Good afternoon, everyone, and welcome to today's presentation of Hana Financial Group. I am Guen-hoon Park, Head of IR. I would like to thank our shareholders, analysts, and other market participants for taking part in today's earnings call via phone and the internet. Despite the busy schedule, we will now begin the 2022 H1 earnings presentation. For today's presentation, we have with us the group's CFO, Hoo-seung Lee, and other members of the senior management from the group and the subsidiaries. We will first give a presentation on the business results of the group, and then proceed to a Q&A via phone. Now, we will invite our CFO, Hoo-seung Lee, for the Hana Financial Group's earnings presentation for the H1 of 2022. Good afternoon, investors, and capital market participants who have deep interest in Hana Financial Group, our research analysts and financial journalists. I am Hoo-seung Lee, the CFO of Hana Financial Group. Just now, we had some strong rains in Seoul, so summer is now at its hottest, and I hope all of you have set up some good vacation plans to cool down from the summer heat. Before walking you through the financial highlights, I'd like to touch upon the interim dividend of Hana Financial Group that has just been disclosed. Today, the BOD of Hana Financial Group has resolved to declare interim dividend of KRW 800 per share, up KRW 100 from the previous year. As we maintain a high level of capital buffer and given the fact that our fundamentals in terms of profit and capital adequacy is sound, we were able to increase our interim dividend for two straight years following last year. As long as there is no unexpected contingencies, we expect to be able to increase the year-end per-share dividends as well. We are well aware of the high level of expectations our shareholders have for improved shareholder returns. The senior management of the company as well as the BOD place top priority on enhancing shareholder value. Going forward, not only increasing the dividend, but treasury buyback and stock cancellation, as well as various other means of capital utilization will be considered to continue to enhance shareholder value. From now on, let me walk you through the 2022 H1 Hana Financial Group's business results. First, the key financial highlights of the group. Please refer to page three of the presentation material. In the H1 of 2022, the net income came to KRW 1,727.4 billion. We posted record high core earnings and maintained sound profitability. However, owing to a number of one-off factors, the net income declined 1.4% on a YOY basis. The H1 net income when normalized for the one-off factors comes to KRW 2.1 trillion, demonstrating strong fundamentals and superior capabilities for profit generation. However, as a range of different factors adding to the complex global crisis emerge, economic uncertainties as well as concerns of a possible economic recession are growing both at home and abroad. In order to prepare for the possibility of potential defaults turning into actual defaults, regulators around the world are recommending that financial companies expand their ability to absorb losses. As such, Hana Financial Group, despite the fact that our key risk-related indicators are being maintained at a healthy level, we are preemptively responding to increasing macro risk and the termination of COVID-19 financial assistance programs through adjusting forward-looking multiples and additional provisioning for borrowers postponing repayment of debt. Thus, we have set aside greater loan loss provisioning to further strengthen our ability to absorb losses. Also, along with the risk management is to implement our shared growth policy with our customers through the Hana Financial Assistance Program. We are either already providing or planning to provide a wide range of assistance to protect the financially vulnerable groups who are suffering under the current high interest rate regime. I'm sure you all remember that, Hana Financial Group has a history and a strong tradition of preemptively and nimbly responding to rapidly changing market environment and various macro factors based on our DNA that thrives on challenges and innovation. Going forward, we intend to break through the current economic crisis, through maximizing the key strength of the group. Asset management, IB, and corporate financing are areas where we have solid customer base and differentiating sales capabilities. Such a competitive strength will be reinforced via collaboration among group subsidiaries and, through innovation, while also seeking to extend our global presence by focusing on Asian high-growth regions that continue to strive to become the leading financial group in Asia. In the digital sphere as well, in pursuit of our goal to become a comprehensive financial platform, we