Q1 2025 Oversea-Chinese Banking Corp Ltd Earnings Call

Lets himself a beta phases.

I guess it goes straight into its himself would be the thesis that.

Operator: Welcome to our first quarter results briefing. So I guess we go straight into it since we are all familiar faces.

Goh Chin Yee: Results briefing. I guess we go straight into it since we're all familiar faces. Let Chin Ee start. Good morning, everyone. Thank you for taking time to join us today. For Q1 2025, group net profit was SGD 1.88 billion, up 12% quarter-on-quarter, but down 5% compared to the record quarter a year ago. ROE was 13% on an annualized basis. Total income grew 7% quarter-on-quarter and 1% year-on-year to SGD 3.66 billion. Net interest income was 4% lower at SGD 2.35 billion against backdrop declining interest rates. I will cover more on NII in my later slides.

Goh Chin Yee: Results briefing. I guess we go straight into it since we're all familiar faces. Let Chin Ee start. Good morning, everyone. Thank you for taking time to join us today. For Q1 2025, group net profit was SGD 1.88 billion, up 12% quarter-on-quarter, but down 5% compared to the record quarter a year ago. ROE was 13% on an annualized basis. Total income grew 7% quarter-on-quarter and 1% year-on-year to SGD 3.66 billion. Net interest income was 4% lower at SGD 2.35 billion against backdrop declining interest rates. I will cover more on NII in my later slides.

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Good morning, everyone. Thank you for taking time giant state.

Speaker Change: Morning, everyone. Thank you for taking time to join Us state.

Chinyi: Let Chinyi start. Good morning everyone. Thank you for taking time to join us today.

While the first quarter of 'twenty five net profit was one point in India, and Singapore Dogger Trumpf.

Speaker Change: While the first quarter of 'twenty five net profit was one in India and Singapore Dogger.

Chinyi: For the first quarter of 2025, Root Net Profit was S$1.88 billion, up 12% quarter-on-quarter, but down 5% compared to the record quantum of the year.

Trump offense also on culture.

Speaker Change: Trump ascent, but I'm quite sure.

5% compare.

Speaker Change: 5% compare.

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Speaker Change: The rent caught cluster.

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Speaker Change: I don't know what he wants to give a sense when a handful of licenses.

Hence when a handful of licenses.

The income grew 7%.

Chinyi: ROE was 13% on an annualized basis. Total income grew 7%, quarter-on-quarter, and 1% year-on-year to $3.66 billion Net interest income was 4% lower at $2.35 billion against a backdrop of declining I will cover more on NII in my later sessions. Non-interest income increased 36% QRQ and 10% year-on-year to $1.31 billion, driven mainly by stronger wealth-related fees. Trading and Insurance cost-to-income ratio improved to 38.7%. Again, last year, loans and deposits grew by a high of $1.2 billion. Asset quality remained healthy, with NPR ratio at 0.9%. Total credit costs were higher at 24 basis points on an annualised basis.

Speaker Change: Total income grew 7%.

Our third quarter and 1% year on year, you lose sleep on secrecy, Indiana.

Speaker Change: Our third quarter and 1% year on year.

Speaker Change: $8 6 billion.

Interest income was 4% lower and coupons three fives again.

Speaker Change: Net interest income was 4% lower and coupon three 5 billion games that drops timing just reach I will cover more on NII might be for flex.

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Noninterest income increased 36% Q on Q and 10% Europe, yes.

Speaker Change: Noninterest income increased 36% Q on Q, and then percent young yet.

Goh Chin Yee: Non-interest income increased 36% Q-on-Q and 10% year-on-year to SGD 1.31 billion, driven mainly by stronger wealth-related fees, trading, and insurance income. cost-to-income ratio improved to 38.7%. Against last year, loans and deposits grew by high single digits. Asset quality remained healthy with NPL ratio at 0.9%. Total credit costs were higher at 24 basis points on an annualized basis. We adopted a prudent approach to set aside additional preemptive allowances in view of the current macroeconomic uncertainties and heightened geopolitical tensions. Our capital position remains robust. Transitional common equity Tier 1 ratio was 17.6%. Fully phased in CET1 ratio was 15.5%. Moving on to slide 5 for performance highlights of our three key business pillars.

Goh Chin Yee: Non-interest income increased 36% Q-on-Q and 10% year-on-year to SGD 1.31 billion, driven mainly by stronger wealth-related fees, trading, and insurance income. cost-to-income ratio improved to 38.7%. Against last year, loans and deposits grew by high single digits. Asset quality remained healthy with NPL ratio at 0.9%. Total credit costs were higher at 24 basis points on an annualized basis. We adopted a prudent approach to set aside additional preemptive allowances in view of the current macroeconomic uncertainties and heightened geopolitical tensions. Our capital position remains robust. Transitional common equity Tier 1 ratio was 17.6%. Fully phased in CET1 ratio was 15.5%. Moving on to slide 5 for performance highlights of our three key business pillars.

213 1 billion.

Speaker Change: And 1.31 billion, driven mainly by stronger well related fees.

Mainly by stronger well release, the east trade.

Trading and insurance.

Speaker Change: Trading and insurance.

Cost to income ratio improved to 38, 7%.

Speaker Change: Cost to income ratio improved to 38, 7%.

Against last year loans and deposits grew by high single digits.

Speaker Change: So, yes last year loans and deposits grew by high single digits.

Asset quality remains healthy with NPL ratio at <unk>, 9%.

Speaker Change: Asset quality remains healthy with NPL ratio at 0.9%.

Total credit costs were higher at 24 basis points on an annualized basis.

Speaker Change: Credit costs were higher at 24 basis points on an annualized basis.

Doctors are prudent approach set aside additional free and beef is all exist in view of the current macroeconomic uncertainty east and heightened geopolitical tensions.

Speaker Change: Doctors are prudent approach.

Speaker Change: So you should not three and there's always this in view of the current macroeconomic uncertainties and heightened geopolitical tensions.

Chinyi: We adopted a prudent approach to set aside additional pre-emptive allowances in view of the current macroeconomic uncertainties and heightened geopolitical pressure. Our capital position remained robust. Transitional common equity tier 1 ratio was 17.6%. Wooly Basin CET1 Ratio was 15.5%.

Our capital position remains robust.

Speaker Change: Our capital position remains robust.

You should not common equity tier one ratio was 17, 6%.

Speaker Change: In addition, our common equity tier one ratio was 17, 6%.

Fully based in D C.

Speaker Change: Fully baked in.

CET one ratio was 15, 5% moving.

Speaker Change: Tier one ratio was 15, 5%.

Moving on to slide five our performance highlights of our three key businesses.

Speaker Change: Moving on to slide five our performance highlights of our three key business partners.

Chinyi: Moving on to slide 5 for performance highlights of our three key business pillars. The strength of our diversified franchise is reflected in the performance across our banking, wealth management and insurance sectors. Banking operations profit was unchanged, queue on queue. Our 15% increase in non-interest income compensated.

The strength of our diversified franchise.

Speaker Change: The strength of our diversified franchise is reflected in the performance.

Goh Chin Yee: The strength of our diversified franchise is reflected in the performance across our banking, wealth management, and insurance pillars. Banking operations profit was unchanged Q-on-Q. Our 15% increase in non-interest income compensated for the lower net interest income. Wealth management income and assets under management were at record highs. Wealth management income was 29% above the last quarter at SGD 1.37 billion. It now contributes more than a third or 38% of our group's total income. AUM rose 2% from last quarter to SGD 306 billion from continued net new money. For insurance, its profit contribution from GEH increased significantly to SGD 322 million. This was driven by stronger investment performance as well as underlying insurance business.

Goh Chin Yee: The strength of our diversified franchise is reflected in the performance across our banking, wealth management, and insurance pillars. Banking operations profit was unchanged Q-on-Q. Our 15% increase in non-interest income compensated for the lower net interest income. Wealth management income and assets under management were at record highs. Wealth management income was 29% above the last quarter at SGD 1.37 billion. It now contributes more than a third or 38% of our group's total income. AUM rose 2% from last quarter to SGD 306 billion from continued net new money. For insurance, its profit contribution from GEH increased significantly to SGD 322 million. This was driven by stronger investment performance as well as underlying insurance business.

As reflected in the performance across our banking wealth management and insurance position.

Speaker Change: Our banking wealth management and insurance position.

Banking operations profit was unchanged.

Speaker Change: Banking operation profit was unchanged.

Q.

Speaker Change: On queue.

Our 15% increase in noninterest income compensate.

Speaker Change: Our 15% increase in noninterest income compensate.

Or the lower net interest income.

Speaker Change: Or the lower net interest income.

Wealth management income and assets under management were at record highs.

Speaker Change: Wealth management income and assets under management were at record highs.

Chinyi: for the lower net. Wealth Management, Income and Assets Under Management were at record highs. Wealth management income was 29% above the last quarter at $1.37 billion. It now contributes more than a third, or 38% of our group's total. AUM rose 2%. from last quarter to $306 billion from continued net new money.

Wealth management income was 79% above the last quarter at 137 billion. It now contributes more than a third or 38% of our groups for both.

Speaker Change: Wealth management income was 29% above the last quarter at 1.37 billion.

Speaker Change: Now contributes more than a third or 38% of our groups for both.

In U N rose 2%.

Speaker Change: In U N rose 2%.

From last quarter to 306 billion from continued net new money.

Speaker Change: From last quarter to $306 million from continued net new money.

While insurance is profit contribution.

Speaker Change: While insurance is profit contribution from Chi H increased significantly to 322 million people.

G H.

Chinyi: For insurance, its profit contribution from GEH increased significantly to $322 million. This was driven by stronger investment performance as well as underlying trade business. If you recall in 4Q of 2024, we recognised a one-off negative impact from the changes in the medical insurance business in GE's key markets, Singapore and Wales.

Kris significantly to $392 million.

This was driven by stronger investment performance is spelled S. Underlying truth is this.

This was driven by stronger investment performance is spelled S. Underlying truth is this.

If you recall in fourth Q2 thousand all be recognized a one off negative impact from the changes in the medical insurance business in Gs tea markets, Singapore and Malaysia.

Goh Chin Yee: If you recall, in Q4 of 2024, we recognized a one-off negative impact from the changes in the medical insurance business in GEH's key markets, Singapore and Malaysia. Turning our attention to net interest income on slide 9. Net interest income for Q1 of 2025 was SGD 2.35 billion, 4% lower compared to a quarter ago. While average assets grew by 3%, this was more than offset by a narrower NIM and the effect of a shorter quarter. NIM compressed 11 basis points quarter-on-quarter to 2.44%. This was partly due to the decline in loan use in Q1 of 2025 after taking in the full impact of the Fed rate cuts in late 2024.

Goh Chin Yee: If you recall, in Q4 of 2024, we recognized a one-off negative impact from the changes in the medical insurance business in GEH's key markets, Singapore and Malaysia. Turning our attention to net interest income on slide 9. Net interest income for Q1 of 2025 was SGD 2.35 billion, 4% lower compared to a quarter ago. While average assets grew by 3%, this was more than offset by a narrower NIM and the effect of a shorter quarter. NIM compressed 11 basis points quarter-on-quarter to 2.44%. This was partly due to the decline in loan use in Q1 of 2025 after taking in the full impact of the Fed rate cuts in late 2024.

Speaker Change: If you recall in Q1 'twenty four we recognized a one off negative impact.

Speaker Change: The changes in the medical insurance business in Gs tea markets, Singapore and Malaysia.

The males attention to net interest income on slide nine.

Speaker Change: Turning our attention to net interest income on slide nine.

Chinyi: Turning our attention to net interest income on slide 9. Net interest income for first queue of 35 was $2.35 billion. 4% lower compared to a quarter ago. While average assets moved by 3%, this was more than offset by a narrower nil and the effect of a shorter quarter. Neem compressed 11 basis points quarter-on-quarter to 2.04% This was partly due to the decline in loan use in the first quarter of 2025 after taking in the full impact of the Fed rate cuts in late 2024. Almost three quarters of our loan books are denominated in Singapore dollar, US dollar and Hong Kong dollar, and these are predominantly on floating rates.

Net interest income for first Q of 35 to three 5 billion.

Speaker Change: Net interest income for the first Q of 35 to three 5 billion.

What percent lower back to a question for Glen.

Speaker Change: 12% lower.

Speaker Change: Two quick ones typically.

While I wish SaaS grew by 3% this was more than set by the narrowing NIM and the effect of a strong third quarter.

Speaker Change: Well I wish assess moved by tweaks and this was more than set by the narrowing NIM and the effect of a softer quarter.

NIM compressed 11 basis points, but wants us to two 4%.

Speaker Change: NIM compressed 11 basis points for quanta to two 4%.

This was partly due to the declining <unk>.

Speaker Change: This was partly due to the decline in <unk>.

Used in Frisco insourcing five after taking into the full impact of the fed rate cuts.

Speaker Change: When used in breast points, often five after taking into the full impact of the fed rate cuts in late fall.

In late fall.

Paul.

Almost three quarters of our loan book are denominated in dollar.

Speaker Change: Cool.

Goh Chin Yee: Almost three-quarter of our loan book are denominated in Sing dollar, US dollar, and Hong Kong dollar, and these are predominantly on floating rates. Notably, the pass-through effect of the Fed rate cuts was more pronounced for Sing dollar and Hong Kong dollar rates, which experienced much sharper decline compared to the Fed rate cuts. Consequently, the decline in our loan bills outpaced the reduction in deposit costs, which typically reprice much slower than loans. In addition, NIM also declined as part of our planned effort to defend net interest income, as we intentionally deployed deposits to grow our liquid assets. This was part of our active balance sheet management strategy to defend our income over the long run, especially as we expect further Fed rate cuts in the second half this year. Our exit NIM for March was 2.03%.

Goh Chin Yee: Almost three-quarter of our loan book are denominated in Sing dollar, US dollar, and Hong Kong dollar, and these are predominantly on floating rates. Notably, the pass-through effect of the Fed rate cuts was more pronounced for Sing dollar and Hong Kong dollar rates, which experienced much sharper decline compared to the Fed rate cuts. Consequently, the decline in our loan bills outpaced the reduction in deposit costs, which typically reprice much slower than loans. In addition, NIM also declined as part of our planned effort to defend net interest income, as we intentionally deployed deposits to grow our liquid assets. This was part of our active balance sheet management strategy to defend our income over the long run, especially as we expect further Fed rate cuts in the second half this year. Our exit NIM for March was 2.03%.

Speaker Change: Almost three quarter of a modern book are denominated debt can sing dollar U S dollar and Hong Kong.

Speaker Change: Donna and Hong Kong.

Speaker Change: And these are predominantly one thing right.

Speaker Change: And these are predominantly on floating rates.

Speaker Change: Notably the pass through effect.

Speaker Change: The pass through effect of the fed rate cuts was more pronounced ball sing dollar and Hong Kong dollar rich.

Speaker Change: Of the fed rate cuts was more pronounced ball sing dollar and Hong Kong dollar rates.

Chinyi: Notably, the pass-through effect of the Fed rate cuts was more pronounced for SingDollar and HKD rates. which experienced much sharper decline compared to the Fed. Consequently, the decline in our loan abuse outpaced the reduction in deposit costs, which typically reprised much slower than loans.

Speaker Change: We experienced a much sharper decline come back to the factory costs.

Speaker Change: We experienced a much sharper decline come back to the factory costs.

Speaker Change: Consequently, the decline in our loading views outpaced the reduction in deposit cost.

Speaker Change: Consequently, the decline in our loading views outpaced the reduction in deposit cost.

Speaker Change: B b priced much slower than the logs.

Speaker Change: Please be priced much slower and logs.

Speaker Change: In addition, naeem.

Speaker Change: In addition, naeem.

Speaker Change: Naeem also declined as part of our plan has been.

Naeem: Naeem also declined as part of our plan has been.

Chinyi: In addition, NIM was Mingoso decline is part of our plan. to defend their interest income as we intentionally deploy deposits to grow our liquid assets. This was part of our active balance sheet management strategy to defend our income over the long run, especially as we expect further fabric cuts in the second half of this year. Our exit yield for March was 2.03%. As at the end of March 2025, mean sensitivity based on one basis point dropped in rates across our four major currencies of Sing dollars, Malaysian Ringgit, Hong Kong dollars and US dollars was around 5 million on an annualised basis.

Speaker Change: And defend net interest income as the convention in D C.

Speaker Change: And defend net interest income is speaking pension relief.

Speaker Change: Growing deposits grow our increases.

Speaker Change: And drawing deposits grow our incretin effect.

Speaker Change: This was part of our balance sheet management strategies to defend our come <unk>.

Speaker Change: This was part of our active balance sheet management strategies to defend our com.

Speaker Change: In the long run.

Speaker Change: In the long run.

Speaker Change: Especially sps that but it affected the second half.

Speaker Change: Especially S P a spec, but theyre very tough with a second half issue.

Speaker Change: Oh and Sydney.

Speaker Change: Oh and does it mean, a much watched two points or 3%.

Speaker Change: March was two three.

Speaker Change: 3%.

Goh Chin Yee: At the end March 2025, NIM sensitivity based on 1 basis point drop in rates across our four major currencies of Sing dollars, Malaysian ringgit, Hong Kong dollars, and US dollars was around SGD 5 million on an annualized basis. Non-interest income grew double digits to reach SGD 1.31 billion. The growth was underpinned by higher wealth related fees, trading, and insurance income. I will elaborate more on our fees and trading income in the next few slides. Fee income for Q1 2025 was up 6% Q on Q and 14% year-on-year, led by higher wealth related, loan related, and investment banking fees. Total fees also reached the highest level since the start of 2024. We continue to see good momentum in wealth management. Both wealth management fees and assets under management delivered double-digit growth year-on-year.

Goh Chin Yee: At the end March 2025, NIM sensitivity based on 1 basis point drop in rates across our four major currencies of Sing dollars, Malaysian ringgit, Hong Kong dollars, and US dollars was around SGD 5 million on an annualized basis. Non-interest income grew double digits to reach SGD 1.31 billion. The growth was underpinned by higher wealth related fees, trading, and insurance income. I will elaborate more on our fees and trading income in the next few slides. Fee income for Q1 2025 was up 6% Q on Q and 14% year-on-year, led by higher wealth related, loan related, and investment banking fees. Total fees also reached the highest level since the start of 2024. We continue to see good momentum in wealth management. Both wealth management fees and assets under management delivered double-digit growth year-on-year.

Speaker Change: And so and much better than fine nuisance GDP based on one basis point drop in risk across all major currencies of Cingal nuts, Malaysian Ringgit, Hong Kong tells us and we've missed all of this was around 5 million on an annualized basis.

Speaker Change: And so and much that he couldn't find nuisance EVP based on one basis point drop in risk across all major currencies of singleness relation we can get Hong Kong Godless Edmiston Wasp, Ralph I'm going again on an annualized basis.

Speaker Change: Oh no.

Speaker Change: Noninterest income wouk advantages to reach 131 billion.

Speaker Change: At this time.

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Speaker Change: Okay.

Speaker Change: <unk> was underpinned by high yield about we need to.

Speaker Change: [laughter].

Speaker Change: Trading and insurance.

Speaker Change: I will elaborate more on our fees and trading become in the next few slides.

Speaker Change: [noise].

Speaker Change: Income of SQL and five was up six.

Speaker Change: Got it.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: <unk> Q on Q and 14% you're now.

Speaker Change: Lastly, we got.

Speaker Change: [noise] explosion in flavors.

Speaker Change: The high yield debt.

Speaker Change: Gordon relate to <unk>.

Speaker Change: Awesome.

Speaker Change: <unk>, which every play reshoot.

Speaker Change: And investment banking fees.

Speaker Change: Total fees also reached the highest levels since the start of think even fall.

Speaker Change: Sure to have left in everybody with Jack as well besides.

Chinyi: Whichever flavor you choose, you're sure to have a blast in every bite with Jack and Jill Vegan. Non-interest income moved double digits to reach $1.31 billion. The growth was underpinned by higher wealth-related Trading Insurance I will elaborate more on our fees and trading income in the next video. Fee income for first Q of 25 was up. 6% QonQ and 14% year-on-year led by higher wealth-related, loan-related and investment banking. Total fees also reached the highest level since the start of 2024. We continue to see good momentum in wealth management. Both wealth management fees and assets under management deliver double-digit growth year-on-year.

Speaker Change: Noninterest income.

Speaker Change: We continue to see good momentum in wealth management, both wealth management and asset under management.

Speaker Change: But to just to reach 131 billion.

Speaker Change: Growth was underpinned by high yield belvieu needs to trade.

Speaker Change: Deliver double digit growth year on year.

Speaker Change: Trading.

Speaker Change: Yes.

Speaker Change: Sure.

Goh Chin Yee: Our AUM rose 12% to SGD 306 billion, led by continued net new money inflows. In Q1 2025, we saw net money inflow of SGD 5 billion. About 60% of our AUM are placed into investments across all our wealth segments. For Q1, trading income grew 31% quarter-on-quarter to SGD 396 million. This was underpinned by stronger customer flow and non-customer flow trading income. The rise in our customer flow trading income was contributed by both wealth and corporate segments. Turning on to operating expenses. Operating expenses for the quarter declined 9% from Q4 2024. The reduction is largely attributed to the higher costs incurred in Q4 of last year to fund our strategic initiatives and to pursue loan business growth.

Goh Chin Yee: Our AUM rose 12% to SGD 306 billion, led by continued net new money inflows. In Q1 2025, we saw net money inflow of SGD 5 billion. About 60% of our AUM are placed into investments across all our wealth segments. For Q1, trading income grew 31% quarter-on-quarter to SGD 396 million. This was underpinned by stronger customer flow and non-customer flow trading income. The rise in our customer flow trading income was contributed by both wealth and corporate segments. Turning on to operating expenses. Operating expenses for the quarter declined 9% from Q4 2024. The reduction is largely attributed to the higher costs incurred in Q4 of last year to fund our strategic initiatives and to pursue loan business growth.

Speaker Change: Oh, AUN rose, 12% with three or six people I've met by continued net new money inflows.

Speaker Change: I will elaborate more on our fees and trading become in the next few slides.

Speaker Change: Fee income for first Q up in five or.

Speaker Change: In first Q O 75, you saw net new money flow of five financing up all of those.

Speaker Change: 6% Q on Q and 14% your.

Speaker Change: But about 60% of our EU and Ah played into investments across all of those out separately.

Speaker Change: Let the high yield debt.

Speaker Change: Gordon relate to <unk> and investment banking fees.

Speaker Change: So Sophie also reached the highest level since the start of the heap in fall.

Speaker Change: For the first quarter trading income grew 31%.

Speaker Change: We continue to see good momentum in wealth management.

Speaker Change: <unk> was $396 million.

Speaker Change: Wealth management fees and assets under management.

Speaker Change: Underpinned by stronger customer flow and noncash muscle printing, Wisconsin. The rise in our customer flow trading income was contributed by both valves and corporate segments.

Speaker Change: Deliver double digit growth year on year.

Speaker Change: Oh, AUN rose, 12% with three or six P. M met by continued net new money inflows.

Chinyi: Our AUM rose 12% to $3.06 billion, led by continued net new money inflows. In first queue of 25, we saw net new money inflow of S$5 billion. About 60% of our AUM are placed into investments across all our World Wealth Sectors. For the first quarter, trading income moved 31% quarter-on-quarter to $300 million. This was underpinned by stronger customer flow and non-customer flow trading income. The rise in our customer flow trading income was contributed by both wealth and corporate sector.

Speaker Change: Turning onto operating expenses.

Speaker Change: In first Q O 75, you saw net new money inflow of fight the NIM Singapore.

Speaker Change: Operating expenses for the quarter declined 9% from.

