Good morning all, good afternoon all, and welcome to today's Riyad Bank third quarter 2026 earnings call. My name is [Adam], and I will be your operator for today. If you would like to ask a question at the Q&A portion of today's call, please use the raise hand icon at the bottom of your Webex window. I will now hand the floor to Muhammad Faisal Potrik, Head of Research, to begin. Thank you. Good morning and good afternoon, everyone. This is Muhammad Faisal Potrik from Riyad Capital. Riyad Capital is pleased to host Riyad Bank's management for the third quarter 2026 earnings conference call. Please note that this call is being recorded and is open to analysts, investors, and shareholders only. Any media person, please disconnect now. It is now my pleasure to hand it over to Rayan Alshuaibi, Head of Investor Relations at Riyad Bank. Rayan, over to you. Thank you, Faisal. Good day, everyone, and thank you for joining our call today. We would like also to thank Riyad Capital for hosting the call today. With us, our CEO, Nadir Al-Koraya, and CFO, Abdullah Al-Oraini. As always, CEO will start with the performance highlight and strategy update, followed by the CFO to cover the financial performance in more detail. Then we will open the floor for your questions. But before we begin, a quick reminder that today's call include forward-looking statements and discussion on financial performance. So I would like to remind everyone to refer to page two of the annex presentation for the disclaimer notes. Also included in this page, a clarification around reproduction of any of Riyad Bank's material and today's discussion in line with the applicable laws and regulation. With that, I will hand it over to our CEO, Nadir. Nadir? Thank you, Rayan. Good afternoon, everyone, and thank you for joining us today. I am pleased to share the key highlights of our performance for the first nine months of 2026. Before turning to our results, let me briefly address the evolving regional environment since the end of the third quarter. While the situation remains dynamic, Riyad Bank continues to operate from a position of strength. Our priorities are clear: supporting our customers and colleagues, ensuring the continuity of banking services, and maintaining strong risk management. We are closely monitoring developments with enhanced oversight of our operations and portfolios. Our established risk management and business continuity framework provide us with the flexibility to respond swiftly and effectively as circumstances evolve. Importantly, our financial fundamentals remain strong. Our solid capital and liquidity positions, together with a healthy balance sheet, provide us with the resilience and financial capacity to navigate the current environment. While we remain vigilant, we are equally focused on the opportunities ahead. We continue to support our customer, pursue sustainable growth, and deliver long-term value to our shareholders. As we approach the final quarter of the year, we remain confident in the strength of our business and our ability to deliver on our strategic ambitions. Turning to our financial performance highlight, I am pleased with the progress we have made during the period, in particular during the third quarter, with strong business momentum, continued earnings growth, and disciplined management of our balance sheet and cost. Let me now take you through the key highlights of our performance. Starting with the balance sheet, we continue to grow with discipline and clear focus on value creation. As of September, total assets reached SAR 545 billion, up 5% year-to-date, supported by selective loan growth and higher investments. Loan growth, as anticipated, has picked up in Q3, growing at 2.1% quarter-on-quarter, bringing year-to-date loan growth to 3.2%, with commercial book leading the increase, while investment portfolio grew by 13% year-to-date. On the funding side, liabilities increased by 3% over the same period, reaching SAR 456 billion, and customer deposits declined by 1%, reflecting our deliberate approach to optimizing the funding cost and mix, particularly following the successful AT1 Sukuk issuance of SAR 10 billion that was completed earlier in Q3, which allowed us to let go some of the expensive deposits and be more selective in our deposit gathering. Turning to profitability, total operating income grew by 5% year-on-year to SAR 14.4 billion, driven by a 6% increase in net interest income and 3% growth in fee and other income. At the same time, we continue to deliver strong operating efficiency with well-managed expenses, contributing to a 101 basis point improvement in our cost-to-income ratio, bringing it down to 28.7%. As a result, net income increased by 5% year-on-year to SAR 8.1 billion. Return on equity stood at 16.6% for the first nine months, 62 basis points below the same period last year, but improving by approximately 60 basis points sequentially. This reflects our continued focus on enhancing profitability and delivering sustainable shareholder returns. Now, turning to asset quality, our loan portfolio continues to demonstrate strong