Bank Dhofar SAOG ($BKDB)

Good day, everyone, and thank you for attending BankDhofar session discussion for the year 2025. My name is Hilal Al Yarabi. I'm the Investor Relations Officer. Joining me today is our CEO, Mr. Gopakumar; our Chief Islamic Banking, Mr. Amor Al Amri; and our Chief Financial Officer, Mr. Vikesh Mirani; and the IR team. During the year 2025, Oman economy reflected positive macroeconomic growth, and we have seen this reflect in the upgrade of Oman's credit rating while maintaining a positive outlook reflecting the improved physical health of the economy that results from the effort of the government. Our bank continues to contribute to Vision 2040 by providing our services to projects of national importance. The bank continues to focus on both organic and inorganic opportunity through expansion of branch network, which has now reached at 146 branches. BankDhofar, including Islamic windows, proudly serves over 780,000 customers with a robust capital position and strong financial performance. This session is scheduled for 1 hour. We are going to divide this session into 2 parts, the first part at the presentation -- at the bank performance presentation and the second part for the Q&A. Now I will hand over the speech to Mr. Vikesh to take us through the presentation.

Thank you, Hilal. Good afternoon, everyone, and thank you for joining our earnings call today. We'll be going through the 31st December 2025 numbers for the full year. To start with the disclaimer, we'll shy away from making any forward-looking statements. In terms of the agenda, we'll just cover some of the key highlights and financial performance for the bank, looking at the strategy and our digital footprint within the organization that we are currently forming. We'll deep dive into the financial performance of BankDhofar and followed with some concluding remarks, and then we'll open it up for Q&A. Moving on. This slide shows BankDhofar's performance at a glance as at the end of 31st December 2025. Our operating profit stood at OMR 88.6 million, which was higher as compared to last year by 19.78%. Last year same time, this was OMR 74 million. Our net profit pretty much mirrored the increase in our operating profit going up by 17% as compared to last year at OMR 51.05 million. Our fee-to-income ratio increased and improved to 30.54%. The return on average shareholders' equity, if I have to look at just purely shareholders' equity, stood at 8.66%, which was higher as compared to last year by 100 basis points. If I were to include the additional Tier 1 interest, it stood at 6.85% as of the end of December 2025. Next slide shows some of the key highlights relating to the net loans and advances, which stood at OMR 4.18 billion. Our overall net loans and advances went up by OMR 250 million during the year, which is an increase of 6.2%. Deposits, on the other hand, increased by 9.4%, increasing from OMR 3.76 billion last year to OMR 4.12 billion, an increase of almost OMR 354 million during the year 2025. Total assets stood at OMR 5.39 billion. Cost-to-income ratio at 47.8% improved as compared to last year by 3.8 percentage points. Last year same time, it stood at 51.6%. The overall ECL coverage ratio improved to 100.1% as compared to 94% last year. Capital adequacy ratio stood at 18.64% as compared to 16.5% on account of the legal reserve that gets retained, some of the profit that gets retained plus the additional -- the subordinate debt of OMR 100 million that was issued during the year 2025. We work with 17 nationalities in terms of full-time employees with the bank. 44% of our employees are women. We are the fastest-growing branch network in Oman with 146 branches, as Hilal just mentioned. 116 branches are for conventional business and 30 branches for Islamic. Our number of branches have grown almost twice, doubled as compared to 4 years from now. The total conventional branches just 4 years ago was 54 and now stands at 116. If I look at my Islamic business, the overall number of branches went up from 10 branches to 30 branches, an increase of almost 3x as compared to the 4 years period that I just mentioned. Moving on. Just looking at some of the key highlights, again, in terms of the key ratios, which is the table on the right-hand side of your screen. The total capital adequacy, which I talked about at 18.64%. Our CET1 stood at 12.52%. My nonperforming loan ratio marginally increased by 13 basis points to 4.8%. Return on shareholders' equity, as I mentioned, at 8.66% and including additional Tier 1 interest at 6.85%. Return on average asset just a shade below 1% at 0.97%. Our interest rates stood at 2.11% as compared to 2.09% last year. My cost-to-income ratio, as I mentioned, improved by 3.8% to 47.8% and net loans to customer deposits, given the deposit growth outpaced the loan growth, improved to 101.5%. Moving on, this slide shows the performance trajectory for the bank over the last 11 years, essentially talking about the total income, the operating profit, the net profit. All 3, which is total income, operating profit and the net profit at OMR 170 million, OMR 89 million and OMR 51 million, respectively, has been the highest ever in the bank's history of the last 35, 36 years. Some of the key achievements in 2025, and this slide essentially covers right from the start 1990. In 2025, we acquired the Bank of Baroda Oman branch during the year. It was a very successful acquisition that was carried out in the first half of 2025. As I mentioned, OMR 100 million of Tier 2 subordinated debt, Omani rial, was issued during the year, and we reached 146 branches as of the end of December 