Speaker Change: About 60% of our E U N a played into the investment across all our roselle seconds.

Speaker Change: Both Q often before the reduction is largely attributed to the higher cost in the fourth quarter of last year to fund, our strategic initiatives and to boost.

Speaker Change: For the first quarter trading income grew 31%.

Speaker Change: The quarter was $396 million used was underpinned by stronger customer flow and non customer.

Speaker Change: To pursue loan since gross.

Goh Chin Yee: cost-to-income ratio for Q1 2025 was below 40%. I mentioned 38.6%. Turning on to portfolio quality. Our overall loan portfolio quality remained resilient. NPL ratio was 0.9%, lower than a year ago. We have reviewed our portfolio and assessed that trade tariffs had first order impact on 3% of our loan book. We further stress tested our portfolio for potential vulnerability and assessed that our portfolio remains resilient.

Goh Chin Yee: cost-to-income ratio for Q1 2025 was below 40%. I mentioned 38.6%. Turning on to portfolio quality. Our overall loan portfolio quality remained resilient. NPL ratio was 0.9%, lower than a year ago. We have reviewed our portfolio and assessed that trade tariffs had first order impact on 3% of our loan book. We further stress tested our portfolio for potential vulnerability and assessed that our portfolio remains resilient.

Speaker Change: Cost to income ratio of muscular fight was below 1% I mentioned 38 points at Gunderson.

Speaker Change: With the rise in our customer flow trading income was contributed by both valves and corporate segments.

Speaker Change: Does he want to portfolio quality.

Speaker Change: Our overall goal of real car quality remain resilient NPL ratio was 0.9% lower.

Speaker Change: Turning onto operating expenses.

Chinyi: The link on to operating is. Operating expenses for the quarter declined 9% from 4Q24, the reduction is largely attributed to the higher costs incurred in the fourth quarter of last year to fund our strategic initiatives and to boost to pursue long-distance growth. Cost-to-income ratio for first queue of the five was below 40 percent. I mentioned 38.6 percent.

Speaker Change: Operating expenses for the quarter declined 9% from.

Speaker Change: And a year ago.

Speaker Change: We have reviewed our portfolio and assess that trip to Reeves and first order impact.

Speaker Change: Both Q often before the reduction is largely attributed to the higher cost in the fourth quarter of last year to fund our strategic niche at east and to boost.

Speaker Change: 3% of our loan book.

Speaker Change: Before this stress test our portfolio of potential Baldwin.

Speaker Change: To pursue loading cisco's.

Speaker Change: And SSL Julio we mean, if he did.

Cost to income ratio for muscular fight was below 1% I mentioned that he airports at gunderson.

[Analyst]: What's the best way for a woman over 40 to lose belly fat? This is a great way for women to lose weight, right? This is also an amazing way to lose weight, right?

Speaker Change: So what's the best way for women over 40 to lose belly fat.

Speaker Change: Does he want to portfolio quality.

Speaker Change: This is a great way for women to lose weight right.

Rob: This is also an amazing way to lose weight right Rob.

Chinyi: Moving on to Portfolio Quality. Our overall Loan Portfolio Quality remained resilient. NPL Ratio was 0.9%, lower than last year. than a year ago.

Speaker Change: Our overall loan portfolio card quality remain resilient NPL ratio was 0.9% lower.

[Analyst]: Wrong. Wrong.

Speaker Change: Wrong wrong.

[Analyst]: Hey, hey, what's the problem?

[Analyst]: Sorry, I mean, your workouts are the problem. They might work for you, but for a woman over 40, it's all wrong. There's a much easier and simpler way, and it involves nothing crazy like what you were just doing.

Speaker Change: Hey, what's the problem I'm, sorry, I mean, your workout with a problem and they might be for you, but for women over 40 is all wrong doesn't much easier and simpler way and its smelter nothing crazy like what you were just doing I keep saying this viral lady all over my feet, you're talking about how it was possible to supercharge your metabolism, it's not hard to lose belly fat. If you do the right thing so I decided to do a little investigation.

Speaker Change: And a year ago.

Speaker Change: We have reviewed our portfolio and assess that trip to Reeves and first order impact.

[Analyst]: I keep seeing this viral lady all over my feed talking about how it was possible to supercharge your metabolism.

Chinyi: We have reviewed our portfolio and assessed the trade tariffs. First Order Income. on 3% of our loan volume. We further stress-tested our portfolio for potential vulnerabilities, and assessed that our portfolio remained resilient.

[Analyst]: It's not hard to lose belly fat if you do the right things.

Speaker Change: One 3% of our loan book.

[Analyst]: I decided to do a little investigation. Turns out, even The New York Times and The Wall Street Journal have recommended her program. It all comes down to igniting the metabolism so it can incinerate fat. I think she's really onto something. Seeing how fit she is, she knows what she's talking about. You gotta check her out.

Speaker Change: Before this stress test our portfolio of potential Walden.

Speaker Change: Even the New York Times, and the Wall Street Journal a recommended her program. It all comes back to igniting the metabolism. So it can incinerate fat I think she's really onto something and see how that she is she knows what she is talking about you've got to check around.

Speaker Change: And it says.

Speaker Change: Julio you mean, if he did.

Speaker Change: Oh I see.

[Analyst]: All you need is your body and a little bit of space. You don't need a treadmill. You don't need a car to get to the gym because running, pull-ups, lifting weights, all that stuff, it's not gonna help you lose belly fat. The craziest part is so many people go to the gym for hours a week and complain they're not getting in shape. This is how to get in shape in just seven minutes a day. Hey. How's it going?

Speaker Change: All you need is your body and a little bit of space. You don't mean, a treadmill you don't need a car to get to the gym, because running poets lifting weights all that stuff is not going to help you lose belly fat the craziest part of so many people go to the gym per hours, a week and complain they're not getting in shape. So this is how to get in shape and just seven minutes a day [laughter] how's it going.

Unnamed: Hi, it's work again. Are you okay? I'm nervous.

Speaker Change: So far.

Speaker Change: And in my mind.

Speaker Change: But at the minute.

Unnamed: You're here again. You're just going to the mall. Same. You're just going to the mall. We're just going to the mall. No, same team.

Speaker Change: And then on the buyback.

Speaker Change: [noise] Whatsapp.

Speaker Change: Bye.

Unnamed: Watch News. One Laugh.

Speaker Change: Great.

Unnamed: Bye. Work. Mall. Return.

Speaker Change: Okay.

Helen: I've been on this thing for two hours.

Speaker Change: Okay.

Speaker Change: [noise].

[Analyst]: Trying to lose weight?

Helen: Ugh. Trying to lose weight. What else could we do?

Speaker Change: This thing for two hours trying to lose weight [laughter] trying to lose weight, but what else can we do how's it going by Alex Sucks, everybody has asked if we didn't we wouldn't be able to stand now the problem is most people's ads will never be visible because they are a hugely are covering that what youre doing is actually just the opposite of what you want to do actually running that stresses your body out makes you hold on to more fat So what do people do.

[Analyst]: How's it going for you?

Helen: It sucks.

[Analyst]: Everybody has abs. If we didn't, we wouldn't be able to stand. The problem is most people's abs will never be visible because they have a huge layer of fat covering them. What you're doing is actually just the opposite of what you wanna do. Actually, running just stresses your body out and makes you hold on to more fat. What do people do? They go to the gym and do loads of planks and crunches, hoping their abs will just show through, but they're still totally wasting their time. They're never gonna be able to penetrate this massive layer of fat. There's a lot less we can do for a lot more. There are a bunch of techniques that we can add to our daily routine without ever stepping foot on a treadmill, and they can make a huge change in the way our metabolism works.

Speaker Change: [noise]. Thank you.

Speaker Change: They go to the gym and do loads of planks and crunchers, hoping your actual just show through but theres still totally wasting their time, they're never going to be able to penetrate this massive layer of fat. There's a lot less we can deal for a lot more there are a bunch of techniques that we can add for a daily routine without ever stepping on a treadmill and they can make a huge change in the way our metabolism work at these targeted movie.

Speaker Change: And I do emphasize connecting with them okay.

Unnamed: Do you want to do it inside? Connect your thumbs?

Speaker Change: [noise].

[Analyst]: These targeted movements that ignite metabolism only seven minutes a day. Would you rather do this or seven minutes a day of a targeted workout?

Speaker Change: In fact, 90 metabolism only seven minutes a day would you rather do this or seven minutes a day of a targeted workout seven minutes a day S. E. T training have you heard of that no. We can burn 45 minutes worth of calories in just seven minutes from the comfort of your own home seven minutes seven minutes. That's at least call that you don't need. This you don't need a car all you need is new and a little bit to transform itself.

Helen: Seven minutes a day.

Unnamed: Thank you, Ma'am. Thank you, Dear.

[Analyst]: SIP training. Have you heard of it?

Helen: No.

[Analyst]: We can burn 45 minutes worth of calories in just seven minutes from the comfort of your own home.

[noise], let's queue 75, total allowances with 212 million.

Helen: Seven minutes?

[Analyst]: Seven minutes. That's it.

Helen: I felt that.

[Analyst]: You don't need this. You don't need a car. All you need is you and a little bit of space to transform in seven minutes a day.

Chinyi: Thank you for watching! First Q25, total allowances were $212 million, up from the prior quarter and a year ago. This was mainly driven by allowances for North Macat. Allowances set aside for non-impaired assets was $118 million. comprises mainly the pre-emptive allowances that I mentioned earlier. Total credit costs for the quarter were an annualised 24 basis points within our credit cost guidance of 20 to 25 basis points.

Helen: It's just that simple?

[Analyst]: It's that simple to be able to activate your body and be able to have arms like that and not go to the gym. Just 7 minutes. Literally 7 minutes, and it can change the way that you look. Pretty cool, right? You have 7 minutes?

Speaker Change: Minutes, a day well, it's just that simple is that simple to be able to activate your body and be able to have arms like that and I'll go to the gym, just seven minutes literally seven minutes and it can change the way that you look pretty cool right you have seven minutes I've got seven minutes do you guys have seven minutes, let's go get lost 35 pounds now I think I feel better than I have been in when I was in my early Twenty's. So I lost.

Speaker Change: Up from the prior quarter and a year ago. This was mainly driven by the allowances are not pets.

Helen: I got seven minutes.

[Analyst]: Do you guys have seven minutes?

Helen: Let's go.

Speaker Change: Allowances set effect will not set 100 million.

Goh Chin Yee: Yeah. I've lost 35lbs now. I think I feel better than I have even when I was in my early twenties.

Speaker Change: Comprises mainly of P and if a language that I've mentioned and yet.

Helen: I lost a total of 37lbs. Amazing. I now have muscle structure. Yay.

Speaker Change: A total of 37 pounds amazing I now have muscle structure, Yeah, Hey, it's not hard to lose belly fat. If you do the right things. If you do the wrong things like a ton of cardio, you're not going to lose the belly fat I don't run I don't do crazy amounts of cardio because I know exactly what it does to my body. It makes me hold onto more fat I was almost a professional athlete in my mid twenties and I'm in better shape now than ever.

Speaker Change: Yeah.

[Analyst]: It's not hard to lose belly fat if you do the right things. If you do the wrong things like a ton of cardio, you're not gonna lose the belly fat. I don't run. I don't do crazy amounts of cardio 'cause I know exactly what it does to my body. It makes me hold on to more fat. I was almost a professional athlete in my mid-twenties, and I'm in better shape now, and I've got two kids under five, and I do not run. You need something that's easy, simple, doable at home in only seven minutes. It's all it takes. Seven minutes a day, and you can actually start making a huge change in your life. I went from a size 14 down to a two. Oh, wait. What? 14. A what? 14. A two? Yeah. Oh my gosh. That's like a person. Yeah.

Speaker Change: Total credit costs for the quarter were annualized 74 basis points redeemed all credit cost guidance of 20 to 25 basis points.

Speaker Change: Cumulative allowances rules for the first quarter as we continue to prudently set aside languages.

Chinyi: Cumulative allowances rose for the first quarter as we continue to prudently set aside Our Group's NPA Coverage Ratio continues to trend higher to 100. Bank. My Allowances for non-impact loans were at 0.9% of total performing loans. Loan portfolios continue to be well diversified across geographies and industries. Our group loans grew 7% year-on-year to $322 billion. We saw increases in residential mortgages and corporate loans led by the transport, storage and communications sector, which is in line with our group's strategic focus to capture opportunities in the new economy sectors and high-growth industries. By geography, the year-on-year increase in loans was led by growth in Singapore.

Speaker Change: Two kids under five and I do not run each of them, that's easy simple doable at home and only seven minutes. All it takes seven minutes a day and you can actually start making a huge change in your life I went from FY 14 don't you have to wait and watch.

Speaker Change: The group's NPA coverage ratio continue to trend higher 206.

Speaker Change: And is there much that you can buy.

Speaker Change: E L F.

Speaker Change: Or are you Oh, gosh, I think a person yeah I've watched over 40 pounds at over 2200, 40 pounds and 22 inches I lost 20 pounds and I lost 19 inches Amazing seems crazy that like a seven minute video is going to do anything but it really does work have long close to 25 pounds and been able to maintain it.

[Analyst]: I've lost over 40 pounds and over 22 inches. 40 pounds and 22 inches.

Speaker Change: Allowances for non pet those we're at 0.9% of total performing loans.

[Analyst]: I lost 20 pounds, and I lost 19 inches.

[Analyst]: Amazing.

[Analyst]: It seems crazy that, like, a seven-minute video is gonna do anything. It really does work.

Speaker Change: Okay.

Speaker Change: North portfolio continue to be well diversified across geographies and industries.

[Analyst]: I have lost close to 25 pounds and been able to maintain it. 25 pounds? 25 pounds.

Helen: Amazing.

[Analyst]: I mean-

Helen: It feels great not being there.

Speaker Change: Our loans grew 7% year on year to 332 billion.

Speaker Change: 25 of them.

[Analyst]: Research from leading universities found that one minute, just one minute of these unique movements can give you the same results or better as working out for 45 minutes. The New York Times, The Wall Street Journal, and even the National Institutes of Health have reviewed and recommended this program. No wonder it's helped my clients lose 20, 30, even 100 pounds when nothing else has worked. To make sure that anyone can have access to this program, I wanna share this with you right now. Just go ahead and click the link below this video to learn more.

Speaker Change: Meaning I mean, great not being there research from leading universities found that one Matt just one minute of these unique movements can keep it the same results or better is working out for 45 minutes. The New York Times, The Wall Street Journal and even the National Institutes of health have reviewed and recommended this program no Wonder. It's helped my clients was 2030, even 100 pounds when nothing else has worked to make.

We saw increases in rescue that show called me, just and corporate loans led by the transport storage and communications sector.

Speaker Change: This is in line with our groups from T. G O fish catch up opportunities in the new economy sectors and high School industries.

Speaker Change: Sure that anyone had access to this program I want to share. This with you right now just go ahead and click the link below this video to learn more I saw your AD on Facebook and I thought Oh, what the heck I am going to try one last ditch effort.

Helen: I saw your ad on Facebook, and I thought, Oh, what the heck? I am gonna try. This is one last-ditch effort. I thought, there are women here my age. They are actually succeeding. I was shocked by what I was hearing. I thought, All right, let's give this a whirl. It can't hurt. I'm now getting a clean bill of health when I go to the doctor, and they keep saying, Keep doing what you're doing. It's awesome.

Speaker Change: By geography, the yen year on year increase in loans was led by growth in Singapore.

Speaker Change: The smell that novel, where she's market such as the UK and the U S.

Speaker Change: There are women here my age they are actually succeeding and I was shocked by what I was hearing so I thought alright, let's give this a world it can't hurt I'm now getting a clean bill of health when I go to the Doctor and they keep saying keep doing what you're doing it's awesome. This revolutionary fat burning technique can help regardless of age just click the link below or above and I'll share the symbol S. I P routine with you take the opportunity just take a chance.

Chinyi: as well as in our overseas markets such as the UK and the US. Our group's strong and stable funding position was supported by customer deposits which represented about 80% of our funding base. customer deposits was 9% higher year-on-year at $403 billion from both CASA as well as fixed deposit scores. Over the same period, lower-cost CASA balances grew by 12% while CASA ratio improved to 48.9%.

Speaker Change: Our group's strong and stable funding position was supported by customer deposits, which represents about 80% of our funding base.

[Analyst]: This revolutionary fat-burning technique can help regardless of age. Just click the link below or above, and I'll share the simple SIP routine with you.

Helen: Take the opportunity. Just take a chance. You can fit seven minutes in a day to take care of yourself and that you're worth it.

Speaker Change: Customer deposits was 90% I guess, you're on you at all 3 billion from both Casa and <unk>.

Speaker Change: You can get seven minutes in a day to take care of yourself and your worth it.

Speaker Change: S fixed deposits schools.

Speaker Change: Well what are the same to get lower cost cuts off balances cool by trucks, and while Casa ratio improved to 48, 9%.

Speaker Change: [noise] yeah.

Speaker Change: We've got the sort of if you put up you might be less but I suppose your skills, where the people don't.

Speaker Change: On capital.

Speaker Change: Our group's capital position remained solid.

Chinyi: on Capital Our group's capital position remained sound, with the transitionary CET1 ratio at 17.6%, up from 17.1% in the prior quarter. The increase was mainly CET1 ratio would be 15.5% on a fully phase-in basis. Pro Forma CET1 ratio will be at 14.5% after the payment of our final and special dividend for FY24, which should be paid today.

Speaker Change: Since you bought them, yet and need medical mental all aspects on this but I can friedman is it going to look.

Speaker Change: Transition every CET one ratio at 17, 6% up from 17, one like 1% in the prior year quarter.

Speaker Change: Okay.

Speaker Change: I agree with Brad temporarily.

Speaker Change: Okay.

Speaker Change: [noise] rescue 75, total allowances was $212 million.

Speaker Change: The increase was mainly from completion.

Speaker Change: CET one ratio would be 15, 5% on a fully phased in basis.

Goh Chin Yee: Q1 2025, total allowances were SGD 212 million, up from the prior quarter and a year ago. This was mainly driven by allowances for non-impact assets. Allowances set aside for non-impact assets was SGD 118 million, comprises mainly the preemptive allowances that I mentioned earlier. Total credit costs for the quarter were an annualized 24 basis points within our credit cost guidance of 20 to 25 basis points. Cumulative allowances rose for Q1 as we continue to prudently set aside allowances. Our group's NPA coverage ratio continued to trend higher to 160% as at March 2025. Allowances for non-impact loans were at 0.9% of total performing loans. Loan portfolio continued to be well diversified across geographies and industries. Our group loans grew 7% year-on-year to SGD 332 billion.

Goh Chin Yee: Q1 2025, total allowances were SGD 212 million, up from the prior quarter and a year ago. This was mainly driven by allowances for non-impact assets. Allowances set aside for non-impact assets was SGD 118 million, comprises mainly the preemptive allowances that I mentioned earlier. Total credit costs for the quarter were an annualized 24 basis points within our credit cost guidance of 20 to 25 basis points. Cumulative allowances rose for Q1 as we continue to prudently set aside allowances. Our group's NPA coverage ratio continued to trend higher to 160% as at March 2025. Allowances for non-impact loans were at 0.9% of total performing loans. Loan portfolio continued to be well diversified across geographies and industries. Our group loans grew 7% year-on-year to SGD 332 billion.

Speaker Change: Pro forma CET, one ratio will be at 14, 5% after the payment of a final and special dividend or at what the default Rishi. It's a we should be built to date.

Speaker Change: Up from the prior quarter and a year ago. This was mainly driven by the allowances are not headsets.

Speaker Change: Yeah.

Speaker Change: Once they found a job the contacts needs to be signed by both parties with Adobe Acrobat I can send it to the cabinet and the client signing I mean notified when the contract is in place.

Unnamed: Once we fill out a job, the contracts need to be signed by both parties. With Adobe Acrobat, I can send it to the candidate and the client for signing and be notified when the contract is complete. It's such a speedy turnaround.

Speaker Change: Allowances set effect will not set $100 million.

Speaker Change: Prices, mainly P M. If allowances that I mentioned earlier.

Speaker Change: Such as maybe turn around.

Speaker Change: [laughter].

Speaker Change: Yes.

Total credit costs for the quarter were annualized 24 basis points within our credit cost guidance of 20 to 25 basis points.

Speaker Change: She's with calcium that helps microphone strong cheese ways for the strength to do more.

Unnamed: Cheez Whiz has calcium that helps make your bones strong. Cheez Whiz. For the strength to do more.

Speaker Change: Cumulative allowances rules for the first quarter as we continue to prudently.

Speaker Change: Yeah.

Speaker Change: Is that a greenhouse that will bring us closer to our target of 14% CET one ratio.

Unnamed: is that will bring us closer to our target of 14% CEQI.

Speaker Change: <unk> allowances.

Speaker Change: The group's NPA coverage ratio continue to trend higher 206th sense is it March.

Speaker Change: With this I end my presentation, and awesome law or its affiliates.

Helen: With this, I end my presentation and pass the floor over to Helen. Thank you, Chin-Yi, and good morning everyone again. I think Chin-Yi has delivered quite a lot of information. I just want to maybe add a few points. I think overall, our first quorum results reflect the strength of our diversified business franchise, which enables us to deliver a very So total income through quarter-on-quarter, and if you look at it, supported by broad-based non-II, across these insurance, trading, etc. And this more than offset the lower NII. Wealth management income and AUM are doing fine. They are record highs, and as Chin-Yi talked about, $226 billion and $7 billion, and actually $5 billion is net new money, both in Bank of Singapore and also our CFS business on Premier and Premier Prices.

Speaker Change: And good morning, everyone again.

Speaker Change: Yes.

Speaker Change: Just saw I think gene you have a benefit.

Speaker Change: Allowance for non impaired loans were at 0.9% of total of bombing goals.

Speaker Change: Quite a lot of information just wanted to maybe add a few points.

Speaker Change: Okay.

Speaker Change: Overall, our first program in South Beach.

Speaker Change: North portfolio continue to be well diversified across geographies and industries. Our group loans grew 7% year on year to 332 billion.

Speaker Change: Besides the strength of our diversified business franchise, which unable us to the Nevada, Michigan setup has helped out so I'm totally income grew quarter on quarter Ela and if you look at her supported Oh.

Goh Chin Yee: We saw increases in residential mortgages and corporate loans led by the transport, storage, and communication sector, which is in line with our group's strategic focus to capture opportunities in the new economy sectors and high-growth industries. By geography, the year-on-year increase in loans was led by growth in Singapore as well as in our overseas markets, such as the UK and the US. Our group's strong and stable funding position was supported by customer deposits, which represented about 80% of our funding base. Customer deposits was 9% higher year-on-year at SGD 4.3 billion from both CASA as well as fixed deposits growth. Over the same period, lower cost CASA balances grew by 12%, while CASA ratio improved to 48.9%.

Goh Chin Yee: We saw increases in residential mortgages and corporate loans led by the transport, storage, and communication sector, which is in line with our group's strategic focus to capture opportunities in the new economy sectors and high-growth industries. By geography, the year-on-year increase in loans was led by growth in Singapore as well as in our overseas markets, such as the UK and the US. Our group's strong and stable funding position was supported by customer deposits, which represented about 80% of our funding base. Customer deposits was 9% higher year-on-year at SGD 4.3 billion from both CASA as well as fixed deposits growth. Over the same period, lower cost CASA balances grew by 12%, while CASA ratio improved to 48.9%.

Speaker Change: We saw increases in residential mortgages and corporate loans led by the transport storage and communications sector, which is in line with our groups from TG Opus catch up opportunities in the new economy sectors and high School industries.

Speaker Change: As long I I across six ish runs Trinidad et cetera, and this more than offset by lower NII.