will strengthen the linkages between Hana 1Q and 1Q Pay. Also in the online and offline channels, much more advanced services and experiences will be provided to our customers through the benefits of an omnichannel. At the same time, in the non-financial ecosystem consisting of highly connected and fast-growing communications, mobility, real estate, and healthcare areas, through pooled investments and partnerships, we seek to enter into these non-financial platform business as well. From now on, let me explain in greater detail about the group's business results. First of all, the group's H1 core earnings, which underpin the fundamentals of the company, is up 13.6% year-on-year to KRW 5,131 billion. On a quarterly basis, it is up 7.6% over the Q1 and continues the growth trend for six straight quarters. Key drivers are the increase of NIM on the back of the BOK rate hikes and the growth in interest income driven by the stable increase in loan assets. At the same time, fee income, owing to the growth in FX fees and card fees, contributed to improving core earnings for two straight quarters. Next, the group's gains on valuation disposal, due to certain market interest rates, experienced lower investment returns, reflecting the increase in financial market volatility. During the H1, due to the continuing weak won, FX translation losses were also recognized. In addition, due to the sudden correction of the global stock market, non-recurring one-off factors led to preemptive recognition this quarter of potential valuation losses that may occur in the future. In the H2, as well, we expect a high level of market volatility to continue due to the high price levels and major economies' monetary tightening. We anticipate an environment where the effective management of gains on valuation and disposal will be quite challenging. Nonetheless, we will do our best to defend our gains through risk hedging against rate hikes, short-term trading, as well as arbitrage trading. Next is SG&A. The group's SG&A for the H1 in 2022 is KRW 2,211.2 billion, up 9.7% on a YOY basis. This is mostly due to the one-off cost that occurred because of the ERP conducted in the Q1. However, on a quarterly basis, during Q2, the SG&A added KRW 956 billion, down on QOQ and exhibiting a stabilizing trend. Both in terms of amount and C/I ratio, SG&A was the lowest since the Q2 of 2020, demonstrating a sound ability to control costs. Going into the H2 as well, we will make an enterprise-wide effort to continue to effectively control costs while reducing as much as possible recurring costs in the course of making investments to enhance our sales efficiency. Finally, loan loss provisioning. On top of the additional KRW 60.3 billion of loan loss provisions in the Q1, during this quarter as well, approximately KRW 124.3 billion of loan loss provisions was additionally set aside. Despite this being so, the credit cost ratio of the group in the H1 came to 0.23% and is being kept within the yearly target level. Let me provide you with a bit more detail about our plans to manage asset quality. We have strengthened loan monitoring through efforts such as DSR simulation for each stage of interest rate hikes, and thus is making sure that marginal borrowers with high likelihood of default can achieve a soft landing. In addition to the existing credit rating model, through a machine learning-based risk system that leverages big data, a more precise credit rating is possible, resulting in enhanced soundness for the loan portfolio. Also, we have already established plans to monitor borrowers through audits of sectors that are impacted by high oil and commodity prices. We are also stepping up our liquidity monitoring efforts to respond to possible expansion in the volatility of the financial markets, including FX rate increases. Going forward, we intend to continue to strengthen our preemptive risk management by maintaining the strategies to increase sound assets, thus maintaining our healthy asset quality. Aside from the risk management, we will actively participate in the financial regulators' policies to support small business owners and other vulnerable groups. We'll continue to strive to implement the group's vision of sharing growth with all and always being considerate of our customers. If you look at the lower left-hand corner of the slide, you can see the group's ROE and ROA, which posted 10.08% and 0.67% respectively. Next, please refer to page four. Hana Bank and Hana Card included, the group's 2022 Q2 NIM posted 1.80%, up nine basis points QOQ. Hana Bank's NIM was up nine basis points QOQ, driving the group's growth in the NIM. First of all, along with the asset repricing effect, following the BOK rate hike, healthy asset growth was also positively reflected. At the same time, there was portfolio