[Non-English content]. Good afternoon, everyone, and welcome to NBO's interactive session. I think I decline those. Right. Today we will be discussing the half year financial results for the period ended 30th of June, 2026. Before we begin, I would like to remind everyone to keep their microphones muted throughout the presentation. We will open the floor for questions during the Q&A session. It is now my pleasure to introduce our esteemed management. We have Mr. Abdullah Al Hinai, our Chief Executive Officer, Mr. Giridhar Varadachari, our Chief Financial Officer, along with members from the finance team. Mr. Abdullah, the floor is yours. Thank you very much. [Non-English content]. My name is Abdullah Al Hinai. I'm the Chief Executive Officer of National Bank of Oman. Thank you very much for taking time and meeting us virtually. We're going to present mainly our financial performance for the first half of 2026. I'll start with some basic slides that we always present in such forums, and then we'd be happy to take any of your questions, be it in English or in Arabic. Slide four. A lot of the attendees who have met us or saw us would have seen this slide, but I'll not dwell on every aspect, but I will select key elements of this slide. National Bank of Oman is the first locally incorporated bank, set up in 1973. After a successful five-year strategy that started in January of 2021, we've concluded the five-year strategy in December of 2025. This is the first half of the first year performance of our new three-year strategy. Our three-year strategy, which I have a separate slide on, is basically to leverage and build up on the success of our five-year strategy. The performance of the first half clearly indicates that we are on the right trajectory, [Non-English content]. Another key aspect that Oman is the strong shareholder base. We continue to have similar, as in the past, Commercial Bank of Qatar continues to own approximately 5%. The late Sheikh Suhail Bahwan owns around the 15%, and then the rest are distributed amongst different shareholders. Over the past many years, we've been focusing on technology and being efficient through digital offering. This could give this. May I request Misha? Misha, can you just. [Non-English content]. Thank you. We've been investing in technology, and we continue to do so. We believe that our offering through the technology space is market leading. Strong financial metrics, and we're going to talk about that in more details in the next few slides. Slide six and seven. Again, I'll not take you through each and every aspect of this, but I think most people would be interested in terms of how did the overall economy fared under the regional situation. [Non-English content], Oman has been blessed with both the political and physical policies that it has adapted over decades and decades to help navigate the current situation. We strongly believe that Oman is well-positioned to weather the storm and rather leverage and build on the opportunities that might arise. Overall, the market has been very positive. The liquidity situation continues to be ample and strong. The opportunities continues to be building while we actually see visibility and stronger visibility in terms of new opportunities that have been emerging for local banks to participate and build a business case. From a banking sector perspective, that's slide number seven. Again, a very strong growth. Unfortunately, we did not have the full information for the second quarter, so a lot of this information is regarding the first quarter for the banking sector. But I have some key details of Q2 as well, or H1. The banking sector grew by about 13.8% in terms of loans and advances, and saw a very similar growth in customer deposits. By 13.6%. This clearly indicates that there is a balance growth between loans and the liabilities, the asset side and the liability side. The loans are funded predominantly through customer deposit. All the banks have posted very strong performance in the mid-teens levels. Again, demonstrating a very strong and robust performance by the banking sector. Definitely, like I mentioned about the macroeconomic picture, the banking sector is well managed through a robust and supportive regulatory environment, which has been set up by the Central Bank of Oman, and we continue to benefit from those positive regulatory environments. The sustainability piece continues to be also a focus area for the country and for the banking sector. The government had announced a commitment of net zero by 2050. There are a number of initiatives that the government has announced and continues to announce to lead the country towards a net zero emission by 2050. It's also part of Oman Vision of 2040, where multiple pillars of that vision directly links with the overall sustainability of, and development aspect. Ministry of Finance continues also to support such initiatives. The Central Bank had come up with a number of circulars since 2024 to promote sustainable and green financial practices in addition to other aspects such as financial inclusions, et cetera. Slide nine. This