Good afternoon, ladies and gentlemen. Welcome to Hang Seng Bank's annual results announcement. On the floor with me are our Executive Director and Chief Executive, Ms. Diana Cesar, Executive Director and Chief Financial Officer, Ms. Say Pin Saw, Chief Risk and Compliance Officer, Ms. Kathy Cheung. Now I hand over to Diana to start the presentation. Diana, please. Thank you, thank you. Good afternoon, and thank you for joining our 2023 annual results announcement. I understand it's a very eventful day, so thank you for making time. I will begin with a summary of our performance during the year. Our Chief Financial Officer, Say Pin, will then take you through the financial results. As we all know, the past year has been characterized by geopolitical uncertainties and volatile economic conditions that have affected both the mainland and Hong Kong. In response to these conditions, a conservative approach has been a notable characteristic of the market across different sectors. High interest rates have also persisted, which has added to the prudent approach with a corresponding impact on loan growth. Against this backdrop, I am pleased to report that we have made robust progress on implementing our strategies relating to growth, innovation, and sustainability. At the same time, we have delivered strong financial results even though we have been very cautious in risk management. We have also maintained a strong focus on managing operating costs. In short, we have tried to make every Hong Kong dollar spent work harder. Year-on-year, profit before tax increased by 57% to HKD 20.1 billion. Return on shareholders' equity rose by 4.1 percentage points to 11.3%, and earnings per share increased by 62% to HKD 8.97. Net interest income grew by 26% compared with last year. Our net interest margin improved by 55 basis points to 2.3%. The strategy to diversify and grow non-fund income in wealth management has started to deliver results. Annualized new premiums in our bank-wide insurance business grew by 157%, reaching HKD 5.6 billion, which is above 2019 pre-COVID levels. Revenue from our structured investment products improved by 16% despite subdued equity market. We have made good progress in de-risking for the Mainland China commercial real estate sector. We reduced our exposure by 33% to HKD 35 billion compared to year-end 2022. As at year-end 2023, the portfolio accounted for 4% of total portfolio, with the secured portion increased to 53% from prior year's 45%. New account openings for non-Hong Kong residents increased by 342% year-on-year. This is due to our focus expansion in the Greater Bay Area, where we have set up new centers to meet the growing demand for cross-boundary wealth management and the introduction of investment products for the region. Investments in our people, technology, and infrastructure have improved operational efficiency and enhanced service experiences for customers. Our cost-efficiency ratio has improved by 4.3 percentage points to 35.8% compared to last year, benefiting from higher revenue in an elevated rate environment as well as strict cost discipline throughout the year. Some of our notable annual achievements include the following: we were amongst the first batch of listed companies to launch a renminbi counter under the Hong Kong Exchange's new HKD-RMB Dual Counter Model. The Tracker Fund of Hong Kong, now under our exclusive management, achieved a record high assets under management and unit issuance. We have partnered with Thailand's Bualuang Securities and welcomed the launch of two depositary receipts on the Stock Exchange of Thailand, which reinforces Hong Kong's position as an international financial center. Hang Seng Indexes Company Limited has become the first offshore index compiler to include Beijing Stock Exchange securities in its indexes. This integration offers global investors access to all three of mainland China's stock exchanges. We have expanded our reach in the Greater Bay Area with seven wealth management centers and enriched our offerings within the cross-boundary Wealth Management Connect scheme. We have three use cases selected by the HKMA for its e-Hong Kong dollar pilot program and have completed real-life simulations for programmable payments. We launched our first social loan to fund transitional housing for low-income families and a primary school. Sustainability. We launched the Hang Seng Stock Connect China A Low Carbon Index ETF, the city's first A-share ETF with a low carbon focus. The directors have declared a fourth interim dividend of HKD 3.20 per share. This brings the total distribution for 2023 to HKD 6.50 per share, an increase of 59% year-over-year. In view of our high capital ratios, we will consider all options in returning surplus capital to shareholders. Wealth and Personal Banking's net operating income before change in ECL increased by 26% to HKD 23.64 billion, driven by a 34% rise in net interest income. Operating profit grew by 40% to HKD 14.193 billion, with profit before tax increasing by 42% to HKD 14.386 billion. Customer loans grew by 4%, benefiting from consumer spending recovery. Enhanced reward programs and the +FUN Centre on our mobile app have improved customer engagement. Our affluent customer base expanded by 17%, and new private banking accounts increased by 116%. New customer numbers