Good afternoon, ladies and gentlemen, and thank you for joining us today. I am Mohamed Farhan, Head of Investor Relations, and I am pleased to welcome you all to The Commercial Bank's third quarter 2026 earnings conference call. On this call, I have onto my left, Stephen Moss, who is the Group Chief Executive Officer of Commercial Bank. And onto my far left is Noman Ali, who the Group Chief Financial Officer of Commercial Bank. During the duration of this call, we will put you on mute, and once the presentation is complete, I will come back to you for question and answers. I now kindly request everybody to please put yourself on mute, and now I hand over to Stephen Moss. Over to you, Stephen. Thank you, Farhan. Good afternoon, everybody. Let me first start by providing some comments on the ongoing regional uncertainty. Qatar continues to demonstrate economic resilience, supported by strong institutions, significant sovereign buffers, and prudent fiscal management. The initiatives announced at the recent Qatar Economic Forum in New York reinforce the country's continued focus on economic diversification and greater private sector participation. In addition, the North Field LNG production expansion will provide further significant GDP growth. Against the backdrop of the continued regional uncertainty, Commercial Bank remains very focused on serving our customers and executing the 2026 to 2030 strategy that we announced earlier this year, supported by prudent risk management, strong liquidity and capital, and a disciplined approach to growth. Since the end of February, our well-established business continuity arrangements have enabled us to maintain reliable and secure access to our banking services for all of our customers. We continue to benefit from a very proactive, supportive, and forward-looking regulator. The Qatar Central Bank has maintained its prudent oversight of the banking sector, supporting liquidity, customer confidence, and orderly market functioning. Let us turn to strategy execution. In January, when I announced our strategy for the period 2026 to 2030, I said that 2026 would be a year of execution. I now want to give you an update on where we stand nine months into the year. Our strategy execution office tracks delivery across retail, wholesale treasury, and the group's enabling functions supported by detailed actions, milestones, and executive accountability. The outcomes during the nine months to the 30th of September reflect our continued focus on delivering the strategy that we set out at the beginning of the year. In short, we are focusing and doing exactly what we said we would in our strategy. We have delivered robust results, managed our funding costs, continued to work on the legacy book, progressed our digital and AI agenda, while maintaining strong capital and liquidity. In retail and wealth, we continue to deepen customer relationships and product penetration and strengthen core businesses across cards, employee banking, and remittances. Our retail and wealth business delivered a strong performance with growth in lending and continued momentum in wealth management, where higher assets under management and fee income reflect our focus on expanding our fee-generating businesses. We further strengthened our wealth advisory proposition for affluent and high-net-worth clients, supported by enhanced advisory services and broader investment product access. We have also enhanced our premium card proposition with the launch of the new Sadara Visa Infinite credit card and the À LA CARD dining program. In addition, digital engagement has continued to grow with 6 million monthly logins, up 15% year-on-year. In wholesale banking, lending has remained selective with continued discipline with respect to returns. Beyond lending, we supported participation in Qatar's capital markets through our IPO subscription services, and we also continue to advance collaboration between our wholesale and retail businesses across salary accounts, pay cards, commercial cards, wealth management and insurance, broadening customer engagement. In overview, we remain very focused on achieving five clear outcomes. Drawing a line under the legacy book, reshaping the bank towards a more capital-efficient and fee-driven business model, capturing growth in under-penetrated segments, including Qataris, SMEs, and affluent clients, delivering sustainable shareholder returns, and embedding AI across the bank. As I said before, AI is a key enabler of our strategy and an area where we are making tangible progress. Priority use cases continue to be actioned. At the half year, we highlighted our AI credit proposal platform, our contact center and agent assistant, and our machine learning-enabled lending proposition for SMEs. In Q3, we have continued to introduce new initiatives as part of our AI roadmap. We introduced a retail loan AI engine to identify customers more likely to take a personal loan and recommend suitable amounts based on affordability and financial behavior. We have also rolled out a n AI driven support dashboard to all