2025. Moving on. I'll briefly talk about the BankDhofar's strategy here. Our purpose being relationship led, as I mentioned, with 146 branches, we have a significant geographic reach across Oman with our RMs able to reach out to customers across the country. As Hilal mentioned, we now service over 780,000 customers. Again, just to give you some context, just 4 years ago, the total number of customers was a shade above 200,000, which is more than -- which has increased more than 3x now to 783,000 as of the end of 2025. We are a bank that is easy to deal with. 97% of our customers are attended to within 10 minutes of being in the branch. Our Intilaqa app is the 100% digital onboarding app, giving a very seamless experience for our customers wanting to onboard themselves digitally. We have been in business over the last 36 years. Clearly, we think long term in terms of relationship with the customers, focusing on stickiness and providing the best possible service to our customers. Responsible and secure, the investments that the bank is making not only in the infrastructure, which is brick-and-mortar, but information technology, particularly information systems, [Technical Difficulty] the bank both responsible and secure for its customers. Our strategic pillars, the digital engagement, a new Internet banking, new mobile banking experience. I talked about the Intilaqa app, which is the 100% digital onboarding experience for our customers. Customers continue to be the center of our decision-making. As I mentioned, 97% of our customers get served within 10 minutes of them walking into the branch. Our customer complaints are resolved at least for 95% to 97% of our customers within the SLA time. We continue to promote a strong performance culture, delivering operational excellence and also future-proof technology. I talked about the investment that the bank has made into its branch network, the ATM and CDM network. In addition to that, we also continue to invest into our digital technologies, which includes digital engagement hub, a new core banking system, which is what we are looking for our Islamic Banking business and various AI tools to improve our operational efficiency. In terms of our key priorities, enhancing digital engagement, acquire more customers, I talked about how the overall number of customers that we now serve has increased to more than 780,000 focusing on simplifying our processes and improving our cost-to-income ratio. I touched upon how the cost-to-income ratio between the last year and now improved from 51.6% to 47.8%. Prioritizing ESG initiatives and integration -- integrating the same within our business continues to be a key focus area for the bank. We are following guidance being issued by our regulators and ensuring our alignment to the same. Enhancing use of data analytics and technology to improve productivity and customer experience. Following our risk management -- our disciplined risk management approach, I talked about the investment that the bank is making into information security, information technology to improve again, both customer -- safeguarding customer interest as well as improving customer experience. Last but not the least, best HR practices when it comes to developing retention and best talent within the market. Our Ruwad graduate program, our Elevate leadership program; our corporate banking talent development program, which is [ Safeer ]; our ops managers development program, which is Tasheel, continues to work on developing our skill sets within the organization. Again, looking at some of the key digital banking initiatives, some of which I've already touched upon, multifunctional kiosk, which allows our customers statement printing, checkbook issuance, card issuance right at the machine; launch of BankDhofar Pay, Samsung Pay, Apple Pay; SoftPOS for our merchants; new mobile banking experience; launch of WhatsApp services; digital onboarding are some of the initiatives that the bank has undertaken during the last year to improve the customer experience. This slide shows the spread of business across all our segments. What you see on the extreme left is the contribution that is coming from various segments and going towards the bottom line. My retail business contributed OMR 12.4 million out of the OMR 51 million during the year 2025. In terms of revenue, the total contribution that came from retail business stood at 32%. Clearly, with our expanded branch network, we are now almost breaking even or, in fact, breaking even as far as our new branches is concerned, and that's leading to improved revenue contribution from our retail business. Retail business services 624,000 customers across priority banking, private banking, premier banking, which includes Al Rifaa, Al Riadah, Wealth Management, youth ladies and student banking business. Looking at corporate. Corporate contributed OMR 20.3 million in terms of net profit. The revenue contribution stood at 38%. It has come down as compared to previous years, mainly because the contribution of retail that has increased given the expanded network. Corporate served 51,000, both SME and corporate banking customers, providing tailored services to our large corporate customers, project finance and syndication to various infrastructure projects. The government banking unit pretty much focuses on the deposit mobilization as well as our relationship with government and quasi-government institutions. Next is Treasury, investment and financial institutions, which contributed OMR 14.9 million to the bottom line in terms of revenues at 13%. Again, we have seen an overall increase in the