National Bank of Bahrain B.S.C. (NBB) Earnings Call Transcript & Summary

Thank you very much all for being here. Good afternoon, dear NBB Group stakeholders, and welcome to our investors meeting that is going to demonstrate our financial and nonfinancial results and accomplishments for the first quarter of the year 2025. We're delighted to conduct this meeting after we had recently published the group's financial results in addition to the required documents that were uploaded on the bank and Bahrain Bourse's websites. Representing NBB Group in this meeting as speakers are the Group Chief Executive Officer, Mr. Usman Ahmed; the Group Chief Financial Officer, Mr. Mohsin Rahim; NBB Group Chief Strategy and Sustainability Officer, Zaina Al Zayani; and NBB's Financial Controller, Fatima AlKooheji. Thank you very much for being here. My name is Hisham, and I'm NBB's Chief Corporate Communications Officer, and I'll be the meeting's moderator. And I would like to make the following points before we start, please. The meeting will be conducted in English language. The presentation of this meeting has already been published on Bahrain Bourse's website. And all questions are welcome, and they are required to be written in the questions section or the chat, please. And any comments are also welcome, but they will also be required to please be written. We will now start the investors meeting with NBB's Group Chief Executive Officer, Mr. Usman Ahmed. Mr. Usman, the floor is yours.

Thank you, Sham. Good afternoon, and a very warm welcome to everyone who's joining us today for this investor meeting for the first quarter of 2025. I just want to mention that this time around last year, when we were having our call, we were proudly presenting the biggest first quarter or the biggest quarterly result actually in NBB's history. And you will see from the slides later on that last year, we had very strong double-digit growth in the first quarter of 2024 to have further improved on that this quarter is a significant achievement. And I think we are very pleased with the effectiveness of our overall strategy, which has enabled us to deliver some of the financial outcomes that we'll talk about today. At the core of that strategy really is our focus on customer centricity and how we can continue to improve our interactions, our experiences, our products, our offerings for our customers. It's a part of continuous improvement. We have doubled and intensified our efforts and focus on it this year, and we are very keen to continue to build on the success and the effectiveness of the approach that we've seen over the last couple of years. I think when we talked about our strategy at the AGM, we had specifically focused on Bahrain Islamic Bank as well. And we had mentioned at the time that in the coming quarters and the coming years, we hope to be able to demonstrate the results from the very strong involvement support and kind of revamp of BisB that has been underway over the last few years since NBB acquired a super majority stake in Bahrain Islamic Bank. And I'm pleased to say that this quarter, we've seen a very significant contribution from BisB in that context. That's very much part of our derisking and refocusing the bank approach. Even though it is a significant one-off, it is also accompanied by fundamental improvement in the underlying core performance of Bahrain Islamic Bank. So that's very much going to remain under our focus, both from a viewpoint of unlocking one-off opportunities as well as growing the core business of BisB as we move along. And finally, I think what I'll just mention is that, of course, this quarter and for the rest of the year, we expect to be navigating a very complex global, regional and local macroeconomic environment with rates having come down from the last quarter of 2024 till now. Of course, like all banks, we will also have to face with challenges around net interest margin and how we manage and navigate through those challenges is something that we're very, very focused on. And we've touched on some of those key points as well. But all in all, I think it's been a good quarter. It's been a good start to the year and a great record quarter on top of what we had last year. And I will hand it over to my colleague, Mohsin, Group Chief Financial Officer, to take us through some of the specifics.