of our Sadara relationship managers. This brings customer insights and behavior together in one place, helping our teams to identify relevant product opportunities and have more informed conversations with our premium customers. Let me briefly talk you through our consolidated performance, and Noman will go through the numbers. Core operating performance remains solid, supported by good momentum in net interest income and underlying lending, excluding acceptances. Our liquidity and capital position remains strong, and we remain focused on improving our funding mix, building customer deposits, and reducing the cost of funds over time. Overall reported profit was lower year-on-year as a result, as we said before, of our more balanced approach to provisioning as we set out at the beginning of the year. As opposed to the previous practice of taking a larger provisioning charge in the fourth quarter, we are provisioning more consistently through each quarter of the year. During the third quarter, we also updated our ECL model to reflect the latest macroeconomic indicators. This has contributed to higher provisions and entirely accounts for our net cost of risk being higher than our target range of 90 - 100 basis points at 108 basis points. A prolonged regional disruption may at some point affect provisioning and recovery timelines. We will continue to assess the position through our normal governance processes, but at present, there is no change to the cost of risk targets for the period from 2026 to 2030 that we set out at the start of the year. Very importantly, we also completed the winding up of our long-term incentive scheme for employees and the related arrangements during the third quarter. The shares purchased are now held directly by the bank as treasury shares. Finally, on capital, we continue to target maintaining strong CET1 and total capital adequacy ratios comfortably above the regulatory minima while creating room for selective growth. To close, the regional conflict has, of course, created uncertainty for our customers, the businesses we bank, and for markets. We will continue to monitor developments closely and manage the bank's operations prudently. However, I want to reiterate that we remain very focused on the execution of our 2026 to 2030 strategy as announced in January this year. Noman, over to you. Thank you, Stephen. Hello, everyone, and thank you for joining us. Getting into the results for the nine months ended 30th September 2026, I will focus primarily on slide 10, which sets out the group's consolidated financial highlights. At a headline level, the group reported a net profit before the impact of Pillar Two tax of QAR 1,644 million. The year-on-year reduction in profit was primarily driven by higher net provisions, despite a strong and resilient underlying operating performance during the first nine months of 2026. Net operating income increased by 2.9% to QAR 3,568 million. This was offset by higher net provisions, reflecting a more balanced approach to provisioning across the year, as well as increase in operating expenses as we continue to invest in digital capabilities, AI, and our people. The results also include a reported loss of QAR 46.5 million from Alternatif Bank after the impact of hyperinflation accounting. In addition, the group accrued QAR 104.7 million for BEPS Pillar Two tax. After this charge, the reported consolidated net profit after tax for the nine months ended 30th September 2026 was QAR 1,539 million. Looking across our businesses, retail and wealth continued to perform strongly, delivering good and consistent returns, supported by higher fee income. We also continue to strengthen our wealth proposition through enhanced digital capabilities, helping us deepen penetration across the mass affluent and private banking segments. In wholesale banking, our lending book, excluding acceptances, continued to grow. Growth remains selective with a clear focus on high return customer segments while we continue to deepen cross-sell opportunities across our client base. Treasury continued to make good progress in diversifying our funding mix and managing funding cost while maintaining a strong liquidity position and access to funding markets. Our associates also continue to perform well, and we remain closely engaged with them in the execution of their strategies. If we deep dive into the numbers, the consolidated net interest income increased 10% year-on-year. Gross interest income increased by 3.8% year-on-year, driven by growth in loans and advances to customers, as well as increase in investment securities. Alternatif Bank also contributed to the increase in interest income. Importantly, interest expense remained broadly flat year-on-year, despite higher average funding volumes. This reflects the benefit of our funding actions. The group's overall cost of funding declined year-on-year, supported by growth in low-cost retail deposits and the replacement of high-cost international deposits with repos. As a result, net interest margin remained resilient at 2.2%, broadly consistent