is in particular the slide about our new three-year strategy that started in January of 2026. We call it PRIME for short. P is for profitable and sustainable growth. This is a very important aspect for us. People who have witnessed our performance since January of 2021 would have seen that we are clearly focused on profitable growth, a very disciplined approach in terms of that, and ensuring that any steps that we take forward has to be a sustainable step. We continue to do that, and it's well emphasized in our three-year strategy. How do we achieve this? Through strengthening our customer relationship. Being the oldest locally incorporated bank, we do carry a long history of relationship with different segments of the market, be it government, be it the corporate and individual. We continue to build on those and build and strengthen, deepen relationship with our customer base. Innovation and technology are key aspects, which covers the I and E of PRIME. We are accelerating our digital transformation. We are shifting and diverting a lot of our businesses away from the traditional distribution channels to more digital and technology-based channels. This is a key focus for management in the next three years. The requirements of the market that we operate in, and specifically our customer base, has been changing and emerging. The technologies that we operate with has also been changing and becoming more complex, thus ensuring that the organization does have a future-ready workforce is very key. And we continuously looking at upskilling our talent, bringing in the right skillsets that are required for today's and tomorrow's requirements and demands. I've talked also about the technology piece, and we don't shy away from partnering. We are happy to partner. We've created a number of different ecosystems that has been well accepted by the market. We are the first bank to actually create an open API environment through the Central Bank of Oman's regulatory framework of Sandbox. We've also launched a number of initiatives and collaborative services. On commercial bank of Oman in particular, I've repeated this, that we are the first Omani commercial bank, so we carry quite a bit of important history and legacy. We continue to make sure that every step that we take is actually one leveraging on that history, but ensuring that it is continuously defended and we built on it. Today, National Bank of Oman has presence predominantly in Oman, but we do have a small operation in U.A.E., in particular Dubai and Abu Dhabi. The Egyptian operation has completely ceased. We're in the final stages of exit formalities with the authorities in Egypt. Slide 13. This is my last slide, then I would request Giri to take us through the financial. Just key aspect of our performance in the first half of 2026. Net profit grew by close to 15%, to around OMR 39 million compared to first half of 2025. Both our loan book as well as our deposit book has grown in a very similar fashion, about 9%. Again, clearly demonstrating ample liquidity in the market and our keenness to ensure that our funding is customer-based or customer-driven funding sources. One of the things that we are very proud about is on the net interest income side. We've been able to improve that matrix by about 12%, growing to close to OMR 60 million in the first half. Our capital adequacy continues to be quite robust. A lot of people who have been tracking us are aware that we've successfully concluded a transaction in Q4 of 2025. We carried two of these capital instruments for a while. We repaid the maturing or at the first call for one of the AT1s in the early part of Q2 of 2026. Impairments, although it looks like an increase of 38%, but again, it's just our prudency. We continue to carry slightly additional provisions from Q1. We continuously assess the situation on a continuous basis, and we take the right steps whenever it is required. [Non-English content], in the last five years, there were no new names that were added to our stressed accounts. Everything continues to be moving in the right direction, and we continuously building up ECL to ensure that we have enough margin and cushion there. With that, I will end my slides and request Giri to take us through the detailed financials. Thank you, [Non-English content], and good afternoon to all of you. Good to see a number of familiar faces and names on the call. Before I jump into slide 14, I will reiterate the message that we have been giving the investor community for the last five years. We have a clearly defined strategy. We execute on the strategy, aim to have no surprises. We aim to have a well-capitalized and liquid bank, meaning balance sheet being very strong. That enables us to choose what credits we want to participate in and drive the business in a profitable manner. This slide 14 talks about some of the matrices that the CEO talked about just now, which included the net interest income growing year-over-year. Clearly, in the market, cost of funds have been an issue. We are very disciplined in terms of what we pay for deposits. We have set out in the past how