Ahli Bank SAOG (ABOB) Earnings Call Transcript & Summary

Salam alekum,and good afternoon, and [Foreign Language]. Thank you for joining us today for ahlibank Financial Year 2025 Investors session. I'm Said Al Hatmi, and today, I'm joined by the members of the executive management team. As always, we appreciate your time, your interest and the continuous dialogue with the market. Again, today's session will follow this -- the usual format. The first part will have a presentation from our side. And then it will be followed by Q&A session and discussions in the second half. I was take -- I will walk you through the first few slides and then Hunain, our acting CFO, will walk you through the detailed financial results for 2025. This is a standard disclaimer we worked on the screen for you, please to note. Okay, next. To start with, 2025 was another year of transition and opportunity for the global economy. While growth remained uneven across various regions and geopolitical tension continued to inject volatility in the market, the global financial system also showed resilience and gradually adapting to the post pandemic normalization, I would say, of many policies. The global dynamics together will be shifting. Risk sentiment has been an important input into how banks and corporate manage the funding, pricing and capital [ running ] as well. Maybe domestically in Oman, Oman's economy progress has been encouraging and provides a further [ impact ] drop for the financial sector. The government's physical consolidation and the ongoing implementation of the medium-term reform lens together with strong focus on diversification under the Vision 2040 has materially improved, especially during the recent years. And we have seen this year Oman sovereign rating has moved into investment grade during 2025, which is a significant milestone that reflects the cumulative physical and structural reforms implemented over the recent years by the government. These developments support a more predictable economic environment and provide headroom for private sector growth and long-term investment. Specifically on a few of the key macro highlights, as I said by end of 2025, Oman recorded a positive growth and the government has continued to maintain a very disciplined fiscal approach. State budget continued to prioritize development spending while also managing deficit in a very prudent way. These policies -- these policies settings are stabilizing public finance -- financing and supporting medium-term sustainability. The upgrade in 2025 by major agencies have also placed Oman in investment-grade category, which both lowers the sovereign funding risk and broaden the investor space for Oman assets. Move to the next slide, operating environment. As the state budget, again, is designed to strengthen the financial and social stability, while continued developments, building on education, health, transportation and many other strategic projects. This balanced emphasis supports both near-term demand as well as long-term productivity improvements. Definitely, oil and revenue dynamics remain very relevant, but what is the action and hydrocarbon revenue growth are steadily improving the resilience of the public finance. On the regulatory, the focus continues on digital banking, e-KYC, we have received a few directions on this area. Open banking and payment innovation is definitely increasing. So this -- all these initiatives create both compliance obligation and business opportunities for banks to invest in technology and the new product capabilities. So we move to the next slide, Hamaid. On the banking sector, the [indiscernible] are very clear and supportive for well-managed banking system. Total banking assets in Oman expanded materially in 2025. The system continues to grow as credit demand from corporate, SMEs and retail activities continue to strengthen. On the liquidity side, deposits have increased across the system with meaningful contribution from retail and Islamic deposits which drove the stability and cost profile of the funding. The sector remains well capitalized and asset quality has remained stable with gross NPLs at relatively lower level. These metrics provide sound buffer against macro shocks and support continued lending to the economy. The profitability, I think all listed banks improved in 2025, reflecting higher operating income, disciplined cost management and elevated retail mobilization as well. So for ahlibank, all these sector dynamics, we feel it's creating opportunity to continue deepening and retain relationship to support also selective corporate and project financing deals and accelerate our digital product road map. And we discussed earlier on the strategy we had at 3 years, and we are rolling out the second phase of the 3 years strategy approved by our Board. We'll discuss that later on in details, but now I'll hand over to Hunain, who will take us through the details of the results of the financial year 2025. Hunain?

