National Development Bank PLC (NDBN0000) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen and good afternoon to those who have connected from the Far East. Thank you for connecting with National Development Bank Investor webinar for June 2022. Today's webinar will take the same format with our Director and Chief Executive Officer Mr. Dimantha Seneviratne. He will first take you through a prepared presentation, at the end of which we will open up the forum for questions and answers, during which he will be joined by a panel comprising of senior management of the bank. With that note I will now hand over to Mr. Seneviratne to take the presentation forward. Thank you.

Good morning, all. Welcome to the NDB's investor update for the first half 2022 and good afternoon to those who are joining from the Far East. Let me take you through the presentation as usual. And with me, I have the senior leadership team members with me, in case there are any questions to chip in Sanjay who is heading Senior Vice President, Personal Banking, Deepal Chief Operating Officer. Suvendrini Vice President Finance; Niran, Vice President Treasury, Indika, Vice President, Business Banking, Ishani, Vice President, Project Finance; Vinoj, Vice President, Corporate Banking; Zeyan Vice President, Branch Network and Retail Damitha, who is Assistant Vice President, Digital Financial; and Shanka, who is Assistant Vice President, Corporate Planning. So those are with me, but David, of course, I mean, if there's any further questions to clarify. And with that introduction, let me take you through very quickly to cooperate profile. I think all of you are quite aware, I think they have been the bank industry for 40-plus years. And now the fourth largest listed bank in Sri Lanka operating with 113 branches and have 150+ CRM and ATM machines and also the group synergies that we bring in to the NDB investment banking, the wealth management, the stock broking arms, all that helps us to get the group synergies and provide the best customer-centric solutions to our customers. And recently, I think we have been winning some prestigious awards the latest being Euromoney Best Bank in Sri Lanka for 2022. And also the Global Finance U.S.A.'s best bank in Sri Lanka for 2022 and for the four last years consecrate and also the Best Bank award. So that's all thanks to the service that we deliver, thanks to our stakeholders, customers, staff, everybody. I just want to acknowledge that. And let me now move on to the part one on the financials. Prior to that, I just want to brief you about the operating environment, what we went through in the first half, the period we are discussing is from January to June. So this is, I must say, the most challenging environment that the banking sector has faced. You all are aware that the monetary policy tightening was happening the second -- first half and was more than 8.5% or 850 basis final increase in SDFR rates. And another thing was that the rupee that had been paid LKR 2 for almost 10 months, artificially at about 200 level was allowed to be free floated that basically moved the rupee from LKR 200 to LKR 360, which has stabilized around LKR 360 to LKR 365 range. So actually, 2 things that impacted the entire banking sector and the economy. One is on the interest rate sharp hike in interest rates. And on the other side, the exchange rate, so a significant depreciation of the rupee. We also saw restrictions on importing goods that affected the importing customers and also the exporters to a certain extent were reliant on some of the import raw materials. And we also saw the power outages, fuel shortages that all continued to a level that people couldn't tolerate anymore that also saw a lot of changes the political changes that we have seen. Apart from that, the government in August also announced our inability to make the international debt payments on time. So as a result, the Sovereign rating also downgraded by the international rating agencies. Then we also saw the inflation picking up very sharply, especially the food inflation around 80-plus range and even the core inflation more than 50%. So all the bad or diverse situations that we can expect all that happened within the last 6 months. So the bank operated in that circumstances in that environment. So that is a key environment that we should all be aware of. I just want to remind all our investors who are here just to give a little background of that challenges that we went through. So the sand in deposit rates and all, you would see that from last year, August 2021, bank rate 9% went up to 18.5%. SDF rate from a 5% to 14.5%. So almost 100,000 basis points or 10% increase in the SDF rate if you look at from August 2021 to July 2022. But first half, as I mentioned, about 8.5% increase. So despite all that, this is the financial summary at very high level. Later on, I will explain in more detail. Despite all that, the operating profit, operating income level in NDB managed record of 46% year-on-year growth to LKR 22.4 billion. So that's actually, I would say, a tremendous achievement in this environment whilst maintaining the service level, ensuring that the core income or operating income growing year-on-year. However, on the other side, the impairment charges were substantially increased -- so it was LKR 13.9 billion, more than 235% growth in impairment again