we manage liquidity in the bank through meeting with the businesses and the funding sources more than once a week. That's number one. The second thing I would talk about here in this slide, on the left side, is the cost-to-income ratio. We do invest in three areas, which are people, technology, and the brand. We continue to do that on a regular basis. Bijoy, I see a question. Allow me to complete these few slides, and we will take your question for sure. You see that the cost-income ratio has been steadily improving. We see for the first half of this year, ending the year at a cost-income ratio of just around 39%. We have mentioned that we don't see this number going down further too much because of the need to continuously invest, not only in people and technology, but also regulatory changes which are happening around us. On the return matrices, really, ROA, up 7 basis points. ROE, slightly down that because of what the CEO just talked about in terms of carrying two AT1s. There was an overlap between the period of raising the AT1 in November and repaying it on the first call date of 1st of April 2026. You see the net impairment ratio. We told you that we will manage the bank to the approved strategy and execute on the approved strategy and taking the prudent level of provisioning that is required. That broadly sums up the operating performance. A couple of more slides and then I'll pause. Maybe three slides and then I'll pause. Asset quality, some of the aspects that I touched about earlier. We are very conservative in terms of how we approach lending. The CEO mentioned that there were no new credit defaults during the or NPAs, actually, is the right word, during the last five years. That continues. Predominantly, we said we were growing in the GRE segment, that comes up with the challenge of the pricing. We managed that well. Our loan book grew 7.1% this year, and year-over-year basis, 9.3%. We have a very diversified portfolio. Clearly, we are building the provisions. The total provision as a percentage of loans is 4.2%. NPL ratio 4.4%. We said, if you remember us in the past, just hovering around the 5% mark. The stage two loans as well, in terms of number coming down, nothing major to flag out. New loans, growth of loans causes that. You can see in the tables below, in terms of the coverage ratio, moving up from 91.7% in June 2025 to 97.1% in the first half of this year. Overall, good performance here in terms of the provisions and the growth of the loans as well. We go on to the standard slide around, if may move to the next one, please. The liquidity and capital slides where we talk about how we fund the book. Our cost. We talked about growing low-cost liabilities, which is primarily what we defined as CASA. The CASAs account for 54% of overall deposits, while term deposits account for 45%. The stable funding, we aim to have a customer deposit-led funding approach. Our reliance on wholesale funding remains limited. We have very good CASA ratio of 54%, others, time deposit of 45%, and that ratio continues to improve. That's the key callout there, really, in terms of how we fund the book. In terms of liquid assets, we clearly set out here how the liquid asset ratio as well as the other metrics is compared from a liquidity perspective. Last but not least, and the most important in terms of capitalization, we have set out that we aim to be well capitalized and liquid. As you can see, in June, we were at 16.6% total CAR. We finished H1 at 17.5%. In between the two first halves, we raised OMR 300 million of AT1, primarily to repay the existing or the previous AT1, which was issued in 2021, during the pandemic. This was issued at 8% at that level, a very competitive rate. The new one was issued at 6.625%, issued in November, the third week of November. Used to repay the call on the first call date of April 1st. That's why the moment you see, and of course, the profit retention and dividend payment. To sum up, we have a clearly defined strategy as we set out in the slide. The new three-year program, we are at PRIME, which we call the Strategy S, is clearly defined. We are executing in the first six months. We are pleased with the pace of execution. We are good with our performance in terms of the improvements in profitability year-on-year and in terms of our liquidity, capital, and provision coverage, et cetera. That's really my summary. A clearly defined strategy, executing well, good set of numbers for the first half. We'll now open for comments and questions, please. Is the guy. Bijoy had a comment first. Yeah, Bijoy. Can we go to Bijoy? Hi, Bijoy. Hope you're well. Please go ahead. Hi. Thank you, gentlemen, for the call. My question is specifically on your cost and ROE. Given ROE of around 8.5%-8.7%, it's well below the cost of capital, cost of equity, to be precise. What are the initiatives taken by the management in order to bridge that gap? How soon we can bridge that gap? That's my first question. Yeah. Bijoy, where are you from? Sorry, if you can just, maybe everyone can. This is Bijoy here. I am from QIC Asset Management. I'll go. Good