Good morning, everyone, and welcome to the Heartland Group Fiscal Year 2021 Interim Results conference call. I would now like to turn the conference over to Jeff Greenslade. Please go ahead. I'm Jeff Greenslade, the Chief Executive of the Heartland Group. I'm joined with the Group Chief Financial Officer, Andrew Dixson, and Chris Flood, the Bank Chief Executive. In a moment, I'll run through an overview of the financial highlights of the half-year performance. I'll also make some comments on the impairments and, in a related sense, the impact of COVID. Andrew will pick up the financial performance in more detail, and that'll be followed by Chris Flood, who'll go through a divisional summary, and then I will close with some strategic and community and cultural highlights. Before I start, however, I would like just to note this is the 10th year of the Christchurch earthquake, and also recognize the employees of MARAC Finance, one of the antecedent units of Heartland Group, that either perished or were injured during that earthquake. All right. Turning to the results now. The net profit after tax was NZD 44.1 million, up 10.6% on the previous period. Underlying NPAT was a little lower at NZD 43.2 million, up 13.4%. The underlying reflects, Andrew will go into more detail, but we had a write-up in the holding value of our Harmoney shares, which was to a large extent offset by other factors, some other areas where we chose to take some write-downs, which produced a small net gain. During the period, we saw our gross financial receivables grow by 2.7%, which is a little bit lower than where we would be normally. We saw good growth in areas like motor business intermediated and reverse mortgages, the core areas, and the continuation of reduction in some of the non-core areas, but also some of the areas like Open for Business, where we're facing competition effectively from the facilities that the government has put in place following COVID. Net interest margin at 4.28% was up five basis points on the back of NOI of NZD 125.3 million, itself up 5.6%. Performing very well in those top-line earnings area. The cost-to-income ratio was up 48.8% after 2.8 percentage points. Again, driven by the increased costs that I referred to earlier in a one-off sense. In an underlying perspective, the cost-to-income ratio was just under 46%, which was in line with expectations. I'll talk a bit more about impairment expenses, but as a percentage of average receivables, it decreased from 0.4% to 0.19%. In terms of the experience, we're seeing a very positive response in terms of the impairment experience. All this produced a return on equity, which was up 54 basis points to 12.2%, and we are pleased, or the board is very pleased on the basis of this performance, to announce an interim dividend of NZD 0.04 per share. I'll turn now to discuss in a little bit more detail the impairment expense and some of the issues relating to COVID. We are operating in an unusual environment. On page two of our release, there is a graph which demonstrates the delta between where forecasters have had GDP over the last period and where it has actually been. As you can see, there's been quite a considerable gap between sentiment and actual performance, and that really reflects the environment we're in. I think that flows through to our impairment expenses. Whilst there was expectation that things were going to be harder, more severe as a result of the lockdowns, that simply has not happened. There's probably three key drivers behind this. One is the behaviors of our customer base, reflecting the high levels of cash in the environment, whether it's through government intervention or things like the bank mortgage holidays. We have seen customer behaviors change in terms of acceleration of repayments. As Chris will talk a bit about this in a moment, we're seeing strong origination, but at the same time, we're seeing higher than normal repayment levels. We are hoping that with the cessation of the mortgage holidays in particular, that will start to abate. The second factor around that stronger impairment experience is the ongoing improvements in terms of our own processes, in terms of collections and working with customers. Also thirdly, the mix that we have. Where we are growing more proportionately is in the lower impairment or areas of high degree of predictability around impairments such as motor and business-intermediated and reverse mortgages. That has also helped us. We've grown also, conversely, less in the areas of high impairment. We also have put in place what's called Heartland Extend. I know when we discussed that last time, there was some sense that this was a kind of a bad book as result of COVID. It was always intended to be a product we wanted to offer to customers and indeed to non-customers. We see it very much as a business-as-usual product. Interestingly, the NPLs, in fact, in these areas are actually lower than the comparable non-Heartland Extend products. Heartland Extend certainly has provided some help to COVID-impacted customers, that's undoubted. Generally speaking, the book is performing very well and as I said, in terms of NPLs, actually better than comparable products. Moving now on to COVID. In FY 2020, we took a COVID-19 economic overlay of NZD 9.6 million pre-tax. That was against a