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

on our financials and performance of our retail and wholesale issues, thank you. Thank you, Chiang. Thanks for joining us so early. And I hope you enjoyed the tour that the good Kong put for you. Okay, back to our results itself. Our third quarter call net profit grew 10% quaternquat. And 11% your year to a record 1.6 billion. We've called ROE at 14.3%. Net interest margin was stable at 2.05% as loans margin widened on proactive deposit cost management. Loans grew 2% or 5 billion from last quarter contributed by broad base wholesale and mortgage growth.

Fees income was at a new high of 630 million supported by healthy trade and wealth demand as well as picked up in cut fees. Trading and investment income was very strong at 709 million boosted by all time high customer flow treasury income coupled with exceptional performance from trading and equities. Asset quality remains stable with NPL ratio and change at 1.5%. The highest specific allowance this quarter was mainly from Thailand operational major issues which we have addressed and we'll normalize in the next two quarters. Total credit cost on loans was at 34 basis point. Our capital and funding positions did resilient

with CT1 at 15.5% and NSFR at 116%. A little bit more detail on the numbers. Like I said, call profit for the quarter rose 10% from last quarter and 11% from a year ago to 1.6 billion. Total income grew 10% quarter and quarter and we are very encouraged by the momentum and this is happening across all revenue lines. The one off course relating to city integration has reduced significantly by more than 50% from last quarter with Vietnam as the last portfolio to be completed, to complete operational day once sometime next year. On the business front, group retail registered

total income of 4.1 billion for the nine month of 2024. In constant currency term, this was 1% higher than a year ago. Healthy growth in CASA, cut buildings and wealth management fees helped to cushion the pressure on margin, especially in the mortgage area. Total income for group wholesale banking is 5% to 5.1 billion amid the competition for high quality assets. The competitive pricing impact was offset by strong investment banking activities, along with steady growth in CASA and trade loans. Margins. Net interest margin was stable at 2.05% this quarter,

while net interest income picked up from a longer day count, but also because of volume, loans volume growth. Loans margin improved five basis point to 2.56% as we proactively managed and brought down our deposits cost of funding. Interbank securities margin decline, mainly due to the lower interbank yields. On our fees, net fees income of 630 million is a new quarterly record. Loans related fees remain strong backed by labor-digit trade growth. Cut fees passed 100 million level, along with the sustained wealth momentum led by strong banker and unit trust sales.

On our treasury and trading, customer treasury income rose to a new high at 270 million this quarter, on increased hedging demands and higher business flows and market volatility. Other trade investment income search above 400 million as we capture trading opportunities and record the exceptional gains from 1st Street one school. Core expenses for the nine month was up 5% from a year ago, as we continued to build regional capabilities while maintaining tight cost discipline. Staff cost for the quarter rose in tandem with income. There's a many in bonus provision that we set aside. While IT related expenses picked up

from strategic tech investments, on a large income base, cost to income ratio improved to 41.5%. Overall, our asset quality remains stable with MPL ratio unchanged at 1.5% from last quarter. The higher MPA for individuals was largely due to the little bit of friction that we observed in the Thai retail operation at day one in Thailand. I think we have since addressed the issues and moving forward, the MPA will be normalized. For the wholesale portfolio, new MPL formation declined. In fact, recoveries and write-off more than offset this increase.

On the credit cost, that credit cost rose to 36 basis point this quarter, with total credit cost at 34 basis point. The increase in specific allowance was mainly due to the frequencies in the Thai retail unsecured portfolio following the OD1 issue that I mentioned. But these have since picked and were normalized by the first quarter of 2025. The highest special allowance also contributed by prudent collateral markdowns on a few selected corporate MPLs in the US and Hong Kong, as we stepped up recovery efforts on this account. Total credit cost for the nine months was at 27 basis point. And we expect credit cost for the full year to remain within our guidance of 35 to 30.