with the previous three quarters. For the remainder of 2026, we expect NIM to remain around 2.2%, with potential downward pressure of 5-10 basis points. This primarily reflects our continued competition for domestic deposits and the refinancing of certain medium-term debt issuances that were previously priced at a lower rate. As we move into the next phase of our strategy, optimizing the funding mix remains a key priority. In particular, we are focused on growing CASA deposits and improving the overall composition of our funding base. This will take time, but we are making progress in the right direction. Moving to non-interest income, net fee and commission income decreased by 5.8% to QAR 692 million. However, excluding one-offs, net fee and commission income grew by 11% year-on-year, demonstrating good underlying momentum. Net income from investment securities was lower, reflecting reduced dividend income and mark-to-market movements on investment securities held at fair value through P&L. On operating expenses, reported costs were higher year-on-year, primarily reflecting increased staff costs and our continued investment in technology, digital, and AI capabilities as we execute our strategy. As a result, the group's reported cost-to-income ratio was 32.3%. At the domestic level, the reported cost-to-income ratio was 26.9%, while Alternatif Bank reported 74.5%. We recognize that the group cost-to-income ratio remains above our targeted level, and bringing it down remains an important area of focus. Going forward, we continue to expect positive jaws from 2027 onwards, with revenue growth outpacing cost growth. Moving on to provisions. Net provisions increased to QAR 979 million, compared with QAR 603 million in the corresponding period of 2025. For customer loans, the increase reflects our approach of a more appropriately balanced provisioning throughout the year, rather than taking a relatively lower provision during the first three quarters, followed by a significantly higher charge in the fourth quarter. Provisions also include an additional ECL charge following the update to our ECL model to reflect the latest macroeconomic factors. At the same time, recoveries remained strong. Our continued recovery efforts resulted in a 15% year-on-year increase to QAR 268 million, which supported the net provision position. Consequently, our gross cost of risk was 102 basis points, while the net cost of risk stood at 108 basis points. Net cost of risk is slightly above our full year 2026 guidance range, reflecting the conflict-related ECL charge I mentioned earlier. Our Stage three coverage improved to 64% at the third quarter 2026, from 60.4% at the fourth quarter of 2025. The NPL ratio improved to 5.7%, compared to 6.1% at the fourth quarter of 2025. We also saw a reduction in Stage two balances, while Stage two coverage strengthened to 15.2%, from 10.4% at the fourth quarter of 2025. Turning to the balance sheet, total assets stood at QAR 183.6 billion, down 4% year-on-year. Despite the overall reduction, we continue to grow loans and advances to customers and investment securities. Loans and advances to customers stood at QAR 105 billion. Excluding acceptances, loans and advances increased by 6.3% year-on-year to QAR 100.7 billion, driven by wholesale across government, public sector, and corporate customers. Retail lending also continued to make good progress with year-on-year growth. In wholesale, we will remain selective, and we continue to prioritize high return customer segments and high growth sectors. In retail, our focus is on accelerating growth in the Qatari customer segment while maintaining our leadership in the expatriate segment. Investment securities increased by 5.1% year-on-year to QAR 41.3 billion, as we continue to invest in high-quality market securities. Customer deposits stood at QAR 83 billion, down 3% year-on-year. The reduction was primarily driven by decrease in time deposits, including acceptances-backed structured deposits. Importantly, our focus on improving the quality and cost of deposit base continued to deliver results, with CASA deposits increasing year-on-year by 3.9%. We also actively managed the broader funding mix. The reduction in wholesale deposits was replaced by repo transactions and syndicated borrowing. During the conflict period, we proactively managed our funding through a combination of short-term and medium-term repos. This was timed along the maturity of certain high-cost bank borrowings and more expensive international deposits. One presentational change on the balance sheet relates to the winding up of our long-term incentive schemes. The shares purchased under the scheme are now held directly by The Commercial Bank as treasury shares. Our capital remains strong. The CET1 stood at 12.8% at 30th September 2026, compared to 13% a year earlier. At the same time, the total capital adequacy ratio stood at 18.9%, from 17.9% at 30th September 2025. This improvement primarily reflects the issuance of AT1 Capital at Alternatif Bank in February 2026, lower AT1 deductions, and a