Good afternoon, and welcome to The Commercial Bank's Q3 investor presentation. This is Zubair Chaiwalla. I am the Head of Investor Relations. And with me, we have Joseph Abraham, Group Chief Executive Officer, The Commercial Bank; Rehan Khan, Chief Financial Officer; as well as Kaan Gur, CEO, Alternatif Bank, our subsidiary in Turkey. During the duration of the speakers talking, we will keep you on mute, and I will get back to you at the time just before the Q&A. I now hand over to Joseph Abraham, the Group Chief Executive. Joseph, over to you. Thank you, Zubair. Welcome to everyone who are joining us today. I would like to update you first on the outlook for Qatar. At the last update, which we did after our half-yearly results, I had mentioned that I had been here five years, and this was the most positive time that I have seen for Qatar and the economy, and I would say that I would reiterate that position. If anything, the outlook has improved. A number of factors. One is oil and gas prices are even higher than what they were in July, when we had this last conversation. Secondly, the opening up of the economy from a post-COVID basis is happening. As an example, 80% of Qatari residents are now double vaccinated. In fact, now we are expanding to everyone over 50 will be offered a booster shot, and that will be. Secondly, the opening up of Qatar for visitors has now also been extensively opened up. I think there is a limited list of red countries who, if you are vaccinated, you need a two-day quarantine, which is not too long. We see that also picking up. Thirdly, you are also seeing momentum around the sports activities, which will. You got the FIFA Arab Cup going on. You also have the announcement about the Formula 1 happening in November. This is creating benefits in terms of tourism, hospitality. Many exhibitions are already happening. We had the Cityscape Qatar recently and a few others. You are seeing that return to normalcy happening, and these are good, let's say, testing grounds for next year's FIFA World Cup and Formula 1, et cetera. I think that shows that the outlook for the economy is good. The IMF shows growth for this year at 2.4% and next year at 3.6%. I think, if anything, there is upside risk in that. The fiscal situation is likely to continue to improve in terms of, I think, there was likely to be a fiscal surplus this year. Now, in terms of the bank's performance, I would say, as you can see at a headline, we have grown by approximately 85% year-on-year. Of course, that is flattered by the fact that we are taking impairments this year in Q4, whereas we took them every quarter last year. Even if you strip out the effect of that, year-on-year, we are still up at domestic by about 23% and at a consolidated level by 32%. I would say it is a positive performance. In terms of our loan growth, one of the factors is that the government has some surpluses available, I think, as a result of the oil and gas prices. Some of the government funding that was being taken from the banks is being paid down. If we net off that effect for this quarter, our sequential, which is quarter-on-quarter growth, would be about 2.3%. That's still going on. I think that is a factor which will impact the entire banking system in the sense that you could see a paydown of government borrowings in the fourth quarter, too. The loan growth in the underlying business still remains, and we have a good pipeline, but the overall could get affected by further paydown of government borrowings in Q4. This is not restricted to us. It's across the entire banking system. To my mind, that's fine because that shows the healthy position of the government too, and it's a positive indicator for the overall economy as government spending continues on various infrastructure and other pro-related projects. I would say in terms of our international associates and subsidiaries, first of all, both NBO and UAB, National Bank of Oman and United Arab Bank, both in the U.A.E., both are performing and are showing positive trends in terms of their profit generation. Even our subsidiary in Turkey, Alternatif Bank, is showing a positive trend in terms of its profit as compared to the earlier part of the year, and it's returned to an overall profit. Of course, there is some volatility in terms of the currency, which will flow through to our CET1, and Rehan will talk through that in greater detail. It'll be a few basis points impact. I would say that, as we said for a long time, we are managing our Turkish operation for risk and reducing our foreign currency loan exposure. That is an ongoing approach, which we've been following for the last few years, and that's how it'll be. Over the long term, the Turkish operation will continue to be a smaller and smaller part of our balance sheet and our profits. The volatility emanating out of that will be reduced and further reduced over time. I'll hand you over to Rehan now, who will speak in more detail about the financial and the figures. Then, of course, after that, Kaan Gur will speak for a short while, and then we will be open to any questions. Rehan? Thank you, Joseph, and good afternoon, everyone. I'm going to focus mainly on slide seven. Just