Q4 2025 Oversea-Chinese Banking Corp Ltd Earnings Call

February 25, 2026

[music] I'm wondering why we're gonna start soon.

Operator: Okay, good morning, everyone. We're going to start soon. Okay, good morning. Welcome to OCBC's full year 2025, Q4 2025 results briefing. On our panel this morning, we have our Group CEO, Mr. Tan Teck Long, our CFO, Ms. Goh, Ching Koh, and as well as our colleagues from our whole-of-wealth, which our CEO will be talking about, which is Mr. Sunny Quek, Head of Global Consumer Financial Services, CEO of Bank of Singapore, Mr. Jason Moo. We have today with us the CEO of Great Eastern, and that's Mr. Greg Hingston. Last but not least, our Head of Global Markets, Mr. Kenneth Lai. Ching Koh, our CFO, will take us through our presentation slides, and thereafter we will take Q&A. Ching Koh, please.

Okay. Good morning, welcome to OCB six full year 2025 fourth quarter 2025, our results briefing on a panel. This morning, we have our group CEO, Mr. Tom <unk>, our CFO Ms coaching E and swell as our colleagues from.

Our whole of wealth, which our CEO will be talking about witches misses on your quick hit of consumer financial services Shiao of bank of Singapore, Mr. Jason move and we have today with us the CEO of great Eastern that does Mr. Greg Kingston, and last but not least our head of global markets and we still cannot fly so cheap.

CFO will take us through our presentation slides and thereafter, we would take journey.

Jenny please.

Everyone. Thank you for joining us in our FY <unk> five our results briefing.

Tan Teck Long: Good morning, everyone. Thank you for joining us in our FY 2025 results briefing. OCBC's profit before tax for a full year of 2025 rose 2% year-on-year, to a record SGD 9.12 billion. This was the first time our pretax profit crossed the SGD 9 billion mark. FY 2025 group net profit of SGD 7.42 billion was 2% below our record SGD 7.59 billion a year ago due to higher tax expense. The rise in tax expense was mainly because of the increased profit contribution from higher tax jurisdictions and implementation of the 15% minimum global tax from the start of 2025. Our record pretax profit was driven by three key factors. Firstly, record total income. Secondly, well-managed expenses. Thirdly, lower allowances. Net interest income fell 6% to SGD 9.15 billion in the declining interest rate environment. Non-interest income grew 16% to a new high of SGD 5.46 billion from broad-based growth.

<unk> profit before tax for full year of 35 rose, 2% year on year to a record 911 2 million in Singapore dollars.

This was the first time.

Our pretax profit crossed the 9 billion market.

FY 'twenty five group net profit of 742 billion was 2% below our record 759 billion a year ago.

You do higher tax expense.

The rise in Texas, <unk> was mainly because of the increased profit contribution from higher tax jurisdictions and implementation of the 15% minimum will both tax from the start of 2025.

Our record pretax profit was driven by three key factors Firstly record total income.

Kenny well manage expenses and certainly lower allowances.

Net interest income fell 6% to 91 5 billion.

Even the declining interest rate environment.

Non interest income grew 16% to a new high of 546 billion from broad based growth.

This more than compensated.

For the decline in NII.

Tan Teck Long: This more than compensated for the decline in NII. Fee and trading income both rose to record levels, up 22% and 10% respectively. In particular, our wealth management fees and customer flow treasury income also hit new highs, driven by increased client activities and franchise strength. Insurance income also delivered a strong 17% increase. Operating expenses were well-managed, up 2%. Cost-to-income ratio was largely maintained at 40%. Our disciplined risk management kept NPL ratio stable at 0.9% across the past seven quarters. Credit costs were lower at 17 basis points. On capital, CET1 ratio was 16.9% on transitional basis and 15.1% on fully phased-in basis. With our resilient financial results and sound capital position, we are pleased to announce a final ordinary dividend of S$0.42 and a special dividend of S$0.16 for FY 2025. Together with our interim dividend of S$0.41, total dividend for FY 2025 will amount to S$0.99.

Fee and trading income, both rose to record levels up 22% and 10% respectively.

In particular, our wealth management fees and customer flow treasury income or sourcing new highs driven by increased client activity and franchise strength.

Insurance income also deliver a strong 17% increase.

Operating expenses were well managed up 2%.

Cost to income ratio was largely maintained at 40%.

Our discipline risk management Cat M. P L ratio stable at 0.9% across the past seven quarters.

Credit costs were low at 17 basis points.

On capital.

CET one ratio was 16, 9% on transitional basis.

And 15, 1% on fully phased in basis.

With a resilient financial results and sound capital position, we are P, who knows a final ordinary dividend of 42 things and the special dividend of <unk> 16 cents for FY 'twenty five.

Together with our interim dividend of 41%.

Do you have you done for FY 'twenty five to amount to 19, 9%.

This represents a 60% dividend payout ratio.

Tan Teck Long: This represents a 60% dividend payout ratio. On our Q4 performance, group net profit was 3% higher than a year ago, driven by 6% growth in income and 4% lower allowances. Against the previous quarter, net profit was 12% lower, mainly due to income seasonality and higher allowances. Moving on to our performance by three key business pillars on slide five. Wealth Management and insurance delivered strong results, which more than compensated for the lower profit from banking. Wealth Management income and AUM both rose to new highs. Wealth Management income was 14% higher at S$5.6 billion. It now contributes to 38% of group total income, up from 34% a year ago. Banking AUM expended 15% to S$343 billion, driven by both net new money inflows as well as positive market valuation. Net new money inflow in the Q4 was S$6 billion.

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On our fourth quarter performance group.

Gross profit was 3% higher than a year ago, driven by 6% growth in income and 4% lower allowances.

Against the previous quarter net profit was 12% lower mainly due to income seasonality and higher allowances.

Moving on to our performance by three key business pillars on slide five.

Wealth management and insurance deliver strong results, which more than compensated for the lower profit from banking.

Wealth management income and IMU and both rose to new highs.

Wealth management income was 14% higher at $5 6 billion. It now contributes more contributed 38% of group total income up from 74% a year ago banker.

Banking au am expanded 15% to $343 billion driven by both net new money inflows as well as positive market valuation.

Net new money inflow in the fourth quarter was $6 billion for the full year, our net new money inflows totaled 27 billion up by close to 30% from a year ago.

Tan Teck Long: For the full year, our net new money inflows totaled S$27 billion, up by close to 30% from a year ago. On insurance, profit contribution from Great Eastern rose 28% to S$1.13 billion, driven by stronger insurance and investment performance. New business embedded value, or NBEV, grew 19%, and NBEV margin improved to 48.2%, as Great Eastern continued to shift towards higher margin products. Banking profit before tax was 2% lower at S$7.65 billion, mainly due to lower net interest income, partly mitigated by double-digit growth in non-interest income. I'll move on to details of our group performance trends, starting on slide 8. FY 2025, NII declined to S$9.15 billion, impacted by sharp declines in key benchmark rates, in particular SORA and HIBOR. This was mitigated by an 8% growth in our average assets and the benefits from our cash flow hedges.

On insurance.

Profit contribution from great extend rose, 28% to $1, one 3 billion driven by stronger insurance and investment performance.

Business and data value or Ambev grew 19%.

And and best margin improved to 48, 2% at greatest then continue to shift to much higher margin products.

Banking profit before tax was 2% lower at 765 billion, mainly due to lower net interest income partly mitigated by double digit growth.

In noninterest income.

I'll move onto the details of our group performance trends starting on slide eight.

Okay.

FY 'twenty five and I I declined to 911 5 billion impacted by sharp declines in key benchmark rich.

Particular, Sarah and high book.

This was mitigated by an 8% growth in our average assets and the benefits from a cash flow hedges.

The asset growth was driven by launch.

7% year on year and on constant currency basis up 9%.

Tan Teck Long: The asset growth was driven by loans, up 7% year-on-year, and on constant currency basis, up 9%. Our deposits also grew strongly, up 10% year-on-year. The asset liquidity was deployed to high-quality assets. For Q4, NII was 6% lower year-on-year and 3% up Q on Q. Our Q on Q rise in NII was driven by a 2% asset growth, lower funding costs, and continued deployment of asset liquidity to high-quality assets. NII sensitivity, based on 1 basis point, dropped in rates across our four major currencies of Singapore dollars, Malaysian ringgit, Hong Kong dollars, and US dollars was about S$6 billion on an annualized basis. NIM for FY25 was 1.91%. Our exit NIM for December was 1.84%.

Our deposits also grow strongly up 10% year on year.

The excess liquidity was deployed two high quality assets.

For the fourth quarter, NII was 6% lower year on year, and 3% up to on Q.

Our Q on Q rise in NII was driven by a 2% effect growth.

Lower funding cost and continued deployment of excess liquidity or high quality assets.

And I I sensitivity based on one basis point drop in rates across our four major currencies of Singapore dollars Malaysian Ringgit, Hong Kong dollars in U S dollars was about $6 billion on an annualized basis.

NIM for FY 'twenty five was 191%.

And Sidney for December was 184%.

We will continue to lower our cost of deposits to manage funding costs deploy liquidity to income accretive assets to grow income and catcher hedging opportunities to indicate low new compression.

Tan Teck Long: We will continue to lower our cost of deposits to manage funding costs, deploy liquidity to income-equitative assets to grow income, and capture hedging opportunities to mitigate loan yield compression. Moving on to non-interest income. Our full year, non-interest income rose 16% to a record S$5.46 billion, driven by broad-based growth across fee, trading, and insurance income. For the quarter, non-interest income rose 37% year-over-year but was 16% lower quarter-over-quarter, as wealth management and customer flow treasury income were impacted by seasonality in Q4. Full year 2025, fee income grew 22% to a record S$2.41 billion, lifted by growth across all major fee businesses, in particular wealth management. Our wealth management fees surged 33% to a new high of S$1.23 billion and contributed to more than half of our group fee income. The strong performance was driven by two factors.

Moving on to non interest income.

Our full year noninterest income rose, 16% to a record 5.46 billion driven by broad based growth across fee trading and insurance income.

For the quarter noninterest income growth, 37% year on year.

But was 16% lower Q on Q as wealth management and customer flow triggered treasury income were impacted by seasonality in the fourth quarter.

Yeah.

Full year, Nike 25 fee income grew 22% to a record $2 41 billion lifted by growth across all major fee businesses in particular wealth management.

Our gross management fees, such study, 3% to a new high of 123 billion and contributed to more than half of our group fee income.

The strong performance.

Driven by two factors.

Yes.

Proof client sentiments and higher average percentage of investor in U M. A crew.

Tan Teck Long: First, improved client sentiment and higher average percentage of invested AUM across all wealth segments. Our invested AUM is now above 60%. Second, our strategic drive to strengthen our wealth franchise, including increasing RMs and use of digitalization. These are starting to deliver improved revenues and productivity. On trading income. Our trading income grew 10% to S$1.68 billion, as customer flow treasury income rose 20% to a new high of S$1.33 billion. The growth was driven by both wealth and corporate segments, with continued demand for FX, hedging, and investment products. Next on operating expenses. FY 2025 expenses increased by a modest 2%, mainly from higher staff and technology costs to support our business growth and raise productivity. Cost-to-income ratio was maintained at around 40%. We continue to invest strategically for growth while executing strong discipline in our discretionary expenses. Loan growth momentum was sustained.

All the segments.

And that's it.

Is now above 60%.

Second.

Our strategic drive to strengthen our wealth franchise, including increasing our aims.

And use of digitalization.

These are starting to deliver improved revenues and productivity.

On trading income.

Trading income grew 10% to $1 6 billion as customer fraud Treasury income growth, 20% to a new high of $1 33 billion. The growth was driven by both wealth and corporate segments with continued demand for.

FX hedging and investments products.

Next on operating expenses.

FY 'twenty five expenses increased by a modest 2% mainly from higher staff and technology cost to serve.

Part of our business grow and raise productivity.

Cost to income ratio was maintained at around 40%.

We continue to invest strategically for growth while executing.

Strong discipline in our discretionary expenses.

Loan growth momentum was sustained on constant currency term loans grew 9% danya and 4% Q on Q to 341 billion.

Tan Teck Long: On constant currency term, loans grew 9% year-over-year and 4% quarter-over-quarter to S$341 billion. Loan growth for the year was contributed by both corporate and consumer segments. By industry, the increase was broad-based, in line with our group strategy to capture opportunities in various growth sectors. This includes sustainable financing, T&T, including digital infrastructure, transport, as well as our Singapore residential mortgages. In particular, sustainable financing loans grew 13% year-over-year to S$56.5 billion and now account for 17% of our total group loans. Our loan book remains well-diversified across geographies and sectors. Overall loan portfolio quality remains sound. NPL ratio was stable at 0.9% for seven consecutive quarters since June 2024. NPAs were 9% higher quarter-over-quarter at S$3.24 billion, mainly due to downgrades of two corporate real estate accounts in Greater China in Q4.

Loan growth for the year was contributed by both corporate and consumer segments.

The industry the increase was broad base in line with our group strategy to capture opportunities.

De risked growth sectors.

This includes sustainable financing TNT, including digital infrastructure transport as well as our Singapore residential mortgages.

In particular sustainable financing loans grew 13% year on year to $56 5 billion and now accounts for 17% of our total loans.

Our loan book remains well diversified across geographies and sectors.

Overall loan portfolio quality remained sound.

NPL ratio was stable at 0.9% for seven consecutive quarters since June 2034.

N P. Eight were 9% higher Q on Q at 324 billion, mainly due to downgrades of two corporate real estate accounts in greater China in the fourth quarter.

These accounts were previously classified as special mention loans and have been proactively managed.

Tan Teck Long: These accounts were previously classified as special mention loans and have been proactively managed. We remain vigilant and continue to actively monitor our loan portfolio. Total allowances for the full year declined 4% to S$665 million. Total credit costs were lower at 17 basis points. For the Q4, total allowances were S$200 million, and mainly comprised S$2.36 million for impaired assets, largely for the two corporate real estate accounts that were downgraded. This was offset by a net writeback of S$36 million for non-impaired assets, mainly due to migration to allowances for impaired assets and adjustment of MEV updates to reflect the improved GDP forecast. Our cumulative allowances were higher year-over-year at S$4.91 billion. NPA coverage stood at 151%. Allowances for non-impaired loans were maintained at 0.9% of total performing loans.

We remain vigilant and continue to actively monitor our loan portfolio.

Total allowances for the full year decline, 4% to $665 million.

Total credit costs were low at 17 basis points.

For the fourth quarter total allowances, but 200 million and many comprise 236 million fall.

Sorry, 236 million fall in pet assets largely for the two corporate real estate accounts that were downgraded.

This was offset by a net write back of $36 million for non impaired assets may need due to migration to allowances for in pet are sets and adjustment of N E V. A beach to reflect the improved GDP forecasts.

Yeah.

Our cumulative allowances were higher year on year at $4 91 billion NPA coverage stood at 151%.

Allowances for Nanya patent loans were maintained at 0.9% of total performing loans.

Yeah.

Customer deposit growth, 10% year on year, and 4% Q on Q2 428 billion, mainly driven by Casa.

Tan Teck Long: Customer deposits rose 10% year-on-year and 4% quarter-on-quarter to SGD 428 billion, mainly driven by CASA. Our CASA deposits increased 14% year-on-year across corporate, SME, as well as consumer segments. CASA ratio has improved steadily over the last seven quarters to 50.7%. This is a reflection of our efforts to gather lower costs and stickier deposits, as well as the lower interest rate environment. Our funding position remains stable, with 80% comprising of customer deposits. All funding and liquidity ratios are well below regulatory requirements. Next on capital. Transitionary CET1 ratio was 16.9%, and fully phased-in CET1 ratio was 15.1%. Our robust capital position supports our growth strategy and enables us to deliver sustainable shareholders' returns. Moving on to my final slide on dividend. Our board has proposed a final ordinary dividend of SGD 0.42 and a special dividend of SGD 0.16 per share.

Our cost of deposits increased 14% year on year across corporate SME as well.

As consumer segments.

Casa ratio has improved steadily over the last seven quarters to 57%.

This is a reflection of our efforts to get the lower cost and stickier deposits as well as the lower interest rate environment.

Our funding position remains stable.

Yes.

80% comprising of customer deposits.

All funding and liquidity ratios are well below regulatory requirements.

Next on capital.

Transition of reef CET, one ratio was 16, 9% and fully phased in CET one ratio was 15, 1%.

