Good morning, everyone. We have our media friends with us here, and we have some of our analysts on virtual, in the room and somewhere, and of course from their various offices.

We are going to go through our results for the first quarter this year. Because of the HSBC Indonesia integration of wealth and premier banking business that we are buying is under a non-disclosure agreement, so many of the numbers we will not be able to share, and we ask for your understanding on that.

With that, I will now pass the time to Chin Yee to take us through the results.

Good morning, everyone. Thank you for joining OCBC's First Quarter 2026 Results Briefing.

OCBC delivered strong performance for first quarter of 2026. Group net profit was S$1.97 billion, up 13% Q-on-Q and 5% year-on-year on the back of record total income.

ROE was 13% on an annualized basis. Net interest income declined amid lower interest rates, partly cushioned by growth in assets.

I will cover more in the later slides. The NII decline was more than compensated by record non-interest income led by strong growth of our wealth management franchise.

Non-interest income grew more than 20% Q-on-Q and year-on-year, with broad-based double-digit increase across fee, trading, and insurance income. Despite the escalation of conflict in the Middle East during the quarter, wealth management fees recorded robust growth, and our customer flow treasury income reached a new high.

We continued to be disciplined in expenses, with cost-to-income ratio at 39.3%. Loan and deposit growth momentum was sustained, up 9% and 10% year-on-year, respectively.

Our asset quality remained resilient, with NPL ratio stable at 0.9%. Factoring in the heightened macro uncertainties, additional management overlays were prudently taken this quarter, with total credit costs at 23 basis points on an annualized basis.

NPA coverage rose to 163%. Our capital position remained strong, with fully phased-in CET1 capital adequacy ratio at 15.2%.

Moving on to our performance by key business pillars on slide 5. We continued to deliver resilient growth across our diversified franchise of banking, wealth management, and insurance.

Banking operations profit was up 9% Q-on-Q and 6% year-on-year, driven by strong fee and trading income. Wealth management income rose 14% Q-on-Q and 11% year-on-year to $1.48 billion, comprising 39% of the group's total income.

This was supported by growth across all segments, from private to premier banking to insurance. Our wealth management franchise continues to attract net new money, with $5 billion of inflows for the quarter.

Banking AUM grew 12% year-on-year to $342 billion and was broadly unchanged Q-on-Q due to a decline in market valuations. For insurance, profit contribution from GEH was $323 million, up 44% Q-on-Q and generally steady year-on-year.

Underlying insurance performance was strong, partly offset by a lower valuation of investments, including those from shareholders' funds. Total weighted new sales and new business embedded value grew 16% and 31% year-on-year, respectively, led by strong sales from Singapore across both agency and bancassurance channels.

NBEV margin improved to 48.6% from 43.1% a year ago. Moving on to more details of our group performance trends, starting with net interest income on slide 8.

NII for 1Q '26 was S$2.22 billion, 5% down year-on-year and 3% below 4Q '25. On a day-adjusted basis, NII was slightly lower by 1% Q-on-Q.

To highlight, SORA dropped more than 160 basis points, HIBOR more than 120 basis points, and SOFR more than 60 basis points from a year ago. These key benchmark rates were also down Q-on-Q.

The impact of lower interest rates was partly cushioned by average asset growth and assertive management of deposit costs. Average assets grew 4% Q-on-Q, driven by loan growth and a 7% or $12 billion increase in average balances of high-quality treasury assets.

Surplus liquidity from robust deposit growth and a preemptive increase in wholesale funding due to macro uncertainties were deployed into NII-accretive high-quality assets. These treasury assets were dilutive to NIM, but added to asset yield compression.

1Q '26 NIM narrowed to 1.76%. Our March exit NIM was 1.75%.

Income from treasury assets mitigated about 30% of the rate impact on loans. This underscores our approach to protect NII.

We intend to continue to build this up, but likely at a slower pace than first quarter. NII sensitivity based on 1 basis point of drop in rates across our four major currencies of Sing dollars, US dollars, Malaysian ringgit, as well as Hong Kong dollars, was about $5 million on an annualized basis, with Sing dollar being the key driver of the sensitivity.