Thank you, Usman. A very good afternoon to all the participants online. Allow me to walk you through and take you to Page 3 or Slide 3 of the deck. I would start by saying the bank continues to demonstrate growth in both operating income as well as attributable profit, reflecting the resilience of its core business and its ability to capitalize on opportunities as and when they arise. So -- and as you can see below on the operating income side, the operating income, we experienced 13% growth in Q1 '23 to Q1 '24 and subsequently from Q1 '24 to Q1 '25, 7% growth. This is mainly due to our core business, core earnings plus treasury gains as well as one-timer that our GCEO just mentioned about. With respect to the attributable net profit on the right side, the first quarter attributable profit growth is 2%. This is following, as you can see on the chart on the left -- on the right-hand side, a substantial 23% increase in first quarter '24 versus first quarter of '23. This year growth builds on that strong momentum that we established last year, reflecting a higher base of performance. Nevertheless, our objective is to deliver strong quarter-over-quarter performance and deliver better than 2% growth each quarter. Moving on to Slide 4. If you see the income statement slide, the top headline is year-over-year reduction in operating expenses and double-digit growth in other income and operating profit. So if you go to the section below where we have the bar charts, right, the net interest income, the decline in the previous quarter, the first quarter is primarily attributed to the 100-basis points rate cut that we experienced in the fourth quarter of '24, right? Additionally, we have experienced a change in the mix of our deposit base, which has further contributed to the decline or the downward pressure on our NIM. Our -- and the net interest income correspondingly also went down. At the year-end 2024 December, we were at 3%, and we are down at 2.7%. Moving along to other income. We -- other income is up due to, as I mentioned earlier, treasury-related gains and onetime gain in our BisB subsidiary and which we booked in first quarter of '25. So this is a very strong increase in the other income line, as you may notice, 36% on a year-over-year basis. With respect to operating expenses, there is continued focus on expense rationalization. I must say, and it is not about expense cut or cost cutting. It is about expense rationalization, how we can be able to improve the allocation of our expense in the right direction, which has helped us tremendously in the decline in our expense base. So we had BHD 26.8 million, and our expenses -- operating expenses are down 4%. Other income and the drop in expenses contributed towards the improvement of our operating profit, which is up 16%. When you look at the loans and provision, there is an increase, year-over-year increase in loan provisions. It is not due to any deterioration of our loan portfolio, but it's driven by continued focus on maintaining adequate buffer at both from a group NBB basis. Having said that, there is some minor movement on the other provision, associate profits and tax expense line. Consolidated net profit is up due to the factors I just shared earlier, delivering a 9% growth on a year-over-year basis. If you go to Slide 5, that talks about the ECL coverage. We continue to maintain strong buffers that we have built in previous years. We have been maintaining those buffers in 2025. Our cost of risk averages, if you go back and look at previous quarters, it fluctuates between 25 basis points to 55 basis points. And this is, again, as far as we continue to maintain adequate buffers. On the coverage ratio, where we have listed down the various stages. In Stage 1, we are maintaining coverage ratio of at least 50 basis points, which is evident in the first section. In Stage 2, there is a positive migration of an exposure from Stage 2 to Stage 1. It had lower provision earlier and the migration resulted in increased coverage ratio. On the Stage 3 side, we have increased provisions for specific risk driven by our DCF model, and it's not related to any significant increase. On the key ratios slide, you will notice the strong returns metrics. Both ROE and ROA are up given the strong profitability. There is a 530 basis points increase in our ROE, and there's a 60-basis points improvement in our ROA from December '25 -- '24 to Q1 '25. Moving along to balance sheet highlights. Our balance sheet is fairly diverse. And first time, we are reaching a record level of almost BHD 6 billion, which is the high watermark for us. When you look at the assets, you can see the liquid assets are up. There is some movement related to cash, HQLA, T-bills, sovereign and interbank activities are significantly higher versus 4Q. In 4Q over December last year, we slowed down our HQLA optimization activities, and we restarted back in first quarter. So that's the reason you see the trending up of 52% increase. Against the loan, the flattish loan growth is due to sell-down of some of our assets. Asset sell-downs are common within the corporate finance, which is a tool that we use for strategic financial and regulatory purposes. So that's the reason behind that in terms of the flattish loans because we optimize in terms of our pickup when we drop -- when we sell down our loans. With respect to investments, investments are down 7%, but we took opportunities and advantage in the interbank placements. So that helped us in our NIM pickup. The total assets, as you can see, are up 8%. There's a continuous market share expansion from an asset standpoint. And we are very pleased to announce, as I mentioned, that we are almost touching the BHD 6 billion level. On the liabilities and the equities, modest but continued increase in the deposit base, which is about 7% last year and 3% in the first quarter. With respect to equity, there's -- the movement is because of the 25% cash dividend payout of BHD 56 million. This was in addition to the interim dividend of 10% in third quarter of last year. With respect to funding slide. There's growth in customer deposits from year-end level, as you may notice below. Even after the interest rate cuts, in fourth quarter '24, the market continues to reprice deposits upward, right? That's what we are observing. A shift in the deposit mix, which is reflected in the growth of our time and call deposits on the right-hand side, which is 5% up. Furthermore, on the balance sheet metrics, moving along to Slide 9. If you see on the left-hand side, we are showing our NPL ratio. Despite double-digit loan growth, the NPLs are holding up well and suggesting a strong focus on credit and our risk management abilities. The CAR ratio, as you see, is well above the regulatory limit and driven by balance sheet growth and dividend payout. Liquidity remains strong. We have, as you may notice, the 344.7% suggests the LCR ratio that the bank holds about 3.4x more high-quality liquid assets to cover it net cash outflow over a 30-day period. It also indicates that bank's liquidity position is extremely strong. With respect to our long-term liquidity, which is NSFR, the long-term liquidity in terms of customer deposits is very sufficient and above the regulatory hurdle. Happy to take some questions at the end.

