Good morning, ladies and gentlemen. Thank you very much for joining us at the third quarter 2026 conference call for KakaoBank. We will proceed with the presentation by management, followed by a Q&A session. For those of you with questions, please press star and one on your phones. With that, we will begin the third quarter earnings call. Yes, good morning. This is Anna Kang from KakaoBank's IR team. I'd like to thank all our analysts and investors for joining us today at our earnings conference. Today, we will proceed with a presentation by management via simultaneous translation. This will be followed by a Q&A with consecutive translation. We are joined by members of management, including our CEO, Mr. Yoon Ho-young, Vice President Ruth Kim, Mr. Kim Geun-Soo, excuse me, Ruth Kim, Mr. Ted Kwon, our CFO, Mr. Matthew Kim, our Chief Global Officer, Mr. Sean Kim, Head of the Banking Group, Paolo Lee, Johnny Ahn, Co-Heads of the AI Group, Conrad Shin, our CTO, Buddy Song, Head of the New Business Group, and Ellie Lee, Chief Risk Officer. Today's earnings call and presentation is prepared in accordance with K-IFRS based on unaudited financial information for timely information. Accordingly, the figures may be subject to change following the auditor's review. We've also disclosed our Corporate Value-up Plan implementation status on our website, so please refer to the website or the DART system for further details. I will now hand it over to Mr. Ted Kwon, our Chief Financial Officer, to present our business highlights and financial results for the third quarter [2026]. Yes, good morning. This is Ted Kwon from KakaoBank. I'm the CFO. Let me take you through our key highlights for the third quarter of 2026, starting from page three. In the third quarter, we continued to expand our customer base while delivering stable growth in both net interest income and fee income, driving further growth in operating profit. With continued new customer inflows, our customer base reached 27.94 million. Net interest income and fee income grew 30% and 54% year-on-year, respectively. Supported by balanced growth across our core fundamentals, operating profit rose 27% YoY to KRW 191.8 billion. Let me walk you through more details on the following slides. Page four, this is our customer base. As of the end of the third quarter, our customer base grew by 1.24 million from year-end to 27.94 million, while MAU reached a record high of 20.57 million. We continue to strengthen our active customer engagement by launching new traffic-driven services across payments and investments, including our Payment Home and Equities Home service. Next, moving on to operating revenue on page five. Third quarter operating revenue increased 15% year-on-year to KRW 880.9 billion, driven by balanced growth in net interest income and fee and platform revenue. Net interest income rose 20% year-on-year to KRW 739.6 billion, supported by loan asset growth and improved asset yields amid rising market rates. Fee and platform revenue also maintained solid growth, increasing 12% year-on-year, driven by growth in payment services and advertising. Page six, more on our deposits. At the end of the third quarter, our deposit balance surpassed KRW 70 trillion for the first time, growing 9% YoY and 7% QoQ, marking a clear recovery in growth. This was particularly notable given that the overall banking sector deposits remained largely flat during the same period. Meanwhile, low-cost deposits accounted for 54.1% of our total deposits, more than 17 percentage points above the broad industry average. Next, moving on to page seven. While household deposits declined across the broad banking sector in the third quarter, our household deposits continued strong growth, further expanding our market share. Our signature group accounts continue to deliver strong deposit growth well ahead of user growth, reflecting its strong customer engagement and appeal. Page eight. To further strengthen our core deposit franchise and customer traffic, we continue to develop differentiated deposit products. We are planning to launch our Stealth Account product on November 9th, which is a new product designed for management of stash savings. The Stealth Account can be seen only when predefined conditions are met, offering secure management of personal emergency funds and a differentiated customer experience. We expect this new product to further strengthen our deposit portfolio. Moving on to loans on page nine. At the end of the third quarter, our loan balance reached KRW 48.6 trillion, up 7% year-on-year and 1% quarter-on-quarter. Notably, loans to sole proprietors, business owners, surpassed KRW 4 trillion, maintaining growth of over 40% YoY. Our third quarter NIM rose 2 basis points quarter-on-quarter to 2.15%. While funding costs increased amid rising market rates, the improvement in loan asset yields more than offsets the increase, resulting in a wider spread. Year-to-date, NIM also reached 2.10%, up 16 basis points from the full year 2025 level of 1.94%, reflecting continued structural improvement in our NIM. Page 10. In September, KakaoBank launched Korea's first fully non-face-to-face final-payment mortgage loan product. The entire process from eligibility check and loan limit inquiry to loan execution and registration is now available online, providing for maximum customer convenience. We also provide loan limit and interest rate estimates starting eight weeks before move-in, enabling early