As of September, the group total allowance was 5 billion, of which 3 billion was from non-impact assets. We continue to set aside general allowance for the growth in our credit portfolio. Our over MPA coverage remains strong at 98% or 210% after taking collateral into account. Loans grew 5 billion or 2% from last quarter, driven by broad-based wholesale trade loans alongside the higher retail mortgage. Year on year, we grew 5% at constant currency. Customer deposits grew steadily by 3% quarter on quarter with continued expansion in wholesale and retail cash.

Our overall cash makes increase to 53.6%. Our liquidity position remains sound with LCR at 141% and NSFR at 116%, both well above the minimum regulatory requirements. Our CT1 strengthened to 15.5% following the implementation of buzzer tree reforms in July of this year. On a fully loaded basis, our CT1 will be at 15.2%. If that, I conclude my presentation and pass it back, man. Thank you, Mr. Li. We'll now take questions from the media. For those dialing in on Teams, please use the raise hand function if you have any questions to ask. Let's start with those in the room first.

Do we get the first question? Chania? Yeah, can I ask? Yeah, always the first one. Congratulations on the food numbers and also the share price increase. Yeah, in COVID up 3%. Oh, I didn't look at it. I walked in. Yes, so congratulations. Thank you. I'd like to pick up on the end of your presentation. You mentioned capital management. Could you share, I mean, your competitor yesterday set a huge share price program. Is this something that you are considering? I think this, even the new password, you can see the capital is quite strong. So we can do a combination of things.

Firstly, we can grow. So ASEAN is growing. So that is, that we can take full advantage of the strong capital to grow. Secondly, we are, as what you said, we are also actively, hopefully by end of this year, we can actually look at how we can take full advantage. Maybe capital management will come in. I will discuss closely with my CFO, see how we can take full advantage of that. Meaning that you will consider buy back by the fourth quarter. I think we're looking at all options. All options. Because if we can't utilize the capital for growth, we have to find some way to return it back to shareholders.

I see. So definitely share buy back will be an option. Higher dividend or whatever it is. So I think this is something that we are looking to. Would your investors prefer higher dividend or share buy back? I mean, I can invest in what we do. Oh, of course dividends. I can't buy any. Yeah, maybe that's different investors have different view. Long term investors, some of them prepare share buy back. Because some of them have capital gain tax or dividend, outside of Singapore. So I think, but there are various considerations because we have a wide range of share of dividends. So if you look at the interest of OINC

and also our retail, the retail investors probably like higher dividend. That's very obvious. And so we have to balance both. And the major investors. So this is something we ask you it's premature to discuss now. We are looking at it. I think we are in a good position to talk about. Yeah, but what is the size of your access capital that can be employed to the full advantage? So technically we have always been comfortable with the 10.5 to 14 C. So technically between 15 and 14, we have a 1% if our RWA 250 do probably talk about the size of 2.5 billion of access capital that we can actually look at.

Like I say, we utilize that to grow and partly also to be. We look at RWA 1% of 250, 2.5 billion. I see. Yeah, just another thing that like I mentioned earlier about you said something about staff bonus, because cost rise in line with provision for staff bonus. Can we, can colleagues here be optimistic about bumper bonus? We are quite clear that we have a staff program that must be in line with performance.

So if we do well, I think to be fair, shareholders expect higher dividend. Staff also expect higher bonus. So I think we are being fair and something that we manage and we will look at between the headcount growth and bonus because that's how we manage the staff to also push productivity. So I think it's the balance that we look at but we appreciate the hard work done by staff, especially with all the OD1 that we are seeing outside all over. We appreciate that. But like I said, it's something that we will have to consider. You know today, two third of our staff is actually outside of Singapore. Look at Malaysia, look at Thailand, look at Vietnam.

So we are focusing on the region as long as the region is doing well. I think no reason for our customer shop change. Oh wow, shares keep going. The share price keep going. I'm sorry, this one. Yeah. I'm full function. Any other questions, John? Since you're considering what to do with the excess capital, I wonder with the completion of the acquisition of Citibank and soon the Vietnam integration will be completed. Would you consider another acquisition within your core asset markets? I believe there is an Indonesian bank for sale now. Yes. Which bank for sale? Indonesia.