reduction in RWAs. Finally, on Alternatif Bank, it reported a net loss of QAR 46.5 million after hyperinflation accounting for the nine months ended 30th September 2026, compared with a net loss of QAR 132.7 million in the corresponding period for 2025. Whilst there has been improvement at the operating profit level, reported results continue to be impacted by hyperinflation accounting. It is also important to note that Alternatif Bank represents only 4.8% of the group's consolidated balance sheet. To summarize, we continue to see resilient operating performance and disciplined balance sheet growth. At the same time, we remain firmly focused on the execution of our strategy. With that, I will conclude my remarks. Thank you, and I am happy to take any questions. Thank you, Noman. We can now move on to question and answers, and if you have any questions, please raise your hands, or you can ask the question in the Q&A box. Please, if you can go ahead with any questions that you will have. It's good. Everybody's being shy. Oh. Sorry, can you hear me? We can now, yes. Yes. Please, go ahead. Hi, this is Yu Chong from ING. Sorry, I was not able to find the raise hand buttons, but just wanted to ask a little bit more with regards to the ECL assumptions that you have made in terms of changes. Because I had a quick look at your nine months annual statement. From what I see— Yeah —it feels like instead you have actually raised the base case to a higher percentage and reduced the downside potential— Yeah —probability. Just wondering, what is your thought around that, and why are you changing that assumption over there? And where exactly is this additional ECL assumption that you have made such that it resulted in higher cost of risk? Sure. Thanks. Why do not you go back to January? Yes. Yu Chong, thanks for your question. What we did in Q1 of this year, when the conflict started, at that time, we did not have the latest macroeconomic factors because it was too early in the process. What we did at Q1 was that we had increased the weightage of the downside risk scenario from 15% to 25%. As a result of that change, we basically increased ECL in Q1. What we have done in Q3 is that we have now a better view of the latest macroeconomic factors, and those macroeconomic factors have been revised. When we have made those revisions in the macroeconomic factors, we updated that, and then we changed back the downside risk scenario from the more normalized 15%, so from 25%, it changed to 15%. As a result of the changes in the macroeconomic environment, we recorded some additional ECL as well, which is reflected in our nine months results. It is basically now embedded in the model. Am I right to say that Go ahead, please. I see. Am I right to say that some of these assumptions have changed, and it probably was the assumption is deteriorating or deteriorated compared to Q1, but then there is an upward adjustment in terms of the probability. By net net, there is a negative impact on the ECL side. Yes, definitely. Yes. There is an increase in ECL. We guided in our targets to a higher net cost of risk of 90-100 basis points. This is entirely the reason why the actual net cost of risk for the nine months to the end of September is 108 basis points. If you were to strip out this macroeconomic adjustment, that accounts for 13 basis points of the 108 basis points. Which takes us to well within the range that we announced. Intellectually, it's right that we're over. You should worry if we were still within the 90-100 basis points range and go, "Well, hold on a minute. Given the current situation, you're missing 13 basis points." Hence, we're at 108 basis points. Understood. Thank you. Thank you. Very good. Okay. You have two options to ask questions. We have one is that you can raise your hand in the system, or you can come on audio and ask a question directly. We have a question on the Q&A from Amir from NBK Wealth. Can you please comment on the lower tax rate compared to similar period last year? Should we expect larger tax in Q4 2026? Yeah. The reduction in the tax charge is only because the profit for the nine months is lower than the nine months of the previous year. That is driving the lower tax charge. Similar to last year, we are providing for the BEPS Pillar Two tax charge, but the reduction in the tax charge is mainly driven by lower profits for the nine months. I just wanted to just add to that, the BEPS Pillar Two tax is a top-up tax on the domestic profit. In Turkey, we pay our own tax. Our associates have their own taxes as well. On the domestic tax, the calculation is after deducting the AT1 payment, and also you have allowance for fixed assets and staff costs. Net of all those, you assess the tax at a 15% rate, so effective rates actually comes down. We have a second question from Andy from Ashmore. Can you talk a bit about where you are seeing credit demand, and how is this impacting yield, perhaps, versus reduction in acceptances? A bit of detail on the cost of fund movements. Sure. I think from a loan growth perspective, if you see