year-on-year basis. That led to the 56% year-on-year drop in profit before tax, which was recorded at LKR 2.7 billion and the profit after tax at LKR 1.7 billion. So naturally, the profits are moderated mainly because of the impairment increase impairment charges. Otherwise, the top line level, close to 50% year-on-year growth. Balance sheet also had substantial growth, 16% for the first half. Now we had LKR 816 billion, partly due to the steep depreciation of Sri Lankan rupee as well. The Dollar already denominated assets actually valued at rupees at a much higher pace. So that's one reason. But there was some growth in the first quarter in the loans as well. So loan book grew by 16% to record LKR 609 billion, and deposits grew by a higher percentage, 17% to cross that LKR 645 billion. So the deposits are more than adequate to support the loan growth, 645 deposits versus LKR 609 billion loans. In terms of group performance, group profit after tax was LKR 1.7 billion year-on-year, as I mentioned, 58% drop. Group ROE, again, significantly dropped from what it was last year from 12.4% to 5.3%. Our group total assets at LKR 822 billion. And we also saw the margins improving, thanks to the rating hikes. So it's at asset level, the NIM is 3.78% compared to 3.25% in 2021. And also in terms of credit quality, the Impaired loan Stage 3 ratio was at 5.7%. In terms of capital ratios, capital adequacy, we managed to still keep above the minimum requirement of 8.5% at 8.63% capital adequacy ratio CAR 1 of 8.63%. I must say that this is without capitalizing the retained profits. I would say most banks, we saw they're having interim audit in June to take the reserves. However, we have not taken that into our capital. So this 8.63% is without taking the retained earnings of LKR 1.7 billion to the Capital. But if I have taken that, this capital ratio would have been 9%. And the total capital ratio was 13%. Had we taken the retained profit, it would have improved to close to 14%. So that's a very high-level summary. Moving on to the part 3, which is the financial performance, the income statement, you would see that gross income level, a 46% increase in the gross income from LKR 30 billion to LKR 44 billion and mainly coming from interest income, which grew by 46% again from LKR 25 billion to LKR 37 billion. Interest expenses are also a similar level. However, the net interest income was LKR 14.9 million or almost LKR 15 billion compared to LKR 10 billion in the first half last year. So that's about 45% growth. We also had good growth in net fee and commission income year-on-year, again, close to 19% growth from LKR 2.5 billion to LKR 3 billion. This is despite the import restrictions that we saw in the first half, the fee income going. One is thanks to -- one is the trade income certainly that contributed. In addition to that, the digital strategy that we deployed, the key income on that side and also the cards and some of the other retail products also contributed to get the fee income growing despite the restrictions that were introduced late part in terms of imports, et cetera. Total non-fund base income also, we saw 77% growth from 2.4% to 4.3%. And overall, total operating income, we had 46% growth from LKR 15.3 billion to LKR 22.3 billion. So as I said, the key driver of -- I mean, the profitability later on to reduce the profitability was the impairment charges, and we were compelled to take high impairment charges especially after the country rating was downgraded. So from LKR 4 billion last year, first half, we ultimately ended up in taking LKR 13.9 billion or almost LKR 14 billion impairment charges, so that's about 235% increase mainly coming from both the investment in government securities, both foreign currency denominated and also the loan book precautionary provisions that we took. And we continue to ensure that the impairment power is built up, especially in an environment like this where we see credit side also naturally with high interest environment, some of these SME sector and even some of the corporate sector also finding difficult to manage that and also continue their business as they used to do when the economy has also contracted the GDP contracted in a scenario. So that would be an area that we will be focusing even in future to build up that adequate impairment cushion. So that's what we did in the first half as well. So impaired loan stage 3 ratio has moved up to 5.7% from 4.5% last year. And however, the impairment cover remains same almost at 32% compared to last year. With regard to operating expenses, despite inflationary pressure, all the increases that we saw, I think the team has done a wonderful job in containing that to 13%. So compared to first half last year, LKR 5.1 billion, the operating expenses growth was 13% to record LKR 5.7 billion. Even in the personnel expenses side, we have more than 3,000 staff with us, but managed to contain the personnel expenses at 5%. Naturally, I would like to thank the staff also to supporting all that. Our efforts in controlling the expenses wherever possible bank try to manage our cost controllable cost. The other expenses, of course, a steep increase from LKR 1.8 billion to LKR 2.4 billion, mainly due to the depreciated rupee related expenditure and some other IT commitments, which are paid in dollars, especially for the core banking and those