backdrop, this rather unusual environment, where we weren't certain that we could see actual losses arising from COVID. However, we did accept the view that traditional means of monitoring and forecasting impairments may not apply in the environment that we were facing, given the obvious layers of unpredictability and unprecedented circumstances that we faced, so that we decided to take that on top of the traditional layers and buffers that we currently had. To date, we have not utilized that facility at all. It is still there. As I said earlier, the behavior of our books has improved for a number of reasons. Some of them, in a positive way, related to COVID in terms of a lot of cash in the environment, fueling repayments, but also to those other factors. At the moment, given ongoing uncertainty and a short lockdown as recently as last week in Auckland, we still do not feel yet to be in a position to release that provision, but that is something that we will continue to monitor. All right. At this point, I'll hand over to Andrew Dixson, the Chief Financial Officer, who will take you through the financial results in more detail. Thanks, Jeff. I'm on the growth and profitability slide, 10. As Jeff summarized, net profit after tax for the six months to 31 December 2020 was NZD 44.1 million. NZD 4.2 million higher than the prior comparative period, representing growth of 10.6%. Included in that result, though, are three one-off items that have a net impact of NZD 0.9 million post-tax, reducing net profit after tax to NZD 43.2 million on an underlying basis. While the net impact is low, the gross impact of these items were as follows. In other operating income, a NZD 5.2 million non-taxable fair value gain was taken on Heartland's equity investment in Harmoney. That follows Harmoney raising capital and contemporaneously listing on the ASX and NZX in November 2020. This was offset by two operating expense items. Firstly, a voluntary acceleration of amortization of certain software assets, totaling NZD 4.3 million. Secondly, the write-off and provisioning of historic age suspense account items, which totaled NZD 1.7 million. Just a reminder, there were some one-off items in the prior comparative period, primarily related to the release of unamortized reverse mortgages, income, and expenses following the adoption of IFRS 9, which reduced comparative underlying impact to NZD 38.1 million, meaning the increase in underlying net profit after tax for the period was NZD 5.1 million, representing growth of 13.4%. In terms of the components of that bridge between profitability, net interest income increased NZD 8 million, with net interest margin increasing five basis points due to having NZD 300 million higher average interest earning assets. The components of NIM saw interest income decrease NZD 6.1 million on account of the low interest rate environment, reducing asset yields together with the continuation of a liquid asset portfolio in excess of historic norms and the aforementioned portfolio shift away from high-yielding unsecured portfolios towards reverse mortgages, motor, and business-intermediated lending. Interest expense decreased NZD 14.1 million on account of both deposits in the bank and wholesale benchmark rates over which our Australian funding is priced, presenting at historic lows. Overall net interest margin has been maintained at around that 4.3% mark. In terms of operating expenses, they increased NZD 3.8 million on an underlying basis, and that was due to three factors. Firstly, NZD 4.5 million higher staff expenses, which is due to an increased headcount to assist COVID-related customer activity and our continued investment in our digital and financial technology strategy. We also had NZD 1.6 million lower marketing costs, primarily due to the COVID impacts of a subdued lending market. We had NZD 1 million higher IT costs to accommodate the increased headcount. As noted earlier, the cost base is ready to scale once historic levels of growth resume. While the cost-to-income ratio ticked up slightly, it remains stable and within expected levels. Finally, impaired asset expense decreased to NZD 4.5 million, with the impaired asset expense ratio decreasing to 0.19%. That was detailed by Jeff previously. Turning to the growth in receivables, slide 11, Chris will pick up the divisional specifics later in the pack. However, the graph here highlights growth across the various portfolios, which has been tempered by elevated repayments. That said, we have seen strong growth in our core portfolios, particularly reverse mortgages in both countries, business intermediated, and motor. We've also seen reductions in our unsecured portfolios Open for Business, as Jeff mentioned, with competing products, which to some degree are being the government loan scheme, sorry, as well as Harmoney, which has reduced. In itself, it's been the process of transitioning to being an on-balance-sheet lender. We've also seen the continued reductions in our non-core portfolios, though to a lesser degree than in other periods. Turning to the key performance measures on slide 12. These have been largely covered. Net interest margin continues to be strong, notably the top line there shows the impact of the excess liquid asset position. Again, cost-to-income ratio on an underlying basis is sitting around