BSP Financial Group Limited (BFL) Earnings Call Transcript & Summary

[Foreign Language] Good morning, ladies and gentlemen. On behalf of BSP Financial Group, I would like to extend a very warm welcome to each and every one of you to our 2025 Annual General Meeting. It is truly a pleasure to see such a vibrant and enthusiastic gathering. Your presence is not only appreciated, it is valued. We also like to take this moment to acknowledge [indiscernible] landowners, the Motu-Koita people of the land on which we stand today and pay our respects to the elders, past and present. My name is [indiscernible], and I have the pleasure of being your Master of Ceremony on today's important occasion. Before we move into formalities, your safety is our priority. Please join me in welcoming Ms. Natasha [indiscernible], the Operations Manager from the Hilton Auto to provide a brief safety overview in an event of an emergency.

Thank you. Good morning, everyone, and we welcome you to Hilton Hotels Kutubu Convention Center for our safety brief this morning. Firstly, should there be a fire or emergency in the Kutubu Convention Center, there will definitely or certainly be an alarm that will sound and a voiceover advising all of us to evacuate the building immediately. Should that happen, please do not panic, do not use the lifts and do not use the escalators. My team, and I will be available to direct you out of the exit doors safely. Above each door in the banquet hall or behind you, you will notice exit signs. Should the lights go off, there will be emergency lights in the building to give you direction out of the building. Our primary master point is located at the [indiscernible] area that is past the Hilton residence building just opposite this Convention Center. Our secondary master point is when you enter into the hotel, the roundabout and just in front of the hotels reception area and the car park on your right hand side. Restrooms, the banquet halls restrooms are located on your left-hand side when you walk out the door of the hall. Chewing of betel nut and smoking is prohibited in the convention center, although we have a smoking area allocated outside when you walk out in the glass doors, outside the glass doors. If you see any bins, you can have a smoke next to the bins. Should anyone have any dietary requirements as we will be catering for your launch after this meeting, please do feel free to advise my team and myself. Thank you, and you have a good day.

Thank you, Natasha, for this important reminders. I'd also like take this moment to remind everyone to put your phones to silence as we begin proceedings. Let us take a moment to send ourselves and invite guidance and blessing upon today's proceedings. I would like to call upon Priscilla Paissat, our Head of Procurement to lead us in an opening prayer.

Please join with me as we pray and commit our proceedings for this morning. Let us pray. Heavenly Father, as we come before your presence this morning, we come with reverence. We pray and ask for the God that you lead and guide us through this morning's AGM meeting. We pray for our Board of Directors, our directors of our Pacific subsidiaries, our executive and senior team, and we also pay most importantly, for our shareholders. Heavenly Father, we pray for peace, and we also pay for your wisdom, and we invite your presence to be with us here. In Jesus name I pray. Amen.

Thank you, Priscilla, for that heartfelt prayer. Now it is my honor to introduce someone who continues to lead BSP with purpose, resilience and a vision to champion prosperity across the South Pacific. Please join me in warmly welcoming our Group Chairman Mr. Robert Bradshaw to deliver the opening address. Let's give him a round of applause.

Good morning, ladies and gentlemen. Thank you, [ Paris ], and thank you, Priscilla, for the payers. Good to see everyone back here for another Annual General Meeting. Lots of familiar faces, a lot of new faces as well. It's my pleasure to welcome you all to the 2025 Annual General Meeting of BSP Financial Group Limited. I'd like to extend a warm greeting to my fellow, the Board of Directors. They're all line up here. Directors of our Pacific subsidiaries so with the subsidiaries in the Pacific. We have directors attending this AGM as well. They've had an interesting session yesterday with the executive management team, and I look at around the head office and see how things are down here in PNG. So we have reps from Fiji, Samoa, Tonga, and Vanuatu. So a warm welcome to them. And of course, the most important people today, our valued shareholders. Thank you for taking the time to attend. Over the past 12 months, BSP has continued to strengthen its leadership position across the South Pacific while laying the foundation for a more modern, agile and customer-centric organization. In so doing, we have delivered robust financial results for 2024, continue to transform our operations and reinforce our deep connection to the communities we serve. BSP's 2024 performance delivered not only strong operational results, but also exceptional returns to our shareholders. That's the most important thing. We declared a total dividend of PGK 1.66 per share, a 16% increase on the prior year. Over PGK 776 million was returned to shareholders, representing a 75% payout ratio. Earnings per share rose by 17%, underpinned by a 10% increase in underlying net profit after tax and a strong NPAT of over PGK 1 billion. This is a remarkable result in any context. They kept off 2 decades of consistent performance. Over the past 10 years, BSP has delivered a compound annual return to shareholders of 16%, including both dividends and share price appreciation. Few banks globally can match such a record. Importantly, 86% of BSP shares, 86%, are owned by Papua New Guineans, meaning this returns flow directly back to the families, communities, churches, super funds, landowners and provincial entities who invest in BSP across the country, importantly, also for [ super ] funds. For those of us that work in either the government or in the private sector will all contribute to distributable funds, distributable funds are our large shareholders. So these returns come back to us. So the whole [indiscernible] of last year, whether we sell this or for the employees and people outside who contribute to distributable funds BSP's owned by us. At the same time, we are investing in our future through our modernizing for growth strategy, now well into its second year. In 2024, we rolled out our new values. We care. We aspire. We grow. These reflect the culture we are building as we embrace change without losing the traditional [ art ] for our service. Earlier this year, we launched a refreshed brand identity. Our digital-enabled flagship brands at Port Moresby Waterfront opened, setting a new benchmark in service and design, and there was a short clip this morning about the Waterfront. Ronis and the team are doing a great job about it. Our digital transactions grew by 20% as customers increasingly adopt modern banking channels. We expanded our FX, foreign currency, capabilities for our business clients. We graduated over or around 140 staff from the new BSP Academy and commenced training the next generation of regional leaders. New ATMs, new EFTPoS terminals have been procured, supporting 24/7 banking sales services across the network beginning later this year. Earlier this year, we also launched the Wontok Wallet, a mobile-first digital wallet that empowers the underbanked communities to transact securely, demonstrating our continued commitment to financial inclusion across PNG and the broader Pacific. This strategy is more -- about more -- more about strategy than technology. It's about building a bank that is simpler, faster, more inclusive and more responsive to our customers across the South Pacific. In 2024 and 2025, the Board made a deliberate effort to get closer to our people and our customers across PNG. We do this every year, but we're more determined going forward. In October last year, the Board met in Mount Hagen and connected with a number of clients, business partners and community leaders in the islands. It was a vibrant and energizing [ visit ], and a clear reminder, of the trust BSP enjoys in the heart of PNG. In February this year, our Board held our first meeting of the year in May, where we saw firsthand incredible dedication of our staff and the growing needs of the industrial and SME sectors. This visits remind us of the scale of our footprint and the importance of face-to-face engagement and the unique responsibility we have to our home market. In July, we will be visiting Solomon Islands. Sometimes when we go on these visits, I usually jokingly ask, when was the last time you saw some of our competitors Board -- from the competitor's visit you. We make an effort to visit our branches and the Pacific network as we can. As a proudly PNG headquartered bank, BSP continues to make an enormous contribution to the country's economic and social development. Since 2015, BSP has paid over PGK 4.7 billion in taxes to the [indiscernible]. This includes PGK 3.75 billion in company taxes -- company income tax, and over PGK 700 million in salary and wages tax. Last year alone, BSP contributed an estimated 17% of PNG's total income tax collections. Since 2015, we have paid over PGK 6.5 billion in dividends to shareholders, most of whom are PNG institutions and citizens. And as I noted, 86% of the shares are owned by Papua New Guineans. Outside of the financial returns, we invested more than PGK 7 million in community projects and sponsorship last year. On to Board renewal and governance. As part of our commitment to strong governance, we have undertaken a measured refresh of the BSP Board over the past year. In February 2025, we farewelled two of our long-serving directors who have been with us for a while, Dr. Lua'iufi and Mr. Stuart Davis after a 9- and 8-year, respectively, on the Board -- of dedicated service on the Board. Dr. Lua'iufi was the Chair of the Remuneration and Nominations Committee; and Mr. Davis was the Chair of the Board Risk Committee. We thank both Dr. Lua'iufi and Mr. David for the wisdom and the deep contribution to BSP's direction and oversight. And in March this year, we were delighted to appoint 2 casual new Nonexecutive Directors: Mr David Hornery and Ms. Donna Cooper. Mr. David Hornery is co-founder of Judo Bank and former ANZ Asia CEO; and Ms. Cooper, former CEO of TSB Bank in New Zealand with extensive experience in digital banking and governance to fill the vacancies left by the resignations or the departures of Dr. Lua'iufi and Mr. Davis. Today, you shareholders will vote on the election of Mr. Hornery and Ms. Cooper as well as the reelection of 2 existing directors, Ms. Priscilla Kevin and Patricia Taureka-Seruvatu. I commend all candidates to you. I'm confident that the Board will continue to have the right collective skills, experience, diversity and judgment to oversee the next phase of BSP's growth. Looking ahead, as we look to the future, BSP is well positioned. We are growing with the region, strengthening our systems and investing in our people. We are also navigating prudently, responding to regulatory change and managing risk conservatively. Our first quarter results for 2025 showed continued momentum, with a 13% net profit after tax growth and further digital channel expansion. We are on track. We remain committed to building a better bank for our customers, a stronger institution for our shareholders and a more inclusive bank and a more inclusive feature for the South Pacific. Before I close, I would like to express my thank yous. Firstly, to our staff across the region, over 4,600 dedicated individuals. Thank you for your professionalism and passion to BSP. To my fellow directors, thank you for your wise counsel and commitment. And to you, our shareholders, thank you for your trust and belief in BSP. We are proud to serve you and to deliver on our shared ambitions. May God bless us all in our deliberations and meeting this morning. Thank you, and I'll call Mark Robinson, our CEO, to the podium. Thank you truly.