to recap, on the left-hand side, we've got the normalized columns, and on the right-hand side, we've got the reported. This is really to strip out the impact of IFRS 2 on both operating income and costs as a result of the staff performance scheme that we have in place, and whereby the reported numbers do change as a result of share price movements. I've taken those out in the normalized columns, and that then gives you the underlying trend. As we've seen, the overall profit is QAR 2.132 billion for the nine months year-to-date, with a quarter profit of QAR 805 million. As we look at, firstly, operating profit and what is generating that, on the balance sheet side, whereas loans are up approximately 12% year-on-year, there is a bit of softness in the lending and similarly, in the deposits in the quarter. Joseph highlighted the main aspects of that. Clearly, we have a very liquid market at the moment, and we are seeing some of the temporary overdraft from the government being repaid. Having said that, the underlying loan growth was still around 2.3% for the quarter, if that is taken out. On the deposit side, there is a 2% fall in deposits. Again, average balance sheet was a very different story to what the quarter and spot amount is. In fact, in the first three weeks of October, we've already seen very strong deposit growth again. I'm not really concerned about the deposit levels. I think the market is liquid, and we'll see deposits grow in the fourth quarter. In terms of income, at QAR 3,490 for year-to-date and QAR 1,206 for the quarter, you can see that the Net Interest Margins are 2.7% for the quarter, 2.6% for year-to-date versus 2.4% a year ago. In fact, within domestic, the Net Interest Margin is now at 2.8%. I think the Net Interest Margin will continue to improve, as we've seen throughout these last few quarters. We have good momentum in the business, and we expect that to generate a higher Net Interest Margin going forward. On the non-interest income, we did see a little bit of decrease quarter-on-quarter, about 7%, mainly on fees and FX. Having said that, the retail business is beginning to see volumes returning to pre-COVID levels. These include new account acquisitions, cross-sell activities for products such as personal loans and credit cards. Volumes in our brokerage has also been significantly higher, and domestic spending on cards now exceeds pre-COVID levels. Only on international we see that the levels have not been reached to pre-COVID levels yet, which is understandable, but it is ticking up quarter-on-quarter and month-on-month. When we look at costs, we can see the costs are pretty stable quarter-on-quarter. They are up year-on-year, and I wanted to explain that a little bit. We have been managing our balance sheet, and we have been looking at the collateralized collateral that we have realized over the last few years. We've entered some sale and leaseback contracts, which is obviously making our balance sheet more efficient. It does mean that we have leasing costs under depreciation, and that is the main driver for the cost increase. If you strip that out, underlying costs are still decreasing year-on-year. Operating profit for the quarter at QAR 919 million was a record. If we then look at provisions, slightly lower than the previous couple of quarters. That's mainly because specific provisioning was lower. We didn't see an increase in specific provisions. We've kept our ECL provisioning at similar levels. We're now at 8.4% coverage on Stage 2 loans, which is one of the highest in the banking system here in Qatar. We're quite well provided there. Even on non-performing loans Stage 3, our coverage continues to go up. We're just under 75% covered now on Stage 3. As you know, that doesn't include the collateral that we hold against Stage 3. Our recovery process is still going on, and we expect to realize more recoveries in the fourth quarter. In terms of cost of risk, that is now at 74 basis points for the nine months and within the guidance that we gave of 70 to 80 basis points for the year. NPL ratio continues to track down. It was 4.8% a year ago, 4% now. Our coverage ratio also, including ECL, is 115.9% versus 94.5% a year ago. Again, as Joseph Abraham mentioned, there is an impact on the Turkish lira depreciation on our CET1. It went down from 12% to 11.9%. I can see that ending up around 11.7%, 11.6% for the year and given the further depreciation that we have seen in the Turkish lira. Overall, our capital is at very strong levels. I am satisfied with the levels at 16.2% and 18.3% respectively on total CAR. That is well within the other banks in Qatar. Just going back to associates. Again, I just wanted to highlight that both UAB and NBO are turning in stronger performances than last year. We have updated our valuation models on the basis of the first nine months results. We have now shared that with the auditors, and as I highlighted, we have now reverted back to that impairment exercise on a yearly basis in the fourth quarter, whereas in 2020, we had done that quarterly. We expect to conclude that within the next few weeks. I had given a guidance of QAR 400 million, and I expect that to be very much at the higher end of where we finally end up overall. I will now hand you over to Kaan Gür to give an update on Alternatif Bank. Over to you, Kaan Bey. Thank you. Good afternoon to you all. I would like to say that the first thing actually in our agenda is, although we are operating in a very volatile and to some extent, uncertain environment, actually, Alternatif Bank continued its cautious and selective lending approach. I would like to especially emphasize that we have been optimizing our loan book through increasing share of Turkish lira and floating-rate loans. We are focusing on continuing effective risk management mentality within the last three years, actually. As a result of our actions, I can say that we have now much more improved balance sheet structure against depreciation of Turkish lira. We are focusing on, at the same time, diversifying our deposit base in order to benefit from the lower cost deposits. Small ticket deposits, it is a key factor to optimize our funding cost. We recorded 44% year-to-date increase in our small ticket deposits and doubling the number of the digital customer acquisition. As I said, despite the challenging operational environment, I can say that our asset quality improved through decreasing NPL volume and excellent collections performance, finishing the quarter at 2.9% with higher NPL coverage. On the profitability side, as I mentioned earlier, we have seen the improvement there also. We see 8% quarter-on-quarter increase in our operating income. We continue tight management at the same time of our expense base and successfully maintain OpEx below budgets. Of course, the inflation, again, below yearly inflation levels. Our high asset quality, in fact, allowed us a sustained downward trend in our provision expenses. We have successfully maintained our existing cost of risk, which is around 0.4%, well below sector average, which is 3.2%. I can say that following a challenging Net Interest Margin environment, especially in quarter 1, our performance shows us that there is a successfully return to operating profitability. We see the trends. This is very important for us, and we expect an increasing Net Interest Margin trend on quarterly basis. In the end, we closed QAR 38 million net profits in third quarter. We expect to see the increasing trend on our Loan-to-Deposit spread, as well as in overall profitability continuing into last quarter. As I always mentioning that, the risk management in all factors, in all aspects is the hot issue in our agenda. Thanks a lot. I am looking forward to answering your question, if any. Thank you. I am handing over to Joseph Abraham. Thank you very much, Kaan Gür. We now come to the Q&A session. If you want to ask a question, please use the raise hand feature on Zoom. You could also send us a text through CBQ Host, and I will pick it up from there. If your name is announced, please go ahead, mute yourself and ask your question after stating your name and entity name. I will just pause, although we have the first questioner, but I will pause for others to join in. The first question is now from Rahul Bajaj. Rahul, please unmute. Go ahead and ask your question. Hi. Thanks, gentlemen, for the call. Very useful. This is Rahul Bajaj from Citi. I have two quick questions, actually. First one is on the non-interest income line, and I will split it into two bits. First, on the fee income. I understand there is this element of IFRS 2 adjustment in the fee income line. If I strip out the approximately QAR 87 million, QAR 88 million fee income one-off from the fee income in third quarter, the run rate is more like QAR 100 million for the quarter, if I am not mistaken. But if I do the same process for the previous few quarters, the run rate is much higher. It is more like QAR 150 million-QAR 200 million on an underlying basis. So what is happening there? Maybe I am missing something, but why are we seeing a decline in a sequential fee income trajectory over the quarters? Second part of the question is around the FX income line, where we have seen nice gains coming through in the third quarter. Just wanted to understand, is there an element of one-off there, and how realistic is this kind of gain to sustain in the future? That is my first question. The second question is on 2022. I know it is early, and you will probably come with kind of formal guidance after the fourth quarter call, but any early thoughts on how you think 2022 will shape up in terms of loan growth margins and cost of risk would be very useful. Thank you. Hi, Rahul. Let me take those in turn. In terms of fees and FX, as you rightly said, there is the impact of the share price movement in there. When you strip that out, underlying fees is lower. As I mentioned, there was a bit of softness in loan fees this quarter. That's the main driver for that, for the fees being lower quarter-on-quarter. On the FX side, no, there's no one-off elements within that at all. We do expect FX to be a bit lower, though, going forward in terms of what we saw in Q3. On the guidance for 2022, we are very positive about all the things that are expected to happen in 2022. The government is still expected to play a very strong part in the economy