Good morning, ladies and gentlemen. I am Zubair Chaiwalla, Head Capital Management and Investor Relations, and I welcome you all to The Commercial Bank Annual Equity Research Day. You will be put on mute for the duration of the speaker's presentation. Please stay on mute, and I will come back to you for the Q&As. I now hand you over to Joseph Abraham, The Commercial Bank's Group Chief Executive Officer. Joseph, over to you. Thank you, Zubair. Welcome to everyone who's joining us today for our Annual Equity Research Day. This is the fifth such day that we've organized, and it's really an opportunity for us to share with you how we did in the previous year and the outlook for the years ahead, also a chance for you to get a better understanding from our individual business heads about how business is going and where we see future business initiatives. 2020 has been a most unusual year, and I would like to, first of all, wish all of you, and I hope that you and your families have been healthy and safe during this unusual time. We have today 35 participants from 26 companies, which is a record turnout. Once again, I'd like to thank you for your presence and for taking the time to join us today. Let's first talk about 2020. To me, this was really a year where three themes came out: resilience, risk management, and digital innovation or transformation. All these aspects will be seen in our presentations that we're going to be making over the next 90 minutes. After I make a general overview and a presentation on what I think are key areas that are important, Rehan will talk through the financial. Paul Gossio, who's our Chief Risk Officer, will talk about our risk approach. I think this is one of the areas where there's been a fundamental change in both how we underwrite risk and also how we proactively manage risk, and where we have demonstrated some resilience, which is flowing through into improved cost of risk over the next few years. Raju, who's our Head of Wholesale Banking, will talk about how we've repointed the business. This meeting is being recorded both the origination side to new areas, and at the same time, our growing non-asset-based revenue streams, which will provide resilience in the long term. Amit, who is our Head of Retail and Consumer Banking, will show how our franchise, which is a very good franchise, is actually demonstrating resilience, where some revenue streams have gone down, like, say, international card spend, but others have come up to supplement it, and also how we built a very good non-lending based business. Parvez, who's our Head of Treasury and Investments, will show you the resilience that we've demonstrated in our liquidity management. The liquidity management was, of course, one of the key areas that got impacted during the COVID, and prior to that, the blockade. We've shown resilience and diversification in risk through our providers. Leonie, who's our Chief Operating Officer, will talk about technology, operations, and innovation. For most companies and most banks, tech and ops is considered a back-office function, and sometimes, I'll be frank, almost second-class citizens. For us, tech and operations and business, that combination is front and center of everything we do and believes it provides us with a competitive advantage in our ability to first roll out digital products and customize it to client requirements, and also implement technology in all aspects of our processing. That flows through to improved cost-income ratios, which will benefit us, as you'll see in the figures. My colleague, the CEO of Alternatif Bank, our 100% owned subsidiary in Turkey, will talk about the situation there. They've had an unusual year in terms of fiscal volatility and also COVID, and he'll show you the outlook for the bank and the actions that they've taken. First of all, talking about Qatar at an overall level, it's one of the strongest economies in the GCC, and it's demonstrated resilience, both in terms of the way it handled the blockade and also COVID. Some of its fundamental strengths are, of course, its strong fiscal buffers and the fact that it has a low fiscal breakeven point around $40. The IMF has upgraded the growth outlook to about 2.7% for 2021 and 3.9% for 2022. It's a AA-rated country. Overall, it has strong fiscal buffers, strong cushions to support and ensure the economy grows and invest in further development of the economy. The outlook for 2021 remains strong in terms of the budget was done at an oil price of $40 a barrel. That has since rebounded to about $55, and gas prices have also rebounded, so it gives them fiscal flexibility. Anything which acts as an impediment to the flow of people or trade or services is not good for the whole region. This gives certainty around the FIFA World Cup and the continuing investment in infrastructure post the FIFA World Cup in terms of the North Field expansion of Hamad Port, the expansion of Hamad Airport, and further investments in green technology. Overall, that combined with the embargo being lifted, will provide a positive outlook for the economy, especially in certain sectors like hospitality and retail, which will also see improved growth and outlook. Of course, it's linked to the COVID being sorted out soon, because I think that also affects these same sectors. Overall, the outlook for Qatar is positive, and we are positive on the growth prospects. The Qatar banking sector, of course, is strongly capitalized and has reasonably low NPL ratios. The government is the largest shareholder in all the banks, with a minimum of 17% in every bank. In The Commercial Bank, it's 17%. We've seen some consolidation happen in the sector. As you've seen, ibq joined with Barwa Bank and created Dukhan Bank. This bank was also joining with QIB to create Sorry, I must put on my specs to see properly. We had Al Khaliji joining with Masraf to create Masraf Al Rayan. Basically, we've seen the number of conventional banks go down from six to four. At an overall level, a fewer number of large banks is better for the economy and better for the banking sector. Especially since the smaller banks sometimes act as outliers, both in terms of risk and pricing, and can cause ripple effects. For us, in terms of the conventional banking sector, our strategic position has actually strengthened in the fact that we now have two significantly sized conventional banks and two smaller ones. In Qatar, whilst QNB is seven or eight times our size overall, in Qatar, both at the retail level especially, and even on corporate level, we punch above our weight. We are an important conventional bank. We have seen consolidation in the banking sector and people, the natural question is: Is there any consolidation plan for The Commercial Bank? I would say our approach is to focus on organic growth, because as I mentioned earlier, we have strong retail and wholesale franchises. There's very little strategic benefit, either in terms of client acquisition or capability acquisition or coverage from a merger. Our approach is fundamentally that we will continue to focus and improve our fiscal metrics. With M&As, you can never say never. If anything were to happen, we would be a much stronger fiscal entity, and therefore there'd be no doubt as to who's the consolidator. As an example, four years ago, we and Doha Bank had the same market cap of about 9 billion QAR. Today, given the strategic plan and the implementation, we are valued at 17.5 billion QAR. Doha Bank is at 7.5 billion QAR or 7 billion QAR. We are approximately two and a half times their market cap from being the same four years ago. We will continue on our progress, and I think that's the strongest approach and best approach to any potential M&A in the future. Again, I would reiterate, our organic strategy is very much focused on building our franchise in Qatar through an organic approach rather through inorganic. How did we do in 2020? The theme which comes out is really resilience around our business. As you can see, our operating profit was actually up by 0.7%. This was really due to the strong underlying franchise that we have and the flows that we had. Amit and Raju from wholesale and retail will talk a little bit about that resilience. We continue to manage our costs tightly, and that is coming through investment in technology, which has enabled us to enhance the productivity of our staff, and that was now showing a cost-income ratio about 26%. Of course, our investment in digital continued to enable us to meet the needs of our clients, particularly in the pandemic, which has seen accelerated adoption of digital technology. How did our international do? I would say that Alternatif Bank went through a challenging year in terms of the external environment, both in terms of COVID, but also policy volatility. The work that we've done over the last three years ensured that our NPL ratios did not significantly change because of the volatility, and that's an indicator of the good management which is now in place. Our NPL ratio at 4.8% is one of the best in the Turkish market and was actually a reduction from 5.4% the year before. In NBO is probably the best franchise, relatively, in terms of their position in Oman, after Bank Muscat. We have a new CEO, and they had a challenge this year because of one-off provisioning, but we expect them to come back. In United Arab Bank, we have a new CEO and team, or at least new 18 months ago. They have taken out the costs that were unnecessary and reshaped the branch footprint. We've seen that happen. We've also taken provisions to clean up the legacy loan book. As a bank, Commercial Bank has also taken a significant impairment to bring the carrying value to fair value. I would say that this now has broken the back of that overhang regarding the carrying value versus fair value of UAB. Is there more to do? I would say there was nowhere near what we've done over the last two years. This is an annual discussion, but we don't think that anything more would be more than, I would say about QAR 300 million-QAR 400 million at maximum, which is subject to discussion, and that's what we baked into our figures. That, again, is not definite, but we think that's the upper threshold. The way to look at our international is, yes, this has been a challenging year, 2020, when the contribution was actually net negative because of these measures we've taken. These are necessary hard decisions to take. We have reached the nadir of the international's contribution, and there's only upside from here, because all the actions we're taking with the teams will result in positive contributions in the next few years. To my mind, that's the way to look at it, and that we're going to see better and stronger contributions over the next few years from our international business. We've taken the necessary hard measures. Finally, I would like to talk about our strategic plan. We created this plan in 2016 when The Commercial Bank was underperforming the market on many metrics. We decided to focus on the key metrics of capital. As you can see, our capital was at 9.7%, which is well below the market. We set ourselves a range of 11%-11.5%. Total CAR was 16%-16.5%. As you can see, we've achieved that and we've overperformed against that. This is again, the first stage. Similarly, our cost of risk was well above the market, 1.6%. We set ourselves a target of 50 basis points. We have last year had 95 basis points, which is above our target. About 20 basis points, 25 basis points of that was due to COVID-related buffers. We expect next year to be about 70 basis points. We're slightly above our target, but we believe we will get there. We reshaped the loan book where we had too higher exposure in real estate, 28%, and government public sector was 10%. We wanted to come back to market average and our target now has been almost achieved, and we will achieve this by this year, which is the last year of plan. Our cost income ratio was well above market. Market at that time was about 30%. We wanted to get this down to 30% in domestic and 35% for our consolidated, because Turkey has a higher cost income ratio. As you can see, we have achieved a 22% rate in technology, I mean in Qatar, and 25.9% as a consolidated ratio. This again is due to the power of our, as I talked earlier about the marriage between business, technology and operations. This to me is a long-term competitive advantage. Finally, our return on equity was very low. We wanted to achieve double digits of 10%. Again, last year was impacted, 2020, but we're confident this year we'll be achieving the 10% target. Back then in 2016 when we set up this strategic plan, it looked very stretching. I must say that we have to thank our