[Foreign Language] Thank you. Thank you, Chair. Good morning, everybody. It's really great to be here with our shareholders, and it's a real privilege to speak to you at our 2025 AGM. Since assuming the role of CEO 2 years ago on March 1, 2023, a I've had the privilege of leading BSP through a period of modernization. It's been filled with challenges, but most importantly, it's been filled with tremendous opportunity. Now after 2 years in the role, I continue to be inspired by the deep sense of responsibility we hold as the region's largest financial institution, proudly headquartered in Papua New Guinea. That responsibility to our customers, our people, our communities and our shareholders, has never been more important. We are proud of our purpose of championing prosperity in the South Pacific, beginning in Papua New Guinea and stretching all the way to the Cook Islands. 2024 was a landmark year for BSP. It was marked by strong performance across our business and most importantly, significant progress in our modernization agenda. We delivered a net profit after tax of a little over PGK 1 billion. Most importantly, this was a 17% increase on the prior year. This was driven by solid revenue growth, strong underlying business performance and a one-off result -- a one-off amount due to a settlement of an additional company tax with the government. Total operating income rose 8% to PGK 3 billion, with net interest income up 7% to PGK 2 billion supported by lending growth. FX income or foreign exchange income increased by a record 22% to PGK 561 million. This reflected increased flows right across the region, again, from Papua New Guinea all the way to the Cook Islands. It also reflected the fact that over the last several years, we've built an incredibly strong foreign exchange business, serving our customers, both retail customers and corporate customers. Fees and commissions rose 9%, largely benefiting from our growth in digital transaction volumes. Our cost base or expenses increased by 22% and reaching PGK 1.3 billion in. This was due to our modernization agenda where we're making investments in technology, digital channels and operational resilience. Well, this led to an increase in our cost-to-income ratio for last year to 41.3%. This is in line with our long-term range for this ratio and still on a global basis, extremely competitive. In other words, much less than almost any other bank in the world or much better than any other bank in the world. We also made strong progress in credit quality. We're continuing to strengthen our loan book. Delinquency rates fell by 80 basis points to 2.8% and provisions to loans decreased to 3.3%. This isn't -- this is something that comes through prudent risk management, having the right people, the right systems, but it also reflected the fact that in several of our markets, we're looking at improved economic conditions, which are reflected in a stronger portfolio. Our balance sheet remains strong, and this is very important. Total assets increased to PGK 37.1 billion, and our capital adequacy rate rose to 26.2%, which is more than double the regulatory minimum. This strong balance sheet gives us capacity to withstand volatility and invest for growth. Our performance translated into outstanding returns for shareholders. We declared a total dividend, as our Chairman mentioned, a PGK 1.66 per share for fiscal year '24, up 16% on the prior year, representing a 75% dividend payout ratio. BSP's return on equity increased to 23.3%, and we've been consistently profitable for over 20 years, a period during which has been great progress in terms of acquisitions and growing our business. All in all, another very strong year financially on the back of many years of consistently good financial performance. But 2024 was not just about a year of strong financial results, it was a year in which we advanced our modernization agenda and made meaningful changes in how BSP operates and how we deliver for our customers. We improved the stability and performance across our technology platforms including our FLEXCUBE core banking system here in PNG, which is now enabling faster, more reliable and more customer-centric servers. Digital transactions grew by over 20% last year, reflecting continued adoption of our mobile and Internet channels and our digital lending capabilities. We also invested in our risk management capabilities to ensure we are well positioned to continue to manage risk effectively. In branch -- the in-branch customer experience also improved, supported by better queue management and optimized staffing models. We have sharpened our operational execution. We've invested embedded tools for our frontline staff and enhance the resilience of our support functions. These improvements that we've invested in over the last 12 months are creating a more agile and responsive BSP, better positioned to serve customers today and to scale for the future. BSP remains deeply committed to all the markets in which we operate across the South Pacific. Our strategy is tailored to the unique dynamics of each market, ensuring we meet local customer needs while delivering group-wide standards of service, risk management, technology deployment and talent development. In 2024, we made targeted investments in systems, people and customer experience across the Pacific, strengthening our leadership position in lending, deposits, payments and foreign exchange in nearly every market in which we operate. As competition intensifies, of course, BSP scale, local insight and long-term community presence continues to differentiate us and position us strongly for future growth across the region. As the Chairman mentioned, we also contribute to the communities in which we operate through the significant taxes we pay. The slide that you're looking at right now is just the example for PNG. But everywhere we operate, we are a material payer of taxes to the local and state governments. Clearly, you can see in the case of PNG, we account for a significant portion of the income tax received by the government. The people behind BSP are, of course, our greatest asset. As the Chairman mentioned, we graduated 2 full cohorts from the BSP Academy, our signature capability program in PNG. Over 140 frontline and support staff are now trained and agile banking, digital service and operational excellence with many more to follow. Looking ahead, we enter 2020 -- we have entered 2025 with momentum and confidence. Our modernizing for Growth strategy has 6 clear strategic shifts and we are well into execution across all of them. We plan to invest further in digital products, branch modernization and data-driven customer insights. We are focused on delivering world-class service to our customers no matter where they are across the Pacific, whether they be in the Highlands in Papua New Guinea, or several time zones away from here. As you will see, digital transactions continue to grow very fast right across the region for us, more traditional transactions executed in branches, growing at a much slower rate. But today, I think it's important to highlight 3 strategic initiatives that will help, that are helping shape BSP's next chapter. And I'd like to have our staff who are leading these initiatives come and explain them to you. Firstly, with Wontok Wallet. As you, many of you know, the Wontok Wallet was launched on February 14 this year. It's a new mobile wallet platform designed to drive financial inclusion, making everyday transactions easier, safer and more accessible. The Wontok Wallet is being led by Penelope Aisi. Penelope is a recipient of the innovator, the female Innovator of the Year Award here in Papua New Guinea, and all of us at BSP are extremely proud of them. Following Penelope's presentation, we're going to have Raymond Logona, he's going to come up and talk to us about our establishment of BSP's business banking customer segment to support the unique needs that small- and medium-sized enterprises have. And thirdly and lastly, I'm going to have David Pidik come up and talk about cash optimization. Cash optimization is our enterprise-wide effort to improve how we manage cash across our network, reducing operational risk and cost while most importantly, improving customer access and experience. Again, rather than just speak to these, I've invited these executives to present a short brief on their initiative. Please join me in welcoming them to the stage, starting with Penelope.