Yes. Thank you, Mr. Said, and good afternoon, everyone. I'll take you through the ahlibank strategy and overview and followed by the ahlibank performance for 2025 in the upcoming slides. Just to start with the ahlibank strategy and objectives and the priorities, as Mr. Said has mentioned already that we have continued to execute a very clear and consistent strategy focused on sustainable assets growth, diversification of funding, expansion of fee-based income and operational efficiency. Our approach has been deliberately balanced ensuring that growth is supported by a strong risk awareness and capital adequacy over the period. Key priorities include accelerating digital transformation, scaling up [ efficacy ] strengthening our retail and Islamic banking franchise and continue to enhance our operational efficiency. The result of this focused approach has been very encouraging. And in the upcoming slides, we will highlight the progress achieved and the tangible outcomes delivered across the areas. The bank is guided by an experienced Board of Directors and executive management team with deep expertise across banking, risk management, strategy and transformation. This continuity of leadership has been critical in maintaining the strategic focus, particularly during periods of market volatility and regulatory changes. Strong governance remains a common cornerstone of ahlibank operating model. The Board is supported by dedicated committees [ namely ] audit, risk, credit, digital transformation and remuneration committee. At the management level, specialized committees ensure timely decision-making, effective escalation and a strong alignment between strategy, risk appetite and execution. So just to give you the overview of ahlibank, the bank has demonstrated consistency across all the key measures, be it market presence, delivering healthy shareholder returns, expanding Islamic banking and growing our loans and deposits portfolio. Total assets grew over OMR 4 billion as of year-end 2025. Since 2023, assets grew at an average rate of 12.3%. Gross loans increased by OMR 447 million during the year 2025, whereas net loans are now OMR 3.5 billion and customer deposits reached OMR 3.2 billion as of 2025 year end. Our branch network expanded to 53 branches including commercial and Islamic. Most importantly, we have been successful in delivering robust results across all of our strategic objectives, reflecting the disciplined execution of the bank's long-term strategy. As I earlier mentioned, total assets crossed OMR 4 billion during 2025, reflecting robust and disciplined asset growth. We have continued to diversify our income streams. Fee income now contributes 28% of the total operating income, up from around 22% just 2 years ago. This growth has been driven by cards, wealth management income and investment banking services. As a result, earnings are becoming less sensitive to interest rate cycles and more resilience across market conditions. A key structural improvement has been on the funding side. Retail deposits now contribute approximately 48% of the total deposit base of the bank, reflecting the success of long-term retail strategy. This shift has materially reduced our reliance on higher cost institutional deposits and directly supports margin stability and liquidity resilience. From an efficiency standpoint, we have maintained a cost-to-income ratio of around 42%, which is a strong outcome considering the investments we continue to make in branch expansion, digital platforms and compliance and people. All of this has translated into strong returns for our shareholders. We delivered a return on average equity of 11.2%, which places ahlibank amongst the strongest performance in the market. At the same time, we maintain a dividend payout ratio above 50%, balancing attractive shareholders' distribution within capital [ efficiency ] for future growth. Over the last 3 years, ahlibank has delivered a strong sustained balance sheet expansion, consistently outperforming overall market growth across all key metrics, which includes total assets, loans and deposits -- loans and advances and customer deposits. Starting with total assets. The bank has grown from OMR 3.3 billion in 2023, to OMR 4.2 billion in 2025, representing an average growth of 12.4% as compared to the market growth of around 7.8%. Moving to net loans and advances, growth has been even more pronounced. Loan increased from OMR 2.7 billion in 2023 to OMR 3.5 billion in 2025, delivering an average growth of 13% versus market growth of approximately 8%. Equally important is the funding side. Customer deposits grew from OMR 2.5 billion to OMR 3.2 billion over the same period, translating into an average growth of 12.9%, significantly higher than the market growth of 8%. This deposit growth has been driven largely by retail and Islamic deposits, improving funding stability and supporting margin sustainability. Over the past few years, we have successfully completed the digital enablement phase, putting cool products and services onto digital platforms. We are now firmly into digital transformation 2.0, which is about moving toward intelligent data driven banking. Artificial intelligence, hyperpersonalization, end-to-end digitalization and continuous innovation reflects this shift. The bank plans to leverage advanced AI technologies to drive innovation, operational efficiency, sustainable growth and organizational resilience across the enterprise. Regulatory innovation remains a core pillar. We are proactively aligning with evolving requirements such as eKYC, open banking and payment mandates, ensuring that compliance is built into our digital architecture rather than it is [indiscernible]. Our digital transformation generally underpins how bank plans to grow sustainably in a digital-first banking