the mid-40s as we expect at this point. Continued improvement in non-performing loans, which has been highlighted previously, and the impairment expense ratio, which has reduced to about half of what it was in the prior comparative period. Turning to shareholder return, slide 13. Pleasingly, both return on equity and EPS have continued to improve and increase with EPS growth of 10%. As Jeff mentioned, very pleased to announce an interim dividend of NZD 0.04 per ordinary share, despite the continued ban on distributions by Heartland Bank, a position we hope to have clarity on from the Reserve Bank come the end of March. With that, I will hand over to Chris, to start the divisional summary, or maybe Jeff to start with Australia, sorry. I will cover Australia. We're up to slide number 15. Another period of good growth in the Australian reverse mortgage markets, with our operating income up 15% and receivables increased by 10.6%. We've also seen elevated repayments coming out of Australia, and that's not unexpected. Similar phenomenon in New Zealand, with buoyant property markets, a lot of our customers are seeing the opportunity to cash up, and move on to the next stage of life, probably a little bit sooner than anticipated given the rise in those key residential property markets. We've done a lot of work in terms of broadening our distribution within Australia, adding more aggregators, and we'll see the benefits of that flowing through alongside the investment we continue to make in the digitalization of that platform with rising numbers of customers onboarding via our digital platform. During that last 12-month period, we increased market share from 26% to 28%. Chris will cover the other New Zealand-based divisions within the Bank. Thanks, Jeff. Just turning now to page 16 in New Zealand reverse mortgages. Just before I start, both Andrew and Jeff noted the increase in repayments that we have experienced in the first half of this year. Certainly, in a bank context, it was significantly more than anticipated. It also clearly impacted on growth, as Jeff mentioned, that wasn't a product of our ability to write new loans. In fact, in terms of our new lending budget, the bank is performing very close to the budget set, the lack of growth is simply a product of many more repayments than we'd anticipated. The repayments occurred for different reasons. In terms of reverse mortgages in New Zealand, there are a couple of factors driving that. Firstly, the last quarter of the last financial year, there was very little repayment as our customers didn't sell homes in that period, didn't want people coming into the house, and there was very much a catch-up in the first half of this year. The underlying performance of the division was very strong. New lending up 11% on the year prior, and it was a record. That was achieved with smaller average loan size, so more loans, and in an environment where house prices increased, reducing the LVR on drawdown down to 9%. Prospects for the division are very solid. Approvals in the first six months of this year were up 20% on the same period last year. The pipeline as at the end of December was up 38% on the same measure. On page 17, we actually provide a little more in-depth analysis of both reverse mortgage portfolios. I'd just note that origination also includes in this slide advances made to existing customers, and that will be an ongoing story as people are heading towards regular draws more so than they did in the past and away from that lump sum up front. Turning now to page 18 and Open for Business. Repayments are clearly a feature in this ledger, and activity in the last quarter of last year was spent very much supporting customers, making sure they were in a position to work through the COVID lockdowns in the period that followed. The first half of this year, specifically the first quarter of this year, was spent, in a lot of cases, unwinding some of those arrangements as customers went back to normal payment schedules for the reasons that Jeff discussed earlier in terms of the underlying performance of the economy. It very much was a repayment story, the government packages, the wage subsidies, and particularly the IRD loans impacted this book as borrowers could retire higher costing debt for, in some cases, interest-free debt. More lately, the mortgage holidays and the low mortgage rate environment has seen a continuation of that through the first half. The first half, there was also flat borrower demand through that period, which started to abate in December. Since then, we have seen that trend reversing and will be supported in the second half by more advertising. We expect to be back heading towards our pre-COVID growth levels before the end of this financial year. Turning to business intermediated. Repayment story here. The activity was similar to that experienced in Open for Business. However, we did experience very pleasing and solid receivables growth of 13.2% in the half. Remember that the intermediated business model was a point-of-sale model. We form relationships with distributors, predominantly in the transport sector, but other sectors as well, such as tractors and plant equipment like forklifts, and form relationships with the dealers that sell those products. This puts us right at the point of sale and has been very