Thank you, Mark. Good morning, Chairman, directors and esteemed shareholders. I'm pleased to provide an update on one of BSP's most impactful digital innovations, Wontok Wallet, a service that reflects our commitment to financial inclusion in Papua New Guinea. Launched on the 14th of February this year. Wontok Wallet empowers users to send and receive money, top-up phones, pay bills and withdraw cash, using any mobile phone without requiring a bank account or Internet access. Accessible via *131#, it is a PIN-secured protected transactions and is convenient for papain, particularly those in rural and remote communities. As of today, we have more than 50,000 registered users. Our key transaction drivers include mobile top-ups, cardless ATM withdrawals and transfers between BSP accounts and Wontok Wallet. This demonstrates strong customer engagement with everyday financial needs. To improve usability, we've delivered key upgrades, including the removal of our date birth entry during registration and transfers, streamlining the process and making it more user-friendly. Self registration is also scheduled for release in our next batch, which will further enhance onboarding and accessibility. Looking ahead, our June and July campaign will focus on road shows and community activations across rural areas, towns and urban centers. This is aimed at driving awareness, trust and adoption. Wontok Wallet is a bridge to financial inclusion, and we are proud of its impact that it's making. I now invite Raymond Logona to present the business banking SME proposition. Thank you.

Thank you, Penelope. [Foreign Language] So over the last 18 months, we embarked on a journey to create and establish a dedicated service offering to support the SME market around Papua New Guinea. I am proud to announce that Business bank recently launched on the 30th of April this year and was very well received by the market. Our Business Bank proposition aims to bring bank to the customers through our unparalleled reach that is designed to support our customers through our innovative approach and solutions. Business Bank supports with business loans and finance requirements, business account services, online banking and FX requirements that aims to grow your business as we partner to prosperity. Business Bank provides enhanced and dedicated banking services to our product specialist team, our dedicated relationship teams and leverages BSP's strong branch and market presence. With our dedicated approach, we aim to drive and champion prosperity for our customers and communities. Business Bank is bringing the bank to the customer. Thank you. I now invite Mr. Pidik to come and give his cash initiatives.

Thank you, Ray. Cash is central to our operations at BSP. As a systemic banking PNG and the largest financial institution in the Pacific, we managed the largest branch network across remote islands and the islands. BSP plays a crucial role in the facilitation of the cash supply chain at a significant cost to the business. In order to optimize cash in the cash cycle, a comprehensive approach to the entire cash supply chain was required. We analyze the current process model and transformed our goals into a world-class to be model. A key component of this was automation. Utilizing cash machines that count authenticate, sort and grade cash, which allowed our talented staff to refocus their efforts on serving our valuable customers rather than counting cash. Following our pilot, we set up regional cash centers and distributed 168 million cash machines across 34 branches in PNG, improving efficiency, accuracy and customer service. The model was successfully adopted in PNG and is being standardized across the Pacific market. BSP's investment aims to enhance processes, reduce costs and meet the customers' needs today and into the future. Thank you, and I'll hand you back to Mark.

Thank you, Penelope, Raymond and David, for those insightful overviews and gave enough insight without giving away too much competitive information. Thank you. Getting the balance just right. It is a changing competitive landscape. That's for sure. But we welcome competition. It keeps us on our toes. These 3 initiatives, Wontok Wallet, our Business Bank and [ Cash Optimization ], are examples of initiatives that are central to our strategy and will help drive a stronger, more inclusive and more efficient and nimble BSP. I thank each of you folks and your teams for the important work that you were leading. These programs and many others underway are a clear reflection of our commitment to service excellence, growth, innovation and financial inclusion. Let me close by adding my thanks to the more than 3 million customers in PNG and across the Pacific, which trust us with their banking business; and over 4,000 staff members at BSP, who serve our customers daily; our Board and our executive team; and most importantly, our shareholders for your trust and support. Thank you very much. I will now turn the meeting back to our Chairman, Robert Bradshaw. Thank you.

