3Q 2024 Financial Results Media Briefing

Good morning everyone and welcome to UB's third quarter 2024 results media. Today we have with us our deputy chairman and CEO Mr. V. Chong and our CFO Mr. Li Wei. After both presentations, we'll be taking questions from the media. For media who are joining us online, please use the recent function if you have a question. I'll now like to invite our CEO to get us started. Mr. V. Chong. Okay, thank you. Now, good morning. Thank you for joining us today. As all of you know, globally, there are renewed uncertainties and we are watching development closely. As an ASEAN focused player, we see the region being received. Supply chain shift, in new FDIs,

this could accelerate. Regional economies are growing strongly. Easing global interest rates allow central banks to further boost domestic economies. China reasons stimulus should have a positive spillover. In fact, across our markets. I'm pleased to report that UB has achieved a record high quarter. Net profit was up in percent, year on year 1.6 billion. Driven by broad based growth across all business segments and in our key markets in ASEAN. And I can feel, I can see the momentum is quite strong,

the whole ASEAN market. You can see cut across healthy demand across sectors and geographies, boosted our loan books. Driven by ASEAN role as a trade hub and related financing opportunities. Rise of the digital economy with companies upgrading their systems and grow of the economy. Green economy, the rising demand in sectors such as electric vehicles and renewable energy. Holding the US factory cut in September, we see positive consumer sentiment in ASEAN markets. Our cuts and wealth feeds continue to grow double digit

year on year for the first nine months. Synergies from our city acquisition have kicked in. Our customer base in the region continue to grow. Cross-sell synergies are bearing fruits, notably in Casa penetration across all four markets. And we will focus on this. On the balance sheet front, our asset quality is resilient with strong provisioning, specific provisions were higher, mainly due to one-off factor during integration of the Thai city before. Delinquencies of the Thailand unsecured book have picked and we are not normalizing,

the business is intact and revenues are picking up. Our full year credit costs remain within our guidance of 55 to 30 basis points. We continue to maintain healthy level of capital and funding. Now, in short, we are confident of where we are today and how we can capture opportunities ahead. ASEAN is a price swap amid global uncertainties. Our clients are expanding, investments are flowing and digital in driving demand for services. As an ASEAN focus bank, ASEAN growth story

is our growth story. We are uniquely positioned to capitalize on the tailwinds of strong maker trends with our extensive regional network and capability. Our multi-year investment in standardizing regional IT platforms are now yielding benefits. Our FDI advisory unit set up in 2011 has supported more than 4,500 companies to expand into ASEAN. And we are the only bank who have signed MOU with government investment agencies across key ASEAN markets. We expect sustained revenue growth across our businesses

and will continue to invest in building capabilities in our key ASEAN markets. So for guidance, we expect high single loan digit, double digit fee increase led by cards, wealth, trade, debater fees, higher total income, cost to income ratio between 41 to 42% and total credit costs at 25 to 30 basis point. Our strong capital position also allow us to consider capital management initiative. So thank you for your support. Now I will pass over to Wi-Fi to elaborate