contribution coming from treasury investments and financial institutions. Predominantly, it's the investment banking division that's leading to the higher contribution. We have talked about the bank investing into new businesses, which is predominantly the investment banking business, which includes not only the proprietary book, but also corporate advisory, asset management, wealth management business, and that has led to the increase in overall contribution coming from these segments. Treasury, of course, supports the funding, liquidity and risk related to interest rate and exchange rate. Various products, which includes money market currency swaps interest rate swaps, options, et cetera, for our corporate as well as SME customers. In terms of financial institutions, of course, the relationship relating to our correspondent banking relationship customers or clients. Islamic Bank at OMR 3.4 million in terms of net profit, the overall revenues stood at 17%. If I look at revenue contribution, it is largely flattish if I compare it over the last 4 years. The net profit, however, was lower as compared to the previous years, and I'll talk about that in my subsequent slides. Overall, Islamic business is, again, one of the fastest-growing Islamic windows in the country, both in terms of business as well as the number of branches. Islamic business serves over 108,000 customers, individual as well as wholesale banking put together and offering all suites of services, including retail, corporate, treasury and investment banking services. Moving on, this slide shows the performance for the bank for both conventional and Islamic at a consolidated level. Net interest income at OMR 117.94 million was higher as compared to last year by 3.3%, mainly led by an increase in overall CASA balances. With the increased branch network, our CASA improved from 48% to 51%. That has helped reduce the overall cost of funds. Needless to say, the overall asset margins or asset yields got compressed because of the reduction in Fed rates that we have seen over the last 1, 1.5 years. In terms of our fee income, it continues to be a good story. As I mentioned, the total contribution from fee to the total operating income stood at 30.54%. And again, I'm going to touch upon this in detail in my subsequent slides. If I look at the absolute number, the fee income increased from OMR 38 million to OMR 51 million, an increase of 34%. Most of the fees has come from core businesses and that will ensure its sustainability in the subsequent quarters and year. Overall, fee and commission income increased by almost OMR 7 million. My FX income, which is largely transaction led went up by OMR 2 million and investment banking business income, which again is mostly coming from proprietary business, proprietary investments as well as my asset management business, which went up by almost OMR 3.9 million. Cost continues to be one of the key focus areas. So whilst the bank continues to invest in expanding the branch network as well as technology investments, we have managed to keep our cost contained with an increase of 2.9%, focusing wherever operating efficiencies can be derived and improved. Overall increase, as I mentioned, was at OMR 2.3 million between 2024 and 2025. That led to an overall increase in our operating profit at 19% and the net profit at 17% as compared to last year. Net provisions went up from OMR 23.8 million to OMR 30 million, which is an increase of 26.9%. This led to a cost of risk at close to almost 74 basis points during the year 2025. This slide talks about our Islamic window. Operating income, as you can see, continues to do very well. The overall interest, which is the profit income as well as the fee income went up by 25% during the year 2025 from OMR 23 million to OMR 29 million. Fee income in our Islamic business, as you would have seen at the consolidated level, which means conventional business, growing by almost 22% during the year 2025. The overall customer financing and customer deposits, which is the boxes right at the bottom, 5 and 6, also showed significant growth with customer financing increasing by 17% and deposits going up by almost 25%. In fact, if I look at deposits, the CASA deposit increased from OMR 336 million to OMR 463 million. I talked about the overall increase in the branch network in Islamic, and that's clearly leading to a healthy and increased CASA deposits in Islamic business. If I look at the impairment, which is eventually and ultimately impacting the net profits, it went up to OMR 11.77 million. There are some accounts on which we have -- are taking accelerated provisioning. These are not necessarily classified accounts. These are precautionary provisions that the bank is taking. Needless to say, we are working with the customers and the collaterals that we carry on these accounts. And should that get resolved, we should see some of this ECL getting reversed in the coming quarters and years. Moving on. This slide shows the overall loan growth. Loans from OMR 4.1 billion to OMR 4.387 billion grew by almost 6%. Both corporate and retail grew by close to almost 7% and 6%, respectively. The waterfall chart that you see on the top right shows some of the key sectors where the loan growth has come in, retail being OMR 92 million, communications OMR 40 million, government business at OMR 90 million, and services at OMR 263 million. Moving on, the credit quality associated with the loan growth. Our nonperforming loans, which is the gross NPL ratio stood at 4.8%. In absolute terms, my NPL stood at OMR 210 million during the year 2025. Stage 2 exposure, whilst it has come down