BRAC Bank PLC. (BRACBANK) Earnings Call Transcript & Summary

Good evening everyone. Welcome to BRAC Bank's H1 '25 earning disclosure. It is a pleasure to have you with us as we present not only our results but also the strength and resilience of each of our business segments that together drive our growth journey. I'll begin by walking you through the overall picture and then invite our segment leaders to share deeper insights into their respective areas. Later in this session, the CFO of bKash will also walk you through the highlights of bKash performance, which continues to play a pivotal role in our broader ecosystem. Let us begin by setting the broader context in the economic landscape in which we operate actually. Bangladesh's macroeconomic outlook has improved over the last past 2 quarters with easing inflation and stronger external position. The current account turned positive supported by export recovery, which is 7.7% year-on-year and robust remittance inflows, which is hefty 26.8% year-on-year. Imports remain subdued, that is around 1.8% year-on-year, amid weak private credit growth that is 6.5% year-on-year. This has kept GDP growth modest at 4% in 2025. Looking ahead, we expect sustained export and remittance growth, keeping current accounting surplus with inflation on gradual decline, a policy rate cut is likely once inflation comes under 7%, paving the way for lower interest rates. And we're also hoping stronger trade demand and GDP growth recovering to 5.1% to 5.5% in 2026. Over the last 5 years -- can you go to the next slide, yes. And the next slide, please. Over the last 5 years, our asset and deposits have grown steadily in line with strategic intent. This consistent trajectory of marketing -- market share expansion in both loans and deposits clearly reflects the strength of our execution as reported in this slide, you can see in the slide, clearly. Now we would like to go to banking division. SME is particularly our DNA and continues to be the backbone of our inclusive growth. I'll hand over to our AMD and Head of SME, Syed Abdul Momen to take you through these highlights. Abdul?

Thank you. Thank you, Tareq bhai. So respected colleagues, shareholders and partners. It's a privilege for me to share how our SME Banking division have performed during the first half of '25. SME continues to be the heart of BRAC Bank. By end of June '25, our SME customer base have reached 734,000, which is a 25% -- 24% increase year-on-year, and we have onboarded 73,000 new customers during this year alone, which is an 11% growth. So this shows the trust that the entrepreneurs have on us. And this year, also, our SME deposits grew by 42% year-on-year. And during this year, there is a 17% growth in our deposits. CASA mix have suffered a bit. It has come down to 44% from 54% due to the high interest rate environment, but still, the base is very strong. The cost of deposits have also went up to 5.35%, which is in line with the market trends. And our SME loans have also grown 14% year-on-year and only 2% during H1, which is a bit slow compared to our previous year's performance. The slow asset growth reflects the sluggish economic activity and the cautious demand for credit across the markets. Even in this backdrop, we have maintained steady momentum and disciplined capital deployment, which is shown by our portfolio yields, which has improved to 12.23% from 9.49% a year ago and by -- to 10.25% in December. So this shows that we have maintained a better pricing discipline this year. Asset quality stays the same, like very resilient at 3%. NPLs stood at 2.74% compared to 1.96%, which is mainly because of the new classification policy that has been introduced by the Central Bank this year. But on a like-to-like basis, our NPLs remained unchanged, reflecting our true strength in managing the book. The SME trade finance has been a highlight of this year and the volume grew by 53% year-on-year and reaching USD 118 million in H1 '25, compared to $77 million last year. So in summary, the first half of 2025 for SME has been a strong customer growth, solid deposit mobilization, resilient portfolio performance despite slow economic activities and a big boost in our trade finance. While overall credit demand has been cautious amid sluggish economic activity, our SME franchisee has continued to deliver profitable and sustainable growth. With more than 734,000 entrepreneurs banking with us, BRAC Bank stands proud and undisputed leader in the SME banking industry, fueling businesses, creating jobs and driving Bangladesh's economic progress, which we foresee to do even better during the remainder of the year. Thank you very much. Over to you, Tareq bhai.