Our robust capital position supports our growth strategy and enables us to deliver sustainable shareholder returns.

Moving onto my final slide on dividend.

Our board has proposed a final ordinary dividend of 42 cents and a special dividend of 16 cents per share.

Together with our interim dividend of 41, the total dividend for FY 'twenty five we'll be 99 cents per share representing 60% of group net profit.

Tan Teck Long: Together with our interim dividend of SGD 0.41, the total dividend for FY 2025 will be SGD 0.99 per share, representing 60% of group net profit. This is in line with our target payout ratio of 50% for ordinary dividend and 10% for special dividend for FY 2025 as part of our previously announced capital return plan. We remain committed to complete our SGD 2.5 billion capital return plan by FY 2026. With this, I end my presentation. Thank you very much for your attention. I will now hand the floor over to Tik Wong. Tik Wong, please. Great. Thank you. Thank you, Ching Yi. A very happy Chinese New Year to all of you. Last year was a Year of the Snake, and the economy and the uncertainties in the world sort of ticked a zigzag pattern.

This is in line with our target payout ratio of 50% for ordinary dividend and 10% for special dividend for FY 'twenty five as part of our previously.

Announced capital return plan.

We remain committed to compete our $2 5 billion capital return plan by FY 'twenty six.

With this I end my presentation. Thank you very much for your attention I will now hand, the floor over to take long.

They're lumpy right.

Thank you.

Thank you Jamie.

Tik Wong: Thank you. Thank you, Ching Yi. A very happy Chinese New Year to all of you. Last year was a Year of the Snake, and the economy and the uncertainties in the world sort of ticked a zigzag pattern.

Very happy to try to still get to all of you.

Last year was a geography and they called me and the uncertainties in the west Salt because the exact Upton sorry wish therefore, everyone in the room and they called me out there where a large debt in the year. The horse is a shelf with that one.

Tan Teck Long: I wish that for everyone in the room and for the economy of the world at large, that in the Year, the Horse is a sheer-footed one and not a wild horse. If you recall, last year was actually a challenging year, especially after the announcement of the Liberalization Day tariffs. The bank also first faced interest rate pressure. If you recall, in the Q2 of last year, HIBOR actually took a dive from 400 basis points to almost overnight sub-100 basis points. Fortunately, it has resurfaced somewhat, and I hope for more stability. Nevertheless, despite all these challenges, the bank managed to deliver a new high in income. To achieve this, we need all cylinders firing. We expanded our loan book. We grew our deposit. For non-interest income, we achieved a double-digit growth. Great Eastern also keeping very strongly year-over-year.

Tik Wong: I wish that for everyone in the room and for the economy of the world at large, that in the Year, the Horse is a sheer-footed one and not a wild horse. If you recall, last year was actually a challenging year, especially after the announcement of the Liberalization Day tariffs. The bank also first faced interest rate pressure. If you recall, in the Q2 of last year, HIBOR actually took a dive from 400 basis points to almost overnight sub-100 basis points. Fortunately, it has resurfaced somewhat, and I hope for more stability. Nevertheless, despite all these challenges, the bank managed to deliver a new high in income. To achieve this, we need all cylinders firing. We expanded our loan book. We grew our deposit. For non-interest income, we achieved a double-digit growth. Great Eastern also keeping very strongly year-over-year.

Wow.

If you recall last year was actually a challenging year, especially after the announcement of the deterioration of the tariffs.

The Bangles office spaces.

Interest rate pressure.

If you recall in the second quarter of last year high ball Archie Okay.

Five four and 400 basis points.

Almost all night.

Basis points.

Fortunately, yes, reasonably somewhat and I hope for more stability.

So nevertheless, despite all these challenges.

The primary series D D.

Our new high income.

Got you if this also linzess firing.

We spend our loan book.

Our deposit and for non interest income achieved double digit growth.

Great Eastern also keeping very strongly.

On year.

Our customer sluggishness for trading also registered double digit growth contributor by the wholesale bank and of course, the wealthy space, which has been a standout in losses financial performance.

Tan Teck Long: Our customer flow business for trading also registered double-digit growth, contributed by the wholesale bank and, of course, the wealth business, which has been a standout in last year's financial performance. All in all, we delivered a strong financial performance. Expenses remain well-managed at cost-to-income ratio of 40%. Credit quality remains sound, with NPL ratio stable at 0.9%. It's worthwhile to note that we have maintained this NPL ratio across seven quarters so far. This despite the challenges we see in the market. Looking forward in 2026, we expect market conditions to remain uncertain with continued pressure from softening of interest rates. We expect a slight to moderate decline in net interest income, we are still aiming for stable to growing total income. Loan growth is expected to be in the mid-single-digit range. Cost-to-income ratio is 10%.

Tik Wong: Our customer flow business for trading also registered double-digit growth, contributed by the wholesale bank and, of course, the wealth business, which has been a standout in last year's financial performance. All in all, we delivered a strong financial performance. Expenses remain well-managed at cost-to-income ratio of 40%. Credit quality remains sound, with NPL ratio stable at 0.9%. It's worthwhile to note that we have maintained this NPL ratio across seven quarters so far. This despite the challenges we see in the market. Looking forward in 2026, we expect market conditions to remain uncertain with continued pressure from softening of interest rates. We expect a slight to moderate decline in net interest income, we are still aiming for stable to growing total income. Loan growth is expected to be in the mid-single-digit range. Cost-to-income ratio is 10%.

So all you all did you do that our strong financial performance.

Estimates this remained well managed our cost to income ratio of 40%.

Credit quality remains so we NPL ratio stable at <unk>, 9%, it's worthwhile to note that we had in this NPL ratio across several quarters so far.

And this despite the challenges we see in the market.

Looking forward in 2026.

We expect market conditions to remain uncertain.

With continued pressure from softening of interest rates.

Yes, but a slight to moderate decline in net interest income, but yes, you're aiming for stable to growing total income.

Loan growth is expected to be in the mid single digit range.

Hosting.

Person.

Credit costs.

We expect it to remain benign at 20 to 25 basis point, but less very my that'd be at the beginning of the year and the.

Tan Teck Long: Credit costs, we expect it to remain benign at 20 to 25 basis points. Let's bear in mind that we are at the beginning of the year. I'm crystal ball gazing a little bit. 20 to 25 basis points is what we are guiding. We will continue with our 50% ordinary dividend payout policy, but we will complete our earlier announced S$2.5 billion capital return plan by financial year 2026. Okay. Next, I assume that with a new CEO in town, there will be interest to hear our new strategy. If I'm wrong, please raise your hand, maybe I'll skip this session. When we craft our corporate strategy, there were two thoughts at the backdrop in our mind. One is our very deep Asian insights, having operated in this part of the world, in ASEAN and Greater China for almost a century.

Tik Wong: Credit costs, we expect it to remain benign at 20 to 25 basis points. Let's bear in mind that we are at the beginning of the year. I'm crystal ball gazing a little bit. 20 to 25 basis points is what we are guiding. We will continue with our 50% ordinary dividend payout policy, but we will complete our earlier announced S$2.5 billion capital return plan by financial year 2026. Okay. Next, I assume that with a new CEO in town, there will be interest to hear our new strategy. If I'm wrong, please raise your hand, maybe I'll skip this session. When we craft our corporate strategy, there were two thoughts at the backdrop in our mind. One is our very deep Asian insights, having operated in this part of the world, in ASEAN and Greater China for almost a century.

Crystal ball gazing, a little bit so 25 basis points is what we're guiding.

We will continue with our 50% ordinary dividend payout policy, but we will complete our earlier announced $2 5 billion uncapped 30 them plan by financial year 2026.

Okay next.

I assume that with a new CEO and Paul there'll be interested to hear our new strategy by if I'm wrong. Please raise your hand, and then maybe I'll skip to the section.

So.

When we cross our corporate strategy there were two thoughts.

As a backdrop in our mind.

One is a very deep Asian insights, having operator in this part of the world Ossian in greater China for almost a century.

With this insight given the challenges in the marketplace you want to leverage these insights to capture new opportunities. So that's one part the hide the corporate strategy.

Tan Teck Long: With this deep insight, given the challenges in the marketplace, we want to leverage these insights to capture new opportunities. That's one thought behind the corporate strategy. The second is really with an eye to the future. In the 30 years I have been in the banking industry, I witnessed 3 transformations. First, internet banking. Second, digital mobile banking. Now, with the rapid advancement of AI, we could be on the cusp of a third transformation. Actually, I can't think of it. This could be the fourth because when I joined the banking industry, there were still typewriters around, and we migrated to computer processing. Next page, please. We identified 5 megatrends, we grouped our thoughts into 4 strategic shifts to write these megatrends: Asia, tech, net zero, and franchise shift, with ADD at the center. ADD stands for AI, Digital, and Data.

Tik Wong: With this deep insight, given the challenges in the marketplace, we want to leverage these insights to capture new opportunities. That's one thought behind the corporate strategy. The second is really with an eye to the future. In the 30 years I have been in the banking industry, I witnessed 3 transformations. First, internet banking. Second, digital mobile banking. Now, with the rapid advancement of AI, we could be on the cusp of a third transformation. Actually, I can't think of it. This could be the fourth because when I joined the banking industry, there were still typewriters around, and we migrated to computer processing. Next page, please. We identified 5 megatrends, we grouped our thoughts into 4 strategic shifts to write these megatrends: Asia, tech, net zero, and franchise shift, with ADD at the center. ADD stands for AI, Digital, and Data.

The second is really.

With an eye to the future.

In the 30 years I have been in the banking industry.

I witnessed three transformation.

Yes.

Internet banking sector.

Second is the mobile banking and now with the rapid of asthma.

It could be on the cost of that transformation.

Did you call. It think of it this could be the fall because we enjoyed the banking industry that will suit that right the sorel and that'll be migrated comparability processing.

Mixed species.

Yeah.

We have identified five mega trends are good.

Our thoughts into fast strategy shoes to write these mega trends.

Asia Pac net zero and franchisees.

A D D at the center.

A D D stands for AI.

And data.

No you're quite easily put it in the center.

There are some top process behind that and we did debris choose a D D.

Tan Teck Long: Now, we quite easily put AI in the center. There are some top processes behind that. We deliberately chose ADD. We don't think AI alone can give us all the synergy we want. We want to view it holistically, using AI, digital, and data, focusing on customer journey holistically, focusing on employee journey holistically to get the synergies we can get. We also think that the AI technology, some are more mature and can give us benefits, and we have already created synergies out of that. Agentic AI is a very promising field, and that can give us even more bang for buck. However, the technology may not be ready today, but it is a fast-advancing field.

Tik Wong: Now, we quite easily put AI in the center. There are some top processes behind that. We deliberately chose ADD. We don't think AI alone can give us all the synergy we want. We want to view it holistically, using AI, digital, and data, focusing on customer journey holistically, focusing on employee journey holistically to get the synergies we can get. We also think that the AI technology, some are more mature and can give us benefits, and we have already created synergies out of that. Agentic AI is a very promising field, and that can give us even more bang for buck. However, the technology may not be ready today, but it is a fast-advancing field.

Don't think alone can give us all the thing that you view one so we ought to view holistically using AI, which the it's a.

Focusing on customer journey holistically, focusing on employee journey holistically to get the synergies we can get.

We also think that the AI technology, some are more mature and can give us benefit and where do we have already created synergies all of that.

But it just it is a very promising view and that can give us even more bang for Buck however that kind of what you may not be ready today, but it is a function of bouncing phew sorry.

So as a result of our focus on customer journey. So.

So part that we had the debate each bird and data strategy make us AI ready so that when they are I think well Gee as much go S. N win is mature your pocket into our system.

Tan Teck Long: As a result, our focus on customer journey, supported with a deliberate digital and data strategy, makes us AI-ready so that when the AI technology is mature, as and when it's mature, you'll plug it into our system. Next page, Asia shift. We want to capture opportunities from a rising Asia. Even though we may be carried away and be confused by the uncertainties in the marketplace, ASEAN is actually a good place to be in. We are seeing a rising Asia with rising intra-Asia trade, rising intra-Asia investments, and wealth flows. Indeed, ASEAN is projected to become the fourth-largest global economy as a bloc by 2030. We are very fortunate that our core markets, Malaysia, Indonesia, and Singapore, account for 60% of the GDP of ASEAN. If we include our branches in Vietnam and Thailand, we can cover 85% of the GDP in ASEAN.

Tik Wong: As a result, our focus on customer journey, supported with a deliberate digital and data strategy, makes us AI-ready so that when the AI technology is mature, as and when it's mature, you'll plug it into our system. Next page, Asia shift. We want to capture opportunities from a rising Asia. Even though we may be carried away and be confused by the uncertainties in the marketplace, ASEAN is actually a good place to be in. We are seeing a rising Asia with rising intra-Asia trade, rising intra-Asia investments, and wealth flows. Indeed, ASEAN is projected to become the fourth-largest global economy as a bloc by 2030. We are very fortunate that our core markets, Malaysia, Indonesia, and Singapore, account for 60% of the GDP of ASEAN. If we include our branches in Vietnam and Thailand, we can cover 85% of the GDP in ASEAN.

So mixed bag Asia shift.

We wanted to capture opportunities from a rising Asia.

Even though we may be carried away.

Can be confused by the uncertainties in the marketplace.

Austria is actually a good place to be in.

We are seeing a rising.

Asia with rising intra Asia trade routes in intra Asia investments at well flows.

Indeed, indeed ASEAN is projected to become the fourth largest global call me as a block by 2030.

We are very fortunate that our core markets militia into.

Indonesia, and Singapore account for 60% of the GDP of RCN.

It would be in.

Our branches in Vietnam, and Thailand, we can cover 85% of the GDP in RCM.

To do this effectively to leverage our single branch presence besides our core market presence.

Tan Teck Long: To do this effectively, to leverage our single branch presence besides our core market presence, we are working on digital solutioning, especially upgrading our transaction banking services to provide one ASEAN value proposition to our customers. We will continue to leverage our twin hubs in Singapore and Hong Kong to capture high net worth wealth flows. This is not a new strategy. It's an existing strategy, and we have experienced high growth, and we will continue to tap on this. Next. The second strategy shift is the technology shift. With advancements of technology, we have an opportunity to create a customer-centric ADD strategy where we gain a better understanding of the customer through technology in order to deliver to the right customers the right products at the right time. We are going to make investments in this area and grow big.

Tik Wong: To do this effectively, to leverage our single branch presence besides our core market presence, we are working on digital solutioning, especially upgrading our transaction banking services to provide one ASEAN value proposition to our customers. We will continue to leverage our twin hubs in Singapore and Hong Kong to capture high net worth wealth flows. This is not a new strategy. It's an existing strategy, and we have experienced high growth, and we will continue to tap on this. Next. The second strategy shift is the technology shift. With advancements of technology, we have an opportunity to create a customer-centric ADD strategy where we gain a better understanding of the customer through technology in order to deliver to the right customers the right products at the right time. We are going to make investments in this area and grow big.

We are working on each resolution in especially the upgrading of our transaction banking services to provide once the one ossian value proposition to our customers.

We will continue to leverage our three hubs in Singapore, and Hong Kong to capture high net worth wealth flows.

This is not a new strategy is our existing strategy and we have experienced high growth and we will continue to tell on this.

Thanks.

The second strategy shift is the technology shift.

Advancements of technology we.

We have an opportunity to create a customer centric strategy.

We gain a better understanding of <unk> technology.

In order to deliver to the right customers.

The right product at the right time, Silvio <unk> going to make the investments in this area and Kobe.

We have also been very successful.

Fine.

Pending our coverage of TMT sector in the last few years, we have massive registered double digit growth in the past we yes.

Tan Teck Long: We have also been very successful in identifying and expanding our coverage of TMT sector in the last few years. We have managed to register double-digit growth in the past few years. We managed to ride on the AI tailwinds to finance digital infrastructure, such as data centers, but we are also in financing the tech supply chain. The third strategic shift, net zero shift. Sustainability remains very important for us, and we will continue to help reduce carbon emissions by financing renewables and greening of industries, including support for SMEs. If you really think about the contents of that sentence, it means that we are trying to make a difference to the environment. The fourth strategic shift, franchise shift. This is a very big slide because it attempts to cover our four core markets.