the breakdown of the segments on page in the loan section. On the right-hand side, you will see how the sectors have moved. We primarily see loan growth opportunities in the public and government side. That's where we see the growth primarily coming from. You'll also see on contracting, our exposure is less than 2%, which is generally a more high-risk sector, so we have stayed away from that. Real estate, as you can see, is also decreasing. Those are the primarily movements from a balance sheet perspective. As you have mentioned, yes, acceptances balance has come down, so that is more of a timing thing. But yes, compared to last year, it has come down. On the cost of funding side, as I mentioned, the key focus is that we are able to proactively manage our cost of funding. We have, through the conflict period, had an opportunity where we had some high-cost international deposits which were coming for renewal. So we changed our funding mix a bit and had some lower cost repo funding, which kind of helped us maintain the deposit rate. As I mentioned, there is downward pressure on the NIM. That will be driven by some of the cost of funding pressures because of the pressures on the domestic deposits as well as whenever we go to the market with our EMTN issuance, because post-COVID, we had an EMTN issuance which matured in May. You will see some funding pressures, but overall, we are proactively managing it and having more discipline on the asset side as well. When we are looking at new business, we are looking at the returns at a sub-business level. Whenever a new transaction comes in on the wholesale side, we look at relevant return hurdles. That is how we are approaching the situation. We have a follow-up question from Andy. Group effective tax rate has been guided at 12.5%. Is this now going to be near 10% for 2026 and in future, or just this year and then back to 12.5% as guided for future years? Yes. I think for the full year, the effective tax rate will be between 11% - 12.5%. As we mentioned, from a BEPS Pillar Two tax perspective on the domestic, you have the charges then offset against the sports levy, which comes around 12.5%. Then obviously we have some tax coming from Alternatif Bank. So the effective rate will be around between the range of 11% - 12.5%. We have the next question from Rahul. Rahul, please unmute yourself and go ahead. Yeah. Hi. Thanks for taking my question. This is Rahul Bajaj from Citi. Quick questions from my side. The first one, again, on clarification on the tax point. If I look at the nine-month statement, I think the average for the nine months is probably close to 8.5%-9% for the effective tax. Are you alluding to tax rate to be significantly higher in fourth quarter for us to get to that 11%-12.5% effective rate that you mentioned earlier, Noman? That is my first question. My second question is on this non-credit related provisions that you have on the P&L. That has been slightly more volatile, provision on investment securities, provision on property, whatever you take there. How should we expect that line to behave? You provided some decent guidance on the credit side of things, how credit provision will behave in basis point terms. But any idea on the non-credit provision, that would be useful as well. And third and final question. Are there parts of the loan book where you are slightly more vigilant and observing some initial signs of stress, or there is absolutely no part of the loan book that you are seeing any stress at this stage? Thank you. Okay, Rahul. I will just take the first question on the tax. You are right. On quarter on quarter, in Q3, you saw a lower tax charge. That is because we had a higher provision we had taken in the Q2. So we actually caught up for the nine months with a lower tax charge in the Q3. Nine months. Yeah. On the second question, Rahul, on the ECL movements on loans to customers, we discussed. On other financial assets, the main reason is that that is driven by balance. If you look at our loans due from banks, from a balance sheet perspective, there has been quite a considerable reduction in those balances between $8 billion-$10 billion. That has mostly driven the reversal of those numbers. From the other provision side, as we mentioned in the previous quarters, we are building some provisions in relation to the real estate book. I think if you look at what we have by the end of the year, I think as part of strategic plan, we will continue to build some provisionings as we go along. In relation to the stress on the book, as we touch wood, what we see is on the retail side, we have seen that the portfolio has been quite resilient. We have not seen till now, a significant spike in delinquency. The population has been quite sticky, so we have not seen any issues there. On the corporate side, again, from our current perspective, at least for our book, we have not seen any significant credit deterioration apart from what we are provisioning for on the legacy book. As you know, some of the sectors which are being impacted by the current situation would