Thank you, Tomal, for your brief highlights. Our SME franchise actually remains unmatched, expanding customers, deposit and trade volumes, proving our leadership in this segment. So now let's go back to Corporate & Institutional banking. Corporate & Institutional banking, the partner of choice for large businesses. I'll go through the slides of our Corporation & Institutional Banking division. This segment remains a cornerstone of our bank's growth story and it demonstrates the trust that large businesses continues to place in BRAC Bank. In the first half of 2025, we delivered a 20% year-on-year growth in deposit with strong momentum in trade finance. Trade volume alone extended by 38%, reaching to $3.4 billion compared to $2.4 billion last year, including a robust $780 million trade in key public sector entities, which actually we embarked in last year, particularly. Our portfolio grew at 12%, even amid a challenging macroeconomic environment, and yields improved to 9.4%. On the digital front, Corporate Banking doubled its trend base in just 1.5 years, processing 4 million transactions with a 42% year-on-year growth. Of course, we have navigated short-term pressures, particularly in asset quality, but with disciplined risk management and targeted client support, we are already stabilizing performances. What is the most encouraging is that new client acquisition is about BDT 5,700 crores fresh credit limit sanctioned during this period, which is a clear vote of confidence from our corporate partners. Looking ahead, our focus is twofold. One is to deepen wallet share with our top-tier clients by offering integrated banking solutions; and second, to drive cross-border trade opportunities that leverage Bangladesh growing economy. We'll also continue to invest in digital platforms for corporate clients, ensuring efficiency, transparency and world-class services delivery. In short, despite microeconomic headwinds, our Corporate & Institutional Banking division remains resilient, trusted and forward-looking. It's just not about getting large numbers, but it's also about large relationship that we nurture and grow for the long term. Now we'll go into the Retail Banking segment. Retail continues to be our growth accelerator, driving deposit and lending momentum. I'll hand over to our DMD and Head of Retail Banking, Mahiul Islam.

Thank you. Good evening. It's my pleasure to share our Retail Banking updates on the first half of this year. Before I begin, let me extend my gratitude to our investors and our customers for the continued trust in BRAC Bank. During the first half of 2025, we have sustained our growth in deposits and assets despite a challenging economic environment. Deposits remain our key strength, increased by 38% year-on-year, reaching BDT 36,500-plus crores. Compared to December, that's a healthy annualized growth of 30%, reflecting customers' confidence in us. Our CASA mix, however, dipped slightly to 34%. A reminder that we must keep working towards a lower cost stable funding. Meanwhile, the cost of deposits increased from last year, in line with industry trends. In terms of assets, we have delivered robust growth with the portfolio expanding 26% year-on-year and 12% since December, reaching BDT 10,900-plus crores, loans being the main driver, up by 29%. Our yields improved to 10.6%, up from 9.1% last year, reflecting both market conditions and prudent pricing. Credit discipline remains front and center, but we faced challenges in portfolio due to macroeconomic stress that resulted in increases of PAR by 39-basis-point and NPL increased to 3.42% mainly due to changes in Bangladesh Bank's regulatory guidelines on loan classification. Beyond the numbers, what excites us is the transformation in how we serve our customers, digital account onboarding surged 83% year-on-year with over 94,000 new accounts, prove that customers are embracing simpler, faster retail banking solutions. Digital loan disbursement volumes nearly grew by 4x to BDT 456 crores as customers increasingly rely on our digital platforms. Now as we look ahead to the rest of 2025, our focus is clear: sustained deposit growth while optimizing low-cost funds, maintain asset quality through disciplined risk management, and accelerate digital adoption to create seamless customer experience. Thank you.

Thank you, Mahiul. Now we'll go to the Branch Network. Our Branch Network is evolving into a modern digital fast ecosystem. Let me hand over to our DMD and Head of Branch Distribution Network, Sheikh Mohammad Ashfaque.

Thank you, Tareq bhai. Good evening, everyone. I'm Sheikh Mohammad Ashfaque, Deputy Managing Director and the Head of Branches of BRAC Bank Limited. It gives me great pleasure to share that half yearly performance of Branch Network for 2025, we have achieved BDT 8,985 crores in deposit growth, a 15% rise from last year, BDT 5,654 crores. We onboarded 137,000 new customers. This was BDT 1,044 crores in assets and issued 6,200 new credit cards. Each number is a reflection of growing trust in our bank, and the depth of relationship with customers. What drives this success is not just numbers but actions. A few notable action items are our network expansion with 14 new subbranches in new territories, launched the first digital front -- first branch in Gulshan North Avenue and introduced a centralized queue management system for measuring service delivery standard. We partnered with 3 insurers launching full-fledged bancassurance products. This is a new opportunity that opened up after Bangladesh Bank has permitted banks to sell insurance products directly to banks' customers. We recruited specialized retail assets -- retail assets specialists to concentrate more on retail assets and launch 3 digital productivity tools to increase efficiency. These journey is about building stronger relationships, lending innovation with trusted products and ensuring the best service to remain at the top of the mind of the customers. Thank you, everyone.