Tik Wong: We have also been very successful in identifying and expanding our coverage of TMT sector in the last few years. We have managed to register double-digit growth in the past few years. We managed to ride on the AI tailwinds to finance digital infrastructure, such as data centers, but we are also in financing the tech supply chain. The third strategic shift, net zero shift. Sustainability remains very important for us, and we will continue to help reduce carbon emissions by financing renewables and greening of industries, including support for SMEs. If you really think about the contents of that sentence, it means that we are trying to make a difference to the environment. The fourth strategic shift, franchise shift. This is a very big slide because it attempts to cover our four core markets.

Message right on the <unk> to finance these the infrastructure such as data center, but also in financing the tech supply chain.

The third strategic shift net zero shoot.

Sustainability remains very important for us.

And we will continue to help reduce carbon emissions by financing renewable and greening of industries, including support for Smes.

If you think about the content of their sentence.

It means that we are trying to make a difference to that environment.

The fourth strategic shoot.

Franchise shift.

These are very big flight.

Because your attempt to cover our four core markets.

For this briefing we have dispute the slide to focus our discussion on the several big ideas.

Tan Teck Long: For this briefing, we have distilled the slide to focus our discussion on several big ideas. We have twin hubs, we have the ASEAN domestic markets. In Singapore, we are unique compared to other competitors that we have the full capabilities in OCBC, Bank of Singapore, and Great Eastern. This gives us a unique opportunity to deliver what we call the whole-of-wealth value propositions across banking, wealth, and insurance. If you want, you can quote us as the wild strategy. We have product capabilities under each of our wealth units, each of them has their respective customer base. Under the whole-of-wealth initiative, we want to have a much more integrated and coordinated effort in delivering our services to the whole-of-wealth continuum. To underline the importance of the whole-of-wealth strategy, we have set up a Wealth Management Committee starring Greg, Sunny, and Jason.

Tik Wong: For this briefing, we have distilled the slide to focus our discussion on several big ideas. We have twin hubs, we have the ASEAN domestic markets. In Singapore, we are unique compared to other competitors that we have the full capabilities in OCBC, Bank of Singapore, and Great Eastern. This gives us a unique opportunity to deliver what we call the whole-of-wealth value propositions across banking, wealth, and insurance. If you want, you can quote us as the wild strategy. We have product capabilities under each of our wealth units, each of them has their respective customer base. Under the whole-of-wealth initiative, we want to have a much more integrated and coordinated effort in delivering our services to the whole-of-wealth continuum. To underline the importance of the whole-of-wealth strategy, we have set up a Wealth Management Committee starring Greg, Sunny, and Jason.

We have three.

Three hubs and we have the ASEAN domestic markets.

In Singapore, we are unique compared to.

Other competitors that we had a full capabilities.

In OCB C Bangor sample and great eastern.

This gives us a unique opportunity to deliver what we call the whole well value propositions across banking wealth and insurance.

But if you want you can call us at the wall strategy.

We have productivity this under each of our wealth unit and each of them have their respective customer base.

Under the whole wealth initiative.

We wanted to have a much more integrated and coordinate the effort.

In delivering our services through the whole well continue on.

To underline the importance of the whole wealth strategy, we have set up a wealth management comedy starring.

Greg.

Suddenly and Jason.

And Oh myself too.

I don't know, whether they'll give me a starring role I'm going to be a supporting actor.

Tan Teck Long: Oh, myself too. I don't know whether they'll give me a starring role or I'm going to be a supporting actor. Anyway, I'll be chairing the wealth NC because it's a really important initiative for us. Hong Kong is a gateway city for Greater China flows. That positioning has not changed. It is also an affluent city. We want to grow the affluent segment in Hong Kong. Last year, OCBC Premier Banking in Hong Kong grew 70% year-on-year. As Hong Kong is a financial hub, we also want to scale up our Hong Kong global market business. This is a really important initiative. Like I emphasized, we have tried to crystallize and distill the ideas for easy presentation. When it appears here, it's actually really important. In Malaysia, under ASEAN domestic markets, Great Eastern's customer base, you may not be totally aware.

Tik Wong: Oh, myself too. I don't know whether they'll give me a starring role or I'm going to be a supporting actor. Anyway, I'll be chairing the wealth NC because it's a really important initiative for us. Hong Kong is a gateway city for Greater China flows. That positioning has not changed. It is also an affluent city. We want to grow the affluent segment in Hong Kong. Last year, OCBC Premier Banking in Hong Kong grew 70% year-on-year. As Hong Kong is a financial hub, we also want to scale up our Hong Kong global market business. This is a really important initiative. Like I emphasized, we have tried to crystallize and distill the ideas for easy presentation. When it appears here, it's actually really important. In Malaysia, under ASEAN domestic markets, Great Eastern's customer base, you may not be totally aware.

I'll be sharing the wealth and see because this is a really important initiative for us.

Hong Kong.

It's a gateway city for greater China flows and that positioning has not changed.

It is also an affluent city.

We want to grow the affluent segment in Hong Kong last year.

Oh, CPUC EMEA banking in Hong Kong grew 70% year on year.

As Hong Kong is a financial hub. We also wanted to scale up our Hong Kong Global market business and this is really important.

<unk> light oversight, we have tried to crystallize in dispute the ideas for easy presentation. So way up yes. It is actually really important.

So in Malaysia.

ASEAN domestic market.

Great Eastern customer base, you may not be.

Totally aware.

The customer base is the militia is almost the size of half, forcing a pulse population.

Tan Teck Long: The customer base of Great Eastern Malaysia is almost the size of half of Singapore's population. The bank and Great Eastern in Malaysia can work together to deliver value propositions to the customer base. It's an immense opportunity here. For Malaysia, we are also very excited about the Johor-Singapore Special Economy Zone. Given our presence on both sides of the causeway, we have already financed more than RM 15 billion worth of projects. We have 4 branches in Johor Bahru to serve our customers, and they are seeing very good business flows. Indonesia. Indonesia is a very vast market, very big and vast market. We'll be embarking on a digital-phygital journey to serve this market effectively. Although we have more than 200 branches in Indonesia, but we don't think it is sufficient to cover such a big marketplace.

Tik Wong: The customer base of Great Eastern Malaysia is almost the size of half of Singapore's population. The bank and Great Eastern in Malaysia can work together to deliver value propositions to the customer base. It's an immense opportunity here. For Malaysia, we are also very excited about the Johor-Singapore Special Economy Zone. Given our presence on both sides of the causeway, we have already financed more than RM 15 billion worth of projects. We have 4 branches in Johor Bahru to serve our customers, and they are seeing very good business flows. Indonesia. Indonesia is a very vast market, very big and vast market. We'll be embarking on a digital-phygital journey to serve this market effectively. Although we have more than 200 branches in Indonesia, but we don't think it is sufficient to cover such a big marketplace.

So the bank and great Eastern in militia can work together to deliver value propositions to the customer base is an immense opportunity here.

For militia. We are also very excited about the jihad sample, especially coming soon given our presence on both sides of the costly.

We have already financed more than 15 Butte billion, we can get with our projects.

We have four branches in <unk> to serve our customers and just seeing their business flows.

Indonesia.

Indonesia is a very bottom up very big and fast market.

We will be embarking on a digital piece the journey to serve this market effectively.

Although we have monarch 200 branches in Indonesia, but we don't think is sufficient to cover such a beep marketplace.

We also aim to extend our OCC, Indonesia services to the wealth customers to move them to cover the higher end of the wealth spectrum.

Tan Teck Long: We also aim to extend our OCBC Indonesia services to the wealth customers to move them to cover the higher end of the wealth spectrum. As part of our whole wealth strategy, to help OCBC Indonesia differentiate its value propositions as it moves up to the higher end of the wealth spectrum, it can tap on the insights and capabilities of Bank of Singapore. I wanted to illustrate with some real-life examples of what is meant by the whole of wealth strategy. As an integrated financial services group, we are able to address the need of seniors across the entire year wealth continuum. This is very important as Singapore enters a super-age society this year. If you look at the three columns, on the left, for seniors who need simple banking needs, we have OCBC Senior Care with special deposit rates and OCBC CARE Ambassadors to assist.

Tik Wong: We also aim to extend our OCBC Indonesia services to the wealth customers to move them to cover the higher end of the wealth spectrum. As part of our whole wealth strategy, to help OCBC Indonesia differentiate its value propositions as it moves up to the higher end of the wealth spectrum, it can tap on the insights and capabilities of Bank of Singapore. I wanted to illustrate with some real-life examples of what is meant by the whole of wealth strategy. As an integrated financial services group, we are able to address the need of seniors across the entire year wealth continuum. This is very important as Singapore enters a super-age society this year. If you look at the three columns, on the left, for seniors who need simple banking needs, we have OCBC Senior Care with special deposit rates and OCBC CARE Ambassadors to assist.

As Paul will hold the wealth strategy.

We will also be see in Tunisia differentiate these two value propositions as you move up to the higher end of the wealth spectrum.

You can tap on the insights and capabilities of Bergamot Singapore.

So I wanted to illustrate with some real life. Examples of what is meant by the whole of wealth strategy.

S and integrate our financial services group.

We're able to address the needs of seniors across the entire year.

I'll give you them and this is very important as CFO and the Super eight society. This year.

So it will look cat D <unk>.

Three columns.

On the left for seniors, who need Super banking is we have all CDC senior care with special deposit rates in all CPG cat Embeds the dust to Ses.

In the center.

For business on the ultra high net worth they.

Tan Teck Long: In the centre, for business owners and ultra-high net worth, they have other considerations, such as a smooth transition of business leadership for family business to the next generation. High-net-worth families also are very concerned about preservation of wealth and how to do the intergenerational transfer of wealth. Great Eastern is able to provide protection as well as annuity income for seniors. This is just examples of the wealth product services we can bring to the table as an integrated financial services group. Now, interestingly, if you look at the left-hand side, smart tax resizing in the OCBC app is actually quite important. When we announced this feature, I have a lot of friends texting me and congratulating me on this feature because they think that this is exactly what they need. I think this also suggests to you the age group of my friends. Next.

Tik Wong: In the centre, for business owners and ultra-high net worth, they have other considerations, such as a smooth transition of business leadership for family business to the next generation. High-net-worth families also are very concerned about preservation of wealth and how to do the intergenerational transfer of wealth. Great Eastern is able to provide protection as well as annuity income for seniors. This is just examples of the wealth product services we can bring to the table as an integrated financial services group. Now, interestingly, if you look at the left-hand side, smart tax resizing in the OCBC app is actually quite important. When we announced this feature, I have a lot of friends texting me and congratulating me on this feature because they think that this is exactly what they need. I think this also suggests to you the age group of my friends. Next.

They have other considerations such as a smooth transition of business did issue for family business to the next generation.

High net worth families also.

Very concerned about preservation of well how to do the intergenerational transfer of wealth.

Great Eastern is able to provide protection as far as any of the income for seniors.

So this is Jeff.

As ramp up of the wealth product services, we can bring to the table as they integrate their financial services group.

Interestingly, if you look at the lessons site.

Capex resizing.

In the OTC.

Is that you're quite important when we announced this feature.

I have a lot of friends texting me in congratulating me on these feature because they think that this is exactly what they need. So I think this also suggest to you the Islamic off my French.

[laughter].

Makes.

Somehow I feel very compelled to talk about go.

In the current climate.

Tan Teck Long: Somehow, I feel very compelled to talk about goals in the current climate. We have actually embarked under the leadership of myself since last year to come up with a comprehensive goal strategy. What you can see on the slide is a sample of our goal products. Again, we are trying to serve the whole wealth continuum. We have customers who have simpler banking needs who are not used to gold investment. We have our OCBC app under our consumer financial services, which allows easy entry into gold investing. They can buy 0.01 ounce of gold. As low as 0.01 ounce of gold, that translates to less than SGD 100 investment in the CFS app.

Tik Wong: Somehow, I feel very compelled to talk about goals in the current climate. We have actually embarked under the leadership of myself since last year to come up with a comprehensive goal strategy. What you can see on the slide is a sample of our goal products. Again, we are trying to serve the whole wealth continuum. We have customers who have simpler banking needs who are not used to gold investment. We have our OCBC app under our consumer financial services, which allows easy entry into gold investing. They can buy 0.01 ounce of gold. As low as 0.01 ounce of gold, that translates to less than SGD 100 investment in the CFS app.

We have actually embark.

And then the.

The issue of myself.

Since last year to come up with a comprehensive go strategy. What you can see on this slide is a sample of our golf products.

So again, we are trying to serve the whole wealth continuum.

We have customers, who are simpler banking needs, who are not used to growth investment.

Our OCD.

Under our consumer financial services, which allows.

Easy entry into co investing.

They can buy zero by June one ounce of go as low as 0.01 also go that's what I say to less than 100 dollar investment into the CFS.

He wanted to know the customer experience, we have put in for this product well after the briefing Bristol due in October after the briefing you can call and by 100 or a thousand.

Tan Teck Long: If you want to know the customer experience we have put in for this product well, after the briefing please don't do it now, but after the briefing, you can try out and buy $100 or $1,000 or $10,000 worth of gold in our app. The second. There are customers who want to buy gold but don't want the hassle of storing gold at home. Singapore, being a safe haven, is also an ideal place to store gold. We have launched a gold fund under Lion Global, which addresses this need. Right now, it's focused on large institutional investors and high net worth. When the customers want to exchange the units for gold, they can do so. The final product of our feature here is that we have launched an insurance product which combines protection with an investment-linked plan for gold under Great Eastern. Next slide, please.

Tik Wong: If you want to know the customer experience we have put in for this product well, after the briefing please don't do it now, but after the briefing, you can try out and buy $100 or $1,000 or $10,000 worth of gold in our app. The second. There are customers who want to buy gold but don't want the hassle of storing gold at home. Singapore, being a safe haven, is also an ideal place to store gold. We have launched a gold fund under Lion Global, which addresses this need. Right now, it's focused on large institutional investors and high net worth. When the customers want to exchange the units for gold, they can do so. The final product of our feature here is that we have launched an insurance product which combines protection with an investment-linked plan for gold under Great Eastern.

A $10000.

Our goal in our App.

The second.

There are customers, who want to buy go but the one that has the sparring go at home.

And Singapore being a safe Haven is also an ideal place.

<unk>.

So.

We have lots of <unk> and the leading global which addresses this need right now is focused on large institutional investors.

And high net worth.

When the customers want to exchange their units for go they can do so.

The final product or feature here is.

We have launched a insurance product, which combine protection.

Investments in plan for Google and the great Eastern.

Next slide please.

So we are forging ahead in summary.

Tan Teck Long: Next slide, please.

Our new frontier of growth strategy.

Tan Teck Long: We are forging ahead, in summary, with our new frontier of growth strategy. It is very much a growth strategy. Because we are going to focus quite a lot on higher-returning businesses, which require less capital to support the business, we expect Stable to improve ROE. With this, I end my presentation.

Tik Wong: We are forging ahead, in summary, with our new frontier of growth strategy. It is very much a growth strategy. Because we are going to focus quite a lot on higher-returning businesses, which require less capital to support the business, we expect Stable to improve ROE. With this, I end my presentation.

It's a very much a growth strategy.

And because we are going to focus.

A lot.

On.

Higher returning business businesses, which request less capital to support the business.

We expect stable.

Stable to improve our E.

So with this I end my presentation.

Alright, we will take questions.

Okay, maybe we start with John Lewis in the country.

Operator: All right. We will take questions. Maybe we start with the journalists, and we'll come to the analysts. Okay, Chanya.

Okay Tanya.

Hi.

Yeah.

Yeah. Congratulations on CNBC on you are upbeat and also wishing take long.

Chanya: Hi. Yeah. Congratulations, OCBC, on your beat. Wishing Tik Wong a very successful journey and leadership. Looking forward to writing more about you in the future. I have two questions for you and one for Greg Hingston since you are here. For your three-year plan, you mentioned ROE. Could you give specific numbers? What kind of ROE do you expect by the end of your implementation of the plans? For access capital with some analysts for estimates at about $2 billion, could you share on capital management, whether how you are going to do this, any extension of special dividend, any M&A on the cards? Second question. You mentioned growing private banking in Indonesia. What's the opportunity there that you see? You mentioned high net worth, the higher end.

[Analyst 1]: Hi. Yeah. Congratulations, OCBC, on your beat. Wishing Tik Wong a very successful journey and leadership. Looking forward to writing more about you in the future. I have two questions for you and one for Greg Hingston since you are here. For your three-year plan, you mentioned ROE. Could you give specific numbers? What kind of ROE do you expect by the end of your implementation of the plans? For access capital with some analysts for estimates at about $2 billion, could you share on capital management, whether how you are going to do this, any extension of special dividend, any M&A on the cards? Second question. You mentioned growing private banking in Indonesia. What's the opportunity there that you see? You mentioned high net worth, the higher end.