board for supporting us in taking the hard measures which were required. One is we had to take significant provisions. Two is we had to have no dividend for the year 2016-2017, and we also had to do a rights issue in 2017. The board supported us in all these hard decisions, and whilst it's a qualitative factor, it's a very important factor in enabling us to actually improve the bank and build it in a really professional manner. That to me is a qualitative competitive advantage we have in a very supportive board. You can see that they've continued to be supportive because this year, even with our profits were down because of these impairments and the COVID impacts, the board actually reduced the dividend by 50%. That shows the commitment to building our capital and building strong reserves. That's a very important factor for us. The second piece is all this was achieved against a very challenging background. When we did the strategic plan in 2016, we never anticipated the imposition of the embargo on Qatar. We never anticipated the volatility that happened in Turkey. We didn't see the oil and gas prices coming down as much as they did, and we never saw COVID. Despite that, I would say our achievement against these targets have been very good, and that is due to the resilience and hard work and commitment of my colleagues, their leadership and the teams which have worked for them. That is something which actually I'm very proud of and grateful to our teams. What does the future hold for us? Well, as you know, this was just phase one of our plan to get the bank back on track. Now, for 2022 to 2026, which is the next five year plan, we want to get back at least to be equal, if not better than our peers. We have some very good and well-performing banks in Qatar. They are on very different multiples from CB. For example, our price to book is about 0.8 or 0.9. They are at 1.5 to even two times. Their price earning ratios are 15 times, ours is eight times. On many factors, we believe that there's an opportunity for us to get re-rated. We've decided that our CET1 ratio should be 14% and our total capital in this range. Similarly, our NPL ratio will be 2.5% and our cost of risk in the 40 basis points range. This is because we believe the quality of our origination will support that Our loan book, we have demonstrated that we can reshape it, reducing real estate and increasing public sector, this will be the ratio. Public sector will be 25% of our book, and real estate will be down to 16%, which is in line with where the market average is. Our cost income ratio, again, we see the consolidated ratio falling to 22% or below, and our domestic ratio to 19%, which again, will put us at least at the market, if not better. Finally, a return on equity, which is very important. We expect to be in the 13%-15% range. If we achieve all these, we believe there's no reason why Commercial Bank should be at a discount to any of our peers, therefore, that should lead to a re-rating of our stock market metrics. Our aim is to achieve this by year three of the five-year plan. Of course, I'm putting this as a stretch, but this is where we go. I believe that given what we're doing, the initiatives we've taken, we are confident of achieving this. Another qualitative factor which I would bring out is that we are the only bank in Qatar to have deferral of bonuses, which is good governance. We defer it for three years. Also, we mandatorily defer our bonuses into share options for the senior management. We've also given all our staff, this year, a grant of share options and also a voluntary scheme where they can subscribe. Why is this important? We want to link the performance of bank and its improvement to our staff, and they should also benefit. As I told you, I'm very grateful and proud of our staff for what they've achieved. We wouldn't be putting out a share option scheme and grants to them and giving them a dud scheme which did not deliver in three years, because I think that would impact our credibility as a management team. This is again, a qualitative factor, but a very important factor which will also spur us towards achieving these goals. I've now finished the first part of the presentation. I'll hand over to Rehan, who will take you through the financial. Rehan? Thank you, Joseph, good morning, everyone. I'll start firstly with the five years of 2016, in which we formulated our five-year strategy, then the first four years of execution against that strategy. As in previous calls, I have included a normalized column for 2019 and 2020, which enables us to have a like for like comparison. When we met last year, we did talk about operating income becoming the main driver for our increasing in operating profit. We've seen that come through both in 2019 when our operating income grew by 10%, then similarly in 2020, again, our operating income grew by 10%. In terms of cost, we saw significant decreases in the earlier years of the strategic plan, then smaller decreases. It's now 1% decrease between 2019 and 2020. What that's meant overall is that our operating profit, on a like for like basis, has increased by 14%. That gives us good momentum going into 2021. Net provisions at just over QAR 1 billion are largely driven by IFRS 9, COVID related provisioning, and remodeling for those provisions. In the next section, our Chief Risk Officer, Paul Gossio, will go through that in more detail. As we've highlighted before, we have had success in recoveries, we have more targets for 2021 where we are looking to reach settlements with our customers. Impairments, as you know, this has been against UAB, we now have a carrying value in line with fair value. I will talk a little bit more about this in the guidance section. Of course, we've taken our share of losses in the associates as well. Overall net profit at QAR 1.3 billion, I have included an additional column here, additional row here, showing our impact from our international operations. If I add that back, really to demonstrate the strength of our business in Qatar, that means that our profit was around QAR 2.1 billion for The Commercial Bank in 2020. If you, again, adjust in 2019, it was about QAR 1.9 billion. It actually shows that our business in Qatar grew by 10% at the bottom line level, which is a very strong performance given the circumstances that we saw in 2020. I think in the last call, we highlighted that while lending volume has increased by 10% year-on-year, approximately QAR 3 billion of this was a temporary overdraft which was repaid in January, which means that our growth was more like 6.5% year-on-year. I'll talk more about the ratios in the next section. Firstly, starting with the cost income ratio. As you saw in 2016, we were around the mid-40s level, and then quarter by quarter, we've been bringing that down all the way to 25% in the fourth quarter of last year. What that means is that our cost income ratio is 26% at consolidated level and 22% at domestic level. We've seen all the banks decreasing their cost income ratios year on year. Only Doha Bank hasn't released their results, so we've shown their nine months versus nine months comparison there. At 22% for domestic, we're getting closer and closer even to the Islamic banks, as you can see on the far right side here. Slide 14 shows how we compare on some of those ratios against the larger peer banks. On the non-performing loan book, we brought that down from 5% in 2016 to 4.3%, and we believe this can reduce further in the next few years. Coverage ratio is now over 100%, and cost of risk, as we saw, is at 1%, slightly higher than last year and higher than guidance, given the COVID measures that we needed to take. Our capital was well below our peers in 2016, at 15.2% and 9.7% CET1. That's grown considerably. We're now getting much closer to where the larger peers are in the Qatar market. Return on average equity is obviously decreased because of the impairments that we've taken, but we are guiding that this will reach double figures for 2021. Just a little look at where we are on price to book. At 0.8, we are less than half of our peers and even more when you measure us against Mashreq or Rayan. Price to earnings at 16.3. Again, if I normalize that for around a QAR 2 billion profit that we saw in Qatar, that means our price earnings is similar to last year at around 10%, which is considerably lower than our peers. Market cap has also decreased from QAR 19 billion to QAR 17.8 billion. We believe there's significant improvement opportunity in this area going forward. On ESG, we are committed. We have an A rating on MSCI. We have full disclosure on our Qatar Stock Exchange, which means that we are joint top on the leader board and with 100% disclosure. We recognize our responsibilities here and are working on several initiatives to increase this and improve this further in the coming year. Lastly, I'll turn to the outlook and the guidance. On loan growth, we had guided 4%-6% for 2020. It's come out at 9.9%. As I said, taking out the QAR 3 billion of the overdraft, this is around 6.5%, still at the top end of our guidance. On this number, we're guiding another 5%-6% growth. Higher if it's on the 6.5%, it'll be closer to 8%. On net interest margins, as you've seen, our cost of funding has come down very well, and that's meant that our 2.3% normalized of 2019 has grown to 2.4%, and in line with the guidance that we gave. We are guiding that this will increase further to 2.5%, again, driven largely by cost of funding coming down and asset yields maintaining. Cost of risk was 95 basis points in 2020, higher than the guidance, as we said earlier. We're guiding 70-80 basis points are coming down, much further in the next five-year strat plan. Cost income ratio was in line with guidance, a further 2% reduction for 2021 is forecasted. Lastly, on return on average equity, we're guiding at 10%-11% for 2021. This is factoring in any further impairment that we need to do. As Joseph highlighted, we have completed that exercise as at 2020, it is an annual exercise and we have budgeted a further amount, around QAR 300 million-QAR 400 million for 2021 at the upper end if required. Within that, we would still reach double figures for our return on average equity. Let me turn you now to the next section. Our Chief Risk Officer, Paul Gossiaux, will take it from here. Thank you. Thank you, Rehan. Overall, 2020 marks a year of continuing growth in the consolidated loan book with gross loans increasing by 10% year-on-year to QAR 100 billion. In line with our strategic plan and risk appetite strategies, key growth drivers continue to be the government and public sector segment, as well as the commercial and industrial segment. Loans to the government and public sector increased over 15% year-on-year to QAR 17.3 billion, we have grown at an average annual rate of 30% since 2018. Government and public sector loans now make up over 17% of the loan book, compared to just 9% in 2018. Likewise, loans to the commercial and industrial segment increased over 15% year-on-year to QAR 22.8 billion. Since 2018, the C&I segment has grown at an average annual rate of 18% per annum. Commercial and industrial loans represent 23% of the loan book, compared to just over 18% in 2018. Real estate loans now make up just over 20% of the loan book, compared to 25% in 2018. The real estate segment continues to trend down over the period at an average rate of 3% per annum, in line with our strategic objectives. On the next slide, you will see that our risk appetite strategies are driving our strategic objectives. Namely, growing government and public sector, tightening loan underwriting standards, decreasing real estate segments are transforming and materially improving the credit risk profile across the loan portfolio. As of 2020, approximately 40% of Stage 1 loans have been originated from customers acquired since 2016, largely comprising higher risk-rated government and public sector borrowers. These borrowers have improved credit quality and stability in the Stage 1 loan book will contribute to lowering the cost of risk in the medium term. Likewise, migration to Stage 2 has been limited to just 1% of customers acquired since 2016, with pre-2016 underwritings accounting for the remainder. 