Speaker Change: Wealth management income and anyone doing fine they are record highs.

Speaker Change: And.

Speaker Change: Can you talk about 306 billions of rows 7 billion and 95 billion of net new money inflows both in bank, Singapore and also our.

Speaker Change: By geography, the yen year on year increase in loans was led by growth in.

Speaker Change: In Singapore.

Speaker Change: As well as in the overseas market, such as the UK and the U S.

Speaker Change: CFS business on a premier Oh, now I'm, putting a process.

Speaker Change: Our group's strong and stable funding position was supported by customer demand.

Speaker Change: So cost income ratio back down below 40 buckets as important or cause that important that we continue to exercise every type of discipline.

Helen: So cost and income ratio came back down below 40, but it is important, 40% important that we continue to exercise a very tight cost distribution. in view of their uncertainty in the market.

Speaker Change: Which represents about 80% of our funding base.

Speaker Change: Customer deposits was 9% year on year at all 3 billion Bravo.

Speaker Change: In view of them certainty in the market.

Speaker Change: Sometimes people people always ask me about investments you stop investing and all of that I think it may have to look at it in two ways of them a lot of investments is just crucial and you're kind of all stopped because it just building also for the future.

Speaker Change: Casa as well as deposit growth.

Helen: Sometimes people always ask me about investments, are you stopping investing and all that. I think we have to look at it in two ways. A lot of investments is just crucial, and you cannot stop because it is building also for the future. Some are invested to continue to make your BAU or your business as usual better, but there are costs that are variables that we can have more discipline on. It is those costs that we can... I mean, in a worst market, for example, maybe you travel a bit less, maybe you do less marketing calls, right?

Speaker Change: What are the same period.

Speaker Change: Lower cost customer balances grew by 12%, while Casa ratio improved to 48, 9%.

Goh Chin Yee: On capital, our group's capital position remains sound, with transitionary CET1 ratio at 17.6%, up from 17.1% in the prior quarter. The increase was mainly from profit position. CET1 ratio would be 15.5% on a fully phased-in basis. Pro forma CET1 ratio will be at 14.5% after the payment of our final and special dividend for FY 2024, which is, which will be paid today. That will bring us closer to our target of 14% CET1 ratio. With this, I end my presentation and pass the floor over to Helen.

Goh Chin Yee: On capital, our group's capital position remains sound, with transitionary CET1 ratio at 17.6%, up from 17.1% in the prior quarter. The increase was mainly from profit position. CET1 ratio would be 15.5% on a fully phased-in basis. Pro forma CET1 ratio will be at 14.5% after the payment of our final and special dividend for FY 2024, which is, which will be paid today. That will bring us closer to our target of 14% CET1 ratio. With this, I end my presentation and pass the floor over to Helen.

Speaker Change: Somebody messed up to continue to make your you all business as usual.

Speaker Change: On capital.

Speaker Change: Our group's capital position remained solid.

Speaker Change: But for the cost of wherever it boast upbeat and be more disciplined and you saw those cost up so we've kind of I mean, and I am not in a worst market. For example, maybe you talk a little bit less maybe you do less a lot of it.

Speaker Change: Transition every CET one ratio of 17, 6% up from 17, one by 1% in the prior year quarter. The increase was mainly from profit accretion.

Speaker Change: CET one ratio would be 15, 5% on a fully phased in basis.

Speaker Change: Cost right you whole appeal was less if you will a stellar event, but it doesn't mean that you have.

Helen: You hold a few less, a few fewer events, but it doesn't mean that you're not doing things because your clients are expecting you also paying more time, more focus on helping them as well. So we will continue to execute a very tight cross-discipline and we did say we continue to see deposit and loan inflows as well. As I said, we want to highlight MPL ratio at 9%. We always took a prudent approach to look at whether we are comfortable with our allowances and given the uncertainties in the operating environment, we did say that we put aside more ECL1 and ECL2.

Speaker Change: Not to exist because your clients are expecting you will also be more more time more focus on helping them as well.

Speaker Change: Pro forma CET, one ratio will be at 14, 5% after the payment of our final and special dividend or at one <unk> book, which is a which will be paid to date.

Speaker Change: So we will continue to execute a very tight cost discipline and I would just say we continue to see deposit inflows as well as quality. If you want to highlight a embellish we're up 9%.

Speaker Change: Okay.

Speaker Change: [noise].

Speaker Change: Always talk a prudent approach to look at whether we have a comic book with our lounges and given the uncertainties in the operating environment with it.

Speaker Change: [noise] is that we'll greenhouse that will bring us closer to our target of <unk>.

Speaker Change: Things that we've put aside more ECL wanted to and Oh, you recalled two to be very vigilant on how we underwrite transactions also we monitor our portfolio with the right of stress tests.

Helen: And we continue to be very vigilant on how we underwrite transactions, how do we monitor our portfolio, doing the right stress tests, looking at How we do it, and indeed, current situation, we're quite prepared for it, and indeed, has already think about how our portfolio is like, and then we'll talk about first order of impact. Of course, you define, you look at the industry your customers are in, and talk about what are the second order, and ultimately, those customers, that is what we call a safer portfolio, which is predominantly more domestic driven, I mean, the demand and the business is more domestic, and this includes utilities, local real estate, digital centers, you talk about financial intermediaries, etc.

Speaker Change: CET one ratio.

Speaker Change: Looking at some.

Helen: Thank you, Chin Yee.

Helen Wong: Thank you, Chin Yee.

[Analyst]: Helen, please.

Goh Chin Yee: Helen, please.

Speaker Change: With this I end my presentation and.

Helen: Good morning everyone again. Just, I think Chin Yee have delivered quite a lot of information. I just want to maybe add a few points. I think overall our Q1 result does reflect the strength of our diversified business franchise, which enable us to deliver a very resilient set of results.

Speaker Change: I would do it as it is a terrible situation quite prepared for it and it did have saw Kashi already think about Oh cause like I think you need to talk about first of all the impact of course, you would define you look at the industry. Our customers are in and talk about what are the second model and ultimately.

Helen Wong: Good morning everyone again. Just, I think Chin Yee have delivered quite a lot of information. I just want to maybe add a few points. I think overall our Q1 result does reflect the strength of our diversified business franchise, which enable us to deliver a very resilient set of results.

Speaker Change: The law or the villain vigorously.

Speaker Change: And good morning, everyone and Joe I'm, just I think gene you have a benefit.

Speaker Change: Quite a lot of information just wanted to maybe add a few points.

Speaker Change: Overall, all our scoring yourself does reflect the strength of our diversified business franchise, which unable us to the Nevada, Maryland, Michigan setup itself.

Speaker Change: Although this is those customers that is what we call safe of oil, which is a predominantly more domestic.

Helen: Total income grew quarter-on-quarter. If you look at it, supported by broad-based non-II across fees, insurance, trading, et cetera. This more than offset the lower NII. Wealth management income and AUM are doing fine. They are record highs. Actually you talk about SGD 306 billion and rose SGD 7 billion, and actually SGD 5 billion is from net new money inflows, both in Bank of Singapore and also our CFS business on Premier and Premier pricing. Cost-to-income ratio came back down below 40. It is important that we continue to exercise a very tight cost discipline in view of the uncertainty in the market. Sometimes people always ask me about investment. I stop investing and all that.

Helen Wong: Total income grew quarter-on-quarter. If you look at it, supported by broad-based non-II across fees, insurance, trading, et cetera. This more than offset the lower NII. Wealth management income and AUM are doing fine. They are record highs. Actually you talk about SGD 306 billion and rose SGD 7 billion, and actually SGD 5 billion is from net new money inflows, both in Bank of Singapore and also our CFS business on Premier and Premier pricing. Cost-to-income ratio came back down below 40. It is important that we continue to exercise a very tight cost discipline in view of the uncertainty in the market. Sometimes people always ask me about investment. I stop investing and all that.

Speaker Change: Domestic driven I mean, the demand and the persistent small domestic and this includes our utilities are local real estate of digital Sun Trust.

Speaker Change: So totally income grew quarter on quarter and if you look at her supported what page.

Speaker Change: I across these insurance trading et cetera, and this more than offset by lower NII.

Speaker Change: Talk about financial intermediaries et cetera, just would be Ah Ah Ah sectors with a strong domestic focused that would be much much less impacted by tariffs. So we are very pet and the other life and do a stress test felt like this.

Helen: This would be the sectors with a strong domestic focus, that would be much, much less impacted by a tariff. So we are very prepared, and we realize, and do stress test our way. We also focus on achieving our strategic goals despite the uncertainty. So we're saying that our performance for the first quarter was resilient, but the immediate focus is on the future.

Speaker Change: Wealth management income and anyone of wind farms near record highs.

Speaker Change: And can you talk about <unk> 6 billion.

Speaker Change: <unk> 7 billion and actually 5 billion is not.

Speaker Change: We also focused on achieving our strategic goals despite the uncertainties.

Speaker Change: New money inflows of inbound Singapore and also our CFS.

Speaker Change: So we're saying that our performance for the first quarter was the symbion, but the immediate focus is on the future.

Speaker Change: CFS business on Humira.

Speaker Change: Yeah Premier private.

Speaker Change: So collyn, you've known Mitchell embark down below 40 bucket as important or cause that important that we continue to exercise of every type of cost discipline.

Speaker Change: On the future is I think you'll all recall, we talked about advancing try this registry a three year plan of bringing incremental revenue right. So it's up to us as possibly phase I, we overshot our popular bet.

Helen: On the future, I think you all know we talked about announcing 2023 a three-year plan of bringing incremental revenue, right? So as that two years has passed, we say that we overshoot our target a bit. So by the end of last year, by achieving close to $2 billion out of the three, we're supposed to reach $1.5 billion. This year, with what we have done well, exceeding our target last year, I think we are quite comfortable still to deliver the $3 billion. But we don't stop there, right? So actually, well in advance in last year, we look at what is it, is our strategy still valid?

Speaker Change: In view of them strategy the Logcap.

Helen: I think we have to look at it in two ways. A lot of investments is just crucial, and you cannot stop because it is building also for the future. Some are invested to continue to make your AUM or your business as usual better. There are costs that are variables that we can have more discipline on. It is those costs that we can. I mean, in a worse market, for example, maybe you travel a bit less, maybe you do less marketing costs, right? You hold fewer events, but it doesn't mean that you're not doing things because your clients are expecting you also paying more, more time, more focus on helping them as well.

Helen Wong: I think we have to look at it in two ways. A lot of investments is just crucial, and you cannot stop because it is building also for the future. Some are invested to continue to make your AUM or your business as usual better. There are costs that are variables that we can have more discipline on. It is those costs that we can. I mean, in a worse market, for example, maybe you travel a bit less, maybe you do less marketing costs, right? You hold fewer events, but it doesn't mean that you're not doing things because your clients are expecting you also paying more, more time, more focus on helping them as well.

Speaker Change: So by the end of last year.

Speaker Change: Sometimes people people always ask me about investments I stop investing in all of that I think it may have to look at it in two ways.

Speaker Change: Even closer to bid as a suite as opposed to reach $1 5 billion posture.

Speaker Change: This year with what we have done well.

Speaker Change: A lot of investments is just crucial and you cannot stop because it just building a parcel volume drop some or some other method to continue to make your you own a business that should show better.

Speaker Change: Sitting all Taco posture, I think Petrobras post dose.

Speaker Change: Throughput in this year.

Speaker Change: We don't stop there right so without actually well in our bonds are in loss sugar and look at what if it is.

Speaker Change: But for the cost of Wearables that kind of be a more disciplined and just solve dose caused us all the time.

Speaker Change: Our strategy is to about it Oh, we what else are we doing in order to come to you to be able to grow.

Helen: What else are we doing in order to continue to be able to grow our bank and grow the group and also have our customers going into the future?

Speaker Change: Uh huh.

Speaker Change: If a worst market for example, maybe you talk a little bit that maybe.

Speaker Change: Bank and frozen fruit and also have all customers going into the future.

Speaker Change: Maybe you do less marketing.

Speaker Change: And you recall last year, we set up a strategy and transformation of tuition.

Our cost right.

Helen: And you recall last year, we set up a strategy and transformation division as early as in April last year. And we know, I mean, as we look at the world, right? And we're quite well prepared for the current situation. And I talk a lot about being vigilant on your portfolio, but also how do we react and how do we plan, right? And in our strategy, we have a special focus on handling a situation like what we see today, right? Of course, nobody exactly knows what Liberation Day means and how much is a tariff that we'll sort of talk about, right?

Speaker Change: Whole of you'll have less of ULA fewer events, but it doesn't mean that you're not doing as well.

Speaker Change: As of the U S. In April last year, and we know Ah I mean, as we as we look at the world right and with pipe wealthy path or the type of situations I talk a lot about the imaging and audio portfolio, but also how do we be and how do we how do we plan right.

Helen: We will continue to execute a very tight cost discipline. We did say we continue to see deposit net loan inflows as well. Yeah. Asset quality we want to highlight, NPR ratio at 9%. We always took a prudent approach to look at whether we are comfortable with our allowances. Given the uncertainties in the operating environment, we did say that we put aside more ECL 1 and 2. We continue to be very vigilant on how we underwrite transactions, how do we monitor our portfolio, doing the right stress test, looking at how we do it. Indeed a tariff situation, we're quite prepared for it and indeed has already think about how our portfolio is like.

Helen Wong: We will continue to execute a very tight cost discipline. We did say we continue to see deposit net loan inflows as well. Yeah. Asset quality we want to highlight, NPR ratio at 9%. We always took a prudent approach to look at whether we are comfortable with our allowances. Given the uncertainties in the operating environment, we did say that we put aside more ECL 1 and 2. We continue to be very vigilant on how we underwrite transactions, how do we monitor our portfolio, doing the right stress test, looking at how we do it. Indeed a tariff situation, we're quite prepared for it and indeed has already think about how our portfolio is like.

Speaker Change: As your clients are expecting you auto being more.

Speaker Change: More time more focused on helping them as well.

Speaker Change: So.

Speaker Change: We will continue to execute a very tight cost discipline and I would just say we continue to see you often external inflows as well yeah.

Speaker Change: And in our strategy when you have a special focus on handling.

Speaker Change: So quality do you want to highlight embellish, we're up 9%.

Speaker Change: And handling a situation like what we see today right of course, nobody exactly know what the operation. They mean and how much is a terrorist that was sub salt or talk about right.

Speaker Change: We'll always talk a prudent approach to look at each other we are comfortable with our lounges.

Speaker Change: Given the uncertainties in the operating environment with just saying that we've put aside more ECL wanted to.

Speaker Change: What you'll see is when you have been having a strong focus on how we deal with situations like this one so we have focused in focus team are working on on on situations. So sharp testing as one thinks about thinking about how that impacts our customers how does that impact our own.

Helen: But what we're seeing is we have been having a strong focus on how we deal with situations like So we have a focused team working on situations. So stress testing is one thing, but thinking about how that impacts our customers, how does that impact our own revenues, where we have to tighten, and where we have to actually expand to capture more revenues. These are all in the planning. And with a very focus, a special focus on what if the world become like this, or what if the world become not like this? So I want to emphasize that.

Speaker Change: And.

Speaker Change: And we continue to evaluate your lens on how we underwrite transactions, although we monitor our portfolio of doing the right tests are looking at.

Helen: I think Jenny talked about first order of impact. Of course, you define, you look at the industry your customers are in and talk about what are the second order. Ultimately, those is, those customers, that is what we call a safer portfolio, which is a predominantly more, domestic, driven. I mean, the demand and the business is more domestic, and this includes, utilities, local real estate, digital centers. You talk about financial intermediaries, et cetera. This would be the sectors with a strong domestic focus that would be much, much less impacted by a tariff. We are very prepared, and we analyze and do stress tests, like this. We also focus on achieving our strategic goals, despite the uncertainties.

Helen Wong: I think Jenny talked about first order of impact. Of course, you define, you look at the industry your customers are in and talk about what are the second order. Ultimately, those is, those customers, that is what we call a safer portfolio, which is a predominantly more, domestic, driven. I mean, the demand and the business is more domestic, and this includes, utilities, local real estate, digital centers. You talk about financial intermediaries, et cetera. This would be the sectors with a strong domestic focus that would be much, much less impacted by a tariff. We are very prepared, and we analyze and do stress tests, like this. We also focus on achieving our strategic goals, despite the uncertainties.

Speaker Change: I would do it.

Speaker Change: In a tariff situation quite prepared for it.

Speaker Change: Our revenues all our web we have to attract them and why we have to actually expand to capture more revenues and these are all in in our planning and we are very focus a special focus on what is the world kind of like this are what makes the world become more like this.

Speaker Change: And did have has already.

Speaker Change: Think about all is like I think we're all just talk about those all the impact of cost you would define you've got the industry our customers are in.

Speaker Change: Talk about what other second order and ultimately of bonuses.

I'm going to start is what the cost saves of oil, which is a predominantly more domestic domestic.

Speaker Change: So so I want to emphasize that and and of course I'm asked in reaction.

Speaker Change: Domestic I mean, the demand and the persistence all domestic on this end.

Helen: And of course, IMF in reaction to the tariff situation have also forecast global growth downward, right? And escalating trade tensions as well. So it is indeed a very unpredictable environment, but the whole point is about being nimble to recognize the potential impacts, but also nimble to identify the opportunity that arise, and then invest in, plan to invest in the right manner so that we will be able to continue to deliver receiving results. I'm also actively engaging our customers and preparing them. So just to want to say the first quarter we did say wealth management fees are fine and stock market was doing not badly right and indeed want to just give you a data point and that particular week of very high volatility we actually have very low amount of margin calls meaning we talk to our customers well in advance to prepare for uncertainty yeah if you're not prepared maybe that's a lot of customers will suffer.

Speaker Change: To the tariff situation have also forecast of Oak Grove downward right and escalating trade tensions as well. So it is indeed, a very unpredictable environment, but the whole point is about being nimble to recognize the potential impact and also limbo to identify the opportunity.

Speaker Change: Utilities are local real estate of digital centers.

Speaker Change: Talk about financial injury is et cetera, this would be Ah Ah Ah sectors with a strong domestic focused that would be much much less impacted by tariffs. So we are very prepared.

Speaker Change: Right.

Helen: We're saying that performance for the Q1 was resilient. Indeed focus is on the future. I think you all may know, we talked about announcing in 2023 a three-year plan of bringing incremental revenue, right? As that two years have passed, we say that we overshoot our target a bit. By the end of last year, by achieving close to SGD 2 billion out of the SGD 3 billion, we're supposed to reach SGD 1.5 billion last year. This year, with what we have done well, exceeding our target last year, I think we are quite comfortable still to deliver the SGD 3 billion this year. We don't stop there, right? Actually well in advance, in last year, we already look at what is it.

Helen Wong: We're saying that performance for the Q1 was resilient. Indeed focus is on the future. I think you all may know, we talked about announcing in 2023 a three-year plan of bringing incremental revenue, right? As that two years have passed, we say that we overshoot our target a bit. By the end of last year, by achieving close to SGD 2 billion out of the SGD 3 billion, we're supposed to reach SGD 1.5 billion last year. This year, with what we have done well, exceeding our target last year, I think we are quite comfortable still to deliver the SGD 3 billion this year. We don't stop there, right? Actually well in advance, in last year, we already look at what is it.

Speaker Change: Any rush in and to invest in the right manner. So that we would be able to continue to deliver and receive their results.

Speaker Change: The life and two stress tests like this.

We also focused on achieving our strategic goals despite the uncertainties.

Speaker Change: Also actively engaging our customers preparing them. So just to want to say in the first quarter would just say our wealth management fees are fine and the stock market was doing not badly right and so I did want to just give you a data point in that particular week off of very high volatility.

Speaker Change: So we're seeing the performance for the first quarter was the sedan.

Speaker Change: But the immediate focus is on the future.

On the future is I think all we can only talk about advancing through this registry a three year plan of bringing incremental revenue right. So is that truly just ask we say that we are.

Speaker Change: We actually have a reasonable amount of adult onstream.

Speaker Change: Overshot I'll talk about that Oh by the end of last year, driven closer to where it is it's right as opposed to reach $1 5 billion Usher.

Speaker Change: March results, meaning we talk to our customers well in our bodies to prepare for uncertainty.

Speaker Change: If you're a lumpy pattern, maybe that's a little customers. This summer.

Speaker Change: This year with what we have done well.

Speaker Change: So.

Speaker Change: I think that.

Speaker Change: I will talk to us last year I think we are Petrobras wholesale.

Helen: Is our strategy still valid? What else are we doing in order to continue to be able to grow our bank and grow the group and also help our customers going into the future? You recall last year we set up a strategy and transformation division as early as in April last year. We know, I mean, as we look at the world, right, and we're quite well prepared for the current situation. I talk a lot about being vigilant on your portfolio, but also, how do we react and how do we plan, right? In our strategy, we have a special focus on handling and handling a situation like what we see today, right?

Helen Wong: Is our strategy still valid? What else are we doing in order to continue to be able to grow our bank and grow the group and also help our customers going into the future? You recall last year we set up a strategy and transformation division as early as in April last year. We know, I mean, as we look at the world, right, and we're quite well prepared for the current situation. I talk a lot about being vigilant on your portfolio, but also, how do we react and how do we plan, right? In our strategy, we have a special focus on handling and handling a situation like what we see today, right?

Speaker Change: We support all this with a very strong balance sheet as a Chilean presented.

Helen: So, I think we support all of this with a very strong balance sheet as Ching-Yi presented our capital position and indeed our well-diversified business franchise has helped us to deliver this balance earnings throughout the cycle.

Speaker Change: $3 billion this year.

Speaker Change: Our capital position and indeed, our well diversified business franchise has helped us to deliver this a bottoms earnings throughout the cycles.

Speaker Change: We don't stop there right, so without actually well and our bonds are in Russia, where we look at what is it what is.

Speaker Change: Our strategy is to about it Oh, we what else are we doing in order to come to you to be able to grow.

Speaker Change: Flipping the slide.

Speaker Change: And then I'll come in chunks.

Speaker Change: Inc, and frozen fruit and also help our customers going into the future.

Speaker Change: [laughter] Danielle.

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Speaker Change: You recall last year, we set up a strategy and transformation of tuition.

Speaker Change: Our liquids 50 minutes.

Speaker Change: With me this is Mike.

Speaker Change: Numerous washing.

Speaker Change: Washing machines.

Speaker Change: As of the U S. In April last year, and we know Ah I mean, as we as we look at the world right and we're quite wealthy path or the substitution.

Speaker Change: Washington REIT.

Speaker Change: Great.

Speaker Change: Yeah.

Speaker Change: Oh, Hi, Bob with the schools.

Speaker Change: Oh.

Helen: Oh, are you tired from school? Oh Tang tang tang, hali-a-na na na na na na Ang pampasigla, tara na, di-desh la Pag-hah tang, sumisag la la la la la May fruity goodness na! Tik-tik pag-dap, tang-tang Tayang nang tang tang tang, hali-a-na na na na na In view of the uncertain macroeconomic backdrop, we are still maintaining our financial targets. For the reason that, as we said, we have plans to hopefully achieve these targets, doesn't mean that this is set in stone, right? The market is still uncertain, but at this point, we do want to maintain the financial targets.

Speaker Change: Thank God.

Speaker Change: [laughter] pause.

Speaker Change: About the image along on the wholesale but also how to Levy and household also with Fannie Mae and reside in our strategy, we have a special focus on handling.

Helen: Of course, nobody exactly know what Liberation Day means and how much is a tariff that was, sort of talked about, right? What we are saying is we have been having a strong focus on how we deal with situation like this one. We have focus team working on the situations. Stress testing is one thing, but thinking about how that impact our customers, how does that impact our own revenues, our where we have to tighten and where we have to actually expand to capture more revenues. These are all in the planning. With a very focus, a special focus on what if the world become like this or what if the world become not like this. I want to emphasize that.