systems, the licenses and all are paid in dollars. So that impact came in the second half, rising other expenses. But despite all that, the 13% increase in operating expenses, when you compare with most of the other banks, I think we have done a reasonably good job, leading to a cost/income ratio below 30%. That reflects both the cost efficiencies and the revenue enhancement i think that is a remarkable achievement despite all these challenges, cost-income ratio below 30%. And that would be one of the key driving point for NDB as well. Even in a challenging situation, how we manage is how efficient that in terms of human HR costs and how nimble and how efficient and how adaptable you are to a situation, and that's where NDB would score even in future. In terms of profitability, as I mentioned, the profit before all tax because of the high impairment charges dropped by 56% from LKR 6.9 billion -- sorry, LKR 6 billion last year, first half to LKR 2.6 billion. Of course, with the VAT component and all the profit after tax, 57% dropped from LKR 3.9 billion last year first half to LKR 1.7 billion and profit attributable to the shareholders at group level from LKR 4 billion to LKR 1.7 billion. Let me now move on to the balance sheet. Now here again, at high level, I updated that we had 16% growth in total assets from LKR 700 billion to LKR 816 billion. And even in the investment, similar growth, 12% growth from LKR 146 billion to LKR 164 billion, mainly due to depreciation of the rupee that also contributed at the devaluation also continued to have some impact in terms of investment growth. Gross loan book for the 6 months, we had LKR 83 billion growth, again, partly contributed by the rupee depreciation. Deposits LKR 93 billion growth more than the depreciation there, I would say that the growth in the deposits also helped to support our equity position. So -- and the total equity from LKR 59 billion to LKR 64 billion. So you may recall that the total shareholder equity last year was strengthened by the Tier 1 capital infusion of LKR 9.5 billion in 2021, second quarter. And we also raised Basel II-- compliant Basel III compliant Tier II debentures. In November 2021, we raised LKR 8 billion. I think the timing was perfect at that time we raised that at a very much lower cost than what we are seeing now. I think that way the timing was perfect that would help in terms of improving our NIM net interest margin going forward. These are the financial performance investor ratios for your information, naturally, the closing price per share, substantial drop from LKR 68.9 rupees in the first half last year to LKR 35 rupees. I think the price is showering around that range, LKR 36 rupees. Earnings per share also dropped from LKR 20 rupees to LKR 9 rupees. These are all Share market also reflecting the country's challenging economic situation, the default situation, everything are reflected here. And ROE, again, substantial drop from 12% to 5.6%, mainly due to the provision buildup that we did. And the wise the book value per share remains almost same at LKR 165 rupees last year versus LKR 167 rupees slight improvement from last year. However, group level, the value per share is LKR 177 rupees, Price earnings times 3.86 and price to book value, this is the challenge is from LKR 0.40 last year, the price to book value is at around LKR 0.20. I mean almost all the bank shares you would know that this is where it is around 2020, 25% kind of price-to-book value ratio. So we are no different to the market, but this is to share the situation with all investors. And also this one talks about the capital and the liquidity position, 2 important ratios in the current context. The common Tier 1 capital last year this time, at the end of June last year, it was 10%. However, this year, it has come down to 8.63%, mainly due to the growth in our asset book due to the steep depreciation of Sri Lankan rupee. Our capital provide that matter, any bank's capital is denominated in rupees. However, the dollar-denominated assets when they reprice at the current exchange rates, the asset growth, whether you like it or not has gone up. So resulting capital ratio basically coming down to 8.63%. But I must say here that the minimum capital ratios for the Tier 1 is 7%. Tier 1 capital ratio, regular ratio is 8.5%. There again, we are above the minimum requirement. There was no need for us to go and tap the capital conservation buffer that the Central Bank announced. -- technically, any bank can go and tap up to 2% more in terms of capital conservation buffer, even the current challenges. So so far, there was no need for NDB to go and tap that. And this capital ratio is also without capitalizing the retained earnings up for the first half. We didn't go for an interim profit certification, which are for some banks going for that to certify. However, there was no need for NDB to go and do that. But as we move forward, second half, we might do that towards -- depending on the requirement, but we are comfortable we should be able to manage the capital level as of now. Total capital ratio, 13% compared to 15% last year. In terms of statutory liquid assets, I think we have been maintaining a good liquidity level at 21.57% -- and then capital Statutory liquid asset ratio at 24.49%. In terms of liquid ratio, -- we are very much about the minimum requirement, the 