This is something we always on the lookout. Always on the, ultimately it has to be the right fit. The last thing we want is to make any acquisition that you real, organic. Because the growth is quite robust. You can see the tailwind is very strong. Any acquisition that you make, I think it's going to take a lot of management time. To manage the integration of the system, the people, the culture and all this. So I think we are like two. We are also, not because of that, we miss out on opportunity. I have a team of people actually actively looking at it. To see opportunity, you look at the Citibank, it's the same thing. After so many years of not doing anything.

I believe the acquisition of Citibank actually boosted the overall branding of the bank as well as the customer base that we acquired. Thank you, Ma'am. Yeah, so I just want to ask a couple of questions. One on interest, well, mainly interest rates and one on capital. So what is your NIMS sensitivity likely to be based on higher inflation in the US and fewer interest rate cuts? I mean, maybe we just end up at 4.5% in the Fed funds way. So how would you look at that?

We have published that we are now less sensitive. We are not interested in that, right? This is how fast it is. So we always say that every 25 basis point will affect around 1.6% of margins will affect us probably in the region of 70, 80 million. Okay, so you think about it, if it's 100 basis point cut, it's a 3, 400 million profit. It's significantly less than what we've got. Mainly because we actually was now a little bit more sensitive. We move into CASA, that is, and we have also repositioned our portfolio in view of this cut.

I think now there are markets saying that it might not be SD. I think it's something that we will watch. Technically, if not SD, it will be beneficial to market. Technically, but we have to watch. It's still early days in the US. And a lot of times I do agree with some of the actions that spring proposes inflationary. And inflation might not come down as fast as it can. So actually we watch that. Ten years have reacted, but market has always moved ahead. And for all you know, next month you'll come back. So we can't use market.

But we are watching that. By the end of the day, stability is very important. Actually for us, you look at the interest rate coming down, you can see the long go. So it's a combination of... And the other part is, okay, so for your set one, you said that a transition is 15.5 and you're fully loaded is only 15.2. How come the difference between your transitional and your fully loaded is a lot less than your peers? I can't comment on my peers. You know how does it work? Okay. So this is a question, right? So basically what B

everybody have their own models. So I give you the benefit of the models because of the different standard. Okay. What B is that you don't have big variation. Okay. You don't have one bank having capital treatment or they ranked that the RWA is less. So what the B So if you are below that, you have to move your RWA up.

Okay. And that's where a lot of the countries... Singapore is actually quite unique compared to Europe. Okay. In Europe itself, it's actually the reverse because a lot of them, the RWA is... Same thing has been a little bit aggressive. So this is what Bensit was to do to standardize risk treatment by all institutions. So those that are very aggressive have benefited a lot with aggressive model will be normalized upwards. So we are probably a little bit more conservative in the models. And we also have been positioning the models on this new buzzer. It's not new. It's something that is anticipated. So it's things like benefiting SMEs

and something that we're working on. So as a result, we are less affected. So you can move our work. The floor is nearer the buzzer. Yes, yes, yes. So we are more conservative. Okay. I get it. So you are at 15.2% which would be higher than the transition... No, still lower. But higher than your peers. We are all roughly around. The transition that's reported around 15.6. It's no longer the difference in 17.89. Okay, versus the 15. So the transition we have pretty low. Okay. Okay. Good morning. I want to know based on where you think rates are going,

how would fixed deposit rates and mortgage rates change for you? Well, we have to go according to the market. If the interest rate drops, our mortgage will go. But as it is, I think it's holding... What is the housing loan rate now? 2.6, right? Some foreign banks have gone at 2.4. No, but you see, if you just do, okay, when interest rate drop, you want to lock in accept price and just switch again. So mortgage, technically, people lock in three to two years. So hopefully you lose money now to make money return. That's how the intention would be. But if the forecast of the interest rate drop is not as aggressive,

you will have to... And the market will have to rethink and recalibrate that. Because if the market is aggressive, then technically we don't mind losing money, but hopefully making them later. So this is how the market calibrates. The second part is really asset opportunities growth. So I think mortgage, especially in Singapore, is a very good price spot. So at the best, it's not only competitive, but it's actually very good risk. Very low risk. Yes, at the default. So there's a lot of competition in that space. Because on the risk adjusted, on the return basis, it's still very attractive. But like I said, it's something that we have to be competitive in the market.