Helen Wong: Of course, nobody exactly know what Liberation Day means and how much is a tariff that was, sort of talked about, right? What we are saying is we have been having a strong focus on how we deal with situation like this one. We have focus team working on the situations. Stress testing is one thing, but thinking about how that impact our customers, how does that impact our own revenues, our where we have to tighten and where we have to actually expand to capture more revenues. These are all in the planning. With a very focus, a special focus on what if the world become like this or what if the world become not like this. I want to emphasize that.

Speaker Change: Okay.

Speaker Change: [laughter].

Speaker Change: Sure.

Speaker Change: [noise] in view of the uncertain macroeconomic backdrop, our we're still keeping maintaining our financial targets for the reason that as we said we have plans.

Speaker Change: And handling a situation like what we see today right cost Loopnet exactly know what the operation They mean and how much is a terrorist that puts us all talk about right.

Speaker Change: What we see is when you have been having a strong focus on how we deal with situations like this one so we have focused in focus team are working on on on situations. So short testing is one things about thinking about how that impacts our customers.

Speaker Change:

Hopefully into I should just talk us doesn't mean that.

Speaker Change: Does that mean that this is something that's done right. The market is still uncertain, but at this point would you want to maintain a bunch of targets.

Speaker Change: Does that impact our own revenues all of our web we have two types of why we have to actually expand to capture more of revenues.

Speaker Change: The exit rate in March was two plus one 3%.

Helen: The exit rate in March is 2.03%. We still plan for three rate cuts the rest of the year, but we don't know yet, right, whether that would suddenly come. It looks like that, potentially not in the second quarter, but maybe at the end of the second quarter, right? So we have actually attract more and then invest in liquid assets as Chiny has said. The target growth in liquid assets for the first quarter has been achieved. We will moderate the growth of liquid assets in the coming quarters. We have also announced the lowering of some of our deposit pricing, so this will be able to help us to proactively manage our funding.

Speaker Change: We plan to open four three rig counts are Russell to give up.

Helen: Of course, IMF in reaction to the tariff situation have also forecast global growth downward, right? Escalating trade tensions as well. It is indeed a very unpredictable environment, but the whole point is about being nimble to recognize the potential impact, but also nimble to identify the opportunity that arise, and then plan to invest in the right manner so that we will be able to continue to deliver resilient results. Also actively engaging our customer and preparing them. Just to want to say in the Q1, we did say wealth management fees are fine, and stock market was doing not badly, right?

Speaker Change: We don't know yet right what does that with southern income it looks like that potentially in the second quarter, but maybe at the end of the second quarter right. So we have.

Helen Wong: Of course, IMF in reaction to the tariff situation have also forecast global growth downward, right? Escalating trade tensions as well. It is indeed a very unpredictable environment, but the whole point is about being nimble to recognize the potential impact, but also nimble to identify the opportunity that arise, and then plan to invest in the right manner so that we will be able to continue to deliver resilient results. Also actively engaging our customer and preparing them. Just to want to say in the Q1, we did say wealth management fees are fine, and stock market was doing not badly, right?

Speaker Change: These are all in.

Speaker Change: The planning and with a very focused.

Speaker Change: Special focus on what is the World Cup like this are what is the World Cup.

Speaker Change: Not like this so so I want to emphasize that.

Speaker Change: We have Uh huh tools, we have actually attract more pulses I've done it doesn't that put us as SG&A a fan.

Speaker Change: And and of course I'm asked in reaction to.

Speaker Change: Two the concentration have also forecast of Oak Grove downward right and escalating trade tension as well. So it is indeed, a very unpredictable environment, but so the whole corn is about being nimble to recognize the potential impact and also limbo to identify opportunities.

Speaker Change: Oh, the pocket book as they could that first of all the first quarter has been achieved.

Speaker Change: Moderates a profile liquid assets in the coming quarters.

Speaker Change: We have also announced a new oriental some of our deposit pricing. So just would be able to help us to proactively manage our funding costs.

Speaker Change: Arise at any rush in and to invest in the right manner. So that we would be able to continue to deliver and receive their results.

Speaker Change:

Speaker Change: So we'll see we'll continue to Vigilantly and look at the situation a little growth we maintain our mid single digit until if you look look at this about five points, I think which ones probably see more happens as pop ABB. Louis Wilson.

Helen: Um So, we'll see. We'll continue to be vigilant and look at the situation. Loan growth, we maintain at mid-single digit. So, if you look at these five points, I would think which ones probably see more headwinds is probably really loan growth, especially if the market continues to be very uncertain. It doesn't mean that we don't engage customers and customers don't need money. Refinancing is always there and we do think that there will be some quality, meaning we probably will be able to continue to keep customer relationships well and continue to take in more deposits with customers talking to us about their investment needs.

Helen: Indeed, want to just give you a data point, and that particular week of very high volatility, we actually have very low amount of margin calls, meaning we talk to our customers well in advance to prepare for uncertainty. Yeah. If you're not prepared, maybe there's a lot of customers that suffer, right? I think we support all this with a very strong balance sheet as Chin Ee presented our capital position and indeed our well-diversified business franchise has helped us to deliver this balanced earnings throughout the cycles. Flipping the slide. In view of the uncertain macroeconomic backdrop, we are still keeping maintaining our financial targets. For the reason that, as we said, we have plans to hopefully to achieve these targets.

Helen Wong: Indeed, want to just give you a data point, and that particular week of very high volatility, we actually have very low amount of margin calls, meaning we talk to our customers well in advance to prepare for uncertainty. Yeah. If you're not prepared, maybe there's a lot of customers that suffer, right? I think we support all this with a very strong balance sheet as Chin Ee presented our capital position and indeed our well-diversified business franchise has helped us to deliver this balanced earnings throughout the cycles. Flipping the slide. In view of the uncertain macroeconomic backdrop, we are still keeping maintaining our financial targets. For the reason that, as we said, we have plans to hopefully to achieve these targets.

Speaker Change: Also actively engaging our customers preparing them. So just to want to say in the first quarter, we just say.

Speaker Change: Especially as the market continues to be very uncertain.

Speaker Change: Wealth management fees are fine and stock market was doing not badly right and I did want to just give you a data point.

Speaker Change: Doesn't mean that we don't have dish customary costs, but don't need them.

Speaker Change: We financing is always bad and we do think that that would be some a flight to quality names and probably will be able to continue.

Speaker Change: That particular will go for a very high volatility.

Speaker Change: You have very low amount of adult.

Speaker Change: Answering calls, meaning we've talked to our customers well and our bodies to prepare for uncertainty.

Speaker Change: Two to keep customer rates measured soil and are continuing to tick and multi office job with customers talking to us about their investment needs, but if economic.

Speaker Change: If youre lumping that maybe that's a little customers this summer.

Speaker Change: So.

Speaker Change: We support all this with a very strong balance sheet as a Chilean presented.

Speaker Change: Situation is going is going down meaning economic growth is slower all Costco Walgreens will be lower as well.

Helen: But if economic situation is going down, meaning economic growth is slower, of course loan growth will be lower.

Speaker Change: Our capital position and indeed, our well diversified business franchise has helped us to deliver this August earnings throughout the cycles.

Speaker Change: So cost to income ratio, we maintain low forty's.

Helen: So cost to income ratio we maintain low 40s and credit cost to remain between 20 to 25 basis points and I really want to say that we remain committed to deliver the 60% dividend payout ratio which we have announced and coupled with our share buybacks over a two-year period which we have so of course bearing unforeseen circumstances right but it's what we are working So with that, I pass it off to Jingxin, I'll turn it over to you.

Speaker Change: And credit cost to be named the trade trends, you're trying to find places on and I really want to say that we remain complete yet so there's about a 60% dividend payout ratio, which we have announced and coupled with our share buyback so far up to a year for refrigerated have stopped and so of course barring unforeseen circumstances.

Speaker Change: So flipping to slide.

Helen: Doesn't mean that this is set in stone, right? The market is still uncertain. At this point, we do want to maintain the financial targets. The exit rate in March is 2.03%. We still plan for 3 rate cuts the rest of the year, but we don't know yet, right? Whether that would suddenly come. It looks like that potentially not in Q2, but maybe at the end of Q2, right? We have actually attract more deposits and then invest in liquid assets, as Chin Yee has said. The target growth in liquid assets for Q1 has been achieved. We will moderate the growth of liquid assets in the coming quarters.

Speaker Change:

Helen Wong: Doesn't mean that this is set in stone, right? The market is still uncertain. At this point, we do want to maintain the financial targets. The exit rate in March is 2.03%. We still plan for 3 rate cuts the rest of the year, but we don't know yet, right? Whether that would suddenly come. It looks like that potentially not in Q2, but maybe at the end of Q2, right? We have actually attract more deposits and then invest in liquid assets, as Chin Yee has said. The target growth in liquid assets for Q1 has been achieved. We will moderate the growth of liquid assets in the coming quarters.

Speaker Change: In view of the uncertain macroeconomic backdrop.

Speaker Change: We're still keeping maintaining our financial targets.

Speaker Change: The reason that as we said we have plans to.

Speaker Change: Hopefully into a children's pockets doesn't mean that.

Speaker Change: Right, but it's.

Speaker Change: Well one thing to watch so without I'm puzzled to change at all.

Speaker Change: Assuming that this is something still right.

Speaker Change: It is too uncertain, but at this point, we do want to maintain a bunch of targets are the exit in March as the two o'clock would trade in the fab.

Speaker Change: I'll turn it okay. Okay take the first question.

Speaker Change: Oh.

Speaker Change: Sure and then congratulations on at 90 feet and lowest.

Unnamed: um and then compression is on a nice beat and low as the The NPR ratio among the three banks.

Speaker Change: We plan to close all three rig counts are the rest of the year, but.

Speaker Change: Hmm.

Speaker Change: MPL ratio battery banks.

Speaker Change: We don't know yet right what does that southern income it looks like that potentially in the second quarter, but maybe at the end of the second quarter right. So we have all of them. We have help tools we have actually.

Speaker Change: Alright team, we're transitioning to flag what task I've spoken to be on BOE frog did nobody Seaway Poppycock post there was no coffee claps on it make sure you track your time on fireplace than premiums Mac Dawn guys.

Unnamed: All right team, we're transitioning to Flack, but tasks are still going to be on Bullfrog.

Unnamed: Did nobody see my poppycock post? There was no clappy claps on it.

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Helen: We have also announced the lowering of some of our deposit pricing. This would be able to help us to proactively manage our funding costs. We'll see. We'll continue to be vigilant and look at the situation. Our loan growth we maintain at mid-single digit. If you look at these five points, I would think which ones probably see more happens is probably really loan growth, especially if the market continues to be very uncertain. Doesn't mean that we don't engage customer and customers don't need money.

Helen Wong: We have also announced the lowering of some of our deposit pricing. This would be able to help us to proactively manage our funding costs. We'll see. We'll continue to be vigilant and look at the situation. Our loan growth we maintain at mid-single digit. If you look at these five points, I would think which ones probably see more happens is probably really loan growth, especially if the market continues to be very uncertain. Doesn't mean that we don't engage customer and customers don't need money.

Speaker Change: We don't need any of those anymore, we have quicker when we chat.

Unnamed: Guys, we don't need any of those anymore. We have ClickUp. Where do we chat? ClickUp. What about managing projects? ClickUp. Docs? Also ClickUp. AI? It's all ClickUp.

Speaker Change: Track more to the pulses and Valeant buzzing, Nick with ISS SG&A as fast.

Speaker Change: Gordon Runte managing projects click up docks also quick AI, it's all quick yeah, but how do we get out of his doctors stop being in the office alright, sure about that one but for everything else we have quicker.

Speaker Change: The target Roes that they could access for the first quarter has been a cheat a little moderates a profile they could ask us in the coming quarters.

Unnamed: Yeah, but how do we get Adam's dog to stop peeing in the office?

Unnamed: Not really sure about that one, but for everything else we have ClickUp.

Speaker Change: We have also announced a new oriental some of our deposit pricing. So just would be able to help us to proactively manage our funding costs.

Speaker Change:

Speaker Change: There's always a reason to enjoy the slow melting long lasting taste of Cadbury.

Speaker Change: So we'll see we'll continue to Vigilantly and look at the situation a little growth we maintain our mid single digit dull. If you look at this about five points, Apple zinc, which ones probably see more happens is probably a good you know Ebola.

Unnamed: There's always a reason to enjoy the slow-melting, long-lasting taste of Cadbury.

Speaker Change: Hi, My first question would you keep some others about.

Unnamed: My first question, could you give some colors about client demand for hedging, both for interest rates?

Helen: Refinancing is always there, and we do think that there will be some flight to quality, meaning we probably will be able to continue to keep customer relationships well, continue to take in more deposits, and with customers talking to us about their investment needs. If economic situation is going down, meaning economic growth is slower, of course loan growth will be lower as well. Cost-to-income ratio, we maintain low forties. Credit costs will remain between 20 to 25 basis points. I really want to say that we remain committed to deliver the 60% dividend payout ratio, which we have announced, and coupled with our share buybacks over a 2-year period, which we have started. Of course, barring unforeseen circumstances, right?

Helen Wong: Refinancing is always there, and we do think that there will be some flight to quality, meaning we probably will be able to continue to keep customer relationships well, continue to take in more deposits, and with customers talking to us about their investment needs. If economic situation is going down, meaning economic growth is slower, of course loan growth will be lower as well. Cost-to-income ratio, we maintain low forties. Credit costs will remain between 20 to 25 basis points. I really want to say that we remain committed to deliver the 60% dividend payout ratio, which we have announced, and coupled with our share buybacks over a 2-year period, which we have started. Of course, barring unforeseen circumstances, right?

Speaker Change: Demand for hedging.

Speaker Change: Boost for interest rates and FX.

Speaker Change: Especially as the market continues to be very uncertain.

Speaker Change: My second question Hum.

Unnamed: My second question, um, um, I just want to ask Chinyi, you said that new money for the wealth management is about $3 billion, $5 billion.

Speaker Change: It doesn't mean that we don't have dish customary customer Tony.

Speaker Change: Hum.

Speaker Change: I just wanted to ask actually.

Speaker Change: These refinancings.

Speaker Change: We finance is always bad and we do things that there is some a flight to quality names and probably will be able to continue.

Speaker Change: You said new money funds are well managed.

Speaker Change: S trade, India seemed odd to us in tonnage.

Speaker Change: I believe I think Bob.

Speaker Change: Two to keep customer relationships as well and continue to take advantage of it.

Speaker Change: Uh huh.

Speaker Change:

Speaker Change: If a b.

Unnamed: um would you give a bit um alerts on where that's from?

Speaker Change: Other unmanned basketball.

Speaker Change: With customers talking to us about their investment needs, but if economic.

Speaker Change: Hum widening.

Speaker Change: Situation is going is going down meaning economic growth is slower all Costco Walgreens will be lower as well.

Speaker Change: Why do you would not publish bank of Singapore anyway physicals.

Unnamed: Third one, why do you not publish Bank of Singapore in your interview?

Speaker Change: So cost to income ratio, we make the low forties.

Speaker Change: But I always felt was the first one right, which is about customer demand for Hudson.

Unnamed: I'll start with the first one, which is about customer demand for hedging. Customer demand for hedging is always there. And I want to say that, I think with... I think the whole market has been a lot more disciplined after the last financial crisis. When you say disciplined, meaning banks are very much there to help customers to manage the currency risk and interest rate risk. A lot of times, hedging doesn't come when you're perceiving a crisis coming or an uncertain situation coming. These days, most of the time, if you look at customer raising monies, a hedging proposition always goes along with new borrowing.

Speaker Change: And credit costs will be named the trade trend as you're trying to find places on and I really want to say that we remain committed to.

Speaker Change: No Muslim countries always bad.

Helen: It is what we are working towards. With that, I pass out to Chin Ee.

Helen Wong: It is what we are working towards. With that, I pass out to Chin Ee.

Speaker Change: And I want to say that I think with.

Speaker Change: So instead of our 16% dividend payout ratio, which we have announced them.

Cheney: Okay. I can take the first question.

Goh Chin Yee: Okay. I can take the first question.

Speaker Change: I think the whole market has been a lot more discipline I'll take the last financial crisis. Many states discipline, meaning bindings are very much there to help customers to manage of.

Helen: Yeah.

Goh Chin Yee: Yeah.

Speaker Change: Coupled with our share buybacks of up to a year per refrigerator stop it.

Cheney: Yeah, sure. Helen, congratulations on a nice beat and lowest NPL ratio among the three banks. My first question, could you give some colors about clients' demand for hedging both for interest rates and FX? My second question, I just want to ask Chin Ee. You said that new money for the wealth management, about SGD 3 billion in the first-

[Analyst 1]: Yeah, sure. Helen, congratulations on a nice beat and lowest NPL ratio among the three banks. My first question, could you give some colors about clients' demand for hedging both for interest rates and FX? My second question, I just want to ask Chin Ee. You said that new money for the wealth management, about SGD 3 billion in the first-

Speaker Change: So of course, barring unforeseen circumstances right above.

Speaker Change: The crediting rates on interest rate risk.

Speaker Change: That's what we are working towards so without I'm puzzled to change it.

Speaker Change: A lot of times, our country doesn't come when they are perceiving our prices coming off a consensual separation company. These days most of the time, if you look at customer racing monies Oh Hudson proposition always go along with it.

Speaker Change: Okay. Okay. Okay take your first question.

Speaker Change: Sure.

Speaker Change: And then congratulations on a nice beach and lowest Oh.

Speaker Change: New Oh.

Speaker Change: MPL ratio among banks.

Speaker Change: So either.

Unnamed: So hedging discussion is a day-in, day-out thing. It is really like talking to customers all the time. This is a very strong part of our discipline in our customers' planning, helping customers to plan. So if customers have more electoral hedge, meaning if they buy and sell in the same market, in the same currency, hedging needs are lower. So to an extent, our domestic customers' hedging needs will be lower, but we are serving a lot of cross-border business of our customers. So that hedging is particularly important, especially if customers are having a longer-term financing, let's say a bi-annual financing.

Jim: Jim discussion is a day if they open it just really like talking to customers all the time.

Speaker Change: Hi, My first question could you give some colors about client demand for hedging.

Jim: This is a very strong part of our discipline and our customers are planning I think a couple of months to plan. So if you if customers have more electoral hatch, meaning if they buy and sell in the same market in the same currency attorneys are lower right. So to the extent of domestic openness hygiene needs will be lower.

Speaker Change: As for interest rates and FX.

Helen: SGD 5 billion.

Goh Chin Yee: SGD 5 billion.

Cheney: SGD 5 billion. Yes, I see. Yeah. I got it wrong. Could you give a bit color on where they are from? Third one, why do you not publish Bank of Singapore AUM reports?

[Analyst 1]: SGD 5 billion. Yes, I see. Yeah. I got it wrong. Could you give a bit color on where they are from? Third one, why do you not publish Bank of Singapore AUM reports?

Speaker Change: My second question.

Speaker Change: Hmm mm.

Speaker Change: Just wanted to ask actually you said new money on to well manage about India.

Jim: But we are suffering a lot off all the emphasis of our customers. So that Hudson is particularly important.

Speaker Change: India seemed odd to us in the us.

Speaker Change: Oh 5 billion, yes, I see.

Speaker Change: Okay.

Helen: I'll start with the first one, right?

Helen Wong: I'll start with the first one, right?

Speaker Change: Hum.

Jim: Specialty is our customers are having a longer term financing, let's say I buy your financing.

Speaker Change: If a b and the others.

Cheney: Mm-hmm.

[Analyst 1]: Mm-hmm.

Helen: Which is about customer demand for hedging. Customer demand for hedging is always there. I want to say that, I think the whole market has been a lot more disciplined after the last financial crisis. When you say discipline, meaning banks are very much there to help customers to manage the currency risk and interest rate risk. A lot of times, hedging doesn't come when we're perceiving a crisis coming or an uncertain situation coming. These days, most of the time, if you look at customer raising monies, a hedging proposition always go along with new borrowing. Hedging discussion is a day in, day out thing. It is really like talking to customers all the time. This is a very strong part of our discipline in our customers' planning.

Helen Wong: Which is about customer demand for hedging. Customer demand for hedging is always there. I want to say that, I think the whole market has been a lot more disciplined after the last financial crisis. When you say discipline, meaning banks are very much there to help customers to manage the currency risk and interest rate risk. A lot of times, hedging doesn't come when we're perceiving a crisis coming or an uncertain situation coming. These days, most of the time, if you look at customer raising monies, a hedging proposition always go along with new borrowing. Hedging discussion is a day in, day out thing. It is really like talking to customers all the time. This is a very strong part of our discipline in our customers' planning.

Speaker Change: Other unmanned basketball.

Speaker Change: Third one.

Jim: It always looks at the country hatch and also as a publisher a particular some interest interest rate hedge as well. So I is that a heightened demands why Hudson I wouldn't I wouldn't say so.

Speaker Change: Why do you would not publish bank of Singapore anyway because of course.

Unnamed: They will always look at the currency hedge and also particularly some interest rates. So is there a heightened demand for hedging? I wouldn't say so, but it is always, as we said, we want to anticipate what can be coming and advise our customers accordingly. I mean, lots of uncertain. Yes, right.

Speaker Change: But I just felt with the first one right, which is about customer demand for hedging.

Jim: But it is always as we said we want to anticipate what kind of you're coming of the buy side customers.

Speaker Change: Personal loans 100 is always back and I want to say that as English.

Jim: Yeah, I mean, but far from certain.

Speaker Change: I think the whole market has been a lot more discipline. After the last financial crisis management discipline, meaning bindings are very much that will help customers to manage of the craziness on interest rate risk.

Jim: Right. So all away from home, it's just like I said in each other that's why and what therapeutic ROTC or.

Unnamed: So I'll always say thank you for letting me engage other.

Unnamed: That's why I want therapy. There's certainly more conversation in managing the volatility. Conversation meaning you would tell the customer... I mean, I was just using the margin call as an example. That is not hedging. But if you are financing to be very active in... you're financing very actively into investments... meaning you are not hedged, you are exposed. Even financing is definitely a form of exposure. When we say margin call, there are two ways to make sure your position is safe. First is not to take over too much leverage and high risk, because otherwise when price comes down, you are exposed to interest rate.

Jim: Sure.

Jim: Certainly more conversation and managing the volatility of compensation, meaning you what's your what titles.

Speaker Change: A lot of times, our Hudson It doesn't come when they are perceiving our prices coming or E. Sun's registration company.

Jim: I mean I was just using the monitoring cause an example of this.

Jim: Not catching up if you are a financing issue.

Speaker Change: So most of the time, if you looked at customer raising money.

Helen: Helping customers to plan. If customers have more electoral hedge, meaning if they buy and sell in the same market in the same currency, hedging needs are lower, right? To an extent, our domestic customers hedging needs will be lower. We are serving a lot of cross-border business of our customers, so that hedging is particularly important. Especially if customers are having a longer term financing, let's say a 5-year financing, they will always look at the currency hedge and also some particularly some interest rate hedge as well. Is there a heightened demand for hedging? I wouldn't say so. It is always, as we said, we want to anticipate what can be coming and advise our customers accordingly.

Helen Wong: Helping customers to plan. If customers have more electoral hedge, meaning if they buy and sell in the same market in the same currency, hedging needs are lower, right? To an extent, our domestic customers hedging needs will be lower. We are serving a lot of cross-border business of our customers, so that hedging is particularly important. Especially if customers are having a longer term financing, let's say a 5-year financing, they will always look at the currency hedge and also some particularly some interest rate hedge as well. Is there a heightened demand for hedging? I wouldn't say so. It is always, as we said, we want to anticipate what can be coming and advise our customers accordingly.