question. Yes, return on equity is below cost of capital. That is true for most banks operating here. You see, if you followed our trajectory then, when the CEO and I started, return on 2021, our return on equity was close to 5%. Steadily, that's improved closer to the 8.9%, 8.7%. You'd see some more improvements. Over the medium term, we don't issue forward-looking guidance and follow the local stock exchange requirements. Over the medium term, we see our return on equity improving to double digits. As the sort of in a situation in terms of fiscal prudence, et cetera, of the macroeconomic indicators improve, then we expect the cost of credit, I mean, cost of equity also to hover around at 11% mark. You should see some improvement in this space over the medium term. The cost income ratio has come down, Bijoy, from 55%, which is what we started, to about 39.1%. We are second best in the industry. We clearly need to manage this prudently because we have a branch network here. Oman is a geographically a bigger country, relatively. Therefore, we don't expect the cost income ratio in terms of now to drop to mid or low 30s, et cetera. That's not prudent. We are improving our income. We aim to grow. We have delivered over the last 22 quarters, delivered positive jaws, i.e. income growth surpassing expense growth. We will strive towards that in the medium term, probably reach double digits. That's my answer to your question. Please. I'll attempt also at a macro level, Bijoy. Basically, that's the P in our PRIME strategy. Profitability is very key. Again, long-term trackers of National Bank of Oman would have seen the last five and a half, six years now, a very disciplined approach. Any steps, especially, say, on the M&A or inorganic side, will only be driven by how accretive that step is for shareholders. The Omani banking sector tends to hover around the 9% ROE, approximately, driven really by the largest bank in the country that has a slightly higher ROE than the industry average. Most of the peers are maybe below our performance. It is slightly a banking sector benchmark level, and we are aiming to exceed that. Like Giri mentioned, we are slowly moving towards the cost of capital level. Definitely, it will not happen in a year or two, but over the planned period is our aim, [Non-English content]. The cost-to-income ratio is, again, a focus area. Again, we are disciplined there, year-on-year improvement in the cost element. Also, we need to continuously maintain adequate investment, especially on the technology side. There are quite a bit of upgrades that are required, regulatory mandated requirements, plus the business requirements. We continuously looking at such CapEx investment, which will maintain our leadership position on the digital side. In my view, probably we should be looking at around the 40%-41% as a benchmark. If we outperform that by reducing it, then great, but our aim is to ensure that we don't under-invest for the future of this organization. I hope we responded to your question. Yeah. Just to follow up, given the country's vision of being part of the EM, get upgraded to the EM basket, the comparison will be with similar EM names. They have been able to deliver, on an average, 12% return on equity. There are countries which are large in geographical area. They are advancing on digitization, cross-selling, and multiple levers of improving the profitability. When compared to those peers, the return on equity is quite far, which should be, I know within Oman you're the second best, but for somebody who has to look at it when compared, there is a huge gap. Yeah. I'm not sure what you can do to bridge that gap, but if that's the vision of the country, it can't be just compared to Omani names. Sure. Like you said, global investors do have options to look at different geographies, different banks, for that matter. Again, my responsibility is limited to National Bank of Oman, benchmarking ourselves to, are we very different from the market? I think we are ahead of the market, better than the market. Definitely, our aspiration is to move towards the cost of capital levels, but it will take time. We cannot overnight increase and pull a lever to go to a double digit, even if it's low double digit, levels of ROE. We are inching. We are moving in the right direction, and we are quite happy in terms of the performance. In terms of net result, in terms of attracting attention, attracting investors, NBO has been quite successful, be it in its different instrument issuance. We talked about the AT1, which has been quite widely subscribed for. We had multiple X oversubscription there. On the share price, we've seen a substantial improvement on the share price. Again, when we started our journey, we were around OMR 0.160, OMR 0.170. Today, we are around the 400 + something levels. All in all, with better matrices, we hope that the performance will continue on this, on the share price to continue to be better. Thank you. That's it from my side. Anyone else has any other question? I think there's a question that came up in the chat box. Sure. From. Hi, Srikanth. Hi, Srikanth. From