improvement made, including growth in the average balance of core low-cost deposits. Internal efforts such as ranking number one among the domestic banks in the TCB rating, which affects its funding allocation to innovative SMEs, also contributed to the improving NIM. Next, if you look at the right-hand side of the slide, the Korean won loans of the bank grew 2% QTD to post KRW 255 trillion, achieving stable assets. Fee income, like the interest income, continues its growth trend, increasing 7.4% QOQ. Because of the higher volatility in the financial markets due to a correction in the stock market, overall investment sentiment has been dampened and asset management fees are stagnating. However, there has been an improvement in debit fees and card fees, leading to fair fee income performance. Now let's go to page five. As of Q2 end 2022, the group's NPL ratio was 0.37%, maintaining a similar level QOQ and YOY. The total delinquency rate increased three basis points QOQ due to short-term delinquency in overseas loans, but it is fully secured with collateral, and the delinquency has already been resolved in July. Next, the group's accumulated credit cost ratio in the H1 recorded 0.23%. Although it increased QOQ, this is because of the additional provisioning of Q2 amounting to KRW 124.3 billion, and the ordinary credit cost ratio is at a stable level of 0.12%. Lastly, the group's CET1 ratio is 13.18%, which is maintained at a fair level compared to the regulatory ratio. The QOQ decrease was mainly attributable to the interim dividend and an increase in RWA due to an FX rate rise and an increase in loan assets. Now the group's business results by item. Please refer to page seven. Although the disposition valuation gain decreased YOY due to multiple one-offs occurring in the midst of higher volatility in the global financial market, the group's general operating income in the H1 increased 6.4% YOY due to higher interest income and diversified fee income resulting from the group's diversified business portfolio. SG&A in the H1 increased 9.7% YOY with the recognition of one-offs in the Q1, but on a QOQ basis, was down at mid-900 billion KRW in Q2. With the accumulated preemptive credit loss provisioning of KRW 184.6 billion in total, provisions in the H1 increased YOY. Moving on to page eight, subsidiaries business results. In the H1 of 2022, Hana Bank posted a net income of KRW 1,373.6 billion, up 9.6% YOY. The solid growth of core earnings delivered such solid performance despite large-scale one-offs, such as recognition of ERP and additional loan loss provision. Next, Hana Securities net income for the H1 of the year was KRW 139.1 billion. Securities brokerage fees continued to weaken due to a decrease in the trading value of the stock market, and the valuation losses resulting from the global stock market correction all played a part in the decline in Q2. However, in the H2 of the year, we will focus on stable trading that minimizes profit and loss volatility. Through the strengthening of core businesses using the expanded capital, we expect earnings to recover. Next, Hana Capital, on the back of improvement in general operating income such as fee income, recorded a high rate of increase YOY, realizing a net income of KRW 163.1 billion in the H1. In the H2, while preparing for an additional increase in interest rates by diversifying funding, we will strengthen our retail base by expanding new partnerships. Lastly, Hana Card's net income in the H1 was KRW 118.7 billion, down YOY. This is due to the reduction of merchant fees effective from February, preemptive reduction of high-risk loan assets for risk management purposes, and ERP leading to a rise in SG&A. However, earnings improved on a quarterly basis as fee income recovered in the Q2. Please refer to the table for the other subsidiaries' results. Please refer to pages 9 through 11 for details about NIM, non-interest income, and SG&A explained earlier. Also, please refer to page 13 for the group's total assets, liabilities, and equity. Now on page 14, Hana Bank's loans and deposits in KRW. As of Q2 end 2022, the bank's loans in KRW stood at KRW 265 trillion, up 2% QoQ. The asset growth can be broken down as follows. Corporate loans increased 4.5% QoQ to KRW 135 trillion. Of these, large corp loans increased 8.3% QoQ as the demand for funding through the banks increased on the back of a shrinking corporate bond market. SME loans increased 3% QoQ with continued funding support to the non-externally audited SMEs and SOHO borrowers. Household loans decreased 0.5% QoQ to KRW 130 trillion due to a decrease in unsecured loan balance. As of quarter end in Q2, the deposit in won stood at KRW 282 trillion, up 1.3% QoQ. Low-cost deposit decreased 0.7% over March end in terms of end of month balance, but increased 1.3% QoQ in terms of average balance with continued inflow of corporate deposit. During the quarter, there was demand for dividend payout by large corporates, thus lowering the MMDA balance QoQ, but the LDR recorded 98.6% with the inflow of time deposit. Please refer to page 15 for Hana Bank's loan composition. Now moving on to page 17, group's asset quality. The group's total credit at the end of Q2 2022 was up 3.5% QoQ to KRW 367 trillion. The amount of NPL increased 6.6% QoQ to KRW 1,350.7 billion, as the amount to be recovered through collateral disposal decreased. However, new NPL formation has trended downward, decreasing by KRW 51.7 billion QoQ, thanks to the disappearance of the previous quarter's one-offs. The group's quarter-end NPL ratio is maintained stably at 0.37%. The NPL coverage ratio is up 13.4 percentage points YoY and up 4.2 percentage points QoQ to 164.7%, showing improved capacity for absorbing losses enabled by preemptive provisioning. Let me elaborate on the bank's asset quality on page 18. Hana Bank's total credit in Q2 has grown 3% QoQ to KRW 310 trillion, and NPL increased 4.6% QoQ to KRW 748.4 billion. The bank's NPL ratio is 0.24% at a similar level to the previous quarter. As is the case with the group's NPL coverage ratio, the bank's NPL coverage ratio increased YoY and QoQ to 188.4%. Hana Bank's delinquency ratio at the end of Q2 was 0.16%, same as the previous quarter, maintaining a stable level. As can be seen from the data, the asset quality indicators of Hana Bank, which accounts for a high portion of the group's total assets, are kept in very good condition. Nevertheless, we preemptively provisioned against the measurable expected loss as conservatively as accounting would allow so much that the amount in excess of last year's annual provision was recognized within the H1 of this year. It goes to show how much the loss absorption capacity has been further strengthened. Given that macro risks are accumulating due to the increase in economic volatility, we will continue to strengthen monitoring and risk management going forward. Please refer to the group's and the bank's provision on pages 19 and 20. Lastly, capital adequacy on page 21. We expect the group's BIS ratio and Tier 1 ratio to be 15.86% and 14.72% respectively H1 2022, and CET1 ratio is expected to be 13.18%. As was mentioned before, this is due to an overall decrease in the capital ratios caused by increased RWA due to weaker Korean won and interim dividend. Thank you for taking the time to listen to the earnings presentation today. I fully understand that shareholders might be concerned about the decrease in net income on a QoQ basis. Uncertainty in the economic environment is expected to continue for the rest of the year. However, we have already strengthened our loss absorption capacity to a meaningful level. As the one-off factors disappear in the next quarter, we expect that we'll be able to present you with a performance that reflects. The strong fundamentals of Hana Financial Group. In addition, we'll continue to focus not only on business performance, but also on efficient use of capital and take leadership in improving shareholder return policies, and furthermore, continue to work on sustainable measurement practices that can contribute to the happiness of customers and members of society at large. This concludes the earnings presentation of Hana Financial Group for the H1 2022. Thank you very much. Thank you very much. We will now have a Q&A session. Let me explain how we will proceed. In order to participate in the conference call, you needed to have called in through the telephone number that was notified or log in to the website to listen to the webcast. For those of you who participate online, if you need to ask a question, you need to call in again using the telephone. We'll take the first question. We will receive the first question. The first question comes from Sinyoung Park from Goldman Sachs as a target. Are you online? Hello, I'm Sinyoung Park from Goldman Sachs. I have about two or three questions here. First of all, we had non-monetary losses, and so going forward, is there any room for changing your strategies, including hedging strategies? Also, I think you noted this early on in the year, with regards to SG&A this year, you said that you will tolerate a certain amount of increase of the SG&A, taking into consideration increased number of subsidiaries, also taking into consideration ERP, what will be the increase in SG&A going forward? Can you give us some guidelines? Thirdly, with regard to dividends, I think it is quite positive that you have been able to increase your dividend. But in the case of KB and Shinhan, this year, they're engaging in quarterly dividends, and they're focused on enhancing the visibility of dividend. In the case of