fundamentals, with the NPL ratio remaining stable at 87 basis points and the NPL coverage at a healthy 151%. Our capital position has strengthened significantly, with the total capital adequacy ratio reaching 20.9%, supported by our latest issuance. This provides us with greater financial flexibility and additional capacity to pursue profitable growth opportunities while maintaining a strong capital position. On liquidity, our SAMA-weighted loan-to-deposit ratio stood at 83.9%, comfortably within regulatory limits and providing sufficient headroom to support future growth. Overall, our performance reflects a balanced approach to growth, supported by strong capital and liquidity position. We remain focused on optimizing our balance sheet, enhancing profitability, and delivering sustainable return to our shareholders. Let me now turn to our Strategy 2030 and share an update on our progress. Since the board approved Strategy 2030 last year, its five strategic pillars have continued to guide our priorities, resource allocation, and the bank's long-term growth and transformation. We are now firmly in the execution phase. Throughout the third quarter, our focus remained on translating our strategic ambitions to tangible actions and measurable outcomes. Our progress will continue to be measured against clear, defined strategic priorities, including shareholder returns, customer experience, digital adoption, customer growth, and sustainability and resilience. We remain confident in our strategy, our execution capabilities, and our ability to deliver on our 2030 ambitions while creating sustainable long-term value for our shareholders. With that, I will now hand over to my colleague, Abdullah, our CFO, to walk you through the financial performance in more details. Abdullah? Thank you, Nadir. As I highlighted, the strong and solid earnings that has been recorded was driven by higher operating income and improved efficiencies. I think the operating income growth has been remarkable, where we have reached to quarterly SAR 5 billion for the first time in the bank's history. I think that has enabled us to continue to support our profitability through increased our level of contributions across the revenue lines, but more importantly, also was supported by the continued efficiency where we have recorded a record low of 28.7% for the nine months of the year 2026. Having said that, I think it's very important to highlight that on a year-on-year basis, the increase on the cost was of around 1%. We have seen NPL ratio being stable, just below 90 basis points at 87 basis point level. Cost of risk has been also stable around just below the 40 basis points level. I think it's very important to highlight also we have witnessed an expansions on net special commission income 6%, and that has also supported our margins to stay at the 2.8% level. ROE on year-on-year basis for the nine months has been contracted by 62 basis points, but at the same time, on a sequential basis, more or less the same expansion has been recorded. And I think it's important to highlight that the decrease in ROE for the similar period compared to the last year is driven by higher equity capitalizations and capital retentions. All liquidity funding as well as capital adequacy ratios remains at a very comfortable and strong level. As you can see from the key components of total assets buildup, it was primarily driven, as highlighted by my colleague Nadir, by both loans as well as the investments, with a more focused on value-driven and asset allocation profitability selections. I think that continued throughout the first nine months, as we have highlighted before. The loans portfolio in the lower left corner, the components continue to be driven by the corporate, specifically on the corporate banking as well as the MSME segments, where we are continuing to drive growth in these particular two important segments for us. While the retail has registered a minor contraction, and that was by cautious decisions on the originations to be in line with the market opportunity at the proper pricing. And more importantly, I think it was diluted also by the monthly repayments that we have witnessed. Overall, I think the contributions of the and the mix of the loans portfolio continue to be more or less similar to the previous quarters by having the SMEs now at 25%, roughly the corporate and the commercial book, including the project financing around 50%, and 25% of retail, including both mortgages and non-retail, non-mortgages business. On the following slide, page nine, I think here just to highlight the key liability movement for the year, it continued to be driven with a view that cost of funding optimizations is at the heart of it. We see that the interbank, including the repo, which is also a function for our investments portfolio growth, has continued to gain more tractions, while at the same time, we have seen a marginal decrease on customer deposits, which was purposely done, as highlighted by my colleague Nadir, on the back of a successful public debt issuance of AT1 Sukuk of SAR 10 billion, while we keep our progress