<unk> successful journey and leadership looking forward to writing more about you introduce sure.

Have two questions for you and one for Greg and a few are here.

You are a three year plan.

You mentioned I E could you give specific numbers what I.

End of <unk>.

ROE you expect by the end of your implementation of the plan also for excess capital with some analyst.

Okay SMS at about $2 billion, but your share on capital management. We there how you are going to do this and the extension of special dividend any M&A on the Koch.

Second question, you mentioned growing private banking in Indonesia are watched opportunities that you see you mentioned high net was higher and also please share your thoughts on the tumble out of the country is in and Matt How do you look to manage that.

Chanya: Also, please share your thoughts on the turmoil that the country is in and how do you look to manage the situation? For Greg, I mean, Singapore just saw a record high single life policy issued here by your competitor. What are your plans on the high-net-worth segment?

[Analyst 1]: Also, please share your thoughts on the turmoil that the country is in and how do you look to manage the situation? For Greg, I mean, Singapore just saw a record high single life policy issued here by your competitor. What are your plans on the high-net-worth segment?

Asia.

Greg I mean, Singapore, just saw a record high single life policy.

Issued here by your competitor.

What are your plans on the high net worth segment.

Yeah.

Okay, Firstly that wasn't two questions.

Oh I got it at least focused in so.

Tan Teck Long: Okay. Firstly, that wasn't 2 questions. I called it at least 4 questions. We are at the early stage of implementing the new corporate strategy. I think we are not ready to share the ROE, but directionally, we have positioned it. We have planned for it to be uplifting ROE. As we execute the strategy, we will probably be more comfortable to share more insights. Second, on the assessed capital, we have a new strategy. The new strategy is very much focused on growth. We need the capital to support the growth. Although I did talk a lot about the wealth business, the loan book remains important. We do have a couple of businesses which are focused on the loan book, such as, for example, financing tech, financing sustainability. We intend to continue to grow as much as we can.

We are at the early stage of implementing the new corporate strategy I think we are not ready to share the OE, but direction deep you have but as you said we are planning for it to be uplifting our E. So as we execute our strategy, we will probably be more comfortable.

Love to share more insights.

Second on the excess capital.

We have a new strategy and the new strategy is very much focused on growth.

So we need the capital to support the growth, although I did talk a lot about the wealth business.

The loan book remains important and we do have a couple of businesses, which is focused on the loan book such as for example financing bank financing sustainably D.

We intend to continue to grow as much as we can so we have a growth strategy.

Capital at this point in time.

I will also play out that.

Tan Teck Long: With a growth strategy, we will need capital at this point in time. I will also point out that we use our insights to capture opportunities. The world actually has a challenging environment. In fact, right now, a simple question as, what is the trade tariff being levied by banks by the US, is also very uncertain. Nobody even really knows how you will land and how you will evolve. Given such a climate, we also want to hedge the downside by making sure we have a strong capital position. When the downturn happens, we also want to take the opportunity to acquire things where it fits our corporate strategy. Yeah, in short, we will stick with our dividend policy of 50%. We will complete our capital return as sized in 2026. For future dividend, it's still a 50% dividend policy.

We use our insights to capture opportunities.

But the work actually has a challenging environment in fact right now a simple question what is the trade tariff being levied by banks by the U. S is also very uncertain. So nobody even really know how you learn and how you evolve so give us set a climate, we also want to hedge.

Side by making sure we have a strong capital position.

And when the downturn happened, we also wanted to take.

The opportunity to acquire things.

Where it fits our corporate strategy.

So yes.

In short, we will stick with our dividend policy of 50% and we will complete our kept the we've done.

That's life in 'twenty, six then for future dividend.

Is still 50% you.

It's still a 50% dividend policy, but we have a growth strategy. He can say a higher dividend, even though is a 50% dividend policy.

Tan Teck Long: With a growth strategy, it can translate a higher dividend even though it's a 50% dividend policy. You have a question on the turmoil in Indonesia, correct? See, I listened to all your questions very carefully. Turmoil. I would say Indonesia, we have been there for 80 years. We have seen up and down. We are a long-term player. We continue to be invested. It's very committed to the Indonesian market. It also appears in my strategy as part of the ASEAN domestic market. I spoke about it being a very big market. I spoke about the potential for us to use a physical, digital model to continue to grow market share. The turmoil may be there, but we will continue to execute our strategy.

You have a question on the <unk> on on Indonesia correct.

She had listened to all your questions were carefully.

<unk> I will say, Indonesia has been therefore it yes.

Up and down we are a long.

A long term player we continue to be invested in is very committed to the Indonesia market. It also appears in my strategy is above the Australian domestic market I spoke about it being a very big market.

I spoke about.

The potential for us to to use the model to continue to grow market share. So.

So docomo Amy be there, but we have continued to execute our strategy.

The.

In terms of moving up the spectrum for the high end customers.

Tan Teck Long: In terms of moving up the spectrum for the high-end customers, I think Indonesia is a market where we don't want to say the customer is either a high-net-worth or a PPC type or Premier because, actually, the behavior of customers, there's quite a bit of overlap. A customer could be high-net-worth, and they could oversee wealth investments. They also have wealth domestically to deploy. Because the market is very large, there's still a slice of customers which we can aim to target to grow our wealth business at the higher end of the wealth continuum. Have I answered all your questions? I think so. Yep. Thank you.

I think into any shape, a market, where you don't want to see the customers either a high net worth or.

P. P C type of premier because actually the behavior of customers, there's quite a bit of overlap of customer Korea high net worth and equip overseas what else the investments, but they also have wealth domestically to deploy.

Also because the market is very large there is still a slice of customers, which we can aim to target to grow our wealth.

Well, if we start at the higher end of their wealth continuum.

Have I answered your question or your questions. Thanks, Phil Yeah. Thank you.

I'll pick up on the the great Eastern question around high net worth and so.

Greg Hingston: I'll pick up on the Great Eastern question around high-net-worth then. Quite a timely question, actually. Yeah, we see this as a very significant opportunity for Great Eastern. It's a segment that we've probably been underweight in historically. It's been a very fast-growing segment, obviously, and particularly here in Singapore, given the International Financial Centre status. You'll be hearing more from us next week, actually, on our high-net-worth strategy. We will be launching the first phase of that to the market. We will be announcing something next week. I can't talk about it in detail now. You'll see the first evolution of Great Eastern really focusing on that segment. Why? Because we have a large number of customers that we serve already that have those needs.

Quite a timely question actually so yeah, we see this as a very significant opportunity for great Eastern it's.

A segment that we've probably been underweight and historically, it's been a very fast growing segment, obviously and particularly here in Singapore, given the international financial centre status. So you'll be hearing more from US next week actually on our high net worth strategy, we will be launching the first phase of that to the market. So we will be announcing something next week.

So I can't talk about it in detail now, but you'll see the first evolution of great eastern really focusing on on that segment.

Why because we have a large number of customers that we serve already that have those needs and oversea I operate within our group.

As a private bank in a very large retail and commercial bank with a lot of wealthy customers and we want to be serving those needs more effectively and working more closely with the parts of the bank to bring best of breed solutions, not just on insurance button investments as well to our client base as well as the bank client base.

Greg Hingston: Obviously, I operate within a group that has a private bank and a very large retail and commercial bank with a lot of wealthy customers. We want to be serving those needs more effectively and working more closely with the parts of the bank to bring best-of-breed solutions, not just on insurance but on investments as well, to our client base as well as the bank's client base. It's a big opportunity. You will be seeing a lot more of Great Eastern in this space. You'll hear more about that next week.

It's a big opportunity you will be seeing a lot more of great eastern in this space and Youll hear more about that next week.

Please go ahead.

Hi.

Hi, good morning.

Tan Yong Hong: P' Wong, please go ahead. Hi. Good morning. Happy Lunar New Year. This is P' Wong from Citi. I just have three questions, two on capital and one on your new strategy. Firstly, on capital, the 14% target CET1 ratio wasn't in the deck, and it's back in. Just wondering, how do we reconcile this 14% CET1 ratio with your new strategy, which appears to be across capital-like business? You also talk about conserving some capital for M&A. How much capital or any ballpark number will be helpful just to understand how much should be conserved for M&A? Maybe I'll ask my second question later.

Alexander Wong: P' Wong, please go ahead. Hi. Good morning. Happy Lunar New Year. This is P' Wong from Citi. I just have three questions, two on capital and one on your new strategy. Firstly, on capital, the 14% target CET1 ratio wasn't in the deck, and it's back in. Just wondering, how do we reconcile this 14% CET1 ratio with your new strategy, which appears to be across capital-like business? You also talk about conserving some capital for M&A. How much capital or any ballpark number will be helpful just to understand how much should be conserved for M&A? Maybe I'll ask my second question later.

This is Johan pump fleet, just have three questions two on capital and one on your.

New strategy and firstly on capital the 14% target <unk> ratio one thing today and again, so just wondering how do we reconcile these 14% CET one ratio if you're a new strategy, which appears to be across capital light business.

And you also talk about conserving some capital for M&A So how.

Capital appointed ballpark number would be helpful. Just to understand how much would be concept for M&A and maybe I'll ask my second question later.

Okay.

We'll be out of question.

Tan Teck Long: Okay. That will be your third and fourth question, not a second, third. The first question is, our target CET1 in the near term, we are still aiming for 14%. I think it really depends on how we execute our strategy and the market environment. If we grow very fast, we actually will need more capital to support. On M&A opportunities, we are always keen to look at M&A opportunities as long as there's a strategic fit. It's very difficult to say how much we set aside for M&A because it really depends on the size of the opportunity. We'll look at the opportunity as and when required and our capital position there and then.

The first test out <unk> in the near term, we are still aiming for 14%.

I think it really depends on how we execute our strategy and the market environment will be good.

So very phosphate you would need more capital to support.

Our MAA opportunities, we're always keen to look at opportunities.

As long as this is something that's affected your feet.

But it's very difficult to say how much you set aside for <unk> because it really depends on the size of the opportunity. So if you look at the opportunity as and when required and all kept up we should add that.

Maybe the second question again on your $2 5 billion capital returned one five on by phone by 5 billion standby, especially as 275 done via buybacks and level of 800 million or about <unk>.

Tan Yong Hong: Maybe second question, again, on your SGD 2.5 billion capital return. SGD 1.4, 1.5 billion is done by specialists, SGD 225 million done via buybacks, leftover of SGD 800 million or about SGD 0.18 per share. This time, you didn't talk about 60% payout ratio like what you did last year. Any high-level view on how this SGD 800 million remaining capital can be returned? Because if you're thinking about OCBC profits growing year-on-year, your payout ratio will be above 60%.

Alexander Wong: Maybe second question, again, on your SGD 2.5 billion capital return. SGD 1.4, 1.5 billion is done by specialists, SGD 225 million done via buybacks, leftover of SGD 800 million or about SGD 0.18 per share. This time, you didn't talk about 60% payout ratio like what you did last year. Any high-level view on how this SGD 800 million remaining capital can be returned? Because if you're thinking about OCBC profits growing year-on-year, your payout ratio will be above 60%.

<unk> per share and this time, you didn't talk about 60% payout ratio like what you did last year. So any high level view on how these 800 million remaining capital can be beaten because if you're thinking about with CPUC profits growing year on year appear to be above 60%.

Okay.

We'll continue to execute our share buyback plan in FY 'twenty safe.

Tan Teck Long: We'll continue to execute our share buyback plan in FY26. If we did not acquire as many shares as we would like to, we will return capital via specialty dividend.

We did not.

As many shifts as we have liked to.

Return capital via a special dividend.

I think all of my previously communicated that.

And.

Tan Yong Hong: Yeah. I think on buyback previously, it was communicated that maybe one year ago, current multiples, it may be more beneficial for shareholders as dividends. Just wondering your thinking on balancing buyback and dividends?

Alexander Wong: Yeah. I think on buyback previously, it was communicated that maybe one year ago, current multiples, it may be more beneficial for shareholders as dividends. Just wondering your thinking on balancing buyback and dividends?

One year ago, I call multiples, maybe more beneficial for shareholders as dividends. So just wondering your thinking on managing by Brian dividend My preference my preference is that.

Doing well.

Tan Teck Long: My preference is that between return of capital via share buyback versus specialty return, I have preference for specialty dividend.

Between share within retail capital via share buyback versus special that you've done I have preference for especially the dividend.

Maybe just one final questions.

To wrap up the synergy.

Tan Yong Hong: Yeah. Maybe just one final question to wrap up the strategy.

Alexander Wong: Yeah. Maybe just one final question to wrap up the strategy.

Maybe Alan to tell on that.

Can you sort of imply sorry, sorry.

Tan Teck Long: Maybe I want to kind of add on. I haven't finished what you implied. Sorry.

If you really think about our shareholding base, we have a long term shareholder I think especially that you've that you pause our shareholders.

Tan Yong Hong: Sorry.

Alexander Wong: Sorry.

Tan Teck Long: If you rethink about our shareholding base, we have a lot of long-term shareholders. I think a specialty dividend actually rewards our shareholders in a broader way. If we do share buyback, basically, it's shareholders who return the shares back to the bank. I think there's a slight difference in terms of thinking. We really want to reward our long-term shareholder base.

You know.

In a.

In the broader in a broader way if he should do share buyback basically is.

Ship with this will be then the shares back to the bank. So I think there's a slight difference in Brazil.

Thinking so if you really want to view all our long term shareholder base.

And maybe the.

More questions to wrap up the synergies you're talking about many noninterest income opportunities across with Citibank Kristen.

Tan Yong Hong: Maybe just one more question to wrap up the strategy. You talk about many non-interest income opportunities across OCBC Bank, Great Eastern, and also Bank of Singapore. Any high-level numbers or target that we can think about for non-interest income in the near term or in the longer term? How does that translate into higher ROE for your long-term targets? Yeah. These are all my questions. Thank you.

Alexander Wong: Maybe just one more question to wrap up the strategy. You talk about many non-interest income opportunities across OCBC Bank, Great Eastern, and also Bank of Singapore. Any high-level numbers or target that we can think about for non-interest income in the near term or in the longer term? How does that translate into higher ROE for your long-term targets? Yeah. These are all my questions. Thank you.

Was hoping on Singapore any high level numbers on target that we can think about for noninterest income in the near term or in the longer term and how does that translate into a higher Roe.

Your long term targets because all my questions. Thank you.

We are aiming for double digit growth in non interest income you would think about our guidance. Just now we expect loan business to be mid single digit we have calibrated deposit business to what we need for long distance, so there'll be the rupee for deposits.

Tan Teck Long: We are aiming for double-digit growth in non-interest income. If you think about our guidance just now, we expect loan business to meet single-digit. We'll calibrate the deposit business to what we need for loan business so that we don't overpay for deposits, at least for the high-cost deposit, such as FD. If you look at the mix, if we are growing non-interest income at a pace of double-digit for wealth, and then even for the wholesale bank, we are still aiming high single-digit to double-digit as well, the mix will change. Therefore, it will help us in the returns. Thank you.

At least for the high cost deposit such as Ft does.

So.

If you look at the mix if you are growing non interest income.

The pace of double digit.

Well and then even for the wholesale bank, we are still aiming high single digit to low double digit Israel. The the mix will change and therefore, you would help us in the returns.

Okay.

Go to really come from Brahma.

Yeah.

Tan Yong Hong: Okay. I will go to Rasheeqa from Bloomberg.

Alexander Wong: Okay. I will go to Rasheeqa from Bloomberg.

I I excellent congratulations I'm, a zika with Bloomberg and I have a question for you on AI, you've been adding RMS to drive long term growth as AI and digital tools become more embedded you see that hiring pace, continuing or will there be a point where technology.

Rasheeqa: Hi, P' Wong. Congratulations. I'm Rasheeqa with Bloomberg. I have a question for you on AI. You've been adding RMs to drive wealth growth. As AI and digital tools become more embedded, do you see that hiring pace continuing? Will there be a point where technology starts to replace some of the roles in the bank?

[Analyst 2]: Hi, P' Wong. Congratulations. I'm Rasheeqa with Bloomberg. I have a question for you on AI. You've been adding RMs to drive wealth growth. As AI and digital tools become more embedded, do you see that hiring pace continuing? Will there be a point where technology starts to replace some of the roles in the bank?