successful for us. We have established new distributor relationships and obviously picked up relationships with their dealer networks during the half. They've been attracted to some of the digital tools that we have and our sole focus on helping them sell product. New business volumes are starting to return to pre-COVID levels. We expect a stronger second half as a consequence. The only note of concern is some of the supply chain disruptions that are occurring overseas, just noting the complexity of the equipment we fund. However, at this point, the distributors' expectations support our growth assumptions for the second half. Turning to business relationship. There's a few factors in play here. Clearly, the continued runoff of the non-core, high cost to serve and low margin business, and we expect that to continue. The bank finance guarantee scheme and low mortgage rates, and potentially higher property prices may see that non-core book run off at a slightly faster rate. About 20% of the book now, though, is focused on funding inventory that supports our motor and intermediated businesses and helps us attract the retail business that produces. We see growth in this sector over the second half. While there will be continued runoff in the core relationship book, we are likely to see some swapping out with inventory financing and other core parts of our book. Turning now to motor finance on page 20, that was a very pleasing result. It was impacted by higher levels of repayments, predominantly due to mortgage holidays, as Jeff discussed, but also some debt consolidation as a consequence of historically low mortgage prices. Very pleased with the growth. They came as a consequence of market share gains. In fact, new lending was up something like 22% half-on-half, in an environment where new vehicle sales were down 17% and the importation of used imports into the country were down by a similar margin. The other factor I need to draw out here is that Holden contributed 23% of the first half of the 2020 financial year. They contributed 23% of business. In this half, they only contributed 5% of business. A very pleasing result. We're lending to more customers, a greater number of customers, but also higher loan value as we have getting a greater share of that new car market. We have established additional distributor relationships, so we'll enjoy the relationships with the dealers that sell their product. Again, attracted to our digital onboarding processes and the flexibility that we have in that regard, but also some of the products like our Guaranteed Future Value product. We have a very experienced team in the motor area. They've been in this industry a long time. They are well respected, not only within Heartland Bank, but also across the motor industry. That has stood us in good stead and helped us achieve those market gains. Pipelines are strong. There is some concern with intermediated around supply chains, again, distributors' expectations support the growth aspirations we have for the second half. On strong pipelines, I expect growth to occur at a similar sort of level. Turning now to Harmoney and other personal lendings. Clearly, quite a bit of reduction on this book, there's a couple of reasons for that. Firstly, in the COVID period, both Harmoney and Heartland appropriately reset their risk. There was reduced demand post-COVID. Obviously, the wage subsidies, the mortgage holidays, the low mortgage rates that are available, also saw repayments come in at a faster rate. Harmoney itself is pivoting to a wholesale model, as Andrew alluded to. Heartland will participate in that move. We expect pre-COVID growth levels to resume well ahead of the end of the financial year. Jeff will pick up some comments on home loans a little bit later in the presentation in his closing. I'll turn you now to page 24, in rural. There's three things I want to call out here. Continuation of the non-core relationship model being repaid. It's low margin, it's high cost to serve. I think that we expect that to continue, certainly with strong dairy prices and some potential consolidation occurring in that market. That will be a factor in the second half. The other factor I want to call out is other banks' activity in the smaller farm area has changed. They are looking to take cost out of the model by moving from a farm gate relationship model to a phone relationship model. We see that as an opportunity, and we're able to develop rather quickly a digital platform called Sheep and Beef that was launched late in the year. You can see some very encouraging application numbers and indeed some early payouts. We think that'll be a continuing story in the second half. It's attractive to farmers, but also attractive to the professionals that support them. The third part of the rural book, of course, is livestock. It's been a tough season for farmers, but also a tough season for Heartland in the context of a drought, some uncertain meat schedules, and less trading as a consequence. That's where Heartland actually plays in the supply chain. When growers sell to finishers, the Heartland facilities are placed to be used in that space, and that just didn't happen to the same degree as it typically does. Those facilities remain in place. They will be drawn again when the market returns. We expect a better result