wealth that you're talking about companies who are interested and company to us. And as then our owners, some of them sold the wholesale piece double up to complement our private banking. Are they able to do it? Because given our footprints, all these foreign direct investment, when it comes to Singapore, they will see you have the most comprehensive, the likelihood everything equal.

They will bank with us. And when we support them in the business, no reason for them, everything equal. They will give us a piece of the wealth. This is where I think at the moment, this is our competitive advantage that we will continue to push. At this point in time, we are continuing to improve our infrastructure. No point to push something if your infrastructure is not ready. At the end of the day, we are going back to the customer service, going back to the accuracy of reporting our. We don't want to shortchange our customer. We want to make sure that the whole infrastructure is well in place.

And we hope actually we already in place. We are just fine tuning some of this. We are lying our interest, like wholesale and retail. So I think for the next one, two years, you start to see the global. And we are openly articulate that we want to double our wealth. And this is where we are coming from. I don't know, Yom Chih, you want to add? I think that's absolutely right. I think that was what was driving the whole partnership with Adions, right? We did earlier communicate the ambition to double down on wealth. If you sequence through the steps that we are taking, record wealth is shifting of our invested AUM mix up to 42%.

And you look at the partnership that focuses on open architecture platform, but with a long term partnership that enhances the products that we make available to customers. I think that reinforces what we said we were going to deliver. And if I may, sorry, there was one other item regarding the fee outlook conversation. Aside from some of the side views that are shifting into the second half, they are delayed. They're not going away. But there was also an element where credit card fees, which today roughly accounts for about a third of our fee income. The outlook has changed for that as well. And that outlook has changed primarily because there have been some shift in spending patterns of consumers.

And the shift in the patterns have resulted in lower interchange fees in the buckets which they spend on. There are also cost pressures arising from higher air miles redemption as people travel more. And there have been higher scheme fees by the interchange as well, primarily from MasterCard and Visa. So that's the basis of some of the adjustments. And also just to answer, even with Adions, given the very overcrowded wealth activities generated by every bank, then even every bank is having open architecture.

That arrangement will give us a lot of borrowed strength. We just want to focus on distribution. I don't want distribution manufacturing that aggregate. I will have a bigger problem to solve, bigger challenge to solve. They solve the product capability for us. We focus on the platform, the customer base that we do. Hopefully we are in a better position. That is all. The partnership allows us to co-create solutions with the capabilities that they bring, but with the very local knowledge that we have in the markets that we operate in. That ability to co-create solutions is one of the reasons why we've tied up with a global asset management.

Any other questions? Two questions. One is, does manufacturing of fund management product take up capital? Not so much taking up capital. It's the people that you have to attract. It's the infrastructure that you have to build. And today with AI, with all the infrastructure, with the continuous challenge on protecting the customer on the scan, we have to focus to protect them. Because otherwise, my focus will be, my technology is going to have a challenge.

Fund management, banking, insurance company. Too much attention. We just want to focus on what we think we can do better. And just remember, we acquire Citibank portfolio. We have to make it work. The 8 over million customer, in fact, is growing organically. And we have the beautiful product, consumer product. We just have to approach a one bank of goods and sell them the wealth, the mortgages, the credit card. And we need the fund management, because fund management is a big industry. You need skill. And for the skill, by the time you invest, your return is not going to be good.

We are very focused on ROE. We just want to make sure that we want to make sure it's asset-like. Do the right thing. So hopefully the next few years, we'll start to see, you will be able to navigate into a different shape of the bank. Did you have a target for the ROE? Did you say you wanted to focus? I can tell you I want more, but at the end of the day, let's not really say. I don't want to set the 12 to 13%. We still need to invest. Our data center, our call center, we still need to invest to provide better customer service. What last question? You said you are selling non-core assets, such as the asset management.

I know your question. You know my question. You've sold no real property. You've been talking about selling one battle's place. Are there any other non-core assets in your state? No, no. I think this is something from time to time we review. That is also our strength. A lot of other banks, they don't even have time call to sell. That is our strength. That is our operating order. For the last 10 years, we have been selling property. Some are branches we buy, we sell. That is part of our model. It's no different than any investment banking. They buy stock, they sell at a high price. That is our business model. The visible one, of course, is the old UP.

That was new to take over. It happens to inherit. At no point, you put yourself, you are in this building. My next building is also owned by us. Two months ago, we were in Vietnam. We wanted to build our Vietnam Centre. Did you buy that? Is that good? Yes. I would rather have the money and diversity fund. Vietnam is also a good bet. 100 million population will grow. This is where the opportunity is. Otherwise, in Singapore, I have no confidence in Singapore. The E-Buy may supplement. I think the buying and selling of properties is very much linked to the operations and the footprint that we need.

That happens quite regularly. We have repositioned some of the assets in the Orchard Road. We have reported assets in Vietnam. For the asset management transaction, I would say look at it on the merits of the specific opportunity. It is not reflective of a broader program to start investing everything in our portfolio. Our medium-term strategy is always about constantly reviewing our business mix towards capital light, higher ROE activities. This is driven by our wholesale and retail banking business. Wealth is an important part of that. We do all that while maintaining prudent risk management and making sure that the balance sheet is resilient for us to navigate.

I think I go one way. You look at our capital. I don't need to direct something. I don't have too much capital. Then you ask me the next question. The ROE is too low. Can you pay more dividend? I need a bit of... I need the staging. I need the saving in case of crisis. This is part and parcel of prudent management. Nanko is a good thing. After selling all the Nanko, they have nothing to do. Then the next thing I will sell all the loan assets. Sometimes you sell the loan assets. This is why some of the banks are doing all this. So I think we are in a good position.