on making sure that we protect our margins through enhancing not only the NIBs, but the low-cost funding sources as well. The customer deposits movement highlights that the migrations between the NIBs to the IBs, which has been a system-wide phenomena so far. Net Stable Funding Ratios at very healthy level, including also LCR and unweighted LCR, LDR. The headline LDR has increased by 4.5 percentage point, again, on the back of optimizing funding mix after the public Sukuk issuances. If we see the NIBs to the total deposits on a sequential basis has been decreased roughly by 80 basis points - 90 basis points for the period. The net special commission income has registered a moderate growth, and that were primarily driven by the volume growth and offsetted by the cost of fund, partially offsetted by the cost of fund. I think this will continue to be an area of focus to expand with a view to protect the margins going forward. As you can see from the quarterly SIBOR trends and the net special commission income margin trends, I think we have seen stabilizations between 2.85%-2.8% so far. I think more importantly here is that although the average three-month SIBOR has decreased by around 55.7 basis points compared to the similar period last year of nine months, our gross yield has been contained with the contractions of roughly 25 basis points. Both average earning assets and liabilities have grown more or less at the same velocity, and I think that has been reflecting our expectations for the first nine months. Again, I think this is reemphasizing our consistent and focus on continue to provide products with an expanding scope to our customers, as well as to the new-to-banks customers through different cross-sell activities. I think this is very well evident if you see the growth of 3% compared to the strongest growth that we recorded last year from the same base. I think this has pretty much supported our investments-related income. I would like to stress here, these are all customer flows business in the form of derivatives and treasury solutions, where it was more than an offset to the decreasing banking services emanated from lower lending volumes, as well as partially offset by other factors like cards and others. I think it's very important to highlight that this quarter of the year has been the strongest non-funded income or quarterly fee and other income, in other words, over the past two years. I think this has reached to a record high as of now. The lower left waterfall, just to highlight the key components of the add-up or the contractions from the fee income from banking services. As I highlighted, the credit facilities fee-related was the most significant factor. Cards continue to, on a nine-month basis, to show a negative of SAR 94 million, but on a sequential basis, we see this turning into the positive territory, and we do expect this trend to continue in the next quarter. We saw also a pickup on trade finance since the last quarter, but I think still we are more cautiously optimistic on rebuilding the trade finance income generation line to our fee and other income in the next quarters. Brokerage has, on a sequential basis, has improved, but still compared to the similar period of last year, still is below that percentage contributions. I think our story on cost discipline and control continue to progress very well across the board. I think we have been maintaining a very positive, healthy, positive jaws across all comparable periods. On a year-to-date basis, we registered 3.6%. On a similar quarter last year, we registered 5.5%, and on the previous, on a sequential basis, we registered 4.1% positive jaws. I think this is just the reflections of our dedications to continue to derive efficiencies across our cost optimization initiatives, but also in increasing the expense productivity, while at the same time maintaining our investments in our people and infrastructure as part of our 2030 strategy. I think a key message from this slide is very important to highlight, is that our cost base has been maintained at one of the lowest levels in the market. If we see that between 1.37% to 1.39%, 1.4% has been always the case on the last five, six quarters that we have been since we started the second phase of the journey. And this translates very well in terms of the cost income ratios of 28.7%. In terms of the OPEX mix of the main components, our employee-related continue to hover between 53% to 55%, which is very healthy to maintain our also the right talent as well as the right size for our organizations. I think depreciation has been picking up, but this is something expected given our increased level of investments over the last few years and continuing to do so. I think we do a lot of cost discipline and management on our G&A as a business as usual for the last few quarters, and I may say in the last three years. On the risk management side, my colleague also Nadir has highlighted that, and I think also we are very vigilant around the geo-regional, geopolitical situations. But I think as an NPL coverage ratio, it remains very comfortable at the 