It's just like the rest of the market. So I think that's really... The only thing is the overall economy. Because it's attractive, job employment is there. It's fine. You have an unemployment situation. And you look at China's. So in terms of your securities book, because the Treasuries and all that, yields have all gone up. Are you open to plan to do it? Do you plan to extend it long, short? I don't know. Now you can go long. Yeah, you're right. I mean, if you can catch and you trust the US. But I always tell people that it's very frightening that the volatility of the 10 years, when we are here just after the last talk,

the 10 years was probably 3.5, 3.6. And after we leave the room one month later, it's 4.2. So they are trading more than jump bonds. So that is sensitivity. We must be aware of that. But it's right that 4.5 is attractive. That we have actually started to extend some of our books, especially in the liquid asset portfolio, when we go to carry. So we are slightly doing that. The other part was really the interest differential between the Treasuries and 10 years, because most of our books, liquid asset, is common security, the second book. So that's the other one that we are actually looking at.

But yes, we are looking to extend. We prefer to use our liquid than to do other synthetics. So we didn't do as much in synthetics. Most of it is natural extension of my liquid assets portfolio. And then of course, I have to point out her. And then what was the problem, the issue with the Thai book, the city? I know the Thai reporter. So the city. OK, so I think we just have to be very transparent. She probably knows about it. She's a bit of a shame. But you see, in the city portfolio, number one, it was a very big portfolio in the city

that we took over. So we knew that things cannot be perfect. But we took the opportunity to normalize a few things, create a few things that we changed in there. Like some of it, we changed buildings like some of it, we have multiple buildings like that. And we thought that you got city pay at certain time. Now our cut off is certain time. So sometimes then the other part was we call it multiple cut. So some people have two, three cut, right? Then when you make a payment, you specify with cuts you have to pay. And then our system uses a operation. So there are some of these changes that actually, as a result, this difficulty is because of this unfamiliarity.

Some of them, because when you're not, I think just reopen the other part was really Thailand itself also increased the regulatory minimum payment deal. Quite a percent. So there's various combinations that we have. As a result, we have actually shifted a lot of people to stabilize. So within two months, we actually stabilized that portfolio. But we also deviated some resources to look at customer surveys rather than to chase payment. So as a result, we agree that some of this backlog started to build up. But the good news is, like I said, within two months,

we actually addressed the customer issue. Then we look at recovery. And we have fully recovered by now. I think the worst is over with what you see. So I think people now are paying one time as a result. Now I have to address this historical portfolio, which we have also got offered relief programs and give them a period of time to pay. So this definitely in our mind, we are very clear. It was a blip that we had. It was quite stressful to do the Thai operation. In fact, we sent people to actually stabilize, because our primary response is to stabilize so that customer could play out. And that has actually taken out all those talks about social media.

They already got it. So I think that's the good part of it. So I think it's behind us. Now we can look at synergies already, because all these problems that you have, then we can actually grow. And it's actually a very big type of portfolio that we need. And the credit cards, I know, are pretty strong. So I think that's where we are. Yes, we have the building gap, but we have addressed it. And I think we just have to face it. But it's behind us. And the good thing is we still can't absorb it. My credit card, I still can't absorb it. It's not that it has gone such enormous amount, but yes. When you look at quarter to quarter, there's a blip in there. And we will have to fully address it and take it back.