from OMR 767 million to OMR 651 million, the coverage associated with Stage 2 went up to almost 10.77% during the year. Overall, NPL coverage ratio with increased ECL that the bank continues to take improved to 100.1% and the Stage 3 coverage ratio stood at 57.48% as compared to 54% last year. Looking at the funding side of the balance sheet, I talked about the 6% increase in the overall loans. The deposits, on the other hand, grew by almost 9.4%. It went up from OMR 3.7 billion to OMR 4.1 billion, which is an increase of almost OMR 354 million during the year. Out of this INR 354 million increase that we have seen, 76% of this increase actually came from CASA. So given the expanded branch network that the bank now works with, it's clearly helping the overall CASA ratio. It's not the headline number that the bank is actually chasing, we're also ensuring the price sensitive CASA, is something that we can do away with, and that's how we are trying to manage our overall cost of funds. Clearly, with the increased customer deposits as compared to the loan growth has helped the LCR ratio as well as the NSFR ratio, LCR at 157% and NSFR at 113% as compared to the regulatory requirement of 100% as at the end of 2025. This slide shows the profitability and performance and the table that you see on the -- or the chart that you see on the top left shows the contribution that is coming from my interest income, the Islamic business profit income, the fee income as well as the others income. I would like to draw your attention to the table on -- during the year 2022, the top 2 boxes, which essentially represents the fee income was at 14.5%. What you see is 15%, but in reality, it was 14.5% as of the end of 2022. So bank was deriving 14% of its income from fee income as compared to the total income as at the end of 2022. Clearly, the investment that the bank has made into new businesses, which I talked about, investment banking, corporate advisory the overall asset management, wealth management business, the cards business that the bank is currently undertaking, the overall increase in transaction volume, FX income as well as the overall focus on fee income has led to the increase in fee income contribution to 30.5% as at the end of December 2025. The table that you see at the bottom is essentially telling us that most of the fees, in fact, largely most of the fees is coming from core business. So if I look at net fees and commission income, which again is my core business, going up from OMR 28 million to OMR 35 million. Miscellaneous income is largely flattish at OMR 1.2 million. If I look at foreign exchange, it has increased from OMR 4.7 million to OMR 6.892 million. This is, again, as I mentioned, transaction-led as well as some of the IRSs that we have done for our customers. Investment income increased from 4% to 7.9%. This income is also coming from our investments into various equity portfolio, which is, again, largely Oman-based, some of the perps that the perpetual bonds that the bank has acquired as well as the asset management and the corporate advisory business, which is expected to be largely sustainable in the next year and beyond. Moving on, this slide shows the asset yields, the cost of funds as well as the net interest spreads. As I mentioned, with the reduction in Fed rate, we have seen pressures coming on the asset yield. However, it went down by -- marginally by 36 basis points as compared to last year from 6.23% to 5.87%. Cost of funds, which went up sharply between '22 and '23, post-COVID when the rates were close to 0, went up to almost 5.25% to 5.5% in the middle of 2023, saw this significant increase in the cost of funds. Cost of funds have since then come down by 38 basis points to 3.76%, largely because of the increased CASA and how we are managing and bringing down our cost of funds associated with the CASA that we currently carry on our books. This has led to a marginal 2 basis points increase in our net interest spreads during the year 2025. This slide shows the capital position. I talked about the subordinate debt that the bank did during the year 2025. We did a successful issuance of OMR 100 million of subordinate debt during the year. That has led to an improved capital adequacy ratio and increased capital adequacy ratio at 18.6% as compared to the regulatory requirement of 13.5%. Our CET1 ratio also continues to be healthy at 12.5% as compared to the regulatory requirement of 9.5%. The bottom 2 graphs show the risk-weighted assets, which has marginally increased from OMR 4.3 billion to OMR 4.395 billion. The bank has declared -- the Board has declared or recommended a dividend of 7.5% for the year 2025, of course, subject to shareholders' approval in the upcoming AGM. So with this, I will conclude my presentation. I talked about some of the key initiatives that the bank has undertaken and the strategy that the bank has been following, the increased branch network and how that has translated into overall increase in revenues, net profit and operating profit for the bank, how it has ultimately led to the increase in the fee to total income ratio and the overall customer numbers reaching to upwards of 780,000. My net profit went up by 17%, an increase of -- an increase to OMR 51 million. CASA ratio stood at 51%. Dhofar Islamic stand-alone CASA with increased branch network to 30 branches stood at 53%. Overall, the bank continues to be supported with an experienced management team and a very supportive staff base, helping us drive our 2025 performance. With this, I will conclude my presentation, and I'll pass it back to Hilal to manage the Q&A session.