in the year ahead. Lastly, I wanted to cover funding and liquidity, and given the modest balance sheet growth achieved, there wasn't a lot of headline action there. Underneath that, though, there was quite a bit of activity, as we continued to reduce the size of our average deposit relationship, and that's about bringing new depositors to Heartland Bank, and that remains a focus. We maintain strong liquidity, we're well-placed to fund the growth expectations in the second half of the financial year. Sending now back to Andrew, sorry. It's still on funding and liquidity. In Australia, we continue to diversify and expand our Australian funding, with the term securitization transaction completed in September. We're now very well positioned with two bank-funded warehouses to fund origination and seasoned loans, and then a term structure to programmatically issue into, to free up warehouse capacity as required. This all sets us up well to accommodate BAU growth, with the next stage focused on developing funding for new products that are planned, and Jeff will cover that in his strategic section. A focus to further optimize the existing funding programs that we have, which includes increasing facility limits and introducing mezzanine funding to further optimize our capital position in those facilities. I'll pass back to Jeff now. Thank you, Andrew. Thank you, Chris. Strategically, nothing particularly new to report, but just some points I just want to tease out. We're operating in an unusual environment of COVID. I guess that's sort of a general strategic theme that we're living with. Similarly, we are seeing the continuation of pre-COVID, of a shift towards traditionally non-bank type of areas. I guess the third theme, which is us, is around Australia. All those three things take into consideration, we see ourselves very much positioned in terms of opportunity as opposed to challenge. That graph that I referred to earlier in terms of where forecasters saw GDP versus actual is, I think, a reflection of a lot of mainstream thinking in the banking sector, one of continued caution. We are less focused on the caution side and see ourselves positioned around the opportunity. Out of that opportunity, we do wish to continue to grow, whether it's organically, inorganically, in order to acquire scale. Also to acquire scale through a different means other than simply growing. We'd like that as well, but through technology of digitalizing everything we do effectively gives us scale. We can get to every New Zealander and conceivably every Australian, if we so choose, through digital platforms. To give you an idea, our residential mortgage platform, which is a very new one, we had a few stops and starts with COVID and then the Christmas holidays. We are seeing around about 11,000 visits per month to our website. That's sort of 11,000 New Zealanders, that would take an awful lot of branches to get to otherwise in terms of the traditional way of selling mortgages. We have continued that process, as Chris mentioned. We launched a Sheep and Beef platform, a motor direct platform, and also an SME Open for Business platform in Australia. The home loan platform in New Zealand, as I said, went through a bit of a stop, start, stop, start again. We have managed to approve NZD 300 million of loans so far. That's translated into currently around about NZD 15 million of drawdowns. That conversion rate will improve with time as we gain momentum, but also we work through the initial periods where our customers need to buy a house or get their mortgage refinanced. Something that we'll be still working through is typical of these platforms. The drawdowns start off being a lot less than visits and approvals, but eventually catch up. We are very positive about what we see. Turning now to some other highlights in terms of customers, culture, and community. We're very pleased in terms of progress we've made around youth and Māori youth in particular, Rangatahi Advisory Board, where we have a board of staff comprising employees under the age of 30, reflecting the fact that now more than a third of our staff are aged under 30. This combined with Manawa Ako, which is an internship program, which we're now targeting mainly Māori school leavers. We have had 74 alumni through the organization, including 45 participants this summer, and of whom we have now 12 permanent employees. This is giving us very good ability to help in the career development of Rangatahi, but also to identify a very rich source of talent going forward. Part of one of the things that they've been achieving is the launch of a mobile financial literacy tool called Rocket, an app which is now being rolled out through a number of schools in New Zealand. During the course of the year, we continued to receive best of category awards in terms of our savings products and our call account, and also reverse mortgages. In terms of sustainability, we have moving towards measuring our baseline greenhouse gas emission that will be audited, and our reduction target will be published in the website by the 31st of March 2021. Finally, in terms of economic prosperity, we're very pleased to see that we've delivered total shareholder returns of 124% over the last five years, compared with the NZX 50 Index of around 108% for the same period. It's something that