engagement with our customers. With a simple and seamless UI/UX, we aim to transform the apartment purchase loan market paradigm. For greater market coverage, we have expanded our product lineup beyond conventional mortgage loans and Bogeumjari loans to also include our final-payment mortgage loans, boosting our coverage to about 90% of the KRW 795 trillion mortgage market. In 2027, we plan to further expand our offerings to include interim payment loans, completing our comprehensive mortgage product portfolio. Page 11, our treasury management. In the third quarter, amid strong deposit growth, our financial investment AUM grew from KRW 23.4 trillion to KRW 29.7 trillion quarter-on-quarter. Investment income increased 19% quarter-on-quarter to KRW 202.5 billion, driven by higher interest income from bond investments amid rising market rates and increased valuation gains on investment securities. We will continue to pursue stable yet strategic asset management in response to changing market conditions, including higher benchmark rates. Pages 12- 14 outline our fee and platform business. Let me take you to page 12 first. In the third quarter, our loan execution volume through the loan comparison platform increased 14% year-on-year to KRW 1.395 trillion. We continue to strengthen our platform competitiveness, expanding our network of lending partners for unsecured and home mortgage loans to 72, which is an increase of four year-on-year. Our advertising platform revenue also grew 49% year-on-year in the third quarter, driven by expanded ad inventory and increased ad traffic in September. Going forward, we aim to deliver meaningful revenue growth by introducing additional traffic-driven services. On to page 13 for payment services. In the third quarter, debit card spending reached KRW 6.3 trillion, up 7% year-on-year, excluding temporary factors such as last year's government livelihood recovery consumption vouchers. In August, we launched our Payment Home, which consolidates payment activity in one place, and Payment Rewards, which offer random cashback on purchases. Following the launch of these products, our relevant DAU increased by approximately 2.5x from 290,000 in July to 710,000 in September. In the fourth quarter, we plan to expand our card lineup, including new debit cards, debit cards linked to foreigner accounts, and foreign currency-based travel cards. We will also enhance in-app payment services to create stronger synergies between payments and our app traffic. On to investment platform on page 14. KakaoBank's fund balance continued growth, reaching KRW 1.9 trillion at the end of the third quarter. In addition, our Equities Home, which was launched in September in partnership with Kakao Pay Securities, provides customers with a more convenient investment experience and surpassed 100,000 linked stock accounts within just one month of launch. We continue to enhance our monetization model by deepening investment engagement and by converting increased traffic into earnings growth. Onto page 15 on our AI native bank. Our conversational AI service reached 6.19 million cumulative subscribers at the end of the third quarter, up 374% year-on-year. During the quarter, we continued to enhance the functionality and user experience of our offering, introducing voice input mode and AI-powered image recognition for fund transfers. In the fourth quarter, following the launch of AI Goal Savings in October, we plan to introduce AI Spending Analysis in December, further advancing the personalization of our AI services. Through these initiatives, we aim to further strengthen our foundation as an AI-powered financial platform for the future. Onto page 16. Third quarter SG&A expenses totaled KRW 168.5 billion, up 21% year-on-year, mainly due to temporary increases in personnel expenses, higher IT operating costs as our data center operations ramped, and increased G&A expenses. Meanwhile, cumulative CIR for the first nine months of 2026 stood at 35.8%, down 1.1 percentage points from 36.9% in 2025. Finally, page 19. As the first step toward expanding our customer base beyond domestic customers, we launched foreign resident services in October, targeting approximately 2.3 million long-term foreign residents in Korea. Customers can conveniently verify their identities using various forms of ID, including mobile ID cards, driver's licenses, and Alien Registration Cards. Our chat-based account opening process also allows foreign customers to open accounts easily and quickly. Our AI-powered translation service currently supports English, Chinese, and Vietnamese, and by 2027, we plan to expand language support to seven languages. Starting with long-term foreign residents in Korea, we aim to provide foreign customers with the same level of financial services as domestic customers, demonstrating KakaoBank's vision of growing beyond Korea. This concludes our presentation of KakaoBank's key business achievements and financial results for the third quarter of 2026. Thank you. We will now move on to our Q&A. Due to the limited time, please kindly limit your questions to two per person. Thank you. [Non-English content]. Now Q&A session will begin. Please press star one, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions per each participant. [Non-English content]. The first question will be provided by Jun-Sup Jung from NH Investment & Securities. Please go ahead with your question. [Non-English content]. Yes, this is Jun-Sup Jung