Good day. My name is Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank PLC.

I am pleased to welcome you to our full year 2025 earnings call. On this call today with me are the following executives and principal officers of our bank: Kevin Ugwuoke, Executive Director, Risk; Ken Opara, Executive Director, Lagos and South West; Stanley Amuchie, Executive Director, Chief Operations Officer; Pamela Shodipo, Executive Director, South; Abolore Solebo, Executive Director, Corporate Banking; Sufiyanu Garba, Executive Director, North; Victor Abejegah, Chief Financial Officer; Similoluwa Babalola, Treasurer; Adedoyin Mustafa, Divisional Head, Strategy, Innovation and Business Transformation; Samuel Obioha, Investor Relations.

We have uploaded the investor relations presentation on our website for your review. In this session, we will provide a high-level overview of the macroeconomic environment and speak to the facts behind the figures.

In 2025, the domestic economy recorded notable improvements driven by far-reaching fiscal, monetary and structural reforms implemented by the federal government and the Central Bank of Nigeria. Banking sector witnessed significant regulatory reforms, namely the banking recapitalization program, enhanced prudential and corporate governance standards, withdrawal of regulatory forbearance, improved anti-money laundering and cybersecurity frameworks.

Collectively, these reforms align the Central Bank with Nigeria's strategic vision of building a stronger and more resilient banking sector capable of supporting Nigeria's ambition to become a $1 trillion economy. Despite prevailing headwinds, the Nigerian economy demonstrated resilience during the year, driven by stronger non-oil sector performance, increased oil production, improved fiscal revenue and the impact of ongoing reforms.

Consequently, real GDP growth increased to 3.87% in 2025 from 3.4% in 2024, reflecting an economic recovery and improving macroeconomic fundamentals. Our strategic imperative in the current financial year are to optimize our balance sheet by expanding our earning base, enhancing the net interest margin, increasing non-interest revenue, reducing cost to serve, and keeping the cost to income ratio within acceptable thresholds.

Despite the end of the CBN forbearance regime, our financial results highlighted the resilience and adaptability of our business model. I will now speak specifically to the financial numbers.

Our gross earnings grew by an impressive 45.6% to ₦1.52 trillion, propelled by a robust 36.6% growth in interest income and a 138.3% surge in non-interest revenue. The stellar performance in non-interest revenue was driven by the substantial gains in FX-related income, trade income, digital income, and credit-related fees among these income streams, reflecting the depth of our business model.

Please see slide 19 of the investor presentation for the breakdown of the gross earnings. Net interest margin improved to 12.3% from 12% in 2024 full year, as the increase in our average yield on earning assets significantly outpaced the rise in our average funding costs.

The NIM growth was driven by a 29.7% growth in the interest income on loans and a 50.1% increase in the interest income on liquid assets, resulting in an impressive 32% year-on-year rise in our net interest income to ₦831.4 billion. These results reflect our disciplined asset-liability management.

Note that the details on these movements of the NIM is on slide 20 of the IR presentation. Our operating expenses rose by 33.7% to ₦443.3 billion, and this is primarily driven by AMCON charges, deposit insurance charges, communication, legal services, and depreciation.

These factors accounted for 71.2% of the absolute increase. Despite these pressures, our cost-to-income ratio remained at 54.6%, which aligned with our 2025 guidance.

This disciplined cost management underscores our commitment to operational efficiency and sustainable profitability, despite the challenging cost environment. The movement in our operating expense is disclosed on slide 21 of the IR report.

During the review period, we successfully completed our landmark private placement that raised ₦227 billion, elevating our regulatory capital well above the ₦500 billion minimum threshold required to sustain our international banking license. This achievement has cemented our status amongst Nigeria's elite Tier 1 banks and strengthened our foundation for future growth.

I want to thank you for your support, and I will now take questions. Thank you very much.

All right, thank you. I have two questions.

The first one essentially is per the results that was released, there was a ₦194 billion unrealized loss on total return swap to Access Bank. I would appreciate management to provide more colour on the nature of the underlying asset, what type of asset class, the geography and the approximate maturity profile.

My second question is around the non-distributable regulatory reserve. It grew from ₦155 billion to ₦299 billion, almost doubling, and the IFRS credit loss expense on the book in the P&L was just ₦22 billion.

I'll also like to get clarity on exactly what drove this addition of ₦144 billion between the prudential guidelines impairment computation and the IFRS ECL computation. Thank you.

Thank you. The first question was basically because of our swap with the Central Bank.