Hana Financial Group, you haven't engaged in, you know, half-year dividend for a long time. Do you have any plans to transition to a quarterly dividend? Or if you continue to, you know, engage in half-year dividends, do you have any plans of increasing significantly the dividend going forward? Thank you for those questions. My name is Kim Yong-in. With regards to the first question about the translation loss, non-monetary translation losses, as of the end of June in Q2, the amount was about KRW 80 billion. The open position is about $980 million. Starting from last year, we have engaged in hedging, eight hundred and fifty million of hedging was engaged in, and so we have been able to save significantly. In the case of the H2, with regards to hedging, about nine hundred and fifty million is the target to be saved. New securities and other means of hedging is being considered. We do believe that the non-monetary translation losses will be decreasing going forward. With regards to the guidance for the SG&A, so enterprise-wide cost control measures are being implemented. As we have noted last time, there will be, you know, some amount of increase that will be tolerated, but the market environment is becoming increasingly challenging going forward. In the H2 of the year, we do believe we need to engage more tighter cost control, especially with regards to the supplies. We need to reduce the cost in order to exhibit more stronger cost control ability. The digital channel improvements and our non-contact banking channels advances and mobile banking related investments will continue to be made. By enhancing efficiency throughout the channels, we are saving costs. We do believe that there will be significant savings in terms of the recurring costs. Also about early 40% range of C/I ratio is the target going forward. With regards to dividend, KRW 800. We started off of KRW 500, and then we raised each year by 100, and then in 2020, it was stayed at KRW 500. We have continued to maintain this interim dividend policy over the years. The shareholders increase in shareholder value that you think of, and also in terms of continuity of the dividend we have, in order to ensure this continuity, we have engaged in interim dividend payments. In the Q1, that's noted later next year in the shareholders meeting in March. We do believe that we will be able to change our company regulations in order to allow for quarterly dividends. Our peers, they are engaging quite well in quarterly dividends. The regulator, they also have a positive position with regard to this issue. We believe that, starting from next year, we will be able to, I think, engage in quarterly dividends. We will discuss this matter with the BOD as well as senior management. The year-end dividend, we do believe that our net income will increase, and so the dividend amount is, we expect, going to go up. In terms of the dividend payout ratio, well, we will need to give it some more thought. Thank you very much. I hope that answers your questions. We'll take the next question. It's from HSBC Securities, Director Jeong Won, you're online. Please go ahead. Congratulations. You did quite well despite some challenging conditions. I have two questions. The earlier question was about dividend. Previously, KB and Shinhan also talked about their shareholder return policies, their dividend payout ratio, the payout ratios and, share buyback and cancellation. These measures were mentioned. Could you confirm from Hana's side, can you also engage in these matters? In the H2, I know there will be some unexpected, but for NIM and loan assets, will you be revising your plans? Could you give us guidance on your NIM and loan numbers? Thank you. Please hold as we prepare for the answers. Hello, Director Jeong Won. As for the shareholder return policy, ISS has set aside 30% as the minimum guideline. We do target 30%, that is our guidance and recommended level. Hana Financial Group has tried to adjust this to 30%. I cannot say for sure that it will be this year or next year, but we will be targeting it. As for the peers in the industry, share buyback or cancellation, they are meeting the 30% guideline, but we are approaching it in a different way. 30% is our dividend payout ratio, and share buyback and cancellation is another matter. We have done it in Q1. We have some remaining shares to buy back. In the H2, we will be looking at the right time so that we can boost the stock prices. Thank you for the second part of the question. I'd like to talk about the NIM and loan guidance for the H2. In the H1, the NIM had gone up nine bps QOQ. There were interest rate hikes 3 times and 50 bps as a big step. We have remaining August, October and November. We believe that the year-end interest rate will be 3%, having risen by 25 bps each. We are