our perspective, yeah, Joice has got the next question. We'll come to you in a minute, Joice. Guidance on important line items like. Look, our ability to provide forward-looking guidance is limited. We don't necessarily put out forward-looking guidance as set out by the stock exchange here. We've said to you that in our strategy, the PRIME strategy that the CEO talked about, we aim to improve the return on equity, the Bijoy question just now, to double digits. Cost income ratio, not too below this current number. Cost of risk, we are around the 30 basis points number. Slightly higher because of prudency that we took in H1, took in some additional provisions. I think, the current numbers are satisfactory, very satisfactory, 30 basis points. Capital ratio, we put out this that we aim to work around the 16.5% total CAR and CET1 of around 11% mark. That's broadly where we leave this question, please. I'll just add. Yeah. A few cents. Thank you, Srikanth. Giri had mentioned in one of the slides that the focus has been predominantly on the GRE. This was a key business driver for us in the first four years of the journey. Slowly, we started to also pivot. Number one, the risk profile in the market has become more conducive for us to look at that, more comfortable levels. It continues to improve year-over-year. Specifically this year, I think, there's quite a high level of comfort, even with the geopolitical situation in the local market. We've been pivoting away from the GRE. GRE and sovereign tends to be the highest credit rating in any kind of country. Any model might throw maybe slightly higher kind of ECL, plus minus a few basis points here and there. Maybe, as a result of our change in our approach, as we build a business in the regular side of corporate, in particular, you might see slight changes in our cost of credit there, but not to alarming level because we have a very robust underwriting approach. This should be more than compensated on improved margin, which is the NII piece that you've alluded to. Clear result of that is also reflective in the first half of 2026, and we believe this should continue. Margins on the non-GRE side tend to be much better than on the GRE side as well. Add to that, the more conducive risk profile in the market. Srikanth, I hope we've given you some flavor there. Let's go to the next question. Joice, over to you, please. Good to see you. Hi, good afternoon, everyone. Thank you very much. Thank you for the presentation. Congratulations on the good set of numbers, and thank you for taking my question. My first question is on your loan book growth. See, this first quarter, we have seen you adding almost around OMR 300 million in loan. That has been one of the highest that we have seen in the recent times. Could you please explain what are the key drivers that has led to this double-digit growth in, not only for NBO, but for the entire banking sector? We've seen extremely good numbers in terms of asset additions. What are the key drivers that have resulted in this kind of growth? How do you see the growth or the asset, the credit market momentum going for the remaining part of the year and for 2027? If you can throw some light on that would be much appreciated. Thank you, Joice. Again, I'll link it to the responses we gave on the previous few questions. Key aspect for us is that the risk profile in the local market has been improving year-on-year. In particular, even if you take into account the blip or the situation when the geopolitical situation erupted, there was a little bit of negativity and worry. Oman continued to be very robust and strong and showed very positive sign. A lot of the planned CapEx investment continued without any kind of known or major cancellation there. National Bank of Oman took that opportunity, like I mentioned, we shifted gears maybe late 2024. Took more steam in 2025 and 2026, where we slowly built or grew more on the non-GRE side, in particular, sectors like your power sectors and other sectors, which has shown very positive signs. We believe that for this year, and hopefully even for 2027, to see strong opportunities, good opportunities for lending. How much growth will also dependent on the second point that I've emphasized, profitable growth. Again, we need to be focused on ROE and improving the ROE piece. We are happy to see growth, as long as it's shareholder accretive growth. I want to emphasize this, very important. We will not rush to do something just for the sake of growth. We'll not chase growth for the sake of growth. It has to be a profitable growth for us. Just if I may please add. Thank you. Joice, one of the things that you've been following us is the discipline and the pace of execution, as the CEO mentioned. Clearly, we've gotten the bank to a very good place relative to the market on return on equity, cost-income ratio, profitability, et cetera. One of the things that we struggle a little bit is see what's happening in the market in terms of pricing of loans or deposits. Again, what differentiates us, certainly internally, we are very disciplined, right? We're not going to