I think the good news is behind us, customer service is back to normal. When we look at the cross-sell that we go into, the amount that customers are actually now opening up, like I said, even some of the CASA accounts, you know, we say city never really concentrate on the deposit. Today, I think Thailand penetration, now it's reached like 30, 40%. And we continue to push it up. Also from zero cross-sell now we have. So some of this, we are back to it. The spending per CASA has also increased. I think that also we are quite confident that it's behind us. And like I said, we also measure customer feedback, and we actually measure social media, miracles.

Also the good news is a lot of those noises don't, unfortunately, it was something that no acquisition, that's why it's so difficult. There's something that we learn. Okay, we learn, but good thing is our, what we call the recovery programs was fully effective. So we saw all the indicators, past new customer complaints, number of calls has been picked up. All back to normal now. Would you guys revise any new guidance now that President Trump is in the office now? I think it's too early to tell. You know, I'm so far, I mean, yes, I see the sentiment is more information, but I think also depending on who are the people that you're seeking.

So on the face of it, yes, the interest rate may continue to stay higher longer, and it will be based on the strict policies, the inflation, but I don't want to make that assumption yet. And then with ASEAN, do you think that people, that investors will still start, will continue to invest in ASEAN? I think so. And have you noticed much? Yeah, I think the flow is coming. If you look at even Joho, on top of it, we have seven branches there. You can see the inquiries are very strong. Some of the Chinese companies, they already committed to invest billions, half a billion dollars.

Some of these customers that we've referred. So there are opportunities, but it cannot translate to dollar and cent at this point. But a lot of inquiries. So what do you plan for Joho? Do you think, are you going to open more branches? Yeah, we are looking at opportunity. We are looking at opportunity. We see how we can relocate some of the branches, because with the decision of Citibank, we have added nine branches. Ten in Malaysia. Ten in Malaysia. Yeah, so... So Joho is a seven branch. Yes, seven branches. So this is something our people will look at it, see how we can capture it, how we can take advantage of the trade zone.

And then what about, you know, I think the sultans, they're trying to revive forest city. Yeah. And they're trying to encourage the banks to open branches. Yeah. Have you looked at it? I mean, have you been there? We are exploring. We are exploring. It's too early. They have not formalized it. I think that the more upside, the downside, they will be pretty distinct. More upside. Any other questions? Do we have questions from those online? Any other questions from those in the room?

Okay, so tomorrow, okay, let's ask about tomorrow. Have you, you didn't, I mean, in the first half, you always said that you get new customers for tomorrow. What's the update on how many? I think we will answer later. So our organic acquisition of Seattle Track, thank you, Edward. Like I said, one million. So now we have probably the last time we got it was eight or so now 8.3. So they are very important acquisition tools and especially outside of Singapore. So Malaysia or something that we saw that number coming into Malaysia. Thailand, we had it a bit earlier and with the city, I think it's increasing.

I think the exponential rate is happening in Redi and partly into nation because these are the ones that we have a brush network is not as strong. So it's happening. And the other thing that now that we have been focusing on was to put capabilities into the shtala. I think that's what we want to do. And you'll see more of it coming out because if you want to look at cross-sell, you have to do all this, the digital capabilities have to be in. So that's where we are focused on both digital and the other part was really compliance related. We do have a lot of issues here, not careful about the mass market. So customer onboarding and all or something that now we pay a lot of attention to scams and all.

How do we and people prefer to easy people get worried and maybe add friction. So that's the balance now that we have to look at between security and provision. But the top four markets we are operating in, I think we do engage the parties. So the MPS score is actually top three. So I think the acceptance seems to be quite good. So top three in the markets you are in. Could you also share colors on the wealth flows and your wealth management? I think the flow is quite robust. I think this time round, I think the flow will be more Haciang.

Not so much on Daxia Asian. You can see. So Haciang because he's growing well. So the flow is coming from Haciang. That in a way is supply without market. And is it like the increase in AUM during the quarter? Yeah. Was it primarily net new money or was it because of trading games? No, net new money. New money. So a lot of it like each of it is from the consumer space. So it's not in the private banking space. But the consumer space is for our ASEAN franchise is very strong. So I think we are, and that's also, give testament to the cross-sell that we are all trying to do in the region.