95% of Stage 3 NPL loans consist of pre-2016 legacy borrowers. Moving to the next slide, you will see that the cost of risk increased 27 basis points in 2020 to 95 basis points, compared to 68 basis points the previous year. The net 27 basis point increase in cost of risk in the year was largely driven by two factors in our ECL model. The first was a precautionary increase in provisioning across the performing book, Stage 1 and Stage 2, in response to any potential COVID related impacts on macroeconomic variables, accounting for approximately 20 of the total 27 basis points. The second factor was a lower recovery rate applied in our ECL model to create an additional credit shock buffer for potential deterioration due to COVID related forbearance measures granted, accounting for the remaining seven basis points of the total. In terms of a what if we were to exclude these more conservative COVID related changes in our 2020 ECL model, then the cost of risk in 2020 on a pro forma basis would likely have been in the range of about 75 basis points. Provision coverage in 2020, including hard provision coverage of 67% plus ECL coverage of 35%, increased to 102% from 82% the previous year. As many of you may know, however, our central bank, QCB, requires us to apply a 50% haircut on all mortgage collateral held, largely for the sake of regulatory prudence and conservatism. If we adjust our provision coverage by this mortgage collateral discount, then our adjusted provision coverage would increase to 115% in 2020 compared to 104% in 2019. On the next slide, you will see that the credit quality in 2020 continued its improving trend, with Stage 2 loans accounting for 16% of total loans compared to 16.8% the previous year. Since 2018, Stage 2 loans have decreased at an annual average rate of 17% per annum. Likewise, Stage 3 NPLs increased to 4.3% of total loans in 2020 from 4.9% in 2019. Since 2018, Stage 3 loans have decreased at an average annual rate of 7% per annum. In terms of staging coverage, credit loss buffers across all stages increased significantly in 2020 for reasons highlighted in the previous slides. Notably, our Stage 2 coverage of 7.8% is well above the Qatari bank average of 5.7%. Overall, the ongoing rebalancing of risk in the loan portfolio composition, driven largely by the continuing growth in government and public sector segments and reducing real estate segments, combined with tighter credit underwriting standards, enhanced provision management and recovery strategies, are all creating increased credit loss buffers and setting the stage for lower volatility and expected future cost of risk. With that, I'd like to hand it over to Raju, who will be Head of our Wholesale Banking. Thank you, Paul, and good morning to all of you. In the next few slides, I'll give you a flavor of the Wholesale Banking. In terms of highlights for 2020, our lending growth has been 14.3% against the market lending growth of 8.4%. We are growing faster than the market. This is primarily coming out of the government and public sector, where our portfolio has increased from QAR 15 billion to QAR 17.3 billion. We also noticed a significant increase in low-cost funds. We outgrew the market. We were faster than the market growth of 23%. Our low-cost funds in wholesale grew by 41%. When it comes to corporate internet banking penetration, our penetration went up to 94%, which increased from 78% in 2019, approximately 16% higher. Most of our customers are using corporate internet banking now. In line with our strategy to reduce the real estate exposure, our real estate portfolio reduced to 20.5% from 26% in 2016. These were the primary highlights. Our strategic priorities are a continuation of the five-year plan that we have shared with you earlier. Firstly, to maintain lending in government and public sector at a rate much faster than the market. This is very important from us from a risk point of view because there is no NPL creation in government and public sector and risk reward-wise, it's very attractive. Further dominate transaction banking. This was one of our key elements in our strategic plan. We have invested a lot in this transaction banking, and we had shown you metrics last year also. We want to further dominate transaction banking because it produces low-cost funds for us in the operating accounts. There are remittances, LCs, LGs that are all coming out of the operating accounts and that gives us a lot of fee income. Therefore, we would like to further dominate transaction banking. Continue to reduce the real estate exposure as we have done in the past to achieve a 16% number, 16% real estate exposure compared to the whole balance sheet. We have new revenue initiatives which we are launching in 2021. The insurance, advisory, escrow accounts, and digitized non-borrowing customers. For the non-borrowing customers we offer a digitized platform which will help us access many more non-borrowing accounts. Next slide, please. I wanted to show you the growth of the government and public sector business, which is one of the key elements of our priorities. If you see, last year we grew by 15% against a market growth of 11%. Our compounded annual growth rate is 30%, as shown by Paul earlier. Since we are growing much faster than the market in the last three years, our market share has increased from 2.4% to 4.6% in 2019 and 4.9% in government and public sector. We have a huge opportunity here because our portfolio is only QAR 17 billion out of a QAR 353 billion market size. We are very focused and we are going to target 25-plus additional government departments for lending and cash management business. While the net interest margins are slightly lower than the private sector, we also get the operating accounts and we get the ancillary business and the FX business that actually makes it worthwhile for us to actually invest in this particular sector. Next slide. The other important element of our strategy is to dominate transaction banking. We are now the exclusive service provider for the major utility company in Qatar, an aviation conglomerate and large real estate company. We have significant wins with these companies and all of their cash management is going through us. We are also leading in innovation in this particular sector because we want to be a step ahead of competition. We have done the supply chain finance. We also have the ability to do highly customized solutions. These bespoke solutions are implemented within a very short time. For example, we have done direct debit for the utility provider. We are doing invoice reconciliation also for the utility provider, and we are scaling it up for other customers. In line with this, we are being recognized by The Asian Banker and Global Finance and we have the best online cash management for two successive years from Global Finance. The best trade finance service. In 2020, our mobile banking app was highly appreciated and now we have the omni-channel ability where you can initiate the transaction through one channel and approve it on your mobile banking or any other channel. Similarly, on The Asian Banker, we have won the best cash management bank in Qatar for five years in a row now and also the best transaction bank for the third year. Next slide. In terms of wholesale banking, we see the three pillars as follows. The first one is risk culture. Much has been spoken by Paul in this area, so I'll just highlight some of the key items. We still want to grow faster than market and government and public sector because of the risk reward and lower NPL creation. We are very selective in private sector. We want to continue reducing the real estate structure. It's important to note that loans that were originated post January 2017 comprise only 5% of total NPLs. For the last four, five years, whatever loans we have originated are of very good credit quality. We also have a very strong franchise. From 1975 onwards, we've been here for almost 46 years and we have all large conventional groups. Almost 90% of conventional groups have relationships with us. We are penetrating further into government and public sector where we used to have a low market share, and we already have 50% penetration into this segment and rapidly growing as we implement more and more trade and cash management solutions for them. We possibly have the best contracting portfolio because we have implemented tight credit measures and we deal with very selected set of contractors. For the first time, many of the Islamic companies have started doing business with us and we have significant wins in the area of cash management and also borrowing relationship where we do a finance lease structure which is approved by the Sharia companies of Islamic companies. That opens up a huge new target market for us. In terms of digitization, we have a highly competitive trade platform. This one we have customized in such a way that we can offer very good digitized solutions for our customers. We have the best transaction banking platform which is host to host. This is one platform where we used to take approximately three to four months to convert a customer onto our platform because of different ERP systems that customers have. Over a period of time, we have learned and we have invested in technology. Now we can actually convert it within four to five weeks, no matter what the ERP system of the customer is. Next. In terms of digital adoption, I'd like to share some metrics with you. We have a 56% increase in the corporate mobile logins in 2020. Our online transactions have gone up by 25%, and in terms of online trade transactions, we have seen a growth of 114%. 94% of all corporate transactions are now received through corporate internet banking host-to-host, and therefore they follow straight through processing, which is very cost effective, and it delivers standardized client experience. 75% of all trade finance requests are received through online portal, and this is significantly higher than the market average of 45%. We look forward to 2021, because we have a very healthy pipeline, and we continue to execute on the strategic plan as we go forward. Thank you. I would like to invite Amit to give you a flavor of our retail franchise. Thank you, Raju. Good morning to all. Commercial Bank is one of the largest retail franchises in Qatar and is known for being in the forefront of bold innovation and leading the way in bringing the customers value-added products and services on a regular basis. A robust all-weather multi-channel operating platform allows us to serve diverse needs of customers at their convenience, and our near-normal service levels during COVID is a testament to this capability. The retail bank provides strong, diversified income contribution to the bank as a whole, with high return on capital, with over 80% of income derived from deposit and transactional products. That also reduces the risk in the portfolio. The individual loan book is secured either by tangible collateral, 63%, or by salaries for personal loans and credit cards, which makes it a relatively low-risk portfolio. Once again, as we have gone through cycles over the past few years, whether it's the blockade or the COVID, we saw that our risk losses were very, very low, relative to the size of the portfolio. It is also a provider of high-quality liquidity, with low-cost funds being more than 60% of the book. Growth during 2020 in the low-cost deposit was a healthy 22%. This is continuing to be a good provider of liquidity. It is a strong business, and has now been supplemented with multiple growth initiatives, which I will be talking about in later slides. Overall, we punch above our weight in this market and hope to be a meaningful contributor both for Commercial Bank and the industry in Qatar in the years to come. Next slide. Before I move to other aspects of the business, I would like to take a moment to update on the state of our business during COVID and post-COVID. We are tracking ourselves to performance in January 2020, which was the last full month of pre-COVID operations. As is evident, in the various charts, if you look at total products sold, for example, we are in January 2021, 95% of where we were in January 2020, and this is even with some limited lockdown and a full flow of customers not coming in from overseas. We are almost there, and I do hope to get back to the 100% very soon. The cards domestic spend volume actually is 20% higher, and this is, we believe, largely because of migration from cash, which is also one of our long-term strategic initiatives. If you look at the contactless card transaction spend, we have grown five times from what we were a year ago, and this is largely coming from cash because these are very small-ticket items, but it also helped as society as a whole do transactions more safely than doing cash. We do believe that our leadership in this space, since we are one of the largest acquirers in this market as well, has helped the overall long-term strategic objective of migration from cash. The international spend is low as expected. It is not expected to revive at least in Q1, because until such time that the vaccination