Thank you, Drew, and welcome to our results call for the first nine months of 2026. I'm pleased to report that our outstanding results continue to reflect the remarkable strength and confidence in the UAE economy, which remains one of the world's most dynamic growth markets and is supported by visionary leadership, strong domestic demand, and continuing investment across key sectors.

Against this backdrop, Emirates NBD delivered record income of 42.2 billion dirhams, with profit before tax reaching 24.3 billion dirhams. Customer confidence and business momentum remain robust in UAE and across our other core markets, with strong, broad-based growth driving our balance sheet to 1.38 trillion dirhams, up 18% year-to-date.

This growth was supported by an impressive 27% growth in gross loans and 19% growth in deposits, reflecting the strength of our franchise and our ability to support customers as financing demand remains robust. It now includes RBL in India.

As loan growth continues to outpace deposit growth, the market liquidity conditions have become more competitive. Our market-leading deposit franchise and diversified funding base provide a significant advantage in this environment and remains an important strength of Emirates NBD.

This gives us the flexibility to manage funding carefully, continue supporting our customers, and capture profitable growth opportunities in the UAE and across our other core markets. We continue to play a pivotal role in UAE's ambition of becoming a global hub for wealth management and capital markets.

Our leading wealth management platform, comprehensive product offerings, and international network positions Emirates NBD as the trusted partner of choice for clients seeking to grow and preserve their wealth. This momentum is evident in the strong client activity and investment flows, underpinned by double-digit AUM growth delivered in the UAE since February.

On the capital markets front, Emirates NBD Capital, our investment banking arm, led debt capital markets activity by executing more than 70 deals in 2026 so far, supporting our clients across 13 countries, raising over $60 billion. International expansion remains a core part of our long-term strategy.

In July, we signed an agreement to acquire HSBC's Egypt retail banking business, which is an exciting step forward in our regional growth story. The transaction will expand our customer base and distribution network in Egypt, positioning us as one of the leading retail franchises in the country.

Together with our investment in RBL Bank in India, this reflects our strategy-led approach to expanding our existing core markets, where we see attractive, long-term growth opportunities. We're already seeing real, tangible value being created, including RBL's rating upgrade, its successful first-ever EMTN issuance, and the ability to capture FCNR flows from UAE to India within the group.

Our relentless focus on innovation continues to unlock new avenues for growth. Since launching our mobile banking app, ENBD X, in 2023, we've expanded the number of services available in the app from 150 to 237 today, making banking simpler, faster, and more intuitive for our customers.

Our digital capabilities improve customer experience, enhance productivity, and build a real competitive edge for the future. We continue to invest in technology, data, and artificial intelligence, accelerating our ambitions to build a world-class, customer-first digital banking franchise.

Looking ahead, Emirates NBD is well positioned to capture opportunities presented by growing populations and continuing investment across UAE and our other core markets, delivering sustainable, long-term value for our shareholders. I'll now hand over to Patrick to go through the results in more detail.

Patrick.

Thank you, Shayne, and good afternoon, everyone. We've delivered another impressive set of results, achieving both record income and profitability.

This is our first full quarter with RBL, boosting our balance sheet and P&L. Where possible throughout the presentation, we have called out the impact of that, particularly if there is material year-on-year or year-to-date asymmetry.

Let me start with the overall nine months performance on slide 3: record total income of 42.2 billion, up 16% year-on-year. Within that, net interest income rose 14% year-on-year to 29.4 billion, driven by continued strong asset growth momentum and resilient margins.

Non-funded income grew by a remarkable 18% year-on-year, driven by broad-based segment growth and the strength of our diversified product offering. Our cost to income ratio came in at 31.4%, comfortably below our long-term, longstanding guidance of below 33%.

With that, we delivered a solid 14% increase in operating profit for the first nine months. Despite the higher impairment charge and a higher hyperinflation adjustment, profit before tax came in at a record 24.3 billion, up 4% year-on-year, demonstrating the strength of our underlying business.

On a quarterly basis, we were pleased to deliver 6% growth in total income, while quarterly profit of 6.4 billion is tracking well against Q1 and Q2. In the bottom table, you can see the balance sheet metrics are all in really great shape, with gross lending up 27%.