hovering above the floating rate, and we do see a potential interest income rise of KRW 100 billion. The NIM we expect will reach 1.6%. We will focus on managing profitability. As for our loan growth, as was mentioned by the CFO, there was an increase of 3.2% in the loan growth in the H1, and that's mostly corporate loans. In the H2, in the rising interest rate because of some pressure, household loans will not be growing as much. The households will be intent on paying back. The household loans will be mainly Jeonse loans and loans for midterm payment. We will try to increase the amount of household loans, on a demand basis, but I don't think it will grow as much. In the H2, we will focus more on the SMEs and the SOHO loans, and our strategy will be focusing on those. It may not be as much as H1, but we believe the loan growth to be about 5% in the H2. There are some limitations, RWA regulations and the C/I loan ratios. We will be within the bounds and try to target the 5% loan growth. Thank you for the answers. We'll wait for the next question. Next question is from Citigroup Securities, Yafei Tian. Yafei, you're online. Yeah, thank you for taking my questions. I have the first follow-up question on your earlier net interest margin guidance of 1.6%. If I look at your Q2, it's pretty much already there, so it looks a little bit conservative. Are you suggesting we are now reaching the end of the margin expansion? So can you give a little bit more clarity on that guidance, please? And then secondly, on that non-interest income, that trading line, quite a lot of volatility over there, and particularly this quarter of losses you pointed towards equity market volatility. Are you able to give us some sensitivity around that line with the KOSPI movement? I understand you already have given some sensitivity around the FX. Thank you. Thank you very much for your question. Let us get your question. Yes, I have given you an idea and outlook that was, you know, a guidance for the whole year. Maybe there was some confusion about that. It was in the Q1, it was 1.59%, and, by the way, in the Q2, it was 1.59%. Because the BOK interest rate trend is expected to continue, we believe that in Q3 it will be about 1.59%, and Q4 it will be about 1.69%. On a yearly basis, it'll be about 1.60%, and last year it was about 1.41%. There is still room for expansion, about 20 BPS. With regards to the gains of valuation disposition from the bank side, in the case of the gains of valuation disposition from the bank side, it does seem or rather we've especially mark-to-market securities, you know, the bonds and equity, there has been some losses. The treasury bond yield has risen. In terms of AFS, there has been some losses that we have incurred. Also in terms of the non-monetary translation losses, there has been about KRW 110 billion in losses. But in the second year, the treasury bond yields until it peaks, we will manage the bond till its maturity. When the peak is reached, then we will focus on managing the AFS. In the case of the non-monetary translation losses, the open position is about KRW 150 million. Through hedging, we intend to lower that level. I'm Park Sung-ho, the CFO of Hana Securities. With regards to the gains evaluation and disposition from the securities side, so I think we can look at it from two different perspectives. First is the macro factors. There's a, you know, the recurring of ordinary decline, the stocks and the bond side compared to last year, there has been interest rate hikes, and also the inflation factor. So, bond has seen some declines. Compared to other companies, our peers, through hedging, you know, because of that, we have been able to, you know, sort of reduce that, the depth of decline. However, what we find regrettable is that, in Vietnam, BIDV Securities, there has been losses on valuation of our equity holdings in this company, and we recognized that in the H1. The reason why these losses was incurred was because, it was in March tenth that, the agreement was signed. At the end of June, the market value was different. There was some accounting losses that were recognized. However, in the case of the BIDV, you know, equity investment, was not to see any, arbitrage, you know, profits. Utilizing these branches of this company, you know, we want to expand our profits from this fast-growing region. By participating in the management, we wanted to secure new growth engines. This is part of our, you know, long-term growth plans, and that's the reason why we took out equity holdings in this company. Also The agreement will close at the year-end December. At the end of June, although the stock prices have declined, but at the, you know, closing date of the agreement, the stock prices are then, depending on the situation, can be recognized as gains. In the