Art's replacement roles in the bank.

Okay.

That is assuming if the business doesn't grow.

Tan Teck Long: Okay. That is assuming if the business don't grow. We intend to grow our business. We intend to grow in all the segments of wealth, whether it's Premier, PPC, or the high-net-worth business. Because of this, some of the businesses, such as high-net-worth business, you require attention to the customers. You require the human touch. We'll use AI to help them to do their job better so that they can become more productive. In the Bank of Singapore business, for example, we have already implemented AI, which helps to shorten the time taken and be more efficient in the curation for the KYC assessment. That has been very helpful from that perspective for the RMs. The answer is yes. As we use more AI technology, the ADD strategy, we will address the lower end of the wealth spectrum more effectively.

We intend to grow our business and we intend to grow in all the segments are well, whether it's the premier PBC all the high net worth business.

Because of these other businesses such as high net worth business is you require attention to the customers you do quite the human touch you used to.

To help them.

To do their job better so that they can become more productive so in a bank, let's say a poor business. For example, we have already implemented AI.

Which house.

To shorten the time taken and be more efficient in the curation.

For the Q E assessment, so that has been very helpful with the from that perspective.

The arms. So the answer is yes, SB used more AI technology. The ADT strategy view address the lower end of the wealth spectrum more effectively so that may not require a lot more hiring in <unk>, but in the mid to high.

Tan Teck Long: That may not require a lot more hiring in RMs. In the mid to high end of the spectrum, the human touch is absolutely necessary.

And all the spectrum the human touch is absolutely necessary.

Oh. Thank you can I also just ask a quick follow up which part of the bank is furthest along on AI adoption and where are you seeing the biggest impact on productivity. So far sorry can be periods, where where are you seeing the biggest impact on productivity. So our army.

Rasheeqa: Okay. Thank you. Can I also just ask a quick follow-up? Which part of the bank is furthest along on AI adoption? And where are you seeing the biggest impact on productivity so far?

[Analyst 2]: Okay. Thank you. Can I also just ask a quick follow-up? Which part of the bank is furthest along on AI adoption? And where are you seeing the biggest impact on productivity so far?

Tan Teck Long: Sorry. Can you repeat that?

Rasheeqa: Where are you seeing the biggest impact on productivity so far due to automation? Which part?

[Analyst 2]: Where are you seeing the biggest impact on productivity so far due to automation? Which part?

Our benefit yeah.

When we approached the AI.

Tan Teck Long: That means our benefit?

AI.

Rasheeqa: Yeah.

[Analyst 2]: Yeah.

When we approach if our anger will look at every opportunity.

Tan Teck Long: When we approach the AI from an AI angle, we look at every opportunity. It's quite across the board. We look at the opportunities. For Gen AI, we use it for some of the grunge work where we can save RM time. We have done that in the wholesale bank. We have done that in the private bank. We have done it. In the technology side, we also use AI to accelerate our writing of codes to make it simpler and faster.

Across the board, we look at opportunities.

For.

For Jenny IV or use it for some of the grunt work, where we can save time Soviet done that in the wholesale bank debt in the private bank.

So this this you had done it in the technology side, we also use AI to accelerate.

Of course to make it simpler and faster.

And let's go to <unk>.

Hi, banks take longer Im happy new year.

Tan Yong Hong: Let's go to Harsh next.

Alexander Wong: Let's go to Harsh next.

Three questions if I may 1st as provisions guidance of 20 to 25 basis points.

[Analyst]: Hi. Thanks, P' Wong, and Happy New Year. 3 questions, if I may. First is provisions, guidance of 20 to 25 basis points. What is driving that? It is slightly higher than last 2 years. Any particular segment or segments that worries you? I'll have follow-up after that.

Harsh Arora: Hi. Thanks, P' Wong, and Happy New Year. 3 questions, if I may. First is provisions, guidance of 20 to 25 basis points. What is driving that? It is slightly higher than last 2 years. Any particular segment or segments that worries you? I'll have follow-up after that.

What is driving that it is slightly higher than last two years, any particular segment or segments that worries you in a lab follow after that.

Okay I will take this question first before your next question are the 20 to 25 basis point of Crystal ball gazing at the beginning of the year is a true the cycle credit cost, which we anchor our thinking we hope to do better than that if you look at the.

Tan Teck Long: Okay. I'll take this question first before your next question. The 20 to 25 basis point we are crystal ball-gazing at the beginning of the year. It is through the cycle credit cost which we anchor our thinking. We hope to do better than that. If you look at the respawn currently, obviously, we continue to monitor and track the Hong Kong portfolio for real estate. Having said that, we have been tracking, actively managing it for the last two years. What you see is the outcome of our active management. At the same time, we also managed to lift our provision to asset coverage, provision to MPA coverage to 150%. That's pretty high compared to the market average.

Re spot currently.

Obviously, we continue to monitor and track the Hong Kong portfolio for real estate.

Have you seen that we have been tracking and managing it for the last two years. So what you see is the outcome of our active match win at.

At the same time, we also managed to lift our provision to asset coverage a provision to NPA coverage to 150% that's pretty high compared to the market average.

Alright. Thanks.

One is on the 14% CET one Bahrain.

[Analyst]: All right. Thanks. The second one is on the 14% CET1. By when?

Harsh Arora: All right. Thanks. The second one is on the 14% CET1. By when?

Well it depends on how fast we did do better I guess [laughter].

Tan Teck Long: Well, it depends on how fast we deliver the targets under the new corporate strategy. Well, over the next couple of years is what we are thinking of.

The new corporate strategy.

Well over the next couple of years is what we are thinking of.

So you think in next two years by end of 27, you can get from 15, 1% to 14%.

[Analyst]: You think in the next 2 years, by end of 2027, you can get from 15.1 to 14%?

Harsh Arora: You think in the next 2 years, by end of 2027, you can get from 15.1 to 14%?

I want to be a little bit more manage it in the response.

Tan Teck Long: Okay. I want to be a little bit more measured in the response. I think over the next when we say high growth, it really depends on what we can achieve. As you have heard, some of the businesses we manage to achieve 70% growth. There are many other businesses in the corporate strategy, especially those which are refreshed from the current strategy where we continue to execute technology. We actually grow at north of 20% or even 30%. Therefore, it will need the capital to acquire to support the growth. I can't really give you a timing. Certainly, the faster we achieve some of these growth targets, the faster you reach the 14%.

Over the next when we say high growth it really depend on what we can achieve sci of hurts other businesses, who measure to 70% growth there are many other businesses.

In the Copa strategy, especially those which are.

Refresh on the carriage strategy web SKU.

<unk> actually grow at north of 20% or even 30%. So therefore, you will need the capital to acquire.

To support the growth so.

I can't really give you a timing, but certainly in the faster we achieved solid growth target the faster you reached 14%.

Right.

Just a question of the spectrum that okay that is organic.

[Analyst]: Right. I guess the question is just, P' Wong, that, okay, that is the organic aspiration. If for whatever reason, let's say organically, let's say you end up growing in the less capital-intensive segments, is there still a commitment that you will get to 14% CET1 by a particular time frame? How do we understand that 14% number? Is it just an aspirational number? Or is it a number that you are committing to deliver by a particular date?

Harsh Arora: Right. I guess the question is just, P' Wong, that, okay, that is the organic aspiration. If for whatever reason, let's say organically, let's say you end up growing in the less capital-intensive segments, is there still a commitment that you will get to 14% CET1 by a particular time frame? How do we understand that 14% number? Is it just an aspirational number? Or is it a number that you are committing to deliver by a particular date?

Oh.

Aspiration, but if for whatever reason, let's say organically, let's say you end up growing in the less capital intensive segments.

Is this still a commitment that you will get to 14% <unk> bye.

By a particular timeframe.

How do we understand that 14% I mean is it just an aspirational number or is it a number that.

You are committing to de lever by a particular date.

If a target number we don't have a fixed timeline to say that we need to get to 14% because that's not realistic in real life, especially may toy EMEA opportunities and.

Tan Teck Long: It is a target number. We don't have a fixed timeline to say that we need to get to 14% because that's not realistic in real life, especially when you throw in M&A opportunities and the way the whole environment is working. We are committed to that 14% over the next few years. We don't have a concrete timeline for it.

The way the whole environment so looking.

So.

We are committed to that 14% over the next few years, but we don't have a concrete timeline for it alright, thanks, and the last one if I may you touched on M&A.

What kind of gaps in the.

[Analyst]: All right. Thanks. The last one, if I may, you touched on M&A. What kind of gaps in the overall franchise, as you would have gone through the different businesses, either geography or business, where, let's say, over the next couple of years, you would want to supplement with some kind of inorganic opportunities? Any kind of details you can talk about broadly, that'll be great. Thanks a lot.

Harsh Arora: All right. Thanks. The last one, if I may, you touched on M&A. What kind of gaps in the overall franchise, as you would have gone through the different businesses, either geography or business, where, let's say, over the next couple of years, you would want to supplement with some kind of inorganic opportunities? Any kind of details you can talk about broadly, that'll be great. Thanks a lot.

Overall franchise as you would have gone through the different businesses, either geography or business, where let's say over the next couple of years you would want to.

Supplement with some kind of inorganic opportunities or any kind of details you can talk about broadly.

Great. Thanks, a lot in industrial geography footprint, we are very committed to our twin hub and I'll stay on domestic strip.

Tan Teck Long: Okay. In terms of geography footprint, we are very committed to our twin hub and ASEAN domestic strategy. If the right portfolio comes along, we'll be very keen in these markets. Stay in this part of the world.

Our strategy so he direct portfolio come along via a rebate.

Very keen in this market. So we stay in this part of the world.

Go to ultra I'm trying to read from Reuters.

Thank you I have two questions. The first one is.

Tan Yong Hong: Go to Altra. Altra Auray from Reuters.

Alexander Wong: Go to Altra. Altra Auray from Reuters.

So that's just one.

Yantoultra Ngui: Hi. Thank you. I have two questions. The first one is your assessment on the latest Trump situation, especially following the court tariff ruling. Do you see a better or improving environment going forward? The second question, interestingly, is on your gold product launches. Just want to get more details on is it something new that has just been launched? If yes, how has the reception by the customers been? The other thing, I would presume that OCBC has a physical vault of gold, right, just for this product. Lastly, I want to get your view broadly on the gold as an outlook on gold. Thank you.

It does krom situation.

Especially following the tariff ruling you will see a better or improve improving environment moving forward and the second question Interestingly East on your goal product launches just wanted to get your just wanted to get more details on is it something new that has just been launched and if yes how has.

The reception by our customers has been and the other thing I would.

Presumed dead or CBC has a physical vote of God right just for this product.

Lastly, I want to get your view on broadly on the goal.

Thank you.

Okay. This is a.

This is a very difficult and assess easy question, which I see so in the past when it comes to trying to predict president tons policy.

Tan Teck Long: Okay. This is a very difficult and as well as easy question, which I said so in the past when it comes to trying to predict Bretton Trump's policy. I have always maintained that the trade tariff situation has not worked its way to hold the whole economy. Part of the reason is because the supply chain takes time to absorb that. More importantly, it's actually since Liberalization Day until now, trade tariffs have been changing. It's not quite settled globally. It does affect a lot of investment decisions. We are still in uncertain times. What I really want to focus on are the fundamentals. This is where we come in with a position of strength. We have a strong balance sheet. We know our location well. We are very forward-looking with our deployment of ADD.

I have always maintained that the trade tariff situation has not worked his way to hold the whole you caught me.

The reason is because the supply chain the time to adopt that but more importantly is actually since the operation day until now trade tariffs has been changing.

It's not quite sector globally.

Effect.

A lot of investment decision. So we are still in uncertain times, what I really want to focus is are the fundamentals.

And this is where we come in with a position of strength.

We have strong balance sheet.

Our location well we are very.

Forward looking with our department of ADT, So using this be actually looking for opportunities to.

Tan Teck Long: Using this, we are actually looking for opportunities to help our customers, to help grow our business. I want to point to last year's outcome. If you look at last year's outcome, aside from the wealth business, if you look at the loan business, we have cemented high single-digit. On a constant currency basis, we almost approached double-digit. We are able to navigate this environment quite well. Having said that, I still want to be cautious because the environment changes so quickly, just like what happened in Q2. We never expect HIBOR to take a dive trip all the way down and then resurface up again, right? 300 basis points overnight is a very big movement. Your second question is relating to gold. We had some gold products in the past. Last year, we became very concerted about our gold strategy.

To help our customers to help grow our business.

I wanted to point to last year's outcome. If you look at last year outcome.

A slight fall in the wealth business. If you look at the long business, we estimate that high single digit on a constant currency basis, we are almost a push double digit.

We are able to navigate this environment quite well, but having said that I still want to be cautious because the environment changes. So quickly just like what happened in the second quarter, you never expect hi, Bob to take a dive treat the rebel.

And then resurfaced aggregate right 300 basis points overnight is a very big movement.

Your second question is relating to go we had some gulfport as in the past, but last year, we became <unk>.

Above our gross strategy and those are the numbers are invite our wealth.

To share some of the outcome.

Tan Teck Long: In terms of the numbers, I'll invite our wealth heads to share some of the outcome.

Yes, maybe I can provide a little bit of context, we have.

Growth treating of <unk> since 2024 in 2020, we grew eight times and for the first two months of this year almost at last year's level of review.

Sunny Quek: Yeah. Maybe I can provide a little bit of context. We have gold trading on our app since 2024. In 2025, we grew eight times. For the first two months of this year, we're almost at last year's level already. We do not have physical gold. We don't do physical gold in the OCBC. This is because I think it's very cumbersome for customers to buy, to sell back the gold. The gold has to be intact in the wrapping and all these things. I think through the studies, we see there's a segment of customers who prefer to just buy on the app, right, because they just want to enjoy the price appreciation of the gold. That is a very hassle-free and convenient way. You can do it anywhere. 24/7, at night, you feel like buying.

We do not have a physical go we don't do physical and the OCC.

So this is because I think he is a.

Is quite cumbersome for customers to buy to sell back the goal and the goal is to be impacting the wrapping it all these things so I think we.

And we through the studies received a settlement of personal referred to just buy on the air right because they just want to who enjoyed the price appreciation of the goal. So it is very high so pre and convenient way and can do it anywhere.

All by seven at night, you feel that by end users buy off the.

So thank you.

Our supplement debt. This CFS <unk> is a very user friendly.

Sunny Quek: You just buy off the app itself. Thank you.

Tan Teck Long: I will supplement that. The CFS app, the OCBC app, is very user-friendly. Although I talk about the hurdle to invest is set low, but actually, customers who could be higher net worth may also use this app to buy because of the sheer convenience. Of course, they also may buy even bigger amounts through the RMs. For gold, the reason why we decided to focus on gold last year was also because we saw some trends. We saw central banks buying. We saw a lot of retail investors' interest. We saw a lot of debasement trade as well. Yeah. Do you want to say something, Kev?

What we'll do I talk about like the.

For the two investees set low, but actually customers, who could be a higher net will may also use this app to buy because of the sheer convenience of course. They also may buy even become more a mouse to the items.

Well go be the reason why we decided to focus our goal last year was also because we saw some trends we saw central banks buying we saw la retail investors in tourist visa.

We saw a lot of the baseband as well.

So you wanted to see if I can yeah.

Just to add so currently.

Take long and some sunny enters into our core offering and allocate that Sop paper cool and that's being offered on our online platforms.

Kenneth Lai: Yeah. Just to add, currently, as P' Wong and Sun Yi alluded to, our gold offering is unallocated, so paper gold. That's being offered on our online platforms or through Voice as well. We also offer that 24/7. Even after the gold market closes after New York Hours, we continue to offer pricing to our customers over the weekend. That is unallocated gold. Now, in terms of how we are approaching our gold strategy, it's twofold. Basically, one is custody on chain and out-of-chain, right? The out-of-chain business is something that requires a bit more thought because that involves basically retail clients buying gold and taking it out. From that point, from that perspective, we feel that our current offering is adequate enough. We've actually been gaining a lot of traction in terms of just offering paper gold through that.

Through voice as well.

We also offer that 24 by seven and so even after the market closes.

I wish you continued to offer pricing to our customers over the weekend.

So that's that's that's.