Moving on to non-interest income. Non-interest income grew by more than 20% to $1.61 billion, which is a quarterly record for us.

Fee, trading, and insurance income all grew by double digits year-on-year and Q-on-Q. Non-interest income now comprised 42% of our group total income.

Our 1Q '26 fee income rose 12% Q-on-Q and 24% year-on-year to $675 million, a few million shy of the record we had in third quarter of '25. Fee growth momentum was robust.

This is the third quarter in a row that our fee income was above $600 million. In particular, all wealth segments continued to deliver strong performance, reflecting the results of our ongoing efforts in growing our wealth management franchise.

Wealth fees rose 34% year-on-year, driven by higher investment activities from customers and our expanded AUM base. Growth was broad-based across all product channels, including private banking, bancassurance, treasury products, unit trusts, brokerage, as well as fund management.

For brokerage and fund management, fees are now reported within our wealth segments to better reflect the full spectrum of wealth-related products. Moving on to trading income.

1Q '26 net trading income grew 10% Q-on-Q and year-on-year to $434 million, underpinned by record customer flow income. Customer flow income was up 35% year-on-year and crossed $400 million for the first time, driven by both wealth-related activities and corporate customers.

Increased market volatility and demand for hedging amid economic uncertainty continued to support transactional flows. Moving on to operating expenses.

We continued to maintain cost discipline while being targeted on our investments to support our Next Frontier corporate strategy. 1Q '26 operating expenses of $1.5 billion were up 6% year-on-year, mainly due to higher costs to support business growth and continued investment in technology.

Against 4Q '25, expenses were down 4%. Our cost-to-income ratio was 39%.

Moving on to loans. During the quarter, we expanded our loan book by $6 billion, or 2%, to $347 billion.

Growth was largely broad-based across industries. Compared to a year ago, loans was up 9% year-on-year on constant-currency basis.

By geography, this was led by Singapore and Malaysia, as well as our international markets like UK and US. The sustained momentum in loan growth reflects the continued traction in our strategic focus areas in wholesale, as well as consumer and private banking segments.

This includes Singapore residential mortgages, wealth financing, TMT industries including digital infrastructure, and sustainable financing. Our sustainable financing loans increased 17% year-on-year to $59.7 billion, now comprising 17% of our total group loans.

Our loan portfolio quality remained sound. NPL ratio was 0.9%, unchanged for eight consecutive quarters.

NPAs were $3.12 billion, 4% lower Q-on-Q, as new corporate NPA formation was more than offset by net recoveries and upgrades. 1Q '26 new corporate NPAs were an annualized 14 basis points of period-start loans.

This is lower as compared to 39 basis points for FY '25. We are highly watchful of the ongoing Middle East conflict and potential downside risk.

We note no significant credit deterioration and continue to refresh our stress tests. First-order impact is not material at less than 3% of loans or 1% of total assets.

This includes petrochemical and refinery sector and other direct Middle East nexus. We continue to actively engage our customers and are closely monitoring for potential second and third-order impacts should the situation become protracted.

Total allowances for 1Q '26 were $216 million, up 8% Q-on-Q and 2% year-on-year. Allowances were mostly for non-impaired assets.

Additional management overlays were set aside in relation to the elevated macro uncertainties, reflecting our prudent and proactive risk management approach. Total credit costs were 23 basis points on an annualized basis.

With the increase in cumulative allowances and drop in our NPAs, NPA coverage ratio was higher at 163%. Our performing loans coverage ratio held steady at 0.9%.

Our coverage levels position us well to navigate the uncertainties. Moving on to deposits.

Customer deposits grew 10% year-on-year to $444 billion, driven by 13% growth in CASA deposits from both wholesale and consumer segments. CASA ratio rose 1.3 percentage points year-on-year to 50.2%.