environment. Amongst the list of achievements in digital front, I would like to share a few starting with adoption. We have achieved a 98% digital adoption rate, reflecting strong customer acceptance and confidence in our digital platforms. From an efficiency and operational excellence perspective, digitalization has translated directly into productivity gains. Through strategic automation, we have eliminated hundreds of hours of manual efforts and delivered around 200 automated use cases, significantly improving turnaround time across key processes. On customer experience, we have continuously enhanced our mobile banking application with new features designed around customer feedback and usage behavior. This has contributed to a 90% customer satisfaction score, which is a strong validation of our CX strategy. From a strategic milestone perspective, ahlibank has been first to market with over 15 digital services. And during the year, we have [indiscernible] new digital channels. 2025 was not just a year of investment in digital for us, it was a year of measurable delivery with clear outcomes in adoption, efficiency, customer satisfaction and competitive differentiation. Our transformation road map is anchored around four strategic pillars. First, data driven business expansion, we will continue to scale digital landing with the launch of new digital products and journeys, and we are preparing to introduce the market app, which will further strengthen our digital investment and trading ecosystem. Second is AI and advanced analytics. We are making significant investments in AI infrastructure, use case deployment and specialized talent. The focus is on embedding AI into decision-making process from traded, pricing and risk to marketing and customer engagement. Third is customer centricity and platform modernization. This includes targeted investments in customer platforms and critical upgrades to core application and infrastructure, ensuring scalability, resilience and seamless customer experience as volume grows. Finally is a regulatory compliance. With several new regulatory mandates expected in 2026 and beyond, our approach is to remain ahead of the curve. We are embedding compliance into system design, ensuring readiness without disrupting business [Technical Difficulty]. Taken together, this road map ensures that ahlibank digital transformation remains sustainable, scalable and aligned with both the regulatory expectation and customer needs. Moving to the business segments. Wholesale Banking offers a full suite of services through sector-specific teams, covering corporate banking, SME, government banking, treasury and financial institutions and investment banking. Our corporate and SME teams continue to focus on sectors aligned with Oman Vision 2040, including renewable energy, logistics, tourism, fisheries, agriculture, manufacturing and services. This ensures that growth is both diversified and strategically aligned with the national priorities. The financial institution group manages global relationships with regional and international banks, supporting trade finance, treasury flows and cross-border banking, which are important for liquidity management and cross-border transaction. Investment Banking remains a differentiation for ahlibank. A full-service investment banking, advisory and fundraising platform with a proven track record across initial public offerings, equity capital markets, debt capital markets and structured financing solutions. Our asset management arm offers a broad range of investment solutions for institutional and high net worth customers, while our brokerage [indiscernible] on the Muscat Stock Exchange. In terms of the performance, Wholesale Banking total assets grew from OMR 2.6 billion in 2023 to OMR 3.2 billion in 2025, while net operating income increased to OMR 73 million during the year 2025. Retail banking continues to be a key growth engine for ahlibank, particularly in firming our funding base and enhancing customer franchise value. The segment serves retail, premium, private banking and wealth management customers through specialized teams. We operate through a strong multichannel distribution network comprising of 53 branches across Oman, including 26 Islamic branches alongside digital channels. Since opening our first digital branch ahliExpress in 2022, we have expanded self-service access significantly with clarified MSKs operational by year-end 2025. Retail Banking remains focused on expanding both conventional and Islamic customer base while enhancing customer experience through digital onboarding, mobile services and app-based lend solutions. Our wealth management services provide high net worth clients with a combined safe ad based portal covering advisory, investments and portfolio management, supporting fee-based income growth of the bank. From a financial perspective, retail banking total assets increased from OMR 759 million in 2023 to OMR 1 billion in 2025, while operating income was from OMR 33.5 million to OMR 45 million in 2025. Retail Banking has played a major role in improving funding stability and lowering cost of funds for the bank over the years. Islamic Banking continues to be one of the fastest growing and strategically important segment of ahlibank. Over the years, ahli Islamic has built a strong franchise, offering a wide relay of Sharia compliant products and services across deposits, financings, cards, FX and transfers. Services are delivered through 26 dedicated Islamic branches catering to institutional, corporate, SME and retail customers. This segment continues to focus on retail expansion and deposit mobilization supported by digital branches and tailored Sharia-compliant propositions. In terms of performance, Islamic deposits grew from OMR 600 million in '23 to OMR 900 million in 2025, while gross financing increased from OMR 529 million to OMR 850 million as of 2025. Islamic banking now contributes around 22% of the bank's total operating income making it a meaningful and resilient contributor to the overall profitability of the center. 