Woori Financial Group Inc. (A316140) Earnings Call Transcript & Summary

[Audio Gap] participants. First, we have CFO, Mr. Lee Sung-wook; CRO of the group, Mr. Jung Seok-Young; Group CSO, Mr. Park Jong-il; CTO, Mr. Hwang Weon Cheol; and CFO, Woori Bank, Mr. [ Choi Joongho ]. We would like to inform you that after the presentation of our business performance, we will have a Q&A session. Also for our overseas investors, simultaneous interpretation services are being offered. Let us now begin Woori Financial Group's Third Quarter of 2021 Earnings Presentation.

Good afternoon. I am Head of the Financial division at Woori Financial Group and CFO, Lee Sung-wook. First of all, I would like to extend my deepest gratitude to everyone participating in our third quarter 2021 earnings call. Furthermore, I would like to take this opportunity to express my sincere gratitude to the shareholders and market participants for their unswerving encouragement and trust in Woori Financial Group. So then let us now begin the third quarter of 2021 business performance presentation of Woori Financial Group. Please refer to Page 3 of the third quarter management performance materials available on our website. First, let me elaborate on the group net income. Woori Financial Group's cumulative net income as of the third quarter of 2021 was KRW 2.198 trillion, the highest performance ever recorded on an annual basis. Despite uncertain local and global circumstances, the group achieved an increase of 92.8% year-over-year, which resulted from stronger profit generation capabilities, stable asset quality and continued sound cost management. The company's net income for the third quarter of 2021 was KRW 778 billion. And while approximately KRW 60 billion was booked as losses due to the private fund's late redemption, net income surpassed the quarterly high of the second quarter and to again set a new quarterly record. Ever since the first quarter, we have been replacing the record high every quarter, continuing on with our earnings turnaround trend. Next is the group's net operating revenue. The accumulated group net operating revenue for the third quarter was KRW 6.181 trillion, up 20.6% year-over-year. Interest income was KRW 5.089 trillion, and noninterest income was KRW 1.092 trillion. Although margin improvement was stagnant in the third quarter, thanks to solid growth centered on loans to SMEs, the group's interest income as of the third quarter reached KRW 5.089 trillion. As of the third quarter, the group's noninterest income amounted to KRW 1.092 trillion, up 57.2% Y-o-Y, driving the improvement in business performance. Our efforts to break away from the profit structure centered on interest income have paid off, and the group's noninterest income has now grown stronger in terms of composition as well as absolute size. Meanwhile, the company's third quarter net operating revenue exceeded KRW 2 trillion following the second quarter, staging KRW 2.137 trillion. This is an increase of 3.9% Q-o-Q and 24.7% higher Y-o-Y. Let me now move on to the cost side, including SG&A and credit cost. The group's cumulative SG&A expenses as of the third quarter stood at KRW 2.793 trillion, increasing 3.9% Y-o-Y. This was mainly due to the effects of the newly included capital company and savings bank. And when excluding this impact, the increase was only approximately 0.7% Y-o-Y. As for third quarter SG&A expense, thanks to group-wide cost improvement efforts, it recorded a slight decrease compared to the previous quarter. The group's cumulative SG&A cost income ratio as of the third quarter was 45.2%, an improvement of 7.3 percentage points Y-o-Y. Meanwhile, as of the third quarter, the group's credit cost was KRW 312 billion, and credit cost ratio was 0.13%, an improvement by 0.16 percentage point Y-o-Y. The group's key asset soundness indicators are, as before, being stably managed at historical lows. Next, I will elaborate on the group's business performance in more detail by division. Please refer to Page 4 of the presentation material. First, let me go over interest income and NIM. As of the third quarter, the group's net interest income totaled KRW 5.089 trillion. During the third quarter, NIM in the banking business decreased slightly by 0.01 percentage point Q-o-Q to 1.36%. But the group's NIM or NIM, including the credit card business, was 1.61%, maintaining previous quarter levels. Meanwhile, in terms of third quarter interest income, despite the temporary stagnant NIM improvement in 3Q driven by SME-centric loan growth, interest income recorded KRW 1.766 trillion, up by approximately KRW 63 billion Q-o-Q. The main factors contributing to the sluggish NIM improvements in third quarter were the decline in market rates, including government bond, and the loan repricing effect coming to an end. However, with the rate hike at the end of August and efforts to increase our low-cost deposits, stronger NIM improvements are expected to continue again in the fourth quarter. Next, let me go into asset growth and our loan portfolio. Bank loans as of the end of September totaled KRW 286 trillion, up 8.0% or KRW 21 trillion versus previous year end. Corporate loans stood at KRW 148 trillion, a growth of 12.1% versus last year and centered on SME loans. In particular, as for SME loans, due to the increase in demand as of third quarter, it increased by 13.5% versus previous year and to KRW 109 trillion. Household loans amounted to KRW 136 trillion and driven by real demand loans such as [indiscernible] loan. It increased 4% versus the end of last year. In the meantime, while SME loans continued to grow at double digits this year as in the previous year, Woori Bank's prime asset ratio as of the end of September recorded 89.2% nevertheless. This is a level consistently exceeding the management target of 85% plus and is the result of our efforts to maintain a growth policy centered on prime assets. Next is on the group's noninterest income. As of the third quarter, the group's noninterest income stood at KRW 1.092 trillion, up by 57.2% Y-o-Y, driving the turnaround in our earnings. This is attributable to an even growth of all sectors, including not only growth in core fees and commissions, but also returns from securities. In particular, the focus of the group's CIB capabilities from the very beginning of the establishment of the holding company bore fruit, and the profitability related to the IB sector increased significantly. In addition, as