we're very proud of, is continuing to invest in our communities, particularly developing Rangatahi, but also bringing economic prosperity to our shareholders. On that note, we'd like to thank our shareholders for your support, and also we'd like to thank the staff and the people of Heartland for their efforts during what remains a very interesting environment. Thank you. I will close there, and we will open up for questions, after which I will give some comments around where we see the forecast. Thank you. We would now like to open up the lines to analysts for any questions. If you wish to ask a question, please press star one on your telephone keypad. If you are using a speakerphone, please make sure that your mute function is turned off to allow your signal to reach our equipment. Again, that is star one for our analysts to ask a question. We will go to Grant Lowe. Please go ahead. Oh, hi guys. Thanks for the presentation. It was very comprehensive. I've got just a few questions. Firstly, around the OpEx side of things. Obviously, CTI was sort of around the low 40s a couple of years back. Just wanted to get a sense around the 78 additional staff, what the sort of split of those between sort of COVID and tech related that you've called out there. Just a sense of what they're sort of doing, whether that's front end origination or apps or otherwise, and/or back end sort of processing systems type stuff, and how that relates to the software impairment that you've taken in the half. Then, of course, just where we sort of expect that to go to, whether that's peaked or whether that's expected to come back. Thanks. I'll answer the last bit first. Yes, that investment has peaked. It's roughly, I'd say 40 odd would be in the digital space and 30 odd would be COVID related. The COVID staff are on the way out, barring any further lockdowns. They are really needed and have been needed to provide hands-on assistance to customers impacted by the lockdown. They typically were seasoned retired bankers that we brought in to get on the telephones and provide that sort of hands-on assistance where required. That is beginning to sort of wind down and out. When it comes to digital, the staff that we've hired have been the execution staff, project managers, and developers. The second category is something we decided a while ago. It made sense for us to bring into our in-house, our development, our coding skills, that we decided was more efficient in terms of speed and remembering that this market is one where speed is highly valued, but also for efficiency. Rather than standing in a queue in someone else's shop, we could be the masters of our own destiny in terms of that area. I see that area remaining relatively stable. Earnings will grow up around that investment. In terms the write-downs, Andrew, that is unrelated to digital. That was just some software we had, which was still good software, still with good life, but we decided, given the situation we're in, that we might as well sort of accelerate some of the depreciation and just put it behind us. Okay. Just in terms of, you've articulated the reverse mortgage side of things, that the growth was slower, but I think that's largely a result of sort of repayments, which you've articulated. In terms of the marketing spend, last year was up significantly on the prior year. Were you sort of spending at similar levels, to support reverse mortgages in Australia and New Zealand? We have been, in historical terms, we are up from where we have been in the past. However, in terms of where we expected to spend, it's probably a little bit down given the fact that we suffered from the lockdowns, and some of the distribution meant that we shifted more towards the lower cost AdWords type of advertising as opposed to more expensive TV. We are looking to refresh those campaigns. We will continue to see marketing spend at the sort of last year, this year, sort of levels compared with previous years, particularly in reverse mortgages. Got it. Okay. Last one for me, just around the strategy. Obviously at the last update, whilst there was nothing committed, you were looking at potentially spinning out a couple of business units or most of them particularly called out, to sort of optimize value, I believe the terminology was, or some such. Has that now sort of abated now that the share price has sort of recovered quite a lot from where it was at the low points? How are you thinking about that going forward? What we want to do was Well, it was a number of objectives, but firstly was to create a more transparent perspective in terms of some of our businesses, particularly Motor that, certain areas are probably less well understood. A degree of separation in terms of simply providing more granularity in terms of the financial components of Motor and reverse mortgages for that matter, was something that we wanted to do. Secondly, I guess there's more strategic element is we do wish to sort of always preserve the possibility to be able to play in either a bank sector or a non-bank sector, whatever is the most favorable. Yes, structurally, we want to preserve those options, because it comes and goes. It wasn't so long ago, banking was the best place to be. Now, for a whole lot of reasons that I'm sure are obvious, the attention has now swung towards the non-bank