Thank you, Mark. All right. Now let's get to the formal side of things for the meeting. The agenda items for a meeting in accordance with the Notice of Meeting are as follows: for the general business, we have the approval of the [indiscernible] of the previous Annual General Meeting held on the 17th of May 2024. For the ordinary business, we have a number of items. The first item is the adoption of the BSP Financial Group's annual report and financial statements for the year ended 31st December 2024. Second item will be the adoption of BSP's Group remuneration report for the year ended 31st December 2024. Third item will be the reelection of directors, Priscilla Kevin and Patricia Taureka-Seruvatu. Fourth item the election of our new directors, David Hornery and Donna Cooper. Finally, the fifth item will be appointment of PricewaterCoopers as Auditors of the BSP Financial Group. A few rules. Voting on the resolutions will be conducted by [indiscernible] by shareholders using the yellow voting cards that we provided to you upon registration. Shareholders attending the meeting online will not be able to cast the votes or to ask questions. Following the voting, general business questions will then be taken from the shareholders. So all the questions received in the appropriate form prior to the meeting will be addressed during the General Business section at the end of the meeting. Notice and proxies. We will now move to the formal part of the meeting. The formal of the notice meeting I say was duly given on the 23rd of April 2025 in accordance with BSP's constitutions and the Companies Act, and the meeting has been properly convened. Only shareholders or the duly appointed proxyholders present here today will be able to ask questions and vote on the items of business. When addressing the meeting, please use the microphone that will be provided to you. We ask that you identify yourself by raising and showing your yellow voting card, stating your full name and if you hold a proxy, the name of the organization you represent. Those of you who have joined us online may watch but cannot vote. I propose -- I will propose each motion and allow a discussion on the motion. I will then formally put the motion to the meeting. There will be a reasonable opportunity given to discuss each item of business. However, I ask that you restrict your questions to the comments -- sorry, your questions and comments to the particular item of business that is before the meeting. Any other questions, comments can come at the end of the formal part. Quorum. With respect to quorum, I declare that a quorum is present, and I declare the meeting formally open. I confirm that the total number of awards registered appointing the Chairman, it's me, or another person to vote in favor of the resolutions is not less than 72% of the maximum number of votes able to be cast at this meeting. In the circumstances, all resolutions must pass. The resolutions. Now moving on to the resolutions. Each resolution set out in the Notice of Motion is to be considered as an ordinary resolution, and as such, must be approved by a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution. Let's go to the general business. The first, the only item for general business is the meetings of the previous Annual General Meeting held on the 17th of May 2024. May I -- if the minutes come on. If you can never look at the minutes and then I will ask -- we have to record the minutes, correct record the minutes of the meeting. The minutes have been put up. Everyone's read the minutes. May I have a move of the resolution, please to the minutes of the Annual General Meeting being accepted. Thank you. May I have a seconder, please? Thank you. The motion has been formally moved and seconded. If there are any shareholders who wish to speak to the motion, please raise your yellow card and state your full name and if you hold the proxy as advised or stated, the name of the organization will represent before addressing the meeting. Anyone, anyone who wish to speak to the motion? If there are no questions, I will formally put the motion. The motion is that -- the minutes of the previous Annual General Meeting dated 17th May 2024 here by read and accepted. All those in favor, please indicate by a show of hands. Anyone against? Thank you. I declare that the motion is carried. Now to the ordinary business of -- stated in the Notice of Motion. The annual report that resolution #1, the first item is the annual report and financial statements for the year ended 31st December 2024. The annual report, including the financial statements, directors' report and the auditors' report including in the 2024 annual report for the company and its subsidiaries for the year ended 31st December 2024, is available on the BSP website for the -- website for shareholders to -- it was available prior to this meeting. Printed copies were also dispatched to those shareholders who elected to receive copies. Neither the PNG companies at 1997 nor the company's constitution requires your -- requires shareholders to vote on such reports. As no resolution is required, there will be no voting on this item of business. If there are any shareholders who have any questions about these reports, please raise your hand, yellow card and state your name before addressing the meeting. Thank you. As there are no questions, I will formally take the financial statements as of 31st December 2024, together with the reports of directors and auditors report included in the annual report be received. The next item of business is the adoption of the remuneration report of the company for the year ended 31st December 2024. This requires a resolution. As a listed company on the Australian Securities Exchange, the company is required under the Australian Corporations Act 2001 to include a Remuneration Report in the Directors' Report. The Remuneration Report relates to the remuneration of directors and key management personnel of the company and has been prepared in conformity with the requirements of Section 300A of that act. It can be found on Pages 50 to 57 of the 2024 annual report. It is a requirement under Section 250 R subsection (2 )of that act that the Remuneration Report be put to the vote of shareholders for adoption. This resolution is advisory only and does not bind the company -- sorry, does not bind the directors of the company. However, any feedback from shareholders will be considered by the Board when formulating remuneration policy for future years. May I have a move up of the resolution, please? Any movers for the resolution? Thank you. Thank you, John. May I have a seconder, please? Thank you. The motion has been formally moved and seconded. If there are any shareholders who wish to speak to the motion again, please raise your yellow card and state your name before addressing the meeting. If there are no questions, I will formally put the motion that the Remuneration Report for the year ended 31st December 2024, be adopted. All those in favor, please indicate by show of hands. [Voting]

Thank you. Those against. [Voting]

Thank you. I declare the motion is carried. The next item of business is the Reelection of Directors of the company. Resolutions is 3A and 3B concerning the reelection of Priscilla Kevin and Patricia Taureka-Seruvatu as directors of BSP. Both Priscilla and Patricia retired by rotation and being eligible for -- eligible offer themselves for reelection under the company's constitution. Let's firstly deal with the reelection of Priscilla, Priscilla Kevin as a Director. Priscilla was appointed to the BSP Board in 2020 and is a member of the Board Risk Committee. Priscilla is an IT professional specializing in enterprise resource planning support advisory. She has over 20 years of ICT industry experience, providing ICT consultancy and support to a range of businesses and government bodies. She holds a Bachelor's Degree In Computer Science from the PNG University of Technology and is an advocate and founder of PNG Women in STEM and Digital ICT Cluster. She is also a member of the Australian Institute of Company Directors. In accordance with the company's constitution and being eligible, Ms. Priscilla Kevin offers herself for reelection by the shareholders. The Board has assessed Ms. Kevin to be an Independent Director and with Ms. Kevin abstaining recommends to you, the shareholders, that you vote in favor of her reelection. Could I ask that resolution 3A in the notice of motion to reelect Priscilla Kevin as a Director be moved and seconded please? May I have a mover of the motion, please? Thank you. May I have a seconder? Thank you. The motion has been formally moved and seconded. If there are any shareholders who wish to speak to the motion, please state your name before addressing the meeting. Thank you.