be the contracting sector. As I mentioned, our exposure to the contracting sector is less than 2%. Hospitality, tourism is also being impacted by the current situation. We have been quite selective from a post-legacy book in lending to those sectors. Touch wood, I think we have not seen any significant credit deterioration, and we continue to provide conservatively in relation to our legacy book. I mean, just to echo that, Rahul, when we met, I stand by the statement, it still remains surprising we are not seeing stress in the retail book. It is resilient. Yeah, I remain surprised, but we clearly are keeping a close eye on it. Positively surprised to be clear. Understood. Thanks, Noman. Thanks, Stephen. Thanks, Rahul. We have a few questions from Valentina Stoykova on the Q&A box. The first question: Also, you mentioned you have calibrated your macro assumptions. What are your current macro assumptions for Qatar? So I think what we have done is that we have looked at the macroeconomic factors in the country, reduction in GDP, increase in inflation, so looking at the consumer price index. Those are the kind of key factors we have looked into, as well as the volumes of imports and exports. Those factors are part of the macroeconomic factors in our ECL model, and every quarter we will review and see or assess those factors, and amend accordingly. The second question from Valentina is: Can you give us more color on the interest rate sensitivity of your NIM? Yeah. So I think on the interest rate sensitivity, what we expect is that any 25 basis points increase or decrease in rates will, say, a 25 basis point hike in rates will increase our NII by around QAR 40 million, which equates to around 3 basis point on NIM. The third question from Valentina: In which loan segment asset quality pressure have you most prominent, and how do you see cost of risk developing from here? How much progress you have made in the legacy loan cleanup? Yeah. In relation to legacy loans, as you know, as part of our strategy, we have made it clear that we will draw a line under the legacy book. As part of our strategic plan, what we have communicated previously, we see an elevated net cost of risk for 2026 and 2027. Then we will see a normalized net cost of risk, from 2028 onwards, between 70 - 90 basis points. As we continue with our current plan of providing, that will materially take care and address the legacy book issues, and hopefully we will be able and firmly, we believe that we will be able to draw a line under the legacy book. In relation to the sectors which is being impacted, as I explained, you will see some impacts coming from the hospitality sector, which is mostly in the services line. Contracting sector is being impacted, but there we have limited exposure. Real estate is under pressure. But the thing is that our real estate is primarily driven by legacy book, and we have not seen any significant new bookings, from a retail perspective, from that perspective. We, with our risk colleagues, are really looking at the overall position quite carefully. As I mentioned, we have not seen any significant credit deterioration so far, and this is something which we are actively monitoring. Just to add to the cost of risk point, that's net cost of risk. We've been very clear for 2026 and 2027, it's 90 - 100 basis points, and 70 - 90 basis points in the period to 2030, which, as Noman said, will take care of the legacy book as we've undertaken to do as a core part of our strategy that we announced in January. If you look at the gross cost of risk, you'll see it's much higher. As I've said before, if we have higher recoveries, and we have a very, very effective recovery machine, we will take earlier and higher gross provisions, but whilst remaining within that net cost of risk glide path. We have the fourth question from Valentina. Also, you will appreciate any color on how the war is impacting Qatar banking system and CBQ liquidity, and how you are addressing the pressure. I mean, as I said at the beginning, the banking system's been very robust. It's been well-supported by the regulator. I mean, I'll just cite a couple of examples. The net foreign currency reserves of the Central Bank actually went up, recently it was announced maybe a month ago, year-on-year. There's been a clear undertaking that money will be brought back from overseas as is required. So far, that has not happened in terms of the QIA investments. So it's handling the situation very, very robustly and well, as you'd expect, given the wealth of the country. Just to add, Central Bank is also proactively monitoring the situation and what we have seen in the past in Qatar in relation to blockade and similar situations. So the banking system, they have seen similar pressures on liquidity and have been able to manage it quite well. Us, as well as other banks, throughout the conflict period have been proactively managing liquidity, and we are comfortable at present. We have a question from Ashwath from Goldman Sachs. Can you please briefly talk through your strategy around Alternatif