For the quarter, deposits were up 4%, and group loan-deposit ratio was 77.2%. The growth in our well-diversified deposit base enables us to continue expanding our balance sheet and increase funding resiliency in an uncertain environment.

Our funding base remains balanced, with close to 80% from customer deposits. All liquidity and funding ratios remain well above regulatory requirements.

Wrapping up on capital. Transitional CET1 was 17.0%, and fully phased-in CET1 was 15.2%.

On a pro forma basis for fully phased-in CET1, the payment of our full year '25 final and special dividend will reduce CET1 by 1 percentage point. The acquisition of HSBC Indonesia's international wealth and premier banking, which we announced earlier this week, will utilize up to 0.2 percentage points of CET1 when completed in the middle of next year.

Teck Long will share more of this in his presentation later. Our capital position remains strong, allowing us to support strategic growth opportunities and provides buffer against uncertainties.

Our CET1 target of 14% over the medium term remains unchanged. With this, I end my presentation.

Thank you very much for your attention. I will now hand the floor over to Teck Long.

Thank you, Chin Yee. Normally, Chin's presentation is the main course, but today we have two main courses because of the HSBC acquisition.

First, let me give a very quick reflection of our results. Maybe we can move the slide.

Yeah. We are pleased with our results for the first quarter.

It's very strong. We actually checked every box in terms of growth.

We expanded our loan book. We expanded our deposit book even faster.

All the non-interest income was experienced growth. It is a broad-based growth across all business units.

For treasury income, we have been focusing on growing the customer flow part of the treasury income, and it has come in very strongly at a new high as well. Now, all this was achieved in the context of a low interest rate environment.

As a result, our year-on-year growth in terms of profit is 5%. Outlook-wise, we remain very concerned about what's happening in the Middle East war because it has a very direct impact to Southeast Asia in terms of energy supply and therefore the prices.

To be prudent, although we don't see a credit quality issue in our portfolio, to be prudent, we have put in some provisions, general provisions for non-impaired loans. It is really a third-order effect which we are being prudent about.

That will leave our NPA coverage ratio to 1.6 times, which I believe is the highest amongst peers. Outlook-wise, we are very focused on what's the outcome of the Middle East war and the prices of energy.

We are still keeping to our earlier financial guidance notwithstanding what's happening in the Middle East. Our capital position remains strong.

We expect to complete our $2.5 billion capital return plan by financial year 2026, meaning the dividends will be paid out in FY '27. Okay.

Shall we go to the HSBC part, or I was quite tempted to say let's pause for questions, but. Earlier this week, we announced our acquisition of HSBC Indonesia wealth and premier banking portfolio.

I shall refer to it as the IWP portfolio. If you recall, under our Next Frontier strategy, we said that we will focus on growing wealth, as well as deepening our franchise in our core markets, the three hubs in Hong Kong, Singapore, as well as ASEAN domestic market in Malaysia and Indonesia.

When I look at the IWP portfolio, I realized this is a perfect fit for our Next Frontier strategy. Most of the portfolios we had seen in the marketplace available for M&A, they tend to be a mix of loans and deposits.

This portfolio is very clean. It is largely deposits and AUM.

Why is that a good portfolio? If a portfolio has a loan content, we had to worry about two things: downside due to credit cost, and secondly, if the portfolio is large, we actually may lose value because of single-borrower risk limit concentration, we have to manage that.

For this particular portfolio, it's largely deposits, largely AUM, a small retail loan largely relating to credit cards. That's the business we are buying.

Now, what I really like when I look at the deposits part of the acquisition, they have sizable CASA. CASA to the bank, if we bolt on the CASA, we will actually make money straightaway because CASA is a low-cost CASA for us to help to fund our loan business.

As a wealth portfolio, IWP is highly complementary to our existing Indonesian franchise, with clear synergies across customers and capabilities. It will add further scale to our AUM and customer base.

Now, this is a big competitive advantage we have in Indonesia. We are one of the top three privately owned banks in Indonesia.

We enjoy big economy of scale. We can bolt on this acquisition and gain cost synergy very quickly.