Thank you, Chairman, Robert. Thank you, rest of the Directors of BSP Group Limited. Happy to be here. My name is [indiscernible]. I pay specific reference to my traditional name, [indiscernible] meaning man of sunlight. I'm a private BSP investor. I'd like to put on this question, I want to raise -- on this motion, I want to raise the question to understand the position and the stand of those 2 directors, we are about to reelect and the 2 other new directors that will be joining the company and we will vote on today. What their positions were with respect to the refresh of the BSP identity or brand. I as a son of the soil, soil of Papua New Guinea, also as a beneficiary among the 86% of Papua New Guineans who home BSP express my displeasant -- disappointment at the cultural erasure that was tolerated without putting the issue to the shareholders. So I want to understand the position of those directors that we will be reelect today and the other new ones that we will elect for the first time, what their positions were because what I as an individual, a son of the soil in Papua New Guinea is not impressed with the way that the 3 [ kundus ] were removed. All right. The kundus does doesn't represent anything. It is 50 -- 50,000 years of civilizational history and identity attached to that. It is not something simple. It speaks of the heartbeat of the nation. So I want to understand their perspective, their issues were before we can vote to reelect these 2 directors and the new ones. Thank you.

Thank you, Mr. [indiscernible]. All right. I'll answer part of the question, but not the rest. And what I will suggest is that with respect to the branding, we can put it to the question-and-answer session at the end. Let's get through with the motions first. So when we get to the end, let's deal with the formal part of the business for the AGM. And at the end, we can deal with branding. But generally, briefly to answer your question, for directors -- the 2 new directors that have been appointed by the Board to fill the casual vacancy, David and Donna, they had no part in the decision regarding branding. The decision was made before they joined the Board or when they [indiscernible]. So we'll keep them out.

[indiscernible]

We'll put that out for the time-being. With respect to directors, Patricia and Priscilla, we're all part of the Board. It's a Board decision. So we cannot delve into what was discussed and what may have been discussed, which position was taken at the Board. It's a collective Board decision, we, as a Board, take responsibility, I, as a Chairman, take responsibility. And as I've said, thank you for the question, but let's deal with it towards the end because we all understand, I'm a Papua New Guinean as well. We're all sensitive about this issue. You may talk at the end. Let's go through the formal part of the business first. Thank you, all right. Any other questions? Yes.

Thank you, Chairman. With regards to the agenda of the reelection Ms. Kevin. My name is Vanessa [indiscernible]. I'm a private shareholder. With regards to this specific agenda, I'd like to know who else on the Board holds an IT specific qualification apart from Ms. Kevin.

Thank you. I think -- well, most of the directors who have had experience running banks before have experience. And if I can also say our new director, which we have nominated to fill the vacancy, David Hornery, who is joining the Board has lots of IT experience. He's the founder of the Judo Bank. And if you Google Judo Bank, you'll realize it's the leading SME but -- one of the leading SME banks in Australia in the fintech sector. So we have skills on the Board, but we're bringing on David. So that just adds to the skills we have on the Board, including Priscilla. Any other questions? Thank you. All right. I'm going to strip the bed. So let me find out why I'm up to, and then we'll carry on. All right. If I may, if there are no further questions, I will now formally put the motion and the motion is that Priscilla Kevin, a Director retiring by rotation, be and is hereby reelected as a Director of the company. All those in favor, please indicate by a show of hands. [Voting]

Thank you. Those against? [Voting]

Thank you. I declare that the motion is carried, and congratulations, Priscilla. Resolution 3b concerns the reelection of Patricia Taureka-Seruvatu as a Director. Patricia is a Lawyer by profession, admitted to practice law in Papua New Guinea in 1988. She holds a Bachelor of Laws from the University of PNG. Patricia was appointed to the Board in April 2022 and currently serves as the Chair of the Remuneration and Nominations Committee and also a member of the Board Audit and Compliance Committee. Patricia has over 30 years' experience in the legal, superannuation, property, commercial and corporate services in PNG. She is a member of the Papua New Guinea Institute of Company Directors and the Australian Institute of Company Directors. In accordance with the company's constitution and being eligible, Ms. Patricia Taureka-Seruvatu offers herself for reelection by the shareholders. The Board has assessed that Patricia is independent. And with Ms. Taureka-Seruvatu abstaining recommends to you, the shareholders, that you vote in favor of reelection. Could I ask that the resolution 3B in the notice of motion to reelect Patricia Taureka-Seruvatu as a direct be moved and seconded, please. May I have a move of both the resolutions, please? Thank you. May I have a seconder, please? Thank you. The motion has now been formally moved and seconded. If there are any shareholders who wish to speak to the motion, please, again, state your name before addressing the meeting. Any questions? If there are no questions, I will formally put the motion. And the motion is that Patricia Taureka-Seruvatu, our Director retiring by rotation, be and is hereby reelected as a Director of the company. All those in favor, please indicate by show of hands. [Voting]

Thank you. Those against. [Voting]

Thanks, John. Thank you. I declare that the motion is carried and congratulations to Patricia. All right. We now come to the part of election of new directors, resolution 4a and 4b and it concerns the appointment of David Hornery or election of David Hornery and Donna Cooper. Both David and Donna were appointed to fill casual vacancies in the Board as required under our constitution following the resignations of Dr. Lua'iufi and Mr. Davis -- Mr. Stuart Davis in February 2025 this year. Resolution 4a, election of Director, David Hornery. Mr. Hornery is a highly experienced commercial banker, with over 35 years' experience working with several Australia's leading commercial and investment banks. Mr. Hornery is also an experienced entrepreneur, having co-founded the ASX-listed Judo Bank in 2016. Previously, Mr. Hornery worked at National Australia Bank from 2009 to 2015, with his roles, including Executive General Manager, Corporate and Specialized Banking. David worked for ANZ Banking Group between 1996 and 2007 as Managing Director and then Global Head of Capital Markets from 1996 to 2004 and then as the CEO of ANZ Asia. From 1988 to 1996, David worked in various roles at Macquarie Group and with his last role being Global Head of Capital Markets. David has also been a Director and Chair of a range of industry bodies and not-for-profit enterprises, including the Chair of Studio Thi, a not-for-profit urban change specialist that consults to government and private enterprises in Australia and internationally. David is also the Chair of Judo Bank and holds a Bachelor of Economics from the University of Sydney. The Board considers that Mr. Hornery or David possesses the necessary qualifications to fill the vacancy left by Director Stuart Davis' retirement on 19 February 2025 and nominated David for the appointment as a Director of the company subject to the bank of PNG's Fit and Proper assessment. On Thursday, 24th April 2025, the Bank of PNG approved Mr. Hornery is appointment as a Nonexecutive Director. In accordance with clause 15.3(a) of the constitution, any director appointed to fill casual vacancy by the Board since the previous Annual General Meeting must stand for election at the next Annual General Meeting. Mr. Hornery being eligible, offers himself for election. I ask that the resolution 4a in the notice of motion to elect David Hornery as a Director be moved and seconded, please? May I have a mover? Thank you. May I have a seconder, please? Thank you. The motion has been formally moved and seconded. If there are any shareholders who wish to speak to the motion, please state your name again before addressing the meeting. Any questions? Thank you. If there are no questions, I will formally put the motion and the motion is that David Hornery be -- is hereby elected as a Director of the company. All those in favor, please indicate by a show of hands. [Voting]