I'll have the CFO speak to that.

Thank you so much. Like the MD said, the underlying asset that led to the derivative losses has to do with the swap we had with Central Bank of Nigeria, where about $500 million were exchanged last year April, which matured this year April.

The losses we saw there was due to mark-to-market losses due to the recent appreciation of the naira, and it was not unique alone to the bank. We saw it play out with other Tier 1 banks with similar underlying assets.

We do not expect it to roll over because it has matured and closed. That answers the underlying asset for swap.

Then the NDR you mentioned, from 155 to 299, was the outcome of the forbearance exercise that CBN carried out during the period, and which has normalized now. We've taken them in, and we are very happy to say that despite all that, we did not write off any of the loans that were affected, and we're comfortable that this has been cleaned up.

Thank you.

Okay. Thank you very much.

I would like to know what the bank intends to do in terms of expansion. I know that they've been able to raise fresh capital of over ₦200 billion, and I would like to know what those funds would be used for.

Thank you.

Thank you very much for the question. At the moment, we have only one subsidiary, and we intend to do two more in Africa, two to three in the next two years in Africa, between two—two and five in Africa.

Like you well know, it's on a des-top basis because they're brownfield. We have, first of all, get what suits our purpose and then that's worth our time, and then we take it from there.

We're looking at three to five African expansion in the next two years on a des-top basis because we're not doing greenfields, we're doing brownfield, it's on a des-top basis as to what is available on the table.

My first question is, what's the current size and structure of the residual derivative book, and what naira level do you think would trigger a further material loss in 2026? Secondly, what was responsible for the reduction in the net loans despite the guidance of about 10% for 2025?

Thank you. For

the question, what is your first—

First question was on the derivative book: what's the current size, and what's the structure like, and what level would trigger a loss, or could trigger a loss in 2026?

Your question, to get it right, because the line is not very clear, you asked what is the current size of our derivative book, and what size would trigger a loss in 2026?

Yes.

Thank you very much and thanks for the question. In terms of the size, is $500 million, is a one-year tenor transaction, and is not anything complex, is a simple, clear, vanilla, just linear cross currency.

It's not anything to really worry about like that. In terms of the call, no.

Thank you.

The second question about the loans, I'll have our CRO speak to that. Thank you.

Thank you for the question on the reduction in the net loans for 2025. As 2025 was a year where almost all banks, and Fidelity inclusive, were focused on raising adequate capital.

It was a time to focus on being adequately capitalized. Yes, we planned to grow the loan book, and that plan was a gross of 15%.

Now, if you marry the conservative approach to protect capital with the strengthening of the naira from 2024 year end, where it closed at around 1,500, to 2024—2025, where it closed around 1,400, you'll find that that also helped to compress our loan book. Over 50% of our loan book is in foreign currency.

That naturally, those two things combined to result in the net growth of just about 2% in the loan book for 2025. Thank you.

Thank you for the opportunity. Congratulations on the results.

I just wanted to ask about your current opex levels. As you mentioned, there is a bit of an increase in the cost to income ratio this year.

I just wanted some clarity maybe on some of the lines. Are these one-offs or do you expect these to normalize in the coming months, in the coming quarters?

Some lines in particular in terms of consulting and outsourcing or even marketing and communication. Just a bit of clarity and guidance on that would be nice.

Thank you.

Thank you very much for those questions. As you well know, there are some expenses that we have to make as a matter of course.

Those are the AMCON charges as well as the insurance charges for NDIC. The 33.7% growth that you see in that is basically because of the insurance, the deposit, like I said, and all of that.

These accounted for 71.2% of the absolute increase. These are charges that we have to make statistically.

Then of course there's also the cost of living and then the staff salary increases, as well as the regular opex. This disciplined cost of management underscores our commitment to operational efficiency, and sustainable profitability.

Yeah. I'll have the head of ops take the question further.

You wanted to ask about whether these levels are sustainable, or it's going to be sustained. Now, what has happened that some of the costs have to do with size, as the MD mentioned, the one on AMCON charge.

Even as long as we are growing our balance sheet, of course, that cost will increase. Then our deposit liability growth will also increase the NDIC premium as well.

As we experience growth, those kinds of costs will grow. What we are doing is also to ensure that our income is growing at the same time, so that effectively we are monitoring the cost-to-income ratio to make sure that it comes within limit, and that's how we are doing that.

Thank you.

Thank you for the call. I want to ask a question on your PBT projection.