business is booming in the credit card and capital business and synergies with other subsidiaries such as banks are in full swing, related noninterest income is also on the rise. Thanks to these efforts, the group's third quarter noninterest income recorded KRW 371 billion, exceeding KRW 350 billion for 3 consecutive quarters. Next, let me move on to expense and capital adequacy. Please refer to Page 5. Next is on group SG&A expense. Group SG&A expense from Q1 to Q3 recorded KRW 2.793 trillion, an increase of 3.9% year-on-year. This is mainly attributable to the acquisition of new subsidiaries, including the capital and savings bank businesses. If the acquisition effect is removed, however, the increase is minimal, only around 0.7% year-on-year. Thanks to the group's efforts to contain CI ratio, Q3 SG&A stayed at a similar level to that of Q2. The group CI ratio recorded 45.2%, managed at a stable level of the group's annual target of around 50%. Next is credit cost. Group credit cost through Q3 recorded KRW 312 billion, declining 46.8% compared to the same period last year when a large-scale provision was done in line with future economic outlook. CCR also decreased by 0.16 percentage point year-on-year and improved to 0.13%. Group credit cost in Q3 came in at KRW 107 billion, increasing around KRW 38 billion quarter-on-quarter due to a base effect coming from write-backs in Q2. But aside from this, Q3 ordinary credit cost is similar to that of Q2. A risk-centric business culture has cascaded down to all group subsidiaries. Thanks to this, a global credit rating agency, Fitch, raised Woori Bank's credit rating last July 30, following S&P's upgrade. The latest upward adjustment is a testament to the group's sound risk management and lending portfolio stability. CCR and other soundness indicators are at their historic low. As of end of September this year, CCR stands at 0.13%, and NPL and delinquency ratios came in at 0.31% and 0.24%, respectively, displaying continued improvement. Despite such a feat, we will further beef up our efforts for asset quality management to breach for future base rate hikes. Next, I will brief on capital adequacy and dividend policy. As of late September, the group's CET1 ratio recorded 10.1% and projected to increase 0.2 percentage point year-on-year. Despite a surge in lending, this is thanks to a modest rise in income and proactive management of risk-weighted assets. We are currently working to obtain additional approval on internal ratings-based approach and hopeful that there will be positive results soon. As part of our stronger shareholder return policy, we have paid out KRW 150 per share as interim dividend on July 23 following first half account settlement. As we have shared via our business report disclosure and first half earnings call, we are reviewing to adopt an active shareholder return policy within the balance of securing macro prudence against COVID-19 and optimal capital adequacy ratio. The plan is to raise the dividend payout ratio to the level of 30% mid to long term. Before concluding the presentation, I would like to offer an update on one-off events in Q3 and also issues pertaining to privatization. First is on K bank and Internet-only bank. The group has invested in K bank via Woori Bank and as of end of September holds 12.7% shares. Last July, K bank successfully concluded capital increase at a premium issue price compared to the face value in recognition of its high value by investors, home and abroad. Following its successful rights offerings, we've also incorporated into our Q3 results the gains using equity method worth around KRW 70 billion. Also, K bank is now removed from the group's subsidiary list due to Woori Bank's decreased shareholding ratio pursuant to the Banking Act. Next is on private funds. The group has set aside a provision of KRW 60 billion before tax in Q3 against funds with deferred payments. The total [ amount of ] funds with suspended payment post maturity is around KRW 198 billion. And Woori Bank's BOD decided last 22nd to make 50% advanced payments to protect consumers and restore customer trust. The group has set aside an allowance of around KRW 60 billion against potential losses from some of the funds and preemptively cleared future uncertainties. This provisioned is aimed at eliminating any remaining uncertainties associated with joint partners and other private funds. With the latest provisioning, we believe there will be little possibility for additional private fund-related provisioning going forward. Next, I will brief on KDIC's disposal of its remaining shares in Woori Financial Group. As you would have probably learned through media reports, KDIC is in the process of offloading 10% stake out of the remaining 15.13% stake in the group. Letters of Intent were received until October 8, and many prospective investors from home and abroad allegedly have shown interest in the upcoming sale. The bid will close on November 18, and winners will be announced on November 22. And final agreements will be executed some time in December. Furthermore, a buyer of more than a 4% stake will be granted the right to recommend a Non-Executive Director of Woori Financial Group, and thus, we expect a number of outside directors will increase. The new additions will bring diversity to the Board makeup and help stabilize and improve the group's governance. Once the sale is successfully concluded, we expect overhang risks will be significantly reduced, which were often cited as a major factor depressing Woori Financial Group's stock prices. During Q1 earnings call -- so I would like to ask for your continued interest and support so that we can successfully conclude the sale. During Q1 earnings call, I explained to the investors and market participants of Woori Financial Group's 3 key financial undertakings for 2021. They were: first, to turn around the top line through stronger business activities; second, to actively manage CI ratio; third, to improve capital ratio. Through Q3, the officers and employees of the group made sincere efforts to deliver on these commitments. As a result, we were able to achieve turnaround in our earnings in each quarter. Furthermore, CI and capital ratios have improved and have capped at stable levels. Woori Financial Group is committed to fulfill its key targets and market promises. With that, I would like to conclude the Woori Financial Group's business report for Q3. Thank you for your attention.