increased by 13%, and new client acquisition by 38%. Wealth management business is a key long-term growth driver that is helping us diversify our income stream. To address this, we now have seven cross-boundary wealth management centers in the Greater Bay Area cities, including our most recent opening in January 2024. Insurance business new premiums surged by 174%, with the contractual service margin balance up by 10% to HKD 21 billion. We secured a 15 year distribution agreement with Chubb Insurance Hong Kong Limited for wealth and travel insurance products to enhance our ability to meet the diverse insurance needs of our customers. Our investment services and insurance businesses income grew by 17%, with a 19% increase in active retail customers with investment transactions. Digital improvements have reduced account opening times to under 30 minutes and enhanced transaction security. Monthly active mobile users increased by 16%, and we received 16 industry awards for digital excellence in 2023. Our wholesale banking business has implemented strategic enhancements to better position ourselves to capture growth opportunities. We have improved remote account opening capabilities for Hong Kong companies with mainland shareholders, accommodating a wider variety of business entities and up to 10 connected parties. We are the first bank in Hong Kong to offer e-Sign for companies with mainland connections to facilitate remote document signing. Hang Seng Trade Pay, a new digital trade finance solution, was launched to optimize working capital management. The Hang Seng Business Mobile App received the Hong Kong Domestic Trade Finance Bank of the Year accolade at the Asian Banking and Finance Awards 2023 and was awarded the Best Payment Solutions Provider at the Corporate Treasurer Awards 2023. Commercial Banking's net operating income before change in ECL increased by 12% to HKD 10.702 billion, with a 252% increase in both operating profit and profit before tax to HKD 2.442 billion. Net interest income rose by 17%, demonstrating the outcome of quality customer acquisition. Global Banking's net operating income before change in ECL increased by 8% to HKD 2.977 billion, with a 271% increase in both operating profit and profit before tax to HKD 1.408 billion. Interest income rose by 7%, driven by the addition of new accounts and enhanced cash management solutions. In G lobal Markets, wealth products saw turnover double in capital-protected investments, with notable growth in equity derivatives and retail bond trading. Global Markets faced a 10% reduction in net operating income before change in ECL to HKD 2.413 billion, with both operating and profits before tax down by 17% to HKD 1.677 billion. Net interest income declined by 24% to HKD 1.162 billion amidst market challenges and rising interest rates impacting Market Treasury. That said, non-interest income improved by 10% to HKD 1.251 billion, driven by repo trading, equities, and rates-related structured products. I will now pass on to Say Pin to walk us through the financial details. Thank you, Diana. Amid a high interest rate environment, net interest income rose by HKD 6,744 million to HKD 32,295 million, resulting in a 55 basis point increase in the net interest margin to 2.30%. Gross loan balances decreased by 7% compared to 31st December 2022, reflecting dampened credit demand and our strategic de-risking initiatives. Customer deposits declined by 8% compared to the end of 2022, a result of our deliberate strategy to protect margin while managing an already healthy book of liabilities in the context of escalating market interest rate and subdued loan demand. Current account and savings accounts as a percentage of total deposit decreased from 59% at 31st December 2022 to 53.3% as at 31st December 2023. Net income or loss from financial instruments measured at fair value through profit and loss registered a net gain of HKD 11,330 million, reversing from a net loss of HKD 21,455 million in 2022. The improvement in investment income from our insurance business was primarily due to the higher fair value of our debt securities on the back of interest rate movement in 2023. The bank recorded insurance finance expense of HKD 10,805 million, diverging from the insurance finance income of HKD 22,720 million in 2022. The variance is mainly due to the change in fair value of underlying items for variable fee approach contracts, which acts as a counterbalance for the net income or loss from financial instruments measured at fair value through profit and loss. Moreover, increases were recorded in insurance services, results, and other operating income by HKD 389 million and HKD 396 million, respectively. Net operating income before change in ECL and other credit impairment charges grew by 19% to HKD 40,822 million. The cost-efficiency ratio saw an improvement of 4.3 percentage points to 35.8%, benefited from high revenue in an elevated rate environment as well as strict cost discipline throughout the year. We will maintain a rigorous approach to cost management on business-as-usual activities and invest to sustain our long-term growth trajectory. Expected credit losses and other credit impairment charges decreased by HKD 1,446 million to HKD 6,248 million due to lower Stage 1 and Stage 2 ECL on the back of lower loan balances offset by