You are projecting 45—44% increase to ₦500 billion by the end of this year. I want to ask how you intend to make that money, because I see loan growth is just about 10%.

That's my first question. Then the second question is another bank, say Central Bank, limited Nigerian banks' offshore expansion to just 10% of shareholders' funds.

How do you see that rule, and how will it affect your own expansion? Thank you.

Thank you

very much. Of course, the first question was how do we intend to grow our income if we're not going to grow our loans aggressively.

As a deliberate strategy, we have decided to moderate our loan growth, and I will have the CRO speak to it a little bit when I'm done. We have tried to focus on e-banking income.

That way, we're supposed to make a lot of our top-line revenue from non-interest-bearing activity, like all the digital loans, and then all the payday loans, and all the rest of them. We don't want to walk our capital so much, and then to increase our loan book.

We think we have grown our loan book significantly aggressively, and want to moderate it going forward. You can see the moderation even started from last year, because we actually grew absolutely by only 2%, and we're still able to make the numbers.

We are deliberately working very hard to raise income from our NIM play, as well as the non-interest-bearing line, which include the e-banking, and short liquidity facilities. Basically, our growth will be combining on the existing loan book, by making sure that we also reduce our cost of funds, by raising our low-cost deposit.

That is what I expect as my main play. Then we'll also try to get trade-related income, as well as e-banking income, like I said, as I explained.

Most of this is non-interest income. That's where we hope to do the play.

We have demonstrated that we have the capacity to do that, because in 2025, as you can see, our loan book grew by only 2%, and we're still able to sustain our top-line revenue. Thank you.

On the expansion, I will have Stanley speak to it. Basically, we know that the implication of the BOFIA 2020 will be to stifle the growth, but we have a strategy around that.

Thank you. Stanley will speak to it.

Okay. Our only subsidiary currently is our UK subsidiary, and that accounts for less than 7%, about 6.3% of our shareholders' funds as at today.

What that law, the BOFIA, says that you can only do not more than 10% of your shareholders' funds in one subsidiary and aggregate of 20%. We still have headroom based on our own calculation of around $100 to $105 million available for us to do expansion, and therefore we still have that room.

We've just done one, and that restriction, it doesn't affect us strictly because we still have room to do that. Thank you.

Thank you very much. I initially had two questions to ask, but I believe that the MD mostly addressed the NIM piece, cuz I wanted to ask why or how the bank was able to achieve one of the highest NIM amongst peers in the industry given the macroeconomic pressures that we had in 2025.

I think she has addressed a bit of that. Also, I would like to know what the contribution of the UK subsidiary was to the group, and what's the long-term, short-term play for the UK subsidiary as well?

Thank you.

Thank you very much. As you well know, our UK subsidiary was a loss-making institution before we acquired it in late July 2023.

Over the past two years, we have focused on stemming the losses and rebuilding the business for sustainable growth and long-term profitability. This we have supported with a very well-enhanced risk management practices and of course strong corporate governance.

We're in UK, we have to maintain the very high standards of corporate governance, which we're used to in home parent institution as well. We are pleased to share that these efforts have yielded results, and for the first time since the acquisition, FidBank UK recorded an operating profit of $920,000 in 2025.

They've actually come out from the bend. The current contribution, though small and is negligible, that in the short term, we project that we should be able to contribute about 2% to 3%, between 2% to 5% in group profit by next year.

Over the long term, we expect that the contribution should reach about 10%. We have seen a lot of growth in their balance sheet and their businesses, and the reach out is very strong, and we have built a very solid management in the UK subsidiary.

We are very confident that in a very short while, they will be able to contribute at least 10% to our bottom line. Thank you.

Good afternoon, and thank you very much for your presentation and the opportunity to ask questions. My first question will be around the loan book.

I think in 2025, we saw an increase in stage 2 loans, particularly in the oil and gas sector. If you could just provide more colour on the reason for that increase in stage 2 loans, which also drove impairment on stage 2 loans on the income statement.

Then also based on your guidance, now that we have a lot more in your stage 2 loans, your guidance for cost of risk is about 1% to 2%. Given the increase in stage 2 loans, do you think you can still stay within that 1% to 2% band?

Then also, I have another question on dividends. Dividends for 2025, no dividend was declared.

Was this due to capital adequacy ratio, which moderated to about 16%? I know back in the past, around 2024, the CAR was still around 16%, but dividend was still declared in that year.

Just to get more clarity on the dividend. On those two for now, and then I'll come on with other questions.