[Operator Instructions] Are there any questions? Yes, [ Sandesh ].

Please unmute yourself.

Mr. [ Sandesh ], if you can unmute yourself and identify yourself and please go ahead with your question. We are not able to hear you Mr. [ Sandesh ]. You are on mute.

Hello, am I audible now?

Yes, we can hear you.

Go ahead.

I have one question. You mentioned your cost-to-income ratio improved to 47.8% in 2025. And also your number of branches have gone up to 146. So just wanted to understand if the cost-to-income ratio would be sustainable at this level? I just wanted to understand that.

Thank you, [ Sandesh ]. Yes, you're absolutely right. My cost-to-income ratio stood at 47.8% as compared to 51% last year. And as I mentioned briefly in my presentation, this is despite the investment that the bank is making both in the branch network as well as the technology infrastructure. Clearly, there are areas of opportunity that the bank is looking at where the cost can be managed well. And that is creating the room for the bank to invest into branch network as well as technology and people. We do expect this to, in fact, decline in the coming quarters and year. In fact, our cost-to-income ratio peaked somewhere in 2023. It stood at 57%. From there, it has been brought down to now 47%. Of course, the drop may not be a very accelerated drop, so to say, but you will see a gradual drop in our cost-to-income ratio as the overall total -- as the overall top line improves as well as we are able to manage and control our costs.

Yes, Mohammed.

Yes, Mohammed. Please go ahead. We are not able to hear you, Mohammed. Mohammed, if you can unmute yourself and ask your question. We are not able to hear you for now. Unfortunately, we are not able to hear you, Mohammed. You are on mute. Okay, any more questions from any other participants?

[indiscernible].

So Mohammed, we heard your -- Michael, we'll just come back to you before we answer Mohammed's question. So in terms of ROE targets, Mohammed, as I mentioned right at the outset, we do shy away from making any forward-looking statements. Having said, ROE has improved, if I compare it with last year by over 100 basis points at 8.66%. If I just look at shareholders' equity, if I include additional Tier 1 interest, it stood at 6.85%. The bank has been making provisions in a prudent manner, which stood at 74 basis points in terms of cost of risk. We expect that to continue at the same levels in the year 2026. Clearly, if -- once this falls off as well as what I talked about on the Islamic Banking, if we are able to resolve some of the challenges that we have on the accelerated provisioning that we are taking, we should see a marked improvement in our ROE in the coming years. Michael, we'll move to you now.

So first of all, 2 questions, please. Just like as a follow-up to the previous one, I think previously, when discussing the provisions and the cost of risk outlook, you were guiding that just like the extra provisioning should stay at the elevated level just for the first half of the year. Am I hearing correctly that you think that just like [ 70-ish ] level of the cost of risk would be sustainable for a full year 2026 or basically the second half should already see improvement? That's first question. And the second question is actually regarding actually the liquidity of your share price, just like given that the broader market has been pretty much lifted significantly by the expectations of the EMR upgrade. However, BankDhofar is still not part of the liquidity provision program. And I was wondering on whatever you are looking actually at the ways to improve the liquidity of your stock? Perhaps we're actually offering more shares to the market to accelerate the growth and actually leveraging your investment into the branch network or actually working with the fund in order to improve liquidity in the stock?