Bank over the near term and over the medium and long term? Well, Alternatif Bank, as Noman said, it represents approximately 4%, 4.8% precisely of our consolidated balance sheet in terms of assets. We don't intend to grow it from that level. The strategy is very much now predicated on using Alternatif Bank as a gateway to Turkish corporates from a wholesale perspective to the Middle East and vice versa. So that's its strategic strength, and we've demonstrated that recently in a conference that we held in September or maybe early October. The interest and attendance at that conference was truly amazing in terms of the seniority and the attention and the focus of the outcomes as well, which we're tracking. So strategically, that's really one of the key competitive edges of Alternatif Bank. As we go forward, it's really playing to that. We need to demonstrate the synergies of being part of the group. Clearly, that international connectivity is one, then technology, risk knowhow, et cetera. It is really sharing the best practices across the group, Alternatif Bank will benefit from that. Just to add, the hyperinflation accounting, we are hoping now it will end by the end of 2028. Previously, it was end of 2027, but because of the current situation, it is end of 2028. Once it ends in 2028, from 2029, we can see more value being added by Alternatif Bank to our bottom line. We have another question on Alternatif Bank from Yu Chong. Hi, I understand that Alternatif Bank is a small part of your total assets. I noticed from the slide that the loan book actually shrunk in size, although profit before tax remained positive. The 3Q increment is around TRY 50 million. What is the business strategy around Turkish subsidiary going forward? I think I just answered that from a strategy perspective. I think the loan growth movement, I look at it in Turkish lira. I think we got the numbers. We can share the numbers, but I think, Ozan, maybe you can comment. We have our Turkish CEO on call. So, year-on-year, Yu Chong, the loans and advances in Alternatif Bank on a Turkish lira term has gone up actually, and it has been supported by strong corporate and leasing business. What has happened is when we consolidate the numbers and because of the depreciation of the Turkish lira, you will see a decline there. That is currency movement, basically, that has been an increase. Q3, you see a drop compared to Q2. 50% of that drop is because of the currency movement. The U.S. dollar Turkish lira depreciated roughly by about close to 20%. For the nine months, there is an increase. Yeah, I think. Yeah. We have a question from Andy, Ashmore. What is the percentage of the book in hospitality, which I think sits within services? Any comments on the asset performance here? Yeah. That is correct, Andy. The service sector includes the hospitality. So far within our portfolio, we have not seen any stress on that sector. We are closely monitoring. We have been quite careful, if you see in the last few years, not to go behind lending when the rates were very high. But quietly now, we are selectively lending, keeping the return on risk-weighted assets our key targets, and return equity as targets on this lending. Yeah. Just to add, Andy, that as you are aware that QCB had introduced a deferral of principal and interest scheme, which was initially till June 30, and that it got extended to September 30. But QCB has not renewed it when they are looking at the overall situation. At least from our perspective, we have seen very limited uptake of that scheme, which again shows that the sectors have been resilient. Yes, there is some uptake, but it is not material at all. To answer your question, even with the deferrals of interest and principals, there has been limited uptake. Some of that, yes, relates to hospitality, but it is quite a small number. We have a question, Valentina, again. How many rate hikes do you expect in Q4 2026 and in 2027? It could be, Valentina, as anybody's guess, as the whole world was expecting for 2026 that we will have two rate reductions. But here we are with the one rate hike already. I think what the general consensus from a market perspective I can say is that maybe there might be one more rate hike this year and one more rate hike at least in 2027. I think that's what our expectation is. As you can appreciate, this changes radically, so we'll keep an eye on it. We have a question from Bijoy. Please unmute yourself and go ahead. Hi. Thank you, gentlemen, for the call. My question is on Turkey. Do you have any plans to come up with a digital bank, like how QNB has come up with, and they have expanded on that front, making sure they have grabbed enough market share, and they're trying to replicate that in other geographies as well? [Ozlem], do you want to answer this? Because it's clearly at the core of what we're doing on the retail side. Sure, Mr. Stephen. Thank you for the opportunity. Thank you for the question. Actually, the answer is yes. What we have been doing is basically investing a lot in the technology and the infrastructure