drives are effective, we expect this one to lag a bit. Hopefully end of quarter 2, early quarter 3, with the summer season, we would expect this revenue stream to come back to us as well. The next slide. We have had a history of innovation which got accelerated in 2020 due to COVID. Our efforts have been well received by all stakeholders, but most importantly, it is eventually customers who decide what value is derived from these innovations. We have been fortunate that our customers have responded very well with high adoption rates, and I will share a few statistics with you in the next slide. If you look at the top left, we have seen a distinct shift away from branches, and in 2016, almost 10% of our transactions were being done physically in branches. That number is now down to 2%. Once again, I think COVID helped in 2020. We have to leverage every opportunity which comes our way, and in many ways, a crisis always throws an opportunity, and you can see the steep fall from 6% to 2% in 2020, and we hope to sustain this. If you look at our digitally active customers, there has been a rapid growth, and logins have multiplied almost five times over five years. On an average, our customers log in seven to eight times a month, which is almost twice a week. That shows the value and the engagement that our mobile and digital platforms provide to our customers. One area which has again rapidly grown is the funds transfer area, both for local transfer, but most importantly for the international remittances, which again, in the next slide, I will share some more detail. This has been a standout success for us in the market. Not only have we offered our customers the best option, but we do believe that the whole market has had to transform and digitize because of our strong presence and our strong offering. Exchange houses, new mobile companies, all have upgraded their offerings in response to what we have been able to achieve. In the next slide, Yeah. Here is the story of a very successful business initiative. In 2016, most of our customers were going through exchange houses to remit money. Qatar being a large expat market, an efficient, reliable, and cost-effective remittance solution is critical for most of our customers. Through the sustained development of offerings, we have been successful in reshaping the remittance market in this country. The numbers tell the story. Since revenues are directly related to the number of transactions, you can extrapolate and see how when you grow so rapidly, this has generated almost a new business by itself over the past four years. We do expect to go to 6 million transactions this year. This number is likely to go up to 10 million transactions in the next two years. By the end of this year, we hope to grow at a run rate of about 8 million, and next year, get to over 8 million and 10 million probably the year after. This, as I said, by itself, not only has added immense value to customers, it has created a new business by itself for us. Another growth business that we see coming up is the wealth management business. This is a pressing need for what is a really underdeveloped market. Low deposit rates and uncertainty in real estate just reinforce the opportunity. We have now put in place a world-class system, which is an end-to-end wealth management platform, starting from customer onboarding to transaction execution and post-transaction portfolio management. Our workforce has been trained to global standards. Early results, as you see in the charts below, are very encouraging. We do expect these numbers to just grow rapidly over the years, and we could hit 8x to 10x of where we are in the next three to five years, because I do believe that the best is yet to come. Next slide. Another business which I wanted to talk to you about was the SME business. This, to our mind, in our opinion, is another growth engine. It's a very vibrant and realigned SME business that we have. We are generating high-quality, sustainable income in a business critical to the economy. Dependence on loan revenue, if you look at the pie chart, it used to be 71% in 2017. It's now down to 17%, and we actually expect this to go down even further. In a typical SME business, one of the risks remains the credit quality. Like, as I said, we have now moved away from a loan-intensive business to a business which is in line with our strategy of dominating the transaction banking space. Revenue realization per customer has gone up by 66%, reflecting improvements in customer profile and the segmentation strategy that we have followed. I think there's an important point to note. There's been a game-changing behavior by customers in adopting digital transactions, providing us with a business model which is low cost to serve. It's scalable with really resilient processes at customer end. That's important because once customers change their behavior and customers change processes at their end, it's extremely difficult for them to migrate out because no other bank in this market, at least today, offers anything close to what we are offering these customers. I mean, a product like Trade, which is a very paper-based product, 97% of transactions in December by the SME business were done through the online platform. Funds transfer is almost 99%, and there are so many other of these examples. Feedback from customers has been very positive. They honestly didn't think even something like this was possible, but once they have got used to it, they find it extremely convenient, and we are seeing our business grow. This is again another business we expect high double-digit growth over the next five years, and we will be doubling our income stream from this business. Last but not the least, I want to talk a little bit about physical distribution, and our thoughts on the future of physical distribution. This is a question I am asked in almost every forum. We shared the examples of digitization, and the question is, what is the role of branches? Our view is that branches will remain important in the foreseeable future. However, the focus will shift from a one-size-fits-all branch to a fit-for-purpose distribution model. We are building high-quality premium lounges from where we will serve our premium customers and offer wealth management products. I spoke about our strategy on wealth management. These are the lounges from which we will. These are totally redesigned, and they look nothing like a normal branch. We want to build some world-class lounges with highly qualified relationship managers serving our premium customers in a very relaxed environment. We have also, our core branch has been redesigned and the launch of our new, small but highly digitized branches, which allow us to expand in the path of traffic like metro stations, is really going to be our growth strategy because we can put up these branches in a timeframe and a cost which is 15%-20% of what it would take us to build a normal core branch. As a result of this, if you look at the graphs, and not only the actions we have taken, but the change in customer behavior, which I spoke about earlier, whether it is individual customer or SME customers, we will maintain or grow our market presence, over the next few years at a cost base of 33% below where we were. We have been able to achieve all our objectives, including higher market presence, but at a cost base of 33% below where we were. My view is this would stay for the next three to five years, and who knows, this is an area which will change, but at least for the next three to five years, branches are a reality, but they will be a reality in a different form. In summary, I would say our priorities remain continue the pace of innovation to stay ahead of our client expectations, provide world-class service experience to our target customers across all segments, and leverage the right position. We have a very strong position within the market, leverage it for sustained growth through expansion of our core business, but also some of the new initiatives that I spoke about. Last but not the least, again, we hope to continue to be recognized and rewarded by the market, but more importantly by our customers. It is now my pleasure to invite next speaker. Where is it? Faris. Yeah. The next speaker on the podium. Thank you very much. Hi. Good morning. I think, before me, it will be Fahad will be speaking, if it's okay. Otherwise, I'll continue with the treasury. Thank you. 2020 has been a story of a bit of a rollercoaster in the sense that we saw liquidity leaving the region because of the demand in the domestic market for the international banks. We saw, in March, April, liquidity squeeze overall in GCC and also in Qatar. The situation gradually eased out as the State of Qatar went and issued $10 billion bonds in the international markets. Following the issuance of the sovereign, the financial institution in Qatar started adapting the market, and that saw liquidity situation easing quite substantially. We as a bank also took advantage of the market as the oversupply of liquidity resulted in tightening of the rates. We saw the rates coming to very attractive levels. In totality, we issued around $1 billion, both in the capital markets and the private placement market. We issued $150 million Swiss franc bonds, which was again, one of the largest issuance from the financial markets in the Swiss market at a very, very tightest rate. Subsequently, we raised $500 million from the Reg S market at one of the tightest pricing that The Commercial Bank has ever showed a period of time. We think that the liquidity is going to be available, any increase in the current situation will see the squeeze on the liquidity again, especially geopolitical situation and the situation arising out of the second strain of COVID, which is right now hurting the markets. We as a bank maintain sufficient liquidity buffers in our book. We have approximately QAR 15 billion worth of sovereign bond, both in Qatari riyal and US dollars. What it gives us is it acts as a backup liquidity buffer. We can repo the whole Qatari riyal bond portfolio with the Qatar Central Bank at any given time. At the same time, the dollar-denominated bonds are being repoed with most of the international banks, and they are greatly in demand, and they are also a very high-rated instruments. We think that from the overall liquidity point of view, the bank is in a very strong position. We do have a strategy in place where in case of disruption, we tend to basically tap into those markets. Going forward and according our most robust, we will continue to diversify our funding base across the product and geography. We will be tapping into syndicated loan market, which is our bread and butter business. EMTN issuance will be very tactical depending where the rates are. We think that the rates are at a very, very attractive rate, we'll definitely go Tap the market. One issue that we are basically looking to diversify our investor base is the Tier-1 capital issue. We had one international Tier-1 issuance from State of Qatar by one of the Islamic banks. Given that now that the regulations are out in law, we will see both Qatar banks going and tapping the markets for Tier-1. At the same time, on the private placement side, we are seeing a lot more demand coming from local currency bonds, which are fully swapped into dollars, like Chinese renminbi bonds and also in Japanese yen. We have issued quite a few private placement in Japanese yen bond. We have also done syndicated loan in Japanese yen, which basically gave a 20 to 30 basis points advantage over the straight dollar issuance. We will continue to look at opportunities where we can bring our funding cost down. As Joseph has stated earlier in his introduction, that interest cost or the funding cost of the bank is one of the most important element that we keep an eye on, and we will continue to manage it down. One of the important components of overall funding mix is the deposit. The deposit market domestically is tight for the simple reason that the market is structured in a manner where 20%-25% of the market basically comprises of non-resident deposits. We, as a bank, have tactically made sure that we are not too dependent on any seasonal deposits. We have a very strong relationship with the private sector, where basically the strength of the franchise helps us in basically punching much above our weight. If you look at the pie charts at the bottom of the slide here, on the left-hand corner is the market distribution, and the right-hand corner is The Commercial Bank's. If you look at it on the corporate, which is basically the private sector and the individuals, which basically represents the retail banking sector. We are nearly 10 percentage points over and above where the market is. We continue to tap into the government and public sector deposits, given that those are basically skewed more towards the Qatar National Bank, but we still get our market share. On non-resident deposits, we have a very diversified non-resident deposit base. We continue to tap into those markets. As and when needed, we do take this portion of our funding up, but we continue to manage within the limits that are being assigned internally. We see the markets being quite conducive in terms of liquidity. Given that the credit uptake is expected to be little muted, we don't see any challenges until there's some major disruption at a global level. Other than that, we are in a very, very strong position to manage the liquidity and funding. Just to give you a hint on how our overall funding mix is structured, we tend to fund ourselves 50%-51% through customer deposits, and this is again, a function of the cost of deposits. We will be looking to have good duration on our deposits. We have around eight to nine-month duration on our overall deposits. Around 14%-15% of our funding comes from capital market issuance, which we tend to tap on a tactical basis. 