[Operator Instructions] So then the first question is by Hyundai Motor, Kim Jin-Sang.

And I do have a question with regard to the expenses. I do see that it's being managed well, and it seems quite exceptional in terms of your cost management. So if you look at nonbank domains, including securities, we've seen bonuses and we're seeing a bullish market. So in terms of expense, I think that it will be okay till year-end, but it would be very difficult to control the cost going forward after year-end, especially going into next year. So I would like to understand how are you going to differentiate yourselves in terms of cost management going forward? And especially for next year in terms of increase in CI ratio and also in terms of CIR, I think that you may have a particular target for next year, so if you may share that with us, we would appreciate it.

Yes. Mr. Kim Jin-Sang of Hyundai Motor Securities, thank you very much for your question. And as you've mentioned, you've asked the question with regard to our cost-to-income ratio, how it was so successful, and also in terms of the midterm to 2022, what our direction would be. So as we prepare for the questions, please bear with us for just a moment.

Yes. I'm Lee Sung-wook, CFO. Let me answer that question. So when we were setting the plan last year for the bank, it was to remain as usual. And we've mentioned -- we've decided to increase the nonbanks in accordance with their performance, and we've engaged the rationalization of personnel costs and other costs. So with regard to cost management for this year, it's going to be on track as planned and, as mentioned, in terms of the composition. So we will continue on to engage in rationalization of the personnel and the banks. So the bank's business is about 70% to 80% of expenses. So we're going to rationalize personnel in the banks to manage the cost. But of course, we are going to utilize our digital channels. The costs there will be executed in an aggressive fashion. And in the case of nonbanks, this is an area of M&A. So we do need active investments. But in terms of the scale, it's not as big, so it will not have a significant impact. But what we want to do is, in terms of nonbank investments, it's going to be in line with operating revenue. So the banking sector that has a significant impact, we are going to actively rationalize and manage the cost for personnel to maintain our CI ratio. In the mid to long run. We want to make sure to achieve the 45% target rate as quickly as possible. Thank you.

Thank you very much. Next person with the question is not yet ready. I believe that our participants are still trying to come up with their questions. Yes, I see a question. So the next question is from Yuanta Securities, Mr. Jeong Tae Joon.