Thank you very much for that question. Let me start with the question on declaration of dividends.

The bank was unable to declare dividends due to regulatory requirements mandating the conservation of capital, necessitated by the treatment of significant forbearance loan impact. Basically, to go to the second part of the question, that you asked about the impact because of the CAR, not at all.

Our CAR for 2025 is 16%, but the 22—₦227 billion deposit for shares has not been calculated into that, because the verification was post end of year. As we speak now, if you add back the ₦22.7 billion—₦227 billion shares that is verified, our CAR will be anywhere under 24%, 23.5%.

So ₦227 billion, you add it back to our capital right now, take us to ₦533 billion. We're well over the regulatory thresholds.

We're happy to announce that we are now undisputedly a Tier 1 bank. That was not the issue.

It was just a regulatory requirement to conserve capital, and it's a fallout of the treatment of the forbearance loan. Thank you.

The second question was on—what was that, please? Stage 2 loans, yes.

The increase in our oil and gas stage 2 loan was caused by a few obligors that migrated from stage 1 to stage 2. The major account is an oil producer whose payment has delayed due to an incident in the facility.

There was a fire incident that burnt down the facility, but the good news is that the repairs have been done and this particular oil producer is back in production. We expect this particular loans to move back to stage 1, because production has started, and customer is going to resume exportation any minute from now.

Wanted to have this, to change their volume. Problem has been sorted, and we expect a migration back to Tier 1—back to stage 1.

Thank you. I will have the CRO take the last question on cost of risk.

Yes. Okay.

Thank you, MD. Thanks for that question.

It was about the guidance we gave for cost of risk, which is about 2%, and then balancing it against the growth in the stage 2 loans that you observed. Just like the MD has explained, the stage 2 loan migration, we expect that to reverse within the year.

The guidance is given, factoring in our total understanding of our loan book. Basically, that guidance will apply, and it's kind of fits to all we expect as far as the loan book is concerned for 2026.

I hope that answers your question. Thank you.

Hi. Thank you so much for the opportunity.

Want to say congratulations on your results. Most of my questions have been addressed, but just for party ones that have not been addressed, I have a couple of questions.

You mentioned the stage 2 loan and the measures that you're taking to kind of address it. I wanted to also ask, what happens, we know that oil and gas is in a good position now.

Wanted to know what the bank is seeing in order to keep risk low, per adventure if oil and gas performance actually weakens, maybe subsequently. That would be my first question.

Then second question would be, does management actually anticipate the need to raise maybe additional capital in the medium term to support growth, maybe regulatory buffer or expansion plans? Then lastly from my side, I know someone actually asked that question, but I'd like to get a better clarification like I mentioned.

Looking at other banks, like Stanbic, we saw how the impairment charges or provisioning was high. Then when looking at Fidelity, we saw that it was kind of low.

Should investors actually expect higher impairment charges going forward, or is just what is going to be in short-term or medium-term? Thank you.

That would be all from my side.

Yes, let me start from the question on provisioning, which I'll have my CRO take. We think we have made adequate provisioning for this year, but he will speak to what we intend to do going forward in the provisioning.

Thank you for that question. I think like that, we need to go back to 2024 as well.

You will notice that in 2024, we took a much higher level of impairment compared to many other banks. If you look at our cost of risk in 2024, it was much higher, because we proactively took some charges.

Now, some of those eased in 2025, and that's why we closed at where we are. Now, looking forward, we've given a guidance of a maximum of 2%, and that factors in all of the dynamics we expect to play out in our loan book, both in terms of migration, in terms of actual impairment we need to take, as well as in terms of improvements we expect to see in the loan book.

I would say that the guidance we've given is a full reflection of what we expect to play out in the loan book for 2026. Then speaking quickly to the oil and gas sector that you spoke about in case there's a reversal, yes, you're right, we're in a very, very good place right now with the oil and gas sector, which is good for our business.

On the flip side, if things reverse, we already have hedges in place for our play there. The benchmark price at which we've booked exposures and at which we book any current ones, it's well below the current market price.

If it kicks in at any time, we have hedges that basically take us out and keep us in the black as far as those exposures are concerned. We're not really that worried.

Yes, we're aware of the good times, but we're also ready for the bad times if it comes, and we have hedges to help us stay that out. Thank you.

There was another question on additional capital. We've just raised capital as part of the recapitalization exercise.