Total assets are closing in on the 1.4 trillion mark, further boosted by the consolidation of RBL. Capital, liquidity, and credit quality metrics all remain extremely healthy.

Let's turn to a bit more detail by component, starting with net interest margins on slide 4. The overall margin is 3.24% year-to-date, tracking well to our full year guidance of 3.1 to 3.3%.

Just breaking that up a bit: ENBD ex Deniz and RBL NIMs remained resilient at 2.6% year-to-date and 2.58% in Q3, increasing 4 basis points quarter-on-quarter. Throughout Q3, we have seen EIBOR rates rise around 50 basis points, including the 25 basis points Fed rate hike.

This, combined with the increased mix of time deposits, has indeed increased our cost of funding, but we have continued to maintain our disciplined asset pricing approach, more than offsetting the funding cost increase. We're still in a good position with respect to margins, tracking well to our verbal guidance of 2.5 to 2.6% margin.

DenizBank reported a net interest margin of 6.87% year-to-date. As I had indicated in the previous quarter, we did see some pressure on margins in DenizBank, reflecting the impact of higher overnight rates on funding costs.

That continued into Q3 as rates remained elevated. The good news is that we have seen overnight rates come down in the latter part of Q3.

I think we are still tracking close enough to the 7% full year NIM that I've mentioned in earlier quarters. Further rate cuts are expected in Q4, which will help.

RBL NIM stood at 4.06% for the consolidated period on an IFRS basis, with a positive contribution of 6 basis points to the group's quarterly NIM, as you can see in the bottom right chart. Overall, our strong deposit franchise and solid liquidity position provides us with the flexibility to remain disciplined in deposit pricing, while we continue to price asset yields appropriately.

Moving to non-funded income on page 5: we delivered another strong quarter, with total NFI increasing 18% year-on-year to 12.8 billion for the first nine months. This reflects the strength and diversification of our revenue base, with broad-based growth across segments and product lines.

Net fee and commission income is up 22% year-on-year to 7.4 billion, supported by continued strong fee-generating asset growth and robust customer activity across cards, wealth management, trade finance, and transaction banking. Total other non-funded income increased 12% year-on-year to 5.4 billion year-to-date, driven by strong client flow income, particularly in FX and derivatives, as we continue to enhance our global market product offerings and deepen client engagement.

Turning to costs on page 6: our cost to income ratio stood at 31.4% for the first nine months. That does include RBL with the first full quarter of results.

Without that, it is 30.8% and tracking to an expected full year outcome of around the 31% mark. With RBL, I think we'll be around 33% or just over.

RBL has a 50% cost to income ratio, going forward, that will mean we are typically higher than before. I'll come back in January to give you a better idea of what that means for long-term guidance overall.

For Q3, in the bottom left-hand table, I have called out the RBL cost base. Our core costs are up 6% quarter-on-quarter and 11% for Q3 year-on-year, which is almost entirely the inflation pressure in DenizBank.

We have been maintaining our strict cost discipline, but having said that, we do continue to invest in technology, digital capabilities, and strategic growth initiatives, ensuring that our infrastructure supports our future growth. Turning to page 7: loan growth was exceptionally strong in Q3.

Gross loans increased 27% year-to-date. Excluding RBL, loans were up 18%, which is a particularly strong outcome and has led us to revise positively our full year guidance to low 20s from mid-teens.

Retail loan growth is across all products, driving the 17% increase year-to-date. Corporate loan growth of 22% has exceeded expectations and is across almost every industry sector, perhaps with the one exception of hotels.

It's also well balanced between GREs, governments, and the private sector, particularly in the UAE, where business activity remains strong. On the liability side, deposits increased 149 billion during the first nine months.

Excluding RBL, deposits grew 12% year-to-date, while RBL adds 55 billion of deposits, representing around 6% of group deposits. While we continue to observe CASA migration to time deposits, primarily from corporate customers, we expect this to be a trend broadly consistent with the overall market.

That said, there is clearly higher competition for liquidity across the market, particularly on the back of continued strong loan demand. Our approach has been to remain disciplined on deposit pricing, while maintaining business momentum and protecting the overall sustainability of our funding base.

Importantly, our market-leading deposit franchise and strong liquidity position gives us the flexibility to continue to be selective in attracting deposits. Turning to page 8, on credit quality: the NPL ratio improved to 2.0%, mainly as a function of the larger lending denominator and no net material change in the NPL stock balance.