Yes, my name is Jeong Tae Joon from Yuanta Securities, and I do have a question. November and within Q4, I believe that IBR is going to be approved, and I understand that you have all plans already. In that case, how much of capital do you have already? And so if you acquire a securities company or if anything, non-securities companies, if you were to acquire a new asset compared to other subsidiaries that you already have, what sort of synergy effect do you expect?

Yes. Mr. Jeong Tae Joon, thank you very much for your question. So Woori Financial Group future growth and also IRB approval and the future M&A plans and also the synergy effect coming from the future business portfolio, so these were the questions raised by our participants. So please bear with us as we prepare answers.

Yes. I am CFO. My name is Lee Sung-wook. I'd like to answer your questions. First of all, IRB, once it's approved, I believe more than 1% ratio is going to be improved or increased. So 1% means that about KRW 2 trillion capital would increase and also KRW 20 trillion in terms of risk-weighted assets. So this is how that is, provided that we have an improved IRB approach. So with that, I believe that we can do some more M&As going forward. And on top of that, with regard to your second question, I believe that your question was about our future M&A plans. As a financial group, we believe that our business portfolio is not yet complete, and therefore, as you are already aware, we are trying to acquire a securities company and also a venture capital business or -- and establishing an NPL. So we believe that in order to generate maximum synergy effects, we believe that we need a securities arm. But if you think about securities, there are not many companies out there for sale. Therefore, we are doing a lot of reviews. And our first candidate for M&A, although the market does not have any candidate ready, we are targeting to acquire a securities company. And as I mentioned earlier, NPL or a venture capital companies, these are also the type of companies that we hope to acquire. And we currently have about KRW 6 trillion that we can invest, and we do have a lot of room to maneuver with that. And once our IRB is approved, again, that would mean more than 1%. And in terms of capital, KRW 2 trillion and risk-weighted assets of KRW 20 trillion. So thank you.

Thank you. Next question is by KB Securities, Kang Seung-Gun.

In the third quarter, I can see that the NIM in the banking sector slightly decreased. And as was mentioned in the presentation, in the fourth quarter and next year and going forward, you've mentioned that NIM will be improving going forward. So already in the August, we see policy rate hike. And in terms of rate hikes, it is to come within the year. So then in the fourth quarter and next year, can you give us more information on how NIM will be improved going forward? Would you like to elaborate on that, please?

Yes. Mr. Kang Seung-Gun, thank you very much for your question. The question had to do with the temporary stagnant NIM improvements for the third quarter and on the forecast for fourth quarter and also considering the policy rate hike within the year about our guidance. So please bear with us as we prepare the question -- prepare the answer for the question.

Yes. So let me answer that question. From July 2019 and May 2020, it increased by 1.25 percentage points. So if we think of 1.25, NIM would be a drop of 10 bps in terms of the impact. But this year, we've improved in our core deposits and also increased in loans profitability. So through our efforts, we were able to improve by 10 bps and able to bring this level to previous year. And in August, policy rates increased by 0.25%. And in November, there is to be another policy rate hike. So we're seeing a rate hike trending overall. In terms of CD rates, there was a temporary decrease, and a loan repricing was winding down. So the third quarter NIM was stagnant to previous quarter levels. So if we look at the overall rate market, it being on the rise, increase in deposits and increase in loan profitability will be something that we'll be pushing forward. So in August, a 0.25% increase; and in November, another 0.25% rate hike. If we consider all that, and then in fourth quarter, it would be probably about 1.4%; and early next year, mid 1.4%. That's what we project. That is our guidance. Thank you very much.

Thank you very much. Next question is from HSBC Securities, Mr. Won Jaewoong.

Yes. I also have a question related to NIM. However, I think that our third person asked the question and already covered it. Next, I would like to talk about lending growth. I believe that next year, household lending regulation is going to be in place and continue to be in place. In that case, if any loans or large corporate loans, I believe that you will probably require strategies -- change strategies, I would say. So are you going to continue to grow those loans? Or in order to control your risk, like credit cost, are you going to try to reduce the lending? So I would like to know about your lending growth prospect.

Yes. Thank you very much, Mr. Won, for your question. From Woori Financial Group, what is our future growth plan related to lending. And also household lending taking into consideration, what would be our growth plan? Thank you very much. And please bear with us as we prepare the answer.