We figure that the prudent thing to do is to first of all focus on ensuring that our return on investment that we promise our shareholders, we're currently at 24%, the best thing to do is to ensure that we take it off higher than that, and then utilize the current capital that we have before we think about the additional. We don't have threat of capital now, but as the business grows, of course, we have built a very strong brand, and we have shown that we are reliable investment at all times.

We don't have any doubt that if at any time we have reason to increase, to go for additional capital, that we're actually oversubscribed, if you remember, on the both outings that we did. The confidence is there, we have no reason to worry about it.

If at any time our business grows bigger than what we have now and we do need additional capital, we will do that. For now, we'll focus on working on the one that we have and ensuring that we move our ROE from 24% which we promised, and which we did the recapitalization, to much higher amount.

Thank you.

Good afternoon. I have just a few questions.

Number one is, what is the outlook on the NPL? Are we to expect a similar trajectory going forward?

Then about what is the update on Saipem case? As I understand, the amount is quite high, because from the operating expense, you mentioned over 70% from the charges related to the case.

Then what's dividend outlook? Yes, I understand 2025 was because regulatory requirement couldn't display dividend.

Should we be expecting, or you definitely should be expecting dividend 2026? Or what's the outlook?

What are we expecting? What are we asking investors for?

That's all. Thank you.

Habib. Our outlook for impairment is maximum 2%, and, but I'll have the CRO speak a little bit more to it, because I think he has explained it earlier on on the cost of risk.

Thank you.

Thank you, MD. Yes, I think I've spoken quite a bit to it, which is that we foresee a maximum cost of risk of 2% for 2026, which has, in our view, looked at all of the dynamics that will play out in our loan book across all different kinds of migrations that we might see.

That's the outlook that we have, and it's in line with our guidance, which is maximum of 2% cost of risk for 2026. Thank you.

One of the questions you asked for is the dividend outlook for 2026. We plan to pay dividends in 2026 financial year, and we will aim to sustain our dividend payout guidance of 25% to 40% of the PAT for the year.

Of course, this will be all things being equal. Like we said, we promise our shareholders return on their investment at all times, we plan to pay dividend in 2026, and our payout guidance is between 25% and 40% of PAT for the year.

Thank you.

About Saipem, I think you've raised the concern about the matter. I think the matter is in the public now.

That has been decided by the Supreme Court, and the Supreme Court did a ruling which is a reasonably favorable, it's not as you mentioned that it is massive, it's not. The numbers that you saw in the media before is much lower than what the outcome is, and we're very happy with the outcome from the Supreme Court.

We are very pleased with that, it's okay. Basically, initially the news was around ₦250 billion loss, but it came down to about ₦13.6—₦13.6 billion was the calculated impact, which was in 2025 and fully provided for in our books.

Thank you very much.

thank you very much. I'd like to know what exchange rate was used for the 2025 financial year results, and also what the outlook for the exchange rate would be.

I don't know what the bank is projecting and what do you think that the impact will be on the bottom line and profits for the bank? Thank you.

Thank you very much. We used ₦1,400 to $1 in translating our balance sheet for 2025.

Then on our outlook for the naira in 2026, it remains very positive. This is largely due to the reforms by the Central Bank and the improved transparency in the FX market.

Like you well know, the reforms around exchange rate liberalization, improved liquidity management, and the stronger reserve buffers, as well as the narrowing gap between the official, the gap has narrowed significantly between the official and the parallel markets. All of this put together have helped to stabilize the naira.

We do not anticipate that there will be any surprises anymore. Going into the year, we expect that naira will remain relatively stable, with the potential of mild appreciation rather than sharp, more like a sharp rebound.

We're expecting positive shocks around the naira. Most analysts' projection place exchange rate anywhere between ₦1,300 and ₦1,450 range, depending on the oil prices, of course, and then the FX inflows and the policy consistency.

I think the policy consistency has been very consistent on this FX, and the Central Bank has done a fantastic job on this, we must give them credit. By our own judgment, we don't think we expect surprises before the end of the year.

Thank you.

Thank you very much. Just a few follow-up questions.

Earlier, you mentioned a potential contribution from FidBank UK to contribute about 2% in 2026. What factors are going to drive that strong recovery, which is going to enable the 2% contribution?

Then also, from the slides, we saw a jump in your POS, the value of POS transactions. What led to that, and should we expect this level of transactions on POS going forward from 2026?

Then also on your deposit growth, you have a very impressive CASA ratio of about 91%, with your low-cost deposit growing by about 14% last year. What would you say are the factors that enable this strong ability to retain and raise low-cost deposits from the market?

That's it for me now.