We have tightened our full year guidance to circa 2.0% from circa 2.5% to reflect this. Touching on cost of risk: as we did in Q2, we have again updated our macroeconomic variables used in our ECL models to reflect the evolving operating environment, which was on the positive side.

DenizBank's cost of risk remained elevated at 307 basis points, as we have seen the flow-through from the impact from inflationary pressure in segments like Agri, SME, and credit cards. However, elevated risk costs continue to be supported by strong lending margins, allowing the bank to maintain healthy risk-adjusted returns.

Overall, the cost of risk for the group landed at 37 basis points year-to-date, which remains within our full year guidance of 30 to 50 basis points. Looking ahead to Q4, we expect the full year cost of risk to land towards the upper end of our guidance, and potentially marginally above, as we may not see the positive impact from MEVs repeat and possibly lower recoveries than the first three quarters.

Just moving to slide 9: funding and liquidity remains clear strengths for the group, with an AD ratio of 87% and an LCR of 147%, providing substantial flexibility to support balance sheet growth. During the first nine months, Emirates NBD issued 34.8 billion of term debt and sukuk.

Q3, we successfully issued our inaugural 150 million Swiss franc public green bond, reopening the Swiss franc market for GCC issuers, and RBL completed its first-ever $350 million EMTN issuance. These transactions demonstrate the strength of our funding franchise and our continued ability to access diversified markets on attractive terms.

Turning to capital: our position remains solid, with a CET1 ratio of 13.4%, absorbing the RBL investment and consolidation, and continued strong balance sheet growth impact. Strong retained earnings in Q3 helped absorb 4% quarter-on-quarter growth in total risk-weighted assets, with total RWAs reaching 1 trillion.

Our capital base remains a key pillar of strength, giving us the capacity to support healthy customer growth, support balance sheet expansion, and continue creating long-term shareholder value. Slide 11 shows continued strong performance across our key businesses.

Retail delivered an excellent performance, with record operating profit of 11.2 billion. This momentum was evident across the business, with lending growing 17%, complemented by 29 billion of deposit growth year-to-date, and a strong 71% CASA ratio.

C&IB delivered a 7% year-on-year increase in profit before tax. Lending momentum was particularly strong, with loans up 22%, while the business remained focused on liquidity and high-quality client relationships.

Global Markets and Treasury delivered 1.9 billion of income, supported by our enhanced product suite and strong client activity. The team also maintained its market-leading position in term debt markets, issuing 34.8 billion dirhams of term debt and sukuk.

Finally, DenizBank delivered 1.8 billion profit before tax, with strong local currency loan and deposit growth continuing to support performance. With that, we can now open up the call for questions.

Hi, thank you, and well done on the results. First question, please, is just on loan growth.

I appreciate that you'll give us next year's guidance with the Q4 results. Given the momentum you've got at the moment, would it be reasonable to assume at least mid-teens growth for next year, or is there something that might slow it more than that?

I can just see consensus is about 11, 12% at the moment that seems on the lower end. Then second question, please, about asset quality.

Did you release any of your overlays in the quarter, and can you remind us where those stand at the moment? As we think out to next year, is the potential to release overlays along with the potential to get more recoveries that might see the cost of risk again quite a bit below the through-the-cycle rate?

Thank you.

John, thank you very much. Thanks for joining.

Just briefly on those. Just for the loan growth 2027, you're right, we do come back typically in January to give guidance on that.

We're in the budget-setting cycle at the moment, and that's when we sort of look out across the five core markets, what the potential is, and that is including also RBL, and then bring that together and provide the updated guidance. In the meantime, the momentum has been strong so far this year, and perhaps surprised a little on the upside, particularly in the corporate side.

That has been genuinely across all sectors. There were a few standout sectors like manufacturing, and management companies, and FIs, etc.

I think time will tell as we go through the next quarter how much that momentum continues, but there's nothing we are seeing that means there is reduced appetite. Obviously, geopolitics and those sorts of things may have some factor on the pace of investment in the year to come.

That's one of the unknown unknowns for the future.

What I would say, John, is I sit on the Management Board Credit Committee, obviously, and the pipeline is strong. The one thing we're not short of is asks.