Thank you very much. NBB's Group Chief Sustainability and Strategy Officer, Zaina Al Zayani. Let's see the sustainability highlights, Hussain?

Thank you, Hisham. Assalamu alaikum, good afternoon, everyone. Thank you for joining today's call. I'll be taking you through our key sustainability highlights for the first quarter of this year. So team NBB's remarkable progress in its sustainability journey have resulted in regional and global recognition from top rating agencies such as Refinitiv and Bloomberg. We have managed to maintain our #1 position across all sectors in Bahrain by Refinitiv and as well by Bloomberg. We have maintained our first position on the banking sector and across all sectors in Bahrain. We have achieved a 6th position amongst the banking services sector in MENA by Refinitiv and 8th position amongst The Banking Services sector in MENA by Bloomberg. Globally, we have managed to be in the top 6% by Refinitiv in the financial sector -- financial services sector. So this was achieved through many initiatives, basically by focusing on the different sustainability pillars. Next, please. So through our focus on customer centricity and enhancing our customer experience through digital adoption, both on -- through the retail digital banking app and our corporate digital solution, digital. So from a retail perspective, we have managed to increase our digital banking transactions on the digital app by 40% year-on-year. 33% growth in our new-to-bank customers onboarded digitally and 31% year-on-year growth on total points awarded to customers. We have also managed to grow 4% on digitally registered customers from last quarter and achieved 5% growth on the total digital users on "Points". We currently stand at 91% of all new accounts opened digitally on the retail digital app, which is a very good percentage, and we hope to grow it even further in the coming year. In terms of our progress on our digital app, we have grown 1% in the digital registered corporate clients from last quarter, and we have managed to grow 13% year-on-year on digital banking transactions in terms of bank. Moving to the responsible banking sustainability pillar. In terms of sustainable finance, we have managed to increase our -- the value of our social housing program by 16%. Of course, that includes the multiple products that we have under social housing, be it Mazaya or Tas'heel or other products. Going to the nurturing our workforce pillar. We -- there has been a focus on talent attraction and engagement and retention through an increased focus on training. In the first quarter, we have closed about 6,984 hours of training, which is equivalent of about 8 hours per employee. 44% of our employees have already attended our sustainability awareness program. In terms of equal and fair opportunities, we have 7.7% representation of women in our senior management, 28% representation of women in our middle management and 38% representation of women in our total workforce. Moving on to the community investment. We stand at BHD 1.2 million of investment in our donation and contribution. We have also encouraged our employees to -- in different volunteering activities to engage with the community, resulting in about 496 hours spent in volunteering hours by our employees. Moving to preserving our natural resources or the environmental aspect of our sustainability journey. In terms of direct environmental footprint, we have managed to reduce our energy consumption year-on-year by 6%. We stand at 12% waste recycling ratio currently. And in terms of total waste, it was -- there was an increase of 20%, and that was due to increase in occupancy and some one-offs. In terms of climate change, we have -- as you may be aware, we are currently reporting our GHG emissions, and we have managed to reduce our Scope 1 and Scope 2 emissions by 8% as of quarter 1. And finally, moving to the governance and ethical behavior. We continue to invest in enhancing our governance and ethical behavior amongst our employees through training. 41% of our employees have completed our AML training and 42% have completed the privacy and security awareness training. Thank you very much.

Thank you, Zaina. Okay. We have -- thank you very much. The same presentation, I think, is also -- yes, we'll have the Q&A session. It is also available on the Bahrain Bourse website through the invitation. I would I say it's -- thank you very much, everyone, for attending. It's -- to my executive management, it's quite question intensive. So we'll start straight away. We've got approximately between 14 to 15 questions to go through. So short sweet, let's get through the whole out, as we say.