By blending digital vision with physical presence, we are delivering superior customer experience and growth through our Branch Network. Thank you, Ashfaque for your highlight. Now Risk Management remains at the heart of our strategy. I'll invite our DMD and CRO join Mr. Ahmed Rashid Joy to share the updates regarding Risk Management and Sustainable Finance.

Thank you, Tareq bhai. Good evening, everyone. We continue to present our portfolio quality trend, which is PAR and NPL since 2017. Because so many things have happened across these years like COVID pandemic-related restructuring. And then we also doubled our portfolio almost 200% in the last 4 to 5 years. And the other economic uncertainties that we have in our country, including foreign exchange crisis and high inflation. So if you look at the trend, our PAR, 30 days PAR remains static. The trend is flat. Though the volume has increased about around BDT 500 crore plus, but in terms of percentage, it is static 4.23% as of H1. The NPL has increased as you are well aware that the definition of NPL has changed because of the Central Bank new regulations. Also, they have changed the definition of past due from March. So that -- and we knew this because since last September, we been exercising this that how much NPL will increase when the 90 DPD definition will come into effect. And we knew that we will -- our NPL ratio will increase by 30 to 40 bps, and that has happened, as you can notice. Next slide, please. So on the left side, you will see our stressed portfolio trend, which includes the normal NPL, the rescheduling, which is the normal rescheduling and also the pandemic-related restructuring. So you will also notice that after 2023, the pandemic-related restructuring has disappeared and they don't exist in our books anymore. What we have now is the NPL and the normal conventional rescheduling. And our stressed portfolio trend as of H1 was 3.90%, which is below 4%. On the right side, upper right side, you will see our NPL coverage ratio, which is 108% as of June 2025. And our strategic target is to keep this around 110%, around that percentage, and we are maintaining that. The credit cost has increased to 70 bps in the second quarter. And one of the reasons was that the general provision rate for SME portfolio has increased from 0.25% to 1% because of the change of regulation by the Bangladesh Bank. Our SME portfolio is a big amount. Actually we have a large portfolio on that. So that has resulted in increased credit cost to 70 bps during this half. On the bottom side, you will see we are doing a lot of things on the statistical modeling and other modeling things, where we will continue to focus on these things to manage our portfolio more scientifically and price our risk accordingly. So this is on the credit risk management things. Go to the next slide, please, sustainable finance. We have been awarded as one of the best sustainable banks, top sustainable banks, and we received excellent rating from the Central Banks with 2 other banks. This was given by the Bangladesh Bank yesterday. And we have been achieving this rating in the last 5 years consecutively. Recently, we were awarded with the high score by the Bloomberg on the Bloomberg ESG score, which they do it on all the publicly listed companies in Bangladesh. So among those listed companies, we got the highest score on the Bloomberg ESG score. We've published a sustainability rating, which is fully transparent and which includes GHG emission disclosure in accordance with the ISSB, GRI and PCAF standards. We were the first country -- in Bangladesh to publish the IFRS S1 and S2 report in accordance to the ISSB's guidelines. We are also issuing one Social Bond worth BDT 1,000 crores in accordance with the ICMA principles. We have received the Central Bank approval and waiting for the approval from the Securities and Exchange Commissions. So these are the highlights of the Sustainable Finance portfolio. We are doing a lot on this, and we will continue to do a lot on this. I think that's it from me. Thank you. Over to you, Tareq bhai.

Yes. Thank you for the highlights. With advanced models and disciplined trade oversight, we are safeguarding asset quality, while enabling growth. Sustainability is not an add-on. It is embedded in everything we do. Recognition from regulators and global institutions reflect our leadership in green and sustainable finance. Now we'd like to go to the financial updates. I'll hand over to the AMD and CFO, Mr. Masud Rana to present the details.