150% level. The NPL ratios, as I highlighted, as being stable. The NPL movement, we have seen that there is an incremental in the corporate side of what had, and that is a normal, an ordinary course of business, given that we have addressed a few smaller exposures from the SMEs portfolio, but also some commercial mid-size ones. At the same time, I think we continue to focus on our recoveries because I think this is one area where we can partially offset these increased level of expected losses, and this will continue in our foreseeable horizons as an area of focus. I did highlight before that we have expanded the team. We have created dedicated functions within the risk management divisions that looks on these assets who require really a different level of handling, as well as to look into the NPLs recovery going forward. Cost of risk, as I highlighted before, it is on 30 basis points, and this is cost of credit risk on 38 basis points, which is very comfortable. I think if we add all of these together, this supports our quality earnings growth that we have registered. I think it is very important to highlight that our net operating income before impairment in year-on-year basis for the nine month has registered 6%. I think the key message here, another one, is that we have expanded our margin business and margin income, and we have expanded also our non-funded income. Our non-funded income now covers 100% of our operating expenses, which is, I think, something that we are very proud of, while at the same time trying to manage our businesses with a view to sustainably grow them on the future. Our ROE, as I highlighted before, has expanded by 60 basis points compared to the last quarter. ROA, our return on average assets, have expanded by 4 basis points to reach to 2.04%. Capitalizations, particularly post our landmark successful Sukuk issuance, has been boosted again with 20.9% of total CAR and 18.2% of a Tier 1 capital adequacy ratios. Our Common Equity Tier 1 is now at 13.6%. If we see that now with the capitalizations as well as the boost that we are getting from our both, actually it is supporting our internal capital income generations as well as providing capacity for our future growth of 2027 and beyond. It has been growing at a much higher velocity of 25% compared to the capital consumptions of 6%. Our guidance remains on track with the continued progress towards our aspirations for the strategic horizons. On the balance sheet side, our loans grew on a year-to-date basis by 3.2%. Our guidance mid to high single digit. I think it is very important to highlight that on the first three quarters of 2025, we registered a very strong growth, and then Q4 was, we experienced also a much higher rate of repayments. So we are progressing with a view given what we have seen in Q3 and understanding our pipeline for Q4 and to meet the guidance, albeit maybe at the lower side of the guidance. The net special commission income, I think we are progressing towards our guidance in a nice way. Cost-to-income ratio, we are well within guidance, and I think we continue to aim to be well within the guidance. Our return on equity have inched up. I think this is well above our guidance currently, but at the same time that we continue to envisage any impacts on the mark-to-market adjustments that we have seen, particularly during the third quarter of the course of the year. Tier 1 capital ratios remains above the guidance. Our 2030 guidance still intact. With that, I would hand out the remaining to [Farouk]. Operator, back to you for the Q&A session. Thank you. As a reminder, if you would like to ask a question on today's call, please use the raise hand icon towards the bottom of your Webex window. When preparing to ask a question, please ensure your headset is fully plugged in and unmuted locally. That is the Raise Hand button at the bottom of your Webex window. Our first question will come from Shabbir Malik from Morgan Stanley. Shabbir, please unmute and go ahead and ask your question. Hi. Thank you very much for this presentation. Congratulations on a good quarter. I have a couple of questions, please. The first one, this quarter we saw pretty strong non-funded income. Going forward, how much of this non-interest income do you think is sustainable, or how should we think about as core, so that we can model it properly going forward? My other question is around your NIM sensitivity to rates. How is that? Where is that standing right now, considering that we have a rate increase already going forward? Maybe finally, if you can touch on asset quality. It seems like the trends have been good so far, but if we maybe focus more on certain segments such as SME, where you are one of the largest players, and maybe even large corporate, are there any early warning signals to suggest that there is potentially some deterioration in the coming quarters? So those three questions, please. Thank you. Thank you, Malik. Well, with respect to the first question, yes, indeed, this is one of the strongest quarter, as I highlighted, at least in my record that we have recorded. I think this has