So we are quite hopeful, like Chiang said, the momentum that's coming out of ASEAN. And people are now competing. And once the confidence is back, we hope. Of course, people always say that the amount and the penetration rate is different from not Asia. Only because of the risk. So the wealth that we are selling are really an insurance unit, rather than simple products. We want to look at interest rate protection, etc. Rather, we have some in the private banking space, but not as big. When you look at the equity account, so I think we are quite happy that now the growth is in the consumer space.

I think Jacqueline and Susan now are in there, pushing into the region. Those are now getting effect, which is already after OD1, the destruction, right? We are actually getting it. Yeah. To be specific, right? The growth AUM is about up 9%. Okay, the net new money is about $4 billion. $4 billion. This is $4 billion from the previous quarter? Or on? This quarter. Thank you. Wow. Okay. $4 billion. What would you do? No, no. So two things right now. One side is the consumer space. One side is that stability. And there is somebody who, at one time they will move towards equity,

but now more people go towards fixed income. But the fixed income space is where it's very active, right? So if you don't do, if FD is too long, right? Do those, sorry. You look for alternative. And that's where we think that we are able to offer solutions and also the risk, bank assurance is still a very core product that we are doing very well in. And you're happy with just doing bank early. No insurance, no interest in life insurance. I'm sure. We went through that. It's just a different, different management is very captained. That's it. Okay. We probably want to focus on banking.

Okay. And no problems in North Asia on the credit front. I think one of your peers mentioned that there was a big, there was a. Okay. Okay. To say that not Asia has gone out the woods. Just not true. Okay. We, but we have been monitoring it very closely. I think we recognize our NPS ahead. So, so, so we had some of those people asking us how come, and we asking ourselves, how come we recognize not Asia, how come it's not popping up, but any based on our own. And we are now looking at activities to try to accelerate settlement.

Because you look at not Asia at least there are more transactions now. Okay. In recent months, more transaction. Previously, there are a lot of speculations, but more transactions. So we have more transactions. And one of the reasons why we increase our collateral value, like I said, because we actually wanted to just take the haircut. So, so hopefully we want to clean the books out. But it is something that is well managed. We don't have new accounts that's coming in that we are not aware of. So I think that is, so it's something that we are managing. And we think that we had a tail end. We are definitely the tail end. Some of the credit costs is due to graduation. So it's okay.

I think it's going to be conservative. Any observations on the new Thai Prime Minister? Let me take it. I don't know. The observations on the Thai, the new Thai Prime Minister at the house. The asset quality outlook can be. Oh, the ethical. Yeah, we are, we are the only Singapore bank. We are highly committed. I believe I'm confident. Let me put it this way. No reason not. And the flow of Asia and Thailand is one of the biggest countries. You can see the Chinese, the EV cars and all these things. And the tourism is coming in. No reason.

As long as they do the right thing. And they are business people. They do the right thing. And we have been in Thailand for over 20 years. In fact, the week of this one, we are celebrating our 25 years. 25. 25. Okay. The reason why we have to be there is it will be a major celebration. And we have three buildings in Thailand. And you see my headquarters. And that gives a lot of commitment. I think it's important. If you want to be in the market, you have to be committed. So that translates to customer confidence. And I'm feeling like Vietnam too. We are the first Singapore bank to be locally incorporated.

And we are also in the process of acquiring a piece of land. To give our head office in Thai and in Vietnam. It is Hano, Hochi Min Sisi. Hochi. So this is all ongoing because at the end of the day, these are all my major ASEAN subsidies. We are locally incorporated. We want to make customer feel that we are committed. And we are willing to put things as in. Is this your 90th year? Is there going to be like a special dividend? Singaporean share? 90 is in there.

I hope so. No other question. Thank you all for joining us this morning. Thank you. Enjoy your evening. you