We'll start with Mr. Ali Tareef. Thank you very much for sending the questions over. And I think we also put them in the chat over here, so everyone can see them. But let me start off by reading the first question. It's a lengthy one, so please bear with me. The leverage ratio decline, and that's the heading of the question, says that NBB's leverage ratio has declined from 8.8% in December 2024 to 7.4% in March 2025; while peers such as BisB, 12.6%; BBK, 12.11%; and Khaleeji, 11.91%; and Al Salam Bank, 10.6%, maintain higher ratios. Could you kindly explain the main reasons for this decline? And what proactive measures are being taken to improve NBB's leverage ratio relative to peers? Mohsin, I believe that I'm going to direct most of the questions to yourselves. So please.

Thank you so much, and thank you, Mr. Ali Tareef for sending us the questions. Happy to share the responses on those questions. Number one is with respect to leverage ratio decline. There are 2 reasons. Number one is we had a payout of our dividend, right, of about BHD 56.4 million, which reduces the CET1 in March compared to December 2024. And the second thing that I would like to highlight that the -- as we increase our exposures, the group total assets have reached all-time high, which I have mentioned earlier. Compared to back in March 2025 versus December 2024, that -- those are the 2 items that have impacted the leverage ratio of 7.4%. But keep in mind, this is still almost double the minimum threshold set by the CBB for D-SIBs, which is about 3.75%.

Okay. Thank you very much for that. Second question, AT1 issuance consideration. In light of the current leverage ratio, would NBB consider issuing additional Tier 1 AT1 capital in the near future to address this issue, given that NBB has the weakest ratio among its peers.

So I'm sort of aware where this question is emanating from, right? I mean, at the AGM held on 27th March, there was an agenda item #12, which included approval of the Board to authorize the bank to raise funding through the issuance of debt instruments. We are mindful of additional approval requirements that may apply, and we will ensure all necessary authorizations are at the appropriate level are obtained as and when required. Having said that, this was just broadly included in the approval process. But at this point in time, given our strong capital position, we don't anticipate issuing any AT1.

Thank you very much. NIM reporting. I noticed that the recent presentation did not include the net interest margin, a key performance ratio that the bank has historically shared quarterly. Could you please provide the NIM and the risk-adjusted NIM at the end of Q1 2025? So that's the first part of the question. The second one is, did it experience expansion or contraction? And what proactive measures are being taken to improve the situation, if need be?

In my presentation, financial presentation, I did include the NII. And I did mention that there is a decline. Given the NII decline, obviously, there's an impact to the NIM as well, which is 2.7% in the first quarter 2025. The risk-adjusted NIM is 2.4%, which is also down given the absolute NIM is lower from 2.8% to 2.4%. But the actual NIM without the risk adjustment is at 2.7%.

Okay. Asset yield. Following up on the previous question, what is NBB's asset yield at the end of Q1 2025? Please note that assets are noninterest-bearing and should be excluded from the calculation of interest-earning assets.

Yes. So we have -- based on your question, our asset yield is approximately in the range of 5.5%.

Okay. Interest rate sensitivity. What is the magnitude of NBB's balance sheet interest rate sensitivity in BHD terms for each 100 basis points?

Good question. The impact for each 100 basis points parallel movement is approximately BHD 1 million to BHD 1.25 million.

Thank you very much. Thank you, Mr. Ali for all your questions. I've got 2 questions from [ Mr. Ahmed. ] Let's start with question number one with the heading customer deposits. Is NBB actively attracting and growing customer deposits to invest in money markets? Please provide a yes, no answer along with your reason.

The bank continues to attract deposits to fund the growth of its banking book, right? The deployment in money markets such as T-bills and placement is temporary as we grow the loan book in our second quarter, right? So there are just sometimes at the quarter end, there are some balance sheet management, activities that we need to ensure for optimization reasons that we manage those levels. So the fundamental answer is to grow our banking book.

Good. Question number two from [ Mr. Ahmed ], overseas branch performance. Are NBB's overseas branches still incurring losses? If so, could you please explain the reasons behind this and the expected time line for reversing the trend and achieving profitability? Bearing in mind also, Mr. Usman, this was the question that was also raised by [ Mr. Ahmed ] himself during the recent AGM, as you have thankfully pointed out.