14% of our funding base comes from shareholders' equity, and around 13%-14% comes from interbank market, which tend to go high or low on the funding mix depending on the price advantage that each of these funding mix provide. We will continue to strategically see our funding mix distributed in the pie chart at the right-hand corner, which basically will be a guidance to our funding strategy going forward. In terms of overall percentages, that might be changing depending on where the price advantage is. Thank you very much. Now I would like to hand it over to our Chief Operating Officer, AGM Leonie Lethbridge, to take you further on our operational and innovation strategies. Thank you. Good morning. Thank you, Parvez. You've heard this morning how we've fundamentally reshaped our business. You've heard from Raju that we've moved our wholesale banking book from domestic corporates to a much more, and real estate, to a much more government and public sector book based on a domination of transaction banking. You've heard from Amit that exactly the same strategy has been executed for our enterprise banking clients, who are also a key sector of the economy and who also have very high transaction needs, transaction banking needs. Of course, there is the same agenda or opportunity in relation to the retail business with the wealth products that we're talking about. You've seen how in the last year, the demand for remittances has basically doubled and how we've been able to service that. We see that continuing. Of course, that requires an execution capability which is infinitely scalable. That's essentially what we have built and what we're going to continue to leverage. You can see what we've done is disconnected the transaction volume, the revenue from cost. The way that we have done this is we have leveraged an entity that we've built, a business capability we've built called CB Innovation Services. Previously, our execution was substantially offshore in India, offshore and outsourced. We brought it back into Qatar. That has enabled us to build a highly scalable solution, where instead of paying on a, or cost being incurred on a per transaction basis, actually, the incremental cost is essentially zero. That gives a huge degree of scalability. That also means that we've got very significant flexibility, which in the face of COVID, we needed to deploy. You saw the remittance volumes double. We project strong increases. We expect that those, and for that matter, the contactless payments exponentially increasing, we expect the same thing to occur. Partly driven in the past by COVID, we've leveraged our ability to pivot around that and to capture more customer flows as a result. We've done that through excellent client service, but also a mastery of innovation, which we've built in CB Innovation Services and which is executed by a very joined-up execution capability between the relationship teams, clients, and technology and operations, and the products development teams. That is essentially leveraging the digitization that is end-to-end. That's not just about getting clients to use their mobile banking, it's about straight-through processing of everything that occurs in between, including some quite complicated assurance checks, let's say, for AML, for fraud, and the like. We are using robotic process automation. We said we were going to do this, and it is now very well embedded in the business to help us drive these outcomes. Similarly, we're using artificial intelligence and machine learning to deliver this seamless end-to-end capability. We also have this ability to customize client solutions. As Raju said, there's basically no mandate that comes onto the market which we cannot be in by providing excellent bespoke solutions for our clients. They also help out. We're attractive to clients because it helps them with their cost base. It also is a proposition that's highly convenient for them and is also scalable for the client. It's a win-win, but it's definitely a prospective revenue stream. The question is, what does this mean in terms of jaws, in terms of the revenue base and the cost base? You can see on the chart on the right-hand side that typically transaction volume equates to cost. As I said, we've broken that nexus. Here, transaction volume really equates to non-funded income and revenue streams. You can see our cost base has declined, not only on this slide, but on the slide presented by Rehan. In total, our jaws are double digits this year and building on the same trajectory from last year. On a consolidated basis, a bit over 10.5%. On a domestic basis, 15.5%, which is actually really market outperformance. The next slide, please. The real question is, how sustainable is this going forward? We think very sustainable. We think there is much more in the tank. The strategy around building bespoke solutions for our wholesale clients, this digital conversion strategy, particularly for those hard-to-digitize corporate needs, is 100% there. We see much more of that this year. We have the innovation capability to be able to deliver that seamlessly, as Raju said. Retail clients need something different. They need, particularly some of the retail base who are not digital natives, we need to provide really intuitive, easily adopted solutions which they can just blend with, almost as an extension of their arm, as an extension of their phone. That's exactly the strategy, and you've seen the outcomes to date. There is definitely more, as I said, in the tank. In the last year, you can see that whilst the 55% CAGR in those digital transactions over five years, in the last year, it's actually doubled. That's partly, as I said, a COVID-induced effect, more than that, it's because we're providing the right solutions. Where to from here? You can see that there are many more digital offerings coming to the table. We are running many, many forms of digital and international transfers, domestic and international transfers. Domestically, wallets, which are about to take hold in a very significant way in Qatar. Merchant payment solutions, a bespoke solution for that. Of course, a trade and swift proposition. These are just a few examples. Amit mentioned the wealth management product as a key. Everyone knows where equity markets are at the moment. That's also important in deepening that whole client segment and doing so in a way that from the start is very, very digital. Very, very scalable revenue and basically a flat cost sign. Transaction banking was spoken about, including a unique supply chain proposition, unique for this market, also solutions such as receivables financing. Of course, just to the last column, none of this is just short-term or pragmatic. There is an ongoing investment for the future. Because we intend to drive these stores with scalability as fundamental to the strategy. Aspects such as client security are very important, whether it's cybersecurity, whether it's fraud, or whether it's contactless security through in a COVID context. Client experience is absolutely key to this. Clients need to want to deal with the bank, be delighted by dealing with the bank. We're continuing to invest in there as a way of deepening those revenue streams. We're also investing in digital because as the whole world is digitizing, there's the opportunity for more revenue streams, also this completely scalable cost base is underpinned by that DaaS capability. As we said, we see data as the currency of the future. The bottom line, of course, is that these strongly positive draws, this high scalability is fundamental to the strategy. We see a whole lot more of it to come. I would like to hand over to my colleague, Mr. Kaan Gür, the CEO of Alternatif Bank in Turkey. Thank you. Thank you, Ms. Leonie. Good morning. I would like to welcome you all. Let's start with the Turkish macro economy. We see positive signals from the new economy management, such as tighter monetary policy stance, back to orthodoxy, strong commitment for stability, frequent communications eventually started to pay back as a rising policy credibility, I can say. We believe in that the natural dynamism of Turkish economy, together with the increasing vaccination rates, enables Turkey to grow at 3.5%. As you know, we saw high current account deficits in 2020. It was 5.2% of the GDP. However, we expect to see better picture this year with higher tourism revenues, increasing export performances. Besides, local demand conditions will be contained to keep important demand at current levels. Therefore, it is going to be shortfall in current account deficits. Most likely it will end up at 2.1% level in 2021. Recovery in current account deficit is and will be crucial to contain the FX volatility and capital inflows as seen last couple of months, encouraging to promote further Turkish lira strength. Fiscal discipline was main stronghold even in the corona days. This approach will not change. We expect 3.5% budget deficit to GDP level in 2021. After all, we do not expect significant Turkish lira devaluation further. Next slide. You can see our macroeconomic expectations and our projection for the Turkish banking sector. I am going to touch upon on the banking sector expectations mostly. Recovery, we expect that should be observed starting from late second quarter of 2021. Fall in CPI and funding rates should enable sector to see an upward trend in net interest margin and generate a better profitability performance in the second half of the year. We expect a moderate growth, 14% for the sector. As it was the case the previous years, we do not expect to see a fixed loan demand regarding the volatility in Turkish lira. On the deposit side, we expect sector to increase its deposit more than loans with a 19% growth and loan to deposit ratio to improve slightly. More importantly, our NPL ratio expectations at 6% is pointing a slight deterioration in asset quality as assuming the regulation on deferrals to end at the end of the first half of this year. In contrast, however, the last year trend, we expect the sector to increase its fees and commissions generation performance by 16%. All in all, our return on average equity expectation for the sector stands around 12%-13% for 2021. Next page, I would like to give a brief update on our five-year business plan. I can say that we have made an extensive roadmap in two phases. First phase that covers last three years was focusing on fixing the basics. New function, system development, team building and culture, of course, the legacy transformation. Focus on asset growth and keep focus on cost optimization. I'll be sharing the details, the first especially at the phase. Successfully, we ended up that phase. However, I can say that we have started to work hard for the second phase of our plan. Next page. Okay, this is the exact outcomes of first phase, 2017, 2020, including 2020 is yes, it was very volatile, but I can tell you that Alternatif Bank, as you see here, outperformed the private sector in many key metrics. As we can see on the left-hand side of the table, our compound annual growth rates in the last three years was much higher than the private sector. We had significant market share gain, which has been driven by the growth in our Turkish lira balance sheet, rather than FX. Apart from growth, it is also a pleasure for me to show you our outperformance on the income side also. Another positive was on the asset quality. Yet more importantly, owing to our prudent approach