The question is, are we getting enough return for the asks? We are being a lot more particular about returns and making sure we're getting the right returns on risk capital.

Especially given the tightness of liquidity in the market, we can be more picky and push pricing a bit better than historical, given the increased cost of liquidity.

John, just on the second one around asset quality and the overlays: yes, we made that 865 million overlay provision in Q1. I think we're one of the few banks to actually update the ECL models with macroeconomic variables in Q2.

We've done that yet again. A number of the key variables that actually supported that overlay have improved significantly over the last two quarters.

We have around half that original overlay left equivalent, just from some of those releases effectively in the model that we've been able to do.

Got it. Thank you.

Thank you very much. It's Naresh from Jefferies.

Congrats on the results. Three quick questions, please.

One, would you say that there is a scope for the UAE segment to outperform further on the net interest margin given that the EIBOR only rose meaningfully in September, the full loan book has not been repriced? Or should the benefits kind of be tempered by the risk of a rise in the funding costs, as we've seen some erosion in the CASA mix?

That's the first question. My second question is on the asset quality.

Can you please guide the extent to which the Central Bank support package that was offered in March concluded or not? Are there any measures still in place, or that has firmly concluded across the board?

With that conclusion happening at 30th September, should this have any impact on the Q4 impairment charges or not? That's the second question.

My third and final question is again on asset quality. We've seen that your industry-leading provisions to loans ratio, which is right now 2.93%, erode somewhat as you have enjoyed recoveries in the recent quarters.

For our medium-term modeling, is there a level that you can guide us to refine the impairment charges estimates more precisely through the medium term? Thank you.

Sorry, Naresh, on the last question, do you mean Stage 3 coverage ratios?

No, the overall provisions to loans ratio. Overall provisions to loans is 2.93%, which was I think 4.9% or so in the recent peak about six to eight quarters in the past.

That has come off as you've enjoyed recoveries. Just so that for us to model the impairment charges for the medium term, is there a level that you can guide us on this ratio at all?

Thank you.

Yeah. Naresh, just on the NIMs and the sensitivity around that: yes, EIBOR has gone up 50 basis points, including the 25 basis points Fed rate hike.

There may be another rate hike this year. The one of the key that's not all going to be upside for us.

We are tracking nicely to our target NIM margin. On one hand, you have some of the upside from the rate sensitivity, but also there is the competition for liquidity.

With that, we have changed the mix in our book significantly from the CASA to time deposits, so that does cost more. That then blunts some of that upside.

In fact, the rate sensitivity has shifted somewhat, where the upside is now more like 250 million dirhams for—sorry, 160 for a rate rise and 250 for a rate cut. Sorry, to say that around the wrong way.

Because of that mix in the funding book, the bank is now a lot less rate-sensitive than we might have been in the past. With that pressure on liquidity, we are really focused on making sure we're not overpaying for time deposits.

Yes, the mix is changing, but we're not outcompeting the market. Then on the asset side, we're making sure we're being very disciplined around the pricing for the assets on that side of it to help maintain that margin.

Having said that, there is an aspect of if there is more GRE or government-related lending, inevitably, the gross client spread of that, because it's at the better end of the PD curve, means a lower overall customer spread. That can actually reduce margins net-net a bit, but you are still getting strong returns on risk assets.

Just on the asset quality part and the Central Bank: the FIRP has been rolled forward to the 15th of January. Happily, that's a mid-month after a year-end rather than being on the day of a period-end, which helps enormously.

In respect of asset quality part of it, the intention of the Central Bank guidance there was to say, yes, please, support your customers with deferrals. If customers are availing themselves of deferrals, that doesn't mean in your models you have to automatically downgrade someone for forbearance from Stage 1 to Stage 2, for example.

If you actually look in Note 23 of our accounts, you will see that we have actually been downgrading from Stage 1 to Stage 2. You have seen a slight step-up in that flow.

To me, that really does demonstrate that we are not holding back from downgrading customers from a credit quality point of view, as opposed to just because there is temporary relief. As we know from during COVID, having the deferrals actually avoids a significant amount of impairments in the future.

Just on the coverage side of things: coverage will reduce due to a higher loan base, so that's a big factor in the dilution of some of those ratios. Even in the presentation, when we're looking at both the Stage 3 and the coverage on page 8, the actual impaired loan stock has not been moving a lot over the last couple of years.