Thank you. Thank you, Tareq. Good evening, and Salaam to our viewers. Let me start with the small synopsis of the over last 6 months. Bank has actually delivered a very good set of results in the first half -- in the first 6 months. To start with, we have grown our -- continue to grow our customer base, about 134,000 new customer has been onboarded during this last 6 months, predominantly in the Retail and also in the SME space. Strong balance sheet growth momentum continues. If we look at our balance sheet grew by about 23% at annualized rate in the last 6 months. On a year-on-year basis, it has grown by about 26%, led by the deposit. Deposit, we have grown about BDT 10,000 crores deposit in the first half. And our year-on-year deposit continues to be at a very common double rate of 33%. And thereby, with this strong growth in the balance sheet, particularly in the deposit side, our market share, we have gained about 20 basis points in the market share reaching about 4.1%, as Tareq was mentioning in his deliberation. If we look at our financial performance, fundamentally strong background, bank has been delivering a very consistent set of results. Our -- particularly if we look at our net interest margin, it has been stable. In fact, in the last 6 months, it has grown, slowly growing. And we expect this to continue by the year-end. In terms of our asset pricing, particularly in the space of our local currency pricing, it is evolving, led by our SME business segment followed by Corporate and Retail. Interestingly, in the first 6 months, Retail has been doing really well, and we can see the momentum coming back to Retail assets. It's grown by 12%, 13% in the last 6 months. So -- and the cost-to-income ratio remained around 48%, particularly, if I would like to highlight, our trade throughput has increased to $3.5 billion, corresponding last year same period, it was $2.5 billion. So in fact, we have grown by $1 billion in the first half, and we are expecting to close to be $7 billion mark this year. Our remittance business is also another good story year-on-year, about 27% growth, as you can see. Joy just mentioned our NPL. If you look at our NPL, it has increased by about 48-basis-point year-on-year. But like-to-like basis, if this similar regulation applied to the last year, we would see a more or less similar NPL ratio, which means our book quality remains more or less similar during this period. Our strong collection and right of recovery continued. We have collected about BDT 51 crores in the first half, maintaining and controlling on the capital adequacy ratio of 14% plus and the good credit rating continues. If I continue on the story of our deposit, as you can see, as a franchise, as an enterprise, we have grown our deposit base by 33% year-on-year. But look at our customer segment, all 3 segments has been growing the deposits. SME, 42%; Retail, 38%; and Corporate, 20%. Moving on, if we look at all our 3 business segments in terms of their contribution to the overall deposit mix has been more or less similar, but the pie or the share of the volume of it is consistently increasing. In the first half, Retail was contributing about 48%; Corporate 30%; and 22% by SME. I'd like to highlight the SME deposit portion. SME has been growing their deposit base quite strongly in the last 2, 3 years. As you can see, they have grown significantly in the -- and we expect to continue this momentum. Moving on. Loan and advance. I mean, CASA, we have -- it has been a bit slow and soft in the last 6 months, particularly, I would say, the last 18 months as we have been strategically moving the dial, particularly growing the deposit base leading heavily on the term deposit. But I'm pleased to share that we had -- in the last 6 months, it has been stabilized and we have been focusing on the CASA more now. I'm sure when we'll come back Inshallah in the September quarter, you'll get to see the CASA is moving ahead. Moving on. If we look at the deposit, year-on-year, 15% as a bank, SME and Retail grown quite strongly, Corporate understandably slow with our selective particular segments. We remain a bit cautious and very selective in terms of our growth. However, in the first half, while this has been dominated and influenced by the economic condition. But we -- the outlook seems really positive, particularly in the July and August, give us hope that the second half of this year will be quite strong. If we move in terms of segmental contribution, as you can see, Retail is coming up and also Corporate is growing. Overall, we're still maintaining a very good diversification within our lending book. So if we go to the next slide, this is a stand-alone performance, the highlighting, as I was mentioning, yield on assets, our price. As you can see, from the year-on-year, it has been growing about 127-basis-point, as I was mentioning, it is led by our local currency book predominantly. Cost of deposit has grown by about 79, 80 basis points, but we hope to make a rain on that, and we'd like to continue focusing on CASA and bring it down further going forward. Spread or interest margin has been quite stable, ranging from 4.4% to 4.6%, and we expect this to be remained at that level going forward. CASA mix is 40% in the first half. NPL with the new definition, it's 3.4%. But as I said, like-to-like, it would have -- it actually remain more or less similar because when we did our calculation in September, when this new regulation implementation rate was announced, roughly, it was about 60- to 65-basis-point which is absolutely similar to our estimation. But beyond that, the general provision, which was -- actually, we didn't -- we couldn't foresee the kind of change that would have happened. And so predominantly, the granular book of SME, we had to incur about 75-basis-point on the existing big chunky book which is around BDT 1.2 billion, which also has an implication of our return on asset and return on equity. Revenue, as you can see, it has grown by about 25% year-on-year. Cost-to-income ratio remained flat. The profit after tax grown by year-on-year 20%. The bank registered BDT 620 crores for the first half. But as I was saying, if we -- within this, the LI, extra LI or the loan impairment that has come from the general provisioning and the special mention account that has also impacted a bit softer ROA and also ROE. But on an underlying basis, both ROA and ROE remained similar to last year. If we look at our consolidated performance, I'm really happy to share that our subsidiary, particularly bKash, is strongly contributing to the overall group results. And overall consolidated profit after tax is BDT 906 crores, about 53% year-on-year growth. Overall, the balance sheet for the both solo and consolidated basis, growing at a very healthy rate of about 20-plus percentage. And it's really happy to see the way it's growing in line with our strategy. I think we'll get to hear from bKash, CFO, Moin bhai. Moin you there?