and target to have a healthier balance sheet by focusing on corporate large commercial companies in a very selective approach. Our performance on the asset quality has been much better compared to the private sector. After all, we have shown our resilience, prudent risk management within very turbulent times. On the next slide, I will share the details of our second phase plan. Our main target is higher profitability. As I said before, we have started to work hard to successfully execute second phase of our plan. In order to reach our targets, we will optimize our income generation via digital. From now on, we will be using our digital channels and capabilities to build up a broader loan and deposit base, because last three years, we invested those areas heavily. We will relaunch our customer contact center, and will launch a new central sales, of course, getting the support, enhanced digital capabilities. This new organization, channels, and functions, will also help us to reduce our loan and deposit concentration. In the meantime, we will selectively grow in business segment via our corporate clients' ecosystems. We will build up a large retail portfolio via digital and partnerships. With a larger retail portfolio, we will increase the share of small ticket low-cost deposits. Additionally, we will optimize the share of our external borrowing in our total funding. Ultimately, we will be targeting a double-digit return on average equity starting from 2021. We will increase our sales via product or segment-specific campaigns with a main goal to increase cross-sell in both potential and existing customers. This also enables us to generate a strong fee income growth, which is even more crucial as net interest margin will be still under pressure in 2021. For higher profitability, we will also continue to improve our asset quality and maintain a below-sector NPL ratio. Next slide, let's look at the details of our 2021 targets. Of course, I'm not going through one by one, but we target to reach 41 billion asset size with a 15% year-on-year growth, which will be driven by a loan growth of 12%, while our deposit growth target is 23%. Thus, we will improving our loans to deposit ratio this year. We will focus optimizing our net interest margin by repricing our loan book and optimizing both segment and product mix. While smaller deposit portfolio will also be contributing to this journey. We target to maintain strong growth in net fees and commissions income with a 35% year-on-year increase. We have done a very good job on risk management, and we performed much better than the sector. We will continue to de-risk legacy assets and transforming loan book towards a more sustainable profitability. Thus, we will continue to be improving our asset quality and maintain a below-sector NPL ratio, which is around 4%. In order to increase our efficiency, we will leverage robotic process automation to automate existing manual workflows, and we will maintain our tight control over OpEx also. All in all, our aspiration for the next three years is to reach a sector average cost-income ratio, which we expect to improve down to 35% levels, and to improve our profitability year by year in coming years up to mid-teen levels. This was my last slide, and I would like to thank you all for listening to me, and I will be handing over to Mr. Georges. Thank you very much. Thank you, Kamber. Thank you to all the speakers for keeping within the time limit of 90 minutes that we had set. In summary, I would just say, in the beginning, we talked about the three aspects of resilience: risk management and digital innovation or transformation. As you can see, these elements have been present and woven through each of the speakers' presentations. Last year in 2020, Commercial Bank showed resilience in its operating income and operating profit, despite the challenges of the epidemic, and also in the way it pivoted its business and its capabilities to handle the challenges of COVID. You saw we have very good franchises in our wholesale bank and in our retail bank, and that we are showing resilience in our operating incomes in these franchises by building alternate revenue streams and by building new revenue streams, and also managing the risks well within these new businesses and existing businesses. This was highlighted also in the risk presentation, where again, we saw the approach that we have built, prudent risk management, building of prudent buffers and ECL levels. At the same time, the new underwriting will help to drive down our cost of risk, in the coming years. We saw that we have liquidity and diversification of liquidity sources to meet the needs of the bank at very acceptable cost of funding, and it will help to bring down our cost of funding in the next few years. You saw that we have the technology operations and digital capabilities to really transform our business and to support the launch of new products, to support customized solutions, and also the costs. Effectively we are providing a digital transformation, which is where the world is heading, and at the same time managing our cost income ratios, and driving efficiency and productivity and client experience. You've also got an outlook for Turkey where our management team has done a lot of work and where, as I said, the outlook is positive for the next few years given the work that has been completed. Rehan has already spoken to you about our guidance for 2021. Therefore, I do believe that the strategic plan as I outlined, we started in 2016 on what was quite a significant transformation of the bank, and we have achieved almost all of the targets that we have set ourselves. As you saw, the indicative guideline figures for our next strategic plan, which will then bring all our metrics back in line with the best in the market in Qatar. That will therefore lead to, I do believe, a re-rating of Commercial Bank. That's now all the presentations done. I do hope you've got a better idea of the business and of our individual work streams and how we see the outlook for the next few years. I have every confidence in this team, given the track record that they've delivered so far and on the excitement with which we face the future, because there's a lot of potential there. I'll now hand over to Zubair, who'll just talk through the logistics of the asking of questions, and then all of us are available, the entire team. I'd also like to welcome Fahad Badar, the head of our international, who had to step away for another, I think he had a TV interview because he climbed a mountain in Everest, and he's the only Qatari person to have summited Everest. That's why he had a pressing TV interview, so he couldn't join us today, but he's now joined us for the Q&A session. Again, over to Zubair. Please talk through the logistics, and then all of us are happy to answer any of the questions. Thank you. Thank you, Joseph. We will now start with the Q&As. If you wish to ask a question, please use the raise hand feature. If you're using a laptop, you can click the participants icon, and you can see the raise hand feature there. If you're using handheld devices, you can see the three dots on the right, below which is written More, and if you click on that, you will see the raise hand feature. In case you have any problems, you can send a text and I will include you in the queue for questions. If your name is announced, please unmute your device and state your name and organization, and then ask your question. Once your question is answered, please mute yourself to allow others to ask their question. I will now pause for a moment to enable you to raise hands or send me a text. We now have our first question, from Aybek Islamov. Ibek, please unmute. Go ahead and ask your question. Yes. Well, thank you for a detailed presentation. It's been very useful. I have a couple questions, on your guidance points that you raised there. Well, firstly, I believe you're more focusing on the government model, government lending model. Will that assume a change or certain adjustments in your funding portfolio? How are you thinking about your funding mix with the demand and lower funding costs going forward? What are your thoughts here? I think secondly, on cost of risk, you've shown the information about the sustainable cost of risk and round about the 40 basis points. To what extent do you government sector participation in your asset book will drive the cost of risk to such a level? That would be my two questions. Thank you for your question. With regards to the government, what has happened is that the government, yes, they do get competitive rates. I think, they have also been asked to raise their funding independently. I would say there's a balance in that. For us, the cost of funding and the sources of funding is something that we've been working on independently of, say, a pure focus on the government. Our whole objective has been to lower our cost of funding. We've done that consistently over the last three or four years by, I would say One is looking at diversifying our investors, and two is also being present and building our credibility. As an example, in the Swiss bond market, we are one of the largest issuers from the Middle East. This has been done over the last four years. We've been consistently there in the market, whether we are raising funds or not. This has enabled us to build credibility and therefore confidence in The Commercial Bank. As we said, we've looked at the timing of some of our EMTNs. We actually allowed some of our EMTNs to mature in the last 2 years because we felt that the timing was not correct, and this is why we're going now. We're looking at alternate funding sources, which will drive down the cost of funding. Of course, low-cost deposits. As you've seen, our strategy has been to dominate transaction banking and the prime benefit of this is the development of low-cost deposits, which have now grown just in the last year itself by 25%. We see that, and we have targets for what this should be as a portion of our funding base. This is the sort of holistic approach to lowering the cost of our funding. That's not driven purely by a focus on the government, but definitely it's about benefiting and improving our net interest margin. You've seen, despite the increasing proportion of government and public sector, our net interest margin has actually increased. It was about 2.1% 2 years ago, and now it's 2.4% and heading towards 2.5% for this year. That's the key as regards the approach. In terms of the cost of risk of government, I would say, yes, definitely the government as a proportion of our portfolio improving will benefit in terms of new migrations as we see that as being low or relatively low or non-existent. It's also about the whole quality of our origination, which has happened since 2016, where we see very limited migration. Even the 5% migration to stage 3, which we showed from 2016 origin, was actually some of the, I'd say, some of the enterprise SME accounts where we had a sort of clean facility, and that has been stopped because, as we said, we tested and learned. We actually see that also contributing to our cost of risk. It's really the quality of our origination and the ongoing very strong monitoring that we put in place, which will make the cost of risk low. Thank you. Just two follow-up questions, if I may. Do you think the merger of Mashreq and Al Khalij Commercial Bank changed the competitive landscape dramatically? What are your thoughts about with the banking sector, the banking market after that merger? Secondly, obviously the GCC blockade was lifted recently. Does it lead you to reconsider your strategy in your GCC market, in particular in the UAE? For example, we know that previously your investments in the UAE were up for sale. Is the change in the sort of GCC political landscape, will lead you to sort of think about the potential sale again in the UAE? Okay, let me take the first question. It's regarding the merger between Mashreq and Al Khaliji. I would say, as I said, at the macro level, I do believe consolidation is good for the economy and good for the banking sector as a whole. Having a few larger, bigger banks, well capitalized, brings more stability. As I said, lots of smaller players tend to push out the risk envelope or the pricing envelope. Having this consolidation is good for the Qatar banking sector in the long term, for the sustainability of its returns. With regard to Mashreq and Al Khaliji, Al Khaliji was a smaller player in the conventional market, and you've now created a bigger player in the Islamic banking market. I would say Mashreq was always strong in the government and public sector, the addition of Al Khaliji