Not many banks can match our economy of scale in Indonesia. We expect the acquisition to be earnings-accretive, excluding one-time integration costs.

Under our whole wealth strategy, products, channels, insights belonging to any of our wealth units of OCBC Group will be tapped to support the whole group. We will leverage Bank of Singapore's products, capabilities, and insights to help further uplift our enlarged wealth franchise in Indonesia.

The acquisition also come with a small retail loan book, which I referred to just now, of S$300 million, largely related to the credit card business. It is a nice addition to our credit card business.

Our credit card balance will increase by 1.5 times. Indonesia is still a very important market for us.

It is a core market. If we really think about it, ASEAN is still a very good place to be in right now given the global environment.

Indonesia remains the largest economy in ASEAN. Even though there are economic headwinds in the short term, we are still committed to investing and growing our franchise in ASEAN, in Indonesia, as part of our Next Frontier strategy.

We have a strong capital position. More importantly, we have good local insights in this region.

We are well-positioned to navigate an uncertain environment and take advantage of any opportunity which may arise. As we speak, we are already one of the top three privately owned banks in Indonesia.

With this acquisition, we have further expanded our franchise in the largest economy in ASEAN. Thank you.

Yes,

thank you, Teck Long. Thank you, Chin Yee.

We will take questions from the media. Analysts online, you are free to stay on, otherwise we will see you later at about 10:30.

We'll start with the media now, questions. Chanyaporn, go ahead.

Yes. Teck Long, congratulations, and also share price has rallied, while your rivals are going down, so.

Happy Friday.

Happy Monday, happy Friday. Yes,

sure. I'd like to ask first three questions.

First, how do you expect to maintain the earnings momentum for rest of the year given the NII slowdown and NIM contraction on the quarterly basis? It's quite sharp.

Second question, with departures in the Middle East at Bank of Singapore, do you see impact on the AUM in terms of wealth?

Sorry, again?

The departure by Ranjit Khanna in Dubai, and we are not expecting more departures from that front, do you see much impacts on AUM on wealth? For Indonesia, can you give a bit more colors on valuation given high liabilities of the unit that some people expect, meaning that are you getting a very good discount because of their obligations?

I took note of your commitment to Indonesia, but do you expect this to be short-term given fiscal concerns and also sovereign rating risks? Thank you.

I'm sorry, just to clarify the question about the discount, just now you referred to

the— I think your statement mentioned a premium to NAV, but NAV is not available. I think some analysts say that the—

Oh, I see.

Because it was— They are indebted, basically you're getting a good deal. Is that something that we could confirm?

Confirming if it's a good deal or [laughter] They're indebted. Okay.

First question is that are we able to maintain our earnings momentum given interest rate, which may continue to decline? Actually, the decline has slowed down.

The quarter-to-quarter fluctuation is because we got some recovery of NPL, which you can't add on to the interest rate recovery. In NPL management, we are conservative.

The moment we put a case into NPL, we actually do not recognize interest. If we so happen to have put some cases into NPL quite early on, and therefore the interest accumulated, it's a once-off when you imagine recovery.

It's actually good news. It proved that we have been prudent in managing our NPLs or our loan book, and then we get some recovery now and then, so that's good.

To answer your question, the interest rate decline has slowed down. Our fee business is what we are focusing on, consistent with our Next Frontier strategy.

The second question is about what's happening in Dubai. Dubai, while it's a center for Bank of Singapore, the contribution from Dubai is actually not that much.

Even if we have some temporary outflow or temporary impact, we don't expect material impact to our franchise. Anyway, Dubai at the moment is still under a state of [laughter] well, one day it's ceasefire, one day it's a war, [laughter] we don't really know.

We have to see what's happening. Overall, structurally, we do see some increased enquiries from Dubai customers in general.

I think that will also mitigate the impact of any staff leaving.

Just yeah, the war is still going on, but your operations remain there,

or

you haven't relocated any more?

We have Sorry?

Have you relocated any staff

or

What's the long-term plan?