Yes. Thank you, Masud bhai. Thank you. So in line with what Masud bhai, just mentioned I'll give you in brief how the first six month of the year has gone by for bKash. So if I look at the 6 health indicators, first being the total customer base, so we finished the first half of the year with 81 million customers. We continue to acquire at the rate of more than -- a little more than 30,000 customers a day. So we've added about 1.6 million customers for the first 6 months of the year. Moving to the right side of active customers. This has grown by 5% to 45 million, and it's about 56% of the total customer base. Market share, it's 80.6% as opposed to 65.3%. This number, so this 80.6%, we have, for the past 4 months, the entire -- the data that we have received from the Central Bank website, the entire -- not all operators have given in their data. So it's just -- 80.6% is not the real market share, but this is what we could achieve from -- this is what we could get from the Central Bank database. In terms of merchant, 800,000 (sic) [ 890,900 ]. So the merchant numbers has remained flat. We have been focusing more on the quality of merchant, making sure that they're serviced products rather than acquiring. So that's why we have the merchant number has remained more or less flat. In terms of the average monthly transaction volume, it stands at about BDT 1,120 billion a month, which is a 28% growth over the previous year. And this has been the primary driver of the growth in financial performance for bKash, which I'll just talk to you in the next slide. In terms of agents, which is the backbone of the bKash infrastructure, we added about 25,000 agents in the same period. So we finished at about 373,000 agents spread across the bKash. I think, we can go to the next slide. So this is financial performance -- the P&L of the first half. So we finished with BDT 3,631 crores, which is a 30% increase as gross revenue. This is very much in line with the volume numbers that I shared in the earlier slide, which is a 28% growth. So revenue wise, we saw 30% growth. This has been the one of the ever highest growth that we have in the recent past. Now moving on to cost of services. This is -- cost of service really means the commission that we pay to the channel, which is the distributors, the agents, merchants, telcos but that has grown by 26%. So net revenue growth of 30%. However, cost of services has grown by 26%, and that's because we've optimized -- we continue to optimize on the channel cost, which leads us to a growth of -- gross profit of 38%. So we had a growth of BDT 1,165 crores as gross profit for the first half. Coming to expenses. Operating expenses increased by 21%. The primary driver of this is salaries. And in terms of salaries, I mean there's been headcount increases, and also, cost has increased given the adjustments in inflation. Those are the -- and foreign exchange losses were there. So that's the primary driver increase of 21%. Commercial expenses increased by 14%. We had 2 Eids in the first half of the year. And we also focused on savings during the first quarter of this year, which is the key driver of expenses -- commercial expenses. Leads us to an operating profit of BDT 319 crores, which is a 144% increase over prior year. The next line will be net finance income, which is the interest income that we've earned from our own working capital. That is BDT 117 crores, 35% higher than last year. The volume -- the two reasons why is because we are making profits, we're adding cash and also the effective interest rates have gone up. Then we -- that leads us to a profit before workers profit participation fund of BDT 436 crores. And then you take off WPPF, we make a profit of BDT 415 crore. Adjusting income tax, it comes to BDT 308 crores for the year, which is a 182% increase over prior year. So in summary, it's been a fantastic set of results for bKash, and the growth is primarily being driven by volume and adjustments in general loss. That's it for me.