Some analysis and allocate the go in terms of how we are approaching our cost strategy is twofold basically one is custody unchain and out of <unk> right. So the outlet chain business is something that requires a bit more thought because that involves basically retail clients by Angola and thicker.

<unk> out so.

So from that point on that perspective, we feel that our current offerings adequate enough and we've actually been getting a lot of traction just offering paper go.

But that's something we are continuing to explore to see whether it makes sense.

Kenneth Lai: That's something we are continuing to explore to see whether it makes sense. The custody on chain business, that's where we're going to be offering physical gold. That's mainly to institutional clients. That's also to high-net-worth clients. Your question towards do we have a vote? We have a vote with our custodians because in terms of offering allocated gold, physical gold to institutions, you probably need to custodize that with reputable custodians today.

Custody on chain business is that's where we're going to be offering physical gold and that's mainly to institutional clients and that's also to high net worth clients.

We saw your questions, let's do we have a vote.

We have a vote with a hostile against because in terms of offering Uh huh.

Allocated Gulf physical gold to institutions, you probably need to Casa dicentric reputable custodians today.

Yeah.

Well take a question online Nick I'm going to go something go ahead.

Yeah.

Tan Yong Hong: We'll take a question online. Nick, please unmute yourself and go ahead.

Alexander Wong: We'll take a question online. Nick, please unmute yourself and go ahead.

Yeah.

Hi Tech loans, sorry, it's Nick from Morgan Stanley.

Hopefully you can hear me.

[Analyst] (Morgan Stanley): Hi, P' Wong. Sorry. It's Nick from Morgan Stanley. Hopefully, you can hear me. Happy New Year. Congratulations on the results. A couple of questions for me. First of all, I just wonder if you could talk a little bit more about your Malaysia wealth strategy. Sounds quite interesting. Just interesting how you're thinking, specifically, you'll tie together sort of three bits of the business to deliver on that. Second link to that, I mean, obviously, you've done a big review of wealth. I'd like you to just explain to us how you think you are competitively positioned, especially in the Bank of Singapore space. What makes me become a client of Bank of Singapore rather than, say, a Standard Chartered or a DBS, for example? Just finally, a small question. I noticed a big uptake of the dividend from Great Eastern yesterday.

Nick Nocito: Hi, P' Wong. Sorry. It's Nick from Morgan Stanley. Hopefully, you can hear me. Happy New Year. Congratulations on the results. A couple of questions for me. First of all, I just wonder if you could talk a little bit more about your Malaysia wealth strategy. Sounds quite interesting. Just interesting how you're thinking, specifically, you'll tie together sort of three bits of the business to deliver on that. Second link to that, I mean, obviously, you've done a big review of wealth. I'd like you to just explain to us how you think you are competitively positioned, especially in the Bank of Singapore space. What makes me become a client of Bank of Singapore rather than, say, a Standard Chartered or a DBS, for example? Just finally, a small question. I noticed a big uptake of the dividend from Great Eastern yesterday.

Congratulations on the results and couple.

Couple of questions from me first of all I, just wonder if you could talk a little bit more about your Malaysia wealth strategy.

It sounds quite interesting just interesting how youre thinking specifically the Chinese together sort of three bits of the business.

To deliver them up.

Secondly linked to that.

Obviously, you've done a big review of Rollouts.

I'd like you to just explain to US how you think you are competitively positioned, especially in the bank of Singapore space.

What makes me become a client a bank of Singapore, rather than say a standard chartered.

Dps for example.

And then just finally, a small quick question I noticed a big.

Jacob the dividend from great Eastern yesterday.

So I just wondered if you could talk about sort of dividend policy, it great eastern and and how you're thinking about getting capital out of <unk> into the bank.

[Analyst] (Morgan Stanley): I just wondered if you could talk about sort of dividend policy at Great Eastern and how you're thinking about getting capital out of Great Eastern and into the bank.

Nick Nocito: I just wondered if you could talk about sort of dividend policy at Great Eastern and how you're thinking about getting capital out of Great Eastern and into the bank.

Yeah.

Sorry.

What's your loss beat that missed how do we get the so great eastern is dividend and dividend stepped up quite nicely.

Tan Teck Long: Sorry. What was your last bit? That means how do we get the dividend?

No I think it almost doubled.

[Analyst] (Morgan Stanley): Great Eastern's dividend stepped up quite nicely. I think it almost doubled yesterday, full year. I just wondered if you could talk a little bit about sort of capital policy for Great Eastern and how you're thinking of getting capital out of Great Eastern and into the bank.

Nick Nocito: Great Eastern's dividend stepped up quite nicely. I think it almost doubled yesterday, full year. I just wondered if you could talk a little bit about sort of capital policy for Great Eastern and how you're thinking of getting capital out of Great Eastern and into the bank.

Yesterday full year. So I just wonder if you could talk a little bit about sort of capital policy for greater Houston, and how youre thinking on getting capital out of great Eastern and <unk> Bank.

Okay. Yeah I'll leave there is your question to a logic for Jason there Greg.

Tan Teck Long: Okay. Yeah. I'll leave the easier question for Jason and Greg. For Malaysia, we are re-energizing our consumer financial services. We want to target the Premier all the way to the higher end of the wealth continuum. In Malaysia, currently, we have a lot of competitive advantage because G actually services a customer base equal to half of Singapore's population. That will keep us really very busy thinking of how to deliver value proposition to the customer base. Now, we must bear in mind that in all the wealth business, we need to segment the customers and understand the need of the customer in order to deliver the correct journey. This is our thinking in Malaysia to give us an edge.

For Malaysia.

We are we are.

Re energizing, our Clos were financial services, and Sylvia you want to target the premium all the way to the other.

Higher end of the wells well continue them.

In Malaysia current need we have a lot complexity about H, because GE actually services, our customer base equal to half assume plus population. So that will keep us very busy thinking of how to deliver value proposition to the customer base.

We must be my debt in other wealth business, we need to settle and the customers understand the need of the customer in order to deliver the correct journey. So.

This is our thinking in Malaysia to give us H.

Under the whole wealth initiative the other units of the bank such as Painless thing, Paul which at cheap publishes their insights and strategic allocation of asset view will also be helpful to grow our wealth business in Malaysia.

Tan Teck Long: Under the whole-of-wealth initiative, the other units of the bank, such as Bank of Singapore, which actually publishes their insights and their strategic allocation of asset view, will also be helpful to grow our wealth business in Malaysia. I will ask Jason to address the question on how competitive he is and he's at the far end. Yes. Jason, please.

Now our ask Jason to address the question on how competitive it is and.

He said fine yes.

They simply.

I don't necessarily think it's the easier question, but I will try nonetheless.

Sunny Quek: I don't necessarily think it's the easier question. I will try nonetheless. Thank you very much for the question. For the Bank of Singapore, we've spent the last three years really building out our intellectual capital and our thought leadership. In 2024, we convened a global advisory council to identify supertrends, which our clients have been able to capitalize and build on, things like digital infrastructure, AI, trends that we hope clients will benefit from multi-years. P' Wong did talk about a strategic asset allocation model, which we've developed proprietary to Bank of Singapore, which we will make available also over time to the OCBC ecosystem in general. We also have a best-in-class transaction engine with pricing and speed capability that is probably top of the market right now.

So thank you very much for the question so for the bank of Singapore, We've spent the last.

Three years really building out our intellectual capital and our thought leadership. So in 2024, we convened global Advisory Council tweaks to identify a super trends.

Which our clients have been able to capitalize and build on things like digital infrastructure AI.

Trends that we hope our clients will benefit the for multi years take long to talk about our strategic asset allocation model, which we've developed.

Our proprietary to AR to bankruptcy and for which we will make available also over time to the OTC ecosystem in general.

We also have a best in class our transaction engine.

The pricing in a speed capability.

It is probably probably top of the market right now so I really feel confident that clients who.

Bank with US also get the benefit of banking of course intellectual advice and investment capability plus with the backing of OCC. They have an access to a broader array of services, both on the corporate side, where needed and obviously over insurance.

Sunny Quek: I really feel confident that clients who bank with us also get the benefit of Bank of Singapore's intellectual advice and investment capability. Plus, with the backing of OCBC, they have access to a broader array of services both on the corporate side where needed and, obviously, over insurance and banking capabilities. I think combine all of that, we've got a very strong proposition to stand out amongst all the other private banks.

And banking capabilities. So I think combine all of that we've got a very strong proposition to stand out amongst all the other private banks.

So maybe just.

Just on the great Eastern dividend policy. So we have a progressive dividend policy. So.

[Analyst] (Morgan Stanley): Do you want me to cover that? Just on the Great Eastern dividend policy. We have a progressive dividend policy. We won't go backwards based on the dividend we paid this last year. Even if it's a volatile year going forward, shareholders are going to get this at least the same as what they got previously. Our policy is actually to move progressively up to 50% payout. We will be paying out more as we go forward. Obviously, we will be looking at opportunities to deploy that capital. We will be looking to grow the business substantively over the next few years. We will be investing significantly in the business. We will be using that capital to grow the business organically. We are also looking at inorganic options, as P' Wong mentioned earlier.

Nick Nocito: Do you want me to cover that? Just on the Great Eastern dividend policy. We have a progressive dividend policy. We won't go backwards based on the dividend we paid this last year. Even if it's a volatile year going forward, shareholders are going to get this at least the same as what they got previously. Our policy is actually to move progressively up to 50% payout. We will be paying out more as we go forward. Obviously, we will be looking at opportunities to deploy that capital. We will be looking to grow the business substantively over the next few years. We will be investing significantly in the business. We will be using that capital to grow the business organically. We are also looking at inorganic options, as P' Wong mentioned earlier.

We won't go backwards based on the dividend we paid this last year. So even if it's a volatile year going for shareholders are going to get this at least the same as what they got previous EBITDA policies is actually to move.

<unk> re up to 50% payout.

So we will be paying out more as we go forward.

And overseas, we will be looking at opportunities to deploy that capital. So we will be looking to grow the business substantially.

Over the next few years, so we will be investing significantly in the business. So we will be using that capital to grow the business organically and we are also looking at inorganic options as Tiger mentioned earlier.

Okay. Thank you very much on the business lines.

Good morning, I have been known to everybody.

Operator: Okay.

[Analyst] (Morgan Stanley): Thank you very much.

Nick Nocito: Thank you very much.

Operator: Rand from The Business Times.

A few questions about management's firstly, it's on the new sort of wealth management management community.

Renald Yeo: Good morning. Happy New Year to everybody. I just have a few questions on the wealth management side. Firstly, it's on the new sort of Wealth Management Committee that the CEO talked about. Maybe you could just share why setting up this committee is important and more of the thinking behind it. Second question is on the whole-of-wealth strategy. Does this also mean, basically, we might see a more concerted effort in cross-selling across all the different parts of OCBC? Does this mean changes in perhaps how teams work or how teams work together across the different parts of the bank? Thank you.

Let's see you were talking about maybe because of Shannon why setting up this coming to you and Spartan and then more of the thinking behind it.

Second question is on.

Well our strategy and.

That doesn't mean, that's going to even what we might see a more concerted effort any cross selling them across all the different.

That's almost to be sent and does this just mean changes and perhaps how teams work.

How teams work together across the different parts of the bank. Thank you.

Yeah.

Okay.

Answering the second question first yes indeed.

You'll be a much more concept the effort across the whole group right now there's a lot of collaboration or a D, which is within the group. So a lot the product on us and the.

Tan Teck Long: Answering the second question first, yes, indeed, it will be a much more concerted effort working across the whole group. Right now, there's a lot of collaboration already which exists within the group. A lot of the product owners and the customer segment owners have been collaborating. What we really want is to be even more ambitious and think about the whole group as in not just Singapore, not just in-country collaboration, but also a global collaboration. I think that's one big change. Now, the wealth business is a complicated business. Sometimes we think in simplistic terms, high net worth, PPC, premier. Actually, in real life, it kind of overlaps because some high-net-worth customers will prefer to be in PPC. Some premier are premier only because we haven't managed to get their AUM from the other banks yet. It's a whole spectrum.

The Qatar central Windows have been calibrating, but what we really one is to be even more ambitious and think about the whole group as seen not just in a ball, let's just in country coloration, but also a global collaboration so I think that's one big change now the wealth business is complete.

Get a business, sometimes we think it's simplistic term high net worth PPC premier but.

I can't even realized kind of over.

Lap, because somehow where customers would prefer to.

To be in PPC, some premier a premier only because we haven't got the EUM from the other banks yet so so it's a whole spectrum now.

In any.

Tan Teck Long: Now, in any management construct, tone from the top is very important. With this wealth NC, we will have a coordinated tone from the top where the three wealth heads will jointly lead wealth initiatives which cut across the whole group, whether is it getting the benefit of ADD strategy, whether is it get the benefit of new product launches, whether is it mutual support for products. For example, we have a high-net-worth strategy which Greg just spoke about for GE. You can just imagine the potential if you take what they have. Of course, he hasn't reviewed the full plan yet. I shall refrain to talk a little bit more. It's very exciting. The way I look at it, when I evaluate the plan for high net worth for Great Eastern, I can see so much synergy with Bank of Singapore customers. Well, wealth is important.

<unk> mentioned cost drop tone from the top is very important.

With this well M C.

According to <unk>.

Moving from the top where the two we all hate with jointly lead.

Initiatives, which cut across the whole group whether is it.

Getting the benefit of ADT strategy, whether is it get the benefit of new product launches whether is it a mutual support for a product like for example, we have a high net worth strategy, which Greg just spoke about for GE you can just imagine the potential if you take what they have of course yet.

The the full plan, yet so I shall refrain to talk a little bit more by fast I think the way I look at it when I when I evaluate the plan for heightened political Chris that I can't see so much synergy with making let's say a bulk customers well.

Well.

We always important by somewhat by health resources.

So this is the teaser for the future.

Tan Teck Long: At some point in time, health is also important. This is a teaser for the future yet-to-be-launched high-net-worth strategy. In short, everything starts from leadership. That's our belief. We have set up the leadership correctly to make sure that we have a tighter and more coordinated approach to wealth to deliver value to the customer.

To be launch high net worth strategy.

So in short everything stopped for leadership, that's our belief Sylvia setup, the deed issued correctly to make sure that we have a tighter and more coordinated approach to well the detail both value to the customer.

If I can add.

On the little bit I think in the past, we will look at customers from our own perspective, and they would tend to calibrate, but I think what we are doing.

Jason Moo: If I can add on a little bit, I think in the past, we will look at customers from our own business perspective. Then we tend to collaborate. I think what we are doing things now is we look at the customer and how all of us can chip in and make the customer experience to be seamless. Customers move through different life stages. I think it's important that we are there to cater the customer journey from end to end. All of us will just take a look and see, how can we chip in and make customers at the center of everything that we do instead of just looking at our own business perspective?

Doing things now as we look at the customer and how all Boston Chipping and make the customer experience to be seamless and customer moved to different life stages. So I think it's important that we are there to get the customer journey and to earn and all of it will just take a look and see how can we keep it in the customer at the center of every.

Do you still just looking at our own business perspective.

And I sure something a little bit more.

You.

Tan Teck Long: Can I share something a little bit more BAU? On a BAU basis, all the wealth units have their own system and processes re-engineering to get more efficiency and productivity. With the wealth MC, it will be much more coordinated even in systems investments. That will also give us benefit. If all the wealth MC members decide to do certain things, then we can start to plan which unit goes first, which is the one which can get the most bang for buck. Then after that, roll it out. We can test new products with certain customer segments across from their units before we roll out to the broader customer base. There are a lot of synergies beyond, let's just go for a coordinated strategy with the working middle management. I think this is really the tone from the top.

On a <unk> basis are the wealth units have dealt with system and processes reengineering to get more efficiency in both productivity.

With the well MCU would be much more coordinated and systems investments. So that will also give us benefit.

Although wealth LC members decide to do certain things. They can start to plan, which unit go first which is the one which can get the most bang for Buck and then after that we can test new products with southern customer sat across from their units before we go out to the broader customer base. So there are a loss in there.

Jeez.

Beyond that ill, let just go for Coty.

Strategy with the Middle measure would you meet the management. So I think this is really the tone from the top.

Let's take another question on nine municipalities on mute yourself and go ahead.

Tan Yong Hong: We'll take another question online. Melissa, please unmute yourself and go ahead.

Alexander Wong: We'll take another question online. Melissa, please unmute yourself and go ahead.

Happy new year.

And thank you for taking my question.