from NH Security. Thank you for the opportunity. I will ask two questions. First, on ROE, while you have been achieving year-on-year improvement in ROE, there still seems to be a significant gap versus the 15% target set for 2030. So, while taking into consideration the various one-offs that occurred this year, overall, it does not seem very easy to achieve that 2030 goal. Is that target still valid and in place? If so, could you break it down by year, how you anticipate you will progress in terms of reaching that objective? Also, in terms of driving non-organic growth, I think your focus will primarily be on the capital market. So, what kind of investment are you anticipating or planning for that kind of M&A potentially? What kind of earnings contribution do you expect or target from the capital business for 2030? Apart from capital, are there any other areas that you are looking at for potential M&A targets to achieve your ROE target? The second question has to do with your low-cost deposit base. At 54.1%, it is still higher than that of the commercial banks. Still, it does seem to have been trending downward over the past year or so. That said, what are your strategies to defend against further decline, and what is your mid to longer-term goal or target in terms of your low-cost deposit mix? [Non-English content]. Yes, thank you. Let me take that first question on ROE. I think previously we have produced a four-step roadmap in terms of how we intend to achieve that 15% target. [Non-English content]. The first piece was increasing the portion of SME or SOHO-related loans to 18% of our total lending portfolio by 2030. [Non-English content]. The second piece was expanding our capital-light business, increasing the portion of non-interest income up to 40% of our operating revenue. [Non-English content]. This will include earnings growth from our fee and platform business, also our returns from our treasury and asset management. [Non-English content]. The third piece of our roadmap was continued enhancement of our shareholder return. [Non-English content]. Together with these three targets, the fourth piece would be inorganic growth, which will also contribute to driving up ROE. [Non-English content]. We are looking at capital business to boost ROE, which in turn will help improve overall ROE for the entire bank. [Non-English content]. With these initiatives, we are targeting somewhere in the 10% range by 2028, mid- 12% ROE by 2029, and 15% range by 2030. [Non-English content]. Apart from our interest in the Mastern M&A, we are also looking at potentially the credit card business or the securities business for potential inorganic growth in the mid to long term. [Non-English content]. The status or our eligibility as a major shareholder still remains unresolved at the moment, so we will await the court rulings as we seek and explore opportunities. [Non-English content]. Moving on to the second question. [Non-English content]. As you mentioned, it is true that we have seen some decline in the portion of our low-cost deposit. [Non-English content]. But that said, this applies across the entire banking sector, not just KakaoBank. And in fact, our mix still remains 17 percentage points above the banking sector average. [Non-English content]. And we expect to be able to maintain this gap versus other commercial banks as we continue to broaden and diversify our funding base in terms of more customer segments and also product offerings as well. [Non-English content]. In terms of expanding customer base, right now we are centered mostly on Korean nationals and individual retail customers. We want to expand that to foreigners as well as businesses and SMEs. [Non-English content]. So in fact, October we already started the launch of our services for foreign residents living in Korea, long-term residents by the way. And within the first half of 2028, we are targeting the launch of our SME banking. [Non-English content]. In terms of product, we will continue to expand into new domains related to our group accounts and my kid accounts, for example. [Non-English content]. Because we have found that for these products which have a specific customer group or purpose of use in mind, they tend to really drive above average growth in our current deposit base. They can contribute to stable increase in deposit balance even amid money move condition. [Non-English content]. For the existing products that are currently available, we will continue to drive growth in connection with the investment or payment context. Also, we are planning the launch of several products in November, including our Stealth Account product for stash cash savings. We will continue to also enter into new domains like living expenses, for example, which will help contribute to stable deposit-based growth. [Non-English content]. Next question, please. The following question will be presented by Doosan Baek from UBS Securities. Please go ahead with your question. [Non-English content]. If you can hear me, we welcome your questions. [Non-English content] UBS [Non-English content]? [Non-English content]. [Non-English content]. Yes, thank you. I am interested in the new final-payment mortgage loan product that you have recently launched. How much do you think that this product can drive loan growth in the fourth quarter and in the coming year, given the current social condition, also the environment surrounding household loans? Also, you have a joint lending program