for 2022. We're giving a guidance of around 6% in terms of loan growth. It's at 2.6% now. We're expecting 2.7%-2.8% for the full year of 2022. We're expecting the cost of risk to be around the 60-80. We're giving a more broader range, 60-80 basis points, as the cost of risk guidance for the year. Very useful, Rehan. Thank you. I hope that answers your question. Sure, Rahul? Yes, it does. Our next question is from Aybek Islamov. Aybek, please unmute and go ahead and ask your question. Yes, thank you. I think I wanted to basically, if you can elaborate more on this government debt repayments, the comment you made earlier during the conference call. You also mentioned that you do actually see a good loan growth pipeline. If you sort of put it with the repayments ahead of you, what does it mean in terms of the loan growth outlook? That will be my first question. Secondly, I believe you probably saw this Fitch report on the Qatari banks where they raised concerns about a strong increase in non-resident funding across the sector. Well, I guess Commercial Bank of Qatar will also be involved, right? That the net foreign asset position is increasingly kind of big now, relatively. What are your thoughts on this? Yeah, it will be helpful to know that. I think on your NIM, I just wanted to understand the drivers of margins better, to what extent it's interest suspense reversals that are helping your NIM in the third quarter in particular. Sure. Thanks, Aibek. In terms of, firstly, the loans. The repayment is of temporary overdrafts, so they were very much temporary in nature. You may recall that at the end of last year, we also highlighted that the number had gone up and had boosted the end of 2020 number, and we expected that to come back. We have seen once or twice a bit of volatility in temporary overdrafts, and that may continue in the fourth quarter. What's important for us is whether underlying business is improving and underlying, even including the government and public sector, is improving. We have seen that, as I highlighted, that loan growth was about 2.3% even in the third quarter without the temporary overdraft volatility. I expect some more of that in Q4. I'll answer NIMs as well before going on to the Fitch report. Net interest margins, there's no suspended interest impact on the NIMs for the third quarter. The NIMs are really going up and being robust as a result of lower cost of funding. This is driven by the work that we've done on low-cost deposits primarily, and very strong focus on bringing down the cost of funding. The kind of products that we're focusing on does help bring in low-cost deposits like payments and cash management remittances. These are two of the products that we've really worked hard on, and we're seeing the impact of that. I think low-cost deposits are up around 12% year-on-year. Managing the loan yield at the same time. We have also increased our investments in government securities in Q3. You'll see that in the results as well. Thirdly, turning to Fitch report. Yes, they've highlighted non-resident deposits. Our own makeup is 21% versus a market of 29%. To be honest, for us, the concerns, if any, have decreased. The blockade is no more. Energy prices are up, so the government is obviously seeing more revenue come through. I think the economy is in a very strong position, and we feel that that is going to continue into 2022 and beyond. We weren't particularly concerned by what we saw in the Fitch report. Yeah, we've been quite careful on non-resident deposits. We've not been growing that as a percentage of the overall deposit book. Hope that answers your questions, Aibek. Yes. Thank you, Rehan. I may come back with a few more later, but I'll get back with you. Thank you. Sure. Thank you. Our next question is from Hamad Al Ibrahim. Can you please unmute and ask your question? Hello, gentlemen. Hi, this is Hamad Al Ibrahim from NBK Capital. Just one question on, what do you think would be the quantum of impairments that are to be booked on associates in Q4? Thank you. Hamad, I think your question was around impairments. Your voice was slightly breaking. Oh, sorry. Can you hear me now? Yes, go ahead. Yes. You can repeat, but I think what you said. Specifically, impairments to be booked on associates. Yes. just kind of Yeah, sorry. Go ahead. Yeah. As I mentioned, we've updated all our models based on the first nine months results. That has now been shared with the auditors. They are going through, and we will have these final discussions over the next few weeks. It will be booked in Q4, if any is required. As I've said through the year, that QAR 400 million is our guidance. We feel that's at the upper end of guidance. It's still to be determined and still to be finalized. Once we have that, obviously you will see that reflected in the Q4 results. I think one factor you should take into account is the improved performance- That's right as you've seen this year from our associates, both NBO and UAB. I think that's also a factor in the overall final figure which comes up, as that's used as the basis for forward projections. We anticipate that improving trend to continue over the next few years, based on the work we've