several components to it. One is, I think it reflects our business model resilience and focus on trying to compensate when the volume reduces from the business lending activities. So we were much focused on how we can drive more value from our existing portfolio and providing also solutions to new customers. I can assure you, this remains an area of focus for us. How we factor this, how we model this, I think if you look into the historical trend, we have been in the top three when it comes to the non-funded income to the total operating income. I think we have inched up two places ahead for this quarter. We aim to continue to be at the forefront, given our really focus on driving and high-quality income growth from that does not consume or uses the balance sheet in a much harder way. So I think this will continue an area of focus even for the theme on 2027 onwards. NIM sensitivity, I think on a static basis, and I think I have been very consistent in communicating this post-2024 particularly, that we have positioned our balance sheet progressively on that basis. So our static NIM sensitivity now, it is almost neutral, zero. But I think the real NIM sensitivity is a market driven by the how is the liquidity play that is going to impact the cost of fund. But we know also, particularly given our asset mix and in a focus of our loan mix of 75, including SMEs in the form of corporate, which is priced based on a benchmark rate, I think that will continue to pick up the asset yield, but in a lagging manner, as the liability reprices much faster. So I think from a static point of view, I think it is neutral. On the third questions with respect to the asset quality, I think the SMEs continue to perform very well. I think the level of SMEs are different. So we are pretty much focused on the upper sides of the SMEs as well as the medium size of the SMEs. That is what would continue to favor our cost of risk. And what would come from the SMEs, those who have passes through all of the attempt to support and help. Also, don't forget, also we have a sizable portion of our SMEs in the form of Kafala, and typically this takes a little bit longer time to recover. Early warning signal, I think it's intact for a long period of time now. I think we are monitoring the situation since it begun. We have highlighted this in our first quarter earnings call, in additions to the any potential subsequent events or stress conditions. Thank you. The next question comes from Rahul Bajaj from Citi. Rahul, please go ahead, unmute, and ask your question. Hi, Rahul. Can you unmute locally, please? We will move on. The next question will come from Rahul Rajan from Bank of America. Rahul, please go ahead. Hi, good evening. This is Rahul Rajan from Bank of America. A few questions from my side, please. On the SME space particularly, what we have seen is, some of the larger Saudi peers have been growing quite fast year-to-date on the SME space, faster than Riyad Bank. So, how do you see Riyad Bank's positioning within the SME space now, given that you have a very close number two from a competition perspective, and also from the fact that your strategy, the slide talks about growing number of MSME customers, but not really market share. So how do you see SME growth from here? Would you look at market share or how would you see things? Also, how much is Kafala within the overall book? So that's number one. Secondly is on NIMs. Maybe if you could probably help us explain what drove the NIM strength in third quarter, especially when we are talking about when we saw average SIBOR actually being higher, and you also talked about asset yields repricing only after a certain lag. So what drove the strength in 3Q, and how sustainable do you see NIM from these levels? That's number two. Thirdly is on the tax and the Zakat rate. What I saw was year-to-date, it's close to around 11.5% or percent, whereas historically it's been in the low 10s, around 10.2%, 10.3%. Maybe if you could explain what drove the higher Zakat and tax rate this year, and how do you see that going from here? So these are the three from my side, please. Thank you. Thank you very much. Yes, you are right. The competition is certainly increasing on the SME segment, particularly from the larger banks. We do welcome the competition. It actually reflects the significant growth opportunities in this segment. Riyad Bank remains the market leader. We are protecting our share. Our share is around 25%. It is actually 24.9% to be exact. We have a strong competitive advantage through our experience, nationwide presence, and deep understanding of the SME customer. Our focus is improving our digital capabilities, the customer experience, and turnaround times. With the Vision 2030 targeting SME financing at 20% of total bank loan book or financing, we see the huge growth potential ahead. Obviously, our ambition is very clear. We will defend our leadership position and capture our fair share of that growth. Regarding Kafala, we are one of the leading supporter of the SMEs through the Kafala program. We currently have approximately SAR 10.4 billion under