chase something because some other bank is doing it to grab market share. This is an ongoing scene here in the banking industry, what will differentiate us, we believe in the long run, is being very disciplined with the growth. Hopefully, we've given you a flavor. Please shoot any follow-up question. Thank you. Sure. That's very clear. Thank you very much. Next one that I have is on the new two regulatory developments that has happened. CBO has announced that the Islamic banking windows of conventional banks should be separated and run as an independent entity. Even though CBO is yet to clarify on the timelines. I just wanted to pick your brain on what are your thoughts on this one. The second regulatory change that we have seen is from the FSA, which said banks cannot run the investment banking operations as part of their core banking activities, it has to be done through an independent entity. How do you see these two regulations panning out, especially when FSA has put a timeline of three years for you to separate the investment banking entities? How do you see this panning out, and what kind of potential impact on the operations and the financial performance of banks do you see coming up over the next three to five years? Sure. Thank you very much. A very important question. I'll attempt at a macro and then maybe slightly drill into National Bank of Oman in particular. For the benefit of everyone else, there has been a slew of new regulatory changes that has happened in the first half of this year. In particular, what came towards the end of Q2 was, number one, the need for separation of Islamic banking windows to separate entities. These entities will also, at a point of time, will have to also be listed on the stock exchange as well. Banks can own, for a temporary period of time, 100%, but then will have to sell a portion of that. Also, FSA issued regulatory framework towards separation of investment banking activities. Both of these businesses are very key for banking sector, contributed very positively. Some of the activities, in particular, asset management or wealth management, where in wealth management, we do sell funds and other investment products for the premier segment of our retail business, particularly the high net worth individuals. They are a large contributor to banks' fee income side as well. For the Islamic banking, I think there is strong opportunities that are there. We have seen substantial growth that has been there, especially in the last few years, with few corporates, and in particular, GREs, preferring Islamic structures than conventional site. We have seen the total Islamic banking asset reaching 20% of the total banking sector in Oman. I think one of the highest in a very short span of time in the globe. Personally, I feel there are a lot of ample opportunities there for Islamic banking going forward. Again, the question for NBO is definitely what is the best for shareholders. We have been in discussions with our board. We updated the board in the last board meeting. We are yet to go back with a certain recommendation. As per the regulation that was issued, banks will have to respond to the Central Bank of Oman before 31st of December with their preferred option, with justification approved by the board. We are in the process of doing an in-depth analysis. Again, Muzn has contributed very positively to National Bank of Oman. We have positive view about the sector. Key aspect for us is ensuring that the return and its accretive to shareholders will continue to be there. On the investment banking side, although FSA did issue, we hear that Central Bank might come up also with certain kind of regulation that will be applicable to banks. We are waiting for clarification on that front as well. We are governed by both regulators, and we'll aim to comply with the regulation of both. We also need to wait to see what the Central Bank will also issue. In terms of what would happen, I think we can see potentially slew of potential M&A in the market on that front. We've seen initial actions, but probably there could be some more. Joice, I hope we gave you a little bit of color there. Yes. Thank you very much. That's it from my side. Thank you. Thank you. Thank you. Wish you all the best. Thank you. There's a question in the chat box. Can you just go to that question, please? Mohammed said, "Thank you for your presentation. Impairment charges increased faster than loan growth. What were the main reasons behind the increase? Should we expect a similar?" Let's just go through this. If you please look at our detailed financials which were published. The loan growth on a gross basis, gross I'm talking about, is 9.3%. The impairment, then you see net impairment is up 38.2%. If you just look at the split then, you'll see that gross impairments is up 14.2% and recoveries are down 20.6%. That's not in these financials. I'm talking about detailed, published financials, which have been published on MSX. They're available on MSX and our own website. It's not necessarily nothing alarming there in terms of, oh, loan growth grew this much and impairment