with Busan Bank. There does seem to be some easing, or you have been designated an Innovative Financial Service provider as well. There have been some easing of face-to-face related business operations. That said, what is your roadmap going forward for this SOHO or SME type loan business? [Non-English content]. Yes, let me cover your first question. [Non-English content]. This final-payment mortgage loan is actually a very stable market driven by end user or real end user demand with annual new origination value above KRW 18 trillion. [Non-English content]. In fact, in September of this year, we were the first within the financial sector to introduce a non-face-to-face final-payment mortgage loan product, where we focus on resolving the pain points experienced by the existing users. [Non-English content]. We provide for a fully non-face-to-face process from start to finish. You are able to run inquiries from two months ahead of the expected move-in date. We provide a very intuitive UI/UX. Again, the entire process from application to running inquiries for loan limits or interest rates, also loan disbursement or registration, etcetera, can be done all online through a non-face-to-face process. [Non-English content]. In terms of the size of this loan market, this year on a nationwide basis, the total number of public housing available for move-in was 200,000. Next year, it is expected to be about 230,000. [Non-English content]. Already, these products since launch have been outperforming versus our expectations, and we expect this market itself to grow and become even bigger next year. [Non-English content]. We very much expect that this new final-payment mortgage loan will become the new driver of lending growth for KakaoBank starting 2027. [Non-English content]. And your second question. [Non-English content]. Regarding our entry into SME or SOHO loans, as you know, we are working together with Busan Bank, where together we have been designated an Innovative Financial Service. We will be providing co-originated joint loans that combine our expertise in the non-face-to-face processes plus Busan Bank's screening know-how. [Non-English content]. We will begin primarily with certain guarantee fund-related loan products, but then expand into other loan categories, including mortgage loans and also unsecured credit loans as well. [Non-English content]. Next question, please. [Non-English content]. The following question will be presented by Shinyoung Park from Goldman Sachs. Please go ahead with your question. [Non-English content]. Yes, thank you. I also have two questions. While you have seen top-line growth, it seems that you are also seeing substantial growth in your costs as well. Could you share your plans in terms of expenditure or expenses, including hiring expense? As an online bank, I would assume that we should be approaching some kind of a peak in terms of operating leverage, but that does not seem to be quite visible yet. Could you mention that as well? Also, platform revenue at the start of the year, you mentioned a 20% year-on-year growth target, but overall it has stayed stagnant. Do you think that there still remains some potential to see some underlying structural growth for platform revenue? Or should we lower our expectation given the current conditions? [Non-English content]. Yes, let me cover the first question. [Non-English content]. Third quarter SG&A did increase by 21% YoY due to several factors. First, there was an increase in our IT operating costs as we started full-scale operations of our data center. There was also an increase in our D&A, and also per agreement between labor and management, there was a temporary one-off increase in our labor expense as well. [Non-English content]. To maintain our technological advantage, we intend to invest about KRW 270 billion up to 2028 in technology, which will include AI and [AX]. [Non-English content]. Consequently, we think as far as D&A or IT operating costs are concerned, on an annual basis, it is likely to grow by more than 40% YoY. However, other cost line items under SG&A, we will maintain strict control so that they grow at just one digit YoY. [Non-English content]. When excluding the one-off labor expense increases that occurred in 2025, overall, the SG&A growth for full year 2026 will be somewhere around 20%. [Non-English content]. CIR for 2026 may increase slightly versus the prior year, but starting 2028 when the investments become more stable, they should start tracking downward. [Non-English content]. For potential new hires, we are actually being very disciplined, limiting our new hires only where required for new businesses or for security or technology advancements only. [Non-English content]. And on to your second question. [Non-English content]. The fee and platform business in the third quarter did grow, driven mostly by payment and advertising. [Non-English content]. Our debit card business actually saw 14% YoY growth, driven by our new Payment Home and Payment Rewards services, which drove an increase in both the payment amount and traffic. [Non-English content]. Meanwhile, our advertising service saw even wider 50% YoY growth due to the increase in premium advertising inventory and a significant upside in traffic. [Non-English content]. However, due to ongoing lending restrictions, regulatory restrictions, the loan comparison business is seeing a constrained environment. [Non-English content]. For 2026 on a full year basis, we