the program, which represents around 10% of our total MSME portfolio. For the second question, NIMs? Okay, thank you, Nadir. On the cost of deposits, as well as the NIBs migrations and the IBs being repricing faster, and how is the outlook for the NIM in Q4 in particular, perhaps into Q1 as well? I think that would largely be driven by the level of liquidity in the system vis-à-vis the sequential credit growth. I think from our perspective, we see a stabilization scenario is more likely given the second half focus on increasing our lending activities and also catching up on the rate adjustments, sorry, on the repricing that we have done at the beginning of the year. I think that should ideally offset the marginal increase of the increased benchmark rates provided by the monetary policy expansions that took place in late Q3, as well as what is expected in Q4. On the Zakat piece, I think Zakat is a primarily function of the balance sheet structure and the mix of the assets as well as the liability or the sources of funds, particularly those long-term sources of funds. I think in the past, it was at the low side due to the fact that the level of the market access and the debt securities and issues in the long term has been at a much percentage compared to the assets, and now has expanded. We will continue to look through ways on optimizing our Zakat rate, given our structure of the balance sheet. Thank you. We will return to the line of Rahul Bajaj from Citi. Rahul, please go ahead. Unmute and ask your question. Hi, Rahul Bajaj from Citi here. Am I audible? Yes. Yes, you are. Okay, perfect. I have two questions mainly, and both are actually follow-ups to previous questions. The first one is on the non-funded income, and I want to focus on the trading line, where I think Abdullah mentioned earlier that a large part of the SAR 600 million trading gain was customer flows driven related to derivatives. I just wanted to understand what changes have the bank brought in to kind of get a sizable jump in this line item over the last couple of quarters? If these changes and the momentum that we see, roughly SAR 600 million per quarter, if you think that this momentum can be sustained in the near term? That is my specific question on the trading line. My other question, again, follow-up on the SME side. Just wanted to understand how do you treat cost of risk for SMEs where projects have been put on hold? Do you take provisions or kind of provisions against those exposures if the projects have been put on hold, or you wait for payments and let it go? Why I am asking this question is one of your peers in the market have actually taken some provisions for exposures where projects have been put on hold. They expect repayments, but they have taken provisions. I just wanted to understand how Riyad Bank treats such exposures. Thank you. Let me start by the asset quality of the SME and the corporate portfolio in general. We really have not seen any material impact on SME credit or the asset quality. Our portfolio remains very healthy. NPL just around 87 basis points. As mentioned by Abdullah, the coverage is at 151%. The Saudi economy remains very resilient. The fundamentals are very strong. Our portfolio, and SME in particular, is very well diversified. We remain very selective in our lending, of course. Yeah, thank you. No, in fact, I think this is very true. If you look to the Riyad Bank S&P PMI, it has shown a very positive expansions on the most recent period and reached to 55.3%. By the way, as a weighting, SMEs particularly, it accounts around 20% of that weight. So, I think this is a pure reflections on the current health of the non-oil private sector. That does not mean that there are SMEs would migrate from Stage 2 to Stage 3, and they need to be taken care of. That is an ordinary course of business. But there is no clear signs of how this portfolio is shifting. This portfolio has gone through different tests over the past five years in particular. So we are not concerned in that. I think with respect to your questions on the non-funded income, particularly on the investments or the trading, I think this is not predominantly, this is all customer flow. I think this is the result of a very close coordinations, pipeline building, sales, customer approaching, cross-selling different products, and also was supported by the rates environments that we have seen during the last quarter as well. So, these are predominantly in the form of hedges, as well as that we were advising our customers and getting close to them during a volatile period. Sorry, can you repeat your last questions? These were the two questions, Abdullah. I mean, thanks. Thanks so much. Okay. Thank you. All right. Thanks. The next question comes from Hekmat Salahie from MEFIC Capital. Hekmat, please unmute your line and ask your question. [Non-English content] Thank you, gentlemen, for the presentation. Am I audible? Yes. Yes. Yes, thank you for the presentation. Just one question from my side. Regarding your deposit and funding mix, I noticed that across the sector, your CASA declined, and overall, your deposits