100% requirement at 241%. That has improved from the last year's 193%. And all currency liquid ratio also at a good level of 156% compared to minimum required of 90%. Intra Central Bank brought the minimum requirement from 100% to 90%, but despite that, it we are quite well above that at 156%. And a net stable funding ratio, again, minimum required is 90%. We at 117%. So in terms of liquidity wise, we are quite liquid, and we are comfortable of that stance. Even in capital. As of now, we are quite comfortable. However, if we have to take further impairments and all in the investment side, we may have to look at getting into the capital conservation buffer, but that vision would be taken after the profit certification most likely in September. Right. this is my last slide. The challenges and way forward, of course, the challenges are enormous in terms of managing the current high interest regime, also the liquid challenges that the banks are having. And also, I think we have overcome the foreign currency liquid challenge that we saw in the first half, especially in April, May, June time almost all banks in the country faced with quite a significant foreign currency liquidity challenge when these lines were taken out by most of the foreign banks after the country downgrade, and there were certain challenges with some banks defaulting on the foreign currency shop. So as a result, there was artificially created liquidity issue. But I think we have also come out along with all the banks, I must say, have come out from that challenges, and we are quite comfortable in terms of having met all our commitments, the LC commitments and all. So that foreign currency challenges now overcome. The next piece basically managing the rupee liquidity that also we are comfortable in managing that. But more importantly, the greater challenge would come in terms of credit quality. -- because at this high interest scenario even corporates or the SMEs being 25-plus percent on interest alone. When the economy on the other side is having a contraction, lesser demand and all that, that would lead to a significant impact on the serviceability of the date. So that's how we are very closely monitoring, helping our clients, helping them vary possible for the any situations. On the other side, the leases and all, we had seen the value of the assets improving. That means even the recoverability has improved, especially the vehicle leases, the values have gone up and there are our instances where customers come and cooperate and even there is a additional equity available after disposing the value, you settle your loan and there be some excess cash given to the customer as well. So there are some pluses and minus in both cases, but that's a challenging situation that we are managing. And the other priority would be ensuring the asset quality is managed in these circumstances. And then more importantly, supporting our customers to maintain their resilience in these challenging times. NDB is a customer-centric bank. Our all our facilities, all basically are provided with the intention of customer at the highest level. So whenever they have difficulties ensuring that they maintain their resilience, they have to maintain their staff requirements, all that, some would take hard decisions as well when it comes to controlling such expenses -- but I think the core business in providing them support in times of challenging times like this will continue. And we would also continue to focus on keeping more liquid in this circumstances so the deposit mobilization is also a key area that we are focusing. So we have shifted some of these priorities, right? Earlier, we are growing our asset book, then we have redeployed those staff in providing either deposit mobilization or providing greater service or even use those good credit knowledgeable staff into supporting the distressed customers in terms of restructuring, working with them closely and providing them solution. So we have redeployed and directing in to manage the situation as of now. Another key thing is preserving the capital wherever possible rather than going for the high risk-weighted assets moving towards lower risk-weighted assets and maintaining the risk-weighted asset portfolio so that our capital ratio would continue to be not the burden with a great asset growth. And whilst all that being done, ensuring that wherever possible giving a reasonable return to the shareholders. So that's the challenge that we all are having, but I think we are comfortable with you and we have a very understanding shareholder holders who are supporting and at the right time to support and grow the balance sheet later on. Most likely once the country agrees with IMF on the correction that we are working on, the IMF delegation this year. and how we agree on that restructuring, the sustainable debt structuring arrangement. And once that is done, we do understand that as various PFIs also we did to support the banking sector, and I think they're all waiting for this successful structuring. So that basically ends our prepared presentation. And now I leave it open. The chat option would be now open for you to post the questions. And thereafter, we will answer those questions. Along with me, I'll be my leadership team who, as I introduced earlier, who would be taking any questions. So over to you to these questions, please.