Yes. I would like to take the question. This year and also last -- next year, I believe that we do have a capital ratio that we have to meet, and it's relatively lower compared to our peers at the moment. So I believe that for CET1 ratio, our target is to achieve 11%. So 11% of CET1 ratio, and we also have to take into consideration the government's regulation on household lending. So overall, my plan is that there is going to be a growth of 6% to 7%. Of course, we are trying to prepare a plan for that, and our prospects or our outlook is 6% to 7%. Again, because of household loan regulations, I believe that it's going to be a bit lower for the entire group. However, for nonbanking and also for global business, our goal is to constantly grow our lending. Especially for global business, I believe that we can grow our lending further. So again, the CET1 ratio, it has to be maintained at 11% this year and next year. Thank you.

Thank you very much. Let us now move on to the next question from Shinhan Financial Investment, Mr. Kim SooHyun.

I'm Kim SooHyun of Shinhan Financial Investment. I have a question with regard to the digital business. So recently, with Naver Financial, there was a Smart Store lending project or program that was launched. So -- and the media had mentioned that it surpassed KRW 100 billion in 10 months. So out of the many banks with Naver Financial, how were you able to strike this affiliate relationship? And were there specific terms and conditions? And second has to do with the profit split. How do you split that profit? And third is with regard to the data that you can apply in the process, any other information? Or is there any data you can actually utilize or acquire in the process? And what is the target loan pricing that you're looking into for your planning?

Yes. Mr. Kim SooHyun, thank you very much for your question. So let me briefly summarize your question. So first, it was on the linked loans with Naver Financial. And you've asked about the background behind this business relationship and what the terms and conditions are and the profit split structure. And also about any data with regard to digital IT information, are there any additional benefits in this working relationship? So as we prepare for your questions, please bear with us.

Yes. Thank you very much for the question. I am Hwang Weon Cheol in charge of the digital business, I'm the CTO. So with regard to Naver Smart Store, the loans, as you're very well aware, it's not a retail service. It is for the vendors on the Smart Store, so it's for these small entrepreneurs. And the basic objective of this loan business, as it's the case for the Naver Smart Store, is to support the small stores, these small entrepreneurs. So that is the major purpose behind this program. But of course, it's very difficult for them to extend the loans or get the loans. So there -- this is a business certification profiler system, where for the small entrepreneurs or small businesses, we do have a separate credit evaluation model, where in the detailed level with Naver and Naver Financial and to Woori, we came together to put together a new due diligence or deliberation model and extend loans based on the system. In terms of the commission, in terms of the fees and commission, compared to other online platforms, when we do engage in loan brokerage, it is a certain percentage of the actual amount that's extended. So that's the terms and conditions behind this business relationship. And regarding the data, it's a completely different type of data that we can get from other financial companies. For instance, if we do -- so the social businesses in terms of the frequency and the orders that are coming in and what the pricing is and what the cost of goods sold is. And also after the order to delivery, how much time is consumed in the process till the end delivery. So you can see that this information is some exceptional information. And we do assess the credit level based on this. So irrespective of the quantity of data, in terms of quality, the information that we can get in the process is completely different in composition versus what we can get from other banks or financial companies. And you've also asked how we came to this working relationship. Naver and with Naver Financial, we've been looking into various joint alliance or strategic alliance projects. And what Naver wanted to do was to engage in open relationship with multiple banks and not skewed towards a specific bank. So it was a part of their open endeavors.

So then, is there a specific equity that you'll be acquiring in the process?

Would you like to repeat the question, please?

Yes. In the future, would there be any equity share or equity trade between the 2?

Right now, no, there is no such plan in place.

Next question is from Hanwha Investment & Securities, we have Mr. Kim Do Ha.

Yes. I am Kim. I have 2 questions. So you already talked about M&A, so this may be redundant. However, through various -- using various scenarios I believe that you are reviewing, and you mentioned how there is no securities company candidate available yet. So what is your plan with regard to your income? So I believe that you would have some scenarios ready to do -- what to do with regard to the rolled over income or revenue that you have. In case you have an M&A and in case you don't have an M&A, what are you going to do with returning back to the stockholders? And I believe that there is a high possibility of delinquency going forward. And if there is a corporate delinquency, do you think that you'll be able to maintain a stable CCR next year? So I hope that you can answer this credit-related question.