done to clean up. These are all factors which will help, as Rehan said, to keep the impairment to, as you said, this guidance of QAR 400 million is probably very much at the upper end of where we might actually end. Great. Thank you. Sure. Our next question is from Edmund Christou. Edmund, please go ahead, unmute yourself and ask your question. Hello. Hi. Thanks for taking my question. Just follow up on the margin. I struggle a bit to understand why the asset yield is improving. I know you are taking action, but it's not very obvious for me what type of lending or products you are getting the higher margin spread on. It will be interesting to see how this is evolving into next year, because the comments we hear from other banks is public sector lending will slow down as prepayment kicks in. Can you give some light on what business mix you will expect CBQ to be interested in into 2022, 2023? This is how it's reflected on your capital and RWA. The last question is, on the cost of funding, do you still expect into next year lower cost of funding or at least keeping it as low as it is now? Your LDR is 125, and you probably, based on my understanding previously, you are aiming to lower the LDR over time. What action you are taking in terms of the funding mix? Thank you. Thanks, Edmund. Let me take those. In terms of the work we're doing with the government, obviously you've seen that our share in the loan book has been increasing. If you just look at slide 12 here As at a year ago, 14% of our loan book was in government and public sector. That's now increased to 19%. This was an area where, rewind a few years, and we felt we were underweight in, and we did put a lot of focus on increasing this part of the overall book. As you can see, we're still less than the market average, which is 34% as at September for the overall Qatar market. There's still scope for us to grow in this area. Strip out the temporary overdraft, which as I mentioned, is decreasing, and we do expect that to continue decreasing in the fourth quarter as well. Underlying business, we expect government and public sector to still continue, and we want to be very much in that business. We're also a very strong player in the private sector, and we'll continue to work on those areas as well. I think the way the economy is evolving, we expect to see a fair amount of new business in both areas, going forward into 2022 and onwards. In terms of the Net Interest Margin, what I was saying is that, yes, loan yields have decreased over the last 12 months, our cost of funding has decreased faster than that. The products that we're working on are generating more and more low-cost deposits, and we expect that trend to continue. That should be the main driver of the overall improvement in Net Interest Margins, including the fact that bringing down the Loan-to-Deposit ratio will be a function of low-cost deposits, primarily, going up in the balance sheet. On the point of the Loan-to-Deposit ratio, I think the Loan-to-Deposit ratio is a very rather blunt ratio, because we could always lower it by just taking on a whole load of high cost deposits. To us, our fundamental approach is to get the LCR and NSFR. NSFR for this quarter is over 100%. We've achieved what we set out to do. At the beginning of the year, we were in the 80s. I think that's strategically important for the long-term liquidity of the bank. As Rehan said, our focus is on building low-cost deposits, and our goal is to steadily increase the proportion of low-cost deposits in our overall funding mix. I would say that we are less focused on the Loan-to-Deposit ratio, because I think that's slightly outdated, and a bit blunt because you can just raise high cost deposits if you wanted to. We're not really into dressing up our balance sheet for the quarter and for that purpose. I would say that's our approach. Increase low cost deposits, and that'll flow through to our Net Interest Margin also. That's our fundamental strategy. Also, as we borrow in the international markets, we've been able to reprice many of our borrowings from the earlier higher prices, and these are usually 2 to 5-year borrowings. We've got the benefit of that in our overall cost of funding and the Net Interest Margin. Yeah. I'll just add, Edmund, that we have a well-established EMTN program with long-term funding. Our focus is on the Basel ratios, LCR is also well over 100%. We're very comfortable with the overall makeup of the balance sheet. As you well know, long-term funding is a much better way of funding to have in your books, from all respects, rather than short-term deposits. Thank you. Our next question is from Amit Mamtani. Amit, please unmute and go ahead and ask your question. Good afternoon. Thank you for hosting the call. Most of my questions have been answered. I have one follow-up. Can you please discuss the competition trends on both the lending and deposits side, and the pricing and competition for CASA deposits in particular? Thank you. Look, I think there will be some pricing competition for loan growth, without a doubt, because as we said, as the government rephases loan size temporary overdraft across the banking sector, that will make the banking