So we have to stage it. We have to optimize it. We have to see right opportunity. Then you have the trust management. As long as you are concerned, you have to do either by ROE, the return, the prudent, the relevant. You know, size in banking is not everything. To be a good bank, you have to be relevant. You have to be relevant to the economy. You have to be relevant to the SME. It's not just size. It's just that size is easy for me. I can buy a government bond. I can buy bonds. I don't have to deal with all this. The government, I'm sure, will appreciate us. Be relevant to the society. Be relevant to the SME.

We're all helping the economy to grow. I think Vivian had a question for me too. I have two questions. The first is regarding China's new tax rules on outbound investment and trust. So what would the potential impact on the bank be? Have you seen any changes in client behavior following these changes? My second is on AI. Do you see AI becoming a meaningful growth driver in the bank? Is this showing up in income? He's on top of all this AI. Maybe on the first question, I think it's a fairly recent development. We are still assessing the impact. We don't see any material effect at first instance, but it's still something we're watching carefully. On AI, it has become something very ingrained in the bank.

More than 30,000 of our staff have Microsoft co-pilot at their fingertips. There have been more than 300 use cases rolled up across the bank, and they come in various forms. It's no longer a buzzword that we are using. This has become organic in terms of how our staff operate. I think even within the branches today, if a customer was to walk into a branch and ask a question where the teller may not have access to information readily, they have the site then, a laptop that's already equipped with what we call... We call them BYOB, which is bring your own boards, but build your own boards rather,

which has been curated with all the knowledge and frequently asked questions that helps them ascertain. For example, if a customer comes in and asks, what's your latest rates and so on, this ensures that the consistency of information and accuracy of information is available at the fingertips of our people. It augments what they have to do. In terms of income, is this kind of showing up? We are measuring some of the impact, but the measurement of this impact is through a very deliberate approach where we've hired an external auditor to help us with the structuring and modeling of a framework. We expect this framework to be ready towards the end of this year, and we hope to be able to report this regularly in our financial and annual reports.

You know, AI is something that every bank is doing. In fact, the whole country is a matter of, you can be faster, tomorrow I will catch up. It's a very scientific approach. But more important for me, for us, is the human factor. We are taking in a lot of young graduates, or even our existing people, is to train them to be smarter than a machine. Otherwise, they let the machine analyze for them. It's good to provide a second opinion. So if you have an RM who has an EQ, who has an empathy, who is relationship conscious,

that equipment everyone has. This is what we want them to be better. Come with the machine. Banking is people business. If I don't interact with you, every day you see, look at the machine and make the decision. We'll take a question from online. Sorry, Altra from VOICES has a question. Can you unmute yourself, Altra, and ask your question? Online is our machine, right? Maybe you would take your question.

I was just wondering, with token costs increasing, are you at all considering Chinese LLMs as an option to use? Because data shows that they're cheaper, more cost efficient. Does UOB only work with co-pilot? Is it LLM agnostic? No, I think technically the approach is more like having a harness that's open to different LLMs that can support the use cases and applications. But the infrastructure that we're building is looking at something which is neutral that allows us to adopt different LLMs from different providers. Including Chinese.

What we should also bear in mind is that the increased use in terms of energy consumption and cost of compute and availability of such resources is going to be increasingly punitive as everyone competes to get hands on these resources. So that's something to keep in mind in terms of the cost impact as well as the environmental impact. That's something I think as an organization, given our commitment towards sustainability goals, it's something we are very mindful of and making sure that we are doing this in a responsible manner. I think we'll take one last question from Felicia. Mr. Weibo, in your presentation you mentioned growth priorities.

So we were just wondering whether you have more color in terms of your plans to invest in capabilities and expand your North Asia presence. And you also mentioned that you want to reposition your Hong Kong franchise. And you mentioned diversify an asset like growth. Do you have more color on that? I mean, when you say expanding, are you talking about like sectors or more branches or like what? No, no. I think generally we have to improve our... Because today, digital do provide competitive amount of things. And because we standardized our technology platforms

that make it easier for us to develop and speak the market. So this is something that is important. Secondly, to attract. We want to attract people who are able to help us to build. I don't need the people to manage. I need people to help to build. The builder, the entrepreneur, the business people. Because our asset, our AUM is not as strong, not as big as the welfare. How to increase, right? How to build. This is where it's not someone that manage. So that is important.

It's not just taking in people. Taking in people, you can take a lot of people. But the quality of the people that we are looking for. So it's a people, it's a delivery. The product, as we say, we show off our asset management. This is where we hope partners can help us to improve our product capabilities. And hopefully, the speak to market. No point to have a platform, but the product is not aligned to the customer. So these are the big picture that we are looking at. And all these will cut across the whole region. If I could make one more comment, I think on AI. I just want to leave you with some stats as well. Because I think we tend to talk about AI and without numbers.

We mentioned earlier on about 30,000 of our staff, including those in the region, have tools enabled for them already at their fingertips. The number of full pilot prompts we see across the system totals more than 400,000 prompts per month. That gives you a sense of the level of engagement that staff is using. I gave you a specific example of how in our branches people are using it to supplement responses to customers when they need to. That usage utilization is about 50 to 60 percent on average. That means while they are mostly able to handle the questions in cases when they need to supplement figures that they are not sure of, that utilization is about 50 to 60 percent.

Thank you. That's all the time we have today. Thank you everyone. And do reach out if you have any further questions.