areas. Our purpose is to make sure that we have the option to play in whatever space is going to maximize shareholder return. Okay. Is there anything sort of ongoing on that front at the moment? I appreciate, you say retain the option there. Just that we're getting to it. Yeah. Yes, it is. It's all internal just in terms of getting that sort of transparency and providing some degree of structural definition around certain areas. Nothing beyond the confines of the organization. Yeah. Okay. That's everything for me. Thank you very much. We'll next go to Stephen Hudson. Good morning, gentlemen. It's Stephen Hudson here. Just a couple from me. Just in terms of the guidance, I think you've conditioned that on, I suppose, repayment activity normalizing the second half. We can see from the RBNZ data that, at least to November, that gross lending outside of residential mortgages Or growth looked relatively low. In fact, it's gone backwards, suggesting that repayment activity remained pretty high at that point. I just wondered if you could give us a little bit of a feel for your confidence in that repayment activity normalizing in the second half and what impact that could have on the range that you've provided. Secondly, just on reverse mortgages, I just wondered if you could give us some idea about your aspirations outside of Australia and New Zealand and whether or not you've considered that in the most recent strategic review. Thank you. Stephen, thank you very much for providing the segue back to the forecast, because in my haste to get onto questions, I missed that last page. Yes, we are continuing to confirm guidance, but with the qualification that we expect it to be at the upper end of the 83-85. To come back to your questions. We are seeing good, in terms of our expectations, costs, margin activity, and we're seeing also, obviously, a very favorable impairment experience continue. That gives us the confidence around the upper end. The swing factor in terms of repayments is a factor, given where we are at this time of the year. As every literally day goes by, net repayments have less ability to swing the outcome. It is something perhaps probably more relevant for the next financial year than this financial year, is how we see repayments behaviors. Our senses, and it's very hard to measure in a scientific sense, but in terms of what we see and hear, it is that there's a lot of cash in the environment, a lot of diversion from mainstream mortgage repayments to other higher-earning, higher-yielding loans. It has been swung. With the cessation of mortgage holidays, we're now in that period, but it's too early to say whether that is going to cause abatement. It could be that customers, again, with lower interest rates, are just looking at accelerating their payments generally, so rather than press average repayments for 24 months. Yeah. The one which we watch most closely for obvious reasons. Maybe that might inch forward, but just in terms of people having more cash to allocate towards principal than interest and so forth. A lot of water going under the bridge there, but I'd emphasize the fact that we're getting a long way down the track in terms of the full-year result. The other question was reverse mortgages. Have we looked beyond Australia and New Zealand? Interestingly, when we were first offered the Australian business, it came with Spain and Ireland as well. At that stage, we decided that Australia was enough for us to be going on with in terms of extending our reach offshore. The answer at this stage is no. We are not looking at anything in particular. It is something that we see of interest in terms of countries with similar demographics, similar pressures in terms of both housing and asset-rich and income-poor dynamics coming through. Thank you. Well, thanks, Jeff. Actually, I might just sneak one more in if I could. Just going back to the potential for a non-bank holding structure for the motor vehicle book. Would you envision the entire book being placed into that kind of structure or part of it? If so, what would drive that decision? No decision has been made, and haven't really yet had to contemplate that sort of decision-making. What I can say is the obvious ones would be the drivers. It's really around the math, what is the most efficient outcome. Great. Thanks very much. As a reminder, for any analysts that would like to ask a question, that is star one on your touchtone telephone to be placed in the queue. We'll next go to Jeremy Kincaid. Good morning, all. I'll also have another couple of questions on the reverse mortgage business. The Australian reverse mortgage business has been growing faster than the New Zealand business for a few halves now. The origination data is very helpful. Obviously, the originations are twice as large in Australia as they are in New Zealand. Can you just talk to why that's the case? Is it a strategic decision, or is it more a function of market dynamics? It's a bit of the above, all of the above. In Australia, we largely, not entirely, but largely focus on those eastern seaboard type of states, the Southeast Queensland, New South Wales, and Victoria. By definition, we are facing into higher average home loan amount values. Therefore, we are usually getting higher loans sizes in Australia than we do in New Zealand. That's the