2025 has been another successful year for ahlibank, bringing together strategy, execution and outcomes. Let me start with the strategic expansion and customer reach. During the year, we opened 4 new branches. Alongside physical expansion, we now operate a total of 86 MSKs and ATMs across the sultanate, significantly enhancing customer experience and access. Turning to balance sheet growth. The bank achieved asset growth of 11.6%, crossing OMR 4 billion mark. This growth was broad-based and well funded. Gross loan increased by OMR 447 million during the year, while customer deposits grew by OMR 395 million, reflecting strong customer confidence and disciplined balance sheet management. Retail deposits continued to increase their contribution to total deposits, which strengthened funding stability, reduce the reliance on more expensive institutional deposit and support margin stability over the cycle. On the capital front, we took proactive actions to support growth while preserving shareholder values. The successful OMR 50 million rights issue, combined with the issuance of OMR 11.5 million MCBs in lieu of dividends, strengthened our capital base and enhanced our stability to support future expansion without the new leverage. From an earning perspective, total operating income reached OMR 118 million during 2025. This growth was driven by a combination of higher net interest income, improving fee income contribution, illustrating that growth is translating into the profitability. Asset quality remains a key strength. The NPL ratio was 4.9 -- 4.1%, which is one of the lowest in the industry. All of this has translated into solid returns for the shareholders with an ROAE of 11.2% and ROAA of 1.2% for the year. These returns have been achieved by continuing to invest in branches, digital expansion, people and compliance. In the following slides, I will cover our financial performance with key indicators as of December 2025. Total assets increased by OMR 434 million during the year, mainly contributed by the net loans, which increased by OMR 424 million since December 2024, while deposits increased by OMR 395 million during the year. Operating income grew by 9% year-on-year basis. While impairment charges increased during the year, this reflects a prudent and forward-looking provisioning approach aligned with portfolio growth rather than deterioration in the asset quality. Bank's NPL ratio remained at 4.1% as of 2025, which is same as the last year. Net profit after tax was OMR 46.3 million, up by 11.2% on a year-on-year basis. ROAE, as I mentioned earlier, was 11.2% with an adjusted ROAE of 8% and ROAA of 1.2% for the year 2025. Cost-to-income ratio was 41.6% in line with our growth strategy. We continue to deliver consistent results over the years, maintained efficiency and enhance shareholder returns while investing for future growth. As I earlier mentioned, NPAT reached to OMR 46.3 million as of year end 2025, operating income was OMR 118 million. Net spreads were 2.2% improved from the last year, which was 1.7%, driven by lower funding costs and stable yields. Cost-to-income ratio is going down continuously year-on-year basis, which was 42% as of year end 2025 and ROAE and ROAA was 7.2% and 1.2% respectively. On the asset quality front, ahlibank continues to maintain a disciplined risk and credit management framework, ensuring asset quality remains stronger than industry average. As I mentioned earlier, our NPL ratio stands at 4.1%, below the sector level of 4.3%, supported by conservative provisioning and productive monetary. Loan exposure remained well diversified across sectors, which includes government related entities, manufacturing, trade, services and retail banking. And at the same time, we continue to finance Oman Vision 2040 private sectors, including renewable energy, logistics, tourism, fisheries and agriculture, ensuring prudent growth and sustainability in mind. Our funding profile remains sound, underpinned by consistent growth in customer deposits and a deliberate strategy to diversify our funding base. This shift has helped to lower our cost of funds with CASA balances increasing consistently. Overall liquidity position remained comfortable with the ratios that were regulated [indiscernible], reflecting our strong liquidity position and prudent balance sheet management. On the capital front, CET1 ratio stands at 11.2% and the overall CAR was 17%. As earlier mentioned, we have successfully completed OMR 50 million rights issue in August 2025, strengthening our capital base to support the future growth. Moreover, we continue to issue the MCBs, and in 2025, we have issued the OMR 11.5 million MCBs in [indiscernible]. During the board meeting in January 2026 Board has proposed 6 baisa per share MCBs amounting to OMR 16.2 million in dividends for the year ending 2025. Ladies and gentlemen, to conclude, ahlibank continued to deliver strong results. We achieved healthy growth in assets and profitability and income while maintaining strong asset quality and capital buffers. In addition to these financial results, I'm pleased to highlight some of the recent recognition of the bank has gone, including being named Best Bank for SMEs and excellence in innovation in digital banking. While awards are not the objective in themselves, they provide confirmation that the bank's strategy, particularly in digital transformation, customer centricity and operational excellence is delivering the outcomes. Thank you once again for your trust and partnership. We will now be happy to take your questions.