Thank you, Michael. I'll pick up the first question first, which is the cost of risk. As I mentioned, the cost of risk stood at 74 basis points during the year 2025. Yes, you're right. In the last call, we mentioned we expect an elevated cost of risk pretty much on the same lines in 2026 as well. We broadly continue with the same guidance, Michael, for the year 2026 as well. We expect the cost of risk to stay at the same levels. As I mentioned, we are working on some of the collaterals and with some of the customers to manage some of the accounts. But having said, at this stage, this is the guidance that we can give you. Having said, we will be coming back to the market somewhere in July after our half year performance, and that's when we'll be looking at and providing further guidance in terms of cost of risk. As far as liquidity of stock is concerned, again, you must have seen over the last couple of months, the liquidity has significantly improved. Clearly, this is something that is important, and we are working with some of our fund providers, et cetera, who are generating improved liquidity in the stock. Needless to say, if there's an opportunity that supports improved liquidity, which is working with any of the liquidity providers, et cetera, is something that we are currently studying and looking at. If this definitely -- if this helps, the shareholders' liquidity is something that the bank will be considering.

I think I see some Mohammed has some questions.

So Mohammed, I see you have talked about some of the questions. I'll just quickly pick that up. So we talked about the ROE target. You're talking about performance of Islamic window is lower than expectations. Do you have any outlook for this? So as far as Islamic Banking performance, I talked about how the Islamic Banking performance got impacted because of the higher provisioning that we have taken during the year 2025. Islamic Banking provision was associated with some of the accounts, which are not necessarily Stage 3 accounts, but the bank is taking precautionary provisioning and accelerating the provisioning on those names. Having said, we are working with those customers, the collaterals that are associated with those exposures and trying to achieve some form of resolution. If that is achieved within this year and the next, you should be seeing, in fact, some of the ECL that is associated with those exposures coming back. Having said, this is something that we are taking as a precaution being cautious in 2026 as well, and you will continue to see that level of provisioning in 2026. The next question is CAR is more than 18%. And how do you plan to utilize the excess capital going forward? And will investors expect stable dividend payout? So again here, the capital adequacy went up to 18% on account of -- 18.6% on account of the Tier 2 subordinated debt that the bank had issued. We grew our balance sheet by 6% in 2026. We are looking at a high single-digit growth again in 2026, which should help utilize some of the capital that was issued. Clearly, it's not only the on-balance sheet growth that we are focusing on, given the focus on our nonfunded income, that's again an area that utilizes some of my risk-weighted assets is what the bank is -- continues to focus on. And you will continue to see that momentum in my fee income. So yes, we do expect that to ultimately improve the profitability in 2026 and help increase the overall dividend payout. The bank has been consistently paying out dividends in the last 20 years. In fact, the cash dividend improved to 7.5%, which is what being recommended by the Board to the shareholders and expect it to be -- and will be presented to the shareholders at the AGM.

I think from our point of view, we see the Tier 2 sub debt that we have raised this year. Post tax, we are talking about capital cost of about -- just over 5%, and so that's going to be very accretive for the shareholders, is our view. So you should expect the cash dividends to be stable to going ahead in the coming few years. To the earlier questions regarding the Islamic Banking, we are very confident and very optimistic of the Islamic Banking franchise of the bank. And even if you look at the 2025 numbers, the operating profit, all the parameters are looking very good, including a good increase in the operating profit. As the CFO explained, it is the question of some of the precautionary provisions that we have taken. So overall, we are optimistic and very positive about the Islamic Banking business. I think on the EGM agenda on capital augmentation, it is a little bit of -- we don't have a fixed plan in mind to raise capital. We are just taking the opportunity of a shareholder meeting to get an approval so that if we have any plans to raise capital, then we don't need to again go through the process of a shareholder meet. To that extent, we are saving time. But one never knows in terms of the opportunity, this is for a period of the next few years that we have taken this. It's more in preparation for anything that's -- something that can happen in the future with no specific capital raise currently planned because as you -- as an earlier question alluded to at more than 18% CAR, we are not in need of capital to be taken now.

Are there any questions? Since there are no any further questions, I will have [indiscernible] CEO for concluding the session.

Thank you, Hilal. I thank all the investors, the analysts and everybody who have taken the time to be on the call and who have been supporting the bank. And as Vikesh explained in his presentation, from where we were, we have made significant progress. And in terms of where we ought to be, in our opinion, we are about 70%, 75% of where we ought to be, and that's the work in progress that all of us as a management team are very, very focused to deliver. And hopefully, all things being good, we should be on the path to have another successful year 2026. I can assure you, the entire team is absolutely laser-focused in getting that done. Thank you very much for all your support once again.

Thank you.

Thank you.