[Analyst] (Bank of America): Hi, Ned. Happy New Year, P' Wong. Thank you for taking my question. I just have a follow-up on the wealth to be the first question. I think you talk a lot about it. There's a strong focus. Maybe just put it into numbers for us. What are you thinking in terms of your AUM target growth or your fee growth? You talk a lot about the revenue synergies and moving on that part. Will there be cost synergies as we work together? That's my first question.

Melissa Daniels: Hi, Ned. Happy New Year, P' Wong. Thank you for taking my question. I just have a follow-up on the wealth to be the first question. I think you talk a lot about it. There's a strong focus. Maybe just put it into numbers for us. What are you thinking in terms of your AUM target growth or your fee growth? You talk a lot about the revenue synergies and moving on that part. Will there be cost synergies as we work together? That's my first question.

Just on the underground.

It can be the first question I think you talked a lot about it and post a strong forecast maybe just to put it into numbers slash.

What are you thinking in terms of the inland packet moves Aria E.

Can you talk a lot about revenue synergies.

And moving on.

The Mb cost synergies.

That's my first question.

Yeah.

Okay.

We're not ready to talk about the au am.

The flows but if you look at our revenue target. We continue to aim for double digit growth in well. So you can is underpinned obviously by EQM.

Tan Teck Long: We are not ready to talk about the AUM targeted flows. If you look at our revenue target, we continue to aim for double-digit growth in wealth. It's underpinned, obviously, by AUM flows as well and transaction volume based on the AUM. Now, would there be cost synergies across the wealth group? The answer is yes. When we develop systems, a lot of the systems in today's world, we think about microservices. As we create microservices, we can then use that and replicate it across the wealth unit and also where it's applicable across the whole OCBC Greater Group. I think there's a cost synergy as well. We will also be thinking about the human resource, how to equip them correctly to make sure that we have the ideal mix of product specialists and the RM.

Floors as well.

And transaction volume based on the E M.

No.

With Debbie synergies cost synergies across the wealth group and Ccs.

When we developed system.

A lot of the systems.

Dude into this we'll be thinking about micro services. So as we create micro services. We can then.

Use that and replicate it across the wealth unit and also a waste applicable across a whole or CPC greater group. So I think that's a cost synergy as well we also be thinking about the human resource how to equate them correctly to.

To make sure that would be the ideal mix of pro that specialties and the I'm. So quite loss in that you step into some cost synergies.

Tan Teck Long: Quite a lot of synergies there in terms of cost synergies.

Alright, thank you.

Jeff in terms of some housekeeping.

Housekeeping question Steph.

[Analyst] (Bank of America): Right. Thank you. Maybe just in terms of some housekeeping questions first. On the NII guidance, I think at the bottom of the deck, it says that you are looking for SORA at about 1.4%. NII then will decline. Given where SORA is today and if SORA stays at this level today, does it mean there will be more downside for NII? Are you protected from some of the hedges that you have put in place?

Melissa Daniels: Right. Thank you. Maybe just in terms of some housekeeping questions first. On the NII guidance, I think at the bottom of the deck, it says that you are looking for SORA at about 1.4%. NII then will decline. Given where SORA is today and if SORA stays at this level today, does it mean there will be more downside for NII? Are you protected from some of the hedges that you have put in place?

On the NII guidance I think type environment.

It says that you are looking for Sarah and about 1%.

NII decline Dana with <unk> and <unk> at this levels today, it doesn't mean there won't be much.

Well and I are are you protected from some of the hedges that you have put in place.

Okay.

Uh huh.

Currently we have done a we have a house view on flora.

Tan Teck Long: Currently, we have a house view on SORA. We know that SORA is a little bit low now. The house view is that SORA could retrace. It's at 1.4% assumption. If SORA is below 1.4%, there will be downside risk to our revenue expectation.

We know there's always a little bit lower now the houseware is that so wrong could retreat.

He is at one 4% assumption.

Sarah is below one 4% there'll be downside risk to our revenue expectation.

Alright, Okay. Thank you and then lastly.

Maybe just a quick one on you in terms of your strategy I mean, just to me.

[Analyst] (Bank of America): All right. Okay. Thank you. Lastly, maybe just a quick one from you in terms of your strategy. I mean, just to be a bit picky on it, you said stable to rising ROEs. Just wanted to understand the risk or the thoughts on where or how or why we would be stable in any case in the, let's say, the two, three-year space.

Melissa Daniels: All right. Okay. Thank you. Lastly, maybe just a quick one from you in terms of your strategy. I mean, just to be a bit picky on it, you said stable to rising ROEs. Just wanted to understand the risk or the thoughts on where or how or why we would be stable in any case in the, let's say, the two, three-year space.

Picky on it.

You said stable to rising Ireland, just wanted to understand the risk of desktop.

And where and how and why he was stable and NTT.

And the net gain of <unk> <unk>.

I think currently the banks do digesting the effect of NIM.

Tan Teck Long: I think currently, the bank's still digesting the effect of NIM compression. That is a big uncertainty. That's why we are a little bit cautious. Despite the uncertainty, if you just look at our guidance for 2026, we are still aiming to grow total income. Now, the NIM compression has a direct impact on ROE. That's why we are a little bit more reserved. Otherwise, as a corporate strategy, we will just say that we can uplift the ROE. It's really the NIM environment which is uncertain.

NIM compression.

So that is a big uncertainty so that's why I view, a little bit cautious. Despite the uncertainty. If you just look out guidance. What did you do it just to aiming to grow total income now the NIM compression has a direct impact on our E S.

That's why we are a little bit more reserved.

Otherwise as accomplished Rajeev, you just say that we can't lift the hour. So it's really the NIM environment, which is uncertain.

Right.

Maybe if I can sneak in just one last one I think grace in that.

[Analyst] (Bank of America): Right. Maybe if I can see in just one last one, I think Great Eastern said that they will be looking for rising dividend numbers, DPS numbers on a total basis. Any thoughts on the group for OCBC as well? Do you think that we can also have, other than the 50% payout, a step on rising DPS?

Melissa Daniels: Right. Maybe if I can see in just one last one, I think Great Eastern said that they will be looking for rising dividend numbers, DPS numbers on a total basis. Any thoughts on the group for OCBC as well? Do you think that we can also have, other than the 50% payout, a step on rising DPS?

They will be looking for rising dividend numbers and EPS numbers on that.

On a total basis.

Any thoughts on the group.

<unk> do you think that we can also have other agenda essentially out of step on rising GPS.

Yeah.

I think for 20 days fixed behalf, our ordinary share you've done and be Bobby will be look at shed you've done.

Tan Teck Long: I think for 2026, we have our ordinary share dividend. We probably will be looking at share dividend moving from a share buyback to special dividend if we cannot complete the share buyback. The dividend policy remains at 50%. If we grow our revenue, if we grow our profit, that 50% actually translates to a higher dividend. Our policy remains unchanged. In fact, what we aim is to sail a steady ship to this choppy water, whether it's capital position, whether it's the way we do loan business. Maybe we have not been selling ourselves about how well we have done, for example, in the loan business. Challenging market. We managed to be higher in the system average growth in the last few years. Despite the challenge in Greater China, you don't really see our NPR rate going up. You see provisions.

Moving from a share buyback to especially the UV.

You cannot complete the share buyback.

The.

Dividend policy remains at 50%, if we grow our revenue if we grow our profit at 50% as you try to stick to a higher dividend. So our policy remains unchanged. In fact, what we aim is to steer the ship to the choppy water, where they kept up with Sharon whether is it the way we do loan.

Business.

Maybe we have not been.

Okay.

Selling ourselves about how well we have done for example in the loan business.

Reaching market.

We managed to see higher than system average growth in the last few years.

Despite the challenge in greater China, you'd already see our MPL rate going up you see provisions. In fact, we also took the opportunity to increase our our our E. C O two and it's just that our provisions right now is one five times.

Tan Teck Long: In fact, we also took the opportunity to increase our ECL2 and just that our provisions right now is 1.5 times of the NPA. For those who might not be so familiar with this ratio, NPA is the whole non-performing asset. Our non-performing asset, especially when it comes to real estate, is typically also secured. You won't lose the whole loan. We don't need to go there because we are already at 1.5 times of NPA. If we really think about the whole thinking, actually, we have done very well.

The MTA and for those who might not be so familiar this ratio npa's the whole nonperforming asset.

It's not in Oklahoma from USA, especially when it comes to real estate is typically also to kill you.

You wouldn't lose the whole loan, but we don't need to go there because we are at one five times of M. P.

So if you really think about.

The whole thinking actually we have done very well.

Hello.

Alright. Thank you very much okay can we havent rollout from the HB.

[Analyst] (Bank of America): All right. Thank you very much.

Melissa Daniels: All right. Thank you very much.

Yeah.

Operator: Okay. Can we have Bola from The Edge, please?

Thanks, Thanks for taking my questions and congratulations on your good results and Im also happy to hear that you prefer special dividends to share buybacks, because the analysts love share buybacks.

Bola: Thanks. Thanks. Thanks for taking my questions. Congratulations on your good results. I'm also happy to hear that you prefer special dividends to share buybacks because the analysts love share buybacks, so.

[Analyst] (The Edge): Thanks. Thanks. Thanks for taking my questions. Congratulations on your good results. I'm also happy to hear that you prefer special dividends to share buybacks because the analysts love share buybacks, so.

No.

Okay.

[laughter] so I have.

[Analyst]: Okay. That's not my analyst.

Kenneth Lai: Okay. That's not my analyst.

Two.

Tough questions on two separate topics first on the NPA is which you've done.

Bola: Okay. I have two separate questions and two separate topics. First, on the NPAs, which you've done very well on your credit costs versus what your peers have reported. What differentiates your sort of credit risk management from your peers? That's the first question. The second question is that in terms of your you've got a capital-light focus in your new frontier strategy. I'm just wondering whether if you could I mean, I know ROEs are difficult over this year because of the NIM compression. In the next two years or three years, could you get to the mid-teens or towards where your previous bank got to? That's the second question. The third question is the first time we mentioned the word China was what you just said a moment ago.

[Analyst] (The Edge): Okay. I have two separate questions and two separate topics. First, on the NPAs, which you've done very well on your credit costs versus what your peers have reported. What differentiates your sort of credit risk management from your peers? That's the first question. The second question is that in terms of your you've got a capital-light focus in your new frontier strategy. I'm just wondering whether if you could I mean, I know ROEs are difficult over this year because of the NIM compression. In the next two years or three years, could you get to the mid-teens or towards where your previous bank got to? That's the second question. The third question is the first time we mentioned the word China was what you just said a moment ago.

You've done very well on your credit cost and versus what your peers have had supported so what differentiates your sort of credit risk management to me up here. So.

So that's the first question.

Second question is that in terms of your you've got a capital light.

Because in your new frontier strategy. So I'm just wondering whether if you could I mean, I know arrow is a difficult over this year because of the NIM compression.

And the next two years or three years could you get to that mid mid teen.

Teens are towards where your previous bank up too.

So that's a second the second question and the third question is is it the first time, we mentioned the word.

China was what you just said a moment ago. So there appears to be a geographic shift to as Yan from greater China, because 7%. So greater Bay area focused previously so I'm just wondering what what are you looking at them I mean, I know you've talked about it but he is looking at it in terms of organic okay.

Bola: There appears to be a geographic shift to ASEAN from Greater China because there was a sort of Greater Bay Area focus previously. I'm just wondering, what are you looking at? I mean, I know you've talked about it. Are you looking at it in terms of organic opportunities? What about inorganic opportunities? Does your ASEAN shift include that? Those are the three questions.

[Analyst] (The Edge): There appears to be a geographic shift to ASEAN from Greater China because there was a sort of Greater Bay Area focus previously. I'm just wondering, what are you looking at? I mean, I know you've talked about it. Are you looking at it in terms of organic opportunities? What about inorganic opportunities? Does your ASEAN shift include that? Those are the three questions.

Organic opportunities, but what about <unk>.

Kenny opportunities, so again shift into that.

Just a few questions.

So it's just a matter of clarification you are referring to are given the shift in China.

Tan Teck Long: Sorry. Just a meta clarification. You are referring to inorganic shift in China?

We're sort of into the inorganic I mean, you've got a shift so ASEAN yeah. It appears.

Bola: No. I'm referring to the inorganic I mean, you've got a shift to ASEAN that appears in your frontier. Is there any inorganic opportunity there that you're looking at?

[Analyst] (The Edge): No. I'm referring to the inorganic I mean, you've got a shift to ASEAN that appears in your frontier. Is there any inorganic opportunity there that you're looking at?

Is there any in organic opportunities there.

Okay.

Okay I cannot comment on other banks.

Tan Teck Long: ASEAN. Okay. Okay. I cannot comment on other banks' credit policy. For us, we took a very conservative view. We have been observing ahead, slightly ahead of the if I were to judge based on the questions relating to Hong Kong CRE as a thermometer on focusing on the issues there for real estate, actually, even before that started, we had started to take positive action. We had actually stopped growing the high-risk segment and degeared that part. Our growth in Hong Kong, you will see that we are still growing. We are focusing on loans to quality customers. Secondly, when it comes to provisioning, we have been already way we managed our cases, we have been very proactive in downgrading the cases. As we downgrade the case, our system is just that ECL2 would also increase.

Got it.

Policy for US we took away a cause of the view.

Have been observing a slightly a hit of the <unk>.

If I were to judge based on the questions relating to a Hong Kong C. R. E S. A thermometer on the focusing on the issues there for real estate.

Actually even before this but we have started to take positive action.

Actually.

Stopped growing the higher risk segment and do you get a pop.

Uh huh.

Our growth in Hong Kong you.

You will see that we are still growing but we are focusing on loans to quality customers.

When it comes to provisioning we have been.

Or a way we managed our case.

He says we have been very proactive in downgrading. The cases, so as we downgrade. This case our system is just that ECL to also increase.

So ultimately there is a buffer zone, even before you go to <unk> and where the situation warrants veeva.

Tan Teck Long: Automatically, there's a buffer zone even before it goes to ECL3. Where the situation warrants, we were downgraded into ECL3 and have more provisionings. That provisioning is quite conservative. This is how we have been managing it. Our peers, I cannot really comment. On the second question, help me along. You were talking about capital-light and NIM compression. Compared to the peer. I want to be very grounded in the way we think about strategy. We are at the start of executioning our strategy. I think in one year's time, we will have a better picture of what works well, what works really very well. Then maybe at a point in time, we also the NIM impact digested, then maybe we are more ready to share some thoughts on what could be a guided CET1, what could be a guided ROE.

Downgraded through into <unk> and have more provisioning and the provisioning is quite conservative.

So this is a this is how we've been managing it our peers I cannot really comment.

On the.

On the second question help me, along Youre talking about capital light and the NIM compression.

Okay.

Compared with our peers.

I want to be very grounded in the way, we think about strategy.

Execution in our strategy I think in one year time, you will have a better picture of what works well what works really very well and then maybe at a point in time. We are also the NIM impact digest that there may be we are more ready to share some thoughts on what could be a guy that.

Our CTO, our Korean guy to OE.

Okay. The next question is.

Yes, so you have a pick up the messages.

Tan Teck Long: The next question is, you have picked up the messages. Thanks for picking up the messages. Indeed, there's a pivot to focus on ASEAN domestic market. Hong Kong remains important to us. Like what I mentioned, what we had done in that slide relating to franchise shift is a very big slide. We did not include a lot of the BAU staff, which we are also gaining momentum. For example, loan growth in Hong Kong, despite the challenge, we managed to also keep the loan. I mean, it's a bit slower growth than the rest of our franchise. We also managed to grow our loan franchise there. We also managed to grow our fee franchise across the wholesale bank, across the wealth business. Our fee growth in Greater China, in global markets, is also double-digit from customers' flow. Very good set of results.

Thanks for picking the messages in this appeal.

But to focus on domestic market.

Oh.

Hong Kong remains important to us so why I'm engine.

What we had done in that slide relating to franchisees is of the buybacks like we did not include a lot of the <unk> staff, which we are also gaining momentum like fluids about loan growth in Hong Kong. Despite the challenge we manage to also keep the loan I mean, so it would be a slower growth in the rest of our franchise.

But we also managed to grow our loan franchise that we also measure we will grow our <unk> franchise across our wholesale bank across the.

The wealth business.

Our our fee growth in greater China, and global markets is also double digit.

Catalysts will so very good set of results I just enough time to go into detail. So Hong Kong is important.