has grown. No, not necessarily. One, as we say, our commitment on impairment is that we will be prudent. Given the macroeconomic developments in the region, we wanted to be a tad more conservative than usual on impairment. That's the reason why we front-loaded some of our impairment charges into the first half. You know very well what's happening in the region, so we wanted to be prudent and up front-load some of the charges, number one. Number two, year-on-year, the recovery book, loan recovery is something that we are very focused on because that helps all of us. As we said, there are no new additions to our recovery portfolio in the last five years, no new debt. We are talking about recovering a fairly old book, historic legacy, whatever. For those of us who've been with us, the CEO and I do not use the word legacy. We take responsibility for what is there, and we try to solve for that. The historic book, there's only so much you can potentially recover. It's slow as well, given the legal system. Not that we can't recover, but the pace is slower. That's why the recovery number itself was lower year-on-year. That is why you see that big increase. Nothing alarming at all. Full year, again, as We don't give necessarily publish-out guidance, all I would say is we will continue to be prudent in terms of our provisioning. In case the CEO wants to add. Yeah. It's a question of coverage, of how much NPL coverage. If you look at the slide 15. Slide 15, yeah. You can see the purple box in the middle, NPL coverage, have improved from about 91.7%- 97%. It's just prudency and building a cushion. We're concerned a bit on certain sector, in particular, hospitality, that got impacted. February, March, and April tend to be part of season for the sector. As you would appreciate, the disruption in travel, et cetera, happened during that period of time. Has anything panned out until now? [Non-English content], touch wood, nothing has panned out. Again, prudency that we mentioned, that driven our increased provisioning numbers. Any other questions? I want to take. Is one new? Mohammed is saying. Did this come down? There's another one. Mohammed's got a question if you want to take that. Okay. Sure. From the loan brief, given neutral position in the region. Misha. No, Mohammed's question was the liquidity provider. Attract more institution. Is management considering appointing a liquidity or taking other steps into. Do that actually. Yeah. Yes. It's part of our kind of review. We had reviewed it two years ago, I think, or at the start of when MSX launched this initiative. We felt that let's wait and see the experience of others before we take that step. We'll not pause or not stop at anything that will help shareholders as well. We are planning to explore this again. If we deem it as positive for shareholders, we will undertake it. It can go back to text box. Thank you very much. Can you please elaborate a bit, more details on the loan growth given Oman neutral and region development and the potential impact on them, both nominal and risk-adjusted and changing your mix to non-GRE exposure? Again, if you look at the different initiatives or projects in the country, that continues to be as planned. We believe that it is building up steam as well. We are quite positive in terms of the loan growth or the opportunities available for us to grow in 2026 and 2027, definitely. How will Oman benefit from its neutral or its position? There is maybe a lot of factors that might come into play there that are beyond our skill sets or ability to anticipate. Again, overall, we believe that it will only be positive for the country, and it will be potentially a net addition over and above the opportunities that we are aware of. One example is, for example, two weeks ago, the government announced about OMR 4 billion of project in Salalah. For example, new infrastructure, transportation, et cetera. OMR 4 billion is approximately more than $10 billion over a few years. There is a lot of projects in terms of redevelopment of the city of Muscat, the public transportation system in the country, the water system in the country as well. All these are projects that seems to be coming online as planned. In itself, even if you remove the implication and impacts of the geopolitical situation, we believe that Oman has ample opportunities for us to look at and build a very strong and robust loan book there. Anything that comes from Oman's position, given the geopolitical, will just be a net addition and net positive for that. Hope we have answered your question. Please, Michelle. Any other questions? Okay. There are no further questions. We would like to thank you all for joining us today, we truly appreciate your participation. [Non-English content], hope to see you on the upcoming sessions. Thank you everyone. Really appreciate your patience and taking the time. Thank you very much for this interesting and robust questions. We are always available for any further queries that you might have and happy to tackle it even one to one, inshallah. Thank you very much, bye-bye. Thank you. [Non-English content].