for retail banking, and I think we have already completed the overall infrastructure for being the end-to-end, mobile-only bank for retail for the country. We have five main value propositions from a product perspective: unsecured lending, savings, investment products, bancassurance, and transactions banking are basically the main pillars for the strategy. We are growing at that end. If you go back to two years ago, the overall share of the lending in retail is less than 1% in the balance sheet. Now it's around 3%. It's also increasing as well. Our overall total revenue in the retail bank is also improving in the P&L. Where do you like to see yourself in terms of retail as a part of your overall lending? Probably in the medium term. In three years, the plan is to reach the 6% of overall balance sheet in lending. Yeah, but that is still quite low as compared to given Turkey is a highly retail-focused geography. That is also correct. But again, we have a big legacy coming from the wholesale bank as well. So in terms of the lending, we have a loan book of the wholesale and the commercial banking. So retail is growing, but at the same time, wholesale is also growing as well. So that is basically the current plan in three years. So it will take some time, especially growing from the digital, it will take some time on the lending for retail. Okay. And when do you see— Go on. Bijoy, just to add, I think what we are also doing is that we want to grow the business in Turkey, but we are also mindful that in the past, we have really cleaned up the book from an NPL perspective. Our Turkish business is really adding value from high, the ROE is quite good there. We will keep a balance between growing and making sure that we maintain our delinquencies down as well. Understood. When do you see Turkey Alternatif Bank reaching to normalized profitability? Probably next year or a year after? No. From a group perspective, hyperinflation is the key point. Until hyperinflation goes, we won't see, obviously, a material profit at group level. But from an underlying business perspective, before the hyperinflation adjustment and the IAS 29, the business is doing fine. It's accreting an ROE of about 12%-15%. Yeah? Until you make this hyperinflation readjustment that essentially removes most of the profit, not just from us, but for many banks, clearly. From a timing perspective, you have got to get to three consecutive years where the year-end inflation rate does not sum to more than 100% for hyperinflation accounting to go. We were hoping that is going to be 2028, in which case, clearly you would see that 12%-15% through, which flowed through to the group numbers. But it is fair to say, I think it is more likely now it is going to be 2029. Honestly, Alternatif Bank, that nice profitability is unlikely to flow through to the group until 2029. Understood. Thank you. We have a question from Amir Badran in NBK Wealth on the Q&A box. Can you provide an update on your 2026 loan growth and the NIM guidance? Sure. Amir, thanks for your question. When we did the planning at the start of the year, we have expected loan growth of 3%. You might see that our single low to mid range of 3% is lower than some of our competitors because I think what we are clear is that from our perspective, it is all about quality of returns rather than quantity, and we are implementing a lot of discipline to improve the ROEs. Hence, when we started the year, we were quite conservative. As of for the nine months, we have had, excluding acceptances, loan growth of 6.3%. We are doing better than that. But again, I think the expectation is that we will be around 3% going forward as well, and 3%-5% going into 2027 as the focus is more on the ROE perspective and high returns on our lending. Was there another question? Then we have a follow-up. NIM. As we said on NIM, the guidance for the fourth quarter is that we have been able to maintain our NIM at 2.2% for the last three quarters. For the last quarter, as I mentioned, there is downward pressure of 5-10 basis points on our NIM. But we are trying to manage the situation and see where we end for the year-end. We have another question from Amir. Can you please comment on lower non-funded income in Q3 versus Q2 2026? Yes. So I think from a fee income perspective, as I mentioned, there has been some one-offs. If we exclude the one-offs year-on-year, there is an increase of around 11%. From a quarter-to-quarter perspective, the movements relate to that some of our trade fee income was lower. However, we still continue to do well on the wealth management side, as well as cards, remittances-related fees. Overall, I think, if you exclude the one-off, you will see an increase in the core underlying fee income. It is clearly a very core focus of the strategy. Yeah Fee income. Okay. I think that is all we have for today in terms of audio and the Q&A box. That is the end of The Commercial Bank's third quarter 2026 earnings conference call. We thank everyone for joining this call. Have a good day. Thank you very much. Thank you. Thank you.