intend to grow steady upside in our fee and platform earnings by continuing to grow our existing products, including the debit cards, advertising, and funds, while also diversifying into new revenue sources, which means the new products that were newly introduced in 2025. [Non-English content]. On a full year basis, we think that platform revenue can grow by about 14% to 15% year-on-year, and we expect continued growth in 2027 as well. [Non-English content]. Next question, please. [Non-English content]. The following question will be presented by Jae Woong Won from HSBC Securities. Please go ahead with your question. [Non-English content]. Yes, thank you for delivering very solid performance despite the very challenging market conditions. I have two questions, one on NIM and the other on your low-cost deposit mix. It seems that in the third quarter, you did see a very sharp increase in your funding costs. Was there any particular one-off factor that contributed to that? Was it mostly due to strong inflows into your time deposits? If you could explain why, I would appreciate it. Even in October and the fourth quarter overall, I think you are continuing to see strong inflows into your time deposit. As I said, what is your NIM outlook for the fourth quarter? Second question is, again, as time deposits increase, the portion of low-cost deposits out of the total mix is declining. I do know that it is still higher versus the other banks. Even as your funding costs increase, you were still able to improve your NIM because of that higher proportion of low-cost deposits. But as the level goes down from the current 54%, potentially to 50% or below, do you think that that will hold back and constrain further upside in NIM? Because we continue to see strong inflows. Or what do you have in mind to maintain a certain level of low-cost deposit? [Non-English content]. Okay, let me start with the first question. [Non-English content]. Yes, as you say, we have seen an increase in our funding costs, obviously for the reason due to rising market rates and also an increased portion of savings-type deposits. [Non-English content]. That said, we were able to deliver a 2 basis point increase with third quarter NIM at 2.15%. This was due to an improvement both in our net interest spread and also a slight increase in our asset to liability ratio. [Non-English content]. Although the higher interest rate did result in higher funding costs for the savings-type deposits, that was more than offset by the increase in returns we saw on our loan assets and also fixed income investments. The net interest spread actually outweighed that increase in funding costs from savings. [Non-English content]. There is some expected seasonality in the fourth quarter where there's a concentration of inflow for the retirement pension. [Non-English content]. That may weigh on NIM in the fourth quarter. However, on a full-year basis, we still expect NIM to increase by more than 10 basis points year-on-year. The prior guidance of 10 basis point or more growth is still very much intact. [Non-English content]. The second question. [Non-English content]. Currently, the mix of low-cost deposits is 54.1%. Our internal target is to maintain it at 50% or above. [Non-English content]. The basic strategy is to enlarge and broaden our deposit base by expanding our customer pool and our product offerings. [Non-English content]. That is how we intend to maintain 50% or above levels. [Non-English content]. Next question, please. [Non-English content]. The following question will be presented by Jihyun Cho from JP Morgan Securities. Please go ahead with your question. [Non-English content]. Yes, thank you. I have some questions on your other revenue and other costs. Despite this being a rate hike cycle, it seems that overall your valuation gain or trading gain or loss has been more stable versus other banks. In the third quarter, are there any one-offs that we should be aware of? Going forward, what would be your investment strategy or outlook? Also, on the other expense side, it seems that there was some reversal of securities-related costs. If you could highlight if there were any one-offs that we should be aware of. [Non-English content]. Okay, let's start with the first question. [Non-English content]. Despite the rate hike cycle, we actually saw an improvement in our fund portfolio results. [Non-English content]. That was because as we passed the hike cycle throughout the first half of this year, the overall YTM for our portfolio, the fund portfolio, also improved. [Non-English content]. This YTM upside strengthened our underlying interest income fundamentals, with carry interest returns outweighing any valuation losses from higher rates. [Non-English content]. Also, we worked to lower the overall interest rate sensitivity of our fund portfolio. We reduced the duration of our maturity-matched fund, also diversified outside of fixed income for lesser sensitivity. [Non-English content]. Yes, regarding the reversal of certain costs regarding securities, it happens that valuation losses that were previously recognized were written back or reversed, as it actually changed to valuation gain as market rates became more stable and due to the higher YTM. [Non-English content]. Yes, with that, we will now conclude the conference call for the third quarter 2026 for KakaoBank. We thank everyone, our analysts, investors, and members of the press for joining us today. Thank you.