Jim: And just in your financing very actively is mature investments.

Speaker Change: <unk> bold decision always go along with this new Oh.

Jim: Meaning meaning you are you are not patronize expose right even find everything is a form of financing stuff in their ballpark at Scotia, but I'm seeing more modern caught us through where you have two ways to make sure you're positioned safer asbestos not to take over up too much leverage on high risk right.

Speaker Change: So either.

Speaker Change: King discussion is a day if they open it just really like talking to customers all the time our.

Speaker Change: This is a very strong part of our discipline you know customers.

Speaker Change: I think customers to plan. So if you if customers have more electoral hatch the name if they buy and sell in the market in the same currency as revenues are lower so to an extent of domestic openness hygiene needs will be lower.

Jim: Unless otherwise somebody when price comes down yourself up similarly, if you're exposed to I think you are exposed to interest rate. The also we kind of consider Hudson, which is something we always provide to customer.

Speaker Change: We are serving a lot of all the offices.

Unnamed: You also can consider hedging, which is something we always provide.

Jim: Oh no no.

Speaker Change: So as that country is particularly important, especially if customers are humming along with the type of financing, let's say goodbye to your financing.

Jim: If it's not let's say, it's a high profit it's just not that it's a high focus because it's just not something the way you see perceived as uncertainties faster ACH.

Unnamed: or not know how to get there. It's not that, let's say it's the height of it. It's not that it's the height of it because it is not suddenly where you see perceived as uncertainly. For normal business, for maybe you can say for individuals, whether they would then actually have a choice or a preference to say that they unwind certain investments, yes, that can happen. It is a form of hedging as well. So just to be clear, you are not seeing, I mean, your clients are generally adequately hedged.

Speaker Change: <unk> always looked at just the currency hatch and also as a publisher a particular some interest interest rate hedge as well. So I is that a heightened demands why Hudson I wouldn't I wouldn't say so but.

Jim: For normal business. So maybe you kind of say four individuals whether they would actually have the choice of a conference to say that they are one southern investment yes.

Speaker Change: But it is always as we said we want to anticipate what can you tell me of the buy side customers.

Jim: It is a form of hatching as well so just to be clear you are not seeing any of your clients are generally adequately hedged cost and.

Speaker Change: Yeah.

Jim: And actually taken for this.

Jim: Okay.

Unnamed: and Action. You can see that meaning there would be enough conversation on how they hedge or they protect their exposure, but ultimately it's the client's choice, right? If they don't want to hedge it, it's the client's choice. If a certain client decides to take a certain position, it is their choice, right? But when we say we're very diligent with our book is you do want to identify what clients are less dependent. So that is exactly what we're saying. And that is why we have stress tests. If this comes, assuming some of our clients are not protected, what's that impact When we say tariff calm, it's a form of uncertainty and we look at first-order impact.

Jim: And just any time.

Speaker Change: Yes.

Jim: You can see that maybe there would be enough conversations true on how they hatch or they protected book shop, but ultimately these crimes choice right. If they don't want to attach it has crashed choice in southern client decided to pick a starting position it just that choice.

Speaker Change: Yes.

Speaker Change: [noise] [noise] [noise].

Jim: But when we say when we say we're very diligent with our book is you don't want to identify what plug itself.

Speaker Change: [noise].

Jim: Unless the panel so that is exactly what what music.

Jim: And ER and that is why we have one we have stress tested if this hum.

Jim: Assuming some of our clients are not protected.

Jim: The impact on our book.

Jim: So when we think travelers com.

Jim: Of uncertainty look a first order impact right first of all the impact meaning industry is that it's more in manufacturing and international and international trade.

Speaker Change: Okay.

Speaker Change: Okay.

Unnamed: First-order impact meaning industries that are more in manufacturing and international trade that have more relationships in doing business with China and the US. That's what we call first-order impact. You know that. I mean, nobody can completely hedge for any uncertainty. So you cannot say, you have to say that they have considered the risk and that everybody is really comfortable, that our clients are comfortable themselves, that they have reached a position that even there is uncertain risk coming in, you can break through it. Because there is nothing like a 100% hatch, 100% hatch that means you are not gaining the benefits of that upside.

Speaker Change: Okay.

Speaker Change: Okay.

Jim: And that is have more relationship is doing business with China and the U S. That's what the culture is all about impact.

Speaker Change: [noise].

Jim: Good job this year.

Jim: You know that I'm I mean, nobody can completely hatch for any uncertainties.

Jim: You cannot say if you do have to say that they have consider the risks and that's everybody is we are comfortable that our clients are comfortable with themselves.

Speaker Change: [noise] [noise].

Jim: Richard position not even that is something that risk coming in you can breathe through it.

Jim: Because the reason is that there's nothing like a 100% <unk> hundred per son hatched up means.

Jim: We are not feeling though you're not getting the benefit of all of that.

Speaker Change: [noise] [noise] Oh.

Jim: Yeah.

Jim: When it comes to filling a job there's a stack of documents involved whether it's adding business statehouse carat seems high fives are organizing pages and Toby acrobat makes it easy to onboard new clients and lock in the right candidate.

Unnamed: When it comes to filling a job, there's a stack of documents involved. Whether it's adding business details, correcting typos or organizing pages, Adobe Acrobat makes it easy to onboard new clients and lock in the right candidates.

Speaker Change: [music].

Jim: Sweet fragrance with Savage performance do bump just like a new rig sooner vitamin plus Frank.

Speaker Change: Yes.

Unnamed: Sweet Fragrance plus Savage Performance. Do both, just like the new Rixona Vitamin Plus Sprite.

Speaker Change: Yeah.

Jim: Yeah.

Jim: It's pretty much anyway.

Jim: Okay.

Unnamed: Oversea-Chinese Banking Corporation Limited of China. So, the reason is that, I think we also received feedback from the investment community because our other peers are also showing that including Consumer and Private Bank. We use Sony, Shope, and Private Bank.

Jim: Good afternoon.

Jim: Asking about the.

Jim: Well, we don't disclose basketball.

Speaker Change: <unk>.

Jim: Sure.

Jim: Yes, she spoke about the question, but it wasn't so good question.

Speaker Change: Okay.

Speaker Change: [music].

Jim: The first question.

Jim: So the reason is that.

Jim: We also recently concluded because it could be.

Troy: So Troy.

Troy: What are your consumer perfect perfect.

Troy: Terrific.

Troy: Okay.

Troy: Yeah.

Unnamed: So by putting in Singapore, the Consumer Bank, that they are able to compare Apple's efforts in terms of the overall AUM. The 5 billion net new money is actually coming from both a Premier, a TTC, as well as a Bank of Singapore business. Premier Banking, Premium Private Client, Wealth Management Oversea-Chinese Banking Corporation The 5 billion net new money is actually coming from both a Premier, a TTC, as well as a Bank Markets. So I think it's quite relatively broad based in terms of the year-to-year.

Speaker Change: Yes.

Troy: Of course.

Speaker Change: Oh.

Troy: Royalty revenue pools.

Speaker Change: Yes.

Troy: You see the world.

Speaker Change: Yes.

Troy: Give us one swing from sort of a social support.

Speaker Change: [noise] [music].

Troy: Okay.

Troy: Okay.

Troy: For the World.

Troy: Many of them when they need it.

Troy: Pardon.

Troy: So coming from a premier.

Troy:

Troy:

Troy: So look when you're making premium defines a claim you know the management.

Speaker Change: Yes, it's down I regret.

Speaker Change: I mean in terms of origination so if you look at it I mean.

Speaker Change: It's easier to see.

Speaker Change: Okay. That's helpful.

Speaker Change: If you look at that.

Speaker Change: Tissue coming from the cross.

Speaker Change: Hmm.

Speaker Change: Did you increase will come from Nisha beams.

Speaker Change: Awesome also if you look at it.

Speaker Change: You'll see like greater China.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: So I think it's quite relative your brokers.

Speaker Change: [music].

Helen: I mean, lots of concern rates always, that's why I wonder if you are seeing more demand. There are certainly more conversation in managing the volatility. Conversation meaning you would. I mean, I was just using the margin call as an example. That is not hedging. If you are financing to be very active. You're financing very actively into investments, meaning you are not hedged now, you're exposed, right? Even financing is a form of. Financing is definitely a form of exposure. When we say margin call is. There are two ways to make sure your position is safe, right? First is not to take over too much leverage and high risk, right? Otherwise when price come down, you suffer.

Helen Wong: I mean, lots of concern rates always, that's why I wonder if you are seeing more demand. There are certainly more conversation in managing the volatility. Conversation meaning you would. I mean, I was just using the margin call as an example. That is not hedging. If you are financing to be very active. You're financing very actively into investments, meaning you are not hedged now, you're exposed, right? Even financing is a form of. Financing is definitely a form of exposure. When we say margin call is. There are two ways to make sure your position is safe, right? First is not to take over too much leverage and high risk, right? Otherwise when price come down, you suffer.

Speaker Change: Hum.

Speaker Change: Thank you.

Speaker Change: Julie.

Speaker Change: [noise] buffer from certain yes.

Speaker Change: So just two questions. Firstly, you mentioned that first of all the effects of the terrorists booked at 2%.

Unnamed: The first question is, you mentioned the first-order effects of the tariffs will affect 2% of your loan book. Could you just provide some colour of that, of which sectors, of which geographies? I think we have an idea here, but just make sure.

Speaker Change: Can you just provide some color with respect to this geography.

Speaker Change: Sure.

Speaker Change: Well, we know a lot about supply chain on top of it.

Unnamed: I think following on that, what about supply chain or knock-on impacts, your second and third-order risks? You mentioned your portfolio being silliest. Could you just provide some figures of sectors that may affect that, especially when the tariff course ends?

Speaker Change: I wanted to risks you mentioned your book.

Speaker Change: And just provide a bit goes up.

Speaker Change: All right. So I'll always it's just like you said each other that's why and what they're reading glasses.

Speaker Change: You bet Eric.

Speaker Change: Okay.

Speaker Change: Or.

Speaker Change: Well it could be proven out.

Speaker Change: Any more conversation and managing the volatility conversation, meaning you want your titles.

Unnamed: And then I have a few more questions. The first order will be manufacture and production of goods, right, but excluding at the moment those that are not in the Paris. So at the moment, pharmaceuticals, semiconductors, and certain integrated sectors, those are not in the tariff yet. Another category is international transport and storage of goods. And then you have more materials and commodities, these are very subject to the tariff impact. So we say that together this is about 3% of all of those.

Speaker Change: That's all done it'll be manufactured manufacturing production of course, sorry of excluding at the moment of those that are not in the past right. So.

Speaker Change: I mean I was just using the monitoring cause an example, only small country, but if you are financing show.

Speaker Change: On this ethical with semiconductor Samsung integrators, such as Dow song to sell not locked in yet.

Speaker Change: We are very active in the financing very actively is mature investments.

Helen: Similarly, if you are exposed to FX, if you are exposed to, interest rate, you also can consider hedging, which is something we always provide to customer. Oh.

Helen Wong: Similarly, if you are exposed to FX, if you are exposed to, interest rate, you also can consider hedging, which is something we always provide to customer. Oh.

Speaker Change: Bringing meaning you are you are not patronize expose right even find everything is a call.

Speaker Change: And other types of groups International transport installed regional sports and then you'll have more materials and commodities.

Speaker Change: These every subject to to the tonnage impact so we figured that out in 2000 this is down.

Speaker Change: Some of that ballpark exposure, but I'm seeing more modern call is to review the two ways to make sure you're positioned right for us is not to take over up too much leverage on high risk right, because otherwise when prices come down yourself up similarly, if you're exposed to ethics and youre exposed to interest rate.

Cheney: Oh, no.

Helen Wong: Oh, no.

Helen: It's not. Let's say it's a height of it. It is not that it's a high profit because it is not suddenly when you perceive that uncertainty is about to hatch. For normal business, for maybe you can say for individuals, whether they would then actually have a choice or a preference to say that they unwind certain investment. Yes, that can happen. It is a form of hedging as well.

Helen Wong: It's not. Let's say it's a height of it. It is not that it's a high profit because it is not suddenly when you perceive that uncertainty is about to hatch. For normal business, for maybe you can say for individuals, whether they would then actually have a choice or a preference to say that they unwind certain investment. Yes, that can happen. It is a form of hedging as well.

Speaker Change: 3% order book.

Speaker Change: And then when you have a another category right what about the mix of what kind of filter through or whether there will be a tariff on promise that the process is that right like to own and on the wholesale trade to US right. So these walk you hold a second category and then and then you look at the sub category.

Unnamed: And then you have another category, right? What about the next, what can filter through, whether there will be tariff on pharmaceuticals as we said, right, later on, and then wholesale traders, right? So this is what you call the second category, and then you look at the third category that has mostly domestic focus, will be less impacted. Yes, maybe the supply chain may be impacted, but those who are very much focused on domestically also mainly source domestically as well. And they are, for example, they are the service sector, right, the F&B, the service sector. And when you typically, yes, I mean, you buy food, but import, but that is not so much impacted because you are very domestic focused.

Speaker Change: There also we kind of consider which is someday, we always told by the customer.

Speaker Change: No.

[Analyst]: Just to be clear, I mean, your clients are generally adequately hedged because it's an action taken for all these uncertainties. Did I understand it rightly?

[Analyst 1]: Just to be clear, I mean, your clients are generally adequately hedged because it's an action taken for all these uncertainties. Did I understand it rightly?

Speaker Change: If it's not let's say is.

Speaker Change: Okay. This is not that is a handful that could fall into slot something new where youll see perceived as uncertainties about where edge.

Speaker Change: Mostly domestic focus will be less impacted maybe the supply chain.

Speaker Change: The impact.

Speaker Change: But those are very much a focus of domestically also mainly sourced domestically as well as.

Speaker Change: For normal business for us.

Speaker Change: Maybe you can kind of say for individuals whether they would then who actually have the choice of our friends to say that they have one southern investment yes.

Helen: You can say that, meaning there would be enough conversation on how they hedge or they protect their exposure. Ultimately, it's client's choice, right? If they don't want to hedge it's client's choice. If a certain client decides to take a certain position, it is their choice, right? When we say we're very diligent with our book is you do want to identify what clients are less prepared. That is exactly what we're saying. That is why we have always stress tested. If this come, assuming some of our clients are not protected, what's that impact on our book, right? When we say tariffs come, it's a form of uncertainty, and we look our first order impact, right?

Helen Wong: You can say that, meaning there would be enough conversation on how they hedge or they protect their exposure. Ultimately, it's client's choice, right? If they don't want to hedge it's client's choice. If a certain client decides to take a certain position, it is their choice, right? When we say we're very diligent with our book is you do want to identify what clients are less prepared. That is exactly what we're saying. That is why we have always stress tested. If this come, assuming some of our clients are not protected, what's that impact on our book, right? When we say tariffs come, It's a form of uncertainty, and we look our first order impact, right?

Speaker Change: And they are for example, they off the southern southern sector right F&B.

Speaker Change: That happens it is a form of hedging as well so just to be clear you are not seeing I mean, your clients are generally adequately hedged.

Speaker Change: A sudden sector when.

Speaker Change: When you typically it is yes, I mean, you're buying you by foot locker.

Speaker Change: And actions taken for this.

Speaker Change: Input, but that is that is not so much impacted because you're up and domestic focused and then utilities is domestic focused and that you would talk about our local cost structure, a local real estate residential real estate loans only takes offense.

Speaker Change: Did I understand it right.

Speaker Change: You can see that we make there would be enough conversations true on how they hatch, albeit protected osha, but ultimately as crimes choice right.

Unnamed: And then utilities is domestic focused, and then you talk about local construction, local real estate, residential real estate locally, data center, this will be less subject to tariffs in that sense.

Speaker Change: They don't want to attach it as clients choice.

Speaker Change: This will be less subject to the tariffs is that sense of financial intermediaries.

Speaker Change: Southern clients decide to pick a starting position it just that choice.

Speaker Change: But when we say when we say we're very diligent with our book is you don't want to identify what are your thoughts.

Unnamed: Financial intermediaries. So I think if you say geographically, you then look back into your own book. And if you look at our loan exposure, Singapore's still the biggest. And for the British China book, still very little onshore in China, very much comprised of offshore and Hong Kong. And offshore, actually, of course, again, quite a lot. So we do look at it that way, and we stress just differently how we stress the different categories.

Speaker Change: So I think if.

Helen: First order impact, meaning industries that is more in manufacturing and international, and international trade, that is a close relationship in doing business with China and the US. That's what we call first order impact. This you know that. I mean, nobody can completely hedge for any uncertainty. You cannot say, you have to say that they have considered the risk and that everybody is... We are comfortable that our clients are comfortable themselves, that they have reached a position that even there is uncertain risk coming in, we can brace through it. Yeah, because there is nothing like a hundred percent hedge. Hundred percent hedge, that means you are not gaining the benefit of the upside, yeah.

Helen Wong: First order impact, meaning industries that is more in manufacturing and international, and international trade, that is a close relationship in doing business with China and the US. That's what we call first order impact. This you know that. I mean, nobody can completely hedge for any uncertainty. You cannot say, you have to say that they have considered the risk and that everybody is... We are comfortable that our clients are comfortable themselves, that they have reached a position that even there is uncertain risk coming in, we can brace through it. Yeah, because there is nothing like a hundred percent hedge. Hundred percent hedge, that means you are not gaining the benefit of the upside, yeah.

Speaker Change: If you say drop between you as I look back into your loan book and if you look at our loan exposure Singapore still.

Speaker Change: Elastic talents so that is exactly what what we see and the and that is why we have already have stress tested if this.

Speaker Change: Because.

Speaker Change: And all the for the but just trying to book a few were in the two onshore in China are very much are comprised of our offshore in Hong Kong and offshore actually of course again quite a lot in Singapore. So we when you look at it that way on your stress just differently I always stress that that's different.

Speaker Change:

Speaker Change: Assuming some of our clients are not protected at what's the impact on our book.

Speaker Change: Alright, so when we think drivers come in the form of uncertainty of look I'll first order impact right first of all the impact many industries that is more manufacturing and international and international trade.

Speaker Change: Roads.

Speaker Change: There's a few more here.

Speaker Change: Okay.

Speaker Change: It's stupid to be fine.

Unnamed: Can I check your SIM card? I'll look for it here. Is it still going to be 5 million, so it's just 0.5 and 0.35? Yes.

Speaker Change: That is our relationship and doing business with China and the U S.

Speaker Change: At this point.

Speaker Change: Great.

Speaker Change: Sure.

Speaker Change: Swap it covers all of the impact.

Speaker Change: And then you exited due for budgets to maturity.

Speaker Change: The job. This you know that I'm I mean, nobody can completely hatch for any uncertainty. So you cannot say if you have to say that they have consider the risks and that's everybody is we are comfortable that our clients are comfortable with themselves that they have reach a position that even that is uncertain.

Unnamed: And then your exit date for March is 2.03, can you share your exit date for April if you have that?

Speaker Change: Yeah.

Speaker Change: Okay disposable alright. Thanks.

Speaker Change: Are you comfortable with I think a tribute as incremental revenue target by end of the year, we'll be sharing next target or should we be looking at other metrics like a recurring level.

Unnamed: And finally here, another you're comfortable with surpassing your $3 billion decrementary revenue target by the end of the year, will you be sharing your next 3-year target or should we be looking at other metrics like ROE? I think I think when we're ready, but not necessarily a revenue target, I think as we step into the future, of course tariff is one, trade tensions is one very important thing right, but we're also looking at something that is again also very big into the future is the use of technology and AI.

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Speaker Change: I think my murky, but not necessarily a revenue target I think as we step into the future of course covered this one trade pensions is one very important thing right.

Risks coming in you can breakthrough it.

Speaker Change: Because the reason is that there's nothing like a 100% <unk> hundred percent hatch that means.

Speaker Change: But we're also looking at something that is again off into the future is the use of technology.

Speaker Change: You're not feeling the you're not getting the benefit of all of that.

Speaker Change: The upside yeah.

Speaker Change: My work is easy because I use quicker here's how I keep track of all my Gosh I started my brain dumping everything I need to get done in a list of your next set of priority and a due date to keep things on track.

Speaker Change: Right.

Speaker Change: And what what what's the nature of your customers may be changing as well.

Unnamed: and what's the nature of your customers may be changing as well? and I think sustainability is still a topic. Some people said that the U.S. is not focused on it, but it doesn't mean that the world doesn't need it. The world still needs it. And so I would think we have already, to an extent, come a lot into capital planning as well, right? In the past, we shared maybe a lot less, but today we share a lot about how we plan our capital as well to face the future.

Speaker Change: Right.

Speaker Change: I think sustainability is still a topic some people send the O U S is not focus on that but that's assuming that the world doesn't need it.

Speaker Change: Create custom status is to organize my progress exactly hogwash.

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Speaker Change: I'd like to add that <unk> field. So AI can show me the next steps.

Speaker Change: I was doing it.

Speaker Change: So I would think we have already to an extent.

Speaker Change: I had my teammates as watchers, so theyre in the loop.

Speaker Change: Click on this work easy for personal projects to running a multibillion dollar company quit doing below to create your workspace for freight.

Speaker Change: So a lot into into our capital planning as well right now, possibly sure they'd be a lot less but today, we share a lot about how we plan our capital as well to face the future, so and and as long as three years, but it is the right time.

Speaker Change: Yes.

Speaker Change: On payback with Atlanta, Atlanta is a webinar what about another bucket and I know we've been on defensive swaying us hopeful that he asks in the bedroom have they been in this kind of a whack to me is complete that put us in a minute as it's a maintenance plan since the devastating Fancifully Python.

Unnamed: So, and I think three years back, it is the right time. You know the market interest rate is going up, and you know by putting ourselves together working as one team, you will have a lot of initiators that will capture incremental revenue. Right, into the future it will be a lot more... So, to an extent, we have to be very vigilant about our capital and, I mean, treat our shareholders correctly, like the share buyback plan. And then we need to be able to have a strategy that will be able to keep us resilient, diversified, and so that an increased customer flow, so that we'll be able to defend our income as interest rates come down further, but also to be able to build a lot more into our wealth, so that if If we can start in a more stable environment and at a low interest rate scenario, customers will invest a lot more again.

Speaker Change: S Youre along the market interest rate is going up.

Helen: For Cheney, right?

Helen Wong: For Cheney, right?

Goh Chin Yee: Maybe actually, let me take it.

[Company Representative] (OCBC): Maybe actually, let me take it.

Helen: Yeah. Okay.

Helen Wong: Yeah. Okay.

Speaker Change: No by pooling, our sellers to get them working as one team you will have a lot of initiate just stuck with capture incremental revenue.

Goh Chin Yee: Cheney, I think you're asking about the why we don't disclose Bank of Singapore AUM. Is that your question?

[Analyst 2]: Cheney, I think you're asking about the why we don't disclose Bank of Singapore AUM. Is that your question?

Speaker Change: Ravi This is noteworthy since they have to put on them I went on you can ask your partner's failure lifting our responses must implement.

Speaker Change: Alright enjoy the future will be a lot more on something.

Helen: Yes. He's got a third question, but there was a second question.

Goh Chin Yee: Yes. He's got a third question, but there was a second question.

Goh Chin Yee: There's another question.

Goh Chin Yee: There's another question.

Speaker Change: It is with business insider.

Speaker Change: So to an extent you went out to be very but you're nothing about our capital.

Helen: Ask the third question.

Helen Wong: Ask the third question.