Thank you. [Operator Instructions] Raise your hand if you want to start. Any questions?

Hello, am I audible?

Yes, but not that clear. You have some echo.

Yes, [ Zeeshan ], go ahead.

Congratulations on a good set of numbers, a very good performance. Firstly, I just like to point out that I appreciate that -- and somewhere in the slide, you mentioned the ROE and the adjusted ROE as well. I think that's very important. So I appreciate you're clearly highlighting it out there, point well taken. With regards to the performance in this quarter specifically, if you could just highlight on -- I noticed operating expenses were on the lower side. And two items stood out, admin expenses as well as your staff cost. If you could just highlight what exactly happened over there? Your mic is muted.

[Technical Difficulty] and we're just trying to see the quarter numbers, what you call us to get these specifics before we answer once we have clear numbers, one second.

You are referring to Q4?

Yes, Q4. The staff costs were on the -- the operating expenses were on the lower side. And when I look at the split up, the 2 line items that drove down your operating cost were your staff costs and your admin expenses. These 2 cumulatively are much lower than previous quarters. So just wanted to understand the rational behind this.

Yes, this is more of accruals because we keep on accruing on what you call a daily basis, monthly basis, certain expenses. And at the end of the year, based on actual outflow both in terms of variable [indiscernible] as well as the other expenses, training, staff, development, it keeps getting accrued. And then at the year-end when actually we do the calculation, it gets adjusted some time. So that is basically -- would have happened.

Okay. Fine. That's all right. On the loan book side, you obviously be growing double digit year-on-year and it's been another good year of growth. In terms of how you see the economy with the rating companies you mentioned yourself, how comfortable are you today compared to 12 months ago? What are you seeing out there in the market? What is obviously supporting sectors that are crucial to Vision 2040? But on your own experience, how have you seen the market evolving? And what sort of conversations are you having with your, let's say, clients?

Yes. So for both on the retail and the corporate side, we're seeing an uptick in credit significantly more in retail, as you have seen as the bank strategy pushes forward on that front. Now with Vision 2040 coming in and the diversification, with the government also now focusing more on injecting more into the economy, we have seen a big uptick in terms of projects, in terms of PPP, projects coming in as well as the different zones. We're seeing a lot moving on real estate as well with the different ITCs and tourism. So we are quite optimistic that we will continue the double-digit growth, both on the corporate and retail side.

Okay. But if I'm not mistaken, I think in terms of your percentage of the book split up, you were -- you had max on the corporate side. Are you seeing a shift towards retail going forward? Are you happy holding onto the sort of historic position that you had?

See, there will be a shift towards retail, but the -- it will not be so significant, and it will change the structure of the balance sheet in a year or two. As a percentage, probably we will grow more in retail as compared to corporate, but because the book size is still relatively much smaller in retail, so you still see overarching presence of corporate banking book in our balance sheet structure.

Okay. Last couple of questions. I don't want to take up too much time, I can go back in queue. You mentioned your branch expansion strategy, and you mentioned sort of the feed through in terms of your cost of funding, a, in terms of getting a more permanent cost of funding and deriving some benefits over there. So how are you seeing that pan out because historically, you had a rather higher cost of funding, given the market position, et cetera? So how are you seeing that changing? And is there any aspirational market share that you would target from the current, let's say, 10%, 11% going forward?

See, I mean, the first part, we have already seen the changes and this year's result is a pure reflection of those changes. You have seen our NIM has significantly increased from 1.7% to 2%, which is on the back of a reduced cost of funds. And we believe that this trend will continue. Now of course, to what extent it depends upon the Fed market rate, it depends upon the competition and it depends upon how we capitalize on them. So it's very difficult to pinpoint a number that how much we'll be able to generate additional cost savings because of the low cost of funding. But the direction is very clear, that we believe our cost of funds will go down in 2026 compared to 2025. And traditionally, we will be there in next 3 to 5 years, just the direction which we are looking at.

Okay. And absolute last question is, any sort of soundbites on any potential merger in the sector?

As maybe we stated last time, the mandate we have from our Board is on the execution of the strategy and the plans that have given to us by the Board, any material or discussion on this subject will definitely follow the same process in terms of disclosing to the market. But since the last disclosure we have made -- I mean, last year, there is no -- any development to a further discussion on the subject. For us, as I said last time, our mandate is to deliver on the strategy mandated to us by the Board and our sharp focus on delivering on this strategy.

Any other questions? I don't see any hands raised, we'll give a few seconds more. [ Zeeshan ] again, please go ahead.