We've had significant recoveries, and then some new inflows from that. With that, because you then have a higher denominator, you also end up with some of the dilution of some of the other key coverage ratios as well.

It might be better to look at some of the absolutes from numerator and denominator, rather than a target ratio per se. Hope that helps, Naresh.

Hi, thank you very much. I just wanted to get one clarification.

You said the sensitivity on rates has changed. Can you please repeat what's the sensitivity now?

That's my first question. My second question is around your revenue mix.

What percentage of revenue now does the bank generate from outside the UAE? That will be pretty helpful.

Thirdly, I think just in terms of margins, going into the fourth quarter, I think this quarter in the third quarter, we saw Deniz's margins coming off a bit, but given the way interest rates are shaping up in Turkey, there's a possibility of NIM expansion in the fourth quarter. You kind of alluded to the favorable sensitivity to rates for the UAE business.

The signs seem to suggest that NIMs should expand going into the fourth quarter. Is that a reasonable assumption, or you think there are risks to that thesis?

Maybe finally, RBL benefited from a capital injection from Emirates NBD, but it also saw inflow of NRI deposits. How does that play out in terms of its NIM trajectory going into the fourth quarter and into 2027?

Thank you.

Shabbir. Four things here.

Right. Just on the rate sensitivity, just to repeat that: actually, from a ENBD alone basis, for 25 basis points up, it's 160 million dirhams, and for 25 basis points down, it's 250 million.

That's the factor of the mix of time deposits means it's lower than it was before. As a group as a whole, it's about 200 just over 210, 215 million for 25 basis points up, and about 300 on the downside.

That's just the update on the change in rate sensitivity. Just on the revenue mix, I think you were talking about for international.

Just for the pure international, excluding Deniz and RBL, it's around 6% or so. If I included all of international outside of the UAE, it's about 27% of our overall revenue.

On the Deniz NIMs, what's that looking like for Q4? Very similar to last year, you may recall, they had a rate hike, or a pause in the rate-cutting near the end of Q1.

We knew then that Q2 NIMs would have a short-term negative impact. This year, however—and then last year, they continued the rate-cutting into Q3 and Q4.

This year, the rate-cutting has paused for longer, and indeed, I think the overnight rates were up around the 40% versus the more usual 37%. It was a bit higher for longer, and that continued into Q3.

In the latter part of Q3, though, they did reduce that overnight rate, and we are expecting more rate cuts. It won't have a material impact for this year's financials, but will be positive into Q1 for next year.

I'll keep an eye on the exit rate for Q4, which I am expecting to be slightly better than Q3. Even if it stayed where it is today, it's close enough to the 7% verbal guidance I think I gave earlier as part of the overall group target of 3.1 to 3.3%.

You can see us at 3.24% year-to-date as a whole group. We're right in the middle of that guidance, I'm quite comfortable with that.

Then RBL capital injection benefits from FCNR: yes, the good thing about the FCNR was that anything that was either originated in the UAE or originated onshore by RBL, all of that funding has been kept inside our banking group, which is a significant benefit from funding point of view. The capital injection, yeah, we will have a benefit from that from both the FCNR and the capital injection, by being in the first instance being able to retire some of the more expensive term funding that they had pre-acquisition.

That's also showing some real benefits. I am not breaking out at the moment the monetary value of that, but you will see some of that upside coming through more in Q4 and in Q1.

I think that covers everything. You want to add to that, Shayne?

I think the other thing just to remember from the analysts is we've also got to be quite a bit careful about how we guide you on RBL, because it's a publicly listed company that's separately regulated. We also need to be mindful of our governance requirements when it comes to RBL, on giving a forward outlook, given that they are publicly listed as an entity.

Thanks, Naresh. Oh, sorry, Shabbir, Shubhir.

Apologies. Sorry.

Yeah. Hi, thanks for taking my question.

Rahul Bajaj from Citi. I have three questions, mainly.

The first one is on the comment you made earlier around international expansion, which said international expansion remains a core part of the long-term strategy. I just wanted to understand, given we are done with the RBL acquisition now, and the Egypt kind of acquisition is also in the process, what next?