Goh Chin Yee: Okay. The reason is that, I think we also receive feedback from the investment community because our other peers are also showing their AUM, including consumer and private bank. We used to only show private bank. By putting in Bank of Singapore, the consumer bank, that they are able to compare apples to apples in terms of the overall AUM for OCBC, the wealth business. I guess that's one. In terms of the sources of the increase, you're talking about just for the wealth business, right?

[Company Representative] (OCBC): Okay. The reason is that, I think we also receive feedback from the investment community because our other peers are also showing their AUM, including consumer and private bank. We used to only show private bank. By putting in Bank of Singapore, the consumer bank, that they are able to compare apples to apples in terms of the overall AUM for OCBC, the wealth business. I guess that's one. In terms of the sources of the increase, you're talking about just for the wealth business, right?

Speaker Change: And Oh shareholders correctly like a share buyback plan and then we need to be able to have a strategy that we'll be able to keep us resilient diversified as in Sarasota and increased customer. So so that will be able to defend our income as interest rate comes down further.

Speaker Change: Yeah.

Speaker Change: That's pretty much anyway.

Speaker Change: Let me begin okay.

Speaker Change: I think you're asking about.

Speaker Change: Well, we don't disclose basketball.

Speaker Change: Sure.

Speaker Change: So this is pretty much a question, but it was a good question.

Speaker Change: But also to be able to bolt on.

Speaker Change: It's a fair question.

Speaker Change: Yes.

Speaker Change: So the reason is that.

Speaker Change: A lot more into our wealth so that.

Helen: Net new money.

Helen Wong: Net new money.

Speaker Change: I think he also does.

Goh Chin Yee: Net new money.

Helen Wong: Net new money.

Helen: Net new money.

[Company Representative] (OCBC): Net new money.

Goh Chin Yee: The SGD 5 billion net new money is actually coming from both our Premier, our PPC, as well as our Bank of Singapore business. of course-

[Company Representative] (OCBC): The SGD 5 billion net new money is actually coming from both our Premier, our PPC, as well as our Bank of Singapore business. of course-

Speaker Change: If.

Speaker Change: This concludes.

Speaker Change: If we can stop and more stable environment and at the low interest rate scenario customers will invest a lot more again. So it is to make sure that where we sit in enough to have a strong capital.

Speaker Change: Oh, Yes, I was actually.

Speaker Change: The consumer bank mutual Eric Berg.

Helen: Premier Banking, Premier Private Client. Wealth management overview.

Goh Chin Yee: Premier Banking, Premier Private Client. Wealth management overview.

Speaker Change: Okay.

Speaker Change: Yeah.

Goh Chin Yee: That's what I was referring, yeah.

Goh Chin Yee: That's what I was referring, yeah.

Unnamed: So it is to make sure that we are resilient enough to have a strong capital, manage our funding costs, expand our customer base, and then devote more and hopefully achieve more contributions by NII going to the next year.

Speaker Change: Of course.

Speaker Change: Royalty revenue pools.

Helen: Depending, in terms of this, origination.

Goh Chin Yee: Depending, in terms of this, origination.

Speaker Change: Bill.

Speaker Change: Manage our funding costs expand all our customer base.

Speaker Change: Give us one swing from sort of a sole source.

Goh Chin Yee: If you look at it, I mean, it may be easier to see if you look at, for Bank of Singapore, right? If you look at the year-on-year growth, it's actually coming from across. If the AUM increase will come from Indonesia, Philippines, across Asia, ASEAN. Also, if you look at it, year-on-year will be also like Greater China, you know, the markets. I think it's quite relatively broad-based in terms of the year-on-year growth. Thank you.

[Company Representative] (OCBC): If you look at it, I mean, it may be easier to see if you look at, for Bank of Singapore, right? If you look at the year-on-year growth, it's actually coming from across. If the AUM increase will come from Indonesia, Philippines, across Asia, ASEAN. Also, if you look at it, year-on-year will be also like Greater China, you know, the markets. I think it's quite relatively broad-based in terms of the year-on-year growth. Thank you.

Speaker Change: Sure.

Speaker Change: And then to devote more and hopefully achieve more contributions by NII going through that make sure we use.

Speaker Change: Okay.

Speaker Change: Paul Newman with India.

Speaker Change: I believe the new money coming from a premier.

Speaker Change: So, but if we do have targets and plans to shampoo chair.

Unnamed: So, but if we do have targets and plans to share, we will share.

Speaker Change: Uh huh.

Speaker Change: So banking premium defines a claim in wealth management, almost 40 myself the hydrocracker.

Speaker Change: Okay.

Speaker Change: So thinking about that.

Speaker Change: Uh huh.

Unnamed: Do you have 5 movie tickets already, sir? Huh? Yes, sir. If you have 5 tickets, you can win cool prizes. Huh? Like Aircon, Rep, and Trip to Japan. Huh?

Speaker Change: Well I think I'm gonna item on that.

Speaker Change: And then in terms of origination.

Speaker Change: One of them.

Helen: Joey?

Speaker Change: Got it.

Goh Chin Yee: Joey?

Speaker Change: Ladies and gentlemen.

Speaker Change: Sure.

Joey: Just two questions. The first one is just, you mentioned the first order effects of the tariffs will affect 2% of your loan book. Could you just provide some color of that, of which sectors and which geographies? I think we have an idea, but just sure. I think following on that, what about supply chain or knock-on effects? You know, the second and third order risks. You mentioned your portfolio being resilient. Could you just provide some figures of sectors that may be affected, especially when the tariff war ends? I have a few more, but just please open up.

[Analyst 3]: Just two questions. The first one is just, you mentioned the first order effects of the tariffs will affect 2% of your loan book. Could you just provide some color of that, of which sectors and which geographies? I think we have an idea, but just sure. I think following on that, what about supply chain or knock-on effects? You know, the second and third order risks. You mentioned your portfolio being resilient. Could you just provide some figures of sectors that may be affected, especially when the tariff war ends? I have a few more, but just please open up.

Speaker Change: Okay.

Speaker Change: Okay all right.

Speaker Change: That'd be cool.

Speaker Change: No no.

Speaker Change: Joe Fisher coming program across <unk>.

Unnamed: I said, you can win a trip to Sapporo, Japan! Yooooooooooooooou!!!

Speaker Change: Thanks.

Speaker Change: Overall jackpot.

Speaker Change: Did you increase will come from <unk>.

Speaker Change: [noise] move to Midland business, ladies and gentlemen.

Speaker Change: Hi, Joe.

Speaker Change: Awesome.

Speaker Change: You'll see like greater China.

Speaker Change: The market is soft.

Speaker Change: He is quite relatively brokers.

Unnamed: Move it 5 times and you can win cool prizes on Move it. Limited Wins.

Speaker Change: Crude prices some movie.

Speaker Change: Yeah.

Speaker Change: Thank you.

Speaker Change: Forgive me I agree with me.

Speaker Change: Julie.

Speaker Change: Good morning, everyone.

Speaker Change: So just two questions. Firstly, just you mentioned a first order effects terrorists booked at Cubo.

Helen: First order will be manufacture and production of goods, right. Excluding, at the moment, those that are not in the tariffs, right. At the moment, pharmaceuticals, semiconductors, and certain integrators such as those are not in the tariffs yet. Another category is international transport and storage of goods. You have raw materials and commodities. These are very subject to the tariff impact. We say that together this is about 3% of our loan book. You have another category, right. How about the next, what can filter through, whether there will be a tariff on pharmaceuticals as we said, right. Later on. Wholesale traders, right. This is what you call the second category.

Helen Wong: First order will be manufacture and production of goods, right. Excluding, at the moment, those that are not in the tariffs, right. At the moment, pharmaceuticals, semiconductors, and certain integrators such as those are not in the tariffs yet. Another category is international transport and storage of goods. You have raw materials and commodities. These are very subject to the tariff impact. We say that together this is about 3% of our loan book. You have another category, right. How about the next, what can filter through, whether there will be a tariff on pharmaceuticals as we said, right. Later on. Wholesale traders, right. This is what you call the second category.

And then you mentioned that the bank has commenced the share buybacks you get a bit more color on your.

Speaker Change: Okay, and just provide some color with respect to this geography.

Unnamed: You mentioned that the bank has commenced the share buyback.

Speaker Change: I have built distributions that matures at the end of second those bookends.

Unnamed: Can you get a bit more color on the 2.5 Capital Distribution Plan? How much shares have been bought back? Actually, share buyback is discussed every day on the Stock Exchange and we we will go steadily, yeah, so we have a target and then but doesn't change our plans. I mean capital planning includes the dividend. That's why we committed for both years we would have a special dividend of 10%, right? So that plan doesn't change. But share buyback you you don't you don't time the market. And there are also stock exchange rules on how much you can acquire, say anything.

Speaker Change: Sure.

Speaker Change: Thanks, Paul.

Speaker Change: On top of it.

Speaker Change: The risks you mentioned you'll book.

Speaker Change: I'm sure they share buyback is distinguished everyday you on on the on the slides change.

Speaker Change: Yes.

Speaker Change: And just provide a bit goes up.

Speaker Change: Steve It's Eric.

Speaker Change: We will go steadily now so we have a target and guidance, but it doesn't change our plans I mean is that capital plan includes the dividend. That's why we come returns for both years, we would have a.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: That's ultra will be manufactured manufacturing production of course, sorry of excluding at the moment of those that are north of England, Paris right. So at the moment on this article was 700000 subs and integrators, such as <unk> to sell not Osama in.

Speaker Change: A special dividend of 10% right so that plan doesn't change.

Speaker Change: On share buyback you used one to two times the market to an extent and then also and also a slight change moves too on how much you can how much you can apply you know, let's say of any single day.

Speaker Change: Yes.

Speaker Change: And other kinds of groups International transport and install regional sports and then you'll have more materials and commodities.

Speaker Change: These are very subject to two with the tariff impact so when we say that 2000 and this is John.

Helen: Then you look at the third category that have a mostly domestic focus will be less impacted. Yes, maybe the supply chain may be impacted, but those who are very much focused domestically, also mainly sourced domestically as well. They are, for example, they are the service, the service sector, right? The F&B, the service sector. When you typically it's. Yes. I mean, you buy food, but import. That is not so much impacted because you are very domestic focused. Then utilities is domestic focused. Then you talk about local construction, local real estate, residential real estate locally, data center. This will be less subject to so tariffs in that sense. Financial intermediaries. Yeah.

Helen Wong: Then you look at the third category that have a mostly domestic focus will be less impacted. Yes, maybe the supply chain may be impacted, but those who are very much focused domestically, also mainly sourced domestically as well. They are, for example, they are the service, the service sector, right? The F&B, the service sector. When you typically it's. Yes. I mean, you buy food, but import. That is not so much impacted because you are very domestic focused. Then utilities is domestic focused. Then you talk about local construction, local real estate, residential real estate locally, data center. This will be less subject to so tariffs in that sense. Financial intermediaries. Yeah.

Speaker Change: I kind of.

Speaker Change: So that gave us a beautiful color on Europe.

Speaker Change: A reason.

Speaker Change: 3% quantum book.

Speaker Change: Okay.

Speaker Change: That means you'll have a another category right what about the mix of what kind of filter through or whether there will be a tariff on promise ethical assess reset rate linked to own and on the wholesale trade to US right. So these walk you hold on a second category and then and then you look at the sub category.

Speaker Change: Besides those particular loans.

Speaker Change: What kind of scenario to be seen.

Unnamed: What kind of scenario that you're facing or...

Speaker Change: Can we expect that.

Speaker Change: And he said the effect in the future.

Unnamed: Can we expect that there won't be any setting aside in the future, or this is already the worst-case scenario that you set aside for the buffer? I wouldn't say this is a worst-case scenario, because we think that life is uncertain. So I think we are prudent, because if you look at the book, you don't need to set aside that 82 million dollars. So you may not be, you say you may not, actually, if you're entirely based on economic factors, based on your loan pool, what we call an overlay is because we want, because of the uncertainty.

Speaker Change: He is already the case.

Speaker Change: I don't know that you said.

Speaker Change: Oh good Buffalo.

Speaker Change: Wouldn't say this is a worst case scenario because you would think the monkeys and such it.

Speaker Change: Mostly domestic focus will be less impactful I guess, maybe the supply chain maybe impacts out of box. Those are very much a focus of domestically also mainly sourced domestically as well.

Speaker Change: So I'd say that we are putting them because if you look at the book you don't need to set aside that 80 to 82 million.

Speaker Change: Right with the number so you may not be Youre, saying, you may look actually if you've I'm talking things on economic factors, but youre talking a loan pool, what we call an overlay is because we won because of the uncertainty.

Speaker Change: And they are for example, the.

Speaker Change: The our service the service sector right F&B sub sector.

Speaker Change: Typically it is yes, I mean, you buy you buy footnote but.

Speaker Change: So is the uncertainty persists, let's say the second quarter something very different happened I mean is to come towards the end of the 90 days right. After negotiation between countries right. So if there is more clarity you may not need to put up more but if the uncertainty even watson on a snowball.

Helen: I think, if you say geographically, you then look back into your loan book. If you look at our loan exposure, Singapore is still the biggest. For the Greater China book, still very little onshore in China. Very much comprised of offshore and Hong Kong. Offshore actually, of course, again, quite a lot in Singapore. We, we do look at it that way and we stress just differently, how we stress the different categories.

Helen Wong: I think, if you say geographically, you then look back into your loan book. If you look at our loan exposure, Singapore is still the biggest. For the Greater China book, still very little onshore in China. Very much comprised of offshore and Hong Kong. Offshore actually, of course, again, quite a lot in Singapore. We, we do look at it that way and we stress just differently, how we stress the different categories.

Speaker Change: Imports, but that is that is not so much impacted because you're up ever domestic focused and then utilities is domestic focus and then you talk about a local cost structure, a local real estate residential risks a locally based defense.

Unnamed: So if the uncertainty persists, let's say the second quarter, something very different happens. I mean, you still count towards that end of the 90 days, right? And the negotiation between countries, right? So if there is more guarantee, you may not need to put up more. But if the uncertainty even worsens, that is no one can predict, then yes, we may actually provide more. The important thing is we have to be comfortable at a level, based on how we test our book, that we think this is the right amount that we are providing.

Speaker Change: This will be less subject to the.

Speaker Change: Can't predict but I guess, we may actually provide Paul.

Speaker Change: In that sense, a financial intermediaries.

Speaker Change: One thing is we have to be comfortable at the level based on Hollywood types of pools that we think this is the right amount that the Arctic.

Speaker Change: So I think if.

Speaker Change: If you say drop of being used I look back into your loan book and if you look at our loan exposure Singapore still.

Joey: There are just 3 more here. Just, can I check your NIM sensitivity outlook for the year ahead? Is it still gonna be 5 million basis points by end 2025?

[Analyst 3]: There are just 3 more here. Just, can I check your NIM sensitivity outlook for the year ahead? Is it still gonna be 5 million basis points by end 2025?

Speaker Change: And that's about.

Speaker Change: But the other impact is that what they called the macroeconomic factors that may actually impact how we make our pollution.

Speaker Change: Thank goodness.

Unnamed: Another impact is what we call the macroeconomic factors that may actually impact how we make our pollution. Of course, that is according to market, and then the overlay is according to uncertainty.

Speaker Change: And all the for the British Carnival a.

Helen: Yes.

Helen Wong: Yes.

Joey: Okay. That's just that. Your exit NIM for March was 2.03. Can you share your exit NIM for April, if you have that? Okay.

[Analyst 3]: Okay. That's just that. Your exit NIM for March was 2.03. Can you share your exit NIM for April, if you have that? Okay.

Speaker Change: Still very little onshore in China are very much are comprised of our offshore in Hong Kong and offshore actually of course again quite a lot of favorable. So we we do look at it that way under stress just differently I would stress that the different categories.

Speaker Change: That we of course that is according to market and then you overlay is according to uncertainty.

Helen: Understood, sir.

Helen Wong: Understood, sir.

Joey: All right. Thanks. Finally here, I know that you're comfortable with surpassing your SGD 3 billion incremental revenue target by end of the year. Will you be sharing a next three-year target, or should we be looking at other metrics like ROE, for example?

[Analyst 3]: All right. Thanks. Finally here, I know that you're comfortable with surpassing your SGD 3 billion incremental revenue target by end of the year. Will you be sharing a next three-year target, or should we be looking at other metrics like ROE, for example?

Speaker Change: We have the strength to keep going glu tighter coupon almost gave them Las Palmas hang out in Alaska.

Unnamed: Need the strength to keep going? Blue Tiger! Helps give strength so they can endure! You can do it! So I hope, I hope we will be left uncertain, indeed. I don't think.

Speaker Change: So I hope.

Okay.

Speaker Change: Hopefully with less uncertain.

Helen: I think when we're ready, but not necessarily a revenue target. I think as we step into the future, of course, tariff is one, trade tensions is one very important thing, right? We're also looking at something that is again, also very big into the future is the use of technology and AI, right? What's the nature of your customers may be changing as well. Right? I think sustainability is still a topic. Some people said that, Oh, US is not focused on it. Doesn't mean that the world doesn't need it. The world still need it. I would think, we have already to an extent, come into a lot into capital planning as well, right?

Speaker Change: Thank you.

Speaker Change: Indeed.

Helen Wong: I think when we're ready, but not necessarily a revenue target. I think as we step into the future, of course, tariff is one, trade tensions is one very important thing, right? We're also looking at something that is again, also very big into the future is the use of technology and AI, right? What's the nature of your customers may be changing as well. Right? I think sustainability is still a topic. Some people said that, Oh, US is not focused on it. Doesn't mean that the world doesn't need it. The world still need it. I would think, we have already to an extent, come into a lot into capital planning as well, right?

Speaker Change: Stupid.

Speaker Change: Oh.

Speaker Change: Hi, Thank you so much for sharing and I have two questions. One is about the trade shifts and another one is about your outlook for the S. M.

Speaker Change: Great.

Speaker Change: Alright.

Sure.

Speaker Change: And then you exited them full budgets to maturity.

Unnamed: One is about the trade shifts, and another one is about your outlook for the FME. So the first question would be, are you seeing any changes or opportunities or challenges in terms of the trade shifts caused by the tariff chaos, maybe like intra-ASEAN or from China with other ASEAN countries or the rest of the world? And the second question is, Can you give us more of your thoughts or your assessments in terms of the next SME? Yeah, because we know like maybe... The FMEs, they don't have as much as of resources like the big companies.

Speaker Change: Great.

Speaker Change: Okay disposal, alright, thanks, and finally, another you're comfortable with surpassing 3 billion incremental revenue target.

Speaker Change: The first question would be are you seeing any like changes or opportunities or challenging intelligent sensors trade shifts soon closed the baidu how is taos, maybe you're not getting charged off in <unk> from China Renaissance.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Or should we be looking at other metrics like our real quick a little thin.

Speaker Change: I think remember Iraqi but not necessarily a revenue target.

Speaker Change: As we step into the future of course covered this one trade tensions is one very important thing.

Speaker Change: Other ASEAN countries or the rest of the world.

Speaker Change: Second question is.

Speaker Change: We're also looking at something that is again off a very big into the future is the use of technology.

Speaker Change: Can you give us like more of your dog or your assessment in terms of the SME.

Speaker Change: Right.

Speaker Change: And what what what's the nature of your customers may be changing as well.

Speaker Change: The bank's SMB customers.

Helen: In the past we share maybe a lot less, but today we share a lot about how we plan our capital as well to face the future. I think three years back, the right time, as you know the market interest rate is going up and you know by pulling ourselves together, working as one team, you will have a lot of initiatives that would capture incremental revenue, right? Into the future it will be a lot more uncertain. To an extent, we have to be very virtual about our capital and I mean treat our shareholders correctly like the share buyback plan.

Helen Wong: In the past we share maybe a lot less, but today we share a lot about how we plan our capital as well to face the future. I think three years back, the right time, as you know the market interest rate is going up and you know by pulling ourselves together, working as one team, you will have a lot of initiatives that would capture incremental revenue, right? Into the future it will be a lot more uncertain. To an extent, we have to be very virtual about our capital and I mean treat our shareholders correctly like the share buyback plan.

Speaker Change: Because I know like a maybe.

Speaker Change: The F N B S. They don't have as.

Speaker Change: Right.

Speaker Change: And I think sustainability is do a topic.

Speaker Change: As much as of our resources like the big companies to cope with some those scales and the challenges ahead.

Speaker Change: People send the O U S is not focus on that but listen I'm, assuming that the world doesn't need it.

Unnamed: coupled with those scales and the challenges ahead. Christmas Because if you think about the first... the first Trump administration, there was also a lot of discussion on tariffs. But even before that, I think trade tensions between China, predominantly China and the U.S., actually started way back, I think, around 2015-2016. So the China plus one story has been true for many years. You will see China's plus N story happening, meaning they try to prepare, not just focus on a factory in China and a factory in Vietnam. If you see China business going out, they have already diversified, not just in Mexico.

Speaker Change: Thank you.

Speaker Change: Do we need it.

Speaker Change: The first one trade shifts is a very interesting topic and very important topic.

So I would think we have already to an extent.

Speaker Change: Just have to say that.

Speaker Change: So a lot into into our capital planning as well right now, possibly share may be a lot less but today, we share a lot about how we plan our capital as well to face the future, so and and as long as three years.

Speaker Change: Christmas.

Speaker Change: Because if you're sitting in thinking about the first.

Speaker Change: First Trump administration. There was also a lot of discussion on tariffs right.

Speaker Change: But even before that I think trade tensions between China, and the dominant China and U S.

Speaker Change: The right side.

Helen: We need to be able to have a strategy that will be able to keep us resilient, diversified, and so that an increased customer flow, so that we'll be able to defend our income as interest rate comes down further. Also to be able to build a lot more into our wealth so that if we can step in more stable environment and at a lower interest rate scenario, customers will invest a lot more again. It is to make sure that we are resilient enough to have a strong capital, manage our funding costs, expand our customer base, and then devote more and hopefully achieve more contribution by NII going through the next three years. If we do have targets and plans to share, we will share.

Helen Wong: We need to be able to have a strategy that will be able to keep us resilient, diversified, and so that an increased customer flow, so that we'll be able to defend our income as interest rate comes down further. Also to be able to build a lot more into our wealth so that if we can step in more stable environment and at a lower interest rate scenario, customers will invest a lot more again. It is to make sure that we are resilient enough to have a strong capital, manage our funding costs, expand our customer base, and then devote more and hopefully achieve more contribution by NII going through the next three years. If we do have targets and plans to share, we will share.

Speaker Change: S. You along the market interest rate is going up.

Speaker Change: To sponsor when you buy I think around 2015 2016.

Speaker Change: You know by pooling ourselves together and working as one team.

Speaker Change: So the China, plus one stormy has been true for many years.

Speaker Change: We'll have a lot of initiate you're stuck with capture incremental revenue.

Speaker Change: You'll receive charters plus and store, where you have to make a movie they tried to prepare not just focus on a factory in China and Vietnam.

Speaker Change: Alright enjoy the future will be a lot more in Suffolk.

Speaker Change: So to an extent due to the way it ought to be very good.

Speaker Change: Our capital.

Speaker Change: And if you see China business going out they have already diversified not just in manufacturing right.

Speaker Change: I mean should our shareholders correctly like a share buyback plan and then we need to be able to have a strategy that we'll be able to keep us resilient diversified.

Speaker Change: Right they have diversified and campaign the Austin market.

Unnamed: They have diversified in tapping the ASEAN market and a lot go for other resources in ASEAN or go for the population in ASEAN as they go out to try to sell the products as well. So, if you talk about manufacturing, it cannot happen in a day. You cannot say that because now the tariff is high on Vietnam and a bit lower in Singapore, I then try to build a plant in Singapore. Because that's not going to happen. Because you still always have the cost concern, right? But the other thing is, what if the tariff is changed after another quarter?