I'm glad people are giving me this opportunity. I appreciate it. With regards to CASA, we've seen the evolution of CASA and how that helps the overall strategy. What are your views on the deposits growth has been sort of muted fairly so? How do you see CASA evolving? And with the whole retail expansion strategy, how do you see that helping CASA going forward?

See, CASA will continue to evolve. I mean as I said, CASA has three elements. CASA has the element of savings banks, as we all know, savings accounts. It's an element of current accounting. It also has an element of call accounts, which is a little bit more interest-bearing and a little bit more expensive. So our focus in the last 2 years, 3 years, especially in the retail side, has to do the first 2 parts, which is the current account and savings account and which we have improved significantly in there and we'll continue to go ahead. And on the call account also and interest-bearing account with the expected reduction in the Fed rate and with the expected softening of the interest rate, we believe that we are well placed with -- in future for the growth even in that segment. So we'll continue to focus on it. And as I said, always last 2 years vision, it's very opportunistic. If we get good quality CASA, we continue to have it. If we get good quality time deposit, we continue to have it. So there's no specific agenda that we need to do this or that. We will go in the market and based on the market dynamics, we'll continue to modify our strategy on day-to-day basis.

Having said that -- yes, having said that, as you have mentioned, the focus in the last few years was a buildup of the retail deposit and most of the retail deposit comes on from the savings accounts.

Correct. Correct, yes. Next is with regards to your other income, we've seen that ratio grows steadily, slightly down Y-o-Y in '25 compared to '24, but overall, fairly healthy. What are your thoughts on that as a cross-sell product? And what's the sort of strategy over there?

I mean you're right. I mean there's a small drop in this year because there was one-off item, as you remember, in 2024. So if we have been able to maintain a very good fee income ratio in spite of the one-off not there, so which is, I mean, a positive, I mean, you can say, result. On account of the future, we believe that a lot of investment done in the retail banking, wealth management, investment banking still has to come by. So we believe that in the next few years, '26, '27, you will see a good amount of fee income or the noninterest income in our balance sheet and P&L.

Okay. And next with regards to the capital adequacy, fairly healthy over there. We've seen the ratios at 17%. And I would like to make a comment that ahlibank has been quite prudent and quite active rather in raising capital and maximizing that. So as now, you've done a rights issue, you've grown the balance sheet to sort of justify that capital raising. The current sort of capital raise that you've done, what sort of growth do you think this would be able to support going forward in the next, let's say, 1 to 2 or 3 years?

See, I mean, as we've always said, our shareholders are always very supportive and very keen to support us in terms of additional capital as and when required to support the business growth. So we do not believe that any business growth limitation will come because of the lack of capital. We have seen the institutional shareholding, which we have and we have a full support and confidence that if the business requires, we will get the capital. Having said that, the MCB program, which we started a few years back, it started to come into practice in terms of converting the MCBs into the core -- CET 1 of the core capital, this will also help us in enhancing and continuing our growth in the assets.

So we have the first tranche actually coming into the CET1 in early April this year. So that will even strengthen the capital structure of the bank going forward.

Okay. And I understand the next point is we generally do not give forward guidance, and I appreciate and respect that. But in terms of ROE, whether we look at 11% reported or adjusted 8%, is that an aspirational number there or sort of a 3- to 5-year strategy over there? Or is it just about doing things on the ground and that would automatically lead to, let's say, enhancement of ROE?

Yes, I mean we also understand where you're coming from. But when you manage a bank, you will not have one or a single KPI or financial metrics to track. It will be on the growth and especially if you are in growth phase, there are lots of multiple KPIs and ratio that you need to adhere to. Definitely, the ROE is one of them, and that's why we always ensure that it's also whatever we do is rewarding to the shareholders. Now, of course, the composition or the component of the AT1 and the adjustment in the ROE, it's been a discussion point in this type of sessions. But as I said last time also, we have yearly plan, we have a 3-year plan. And there's set of KPIs apart from ROE as mandated by the Board, financial and non-financial. So it's a set of KPIs, what we look at. It's not a very specific number or growth and deposit growth and asset or growth, on ROE. It's a set of KPIs that will balance to ensure, again, a balanced growth, product growth in our balance sheet.

Okay. Any further queries, questions? With that, we conclude this session. We thank everyone for attending and see you next for the H1 2026.

Thank you.

Thank you, gentlemen.