There is a question on the LKR 28.6 billion loan growth for second quarter from which customer segments are these loans coming from? So they want to know whether it's from the working capital or CapEx related. I must say, I think bulk of a loan growth is due to the exchange impact, the depreciation of the rupee. So the dollar-denominated loans had shown once it revalued at the rupee rate higher rate. But in terms of -- but despite that in the first quarter, we had a slight loan growth mainly coming from the corporate side and also the retail side. And those are no CapEx. Actually, we were not making any commitment on the CapEx mainly on the working capital side. That's another question, how are the variable and fixed rate loan proportions change? What is the -- what are the bank's policy on credit card issuance for the whole set of questions, let me handle one by one. How are the variable and fixed rate loan proportions change. I think in the first half, there was no major change between the variable and fixed rate. So there was no change there. Second question is what's the bank's policy on credit card issuance for the future period, any restrictions for the demand. We don't actually, we don't want to go and expand as you used to do. But certainly there is demand from the upper segment of the card. So those we would continue to support. We have made certain adjustments in terms of new issuance, especially in challenging times, ECS is to use a credit card, so that we are careful. So in identifying the right plans, we would still continue to grow on the right customers, but not -- not on aggressive growth that we used to have about a year ago. And there's a question, what are the customer segments, corporate retail SME, that's mostly impacted by current economic condition, loan moratorium and in NPL. And we want 80% NPL ratio forecasted by Central bank for year 2022. Okay. So I think the customer segments, those who are mostly impacted, I would say, first, to get impacted on the SME sector because there are basically at the grassroot level of the economic growth. And when the economy is showing a negative growth, naturally, they would be the first to get impacted. And most of the SME customers also, the borrowing levels are relatively high. So then when the interest rate goes up, there would be the first to get impacted. Retail, we have not seen much impact similar to SMEs and corporate also not much of -- because luckily, most of our corporates, our funding is working capital. So when the business comes down, the level of working capital quantum would also come down. So since most of the exposure in the corporate sector and for a certain extent, even SME are working capital, not the term loan component, we have seen gradually their exposure also coming down, especially when they're unable to import as they used to do, if you monitor them properly and not -- and if you structure the facilities, we ensure that they won't divert these funding to other segments like a free overdraft or that way. I think that's why NDB has scored quite well. Whenever there's a drop in demand, we have seen a drop in the loan book as well. But with regard to NPLs, yes, the Central Bank also have indicated their expectations. Naturally, because you have to understand that most of these customers who were in moratorium are coming out from the moratorium when the interest rates are very high. So for them to continue prepaying that in a high interest regime that could be the key challenge. So there will be a lower effect of those in the moratorium, moving some of them to NPL. So that is why the regulator has also indicated some high NPL percentages. And we can't roll that out, especially in a negative growth kind of situation with high interest rates, there can be a situation. So that's why I did mention that we also are bracing for this situation. We are also sent our remedial unit. We have set up a new remedial unit preventing the clients go to NPL and trying to support them. So most of our high-end resources are now deployed in the remedial unit to ensure that we address it early rather than wait for the situation to get worse. Going forward, what are the initiatives have taken to manage impairment mainly on moratorium effect. So I think I answered that the moratorium effect by setting up this remedial unit, that's a key initiative that we have taken, the remedial unit is now in force for the entire bank, both corporate, SME, project finance level and also in the retail side, identifying the potential customers who can go into the more deteriorated credit situation, identify them early, have our most experienced RMs managing them, assisting them. So that is the key initiative that we have taken. So that's a question on reclassification of OCI debt portfolio to amortized cost portfolio that was taken in second quarter and also how much of OCI portfolio was reclassified or to amortize costs. I'd ask Suvendrini our Vice President, Finance, to take those questions.

So all you queries are given in the public financial note six in the interim financial statements. So the bank classified approximately LKR 38 billion of the portfolio as a onetime reclassification to amortize costs. And with that the impact to equity or the upside to equity was LKR 6.6 billion. So at the financial statement, disclosure requirements, we have disclosed all the information, and you can refer the note for further information.