Yes. No, thank you for that. It's a very, very important question because it represents a very important area of focus for NBB. As you know, NBB has historically had licenses in 2 of the largest GCC markets, namely UAE and Saudi Arabia. And those franchises have historically not been well developed, I would say, in line with the growth that has happened in those markets. I think over the last sort of 2 to 3 years, we have been very focused on changing that. So there are several investments that are being made both in terms of systems as well as in terms of people and in terms of expanding our balance sheet in these countries. We have -- overall, we have achieved profitability on a combined basis in the last 2 to 3 years during certain periods in these businesses. But of course, now with rates coming down, I think we've seen spread compression. So in the first quarter, I think on a combined basis, they are pretty much at a breakeven level. But as we grow our asset book, as we continue to realize some of the benefits of the investments that have been made, we do expect that these businesses in the long run will have a very sort of strong and sustainable base with respect to adding to NBB's bottom line. I should say that as you know, we are a single B rated bank. Both of these markets are AA-rated environment. So we do face pricing challenges and pressures as we look to selectively grow our portfolio. But we are focused on certain niche segments, and we do believe that these markets offer strong potential for NBB to diversify outside of Bahrain in the long term.

Thank you very much. Husain Alshehab, thank you very much for sending your questions over [Foreign Language]. Net profit disclosure. I noticed that the presentation does not mention that the net profit for Q1 2025 includes an extraordinary nonrecurring item amounting to BHD 9.5 million. Could you clarify why this was not highlighted? Additionally, if we account for this item, what would be NBB's adjusted profit Q1 2025?

I'll take that question. Thanks, Hisham. First of all, from a regulatory standpoint, all proper disclosure requirements were followed on this onetime reporting item, right? So Bahrain Bourse as well as CBB, all requirements that are required, we have adhered to those.

And just on that point, I think the specific disclosure requirement was at the BisB level...

That is correct. When we reported our numbers to the Bahrain Bourse, we have highlighted that this includes a onetime item of BHD 9.5 million as well.

So the second part of the question, if we did not account for this item, what would be NBB's adjusted profit for Q1 2025?

Yes. I just wanted to highlight that there is always volatility in the market, right? And there are timing-related opportunities that we take into consideration. If we exclude this onetime item, we will be lower by about 25% versus last year. Even as our GCEO mentioned, we had a significant growth last year as well of 23%. So in line of that context, just be mindful that there is -- we are not -- we are a bank, and we take opportunities as and when arises based on the market volatility and the timing of that. So it is just a timing issue.

Okay. Thank you very much for that. Equity performance in BCFC, given that NBB holds more than 10% equity in BCFC, do you consider their performance in Q1 2025 to be sluggish? And how do you believe this is impacting NBB negatively? And what strategies do you have in place to turn around the performance of BCFC?

Yes. So the short answer is we have a Board level representation at BCFC and all of our communication is routed through that chain. And we provide our views and comments given our shareholders.

Thank you very much. Mr. Vinayak Kapoor has a comment on the chat saying, thank you NBB team for organizing this investors meeting. I am Vinayak from LR Consultants. I would like to congratulate you for the progress and wish you the best for the future. Thank you very much, Vinayak. Now Vinayak also has a question saying NBB has demonstrated strong financial resilience in Q1 2025, reporting a 9% year-on-year increase in consolidated net profit to BHD 30.2 million. This performance was underpinned by a 36% surge in other income and cost optimization, with operating expenses reduced by 4%. The bank also posted a healthy 16% growth in operating profit, reflecting efficient management and diversified revenue streams in a challenging macro environment marked by global inflationary pressures and Bahrain's evolving tariff landscape. In terms of credit risk, NBB has maintained robust precautionary buffers, with the cost of risk increasing to 0.52% in Q1 2025, up from 0.33% in full year 2024, demonstrating the bank's proactive provisioning approach. And the coverage ratios remained strong across all stages with Stage 3 covering -- coverage, sorry, including collateral steady at 95.7%, reinforcing NBB's commitment to asset quality and prudent risk management. These results signal NBB's capacity to navigate market uncertainties while continuing to deliver value to shareholders and maintain a strong risk-adjusted foundation for growth. Regards, Vinayak, LR Consultants. I think that's a very nice put together synopsis.

Yes. I think -- thank you, Vinayak, for that very nice overview, essentially captured the essence of our efforts and our strategy and our discussion and presentation in your very succinct remarks. And it is, as I mentioned at the start of the presentation, it's a very challenging, as you also noted, a very challenging operating environment. And in that context, we are pleased with our results. We hope to be able to continue to navigate that successfully in the rest of the year, and we're very focused on delivering for our clients in the process.