Thank you. Any against? [Voting]

Thank you. I declare that the motion is carried. Congratulations, David. If I may say, we look forward to his contributions to the Board of BSP. Resolution 4b concerns the election of Director Donna Cooper. Ms. Cooper is a highly experienced financial services leader with nearly 30 years of diverse international exposure -- sorry, international experience in banking, global payments and debt management. Ms. Cooper served as the Chief Executive Officer of TSB Bank Ltd, New Zealand's sixth largest bank, from 2018 to 2023. She was the CEO of The Warehouse Group Financial Services Companies from 2017 to 2018. General Manager New Zealand for Baycorp Ltd, New Zealand's debt management organization from 2014 to 2017 and held various globally-based positions with American Express International, including Vice President, Consumer Card Products in Australia -- sorry, that's with American Express International and also the Vice President of Consumer Products India from 2006 to 2008. Ms. Cooper holds a Bachelor's of Business degree, from the Auckland University of Technology and a Masters of Arts degree from the Rennes School of Business in France. Ms. Cooper was the Inaugural Chair of the domestic banks group of the New Zealand Banking Association, a forum for bank CEOs to work together on banking sector issues until 2023. Ms. Cooper is also on the Board of SkyCity Entertainment Limited, New Zealand's largest tourism and entertainment company, where she chairs its People and Culture and Transformation Committees and is a member of the Risk and Compliance Committee. The Board considers that Ms. Cooper possesses the necessary qualifications to fill the vacancy left by the resignation of Dr. Lua'iufi and nominated Donna for the appointment as a Director of the company subject to the Bank of PNG's Fit and Proper assessment. On Thursday, 24th April 2025, the Bank of PNG approved Ms. Cooper's appointment as a Nonexecutive Director. In accordance with Clause 15.3(a) of the constitution, again, any director appointed to fill casual vacancy by the Board since the previous Annual General Meeting must stand for election at the next Annual General Meeting, which is today. Ms. Cooper being eligible offers herself for election. I ask that resolution 4b in the notice of meeting to elect Donna Cooper as a Director be moved and seconded, please? May I have a mover for the resolution? Thank you, Rajiv. May I have a seconder, please? Thank you. The motion has been formally moved and seconded. If there are any shareholders who wish to speak to the motion, please state your name before addressing the meeting. If there are no questions, I will formally put the motion and that is that Donna Cooper be and is hereby elected as a Director of the company. All those in favor, please indicate by show of hands. [Voting]

Thank you. All those voting against? [Voting]

Thank you. I declare that the motion is carried. Congratulations Donna. Again, we look forward to Donna's contribution to the Board going forward. The final item of business is the appointment of the company's auditors. In 2022, the company went to tender and upon recommendation from the Board Audit and Compliance Committee, the Board appointed PricewaterhouseCoopers or PwC to be the company's auditor for the next 3 years, subject to shareholder approval at this meeting. The Board proposes that PricewaterhouseCoopers or PwC be appointed auditors of the company from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the company and that the Board be authorized to fix their remuneration. Could I ask that Resolution 5 in the notice of motion -- sorry notice of meeting to appoint PwC or PricewaterhouseCoopers as auditors for 2025 be moved and seconded please? May I have a mover? Thank you. May I have a seconder? Thank you. The motion has been formally moved and seconded. If there are any shareholders who wish to speak to the motion, again, state your name before addressing the meeting. If there are no questions, I will formally put the motion that PricewaterhouseCoopers be appointed as auditors of the company for 2025 and that the Board be authorized to fix the remuneration. All those in favor, please indicate by a show of hands. [Voting]

Thank you. Any against? [Voting]

None. Thank you. I declare that the motion is carried. Now this comes to the close of the formal business of the -- of our Annual General Meeting. As there are no other items of business which due notice has been given to the shareholders, that concludes the business of the Annual General Meeting this morning. On behalf of the Board, I would like to thank you for your support and now declare the meeting closed. Please ensure -- however, we'll get to the question part. Please ensure that your yellow voting cards are placed in the ballot boxes that will be brought to you. And the results of the meeting will be announced on the ASX -- to the ASX and PNGX later today. Once again, I thank you for your attendance and participating in this meeting. If you have any further questions, the Board and management will now be available to answer them. Thank you. Yes John.

Thank you. Thank you, Chairman. So my name is John Tuaim. I represent the MRDC Group. There are [ 13 ] companies in MRDC that are shareholders of BSP. So I at least start calling their names then we'll spend 5 minutes. I would say [ 13 ] companies, the largest is PRK. PRK used to be like [ Ted ]. I think [ Ted ] -- largest shareholder in BSP. I think they have now been replaced by Fiji Provident Fund, well done Fijians. But MRDC Group put together, we are like the second -- I think second largest shareholders in BSP. With that, I'd like to maybe first of all, say thank you to Chairman and CEO. Well done. Your results have spoken, and I think as shareholders, we have enjoyed very good relationships with BSP and continued dividend year after year and every year better than the previous year. Well done. So far, so good. And also not forgetting the previous management as well. Yes, I think they have set the foundation, late [indiscernible] yes, Robin. I think they have also set the foundation expanded to the Pacific, and now we see the results and things are very good. And from MRDC as the shareholders, we are quite pleased and happy with the management and the way things are going at the moment. Thank you very much for that. On that note, also I think you would have all seen me actually vote against 2 directors that are actually coming up for the appointment. And I'd just like to explain. And this is with due respect to both of you Patricia and Priscilla in your own right. We have no issues, you are capable directors in your own right. But as a Papua New Guinean shareholder in BSP, we are quite upset about the change of the logo. And we think that the existing directors have actually let us down. PNG is actually a place of culture, is actually vibrant, and it's also full of symbols and signs. We actually -- our tribes, our clans, our provinces, our districts, we all have our own symbols that are actually passed down from generations after generations. We never play around with them. We don't temper them because they are our identity. We take them close to our heart. And BSP has always been the 3 kundus and the green color. I love this green color. The kundus are missing. And now it's breaking our heart. We have been foundation shareholders and through and through your largest shareholders of Papua New Guineans, your largest businesses in PNG. And this is our identity. And we are quite -- we're not happy with the way things have been going with the removal of our logo. We would like to request that the logos are replaced. Otherwise, we will continue to vote against all the directors that have actually were in place at the time of the change of the logos. We will vote in the subsequent AGMs against all the directors that have voted in favor of removal of the logo. Other than that, we are quite happy with our business. We have a very good business relationship with [indiscernible]. We've got very good business relationship with BSP. We bank with BSP. BSP is close to us. Our relationship has always been fantastic, and we want to maintain that. We don't want this logo issue to become an issue business-wise, but that relationship will continue. But please, as a shareholder, as a Papua New Guinean, please, we request all of you and the new directors that have come on Board, we have voted in favor of you because you have nothing to do with it, but please we also request that please, Chairman and CEO and the directors, please do consider, bring back our 3 kundus because every country, every province has a kundu. Kundu is our identity. It represents PNG. It is our pride. Please bring it back. Thank you.