Okay. With record transaction volumes and profitability, bKash is actually shaping the future of digital financing inclusion. Thank you, Moin bhai. But I would like to request you for a couple of minutes to stay over there, if there is any question. I will hand over to Mr. Deb. Do you have any questions?

Thank you, Tareq bhai. We have received few questions, but this is the first time that we didn't get any questions for bKash. So if I get anything in the meantime, I'll come back to Moin bhai. So Tareq bhai, the first question is that can you share BRAC Bank's strategy for its Corporate segment?

All right. Actually Corporate & Institution Banking segment, BRAC Bank is actually new into this arena because it started a revamp journey in the year 2017 and '18. It's almost 8.5 years. But within this 8.5 years, Corporate & Institutional Banking portfolio, I mean the FUM, fund under management has been quadrupled almost, it is from BDT 6,000 crore to almost BDT 23,000 crores within the last 8.5 years. And we have embarked on new, new avenues. But at the same time, we have to be remain cautious about this particular segment that the growth is fully aligned with the risk appetite. And our journey has begun to be the most preferred corporate banking partner in the industry, in terms of transaction banking and other trade and other areas. So our study is very clear and is cascaded down to all the colleagues that have been working with us for the last couple of years. Thank you.

Thank you, Tareq bhai. The second question is that what is BRAC Bank's strategy to enhance low-cost deposit collection considering that the decline in its CASA.

I think, the best suitable answer could be from our channel head, Mr. Ashfaque.

Okay. Although our -- it's correct that our CASA ratio has reduced. But if you look at, you will find that our deposit growth is highest in terms of volume. Our portfolio also shows that Retail savings growth is showing good momentum in the last 6 months. Going forward, in the last few months, our strategy will be to open more CASA account, concentration on payroll accounts. And in the SME and Corporate front, we will try to open more collection accounts and ensure customer sales are routed through us. We believe that through service, innovation and digital adoption of customers, we will be able to reduce our cost of deposit in the coming months. Thank you.

Thank you, Ashfaque bhai. Over to Tareq bhai. The next question is what is the average duration of BRAC Bank's treasury portfolio?

Okay. I think our CFO should answer this question. Masud bhai?

Yes. Our average duration would be 3.1 years, slightly over 3 years overall duration of our investment book.

Thank you, Masud bhai. I think next question is related to you. So the question is that what are BRAC Bank's plans for realizing gains from its held for trading securities?

Yes. As we speak, since we have grown our deposit base, and the lending growth has been a bit muted. So obviously, resultant excess liquidity has been parked in the government bonds and bills. And as we speak, we are having or standing on a huge unrealized gain. The plan is to carry on because as you can understand, this rate -- the interest rate curve is going to be soft and it would be coming down, and we are expecting some phased cut in the policy rate. So net-net, we forecast that interest rate will go down in the next couple of quarters. And possibly this transition from excess liquidity on government bond to move to the lending, and it will be a balanced approach from our side will be to realize this gain over the next 12 to 18 months.

Yes. Thank you, Masud bhai. At last, we got two questions regarding bKash, so I will -- going back to Moin bhai. So if you, Moin bhai. The -- first question is, Moin bhai, what is the share of digital transaction revenue for bKash in H1 '25 compared to last year of the same duration?

Sorry, market share of?

Market share of digital transaction revenue.

So as I mentioned, you're talking about the market share of -- so the market share last year was 65%. This year, we're seeing, it's 80%. But however, the 80% does not cover the entire industry as we have not received data from the entire industry. So this is not a like-on-like comparison.

Okay. Thank you, Moin bhai. The next question is what is the reason of growing profit of bKash and which is the main revenue stream presently?

So the single biggest reason for the profit driver is the volume, which has grown by almost 30%. And what was the other question?

The question is that what is the main -- which is the main revenue stream....

The primary driver is cash out and peer-to-peer, P2P transactions. Those are the two significant contributors to gross margins.

Thank you, Moin bhai. And that's all from my side, Tareq bhai.

All right. If you don't have any questions, and you can conclude this session here. But in summary, I would like to comment on -- in the closing statement that we are resilient, diversified and future-ready with SME leadership, Corporate trust and Retail group, a modern branch network, strong risk management, sustainable financing leadership and fintech innovation through bKash, we are creating long-term value for our stakeholders. Thank you. We now -- we can conclude this session now.

Thank you.