Now is some sort of ceasefire. Earlier on, when things were a lot more tense, some staff on their own decided to leave the country.

We have maybe about 10, 20% of staff on a voluntary basis left the country. It doesn't impact operations.

In fact, throughout the whole situation, we have been operating, it's BAU, but our staff work remotely from home.

About 10 to 20% already left, already relocated?

Yes, but they're still working.

Of course.

Remotely. Yes.

The staff in Dubai also work remotely from home. Yes.

Okay. Okay.

You have quite a number of points relating to the HSBC acquisition in Indonesia. I think firstly maybe let me explain the structure of this.

Deposits to a bank is a liability, right? It's what we want to grow, unlike other companies.

For most companies, we talk about liabilities in a negative sense because you owe people money. For the bank, we like it because our liabilities is not about us owing people money, it's actually deposits kept with us, technically it's a liability.

I understand, yes.

Yes. Because of this, right, we can estimate a cash flow stream from the liabilities as well as the AUM fee business.

Now, on the asset side, because it happened to be so small, which is only a $300 million loan book, the total AUM and deposit is like 10 times more,

so. You can touch more

[laughter] More than 10

times, 20

times. 20 times more.

Deposit is 10

times, more

than 10 times more, the total is bigger than that. Because of these characteristics, it makes it very attractive.

In other words, if you think about it from banking viewpoint, we have a portfolio that which we have minimal credit risk, but it provide us with income stream.

Indonesia is well-featured about credit risks, sovereign risks. Is it a worry to you at all?

Do you see it as a short-term thing?

I think I can comment this way. For Indonesia, we have been there for more than 80 years.

We went through many, many cycles. Just now I alluded to that to operate in this part of the world, we need a lot of capabilities and insights.

In a way, the barriers to entry is actually quite high. What we have seen are some banks reducing their operation in Indonesia.

As you can see, our Indonesia business remained very committed. On a BAU basis, we continue to expand.

Now there's opportunity we managed to buy it. Always for Indonesia is that there'll be ups and downs, and over a long period of time, the outlook is still good.

I see. Chanyaporn, are the questions answered?

Good. Thank you.

Any other questions? Reno?

Go ahead, Reno, BT. Good

morning, Reno from Business Times. Congratulations on the operational results.

Question on the wealth talent, right, are you planning to expand that head count? I think among all the local banks, this year has the most stable sort of head count in terms of fluctuations year on year.

If you are expanding the wealth talent, but do you also expect overall head count sort of remain stable year to year? Also, the competition amongst the banks, right, because I know every bank is also chasing wealth management income, is there more competition now you are seeing for such talent?

Also, when you do all these M&As, when you're bidding for the business, is there more competition there, and how do you navigate this? Thank you.

The head count, you're referring to the whole banking group,

is it? The whole banking group.

All right. Yes, all right.

For the whole banking group, we still maintain high cost discipline. The head counts which are relating to sales, we'll continue to expand it.

Because it is crucial for us to have the talent to help us expand the wealth business. I hope that answers the first part of your question.

The second part of question, are we seeing more competition? The way I think about it is that competition has been intense over the last 10 years.

It's not a new thing to us. The more important thing is what are our capabilities.

I will describe it in two ways. One, the competitive landscape in ASEAN.

Interestingly, we see exits of some players. Once they exit, it's actually less crowded field.

We have a good franchise in the ASEAN core markets because we have product capabilities in the group, whether it's Bank of Singapore or OCBC Singapore, we do have very strong product capabilities. In each of the country, we tailor the products to be launched in these countries.

There's a lot of capabilities sharing which we can do under our whole wealth strategy. In a sense, that is a differentiating advantage for us.

Hi, Yantoultra from Reuters. Thanks for the presentation.

Earlier you mentioned regarding the third-order effect that you're being prudent about regarding the general provisions, can you elaborate a bit on that in terms of is it sectors or certain sectors or markets where you're kind of a bit more cautious about? On the wealth side, apart from the increasing queries from Dubai, where else do you see the greatest opportunities within the region and the rest of the world?