Thank you, Usman, and thank you for your attention to these inquiries. I look forward to your responses. This was a comment by Husain Abdulhamed Alshehab, which we -- Mohsin, you helped me kind of answer some of the questions that he's asked. Sumaya Aljazeeri has questions. I think 3 of the questions are here, but one got deleted by mistake, but I do have the questions. So I'll just go through them in order. So one is loan provisions driven by continued focus on maintaining adequate buffer. Could you elaborate on what adequate buffer is? Is 58.9% Stage 3 coverage -- Stage 3, coverage 3, coverage ratio an adequate buffer? Or what is the target?

Yes. So our coverage ratio is about 52%, right? So -- and from that standpoint, which is very sufficient as we look at the -- where we are in terms of the -- our provisioning related activities. So we are very comfortable.

So Stage 3, I think the question is specifically about Stage 3 buffer?

Yes, there's a percentage of the...

58.9%. But I think whenever you look at Stage 3 coverage ratio, we also have to look at the collateral that is specifically assigned to that particular asset. So if you look at our Stage 3 coverage ratio, including collateral, that's actually 95.7%. And that is, of course, extremely strong. In addition to that, as you can see, we have been increasing our buffer for Stage 3 over the years as well. It was -- net of collateral, it was 48.8%. It's up to 58.9%. And previously, it was including collateral, 89.6%, and it's now up to 95.7%.

Thank you, Usman. The ROAE increase is attributable to your one-off. What is the target ROAE for NBB in 2025?

Typically, we don't give out forward-looking guidance, right? However, we would expect to be in the same 19% to 20% range, I would say or -- from an ROE standpoint, it depends on some of the other activities that we may encounter. But last year, if you look at our total ROE was around 14%, right? So we will try to manage within that range.

Thank you very much. Why has NBB's loan book declined in Q1 2025, on a quarter-on-quarter? Could you elaborate on this?

As I mentioned, it was not a decline, but it was due to the sell-down of some of our assets.

So typically, what happens is that we have a very active debt capital markets and syndications business. It's a market-leading franchise. We take underwriting positions on loans. The loans have to be -- the underwriting positions have to be prefunded and then we subsequently do the sell-down activity. Sometimes that BAU activity crosses over the year-end. And what is reflected in the sort of reduction in the asset book is also on the back of growing our loan book by over 19% during the course of last year, which is a combination of the underlying growth in the permanent role position as well as the underwriting activity that we did during the course of last year.

Thank you, Usman. Thank you, Mohsin. One last question. Sumaya, thank you very much for your question. As I said, there was a question that got deleted by mistake, I think, but we did capture it over here. So it says change in the deposit base. And the question is, which -- change in the deposit base, which added to the pressure on the NIMs. Is this change due to losing market share in demand deposits?

No. The response is there is a change in mix. If you see Slide 8, our total deposits have gone up, right? So the customers are taking advantage and the competition is still pricing the deposits very high. And that's why we have experienced some shift from our demand deposits to our call deposits as well as term deposits.

Okay. I think Sumaya has just commented, she said, Mohsin mentioned in the presentation that Q2 2025, there will be growth in loan book. Could he just touch on this again? Again, a bit forward-looking, but...

From our standpoint, when we look at the loan, right, I mean, we have -- because of the sell-down that we experienced in the first quarter, our view is perhaps either we will be at that level or slightly higher of that level.

I think the point on loan growth is that we have to, at the end of the day, deploy capital on an accretive basis for returns where it makes sense on a risk-adjusted basis. We don't want to simply be just expanding the balance sheet unless, again, going back to the previous questions, it is accretive from an overall returns perspective, right? So if opportunities present themselves during the quarter for growing the loan book in a manner that is accretive for returns, then we will do so. Otherwise, we recognize that we've already had very significant loan growth last year, and we're very focused on extracting the full value of those balance sheet commitments in the form of other income as well, as you've seen from the results.

Thank you very much. I think we'll end on a high note as well. There's -- From Vinayak, there's, congratulations, Zaina, on this milestone, and I'm pretty sure it's related to the E part of your presentation about the GHG emission, the GHG reporting and the climate change. So thank you very much. Okay. If there are no -- thank you, Sumaya. Thanks. If there are no more questions, on behalf of the executive management team, Mr. Usman, Mr. Mohsin, Zaina, Fatima, and myself, I think we'd like to thank everybody for attending the investors meeting. You're most welcome, Hussain, of the investors meeting. And most importantly, thank you for your questions and feedback. Thank you, Mr. Ali. Thank you very much, and wish you all the best as well. So until we meet again in the next update, allow me to express our collective gratitude for your continuous support. Thank you very much, management. Thank you very much, stakeholders.

Very nice to have the conversation.

[Foreign Language].