higher Stage 3 ECL, mainly related to Mainland China CRE exposure. Profit before tax increased by 57% year-on-year to HKD 20,105 million, while attributed profit rose by 58% to HKD 17,848 million. Earnings per share grew by 62% to HKD 8.97. By business segment, profit before tax for Wealth and Personal Banking, Commercial Banking, and Global Banking increased by 42%, 252%, and 271%, respectively. However, Global Market's profit before tax decreased by 17%. Return on average ordinary shareholders' equity improved to 11.3%, up from 7.2% in 2022. Similarly, return on average total assets increased to 1% from 0.6% in the prior year. As of 31st December 2023, our CET1 capital ratio was recorded at 18.1%, Tier 1 capital ratio 19.9%, and total capital ratio of 21.4%. Our liquidity coverage ratio ended the year at 260.7%, comfortably above the statutory requirement. I will now pass back to Diana for her concluding remarks. Thank you, Say Pin. Amidst a tough year, we have refocused the business to diversify our income streams and grow targeted new customers. The results are encouraging. Profit before tax increased by HKD 7.3 billion, which is around $1 billion. This is a testament to the success of our strategy and approach. The positive financial trajectory has enabled us to continuously invest in technology as well as analytics. These capabilities will elevate our services and standards to further delight our customers. I should also mention that the 90th anniversary celebration, which lasted the entire year, was very well received by the market and our clients. This has reinforced our position as Hong Kong's largest local bank. We are proud of our heritage, and I am optimistic the future looks positive. I wanted to personally thank all my Hang Seng colleagues for their tireless efforts and positive attitudes. The dedication and commitment have ensured that we always keep customers' needs and shareholders' returns at the heart of our decisions and actions. Whatever the pace of economic recovery, we are well positioned to sustain our performance. We will continue to support our customers and the community in Hong Kong as well as Mainland China. Thank you. Thank you, Diana and Say Pin. We will now begin our Q&A session. Please raise your hand if you wish to ask a question, and we will pass you the microphone. Please also introduce yourself and your organization. Gurpreet, second row, please. Thank you, Kenneth. Management, thank you for taking my question. First is on capital. Capital position was very strong at more than 18% on CET1 CAR, with some upcoming changes from HKMA. Maybe it gets strengthened even more. So how does the management think about the distribution if there is any excess to investors in the form of special or a sustained high dividend payout ratio? So that's number one. Do you want the second one now or later? Thank you, Gurpreet, I'll answer that one first. We are actively considering different options. So all options are on the table, and we will make an announcement in due course should we decide on any actions there. The priority, of course, is to set aside capital to fuel future growth. And then the second one is on NIM, the typical bookkeeping question. Very strong number on the NIM. So just wondering the exit NIM as we ended last year, and also with HIBOR being lower YTD, what has been the impact on the run rate for first quarter? Thank you. Okay, Gurpreet, as you know, we do not do quarterly results, so I will just share the first half and second half NIM. So market know the first half NIM for 2023, first half NIM is 2.09%, as announced previously. For the second half NIM, we were at 2.51%. So our full year NIM is 2.3%. You have rightly pointed out that some HIBOR softening in January that we saw. But in general, I think we, similar to quite a number of market players, have the views that first half HIBOR, first half 2024 HIBOR, could still be at an elevated level. Any changes is likely falling. Fed movements likely happening. Banking industry, not just for Hang Seng, because if there's some rate cut in second half, I think two things may expect to happen. One is the competition on time deposit. It's kind of a slowdown from now that we can see already. It may even slow it down in second half. Hopefully, with the lower rates in second half, if it happened, that would boost some corporate demands for loans. Hopefully, that would then turn around and boost some loans growth in the industry and also for ourselves. Now, back to your questions in terms of NIM. So far from what we could see, it's still holding up, and also partly because of the book that we have. Diana just now has also mentioned that we collectively, throughout 2022, have been very careful to manage our assets and liabilities, partly because we are aware that loan demand is subdued. So we want to make sure that we manage our book accordingly versus the market conditions. So perhaps we are at a better start with a full year NIM of 2.3% for 2023. So 2024, even if it's but second half is 2.51%, as you could see. So not as bad versus the market average. Okay, second question. Sam, second row, please. Thank you, management. Congrats on the great results. This is Sam Wong from Jefferies. I have two questions, if I may. First is on Hong Kong asset quality. So recently, we are hearing more headlines