Thank you.

First-order, second, and third-order effect to us: first-order effect are those industries which are directly impacted by the Middle Eastern situation. The second-order impact are the industries who might experience some hiccup in their supply chain due to the Middle Eastern impact.

This is a general sizing. The third-order impact, to be more accurately described, it is actually a macroeconomy impact.

What we're sizing up is actually for the third-order effect. Your second question is relating to

Opportunities.

Opportunities for wealth.

Where are you getting queries from?

Our wealth business is actually very diversified, we draw wealth from all over the world, so that's one. The opportunity remains because if you look at it, Singapore is actually a very attractive place to be a wealth hub, so that competitive advantage remains.

The second is the rising affluence. In the ASEAN, we continue to see economic growth, and we continue to see rising affluence.

This is another catchment we want to target. Because just now I was talking ASEAN domestic market.

Our strategy is twin hubs. Hong Kong also capture China-Hong Kong flows, and there's also a lot of wealth within Hong Kong, and also neighboring Hong Kong, the Greater Bay Region.

This is for high net worth, ultra high net worth kind of business. We want both.

We want the ultra high net worth kind of business, we also want our PPC, Premier, and wealth business.

PPC is our OCBC Premier Private Client business, it is the higher end of the premier affluent segment.

Thank you.

Thank you.

Goola? Oh, was someone going to ask?

I thought you were lining up questions.

Sorry, my throat is not very good today.

Two questions. One is on the dividends and the capital return.

There is a share buyback portion of that. How much have you completed, and what will you do if you don't complete it?

Will you return the rest of it to the shareholders? That's one question on that.

Another question is, I don't know whether this is the right place to ask, but in the undercurrents of obvious competition between the three local banks, the one you came from had a specific competitive advantage in its treasury business, and I think you were part of that whole. Will you bring some of that, I'm talking about undercurrents of competition, and to bring some of that here so that OCBC has a fourth leg?

Are you asking

about

how we building up our treasury business? Different from the other CEOs that OCBC has had, if you could.

I'm a different person.

[laughter] They are adjacent. You are happy.

Different advantage.

I'll take the question on the dividend, share buyback, as well as capital return. For the share buyback for cancellation, we have completed 20% or so.

That's about 200-ish million, you know. That means we have left about 800 million or so.

Yeah. We will be monitoring the situation to see whether the conditions is feasible or conducive for further buyback.

If not, we are flexible in terms of returning in the form of special dividend. Now, Teck Long also mentioned during the full year financial results briefing February this year that given our retail our our sort of investor base, which are the long-term sort of shareholders, the preference would also be for special dividend, and personally, Teck Long's [laughter] Yeah, so that is certainly an area of us for us.

Just now, Teck Long did mention that if we were to return that in the form of special dividend to complete the entire $2.5 billion of capital return by full year of financial year 2026, meaning if it's special dividend paid out, that would be for final year '26 dividend paying out typically in May of 2027.

Today is another day to get money, too.

Yes, today you get. [laughter]

That's why I say it's happy Friday as well. [laughter] Okay, on treasury business, thank you for the question.

You gave me a chance to elaborate on this business. The treasury business is a very important business for us.

We have to think about treasury business in two parts, even though it's described as trading income in our accounting term. It's actually two parts.

One part is trading as people may perceive it to be. The second part is more important to us, which is trying to grow the customer flows using treasury products.

That's classified under trading income. This is the part which we are building up.

Talent, we do have a very good talent bench strength at OCBC to start. We have been executing it.

If you look carefully at the quarterly results, the customer flow has been going higher and higher. To continue to sustain and grow, we have onboarded some talent mainly in different product categories and in sales.

The product category is important because the product capability will help to drive the growth of the front-facing business, in particular, the wealth business, because wealth is all about structuring products for sale. This is very important.

Think of it as this way: treasury business will continue to grow. We'll add resources to support the growth of the customer flow business in both wealth and the corporates.