To the low-cost deposit, I will speak to the low-cost deposit growth of 14.4% to ₦6.3 trillion. Growing the low-cost deposit has been a strategy that the bank has deployed in a couple of years back now, and which we call the NIM play.

The whole idea is to minimize cost of funding and maximize yield on earning assets. Some of the initiatives, like you asked, that we deployed is optimization of our sales channels.

We consistently drive our value chain and collections, and we have very good outings in high-volume areas like aviation and several other businesses. With being a very, very big player in the SME market, we have also noticed that that has helped us, because some businesses have actually come back to full-blown trade after the challenges of the devaluations.

We're seeing all of that in our collections with the SMEs, with the big aviation industry that we are a major player, and our value chain with our big, big companies and manufacturing companies. We have actually ensured that our public lines work very well, and then the collections are going on very well.

I think that has helped us a whole lot in the low-cost deposit drive, the collections and the value chain optimization. Of course, went to optimize our direct sales—I must forgot that, our direct sales agents increased significantly, and we're seeing a lot of progress from that.

You also did ask questions about the increased number of POS agents and merchants and all that. This has helped us to sustain our growth.

This strong performance is because we've actually signed on a lot of POS agents and merchants, and also the stability of our platforms, which is a direct benefit from our upgrade of our platforms, has helped us a whole lot to increase our collections, and this has also shown off strong performance on that side. This new level of transaction will be sustained, as this aligns with our retail strategy for 2026 and beyond.

Hope I've answered your question. Can you repeat the first question?

The first question was the one around FidBank UK. You are projecting that you could see 2% contribution from FidBank UK to entire group earnings, I'm thinking that is PAT, but coming from this 2025 where it was still, I think it was a loss at PBT level.

What's going to drive that strong earnings growth that you are expecting, what specific factors will enable that achievement?

Definitely our subsidiary is on a very good outing. We have seen very strong pipelines from them, and it's amazing the amount of business that they are showing off in a very short while.

We're very confident from what we're seeing. I sit on the board of London branch, London subsidiary, and I sit on all the committees, especially the board credit committee, and I see the amount of traction that's coming.

That's why we're very confident that they will definitely achieve that. What we need to do is increase our capital base, and we're working on all of that.

Of course the profit for 2025 was an operating profit, and what you see from there was the goodwill. Let Stanley explain that further.

Stanley,

you take over.

All right, thank you very much, MD. Let me also say this.

The truth is that there are some assumptions when we got into the UK, and when we bought that subsidiary, and one of it is the support that the Central Bank has given to all the banks that have Nigerian origin. They enjoyed that before our acquisition, but they lost it when they were in that transition mode, and that is coming back now.

If they get that support, which is the reserve management, which CBN support all the banks with Nigerian origin with, we believe that will shore up a lot of income lines for them, and that will be part and contribute to the 2%. We've seen a lot of, as MD mentioned, the kind of tractions they're getting on, kind of business they're getting, and then the kind of liquidity that will unlock for them also improve their to be able to fit into the strong pipeline to advance on the area.

That is one important thing, and we believe that that will help them to make that contribution of at least 2% in the shorter, and we expect them to make up to 10% in the longer. Thank you.

Yes, good afternoon again. Just to clarify, the forbearance loans you mentioned, are they still in the books, or they've been written off completely?

If they have, why are you expecting interim dividends for this year? Thank you.

You're not clear. Can you please repeat the question?

My question is on the forbearance loans, the loans that you said was the reason 2025 dividends were not paid. I'm asking, are they been written off completely, and if they have, why is there an expectation for interim dividend for 2026?

Was that clear, please?

I said we confirmed that we are going to pay dividend in 2026 financial year. That our dividend payout ratio guidance is 25% to 40% of PAT for the year, all things being equal.

That's what I said earlier on. Then Stanley has something, wanted to add.

I just wanted to add on the forbearance. We said we've exited forbearance, and therefore our proposal of dividend payment is based on that exit from forbearance.

Therefore, we've now proposed that in 2026, all things being equal, to be able to pay dividend. For that, we are not constrained by any form of forbearance at the moment, because we've already exited.

Thank you.

I want to thank you all for attending this call. Over the years, we have built a resilient and sustainable balance sheet by including different economic cycles in our scenario planning.

We are also very strong in corporate governance practices, effective risk management, capital preservation, talent retention, and enhancement of our shareholders' value. For that reason, I'm very confident, assure you that we will deliver our guidance in our IR presentation for 2026.

Thank you.