will probably not add materially to that, but I think it will give them some private sector exposure. As regards the competitive position, I don't think it'll make a big change to us competitively Mashreq remains the dominant player in their segment. We have been making market share gains in that segment anyway. Al Khaliji being added to that doesn't change that materially. I actually think it's good for us as a conventional bank now there are two fewer conventional, two banks less in this market, in the conventional market. We and QNB are the undoubted leaders in the conventional market and therefore our position has become stronger, if anything. With regards to the UAE and the lifting of the blockade, as I said, the lifting of the blockade is positive for Qatar but it's frankly positive for the whole GCC. With regards to UAE, our focus is primarily on turning around UAE and releasing the value that we do think is there, and it's not fully reflected in the market price. That is our focus. As I said, the new CEO and the new management team have done a good job on the costs. Now it's about we've cleaned up the legacy portfolio, we see an upward trajectory there. That is and remains our primary focus. By writing down the value of our holding and to a much closer fair value, if- Anything, it gives us a little more flexibility. If anyone was to discuss with us, it gives us a little more flexibility to have a real estate discussion. That is not our prime focus. We're not looking for a sale, we're not looking for buyers. Our focus remains on an organic strategy of turning around the business and releasing the value that is there and seeing positive contributions coming from UAE. We've had the hard grind, I think we'll see the positive returns coming through. Very helpful. Thank you very much. Thank you, Aybek. Our next question is from Vikram Viswanathan. Vikram, please go ahead and ask your question. Hello. Can you hear me? Yes, Vikram, go ahead. All right. Thank you as always for a very detailed presentation. Very impressive, I must say. My questions are mostly around the associates, which have been the major overhang for the stock price. Can you give us some visibility on the profitability from these associates going into 2021? It's quite obvious that you have done lots of cleanup in the bank in U.A.E. Is most of the cleanup behind us? Should we expect another year of losses in United Arab Bank for 2021? You put a number of QAR 300 million-QAR 350 million, which is the worst-case scenario for additional impairment. Is it including losses from UAB or excluding losses? My last question is on NBO. Should we expect profits to come back to 2019 levels in 2021? Thank you. Morning, Vikram. Let me take that. I think, as you quite rightly say, we've taken substantial action in The Commercial Bank in terms of impairment. Obviously, we've recognized our losses. As you know, both UAB and NBO are listed entities. What I can say is that both have taken additional provisioning in 2020, in light of COVID-19 and in light of the specific circumstances. We are working with both of them very closely. In both of them, we are the single largest shareholder. We are confident that turnaround will happen in UAB in 2021. In 2020, NBO had a new CEO join in the second half of the year. Just now, a new CFO has just joined NBO also. We're very confident in their abilities and the rest of the management team in improving the performance of NBO for 2021 as well, given that there were additional provisions taken in 2020 versus previous years. Okay. Just in terms of, I think you just asked about impairment as well, I did give in the guidance that we have, in our numbers, between QAR 300 million and QAR 400 million for impairment in 2021. This is really a conservative estimate given the actions that we've taken in 2020. There is an annual exercise which will be done again in the second half of this year. It would be wrong for me to say that no further impairment will ever be required on those two entities, and therefore, it is prudent to have something in our forecast for those impairments. That is included in our overall guidance that we gave you just now. Okay. I have two follow-up questions. Do you see any chance of an impairment at NBO? As I said, look, we will assess again this year. We did the assessment in 2020. No impairment was required. I'd just add that in our guidance, we also showed that there's no losses expected in either of those two associates in 2021. Okay. The number that you provided, which is QAR 300 million to, I think, QAR 350 million-QAR 400 million, that is the impairment which is expected for United Arab Bank, right? It's not expected. The worst case scenario we are prudent. Yeah. Yeah, exactly. Overall. Okay. Overall. Thank you. The three associates overall, that's the number. Overall. Okay. For all the associates put together. All right. Thank you. Thank you. Thanks, Vikram. Our next question is from Rahul Bajaj. Rahul, please go ahead and ask your question. Hi. Thanks, gentlemen, for this call. Very useful indeed. I have two quick ones, actually. Some of my questions have already been answered. Two quick ones. One on growth. When I think about growth, what would drive volume growth in Qatar going forward? I see your guidance for 2021, but if I look ahead, 2022 and ahead, the FIFA World Cup was a main driver in the last 3-4 years, I would guess, in terms of business volume growth. Once the World Cup is done, what would be the next ticker for growth over the next five, six, seven years, if you could please help us understand that would be very useful. My second question, partly linked to the previous question on one or two less conventional banks and the mergers that are happening. If I have to think about the Islamic versus conventional banking landscape within Qatar, is one at an advantage to the other? Do you see market trend or market share changes happening, or maybe Islamic banks taking bigger market share versus conventional bank or vice versa? How should I think about the dynamics between the two? That's my question. Thank you. Okay. I'd like to answer the first question regarding what happens after 2022. There are several initiatives that are being planned in Qatar, and 2022 is just one event out of it. I'd like to quickly take you through some of the growth initiatives that the country is planning. The very first initiative is the expansion of the gas production, which is NFE, North Field Expansion, where the production of gas is going to increase by 65% over the next five years. This whole project is expected to be in the range of QAR 40 billion, which are stated projects both upstream and downstream. If you add the ancillary and the indirect business, it comes to almost QAR 60 billion. A lot of that business going to local companies and, of course, to some specialized joint partners. Qatar is already working on another large initiative, which is opening two free zones, one near the airport and one near Hamad Port. This is expected to generate huge amount of economic activity. The third one is that we also have free zones where several benefits have been offered to the companies who come to the free zones. It offers 100% ownership, repatriation of profits, and leased land for 25 years, and so on and so forth. That puts it at best of all features in various free zones. On top of that, infrastructure development is constantly going on. In addition to that, for handling the larger gas production, the shipping companies are ordering more ships, and so on and so forth. If you look at the overall activity and the investment calendar of government and public sector, you'll notice that there's a huge amount of activity planned. Because the infrastructure and the sports facilities have already been created in the country, therefore, Qatar is increasingly bidding for several world events. You must have noticed that we have already won an event in 2030. We hope that we will actually win several other events which will keep the sports calendar going, and we want to be the sports capital in GCC. If you add up all this, it'll come to around QAR 300 billion-QAR 350 billion worth of known and declared projects investments in the country. We do not expect any shrinkage of economic activity. In fact, it's the other way around. The country has a full-scale plan of how to keep the economic activity going. We are increasing. We are expecting an increase in population that also leads to the entire retail as well as wholesale banking space. Sorry, just to clarify, the 300 to 350 was U.S. dollar or Qatari riyal? No, QAR 350 billion. Okay. Thank you. Regarding the question about Islamic versus conventional, I would say that what you're seeing is you're seeing a few bigger Islamic banks. That will obviously increase the competition between the Islamic banks. The overlap between the Islamic and the conventional banks is already happening in the competitive space. We compete for clients, et cetera. It's just the structure of the offerings that is slightly different. Again, we have the capability to also be attractive to Islamic clients by some of our offerings. Therefore, I see this as not really. The consolidation per se is not going to change the dynamics. I think it's the banks which are able to deliver customized products and solutions in the retail space and even in the corporate space, the agility around developing alternate solutions. Of course, there'll be an element of price competition. I'm not saying no to that, I think that is there anyway, in the market between Islamic and conventional. There's no differentiation between banks. I think it's really the banks which are able to harness digital transformation and new product streams which will be the winners in this. I would say per se, it's not going to change the dynamics. No. Sorry, I have one contribution from Amit, Head of Retail. I just want to add, on the retail bank side, I think there are going to be two drivers for the growth. One is, I think Raju and Joseph spoke about the overall market growing even after the World Cup, that obviously increases the size of the market. We do believe that our position in the expat segment with the products I spoke about is very strong and we will gain market share, but more importantly, while we have a good position in the Qatari market, it is not as strong as we are in the expat market. This is where QNB and some of the Islamic banks have a better hold. We do believe that with our new wealth management offering, the new lounges we are talking about, the relationship management upgrading, this is one huge opportunity. This will be the second driver of growth, which is getting more of the Qatari market, and that's a huge market. I think there is enough runway in the next few years for growth for the franchise. Thank you. I had one more question, actually. A quick one on the real estate sector, because I know CBQ has been reducing the kind of share of their loan book in the real estate space, but it still is quite a sizable share of the whole business. We've heard about stress in the sector in the last few years, partly, maybe after the lockdowns or after the embargo, et cetera. How is the sector faring now? Do you think the lifting of the embargo would be a positive sort of kickoff for the real estate sector going forward? Yeah. I think with regard to the real estate sector, I would say that's like a case of severe indigestion. There was overcapacity, et cetera, and this is not unique to Qatar. I believe we've seen it with commercial real estate across the world. It goes in cycles. The good thing is that fresh financing for lots of commercial real estate declined, the quantum in the last few years, I'd say since 2017, 2018. New incremental supply is limited. What we had was projects which were under construction and under process will continue, and they came on stream. Obviously that oversupply led to a drop in rentals, et cetera. I would say that indigestion is being absorbed through the system. It will find its peak. I think the downturn in prices and supply, rentals has also sort of stabilized at this level. Because we went through some pretty challenging times, the blockade, the pandemic, et cetera. With the lifting of the blockade, I think that's a strong positive for commercial real estate and hospitality and other related areas, and even residential, because all the infrastructure that is built needs people to man it. It's a different category of, let's say, a workforce which will be using some of the residential which has been built. I actually see residential being a bit stronger in that turn. Commercial real estate will, I think with the lifting of the blockade, with the positive