What next is on ENBD's radar? What are you thinking in terms of the strategy, which remains very core, as you said earlier?

That's my first question. My second question is on slide 6, actually, and maybe a technical clarification here.

If I see the bottom right-hand side chart on slide 6, I see the non-client income has been negative for every quarter for the last five, six quarters. Why?

Why are you not able to generate positive non-client income? What is going on here?

That's kind of my second question. My third and final question is on FCNR again.

I just wanted to understand the loan growth that you have shown in the ENBD ex RBL business, I think 7% Q-on-Q, to what extent that incorporates an uplift coming because of the leverage FCNR, where ENBD over here was taking part as the leverage provider for the FCNR deposits? Is that leverage part of the ENBD number or part of the RBL number?

What I'm trying to get to is basically how much is the underlying UAE growth, excluding the leverage part of the FCNR? Thank you.

Rahul. Maybe international expansion, Shayne, do you want to touch on that?

Sure. I think for what we've said many times is that obviously RBL was our focus to get that deal closed, which we have.

What I would say on India is we've got a hell of a lot of work to do when it comes to integration, technology, etc. There's a lot of work to do there to get that bedded down.

On Egypt, I've said quite a few times on this call, where in our minds, we're far too small. We've looked at other acquisitions in Egypt historically, never got them over the line for the price that we wanted, etc.

This one came along, and it's relatively cheap as an acquisition, and gives us a big boost in our, especially our deposit franchise and our wealth franchise in Egypt. I think that made a lot of sense for us to actually expand there and acquire there.

We would continue to look for bolt-ons in our core markets. Do I see us going out and doing a massive offshore acquisition in the foreseeable future?

I think the answer to that is unlikely, unless something magic comes along. Given that our CET1 is down to 13.4%, we need some rebuild there.

RBL took about 1% in total with the RWAs, and

yeah,

off where we would have been. We do generate strong capital pretty quickly, but I think from a strategic perspective, bolt-ons and bulking up where we are in our five core markets is always important to us.

That's been our strategy for years now, and we continue to execute on that strategy. We look for opportunities, but we're very picky, and we're very price-sensitive as to what actual transactions we end up with, and we end up losing more than we get.

I think these two came along. As they say with acquisitions, it's like waiting in London for a bus.

You wait for hours, and then three come along at the same time. I think that's a bit what happened with RBL and Egypt, two buses came along.

We're mindful that we need to give returns to our shareholders, we're mindful that we need to maintain our capital and liquidity, but we're also mindful that we need scale in these markets. Certainly in the five core markets that we've nominated, we want scale in all of those markets.

We don't want to be a tiny percent market share participant. That doesn't work, because you need scale in banking these days.

Thanks, Shayne. I'll take the second and third one, maybe.

Actually, Rahul, I think you were referring to page 5 for the non-funded income, rather than page 6, if we can just turn to that one. Yep.

Right. There we go.

Rahul, I think you're referring to the pale blues at the bottom right-hand corner there for the non-client flow component of other non-funded income. The most substantial part of that is two things.

One is the swap funding cost in DenizBank in Turkey. That's when they're swapping their foreign currency through the Central Bank into local currency for lending.

That swap funding cost component of the derivative cost goes through that line, so that's what that is. Some quarters, actually, and that has been rising or it had been coming down for a number of quarters as interest rates were coming down, but then when the rate cuts paused and then temporarily I guess the overnight rate went up from 37% to 40%, that increased it a bit.

Then from quarter to quarter, we can sometimes see small one-off gains on property sales from time to time, as part of the inventory that we would have historically had from recovered credits. When the property market is right, then you sell those from time to time.

That's why it can be a little bit up and down and lumpy. That's the whole point of this chart, is to pull out for you what the real, recurring, client-related flow income is, and how consistent and steady that typically is quarter to quarter.

That's that for that question two. Question three, just on loan growth and how much did the FCNR leverage contribute to that, and which part of it is.

That's on slide 7, when we're looking at the Q2 to Q3 movement. We're not going to break out that in detail either in total quantum or between which line it's in.

I will help you figure out a total number, but it is partly in the RBL growth. You can see they went up 10 billion, from 44 to 54.

They will have worked with some of their international customers and some of that leverage in their retail business. Then in the retail component, going from 204 to 216, that's up 14.