experienced the steepest decline across the sector on a quarter-over-quarter basis. This gap was more or less funded by interbank borrowing. I just want to understand, in the case of a sector recovery in terms of volumes, do you view your balance sheet as limited in terms of volume growth by funding rather than demand? Or how would your ability be impacted going forward to expand your loan book growth? Thank you. I think you rightly said that the CASA shift is a system-wide issue, and I think we are part of that system. We witnessed really a decrease, as I highlighted, on a sequential basis, as well as if you compare it to the similar quarter last year. I think we will continue to progress with our efforts and initiatives to regain this, particularly when rates started to stabilize. More importantly, this is not funded by interbank. I think it is being also funded by customer deposits as well as our Sukuk issuances and debt securities and issues. I think we are using multiple and all the funding sources to better manage not only the durations or the mismatch, but also manage the volatility in the market. I think this is what we have been focusing on, particularly in the past 2.5 years, with the focus on the diversifications, et cetera. But yes, you are right. There was a decline on the CASA mix. I think we are also developing products to attract different deposits in different form with a different level of interest that could positively impact our cost of funds going forward. Okay. The deposits in general, it is available in the system, but at cost. That is why we are focusing more on wherever we see an opportunity that creates for us value with the right cross-sell, as with the right risk-adjusted basis return. I think we will continue to pursue that. Okay. Clear. Just to follow up on your growing MSME book, do you still believe a 35 basis points-40 basis points as a cost of risk would be an adequate range to cover for your increasing MSME exposure? That 38 basis points or 40 basis points or 45 basis points, this is the whole portfolio. The SMEs constitute 1/4 of that portfolio. Within that SMEs, you have 80% or 75% on the upper sides of the SMEs. So, it differs. But definitely, the cost of risk and the NPL ratios of the SMEs are higher than the whole portfolio. The next question comes from Murad Ansari from GTN. Murad, please go ahead. Unmute and ask your question. Yes, thank you. [Non-English content] Thank you for the presentation and the call. Couple of questions. Firstly, on loan growth. You promised that second half loan growth is going to be stronger, and we've seen that come through in the third quarter. I just wanted to get a sense, do you think this momentum will continue into the fourth quarter, given the liquidity side of the equation and how the interbank rates have behaved, suggesting that there is some pressure on liquidity? Just wanted to get your thoughts on the liquidity situation. How do you see that impacting your loan growth ambitions for the fourth quarter? On margins, again, a good quarter. I think the margins appear to have stabilized. I mean, if my calculation is correct, I think the 1 basis point or 2 basis points improvement that we've seen sequentially has been helped by improvement in asset yields. So, those have moved up quite a bit over the previous quarter. Just wanted to understand what's driven that improvement. Is that purely repricing, or you've also shed your investment book? Is there some impact of that which has flown through? And then lastly, a broader question. So, 2026, when we started, or rather end of 2025, I think the theme was that 2026 is going to be a year of consolidation as far as balance sheet is concerned. So loan growth is going to slow down versus 2025, capital ratios will get built up, and liquidity will get built up as well. We look at LDRs and regulatory LDRs across multiple banks, and I think third quarter numbers for most of the banks are either back to where they were in third quarter last year, or a bit higher than that. So my question is that, do we see this consolidation phase on growth continuing into 2027 as well, because how the liquidity environment is shaping up? Thank you. Thank you. So, regarding the first question regarding the loan growth. So, the first half of the year, we've seen a muted loan growth, but in the third quarter, we see it picking up. We in Riyad Bank delivered 2.1% growth in Q3, which brings the year-to-date growth around 3.2%. Looking ahead, we will continue to diversify our revenue stream. We will not just focus on loan growth, but we will focus increasing our investment portfolio, taking advantage of higher yield and spread, which is widening in high-quality paper. Corporate lending momentum improved, as I said, in Q3. We expect this momentum will continue in the fourth quarter. We will keep focusing on MSME. We've grown our portfolio by 8.5% this year, and we'll continue focusing on that. But as my colleague Abdullah mentioned, we will continue prioritizing the value-added and capital-efficient opportunities rather than volume going forward. Regarding the