first thing, just the dollars per loan tend to be bigger for those reasons. Secondly, the market is much more mature. You have a federal government support for the product. They have an equivalent product targeting lower socioeconomic groups that we don't really touch, but that has a sort of a halo effect in terms of our product, in terms of its acceptability. Some of the state governments, like South Australia, for reasons to do with South Australia, offer products as well. It's a much more mature market, and that thirdly then flows through to a much more developed broker distribution network than we have in New Zealand. Essentially, we do all the heavy lifting ourselves in New Zealand, for every loan that we generate is more or less ours from start to finish. Whereas in Australia, it's roughly 50/50, depending. Sometimes it can move around, but roughly 50/50. Those are the reasons why I think we get more growth in Australia and higher average loan sizes. I see that New Zealand's got a bit to catch up, but I think that higher average loan size is probably permanently baked in. That's very helpful, actually. What is your capital ratio, your CET1 capital ratio within the registered bank at the moment? That's just a tick under 14% as at 31 December. The Bank is accumulating around about 20 basis points per month of capital ratio. You can probably project that forward on that sort of run rate. Great. To the organic growth comments. In the presentation, you talked to potential inorganic reverse mortgage opportunities. Are you also looking at inorganic growth opportunities outside of that? If so, what are you considering? Yeah. We are looking at any opportunities that are adjacent to our current product focus. There are reverse mortgage books in Australia, so that's something that we would like to have a look at it if it was possible. Areas that we have been interested in in the past include sort of things like motor or some business assets. We are sort of open to all sorts of those opportunities. At the moment, I would say it's a kind of a subdued environment in New Zealand in that regard. Australia's probably a little bit more active, but the difficulty we face is with COVID and the lockdown, it's very hard to be too engaged when you are having to look at these things remotely. Okay. That's very clear. Then just finally, on your guidance, that doesn't include any unwinding of the COVID overlays or anything like that in there, does it? No. That's yet to be factored in, if at all. Okay. Thank you very much. That's all from me. We'll next go to Guy Hooper. Morning, everyone. It's Jamie here from Forsyth Barr. A couple of questions from me, please. Firstly, just on your amortization of intangible assets. You obviously increased your amortization expense for the period. What are you now assuming is your useful asset life going forward? I think you've previously stated in annual reports you've determined it to be about 10 years. Can we assume it's now nearer 60 months? Look, it depends on the underlying assets. We have our core systems which continue over 10 years. Some of the newer digital assets that we are deploying have a shorter useful life. Okay. Secondly, on yields. Last time I checked your website, New Zealand reverse mortgages had a yield of around 6.9%. As of today, it's showing about 5.9%. That compression of 100 bps, is that a function of slowing demand, increased competition or regulatory pressure at all? No, not at all. What it is reflective of is what's happened in the mortgage markets in New Zealand, and we consider what go board mortgages are priced at when we price a reverse mortgage. Obviously, our funding costs as well factor into that as well. What should our expectation be on future yield compression in the second half of the year then, please? The things to look to in terms of how we price for New Zealand, the good indicators would be where the deposit rates are. Obviously, that is a good proxy for our cost of funds. We maintain a margin over floating rates. Chris, it's typically 1.5%, 2% over mainstream bank floating rates. It's not a regulatory thing, it's not a hard- wired thing, but we think it's a fair and reasonable thing for us to keep an eye on to ensure that we're doing the right thing. Okay. A final question from me, please. I read a fair bit about employee strikes through FIRST Union over the course of the year. What is the latest on this, please? Should we assume any cost pressure going forward? Thanks. No, Jamie, it's Chris here. Our negotiations with the union were settled during the course of, I think it was late last year. You shouldn't factor in anything along those lines. That's all from me. Thank you. At this time, there are no further questions. I will now pass the line back to Jeff for our closing statement. Well, thank you very much for your attendance. I did pick up on the guidance comment, which I, during the question time. Just to confirm, it is at the existing guidance, but with the qualification, expectations are sitting at the higher end of NZD 83 million to NZD 85 million. Appreciate your attendance, as I said, and look, we are available for any questions at all if you'd like to call us during the course of the afternoon. Thank you very much. This concludes today's call. Thank you for your participation. You may now disconnect.