around credit stress building up for select SMEs and property investors in Hong Kong. So do you have any concerns on that, and how do you expect that to play out over the course of 2024? So that's the first question. And the second question is also on asset quality, but it's more pertaining to China. So we just want to get a sense, what is the NPL coverage for China CRE right now, and do you have any plan to further increase NPL coverage there? Thank you. Right. Perhaps I'll briefly talk through the two parts to your questions. Thank you, Sam, for the questions. Pertaining to CRE, first things first, Hong Kong. We have not seen systemic risk in our Hong Kong CRE portfolio. Our risk appetite, including that for Hong Kong CRE, remains broadly unchanged. Our NPL ratio is not material. So I think that gives you a perspective of our view on Hong Kong CRE. For China CRE, I think it's worth mentioning that the China CRE ECL we saw peaked in 2022. Now, since then, as I've mentioned just now, China CRE reduced 33% year-on-year to HKD 35 billion. Now, that accounted for 4% of our total portfolio. We do anticipate that the related ECL decline or reduction will continue in 2024. Okay. In terms of the credit impact for the China CRE, it's 88%. That has increased from 86% last year. For the most risky POE sector, our provision coverage with collateral has increased to 85%. So at this point, we feel that the provision is adequate. So going back to your point on SME, actually, the SME, most of them are fully secured. So even though we have seen a slight increase in delinquency of the SME book, because most of them are secured, the impact on ECL would be minimal. Thank you, Sam. Next question, please. Michael. Thank you, management, for taking my question. This is Michael from CTF. Two questions. The first one is a follow-up on China CRE. So what's the total amount of the high-risk portion within the HKD 35 billion, including substandard? And what's the coverage ratio on that? And how much did we write off in the second half on China CRE? And the second question is on that. In the first half of 2023, we've sacrificed the volume a little bit in order to increase our margins. So our deposits declined a lot, especially in 2023. So how should we think about volume growth in terms of deposits into 2024? Thank you. Perhaps I'll take your second question first and then let Kathy elaborate a bit on China CRE. Deposits, I think it's been a very competitive market, as you can see. In an elevated interest rate environment, it's not unexpected that CASA portfolio has gradually moved into TMD, and we saw increasing activities as such. Now, we were balancing between protecting our NIM versus growing deposits. We have, if you noticed just now I mentioned, been increasing and growing new customers' acquisitions. So with new customers, we expect that will continue to generate incremental deposits to the bank. So I think while we were not adopting, and I don't see ourselves adopting a price-led strategy, I believe the fundamentals to keep healthy growth, to keep up with healthy growth, and that being customers' growth and new customers' growth, will remain. Kathy, do you want to take the first part of the question on China CRE? Okay. On China CRE, the overall provision coverage with collateral is around 74%. That has increased from last year 60%. As I've mentioned before, on the credit impact portfolio, our ECL coverage with collateral is 88%. And on our POE, which is a relatively high-risk sector, the coverage is 85%. So this is around the provision coverage. And that's why I mentioned that the provision is adequate at this point. So the next question that you have asked is about the write-off in the second half of China CRE, is around HKD 4 billion. So discounting the HKD 4 billion, actually, we still have de-risking the China CRE by 25%, which is at par with last year. So we are satisfied with our de-risking progress. Thank you, Michael. Next question, please. If there's no questions, maybe I just highlight the presentation slides that kind of shown on the screen just now. It's on our website. And inside there, we do put in some appendices, including, I think, Gurpreet asked a question on NIM, NII sensitivity. So NII sensitivity is a table we disclose in our annual reports, but we also put because the annual reports doesn't come out until later, so we put it there as an appendix for the NII sensitivity. But I want to caution us. This NII sensitivity is done with the assumption no management actions. Other variables remain stable, no changes, and therefore, all the qualifications of the assumptions have been also included in the appendix. Obviously, similar to other banks, we are also hedging part of the impact arising from the rate cycle change, including hedging when the cost of hedging is reasonable, as well as extending some of the durations of our treasury portfolio. That is also represented in one of the last slides on the presentation slide. You could see it's not materially increased in terms of the lengthening of the portfolio's durations, but there are some increases there as well. That is to help analysts and investors to gauge and do your projections if you wish to. Okay. Thank you. Thank you. This is the end of today's annual session. Thanks, everyone, for joining. Thank you. Thank you.