liquidity, we also saw the liquidity condition improved during the first half of the year, but some tightening did emerge toward the end of Q3 and early October. That was mainly driven by stronger loan growth and slower deposit growth. Obviously, some seasonal outflow. At one point, the SIBOR/SOFR spread reached around 180 basis points, but this has since normalized around 102 basis points, 103 basis points. We expect some seasonal government spending to provide relief towards the year-end, end of this quarter, although the timing remains uncertain. From our perspective, our SAR 10 billion Sukuk issuance came at exactly the right time, giving us additional funding flexibility, which will allow us to do more selective on deposits, will make us more selective in deposit, and avoid paying unnecessarily high funding cost. For the second question, Abdullah. Thank you, Nadir. Well put. In terms of margin, I think with all what you mentioned, Murad, are components of that. Whether this is a repricing impact that we have done, renewals, et cetera, so it is flowing through. Also, the incremental investments that were made during the course of the period have contributed. Also, with the optimizing cost of funding as well as shedding some expensive deposits on a view to optimize our total cost. So, it is by choice, it is a cautious decisions, because I think this is one of the way that we genuinely believe that we can manage more effectively our cost of funding. On 2027, I think it is too early given the volatility on the region by the geopolitical side. But I think more importantly, if we rely to the economic data that has become available, whether from the Ministry of Finance, who are expecting an expansion of both the real GDP by more than 12%, as well as the nominal GDP, which is a very important component in terms of the supporting of the liquidity, or the IMF, all indicators says that there is a kind of a strong recovery over compared to the past five years. I think this will support the sectors in the form of the spending as well as in the deposits increases as a potential. But I think we would be in a better position when we have the full-year results as well as more clarity would be available in terms of the theme of the, or the unfolding part of the current geopolitical situation. Our final question today will come from the line of Aybek Islamov from HSBC. Aybek, please go ahead and unmute your line and ask your question. Yeah, thank you very much for your Q&A so far. Well, I think one question I am really curious about is your very good tactical use of funding mix, in particular in Q3, which delivered a very good cost of funds. I think to that extent, I would like to ask you, what is your comfortable interbank funding exposure as a percent of assets, right? Today, it stands at 10% as of 3Q. This is your interbank borrowing as a percentage of total assets. There are some banks in the kingdom which have a higher ratio than this. That is my first question. Second question is, can you please tell us what is the ratio of FX funding, foreign currency funding, within your total liabilities, interest-bearing liabilities today, and what percentage of that FX funding is being used to generate Saudi riyal from the offshore destinations? That is my second question, and I think I will stop here. Thank you. Thank you, Aybek. With respect to the first question, I think it is very important to highlight what defines interbank funding. I think the predominant components of the due to banks is in the form of repo that are part of our high-quality liquid assets portfolio that we have. A major portion of that is self-funding that portfolio, which is of HQLA type. That is one. The second thing, based on that, there is not really a target per se of the liability mix or funding mix on that one. It is actually the balancing figure. This is with respect to the first question. On the second question, I think we do not have per se a targeted foreign funding that is supporting riyal assets. I think we do have, in general, limits as part of our risk management limits, where we have internal limits we set by ourselves, and we have never ever get closer to that limit. I think the remaining part is disclosed in the public financial statements for the year. Aside from that, I would not extrapolate anything. This is all the time we have for questions today. If you have further questions, you may reach out to the IR team. With that, I will hand back to the CEO for closing remarks. Thank you very much. Thank you for your questions and for joining us today. As we enter the final quarter of the year, our priorities are clear: to pursue quality growth with discipline, to protect the strength of our balance sheet, and keep turning Strategy 2030 into measurable progress for our customers and shareholders. We will stay focused on execution, prudent risk management, and supporting the Kingdom's continued growth. We look forward to sharing our progress with you in the next quarter. Thank you for your continued interest in Riyad Bank. Have a good day. This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.