Do you have a certain amount you think will be treasury income per quarter to look at it that way?

I think for this particular meeting, I think we shouldn't look at the past and project forward. We have, of course, beaten the past.

In fact, in our twin hubs strategy in the Next Frontier, if you go back to the Next Frontier strategy, we actually spell out that we want to scale up treasury in Hong Kong in particular because Hong Kong is a big hub as well.

Any other questions?

Just in addition, on AI, what's your thoughts on Mythos, and do you see that Singapore banks will have access to this

new software? Mythos is indeed a cause of concern, and we are monitoring the situation quite closely.

Internally, we accelerated scanning of our own system to make it as strong as it can be in terms of protecting us against cyber risks. Now, Mythos is a new development.

Currently, it's released to selected tech vendors and selected American banks. The tech vendors are also our vendors.

When the tech vendors discovered the vulnerabilities, we will also stand by to patch any vulnerabilities they discovered. For us, I don't think we can handle this risk as a bank alone.

We will have a lot more safe if we can approach it together with our peers, together with our vendors, and together with the government agencies. This is something which is development, and we are paying close attention to it.

Hi, I'm

just curious, following on Chanya's question, how does this change OCBC's way of using third-party AI? The other question is do you still see AI as a net benefit to profit and productivity, or you rather see it as a new cost or a new kind of risk in terms of your management style?

There are a couple of parts to the question. It doesn't stop us from using third-party AI.

In fact, using third-party AI has its benefits. It could be a lot cheaper, it could be a lot more rigorous, it's tested by more people.

This type of AI is more like plugging into certain parts of the operation. The more important thing in terms of our approach is that we have an ADD strategy, which you see AI as being plugged in when it's fit for purpose.

One of the considerations for fit for purpose, besides capability, is also the cost, because a lot of people may think that AI solve everything, but AI can be very expensive if you are too early an adopter. Our strategy contemplates the cost and the benefit creation when we adopt AI.

That's how we'll be operating. Now, does AI bring new risks?

Yes, Mythos is a new risk. The rest of AI risks, I think, has been well-articulated, like, for example, hallucination and to what extent you can let the AI be agentic AI.

We are very, very careful with that. Most of the AI we are using are related to augmenting our operation.

Therefore, there's a human using that to improve his productivity. Agentic AI, we can only use it in a very limited way.

We have a very good risk framework to decide where we can go agentic and where we cannot.

Thanks, Teck Long.

If I could ask one more question, how much of the record non-interest income you saw this quarter will sort of attribute to the new Next Frontier strategy, right, in the whole core wealth proposition?

This is the toughest question [laughter] so far. The reason is because I was appointed the deputy group CEO last July, right?

Also under Helen's leadership, when she transit to me, there's a lot of continuity. Some of the Next Frontier strategy, especially the parts which we so far have not talked about, which are really important, like the PayTech shift, which is how to ride the technology wave to increase revenue for the bank, we have been executing that for a while, and it continues to be high-growth industry and we continue to have that.

Net-zero shift, sustainability, we have been talking about it, being executing it, that continues. Wealth, we have actually started talking and organizing ourselves for wealth even during Helen's time.

After I became the deputy group CEO, we also accelerated the organizational construct to facilitate a wealth business. That goes in Next Frontier strategy, some of which we started execution last year.

I did not spend time to say which part is which month. There's continuity in leadership transition, which is a very smooth one.

We are the desktop priority to continue

SEG. On wealth management, because it's a key segment to grow, do you have any specific target to achieve in terms of the AUM and also the income?

We expect a double-digit growth, it's in our plan.

How about what's your net new money for this quarter?

$5 billion.

$5 billion?

Yeah, $5 billion, yeah. Why do you look surprised?

No, no. [laughter] 1/5th, so that is significant.

No, 1/5th, yes. Okay.

I think looks like we're good? All of our friends here are okay?

Good. Thank you very much for your questions, and thank you for joining us this morning.

Thank you.

Have a good day. Have a great weekend.

Thank you.