sentiment and with all the measures that Raju talked about to diversify the economy will also, I think, slowly improve. I think that capacity, that oversupply is being absorbed and I think that will happen in the next few years. We've reached the bottom in terms of further downturn. We have been very careful in our origination since we started on this journey, therefore, we'll continue to manage this carefully. I would say that we're at the bottom of that and there's more upside than downside at this stage. Thank you. Very useful. That's all from my side. Thank you, Rahul. Our next question is from Edmund Crystal. Please go ahead and ask your question. Hi, can you hear me? Yeah, thanks for the call today. Yes, we can. Yeah, I just want to follow up on the asset yield. You said you expect asset yield to be flat. Also you are targeting over the next five year more government exposure. I believe you will support your asset yield either by more investment deployment of liquidity into investment portfolio or by growing your retail books. If that is true, what the percentage of the retail book you are targeting over the next five years, let's say? What about SMEs proposal? Where do you see this is going as a percentage of the total book on the retail side? The second one is on the digital life cycle. Where do you see that are now in the life cycle? Has the pandemic changed the whole strategy you had in place and now you are thinking about a totally different proposition to retail customers? You talk about expat on the retail banking. I think they are more demanding in terms of the digitalization and services to be done quick and agile. How do you see the full digitalization or fully digital bank in Qatar? I have very limited knowledge about Qatar and digitalization, so if you can enlighten me here. The last question is, you look optimistic about the U.A.E. but the U.A.E. is very competitive in market and consolidation is going on. I will be surprised if you increasing your share in the U.A.E. more, and most likely exiting the U.A.E. If you do want to build the capital over five years, which market you think there is diversification, synergies, it makes sense in terms of the trade flow? Thank you. Anil. Amit will answer the first part about the retail side and the asset yield. I would just say that in terms of the asset yield, we are definitely not going to just grow the retail side as Amit said on the asset side. I think our asset yield improvement will also come from the non-lending related revenues and which It will ultimately add up to our overall yields. If I lend someone and he has some fees and other ancillary business, that's where we see the benefit. Similarly, the low-cost deposits, which lower our cost of funding and maintain our net interest margin. On retail, I think there was a thing about whether we're going to grow our retail or not. I'll let Amit handle that. In terms of the investment book, yes, we will grow our investment book as part of our normal business, and that, I think, will be an ongoing part of our strategy. I'll just hand over to Amit, so he can discuss about the retail book. On our retail book, as I said, our portfolio is either secured by tangible collateral, mortgages, cash, or shares, or sort of secured by cash flows of salary. Retail is roughly about 15% of the book today. I would think it will stay in that same range. Again, looking at very selectively the customers we go after. The SME book is less than 2% of the book. Again, I would expect it to stay there. I think the growth in SME can come from transaction banking. Selectively where needed, we will support it with loans, but loans to SMEs as a separate initiative is not one of our priorities. This is broadly where I think the current mix is, where it will stay going into the future. On this question of digitization, I think one of the questions you asked, if I understood correctly, was that COVID gave a temporary boost to this digitization. Will that stay? I have no doubt it's a permanent shift in customer behavior, whether it's in banking or in any other field. This is a permanent, irreversible shift. Having said that, our strategy is to give customers the choice of where they would and how they would like to bank with us. Like I showed, customers now, 98% prefer to bank in digital channels, and we'll continue to grow them. Where they want to come to our branches, whether it's for wealth management sessions or whether it's for digitized processes, we will give them that opportunity. I see that the trend not only in Qatar but globally over the next three to five years, branches will remain an important part of the whole strategy. Digitization is irreversible, and the good news is, whether it's expats or the Qatari nationals, we see almost an equal adoption on both sides. I think Leonie, our Chief Operating Officer, will also say something about the digital transformation happening. Yes. There was certainly an uptick in digitization globally as a result of COVID. One of the bigger questions that many people are asking around the planet is this permanent or is it not? When we talk to our clients, five out of every six of them say that they became more digital last year, but seven out of every 10 say that they will stay more digital. We are very confident that this is banking on the convenience, the security, and the accessibility of digital. I think you asked a question about whether there is a proposition for a digital-only bank in Qatar. Digital-only banks typically compete on price. When you look at the cost-to-income ratio in this market, I think it's hard to see that as a proposition. The franchise value, the brand value of the service that we offer, I think, also means that there is actually not too much need for that or not too much opportunity for it. I think that we are very confident on the future digitization strategy, the demand, and more than that, our ability to take economic value out of it, whether it's non-funded income, low-cost funds, or just driving down this cost-to-income ratio, positive jaws, more to the bottom line. I would add also that- Just to follow up- Sorry. Just to follow up on digitalization. In terms of the digital to manual ratios for a loan transaction, are you able to issue a loan digitally or it has to go to the back end and done manually? I just want to see where we are onto the digital, I call it cycle or the framework. I mean, how much investment we need in order to become more efficient on transaction on the retail side. You ask a very good question because as we speak, this week, we have launched our digital loan and digital card product, which means the customer, an existing customer of ours, can go to our website, and if the loan is pre-approved, because we have all the credit parameters, the transaction will go through fully digitally. Similarly, customers can now open accounts digitally. They can do all kinds of profile updates, PIN change. There is a lot of functionality which is there. Honestly, customers don't need to come to branches today. However, as I said, if they do choose to and they feel more comfortable, we are going to make that available. As I said, more than 98%-99% of transactions are now happening. To answer your specific question, yes. Starting this week, we have launched the loan on mobile product and the card on mobile product. Yes, just to emphasize that point, Amit, I think loans as a form of testing the maturity of digitization is a question which has just been responded to. Really the scalability question comes to very, very frequent transactions where, and you've seen the statistics, where more than 98% of all transactions across the bank are delivered digitally. In terms of does stuff fall to the floor, straight to paper, all of that kind of stuff, it's largely very significantly being dealt with. We see more revenue streams coming through on the digital space, the creation of new streams, as opposed to substantially only operational expense reduction. I believe the last part of your question was about U.A.E. Yes You're absolutely right. I think U.A.E. is a competitive market and UAB is a small player. Where we see it is that basically it's had significant credit losses in the last few years. Just by cleaning up the portfolio, getting proper underwriting standards in and making sure that we're not bleeding, that itself is a major contribution. I think that you'll see that slow return to profit and contribution to ultimately our bottom line coming through in the next few years. I don't think they're going to go gangbusters and try and increase market share hugely. I think it's very measured and prudent growth is what is being posted out there. Thank you. Our next question is from Screen Name Vanessa. Can you please unmute, introduce your name and organization, and ask your question? We can hear you. Our next question is from Deniz Gazimli. Please go ahead and ask your question. Hello. Hi, thank you for the presentation. This is Deniz Gazimli from Goldman Sachs. I have one question on Alternatif Bank, please, on page 48, where you show ABank trends versus the sector. I can see that cost of risk is, from what I understand, is meaningfully lower than the private sector average, at around 130 basis points. Just want to understand, what drives ABank's meaningfully lower cost of risk compared to the sector and where do you see normal level for cost of risk for ABank, as I think this year there's expectation that the banking sector will see even further cost of risk improvement. How do you see that trend for ABank? Thank you very much. Thank you very much for the question. First of all, I would like to emphasize that managing the existing cost of risk with a very volatile return. We were very focused on especially the collection side and our existing collection performance is very much higher than the market. The second thing is, of course, the FX volatility starting from the first half and through November. Our NPL formation is much lower than the sector within last three years. That's why it is a long-term strategic initiative of Alternatif Bank in order to decrease the NPL ratio lower than the private sector and in the same time having lower cost of risk, again, lower than the sector practices. In the same time, our main focus was in three years in order to build up new solid loan portfolio, mostly focusing on the large commercial and the corporates. When you look into our total loan book, 98% of the total loan book is coming from corporate and large commercials. We are much more immune rather than the sector within that aspect. I think lower NPL formation, better performance collection, those are the main reasons that Alternatif Bank succeeding lower ratio in terms of cost of risk and same time NPL ratio. That's good. Thank you. For normalized cost of risk, you have 20 basis points for next year. Is this where you see normalized cost of risk as well going forward or even lower? 100 basis points is going to be lower for 2021. Okay. Thank you. Thank you. Our next question is from Ahmed Abdulrahman. Please go ahead and ask your question. Yes. Hi. Can you talk more about your repossessed collateral in terms of real estate? I've seen that the balance has declined year-on-year. Did you sell these assets or were they revalued downwards and what do you plan to do with the remaining going forward? Yeah. Ahmed, yes, that's quite correct. We did dispose of some of the repossessed assets during 2020, we do have an aim to dispose of some more during 2021. That will be normal course of action. As we do settlements where we have collateral, we initially take them onto our books and then exit as soon as we can in an orderly fashion. Are you selling these at the book value or are you getting more or less than what's on the financials? Normally very close to book value. That's always the intention. All right. Thank you. We do not have any more questions at this stage. I'll hand you back to Joseph for closing remarks. Thank you. Well, thank you everyone. That's been a very useful session for us to also understand your questions and thank you for the insightful questions, I would say. We remain open to any queries which may come up later. Rehan and his team are always available. The objective really of today is to give you an idea of how the bank is performing and what our plans and thoughts are, and that you should come away with a better understanding of the bank strategy and the levers on how we're going to deliver on it. As there are no further questions, and I'm sure you have busy days ahead of you, we'll close this session today. Once again, really appreciate your presence and your being part of this journey with us. Thank you very much.