Speaker Change: And a lot going for although resources in Lafayette or go for the population in Austin.

Speaker Change: So that and increased customer so so that will be able to defend our income as interest rate comes down further.

Speaker Change: But that's they go out to try to sell the products as well.

Speaker Change: Also to be able to bolt on a lot more into our wealth. So that is.

Speaker Change: So if you're talking about a manufacturing.

Speaker Change: It kind of all happen in a day and has I'll say that because now the toughest as high on Putnam.

Speaker Change: <unk>.

Speaker Change: If we can stop and more stable environment and at a lower interest rate scenario customers will invest a lot more again. So it is to make sure that where we sit in enough to have a strong capital.

Speaker Change: A bit lower in Singapore.

Ellen: Helen, you mentioned that the bank has commenced share buybacks. Can we get a bit more color on the 2.5 capital distribution plan? How much shares have been bought back and also the special dividend?

[Analyst 4]: Helen, you mentioned that the bank has commenced share buybacks. Can we get a bit more color on the 2.5 capital distribution plan? How much shares have been bought back and also the special dividend?

Speaker Change: I have been trying to build a plant in Singapore, because that's not going to happen because you still always have the close concerned right.

Speaker Change: The other thing is what if the terrorists it's changed after another quarter or.

Speaker Change: Manage our funding costs expand all our customer base.

Speaker Change: So when you don't plan you don't plan it like that because of the infection cannot be shipped in a in a month's time or if you wanted to do something it has to be built in a year two years et cetera, but what I'm, most picker customers Africa called for some time as they prepare for the future.

Helen: Actually, share buyback is distributed every day on the stock exchange. We will go steadily, yeah. We have a target and then doesn't change our plans. I mean, capital planning includes the dividend. That's why we committed for both years we would have a special dividend of 10%, right? That plan doesn't change. Share buyback, you don't time the market to an extent. There are also stock exchange rules on how much you can acquire, you know, say any single day.

Helen Wong: Actually, share buyback is distributed every day on the stock exchange. We will go steadily, yeah. We have a target and then doesn't change our plans. I mean, capital planning includes the dividend. That's why we committed for both years we would have a special dividend of 10%, right? That plan doesn't change. Share buyback, you don't time the market to an extent. There are also stock exchange rules on how much you can acquire, you know, say any single day.

Speaker Change: <unk> devote more and hopefully achieve more contribution by and I'm going to make sure we use.

Unnamed: So you don't plan it like that, because manufacturing cannot be shipped in a month's time, or you want to build something that has to be built in a year, or two years, or etc. But what most bigger customers, bigger corporates have done is they prepare for the future. So having a diversified manufacturing base is important, and where you source your materials is also important. So but over the past few years, obviously, you see a lot more intra-Asia flow, and that is why ASEAN becomes the largest trading partner for China, and vice versa. So in a way, a lot of times when people talk about China facing the tariff, it's always reflected that actually China's exports to the U.S.

Speaker Change: So, but if we do have targets and plans to shag wheelchair.

Speaker Change: And then you mentioned that the bank has commenced share buybacks can you give a bit more color on your on the <unk>.

Speaker Change: So we'll be having a diversified manufacturing base is important and why are you source. Your materials is also important.

Speaker Change: It's a bit of distributions that matures at the end of <unk>.

Speaker Change: So over the past few years office thing, you'll see a lot more intra Asia flow.

Speaker Change: I'm sure they share buyback this distinguish every day you're on.

Speaker Change: And that is why often becomes the largest trading partner for China and by SASSA.

Speaker Change: On the slides change.

Speaker Change: The way we would go steadily.

Speaker Change: So so in a way a lot of times when people talk about China facing the tariff there's always be affected actually in China's exports to the U S. Its only 2% of the Jeep.

Speaker Change: So we have a pocket and then but it.

Speaker Change: It doesn't change our plans I mean is that capital plan includes the dividend. That's why we come returns for both years, we would have.

Joey: Hi, Helen. Can you please, like, give us a bit of a color on the reason like a prudent approach to setting aside the credit allowance? Is like, what kind of scenario that you're basing, or can we expect that there won't be any setting aside in the future?

[Analyst 5]: Hi, Helen. Can you please, like, give us a bit of a color on the reason like a prudent approach to setting aside the credit allowance? Is like, what kind of scenario that you're basing, or can we expect that there won't be any setting aside in the future?

Speaker Change: A special dividend of 10% right. So that plans are unchanged.

Speaker Change: In that sense. So you can imagine in China over the years have also been shifting we've got trade partners as well.

Unnamed: is only 2%. in that sense. So you can imagine China over the years have also been shifting their trade partners as well. So would there be a soft shift? I think yes, a supply chain is always easier to shift. When you say, I tend to buy more from this country, but in any good business, if they do plan correctly, they always have options which they can switch from time to time. So would the trade shift happen? Yes, it will. It will continue to shift, but it will not happen in a day or in a quarter.

Speaker Change: <unk> bought back you don't get all the time the market.

Speaker Change: So would that be some shifts I think gets our supply chain is always easier to ship.

Speaker Change: And then also and also saw.

Speaker Change: Change mutual on how much you can how much you can apply in let's say at any single day.

Monique: Already the worst case scenario that you set aside enough for the buffer.

[Analyst 5]: Already the worst case scenario that you set aside enough for the buffer.

Speaker Change: When you say I tends to buy more from this country I'm bumps in any good business. It's a dual class so correctly. It always have options, which they was it gets switched from time to time, but so what's the ratio happen, yes. It will it will continue to shift.

Helen: I wouldn't say this is a worst case scenario, because we think the market is uncertain. I think we are prudent, because if you look at the book, you don't need to set aside that SGD 80 to 82 million, right? Am I right with the number? You may not be. You say you may not. Actually, if you entirely base on economic factors based on your loan book, what we call an overlay is because of the uncertainty. If the uncertainty persists, let's say the Q2, something very different happens. I mean, it still comes towards that end of the 90 days, right? The negotiation between countries, right? If there is more clarity, you may not need to put up more.

Helen Wong: I wouldn't say this is a worst case scenario, because we think the market is uncertain. I think we are prudent, because if you look at the book, you don't need to set aside that SGD 80 to 82 million, right? Am I right with the number? You may not be. You say you may not. Actually, if you entirely base on economic factors based on your loan book, what we call an overlay is because of the uncertainty. If the uncertainty persists, let's say the Q2, something very different happens. I mean, it still comes towards that end of the 90 days, right? The negotiation between countries, right? If there is more clarity, you may not need to put up more.

Can you.

Speaker Change: Please give us a bit of a color on your.

Speaker Change: The reason I put in Oklahoma City.

Speaker Change: So the cycle of credit allowance.

Speaker Change: What kind of scenario that you won't be seen or.

Speaker Change: Would not happen in the pay off in a quarter.

Speaker Change: Can we expect that they will.

Speaker Change: But what a slight biased because we're original bandwidth look very closely at all our customers and engage them in conversation.

Speaker Change: And he said the effect in the future.

Unnamed: But likewise, because we're a regional bank, we look very closely at all our customers and engage them in conversation even more intensely in periods like this.

Speaker Change: Alright.

Speaker Change: Alright.

Speaker Change: All good but I wouldn't say this is a worst case scenario on the costs you we saved the mantra is uncertain.

Speaker Change: The more intensity in periods like this.

Speaker Change: And then second question is about.

Unnamed: Then your second question is about... SMEs in January is less, unless you are very trade-oriented SMEs, where you actually buy from certain countries and sell to very different countries. If you're talking about domestic SMEs, they are more subject to local economic growth situation.

Speaker Change: Our families.

Speaker Change: So I'd say that we are putting them because if you look at the book you don't want to set aside that $80 million to $82 million.

Speaker Change: Assembly in January.

Speaker Change: Plus in unless you are very trade oriented assemblies, whereas you actually buy from southern country. This out to a spread of different countries. If youre talking about domestic Assam use them also jack to local economic growth situation.

Speaker Change: I met with a number so you may not be Youre, saying, you may look actually if you've and putting things on economic.

Helen: If the uncertainty even worsen, at least no one can predict, then yes, we may actually provide more. The important thing is we have to be comfortable at a level based on how we test our book, that we think this is the right amount that we are taking. Another impact is what we call the micro, macroeconomic factors that may actually impact how we make our provision. Of course, that is according to market, and then the overlay is according to uncertainty. I hope, I hope we'll be less uncertain. Indeed.

Helen Wong: If the uncertainty even worsen, at least no one can predict, then yes, we may actually provide more. The important thing is we have to be comfortable at a level based on how we test our book, that we think this is the right amount that we are taking. Another impact is what we call the micro, macroeconomic factors that may actually impact how we make our provision. Of course, that is according to market, and then the overlay is according to uncertainty. I hope, I hope we'll be less uncertain. Indeed.

Speaker Change: Just maybe talking a loan pool, what we call an overlay is because we won because of uncertainty.

Speaker Change: So this is what were they and they all have all F N needs to face a cow to stray from them and have them to do business make sure that they are easy in dealing with at Monday make sure that the banking services to them a device to that is that all the time right.

Unnamed: So this is what we day-in, day-out have our FMEs to face, like how to strengthen them, have them to do business, make sure that they are easy in dealing with their money, make sure that the banking services to them and the advice to them is there all the time, right? Where FMEs are more impacted, like what we say the first order impact would be on international transport, storage, et cetera. This will impact those FMEs that are servicing this industry. So we have to be careful and look at them, see how we continue to help them.

Speaker Change: So if the uncertainty persists, let's say in the second quarter, something very different happened I mean, just to come towards the end of the 90 days right and the negotiation between countries right. So if there is more clarity you may not need to.

Speaker Change: Put up more.

Speaker Change: Families are more impacted like what we say so first of all the impact would be on international transport storage etcetera.

Speaker Change: The uncertainty even Watson and there's no one can predict but I guess, we may actually provide more.

Speaker Change: One thing is we have to be comfortable at the level based on how we can support that we're seeing dishes are right among that the Arctic.

Speaker Change: Discussed this will impact the list goes on and he's been surfacing.

Speaker Change: Industry, so we'd have to be comfortable and I looked at that and see how we continue to have them do they actually shrink some more famous movement. So that the pace of some of that.

Harry: Hi, Ellen. Thank you so much for sharing. I have two questions. One is about the trade shift, and another one is about the your outlook for the SME. The first question would be, are you seeing any, like, changes or opportunities or challenges in terms of the trade shift soon, caused by the tariff chaos, maybe like intra-ASEAN or from China with other ASEAN countries or the rest of the world?

[Analyst 6]: Hi, Ellen. Thank you so much for sharing. I have two questions. One is about the trade shift, and another one is about the your outlook for the SME. The first question would be, are you seeing any, like, changes or opportunities or challenges in terms of the trade shift soon, caused by the tariff chaos, maybe like intra-ASEAN or from China with other ASEAN countries or the rest of the world?

Speaker Change: Another month or another impact is the what we call the macroeconomic factors that may actually impact how we make our pollution.

Unnamed: Do they actually shrink some of their investment plan so that they preserve some of their resources when the market returns? They may have to. So this is something we engage the customers.

Speaker Change: That'd be sources of when the market returns they may have to do that.

Speaker Change: That we of course that is according to market and then you overlay is called me into uncharted.

Speaker Change: So this is something we engaged the customers.

Speaker Change: Hi.

Speaker Change: Pablo My views.

Speaker Change: So I hope I hope will be less uncertain.

Speaker Change: Doctor prescribed <unk>.

Speaker Change: Indeed.

Speaker Change: It's four times, the 12 versus C J B vitamins Brent.

Unnamed: Take Dr. Prescribed Nurobiot. Helps relieve the symptoms of nervousness. Ask your pharmacist for Nurubio.

Speaker Change: Great.

Speaker Change: Oh hi.

Unnamed Person: Hi, Allen. Thank you so much for the journey and I have two questions. One is about the trade shifts and another one is about the debt.

Speaker Change: Helps relieve the symptoms of nerve damage.

Speaker Change: Ask your pharmacist for neuro view.

Helen: Mm-hmm.

Helen Wong: Mm-hmm.

Harry: The second question is, can you give us like, more of your thoughts or your assessments in terms of the SME the bank's SME customers?

Helen Wong: The second question is, can you give us like, more of your thoughts or your assessments in terms of the SME the bank's SME customers?

Speaker Change: Okay.

Speaker Change: Your outlook for that asset.

Speaker Change: Jack.

Unnamed: Koko's dad is a victim of an impossible curse. Oh no! The brand X can't do it. Ariel can! An impossible curse can be removed by the 10X Power Tree. Really? Awesome! Impossible? Possible! Ariel!

Speaker Change: The first question would be are.

Speaker Change: Gaiam brand X.

Speaker Change: And then yes.

Speaker Change: Are you seeing any like changes or opportunities or challenging intelligent sensing trade shifts.

Speaker Change: Yeah.

Speaker Change: Oh My God.

Speaker Change: Okay.

Helen: Mm-hmm.

Helen Wong: Mm-hmm.

Speaker Change: Uh huh.

Harry: We know like, maybe the SMEs, they don't have that as much as of resources like the big companies to cope with those chaos and the challenges ahead.

[Analyst 6]: We know like, maybe the SMEs, they don't have that as much as of resources like the big companies to cope with those chaos and the challenges ahead.

Speaker Change: Please proceed.

Cause the buys of Howard cows, maybe United in Chile, ASEAN all from China.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: They should have improved 20 basis.

Unnamed: What do you know about China? Oversea-Chinese Banking Corporation Limited That's what you ventures can't own. and then also on the course, right, on Britain's return to China in the top 5% year-on-year and part of the Resemble song. Accelerary adjustments for staff costs will be something that the bank looks at in the coming quarters when you talk about financial discipline. I think looking at improving startup productivity is an ongoing thing. The flip side of a managing course is to improve productivity. Earlier on, I talked about the use of AI. That's something very important. That's what I'm saying.

Speaker Change: Just to put it.

Speaker Change: Other ICL countries all around the world and the second question is.

Mitch: Just on Australia, you Mitch.

Helen: Yeah. Thank you. The first one, trade shift is a very interesting topic and very important topic. Just have to say that, customers... If you think about the first Trump administration, there was also a lot of discussion on tariffs, right? Even before that, I think trade tension between China, in predominantly China and the US, actually started way back, I think around 2015, 2016. The China Plus One story has been true for many years. You already see China Plus N story happening, meaning they try to prepare, not just focus on a factory in China and a factory in Vietnam, right? If you see China business going out, they have already diversified, not just in manufacturing. Right?

Helen Wong: Yeah. Thank you. The first one, trade shift is a very interesting topic and very important topic. Just have to say that, customers... If you think about the first Trump administration, there was also a lot of discussion on tariffs, right? Even before that, I think trade tension between China, in predominantly China and the US, actually started way back, I think around 2015, 2016. The China Plus One story has been true for many years. You already see China Plus N story happening, meaning they try to prepare, not just focus on a factory in China and a factory in Vietnam, right? If you see China business going out, they have already diversified, not just in manufacturing. Right?

Mitch: We'll get more of all in sustaining cost mentioned defense missile trouble given the extent of it.

Speaker Change: Can you give us more of your dog or your assessment in terms of the SME.

Mitch: Good morning.

Mitch: So north recycle between banks you've been having.

Mitch: We refer you to our college alumni and fans.

Speaker Change: The bank's SME customers.

Scott: Allison This is Scott.

Speaker Change: And because we know like a maybe.

Speaker Change: Is it more.

Speaker Change: The F N B S. They don't have as.

Scott: Yes.

Scott: Tom.

Speaker Change: As much as of our resources like the big companies to cope with some those scales and the challenges ahead.

Scott: So what's your bench of Cantor.

Scott: And then also on the call its random comprehensive journey.

Speaker Change: Thank you.

Scott: Yeah.

Speaker Change: The first one trade shifts is a very interesting topic and very important topic.

Resembles home home.

Scott: So the readjustments with alcohol abuse.

Scott: It looks at the office.

Speaker Change: Just have to say that.

Scott: Opinions alone and I sort of supplement things like that.

Speaker Change: Christmas.

Speaker Change: Because you're sitting and thinking about the first.

Scott: I think I'm looking at improving staff with the difficulties of ongoing thing right and if you can the flip side of managing cost as you improve productivity.

Speaker Change: The first Trump administration. There was also a lot of discussion on tariffs right, but.

Speaker Change: But even before that.

And you all know I talk about yourself, maybe I got something for them.

Speaker Change: Didn't trade tension between China, and predominantly China and U S.

Scott: That's why I'm, saying actually that was what I referred to as well.

Helen: They have diversified in tapping the ASEAN market and a lot go for other resources in ASEAN or go for the population in ASEAN as they go out to try to sell the products as well. If you talk about manufacturing, it cannot happen in a day. You cannot say that because now the tariff is high on Vietnam and a bit lower in Singapore. I then try to build a plant in Singapore, because that's not going to happen, because you still always have the cost concern, right? The other thing is, what if the tariff is changed after another quarter? You don't plan it like that because manufacturing cannot be shipped in a, in a month's time or in a...

Helen Wong: They have diversified in tapping the ASEAN market and a lot go for other resources in ASEAN or go for the population in ASEAN as they go out to try to sell the products as well. If you talk about manufacturing, it cannot happen in a day. You cannot say that because now the tariff is high on Vietnam and a bit lower in Singapore. I then try to build a plant in Singapore, because that's not going to happen, because you still always have the cost concern, right? The other thing is, what if the tariff is changed after another quarter? You don't plan it like that because manufacturing cannot be shipped in a, in a month's time or in a...

Speaker Change: To respond to William by I think around 2015 2016.

Unnamed: Actually, that was what I'm referring to as well. The productivity and most opportunity AI can bring as to new products and new way to serving customers. Of course, yes, you can talk about salary costs is the highest, but salary costs always reflect the market. If that is economic weakening, then of course, I mean, the whole world will reduce the salary increment. So that is a natural response to what is happening in the market now. But I think that one of the things that if you can improve your productivity, then you don't need to hire as many.

Scott: Productivity and most opportunity AI can bring us to the new products and new way to southern customers Yeah.

Speaker Change: So the China, plus one story has been true for many years.

Scott: Yes, yes, yes, you kind of talk about salary causes the highest sorry cost always reflect the market is that that is a that is economic weakening.

Speaker Change: You'll receive charters plus and it's already happening.

Speaker Change: They tried to prepare not just focus on a factory in China, and if I could pick up.

Scott: Of course, I mean, the whole world will rule will reduce the salary increments. So that is a natural way of response to what is happening in the market.

Speaker Change: And if you see China business right now.

Speaker Change: They have already diversified not just in manufacturing.

Speaker Change: They have diversified and campaign the Austin market.

Scott: And I think that one of the things that if you can improve productivity.

Speaker Change: And a lot going for other resources in Lafayette or go for the population and also as we as they go out to try to sell the products as well.

Scott: You don't need to hire as many you guys will know that in our hiring plans for example, or if there is natural attrition you may not think too high to be like when we think discipline issue you have to watch this very closely.

Unnamed: You can slow down your hiring plans, for example. Or if that is natural attrition, you may not need to hire to replace. When we think discipline issue, you have to watch this very closely.

Speaker Change: So if you're talking about manufacturing.

Speaker Change: I will happen in a day and has I'll say that because now the temperatures as high on Putnam.

Helen: You want to build something, it has to be built in a year or two years or et cetera. What most bigger customers or bigger corporates have done is they prepare for the future. Having a diversified manufacturing base is important and where you source your materials is also important, right? Over the past few years, obviously you see a lot more intra-Asia flow, and that is why ASEAN becomes the largest trading partner for China and vice versa. In a way, a lot of times when people talk about China facing the tariff, it's always reflected that actually China's exports to the US is only 2% of the GDP in that sense. You can imagine China over the years have also been shifting their trade partners as well.

Helen Wong: You want to build something, it has to be built in a year or two years or et cetera. What most bigger customers or bigger corporates have done is they prepare for the future. Having a diversified manufacturing base is important and where you source your materials is also important, right? Over the past few years, obviously you see a lot more intra-Asia flow, and that is why ASEAN becomes the largest trading partner for China and vice versa. In a way, a lot of times when people talk about China facing the tariff, it's always reflected that actually China's exports to the US is only 2% of the GDP in that sense. You can imagine China over the years have also been shifting their trade partners as well.

Scott: I did mentioned, Jonathan Yes, we travel a bit less both have taught us to be able to talk to everybody online. So of course in in a in a very rapidly growing market tends to actually travel more two <unk> P. M. S. N you organize things flowing on financial in.

Unnamed: I did mention traveling. Yes, we travel a bit less. COVID taught us to be able to talk to everybody online. So, of course, in a very rapid-growing market, you tend to actually travel more to see your team and then you organize things for your clients. So, in a market that is shrinking, there is, in a way, no need to do that or you would actually apply more discipline in doing that as well. It's how we spend our money, I think, so to speak.

Speaker Change: A bit lower in Singapore, I have been trying to build upon its important because that's not going to happen because you still always have the cost concern right.

Speaker Change: Other thing is what if the terrorists has changed after another quarter.

Speaker Change: So we don't plan you don't plan it like that because manufacturing cannot be shipped in a in a month's time or you want to build something there has to be built in a year two years et cetera, but what I'm, most picker customers Africa Culpas ophthalmic as they prepare for the future.

Scott: In a market that is shrinking.

Scott: In the window into that are you would you would actually apply more discipline into it this.

Scott: It's how we spend our money I think so to say.

Scott: No not really.

Scott: At fully loaded CET, one ratio 14 right.

Unnamed: Last question, at fully loaded C81 ratio 14, how much is your exit capital, 14.5?

Speaker Change: So olivier having a diversify our manufacturing base is important and why are you source. Your materials. It's also a part of it right. So.

Scott: How much is still excellent.

Scott: What's that capital that's exactly.

Unnamed: What's the exit capital that you have? It's a unique question, you know. I have a good answer on that.

Scott: It says.

Speaker Change: So over the past few years office thing Youll see a lot more intra Asia flow and that is why often becomes our largest trading partner for China and by SASSA.

[laughter] ever goes on some of them yeah.

Helen: Would there be some shift? I think yes. A supply chain that's always easier to shift when you say I tend to buy more from this country. If any good business, if they do plan correctly, they always have options which they would pick and switch from time to time. Would the trade shift happen? Yes, it will. It will continue to shift, but it would not happen in a day or in a quarter. As likewise, because we're a regional bank, we look very closely at all our customers and engage them in conversation even more intensely in periods like this. Your second question is about-

Helen Wong: Would there be some shift? I think yes. A supply chain that's always easier to shift when you say I tend to buy more from this country. If any good business, if they do plan correctly, they always have options which they would pick and switch from time to time. Would the trade shift happen? Yes, it will. It will continue to shift, but it would not happen in a day or in a quarter. As likewise, because we're a regional bank, we look very closely at all our customers and engage them in conversation even more intensely in periods like this. Your second question is about-

Scott: So what are you can you don't miss them.

Scott: Great Southern India.

Unnamed: Most of them Most you can work it out mathematically They are not part of CPC They don't really disclose Like, its just But suffice to say that the announced... and Capital Return Plan, that takes into account how we look at assets, capital, what are the assets needed to navigate uncertainties, so on and so forth, and support business franchise growth, and come up with a good price. more than $2.5 billion in excess capital as well. Mathematically, you can also work that out.

Scott: Now I'll go see them.

Speaker Change: So so in a way a lot of times.

Scott: It can be known really east so think.

Speaker Change: When people talk about China facing the tariff is always be affected actually in China's exports to the U S is only 2% of the Jeep.