Thank you, all right. I think can I just do a small spin to this? The rebranding has been controversial. We get it. And as I said earlier I'm a Papua New Guinean. I get it too. The kundu means something strong to us in our culture. But let's go back a bit. In 1957, the founders of this bank called BSP, probably got together in a room and wanted to start BSP, wanted to start a bank, and they came up with the name Bank of South Pacific. They could have called it any other name. They could have called the Bank of Papua, Bank of New Guinea, Paradise Bank. Any name, they called it Bank of South Pacific. The dream was that 1 day this bank that they started in a small office in PNG would be the Bank of the South Pacific. We used to be PNG. Now you may start throughout Pacific, sorry -- I'm mixing Pidgin a bit. We have 6 other Pacific Island countries. So BSP is no longer just the domestic PNG bank now. We're a regional bank with aspirations to be an international bank. So BSP is probably [ accorded ] PNG because this is where our roots are. 87% of you say this as a Papua New Guineans. We get that. But as I said we're also in the South Pacific countries, 6 other South Pacific countries. Our shareholder is also changing. Of the 3 countries that we are in -- BSP is in, the super funds are also major shareholders to BSP. Fiji Provident Fund is not the second largest shareholder. But of course, if you put the MRDC group together, if you group them together, they become the second largest shareholder and Fiji probably comes third. So as part of the growth strategy and looking into the future, we need to rebrand. And this -- every bank or every organization goes through this every 30 or 40 years. Yes, we get it. But we need a brand, a logo that is not just unique to PNG only, it has to be something that is inclusive, is something that should be embracing everyone else from the Pacific into the BSP family. And the Pacific market now contributes over 30% of our revenue. So simpler term if I can say in Pidgin [Foreign Language]. How else do you grow your business? Yes, we're passionate about our kundus, but we need something that's inclusive, not just exclusive to 1 or 2 countries in the Pacific. That is why this new logo come. We need something that is modern and that's forward looking. Something in [indiscernible]. The name is still the BSP. The color is there. When you look at the patterns on the walls, the kundus are still there. The only thing we've done is we've rebranded, and there's 4 components to the logo. You may have kundu inside, we've got the traditional fishhook with the waves and we've got the seabed. These 4 are unique to our Pacific, and these 4 bind us. That is why we come up with this logo, something that binds the whole of us in the Pacific, so that we are a truly bank of the South Pacific. And if we grow -- if we are going to grow market share in these Pacific countries, they also need to feel part of the BSP family because they are also our shareholders. So if I can say in Pidgin, again. [Foreign Language] It's the same thing. So that is why we have come up with this decision. And it's been a very difficult decision. It's not been made lightly. And don't forget, if you look at the financials and the numbers, the numbers are going forward. The bank is improving. The bank is growing. We need to go forward. We cannot just be PNG [Foreign Language]. That is the whole reason. Sorry, I've gone off a bit. But I think I need to say this so that at least you get to see where we are seeing things. Now you have appointed -- you guys have appointed us. We will always act in what we believe is the best interest of the bank. We act -- we have to position the bank for the future. Where are we going to grow the bank? [Foreign Language] Where else do you want to grow? If you're trying to grow it outside, well, you have to have a logo or a brand that is inclusive. [Foreign Language] So that is the whole reason. So it's about having something that's modern and looking forward. Thank you. I hope I've answered John's question there. Anything else? Yes, Rajeev?

Hi. I'm Rajeev from Nasfund. I also represent association of superfunds in Papua New Guinea and also a specific investment forum, which is combination of all the super funds in Pacific. So not only we Nasfund are shareholders of BSP, all the super funds in Papua New Guinea and few super funds in Pacific. So on behalf of all of them, thank you very much to the Chairman, CEO and the team, Board of Directors of BSP for the fantastic performance in 2024. Performance came both ways dividend, which has been coming year by year and fantastic growth in the share price of 45% in 2024. I don't know how you're going to match it in future years. Good luck for the next years. Thank you very much. Thank you.

Sorry. Before I get the next question, I could have been tried over this. There was a question that came in online was lodged later on. And according to the procedure I should have read this out first, but I think we got carried away a bit. But if I can read this question, management can explain, and then we'll move on to more questions. And the question from the shareholder was Nimamar Capital Limited [indiscernible]. And the question is this, with the establishment of the National Banking Corporation, NBC, and the banking license issued by the Bank of PNG, there is a risk that government deposits and those belonging to organizations and firms associated with the government will be moved to NBC, including foreign exchange-related banking requirements. If this happens, this will have a significant impact on the bank's market share in deposits and foreign exchange income. What is BSP doing about this to mitigate any potential adverse financial impacts to the future financial performance and shareholder value? I think the CEO is more qualified for this. So Mark?

Thank you very much for the question. We recognize that the establishment of the National Banking Corporation may alter the competitive landscape over time. But in fact, the establishment of a number of new banks is likely to have an impact as well. If it's good for the banking sector, and it's good for the country, we, of course, welcome it. Our competition, as I said earlier, keeps us on our toes. It's a healthy development. Specifically regarding government-related balances, we continue to maintain very strong and long-term relationships with all of our large depositors, including government departments, state-owned enterprises and large corporates. Our top 10 depositors account for about 12% of our deposits. And we're in close dialogue as part of these long-standing relationships with them to ensure we continue to meet their evolving financial needs. This especially includes the investments we're making in modern transaction banking capabilities. Of course, BSP remains very well positioned, very strongly positioned, is the largest and most trusted bank in Papua New Guinea, with an extensive branch network from one end of the country to the other, especially in rural areas, over 2.7 million customers and a deep local knowledge. These advantages that we have will not easily be replicated by anybody in a long, long time. To protect and grow our business, as you've heard this morning, we're executing or modernizing for growth strategy, investing in core banking systems, digital channels, our SME business and our customer service capabilities. We're also expanding in terms of financial inclusion with our Wantok Wallet, our investment in our mobile banking reach to attract new segments and drive greater transaction banking volumes across our platforms. We're going to continue to focus on delivering reliable, high-quality service all across Papua New Guinea, staying close to our customers and ensuring BSP remains the bank of choice in Papua New Guinea, not just for retail customers, but for the government and state-owned enterprises. Customer focus, as I hope you gathered from our speeches today, presentations as well, remains central to our strategy, and we are confident that our customer service, our network, our online network, our digital platforms and most importantly, our team of over 3,200 Papua New Guinean staff will allow us to manage emerging risks effectively, and most important, reliably serve all of our customers over the long term, including the largest customers in the country such as the government, government departments and state-owned enterprises. Thank you for the question again.