sector a little more flush with funding, and that will then flow through to increased competition for loans. We could see some competition there and some pressure on the pricing. I would say that's the natural effect of that. As people look to substitute their loan. Particularly in the government and public sector, where there is growth potential in the loan book. I think you'll see some price competition there. That's definitely out there in the next, I'd say, three to six months. I think that's it. The second part of your question was, Rehan? On deposits. I think on deposits, again, like I said, the tenor of deposits in the local market is usually around maximum one year, a few more, two years. I think some local currency deposits, we're seeing a little bit of pricing pressure. Like I said, maybe there's a little bit of Management of the LD ratios are core. I honestly think that the market will overall remain reasonably liquid given what's happening in the economy. Our focus is really on building low-cost deposits. That really is a function of the capability that you bring to the client in terms of the sophistication of the offering, in terms of customization, speed of implementation, me customizing their particular requirements. I think that's where we have found ourselves advantaged. Therefore, pricing is always, I would say, an issue, but if you can get these other attributes right, then it helps to generate a decent overall offering, and pricing becomes not the only factor. That's the way we're going. As Rehan said, we've grown our low-cost deposits in this competitive environment by 12%. Over the last few, I think over the tenure of our five-year plan, we have doubled our deposits, our low-cost deposits, and established ourselves as a leading player in this field. We expect that trend, and it's a key strategic focus. We expect that trend to continue. Our next question is from Chiro Ghosh. Amit, did you have any follow on before Ciro goes ahead? No, I didn't. That was clear. Thank you. Thanks, Amit. Ciro, please go ahead and ask your question. Ciro, we can't hear you. We'll come back to you, Ciro. Aybek, you have a follow-up question. Go ahead and ask your question. Yes. Thank you. I was on mute. I guess, yeah, the follow-up is, I am just curious, where are you picking up yield on assets? I am looking at your balance sheet. Looks like you are more active in the interbank market, but you are still a net interbank borrower. You picked up more bonds in the third quarter, the yield pickup on the asset side, the asset yield pickup, has been kind of continuous over the last four to six quarters or so. You are also saying that you expect the margin to continue to improve. When we look at the funding cost, it looks like the funding cost is close to the bottom historical kind of long-term cycle. If you can give more light around the subject. Do you think you can drop funding costs lower than the current level? Yeah, on the asset yields, where is the pickup coming from? Thank you. Let me take that, Aybek. Firstly, on the cost of funding side, as we are saying, the main driver will be the increase in low-cost deposits. That will be the one that will ensure that we continue to bring the cost of funding down. Some of our long-term funding, as it is been maturing, we have been replacing it with lower cost of those long-term funding. Some of that has not got a full year impact yet. We will see more of that coming through during 2022. In terms of on the loan yield side, certainly some of these temporary overdrafts that we had were at a low yield. As they come out, it is actually loan yield enhancing and overall NIM enhancing. You will see some of the enhancement coming from just the fact that these low yielding are being repaid. Okay. The yield pickup is purely on the loan book, right? It is not bond portfolio, it is not your interbank- No net interbank borrowing, for example. No, yeah. Okay. Not on interbank, there is definitely on the bonds as well. We are seeing a pickup in the yields through the investment portfolio. Yeah. One more question, if I may. Sure. Circling back to the non-resident deposits and the subject that I covered in one of my research reports is, it looks like after the blockade was lifted, one would expect the foreign currency conditions to improve, but we've seen the increase in the volatility of the Qatari riyal exchange rate versus the U.S. dollar, right? Which suggests that there's a foreign currency deficit in Qatar, which is surprising given what's happening with the gas prices and so on and so forth, right? How is CBQ positioned for this sort of currency conditions? Can you play to your advantage whereby you sell kind of FX products to your corporate customers and you book a higher margin? What's your overall kind of comment on foreign currency conditions today, right? Obviously, four days ago or five days ago, Fitch puts out this report. I mean, they appear to have similar concerns. I think obviously, post the blockade, we are seeing more foreign currency deposits coming into the system, and that's been highlighted By Fitch, obviously, there are more countries now who are able and willing to put deposits into Qatar than