case of the Vietnamese securities company stock prices, their decline is about 50%. However, in the case of our company that we invested in, during the same period also, it's about the same level. The stock price decline was about 45%, so this was not, you know, anything exceptional. That was what I wanted to note. I hope this provided sufficient answer. We'll take the next question. Thank you for. It's from DB Securities. Mr. Lee Byung-gun, please go ahead. Hello. I just have one question. This is not just limited to Hana, it's a general question for the industry. As we see an increase in the large corporate loans, it's not that they have high possibility of going bad, but the credit rating is in the risky tier. Compared to the small and medium-sized companies and large companies, there is an impact on the credit rating. CET1 ratio came down, and it may be with the FX rate and RWA. How much do you think it was impacted by each? Compared to the household loans, if the corporate loans are expected to grow in the H2, then I think there will be more capital needed in this sector. How will you be managing this loan growth? Thank you for the question. Please hold. Yes, I am Kim Ju-Seong, the CRO of Hana Financial Group. It was not actually one question. To talk about the first part of your question, the corporate bond market is not doing so well, so many companies are now coming to the banks, including Hana Bank, for loans. Even the blue chip companies came, and the risk weight is low in terms of RWA. The CET1 ratio decreased and was it impacted by the large corporate loans? Not really. As for the FX rate, we do have some exposure for the overseas loans, and we have some derivatives denominated in foreign currencies. BIS ratio fall, one half of that was due to the FX rate increase. In the H2, how will things change? As of now, the portfolio is tilting toward loans in one, and considering the interest rate hike in the H2, we do believe that we will have more corporate loans with low risk weights. As for the SOHOs and SMEs, the interest payment suspension program will expire in September, but we don't believe that there will be much impact from that. Thank you. Thank you very much for that detailed answer. We will receive the next question. Next question is from KB Securities, Mr. Yong-su Sol. Mr. Sol, you are on line. Good afternoon. I'm Yong-du Sol from KB Securities. You talked about the performance of the Hana Securities just now. Well, this quarter, the Hana Financial Group compared to our peers, I think it was rather poor. If you look at the factors behind that is, I think, the performance of the Hana Securities had deteriorated from the previous quarter. The reason for that, I believe the BIDV Securities, you know, stake and there are, you know, losses from valuation disposition and maybe losses from the IB side. We couldn't look at any concrete data about this. Can you provide us some more information about these issues? Thank you. Yes. I'm from Hana Securities, the CSO, Seong-muk Kang. The poor performance of the securities side, yes, it is true that there has been a performance decline over the previous quarter. There are two reasons for that. As you are well aware, in June, in the Q2 especially, the interest rates. The stock market declined significantly, especially the short-term interest rate. The volatility has risen by 10 bps more. Most of the securities companies were impacted. There have been, you know, losses of valuation for the onshore. In the case of the IB, on a YOY basis, well, we haven't been able to defend ourselves well. However, compared to the Q1 and the Q2, there has been some performance decline. That is true. The main reason behind that is the high interest rate and also the high commodity prices. Most of the deals that were underway were postponed, and some of them have been put on hold. There has been a decline in fees related to those deals. Among the one-off factors are BIDV Securities from that side has been already explained. Then the lockup period of stocks, there has been some losses in valuation. The stocks that had to be in lockup after the IPO. In the H2, when the, you know, stock markets recover, I think, you know, that losses can be recovered. In the case of the fundamentals, no, there has been no, you know, negative impact on our fundamentals. Because of, you know, external one-off factors, there has been temporary, you know, decline in the gains. That is all. We don't have any more questions in queue. With this, we would like to conclude Hana Financial Group's earnings presentation for the H1 2022. We will upload the webcast on our website, and the IR data will also be uploaded. If you have any outstanding questions, please contact the IR team and we will answer your questions to the best of our abilities. Thank you.