Next time I'll get long shoe sole. I might have to look for one of the Stockman boots. All right. I think, Connie, you had your hand up. Yes, thank you. The microphone.

Thank you, Robert, once again. Like I said initially, we have no objections to what modernization you are doing with customer experience, technology. What we are pained while we have touched the soul of a nation and we felt that, that was the election of duty by the directors of the Board in not consulting us. Our view before this thinking about. The banks are the South Pacific. Pacific is already there. They're captured. There was no need to do anything. All right. I have already registered that as a notice to the Board. I believe you have seen it. My letter of objection, disappointment, insofar as the sudden disappearance of our cultural identity has happened. So before we go to the next AGM, we'll be talking among ourselves as shareholders to call for an extraordinary meeting so that we will specifically put to vote this branding. So that our objective is to put and hold to that. All right. Bring back the 3 logos, 3 kundus. So we will be talking among ourselves to call for an extraordinary meeting, specifically for that. If we don't get any response from the Board of Directors, together with the management, C-suite management, we'll give you guys at least a month to do that. Filing that, we will, among the shareholders we will call for an extraordinary meeting specifically on that before we come to the next AGM. Thank you.

Thank you, Con -- Thank you, Connie. Shareholders, you have your rights. If you want to call any meeting, et cetera, the Companies Act is there. The constitution is there. If you can follow it, it's your bank. We're only here to manage it for you in the best interests of the bank. And as I said earlier on, from the Board's perspective, the best way to grow your business is to go through these changes. So you've got a choice, you may move forward or you may just stop this all. If you want big returns, if you want returns to continue to go up, well, I think we have to start appealing to the outside markets. And already looking at the returns are up. In terms of ownership, only 14% is noncitizen, but they contribute 30% of the revenue of your profits. So I think you have your rights as I've said it, but by appointing us as your Board, you entrust us to run your company, best interest of the company. And we believe we've done it. You look at the numbers, everything else is there, so you may need to move forward. But having said that, as I said, I -- you people are shareholders you've got your rights under the constitution in the Companies Act. We'll leave it at that. Point taken. Thank you very much, Connie. Any other questions? Yes.

Victor [indiscernible] is my name. This is a very short but very brief question. But before I get onto that, I think that the 2 new incoming directors are well credentials and certainly, on a brief overview on Judo Bank. It's caused a lot of disruption to the major banking industry in Australia and certainly look forward to it being applied here in PNG. I think the results are very good, and I take this opportunity to thank the bank for it. But my question is to the CEO, being implementing a lot of changes, which I think is good. Given your employment contract, will you be here to fully implement to a mature and fruition level?

I'll let Mark answer that one. I'll just say briefly, I don't think there's any cost right now to terminate these contracts. Mark?

Now, sorry to confuse you, Bob will answer. Probably, I hear this time. That's a, thank you for the question, Victor. I do have an employment contract and it extends for a number of years. And I really, really think that the changes we're making today are going to have a lasting impact on the bank. I have -- most importantly, have a great team around me. And one thing we've done very consciously in the last 18 months since I arrived, is really start to think a lot about developing the senior team, the top 20 people in the bank. We've been very conscious about rotating people into different roles. So a number of the folks working for me are gaining broader experience than they would have otherwise had. So we're creating a lot of bench strength because there's always the plan and then there's the proverbial what happens if somebody gets hit by a bus. And I can guarantee you, the senior team is getting stronger and stronger every year. And I would put the senior team of management up against any of the big banks that we compete with not just in the region, but in places like Australia as well. But in short, I certainly intend to be around as long as necessary to make sure these changes are effective. I hope that's helpful.

Any other questions? Oh, good. That's really good. So let me see the script. I think that's it. sorry.

Thank you, Chairman Robert. My name is Tony [indiscernible], I'm an individual shareholder. I raised the same question several times already. I'm raising it again. This is regarding the customer service. It has taken too long and I haven't seen much improvement. The line getting longer and about Wantok Wallet, that's one of them. Maybe it might be a solution or not, talking is another thing real practical part of it, I haven't seen the outcome, especially in the rural PNG districts and provinces, it's getting worst. As you know, the population is increasing. It's not decreasing. And services, we are running late. Maybe country is not -- certain services are not there, maybe power, I don't know. So those are the real practical. I come from a real practical background which I shared with David and others and they're fully aware of that. And I'm raising that again. And in one of the meeting, I said which shareholders should be given a privilege of paramount banking. And in fact, I was given a privilege by the management, I misplaced my paper, and I had to join the queue, the long queue, for hours and hours standing in the bank. Especially in the rural areas, it's worse than must be. I think we have so many workers, and where I come from [indiscernible] the bank is a small branch, not branch, agency, let me put it that way. It was once a branch with so many workers that was in '90s. Now it's gone and you heard about huge cash flow going on in the province. And I put that to David and his team to look into that and the movement of cash with the Wantok. I don't really practice in the tablets, it will show up, but really cash, where do I get it? I'm raising this one to Robert your team to look into. Thank you.

Thank you, Tony. I think there's a lot and probably management will be the right people. From the Board's perspective, if you look at it in the next 3 to 5 years, we're investing a lot of money in modernizing for growth. So there will be new [ EFTPOS ] coming, [indiscernible] the ATMs can accept deposits. We're looking at why there are queues in the bank. Don't forget, I'm a BSP customer as well. I drive down on a Saturday to the ATM and the ATM is not working, what do you think? I also get upset. We all do. We see the queues. We all -- we know where the problems are and the bank is cognizant of that. That is why we're not planting seed now. We're planting small seeds with our investments. It will take time. But I think as the Chairman, I can say, I believe in the next 3 to 4 years, BSP will be a different bank because we're investing a lot. I would never invested before, PGK 345 million in 2 years, likely to go up to PGK 580 million and [indiscernible] money we're spending all because of customer experience. And as a BSP customer, when I first joined the Board, I used to complain a lot about the queues and the ATMs, the EFTPOS. So we all say the same issues, but we are investing. And as I've said, what's the space probably in the next 3 to 4 for 5 years? BSP should be a different bank. And it has to be a different bank because there's competition on the way. So I'm -- point taken, and we are working on it. Thank you. I think that's about it. If you have any other questions, the Board is here. Management is here. So pull them to the side. And I think there's some refreshments outside and share. Good to talk. Talk out issues and [indiscernible] I will move forward. I think that's it. And on behalf of the Board and management, thank you to -- for all the shareholders who have attended today. Thank you.