There's another question about what is the haircut that you are expecting from ISP when arriving at the provisions? I think from None of the banks are expecting any haircut at least, I must say that that's the stance taken by all the local banks are holding on to ISPs. And usually, when these ISP restructuring are negotiated to ensure that the protection of the local banking entities, usually, the creditors also that's up to the negotiations. And usually, the IMF would also get involved in such and trying to see the local investees are supported without having a major impact -- so we are not expecting any haircut. However, as precautionary provisioning, entire banking industry has agreed on certain percentages. This has been agreed even with the CA Sri Lanka, the regulator. So I think even NDB also, the provision buildup that we are doing is in line with the industry what we have agreed. There is a question, how has the equity on the loan restructuring picked up, given the economic environment, how much of the current loan portfolio would represent restructured loans? I think there are, again, the activity on the loan restructuring we are heightening that activity. That's the key would be basically to be more proactive and in restructuring them and supporting them. So that's why I mentioned that earlier also that by setting up this remedial unit, we are continue to do that consciously by proactively supporting these clients. There is a question again, what is the variable versus fixed loan compassion at the moment and also the corporate SME retail breakdown. They have been repeatedly sharing this information. Corporate SME retail are equally distributed. So I would say about 1/3, 1/3 SME slightly lower and variable versus fixed there again almost all corporate and the SME exposures are at variable rates. The fixed exposure maybe around 50% of the project finance exposure. So that would be roughly about 10% to 15% of the book. There is a question. Has there been any provision made for potential local debt restructure.? I don't think we have considered that. And I think the Central Bank is very clear on that. You'd have seen the down also making those statements. So we have not taken any provision for any local restructuring. Moratorium percentage now versus beginning of '22 and 2. And also you all are expecting the moratorium percentage increase with the new extensions. Certainly not we had seen the moratorium exposure coming down. And you would note that the moratoriums are also completed by end of June. So there are no moratoriums now. Even for tourism sector, there are no moratoriums. So that exposure on the moratorium would certainly has come down substantially. However, those still having difficulties, those would get restructured, and that is what we are doing now. But it is certainly not the level of the moratoriums. It would be much lower percentage compared to what it was in the beginning of the year. There is a question whether the ISPs investments are at market value, which means a big part of the impairment, it is already taken? I must say that I think, yes, ISP investments are recorded market value. But when we bought these ISPs, they have been bought at a discount compared to some of those others who have been bought at the nominal price. So there is an advantage of having them having bought it at a discount. Any plans to modify the products mix to mitigate the rest the volatile interest rate environment. Wherever possible, yes, we do modify the product mix, especially moving towards more better weighted asset products. in times of challenging times that is one area that we are moving on and wherever possible, the interest rate scenario as well moving towards flexible interest rates. So some of those i'll correlated adjustments already made in terms of how we look at the business. But more importantly, rather than growing the asset book, it would be more on curtailing that only the where necessary, we support, especially the export-driven entities, SMEs who are suppliers to the export-driven industries. Wherever we have picked these industries where it would make a positive contribution to the economy rather than maybe import-driven in businesses. And that's where even these controls introduced by the government in terms of issuing a temporary ban on certain imports also it is going to help in managing one is the exchange rate. One is the country's total expenditure on imports in challenging times like that. So our product mix, our market focus also has been adjusted in line with these good intentions. These are the questions that we have received so far. As question on how do you tackle with the reduction in the equity portion SLAR reduced to 21%, which is 27% in second quarter '21. And what is the plan on growing deposit rates. Certainly, that's why our focus would be we want to be liquid in the market. So when you want to be liquid in the market, naturally, we may have to pay some higher price. But on the other hand, we have seen so many state banks are paying quite a big high rates. So this is where the investment that we made in terms of digital channels and also the investment we made in terms of deploying our privileged banking clientele at most of the branches. Actually, that has helped us to get no granular deposits. So rather than going for the kicker numbers, our strategy has been to go from more granular retail deposits. Though it takes time to get them. I think we have a very good loyal customer base, but these were, again, the family banking concept that we have deployed customer-centricity. All that has helped. And again, the group , the investment options that are available in terms of where plan as well funding, all that are going to help. So I think through NDB's one solution that we can provide, the customers also have the ability to more in their funds within the different options available. Those -- all those would help to be liquid in a situation like this rather than simply going behind term deposits and get them. So that is the strategy that we have deployed to be more liquid and manage the situation Okay. These are the questions that we have received so far. And since there seems to be no other question that we would conclude this webinar. I would like to thank all of you for taking part. And at NDB been doing this quarterly webinar over the last 5, 6 years as part of our investment Investor Relationship Management, and we will continue to do that, and thank you so much for coming in and asking questions and being part of this and paying your attention to that. Thank you so much. And with that, we will conclude the webinar for today.