Tan Teck Long: I just did not have time to go into detail. Hong Kong is important. ASEAN, there's huge opportunity for us. If there's any inorganic opportunity in ASEAN, we will certainly want to take a look.

Ossian, Oh, there's huge opportunity for us it is any inorganic opportunity in <unk> certainly want to take a look.

That's gonna Jason Jennifer next question, Yeah, Hi, Thank you so much for the opportunity I'm.

Operator: Let's go to Jayden for the next question.

Just wanted to clarify on the two.

Jayden: Hi. Thank you so much for the opportunity. I just wanted to clarify on the SGD 2.5 billion to be returned, completed this year. Can I just confirm that the remaining amount is in the low SGD 700 million? I think Yongkong mentioned SGD 800 million. I had a different number. I think you've made it very clear that you prefer special dividends. Would you sort of look at spacing that out? Would it all come at the end of the year if you don't do the buyback? I guess we've become accustomed to seeing it sort of sequentially. It'd be great to see that consistency. Would be keen for your thoughts. My second question is just on the strategy, which was very helpful. You've sort of kept the guidance so at pretty consistent costs.

[Analyst 3]: Hi. Thank you so much for the opportunity. I just wanted to clarify on the SGD 2.5 billion to be returned, completed this year. Can I just confirm that the remaining amount is in the low SGD 700 million? I think Yongkong mentioned SGD 800 million. I had a different number. I think you've made it very clear that you prefer special dividends. Would you sort of look at spacing that out? Would it all come at the end of the year if you don't do the buyback? I guess we've become accustomed to seeing it sort of sequentially. It'd be great to see that consistency. Would be keen for your thoughts. My second question is just on the strategy, which was very helpful. You've sort of kept the guidance so at pretty consistent costs.

$2 5 billion to be returned.

Completed this year can I just confirm that the remaining amount is in the low 700, melons I think Johan mentioned 800, but I had a different number.

And then I think you've made it very clear that you prefer special dividends.

Would you sort of look at spacing that out or would it all come at the end of the year. If you don't do the buyback because I guess, we've become accustomed to seeing it sort of sequentially. So it would be great to see that consistency what became for your thoughts.

And my second question is just on the strategy, which was very helpful.

You've sort of kept the guidance. So it's pretty consistent cost I just wanted to know if any of the strategy is going to require any significant investment like would there be a period, where the cost will be higher in anticipation of better revenues and better gross later on.

Jayden: I just wanted to know if any of the strategy is going to require any significant investment. Would there be a period where the costs would be higher in anticipation of better revenues and better growth later on? It'd be good to understand the thinking on that. Thanks very much.

[Analyst 3]: I just wanted to know if any of the strategy is going to require any significant investment. Would there be a period where the costs would be higher in anticipation of better revenues and better growth later on? It'd be good to understand the thinking on that. Thanks very much.

Understand the thinking on that thanks very much.

Okay.

They take the question on the Chin.

Yeah Jordan.

Tan Teck Long: Okay. Ching Yu, I want to take the question on the share. Yeah.

You asked about the.

Goh Chin Yee: Yeah. Jayden, you asked about the share buyback remaining portion, whether it's SGD 700 or SGD 800. It's about SGD 780 because you have done 22% of the SGD 1 billion. Is that okay?

Share buyback.

In Washington that there was 700 800.

700.

Does it have done 22% of the $1 billion.

Okay.

Hum.

Just the timing like when would you. If you don't actually have you been buying back based on market conditions right.

Operator: Just the timing. Would you if you don't actually because you've been buying back based on market conditions, right? If you don't actually deploy, would you do a special in the first half?

We deploy it would you do a special in the first half.

Yeah, we mentioned that can remove them off but.

Goh Chin Yee: Yeah. We mentioned that remaining of that SGD 780 million, if we do not continue to execute our share buyback for cancellation, we will return that in the form of dividend by financial year 2026.

One we.

We do not continue to execute.

Share buyback for cancellations will return back in the fall.

EBITDA grew by I mentioned 2006.

Thank you Chi on the execution of strategy.

Yes, we are there on sell execution of our new strategy and we have a refresh ADP <unk> ADP strategies of our strategy.

Tan Teck Long: Thank you, Ching Yu. On the execution of strategy, yes, we are the on-site execution of a new strategy. We have a refreshed ADD strategy. ADD strategy is about strategy. It's also about culture. It's also about how do we get value out of our ADD efforts in a more concrete manner, shall we say, right, so that we have visibility, right? Now, there will be investments required. We are cognizant of the trade-off between cost-to-income ratio during the gestation period. Perhaps during the gestation period, we will have slightly higher cost-to-income ratio. We keep an eye on it. In my last slide, I actually also explicitly stated that we will keep the cost-to-income ratio within a certain range so we could pace our investments. For example, I mean, there's a trade-off, right?

It's also about culture.

Also about how do we get value of our HDD efforts.

In a mall.

<unk> shall we say right so there'll be have visibility right now there'll.

There will be investments require yet but yeah.

Cognizance of the trade off between cost income ratio during gestation period, so, perhaps even doing a gestation period.

We'll have slightly higher cost to income ratio, but keep my eye on knit. So in my last slide IHT.

Also SBC to state that we will keep the cost income ratio with the rig so we base.

Based on our investments as far as.

Sylvia will do that trade off that Michelle that cost income ratio, maybe a couple of percentage points for investments.

Tan Teck Long: We will do that trade-off to make sure the cost-to-income ratio may be a couple of percentage points for investments. We don't want to deviate from the 40 to 45% guidance.

I want to deviate from the 40% to 45% guidance.

Thanks very much.

And we'll take the last question online. Please on your U S. I think go ahead.

Operator: Okay. Thanks very much. Okay. We'll take the last question online. Please unmute yourself and go ahead.

Yeah.

Hi, Thanks for taking my question I just had two.

Thank you for your question is on just wanted to touch on GE and whether there's a need to pursue another buyout in the near term.

[Analyst]: Hi, Tan Yong Hong. Thanks for taking my question. I just have two very quick questions. First one is on just wanted to hear your thoughts on GE and whether there's a need to pursue another buyout in the near term, given how you've been talking about GE as being an important part of your wealth strategy going forward. Second question is on whether there's any exposure to private credit, both your direct lending and indirect through the wealth management distribution business. Maybe some rough numbers on the percentage of AUM in private credit would be very helpful. Thank you.

[Analyst 4]: Hi, Tan Yong Hong. Thanks for taking my question. I just have two very quick questions. First one is on just wanted to hear your thoughts on GE and whether there's a need to pursue another buyout in the near term, given how you've been talking about GE as being an important part of your wealth strategy going forward. Second question is on whether there's any exposure to private credit, both your direct lending and indirect through the wealth management distribution business. Maybe some rough numbers on the percentage of AUM in private credit would be very helpful. Thank you.

Then we'll.

Talking about Ges being an important policy all round strategy going forward.

And second question is on whether there is any exposure to private credit direct.

Alright lending and indirect through the wealth management and distribution business, maybe some rough numbers on the percentage of <unk> in.

In private credit would be very helpful. Thank you.

Okay for GE, there have initiated the XY sand complete their size.

Tan Teck Long: Okay. For GE, we have initiated the exercise and complete the exercise to buy more shares in GE or even to privatize it. That is a chapter behind us already. We will not be looking at acquiring more GE shares in the foreseeable future. Secondly, we today own 93.7% of GE. That's good enough for us to collaborate within the group. At this level, we don't feel the need to increase the share just for the collaboration. On private credit, if you have been circumspect about private credit in Asia, so if you really think about it, the biggest market for private credit is in the United States. We don't indulge in that space. In Asia, well, there are a lot of private credit outfits being set up and so on and so forth. We think we know Asia the best.

To go buy more shares in GE or even to privatize. It. So we have yes.

That is a chapter behind US already we are not looking at Macquarie <unk> shares in the foreseeable future.

Secondly.

These b do they own 93, 7% on GE, that's good enough for us to collaborate within the group so yeah. So at.

At this level, we don't feel the need to increase.

Sure Josh for calibration.

On private credit if you have been circumspect about private credit in Asia. So if you really think about the biggest market for private credit is in the United States with the industry in that space in Asia, where they are.

A lot of private credit.

Set up and so so far we think we know Asia. The best we have not embarked on any private credit strategy chest that we put our with two Congress SaaS. So private credit is not far off.

Tan Teck Long: We have not embarked on any private credit strategy, just that we took on risk assets. We don't have private credit exposure here in our book today. On the AUM front, I think it's less about AUM. It's about us having because of the demand for certain high-net-worth customers, we might have some private credit funds on the shelf for the customers to invest if they choose to. Yeah.

We don't have private credit exposure here.

In our book.

Hey.

So on the <unk> front I think it's less about au am is about us having because of the demand for certain high net worth customers, we might have some private credit funds on the shell for the customers to invest if they choose to.

Okay.

Thank you.

Is it one more minute if any analysts ask a question. We asked we can take that.

Goh Chin Yee: Thank you, Tech Wong.

Tan Teck Long: Thank you.

Operator: If we have one more minute, if any analysts have a question, I guess we can take that because there were many hands earlier. Sorry. You want to go ahead?

There are many hands earlier.

Yeah, sorry go ahead.

Hi, superlative answered from Bank of America, just a quick one on the van <unk> extremely strong growth expect add on back of a strong 2025, BS ability I just wanted to understand a little bit bad.

Kriti Bansal: Hi. Kriti Bansal from Bank of America. Just a quick one on the wealth. I mean, extremely strong growth expected on back of a strong 2025 base at double-digit. Just wanted to understand a little bit where the net new money, which pockets is it coming more from? Where do we expect this to continue coming from in addition to the synergies, of course, that we see?

Net new money like each bucket is it coming more from and where do we expect this to continue coming from in addition to the synergies.

It's actually quite broad base, and maybe I'll ask the wealth case to shed a little bit on the on the net new money, maybe it's Ken.

Tan Teck Long: It's actually quite broad-based. Maybe I'll ask the wealth heads to share a little bit on the net new money. Maybe you can ask Sunny, you want to speak first, or Jason?

Some years will be for allergy. So I think we are.

The other four we saw six be yogurt, net new money and where we end up the year with 27 billion of net new money.

Sunny Quek: Yeah. I think we Q4, we saw SGD 6 billion of net new money. We end up the year with SGD 27 billion of net new money. As shared, I think it's very broad-based. I think, basically, some of the things that we do are also about engaging our customers and deepening the relationship. For example, I think we are attracting customers by making our payments very efficient. In fact, if you take a look at our mobile app, we have 10 wallets that we have added. The most number of a wallet you can see in Southeast Asia, meaning you can transfer money to 10 wallets in the region. Also, look at scan-and-pay capabilities. In China, we have Alipay, UnionPay, and WeChat Pay. We are the only bank that has the most comprehensive payment. I think it is strategies like this that we are engaging customers.

Sure I think it's very broad base I think basically.

Some of the things that we do also about engaging our customers and deepening the relationship for example, I think.

Graduating customers, making our payments are current.

Efficient and in fact, if you take a look at our mobile App, we have about 10, our wallets that we have the most of them go off of wallet you can see in the southeast Asia, meaning you can transfer money and well, let's see in the region and also look at canopy capabilities in China, we have a lipid unionpay and we seen pit. So we had.

Any bank that has the most comprehensive payment. So I think his strategy is like you said we are engaging.

Customers, we give them a reason to put more money of your first by putting money inside there and also give us the opportunity to cross sell into them and the other thing that we do also look at the senior care relaunch is senior care.

Sunny Quek: We give them a reason to put more money with us by putting money inside there. They also give us the opportunity to cross-sell into them. The other thing that we do also is look at the senior care. We launched a senior care. This group of customers tend to be sort of neglected in the way that you can't really sell them too much things. Coming from a super-aged country that we are coming in 2030, I think this is an opportunity whereby we really want to engage this group of customers. There's a whole four main pillars that we are in trying to engage them. We do see customers moving money here as well. There are many opportunities that we can do with them. Yeah.

Elderly this group of customers tend to be in.

And the way that you can't really sell them too much things, but.

Coming from a superb each country that we are coming in 2030 I think this is what you can do what they really want to engage these customers and as a whole.

Four main pillars there'll be are in trying to engage them and we do see customer moving money here. So and there are many opportunities that we can do with them.

Yep.

And in fact that you'd like to add one more point in Hong Kong right I think we we've done very well.

Sunny Quek: In fact, if I can add one more point, in Hong Kong, right, I think we've done very well. Tech Wong had shared earlier, our wealthy are up 70%. The year before was about close to 60% as well. You can see that we are investing in Hong Kong. We have recently just unveiled our flagship branch in Queens Road Central. What we did there was, I think, we also bought a local SME there in Old Seng Choong. We are the first in Hong Kong whereby in the retail bank, we have a consumer bank branch with a retail concept. In our flagship branch in Hong Kong, we have about 100 sq ft of space dedicated for customers. Hong Kong people love Singapore pandan kek. We bought our Singapore SME there. It's the first of its kind in Hong Kong.

Sure.

All the wealthier up 70% the year before was about close to 60% as well and we also and you can see that we are investing in Hong Kong. We have recently just unveiled our such a bunch of Greenfield central and what we did there was I think we also bought a local SME and the Olsen twins and we are the first in Hong Kong.

Bye.

The retail bank, we have it.

As a consumer bank bonds with a retail concept so in our such a bunch in Hong Kong, we have about 100, squib spinoff space dedicate four customers Hong Kong, though I'll call people up in Singapore. So we bought our Singapore SME. There is the first of its kind in Hong Kong and your fingers gone viral and Hong Kong.

Very impressed that choose forming up Republicans give genies around with money in the Qs, but jenny's cookies. Thank you.

Sunny Quek: In fact, it has gone viral in Hong Kong, right? A lot of customers are very impressed. There are queues forming up. We're probably going to give Jenny's a run for his money in the queue as well, Jenny's cookies. Thank you.

Maybe I'll just add on from the bank of Singapore perspective.

We have found especially with 335, we found out a lot of clients deploying.

Jason Moo: Maybe I'll just add on from the Bank of Singapore perspective. We found, especially with 2025, we've found a lot of clients deploying their excess cash into investments. We did very well on the trading front as well. We found ourselves also being the primary kind of money manager for clients. A lot of clients have put large amounts of money for asset allocation with us and discretionary portfolio management. Our fee-based business has risen as well. I think we're trying to migrate ourselves, as I mentioned earlier, into the intellectual thought leadership space and being the main bank for investments for clients in the future. I think that's where we are looking to generate most of our revenues from.

Is there excess cash into investments. So you did very well on the on the on the trading front as well. So we found ourselves also.

Being the primary kind of money manager for our clients. So a lot of clients.

Large.

Out of the money for asset allocation with us and discretionary portfolio management. So our fee base business has risen as well. So I think we're trying to migrate ourselves as I mentioned earlier into the intellectual thought leadership space and being the main investment.

<unk> bank for investments for clients in the future. So I think that's where we are looking to generate most of our revenues from.

Okay. So.

Okay.

<unk> this is on behalf.

Operator: Okay. With that.

[laughter] she controls.

Tan Teck Long: Ching Ching Ching.

Jason Moo: Ching Ching Ching.

Tan Teck Long: Can I have your permission to say something?

Operator: Sure. Of course.

I just want to.

Uh huh.

Tan Teck Long: She controls the meeting, right? I just want to, in summary, say that we are going to be very focused on growth. We are going to be very focused on the customer journey. All the digital data, these are tools to help the customer journey. Despite the challenges in the environment, we are still going to focus on growth because we believe our Asian insights really give us a competitive advantage to understand where the pockets of opportunities are. In summary, we are going to forge ahead with our new frontier of growth strategy. Ching Ching, back to you.

In summary says that we are going to be very focused on growth.

Yeah.

Going to be very focused on the customer journey. So all the disc.

Data these are tools to help the customer journey.

Despite the challenges in that environment, Yes, do go into a focus on growth because we believe our Asian insights really give us a competitive advantage to understand where the pockets of opportunities.

So this is the so in summary.

Going to a photo hit new frontier gross strategy.

So can you pass it really is our next frontier of growth that.

Bringing us forward I will end. This morning session. Thank you very much for joining us. This morning. Thank you.

Operator: Okay. With our next frontier of growth that bringing us forward, I will end this morning session. Thank you very much for joining us this morning. Thank you.

Q4 2025 Oversea-Chinese Banking Corp Ltd Earnings Call

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