A part of that would have been also the UAE working with customers doing leverage, so that would have been a component of that.

I think strategically for us, this made a lot of sense. One, there's obviously money to be made in the leverage that we provide in the UAE, and the swap costs, because you don't want to leave the interest rate risk on the table for highly leveraged deposits.

The advantage for us versus some other banks is we were putting it into ourselves. We weren't giving that skin in the game to one of the other Indian banks.

We were actually consuming it ourselves to lower the cost of funding in RBL itself. For us, it was a win-win.

One, we get growth and profitability from the loans and the swaps here, and two, we injected into RBL as long-term deposits, thereby lowering their borrowing costs. For us, it was a win-win structure.

We're pretty happy with it. I think half the staff here wanted to know how they could get Indian passports, given the yields you were getting on those deposits.

Rahul, I know that's not particularly helpful if we don't tell you the overall quantum and if that was a one-off, how much of the growth was that.

RBL has declared how much.

They've said they have done in total, but that doesn't correlate to exactly how much leverage we would have provided customers to do that. They did make a public statement on that saying that overall that they had attracted $3.4 billion of FCNR, and a substantial part, or I think they said maybe the majority of that, was from within the group.

That's why we have updated the guidance to low 20s. If you took 20, 21%, just say, for the loan growth, I think you can work back to then what we're expecting Q4 growth to be.

If that is a lower amount than what you saw in Q3, a little bit of that will be attributable to FCNR, but not everything. That's the best way I can frame that one, I'm afraid.

Hope that helps a little bit. Thanks, Rahul.

Yes, hi. Good evening.

Thank you for taking my questions. This is Rahul Rajan from Bank of America.

A few questions from my side, please. Firstly is on the pricing benefits that you commented upon that is coming through on the asset side.

Could you shed some light as to where is it coming from and how durable this is? That's number one.

Secondly is on your Turkey business for the acquisition of some of the assets of HSBC Turkey. Will this require further capital infusion into Turkey, or does it happen through the existing capital at DenizBank itself?

Thirdly is from a loan growth in third quarter, we saw strong loan growth from sovereign as well as personal loans. I'm assuming some part of personal loans is this FCNR that you have been talking about.

If there are any other particular sources within that, and also within sovereign, is this more Abu Dhabi or is it any other Emirates that you could probably shed some light on? Thank you so much.

Thanks, Rahul. Just on pricing benefits of assets: it's more a discipline of making sure that you're pricing correctly for risk at the point of origination.

I think I said a little bit earlier, yes, if you skew significantly towards GREs and sovereign, your margins will compress because the credit spread will be lower, even if the returns on a risk-adjusted basis are just as good as something else in the middle of the PD curve.

I'd just add to that, Patrick, here. When we look at pricing for our corporate customers, we're also looking at the overall returns, not just lending, but we're looking at cash management, trade, FX, derivatives, etc.

For us, when we're looking at where we'll go on pricing, it's what is the overall returns on risk capital for that client, including all ancillary products that they utilize. If we've just got a borrowing-only relationship from a client and they don't give us ancillary, therefore, the pricing is going to be quite different to someone that's giving us their full suite of products and utilizing us as their main bank.

We do price for risk on a relationship basis, not just purely on a credit basis.

Yeah. Rahul, you can also see clearly the evidence of that is on page 4 on the bottom right-hand corner with the chart, if we can pop that back up.

You can see that the asset yield just in the quarter has gone up 16 basis points, while the funding cost has increased by 11 basis points. That's what I was referring to in the presentation as well.

Sure, if your funding costs go up, you have to pass that cost on to the clients and customers, unfortunately. It's about that discipline, because while there's a lot of appetite and demand for loan growth, it's at what price you do it is really the key thing.

Hopefully, that's the evidence that we've been able to achieve that. Your second question, I think there must be some confusion.

You mentioned something about Turkey. Shayne been referring solely to Egypt.

I don't know if you want to clarify the question or maybe that's just a mix-up.

On Egypt, I think it's largely a deposit franchise, but those deposits are also invested into govies, etc. Our estimation on the capital is about 30, 40 basis points CET1 once that's completed.

We probably don't think that'll complete until the third quarter of '27. We need to switch all the systems over at the same time.

I think we're on track to cut over on the systems basis by the third quarter of '27.