previously. That's one aspect. On the FX side, yes, definitely, we are well-positioned. Remittances, both on the corporate and retail side, are areas that Commercial Bank has been working on and is becoming a key player. Yes, definitely, we can benefit from those increased flows and our rates will drive an improved income from FX. Having said that, we are a little careful about the amount of volume that we put through on that, and we'll keep monitoring that situation. Yes, we're well-placed on the FX side. I would say that, again, we are a leader in, as Rehan said, in certain segments, and which are particularly sometimes price sensitive also. We're careful to build a long-term sustainable business. We don't want to just price because we are here for the long term. That would be our approach. I would say, overall, you should expect a steady as she goes approach in terms of the Forex revenues. Mm-hmm. Thank you. Our next question is from Ahmed Abdulrahman. Please go ahead and ask your question. Yes, hi. Actually, my question was the same as the last question. Pretty much on the amount of non-resident deposits in the system reaching 30%, and this being highlighted by Fitch as an external risk. Just wanted to hear your comment on that. I think where the rating agencies are looking at it is that Qatar is relatively high compared to, say, the other GCC markets, 28% or 29% versus, say, 14% in the UAE. To my mind, we had a shock event, we had the blockade, and that was an area where you could see the foreign currency deposits actually leave. That is only we saw. Our own experience was from the countries where there were the political issues from. Actually, our own experience was that we did not see too much withdrawal from the Asian countries. Particularly, we had from Thailand, Taiwan. In fact, we saw new sources, because at the end of the day, you're getting a double A-rated country giving you a reasonable yield. We've been through a very significant shock event which would impact the foreign currency flows. That's why I would say that long term for Qatar, it's a sustainable position. Most of these countries are looking at the rating of the country. Therefore, I think it's very sustainable. Unlikely to see huge outflows unless, like you said, there's some political thing. Again, we found that was restricted to the countries where there was a political thing. At the end of the day, Qatar has the financial muscle to be able to substitute that liquidity, as we again saw during the blockade. Long term, I don't see this as a major issue for Qatar. The sustainability of it is, I think, very apparent, as we've seen and demonstrated. Our next question is from Chiro. Chiro, do you want to go ahead and ask your question? Chiro, we can't hear you, but I'll state your question. This is Chiro's question: I wanted to know about the dividend policy that may be followed, and any update to the FOL. We've stated in the past that dividends are around 50% maximum of profit is where we expect. Ultimately, it is the decision of the board. That will be taken post-finalization of the year-end results. Clearly, increased profit is there for you to see. In terms of FOL, we have submitted to the regulators. We are awaiting their feedback. Once we receive that, we expect to call and then completion. Once we have that from our regulator, then we can move forward. On the FOL, again, it's more a process. It's not a yes or no issue. It's more getting the process through the various departments. We anticipate it may be in next year, Q1. I would say is probably a realistic timeframe for it to happen. Our next question is from Edmund Christou. Please go ahead and ask your question. Hello, hi. Just follow up on the non-resident account, the deposit. Do you see an increase or pickup so far in the cost of this deposit, or do you anticipate this into 2020? The second question is: is it correct to assume that the 21% of non-resident deposit is matched by dollar loans? What is the currency mismatch here? The final one on the cost of risk, is it possible to provide cost of risk level for Q3, excluding recoveries? That would be very helpful. Thank you. Yeah, Edmund. No, there hasn't been an increase in the cost of funding from our non-resident deposits. No, we're not seeing that as yet. In terms of dollar lending, fairly well matched in terms of both the asset side and the liability side. Thirdly, I think it was about the cost of risk. I can just turn you back to slide seven. For the third quarter, you can see we show both the gross and a net cost of risk. You can see, just for the quarter itself, 69 basis points was the gross cost of risk, and 55 is net of recoveries. Very helpful. Thank you. Sure. We have no further questions. Joseph, any closing remarks? Thank you everyone. I think those are very interesting and relevant questions, and I hope we were able to answer them suitably. Again, if you have any further questions or require further clarifications, Rehan and Zubair and our team are always available anytime. Please do feel free to contact us. We look forward to talking to you again after the annual results, and thank you again for joining us today. Thank you. Thank you, everyone.