Scott: Since that themselves see.

Scott: To say that now.

Scott: Mhm.

Scott: Ever since then.

Speaker Change: In that sense. So you can imagine in China over the years have also been shifting trade partners as well.

Scott: Hum.

Scott: And so one of the.

Scott: We've done that.

Scott: In the east so on so far is about business franchise schools.

Speaker Change: Would that be some shifts I think gets our supply chain, there's always easier to ship.

Scott: And come up with.

Scott: Hmm.

Speaker Change: And you say I tends to buy more from this country bumps in any good business. They do plans are correctly, they always offer options, which they was it gets switched from time to time. So what's the ratio happen, yes. It will and we will continue to shift, but it would not happen in the bay or in the call.

Scott: And went into my mind anyway.

Scott: That's capital, let's see what mathematically you can look that up.

Scott: Uh huh.

Harry: SMEs.

Helen Wong: SMEs.

Scott: Okay.

Helen: SMEs, yeah. SME in January is. Unless you are very trade-oriented SMEs, where you actually buy from certain countries and sell to very different countries. If you're talking about domestic SMEs, they are more back to local economic growth situation. This is what we day in, day out have our SMEs to face, right? How to strengthen them, help them to do business, make sure that they are easy in dealing with their money. Make sure that the banking services to them and the advice to them is there all the time, right? Where SMEs are more impacted, like what we say the first order impact, would be on the international transport, storage, et cetera. This will impact those SMEs that are servicing this industry.

Helen Wong: SMEs, yeah. SME in January is. Unless you are very trade-oriented SMEs, where you actually buy from certain countries and sell to very different countries. If you're talking about domestic SMEs, they are more back to local economic growth situation. This is what we day in, day out have our SMEs to face, right? How to strengthen them, help them to do business, make sure that they are easy in dealing with their money. Make sure that the banking services to them and the advice to them is there all the time, right? Where SMEs are more impacted, like what we say the first order impact, would be on the international transport, storage, et cetera. This will impact those SMEs that are servicing this industry.

Scott: One question.

It's a bit of tension.

Unnamed: Just one question, which is a little bit of a tangent. You know, the PBOC is encouraging all the Chinese banks to lend, and you've got this 19% stake, or is it 20% stake in the bank? Yeah, maybe more. So what is, I mean, is that included in those banks? International Federal Reserve Because some of them have raised... Capitalism in the first quarter.

Scott: The bank, that's <unk> and.

Scott: <unk> all the Chinese banks to J M.

Speaker Change: Uh huh.

Speaker Change: But what a slack buys because of our regional bank will look very closely at all our customers and engage them in conversation.

Scott: You've got it.

Scott: 19% of Staples at 20% stake Banco volatile again.

Scott: So what is I mean is that included in those banks it.

Speaker Change: The more intensity in periods like this.

Speaker Change: And then second question is about is that the best.

Scott: You'll see some coaching to them because some of them have leased up.

Speaker Change: Sami.

Speaker Change: In January.

Scott: After telling us we said in the last in the first quarter. So what is the situation has been company. So if you could.

Speaker Change: Plus in unless you are very trade oriented assemblies.

Unnamed: So what is the situation with Bank of New York? You could, I mean, what a big stake in it. 20%. Yeah. So you could associate. Yeah, yeah. Okay, China regulators, in period of economic situation, always have certain guidance for banks, right? And the biggest influence is on the centrally-owned, the larger banks. Yeah, so Bank of Lingbo is not only centrally. Now, Bank of Lingbo is also a listed bank in China, and it has a range of different charters. Yes, of course they have to do their part in supporting the economy, but they also have a very I would say that they have...

Speaker Change: Whereas you actually buy from southern countries. It's also spread with different countries, if youre talking about domestic or families that muscle to local economic growth situation.

Scott: A big stake in it.

Scott: 20%, Yeah, it's what you could associate.

Scott: Yep.

Scott: Okay, China, China regulators in periods of a repair.

Speaker Change: So.

Speaker Change: This is what we they and they all have all F N needs to face a cow to strengthen them have them to do business make sure that.

Scott: You can always attention always have southern guidance.

Helen: We have to be careful and look at and see how we continue to help them. Do they actually shrink some of their investment plan so that they preserve some of their resources when the market returns? They may have to do that. This is something we engage the customers all the time.

Helen Wong: We have to be careful and look at and see how we continue to help them. Do they actually shrink some of their investment plan so that they preserve some of their resources when the market returns? They may have to do that. This is something we engage the customers all the time.

Scott: Default banks right.

Speaker Change: They are easy in dealing with their.

Scott: The biggest influences on the essentially one of the larger banks.

Speaker Change: Monday make sure that the banking services to them a device to that is that all the time right.

Scott: So that LIBOR is woefully century.

Scott: Outside of Ingalls also or at least the bank in China.

Speaker Change: Families are more impacted like what we say so first of all the impact would be on international transport storage et cetera.

Scott: And it has a range of Ah if they shop with us.

Scott: Yes, they are.

Scott: Of course, they have to do their part in supporting all of them, but they also have a battery.

Trump: Thanks for the.

[Analyst 6]: Thanks for the.

Speaker Change: This has this will impact the list goes on and he's been surfacing.

Helen: They show that improved. Go ahead.

Goh Chin Yee: They show that improved. Go ahead.

Speaker Change: History. So we have to become will end up and looked at that and see how we continue to have them do they actually shrink some more famous movement. So that the pace of some of that W. Sources. When the market returns they may have to do that.

Scott: I would say the thing you have.

Monique: Monique, just on cost, right. Earlier you mentioned looking at exercise some more discipline on cost. You mentioned events, mentioned travel. Can you expand a little bit more on what you mean by this? I mean, sort of, you know, no to this cycle with the events you made out.

[Analyst 7]: Monique, just on cost, right. Earlier you mentioned looking at exercise some more discipline on cost. You mentioned events, mentioned travel. Can you expand a little bit more on what you mean by this? I mean, sort of, you know, no to this cycle with the events you made out.

Scott: That they'll finish to a general of the follow up sample are recommending to sometimes when people were talking about your lending to SME you can come up as well with that thought in our loan book growth. So that night, sometimes they ask items like that I'm, just giving you. The Pos examples right off examples and even though you don't choose to support only one effect.

Unnamed: there are things you generally follow. For example, regulators sometimes will give you targets that your lending to SMB cannot be slower than your loan book growth. Sometimes there's guidance like that. I'm just giving you past examples, right? Past examples. Many times you don't choose to support only one sector of the economy, right? So, banks in general you have to follow, but doesn't take away how you judge your customers and who to lend to. Lendings doesn't mean that you just have to lend regardless without putting in your risk management parameters. So, Bank of Limpopo I want to say...

Helen: Harry, are you referring to our cost?

Helen Wong: Harry, are you referring to our cost?

Speaker Change: This is something we engaged the customers all the time.

Trump: Our cost, sir.

Helen Wong: Our cost, sir.

Monique: Yes. You said more broadly on costs.

[Analyst 7]: Yes. You said more broadly on costs.

Helen: Yes.

Helen Wong: Yes.

Monique: Can you expand more on what some of the examples on the sort of events you're looking at or? Then also on the cost, right? Operating expense during the journey up 5% year-over-year. Part of the reason was on salary adjustments. Will staff costs also be something that the bank looks at in the coming quarters, you know, when you talk about financial discipline and things like that? Thank you.

[Analyst 7]: Can you expand more on what some of the examples on the sort of events you're looking at or? Then also on the cost, right? Operating expense during the journey up 5% year-over-year. Part of the reason was on salary adjustments. Will staff costs also be something that the bank looks at in the coming quarters, you know, when you talk about financial discipline and things like that? Thank you.

Speaker Change: And that's why they.

Scott: Of the economy.

They should have improved 20 basis, I think you've given a crystal ball here.

Scott: So bank in January you have to you have to all of them, but it doesn't take away how would you judge your customers and Orlando.

Speaker Change: Just on cost running today you Mitch.

Speaker Change: We have more say somewhat subdued cost mentioned defense missile treble give you can expand a bit more what you mean.

Scott: Lots of things doesn't mean that you just have to learn our we got this resolved without without putting an enormous risk management parameters. So badly by I want to say.

Speaker Change: So north recycle Vince you mean, how many of them.

Speaker Change: Through our cost alone.

Helen: I think looking at improving staff productivity is an ongoing thing, right? The flip side of managing cost is you improve productivity. Earlier on, I talked about use of AI, that's something very important. That's what I'm saying. Actually, that was what I was referring to as well. Our profitability and what opportunity AI can bring as to new products and new way to serving customers. Yeah. Our cost is yes. Yes, you can talk about salary cost is the highest, but salary cost always reflect the market. If there is there is economic weakening then of course, I mean, the whole world will reduce the salary increment. That is a natural way of response to what is happening in the market now.

Helen Wong: I think looking at improving staff productivity is an ongoing thing, right? The flip side of managing cost is you improve productivity. Earlier on, I talked about use of AI, that's something very important. That's what I'm saying. Actually, that was what I was referring to as well. Our profitability and what opportunity AI can bring as to new products and new way to serving customers. Yeah. Our cost is yes. Yes, you can talk about salary cost is the highest, but salary cost always reflect the market. If there is there is economic weakening then of course, I mean, the whole world will reduce the salary increment. That is a natural way of response to what is happening in the market now.

Speaker Change: Our thoughts on this.

Scott: Can you just be mindful.

Unnamed: I think just to be mindful, Bank of Limpopo is an associated company, so they are listed on their own, so we can't comment on their business plans. I think that's quite important. What I'm trying to say is they also apply school business principles. Yeah. And with money. Are they likely to raise capital? That would be a problem. They are both separate bonds. So we cannot invest in them.

Speaker Change: Good morning.

Scott: Yeah.

Scott: Once we come home in order. This is Glenn Yeah, I think Thats quick one I'm trying to say is they also apply business principles.

Speaker Change: So what's your bench of Cantor.

Speaker Change: And also on the call its random over investment in China up 5%.

Speaker Change: Although the resembles homegrown.

Scott: And risk management principles.

Speaker Change: Or there would be adjustments was alcohol abuse.

Scott: Are they likely to raise capital.

Speaker Change: It looks at.

Speaker Change: Office.

Scott: Sometimes they couldn't accommodate them publicly at this point.

Speaker Change: Opinions alone and I sort of supplement things with it.

Scott: Yeah.

Speaker Change: I think looking at improving staff with the Davinci is an ongoing thing.

Scott: Yes, it was kind of of course, Andrew I'd kind of visa, we can always busy on tonight be fake it.

Speaker Change: Right and if you can the flip side of a manager and causes you improve productivity.

Scott: They need to raise capital to support.

Unnamed: Can I rephrase? If they need to raise capital, will you support them? Can I answer that question? It is not the right thing to do. I think we cannot. for that. Nothing is sure. When it happens, it happens, and it happens. No one knows. and also support pre-loans. Okay.

Another question, which is a little bit.

Speaker Change: Earlier on I talked about yourself and you either something firm.

Scott: As you know historically, we havent missed.

Scott: I think it cannot.

Speaker Change: That's why I'm, saying actually that was what I, referring to as well.

Scott: Oh yeah.

Helen: I think that, one of the things that if you can improve your productivity, then you don't need to hire as many. You can slow down your hiring plans, for example. If there is natural attrition, you may not need to hire to replace. When we think discipline is you have to watch this very closely. Yeah. I did mention traveling. Yes, we travel a bit less. COVID taught us to be able to talk to everybody online. Of course, in a very rapid growing market, you tend to actually travel more to see your team and then, you organize things for your clients.

Helen Wong: I think that, one of the things that if you can improve your productivity, then you don't need to hire as many. You can slow down your hiring plans, for example. If there is natural attrition, you may not need to hire to replace. When we think discipline is you have to watch this very closely. Yeah. I did mention traveling. Yes, we travel a bit less. COVID taught us to be able to talk to everybody online. Of course, in a very rapid growing market, you tend to actually travel more to see your team and then, you organize things for your clients.

Speaker Change: Typically in most opportunity AI can bring us to a new product a new way to southern customers are.

Scott: I think it's sure when it happens it happens and you have asked me why now.

Scott: Most of the Cleveland.

Speaker Change: Causes yes, yes, you can talk about salary causes the highest sorry cost always reflect the market is that there is a that is economic weakening and of course I mean, the whole world will rule will reduce the salary increments. So that is a natural way of response to what is happening in the market.

Scott: Yeah.

Scott: Okay any other questions.

Scott: Okay, if not thank you very much especially on the Dutch especially.

Unnamed: Any other questions? Okay, if not, thank you very much. Thank you very much.

Speaker Change: But I think that one of the things that if you kind of improves our productivity and you don't need to hire as many because the lung without real hiring plans for example, or if there is natural attrition you may not be too high to be placed when we think discipline issue.

Helen: In a market that is shrinking, there is in a way no need to do that or you would actually apply more discipline in doing that as well. It's how we spend our money, I think so to say.

Helen Wong: In a market that is shrinking, there is in a way no need to do that or you would actually apply more discipline in doing that as well. It's how we spend our money, I think so to say.

Speaker Change: You have to watch is very close.

Speaker Change: I did mentioned, Jonathan Yes, we travel a bit less both have taught us to be able to talk to everybody online. So of course in in a in a very rapidly growing market tends to actually travel more to E. R. P. M. S. N you organize things flowing on financial in the <unk>.

Trump: Thank you. Last question. At fully loaded CET1 ratio 14, right? How much is your excess-?

[Analyst 7]: Thank you. Last question. At fully loaded CET1 ratio 14, right? How much is your excess-?

Helen: 14.5.

Goh Chin Yee: 14.5.

Trump: 14.5. What's the excess capital that you have now?

[Analyst 7]: 14.5. What's the excess capital that you have now?

Helen: It's. Have a good answer on that.

Helen Wong: It's. Have a good answer on that.

Speaker Change: The market that is shrinking.

Trump: Yeah.

[Analyst 7]: Yeah.

Speaker Change: In the window, we need to do that or you would you would actually find more dissipated.

Helen: Of course, you can work it out mathematically. Our target is 30%.

Goh Chin Yee: Of course, you can work it out mathematically. Our target is 30%.

Trump: 30%.

[Analyst 7]: 30%.

Speaker Change: This is how we spend our money I think so to say.

Helen: We don't really disclose like excess capital to say. Suffice to say that when we announce our 5 billion capital return plan, that take into account how we look at excess capital, what are the excess needed, you know, to navigate uncertainties, so on and so forth, and support business franchise growth, and come out with the 0.5. More than 2.5 billion in excess capital to work with. Mathematically you can also work that out.

Goh Chin Yee: We don't really disclose like excess capital to say. Suffice to say that when we announce our 5 billion capital return plan, that take into account how we look at excess capital, what are the excess needed, you know, to navigate uncertainties, so on and so forth, and support business franchise growth, and come out with the 0.5. More than 2.5 billion in excess capital to work with. Mathematically you can also work that out.

Tony: Hi, Tony.

And fully loaded CET, one ratio 14 rate and how much is still as much by what he.

Tony: Whats the excess capital.

Tony: [laughter].

Tony: Yeah.

Tony: [laughter] are good on some of them yeah.

Tony: So all you can eat up mathematically.

Tony: Okay, so that doesn't eat or some other CLO.

Tony: We can be known really east so thanks Seth.

Tony: This episode C are suffice to say that the Vietnam.

Tony: Hi.

Tony: Well since then.

Trump: Just one question, which is little bit off tangent. You know, the bank, the PBOC is encouraging all the Chinese banks to lend. Then you've got this, say, 19% stake or say 20% stake in Bank of-

[Analyst 8]: Just one question, which is little bit off tangent. You know, the bank, the PBOC is encouraging all the Chinese banks to lend. Then you've got this, say, 19% stake or say 20% stake in Bank of-

Tony: Hum.

Tony: And so one of the first lien debt.

Tony: In the east so on so far is about business franchise schools.

Tony: And come up with.

Tony: Hmm.

Tony: And went into my flight and he was the.

Tony: First capital D C. What mathematically you can do so.

Helen: Of Ningbo, yeah.

Helen Wong: Of Ningbo, yeah.

Trump: Yeah. I mean, is that included in those banks that the PBOC is encouraging to lend? Because some of them have raised capital, as you said, in Q1.

[Analyst 8]: Yeah. I mean, is that included in those banks that the PBOC is encouraging to lend? Because some of them have raised capital, as you said, in Q1.

Speaker Change: Do you have to admit it.

Tony: The metal that no one app.

Speaker Change: Does that answer what I'm any light and so there is this thought out and if anything they don't want to.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: One question little bit.

Speaker Change: Pension.

Helen: Yeah.

Helen Wong: Yeah.

Trump: What is the situation with Bank of Ningbo? I mean, quite a big stake in it.

[Analyst 8]: What is the situation with Bank of Ningbo? I mean, quite a big stake in it.

Speaker Change: The cbot is encouraging all the Chinese banks to James.

Helen: 20%.

Helen Wong: 20%.

Trump: 20%.

[Analyst 8]: 20%.

Speaker Change: And you've got this 19% staples at 20% stake Banco embargo.

Helen: 20%.

Helen Wong: 20%.

Trump: Yeah. It's associate.

[Analyst 8]: Yeah. It's associate.

Helen: Okay. China regulators in period of economic situation always have certain guidance for banks, right? The biggest influence is on the centrally owned, the larger banks. Bank of Ningbo is not owned centrally. Now, Bank of Ningbo is also a listed bank in China, and it has a range of different shareholders. Yes, of course, they have to do their part in support economy. They also have a very. I would say there are things you generally follow. For example, a regulator sometime will give you target that your lending to SME cannot be slower than your loan book growth.

Helen Wong: Okay. China regulators in period of economic situation always have certain guidance for banks, right? The biggest influence is on the centrally owned, the larger banks. Bank of Ningbo is not owned centrally. Now, Bank of Ningbo is also a listed bank in China, and it has a range of different shareholders. Yes, of course, they have to do their part in support economy. They also have a very. I would say there are things you generally follow. For example, a regulator sometime will give you target that your lending to SME cannot be slower than your loan book growth.

Speaker Change: So what is I mean is that included in those banks it Keith.

You'll see in closing today, because some of them have breached.

Speaker Change: After telling US you said in the last in the first quarter. So what is the situation with bank of Nashville, If you put a needle.

Speaker Change: It's taken me.

Speaker Change: 20%, 30%, Yeah, you could associate.

Speaker Change: Yeah.

Speaker Change: Okay, China, China regulators in periods of a compare.

Speaker Change: You can always attention always have southern guidance.

Speaker Change: Default banks right.

Speaker Change: The biggest influences of the essentially one of the larger banks.

Speaker Change: So that LIBOR is woefully et cetera.

Speaker Change: Our family of Ingalls also or at least a bank in China.

Trump: Is that right?

[Analyst 8]: Is that right?

Helen: Sometimes there's guidance like that. I'm just giving you past examples, right? Past examples. Many times you don't choose to support only one sector of the economy, right? Banks in general, you have to follow. Doesn't take away how you judge your customers and who to lend to. Yeah. Lending doesn't mean that you just have to lend regardless without putting in your risk, your risk management parameters. Bank of Ningbo, I want to say-

Helen Wong: Sometimes there's guidance like that. I'm just giving you past examples, right? Past examples. Many times you don't choose to support only one sector of the economy, right? Banks in general, you have to follow. Doesn't take away how you judge your customers and who to lend to. Yeah. Lending doesn't mean that you just have to lend regardless without putting in your risk, your risk management parameters. Bank of Ningbo, I want to say-

Speaker Change: And it has a range of shareholders.

Speaker Change: Yes, they are.

Speaker Change: Of course, they have to do their part and support in harmony.

Speaker Change: But they also have a very.

Speaker Change: I would say the thing you have.

Speaker Change: That there are things to generally follow for example are recognized for some time when people were talking about your lending to SME because of his role at that thought and our loan book growth. So.

Speaker Change: Alright.

Speaker Change: I'll just ask items like that I'm, just giving you the perfect samples right off example, that even though you don't choose to support only one sector of the economy.

Monique: Yeah. I think just to be mindful-

[Company Representative] (OCBC): Yeah. I think just to be mindful-

Helen: Yeah.

[Analyst 8]: Yeah.

Monique: Bank of Ningbo is an associate company.

[Company Representative] (OCBC): Bank of Ningbo is an associate company.

Helen: Yeah.

[Analyst 8]: Yeah.

Monique: They are listed on their own. We can't comment on their business plans.

[Company Representative] (OCBC): They are listed on their own. We can't comment on their business plans.

Speaker Change: So bank in January you have to you have to although it doesn't take away how would you judge your customers and boots Orlando.

Helen: Yeah.

[Analyst 8]: Yeah.

Monique: I think that's quite important.

[Company Representative] (OCBC): I think that's quite important.

Helen: What I'm trying to say is they also apply good business principles.

[Analyst 8]: What I'm trying to say is they also apply good business principles.

Monique: Mm-hmm.

[Company Representative] (OCBC): Mm-hmm.

Helen: Yeah. Risk management principles.

[Analyst 8]: Yeah. Risk management principles.

Speaker Change: One of the things doesn't mean that you just have to learn regardless without without without putting any office risk management parameters. So badly by I want to say.

Trump: Are they likely to raise capital at some…

[Analyst 1]: Are they likely to raise capital at some…

Helen: They are listed.

Goh Chin Yee: They are listed.

Monique: They are both separate boards.

[Company Representative] (OCBC): They are both separate boards.

Helen: They are listed.

Helen Wong: They are listed.

Monique: Yeah.

[Company Representative] (OCBC): Yeah.

Helen: They are separate companies, so we cannot really say.

[Analyst 8]: They are separate companies, so we cannot really say.

Speaker Change: But can you just be mindful.

Trump: Can I rephrase? If they need to raise capital, will you support them? Can I ask that question?

[Analyst 8]: Can I rephrase? If they need to raise capital, will you support them? Can I ask that question?

Speaker Change: So as a company.

Glenn: Once we come home in auto this is Glenn Yeah, I think Thats quick one I'm trying to say is they also apply school business principles.

Helen: If it's not the right thing.

Helen Wong: If it's not the right thing.

Monique: If it's not the right thing.

[Company Representative] (OCBC): If it's not the right thing.

Helen: I think we cannot comment on that. Yeah. It's nothing is sure when it happens. It happens and they have to do announcement.

Helen Wong: I think we cannot comment on that. Yeah. It's nothing is sure when it happens. It happens and they have to do announcement.

Speaker Change: And risk management principles.

Glenn: Are they likely to raise capital.

Monique: Announce and support previously, yeah.

[Company Representative] (OCBC): Announce and support previously, yeah.

They couldn't accommodate them publicly.

Helen: Okay. Any other questions? Okay. If not, thank you very much. Thank you very much.

Goh Chin Yee: Okay. Any other questions? Okay. If not, thank you very much. Thank you very much.

Speaker Change: Yeah.

Speaker Change: Good afternoon.

Speaker Change: Kind of of course, Android kind of visa, we can always busy on that can I rephrase it.

Trump: Thank you.

[Analyst 8]: Thank you.

Helen: Yes.

Goh Chin Yee: Yes.

Speaker Change: And they need to raise capital to support.

Trump: Thank you.

Goh Chin Yee: Thank you.

Speaker Change: Another question, which is a little bit.

Speaker Change: Sure I'll hit his first of I can't remember scaffold I think internal.

Speaker Change: Yeah.

Speaker Change:

Speaker Change: I think it's sure when it happens it happens and you have asked me why now.

Speaker Change: Most of this agreement.

Speaker Change: Okay any other questions.

Speaker Change: Okay, if not thank you very much especially on the merch, especially.