I think the third question there was on sovereign up 12 billion for the quarter. I think it's up 18 billion so far for the year.

None of that is related party sovereign, it's in other Emirates. We have strong presence across all the Emirates.

We're very much at the table when it comes to any of the economic activity outside the Emirate of Dubai as well. I think that was the main part of the question.

Thank you, Drew. I think, Patrick and Shayne, we have already covered most of the questions on the numbers.

A lot of people are asking about also the underlying customer activity. The loan growth has been very strong.

Shayne and Patrick, what are you seeing on the corporate and retail side?

On the corporate side, the pipeline coming through is very significant. We're not seeing a slowdown, sitting in Management Credit Committee and the requests are a lot.

I think on pipeline on the corporate side, I'd say it's very very strong. I think on the retail side, there would probably be 85% approximately of pre-war volumes, not much difference.

On car loans, a bit down because of logistics of getting cars in, but not that much off, as logistics have improved over time. I think that you've got population growth in Dubai, which, generally we get at least our market share of that population growth, hopefully more than the normal market share for new arrivals.

We are seeing account openings are strong, loan demand is strong, and we are getting deposit growth. I think across the board if I said on activity, the one thing that we're not seeing at the moment, and it'll surprise no one who lives in Dubai, is new launches of property.

We've probably got about 1/3 of escrow accounts in the country. With our escrow function, we know every individual counterparty within that project's sales.

We can see if people are paying, and they are paying. Generally, we're only up at the upper tier of developers, and those developers demand big upfront payments.

We're seeing the continuity of those payments coming through as milestones are hit and the clients need to pay more. People ask me, "So are people dropping out?"

The answer is no. No more than we would have seen pre-war of people that can't meet the that are happening and that have been sold.

We're still seeing cash flow coming in from those. On new developments, we're not seeing a lot of new launches.

I think, when I talk to our big developers, they're completely focused on delivering on time, if not in front of time, their developments that they've largely pre-sold. They've got big profit margins in them, and they want to release that cash, right?

They're really focused on that. On hospitality, this is one that Patrick mentioned that we haven't had a lot of loan growth in there.

When I talk to my hospitality clients—I spoke to one the other day who has a large number of hotels—they're running at about 70% of pre-war cost per room. The room rates are about 70% of pre-war, which, if you remember, pre-war the rates were pretty outstanding.

Even 70% is a good recovery. The hotels are running, and I'm talking about a number of hotels, not one or two, are running between 60 and 75% occupancy.

Profitable. The hotels are profitable.

Even though hospitality absolutely has been affected, it's coming off what was very, very high occupancy, very, very high rates, to be more affordable, but still generating substantial cash for our clients. I think from our perspective, even the hospitality section that we were a bit concerned about seems to have recovered pretty well.

To get 60 to 75% occupancy in summer is not bad. It's not bad at all.

That one surprised me quite considerably. If anyone's tried to get on a plane with Emirates Airlines, you'll find that, one, it's very expensive, and two, it's full.

I think the airlines are doing well. Hospitality has recovered quite well from the lows that they were at.

Restaurants are back to packed again. I think the population's growing.

Business travel is certainly not stopped at all. In fact, is increased into the country.

I think we're seeing some pretty good signs there.

Shayne, there's been quite a lot of economic data coming out recently on top of population growth, the GDP numbers. While overall it's moderated, there are some sectors that are still growing very strongly, and that's borne out in the activity we're seeing.

In particular, when you look at loan growth, more than half our loan origination and actual growth is coming from the private sector. It's not just all skewed towards government activity.

Even some things on the retail side, we continue to see strong new-to-country, new-to-bank customers coming. That means deposits, activity.

I think that's also borne out in some of the school

data. 4%,

over 4%.

School data's good. Up.

The activity, I think was the question, Karan, is very strong, and I think overall our balance sheet growth bears that out.

Thank you so much. That's very clear.

With that, Shayne, over to you for the closing remarks.

Is that it for the questions? No other questions.

I'd like to thank you all for joining us in today's call. Building on this strong foundation, we enter the final quarter with clear momentum and confidence in our ability to continue delivering sustainable, long-term value for shareholders.

I'll now hand you back to Drew to provide further details in case you have any follow-up questions and to close the call. Over to you, Drew.