Thank you very much for your questions. I believe that there were 2 questions in general. So M&A strategy-related question was one. So when -- what was the possible time line and our capital plan going forward. So capital policy was the first question. And second, you talked about the potential base rate hike and also potential for delinquent balance, and therefore, in that aspect, what our CCR is going to look like next year. So please bear with us as we prepare your answers.

Yes. Thank you very much. First, I would like to address M&A and also capital policy-related question. So once we have IRB approved, then late September, I believe that the CET1 ratio is going to increase to 11.4%. And our outlook is that, as I mentioned earlier, I believe that we can acquire, without difficulty, a midsized securities company. However, if you were to talk about a large securities company, then they would have a weighted -- risk-weighted assets of KRW 30 trillion to KRW 40 trillion. And if they are available in the M&A market, then I think that we would have to secure more capital through capital increase in order to acquire. So we are going to make -- do preparations for the possible scenarios.

And as for your asset quality-related question, we have Mr. Jung Seok-Young, our CRO.

Yes. Thank you very much for your question. I am CRO. I am Jung Seok-Young. So next year's credit outlook, well, our projection is that currently because of COVID-19, we do have some loans issues. But other than those, I don't think that we do have any loan risk. During the past 3 to 4 years, when it comes to lending, we've been working to increase prime loans. And at the group level, 89% of our lending has been extended to prime vendors -- prime debtors. And therefore, provided that we don't have any financial crisis or like IMF crisis next year, I don't think we will have any difficulties of maintaining that level. So next year, when it comes to provisioning and also potential credit risk, we believe that we will be able to manage safely and stably. But related to COVID-19-related lending, we are also looking closely so that we can maintain stability. As you have probably seen in news articles, the size of the loans are not that big. And also, we do have mostly secured loans and we do have collateral. So we don't have that much of a concern. Thank you.

Yes. Thank you very much. And we have time, we would like to receive one final question we have from DB Financial Investment, Mr. [ Lee Byung Gun ].

Yes. I'm [ Lee Byung Gun ] from DB Investment. So I just wanted to confirm one thing that was already mentioned. At year-end, [ 11.4% ] you've mentioned about the dividends. So with the dividend, I think that this may drop. So I know that you're trying to maintain to such 10% plus. But if you said that acquiring a midsized securities would be no issue, but considering the loan-related regulations next year, I know that you're going to control your capital ratios. But if there is an M&A planned, I do not believe that there is enough buffer. So then if it's a midsized securities firm that you're thinking of acquiring, if we take that as a presumption, in terms of CET1, how much are you able to tolerate below 10% or 11%? And what would be the final, let's say, hard stop in terms of CET1? So this is about your plans going forward. What is the level that you'll be able to tolerate? And in terms of hybrid, if you look at the amount, it's not as sound. But in order to acquire Tier 1 capital, I believe that considering next year as well, are you thinking of maybe issuing more additional Tier 1 capital than what can be replaced?

Yes, Mr. [ Lee Byung Gun ], thank you very much for your question. So it had to do with our capital ratio on year-end. You wanted some more information on our year-end guideline and also about the hybrid with regard to new securities about the volume issuance and our strategy going forward. Please bear with us for just a moment.

Yes. Let me answer that question. So 11% is the plan for capital increase for next year as planned. And of course, if we do acquire a share of a midsized securities firm, then the capital ratio will temporarily decrease. So our minimum guidance would be 2.5% as the capital buffer according to market regulation, then would be 10.5% that we want to protect and guarantee. And within 10.5%, we believe that an M&A acquisition will not be an issue. And this is about 2.5% for retail loans as capital buffer, and that's when we do have that as -- and use that capital conversion buffer as a maximum. And in terms of hybrid securities, when we converted to a holding company, we had KRW 1 trillion in 2019 and KRW 900 billion additionally afterwards. So the holding company has enough hybrid securities in place. And next year, we would be repaying some of the banking sector, and we're thinking of that. And we're remaining in that level. We're not going to increase significantly. It will be maintained in that level.

Yes. Investors and market participants, thank you very much for your questions. And with that, we would like to conclude Third Quarter 2021 Woori Financial Group's Earnings Call. If you do have any additional questions, please contact our IR department, and we will have your questions answered. Thank you very much for your interest in Woori Financial Group, and thank you for your participation. [Statements in English on this transcript were spoken by an interpreter present on the live call.]