Good afternoon, good morning, everyone. My name is Aidet Islamov.

I'm a MENA financials equity research analyst at HSBC. On behalf of HSBC, I would like to welcome you to Derayah Financial's fourth-quarter and full-year 2025 earnings call.

With no further ado, I'd like to transfer the call to Ghida, Head of Investor Relations. Over to you, Ghida, please.

Thank you, Aidet. Thank you all for joining us today for our full-year 2025 results.

We hope you and your families are keeping safe during these uncertain times. Joining me on the call today are our CEO, Mr.

Mohammed AlShammasi, and our CFO, Mr. Bilal Bushnaq, who will walk you through our key operational and financial highlights for both the fourth quarter and the full year.

We will also share an initial framework outlining our 2030 priorities. Before I hand over to management, I would like to highlight an important reporting update.

Starting from the fourth quarter of 2025 and in line with IFRS requirements, our consolidated financial statements will include the financials of the Trading Finance Fund. That said, for investor relations purposes, including this presentation, we will continue to present our results based on our managerial reporting framework.

This approach is consistent with our prior disclosures and, in our view, provides a clearer representation of the underlying operating performance of the business. Reconciliation tables for both the income statement and the balance sheet are included in this presentation, and Bilal will cover this in more detail shortly.

With that, I will now hand over the call to Mohammed. Mohammed, please go ahead.

Thank you, Ghida. Good afternoon, everyone.

I hope you, your families, your loved ones are safe in these difficult times of war, especially those in neighboring GCC countries. We feel the pressure and the heat that everyone is going through, and we pray for the safety of everyone.

I would like really to start with giving you a quick overview of our operating results. We'll touch upon a number of initiatives that we have been doing the past year and continue to do this year, and then we'll hand it over to Bilal to give you some more details on our financial numbers.

It's a continuation of the trend that we have seen over the years, a very strong growth in our user base. We have surpassed 620,000 users in our platform, very strong growth of around 17%.

A very strong growth in our assets under management of around 31%, surpassing 22 billion riyals of assets under management. We have achieved this by launching nine different funds throughout the year, and we still have a very active pipeline of more launches for this year.

We continue really the up momentum in our assets under management growth. Our assets under custody also, which is usually associated and correlated with clients' growth, witnessed a very healthy growth of around 11%, reaching more than 33 billion riyals.

Our revenue from different lines continue to show very strong momentum. For example, in the brokerage business, we have processed more than 447 billion riyals of traded value across the local and international platforms.

Our overall brokerage revenue grew by more than 10% to reach around 540 million riyals, with our operating net income to grow by 6% to reach 933 million. This is basically the revenue line.

We continue our disciplined approach. Our cost-to-income ratio remained in the reasonable level of around 43%.

Our capital adequacy improved to around 22%. If you look at Derayah as a core profitability, this is excluding the share of associates, mainly D360, we are talking here about a very strong profitability of around 529 million riyals, up around 3%.

If you continue to consolidate D360 into the figures, our share of losses from D360 is around 130 million riyals, which brings our net profit to around 400 million, with a very strong return on equity of around 39%. Next, please.

I'll give you a quick overview of our brokerage business, and after that I'll touch on asset management, then I'll give you also some details about D360. To start with the brokerage business, 2025 was a very difficult year for local market in particular.

We have seen the trading volumes across the market slashing by 30%. You compare 2025 to 2024, there is a 30% decline in the overall trading volumes in the local market.

TASI also wasn't really delivering any better results. Overall market went down, the index went down by 13% between 2024 to 2025.

On the brighter side, we saw that international markets and activities in the international markets growing significantly by around 160%. Local investors shied away from the local market and intensified their investment in the international side.

Net-net, we have seen more activity in our platform, and as I mentioned earlier, we have reached more than 440 billion of a traded value in the overall platform. Next slide.

Market has rewarded Derayah, and alhamdulillah, we are very glad to report that we are the number-one broker for 2025 across the market. Our market share have reached 12.9%, surpassing all the incumbents in the market and becoming basically the largest broker when it comes to trading volumes.

On the same side, we continue to improve our brokerage offering. Earlier in the year, we communicated and we had a call with investors when we announced a sea change in the way we operate in the brokerage business by offering zero trading commissions in the local market.

To remind everyone, we started offering zero trading commission in the US market back in 2024, and earlier this year, we announced also moving to a zero trading commission in the local market. We think this is really a significant development in the market, and this is really challenging the status quo and the business model that local brokers has been operating in for many, many years.

Also to improve our application, and this is a continuous process of always updating and always working to improve our user journey and user experience, we have launched a unified application where our investors now can trade both local, regional, and US market all from one application. We used to offer the international trading from a separate app.

We are maintaining that, but also making it convenient for those looking for a simple user experience to trade all markets from one platform. We have launched this around a month ago, and it's now available for all customer base to utilize that in one application, in one simple Derayah application.

This will be followed by major improvements also in our application. Stay tuned for more changes in the months to come.

Let me just zoom in the zero commission more. Move to the next slide, please.

In our last communication with investors when we launched the zero trading commission, we spoke about a very important expectations, and what was that at that time, that the revenue from other sources, mainly the SBL, will more than offset the revenue lost from trading commissions. Now I'm very happy to confirm that the revenue that we are generating from SBL overall, both in the US and the local side, are more than enough to compensate us for the lost Bilal, can you mute, please?

More than enough to compensate for any lost revenue, and net-net, I think this is more positive for us. Our portfolio within the SBL, both in the local and international side, continue to grow.

By March of this year, we are happy to report that we have reached 2.9 billion riyals of securities lending activity. We have a portfolio of an available lending pool of around 20 billion, we are still at a very low level of lending compared to the overall lendable pool that we have.

Around 40,000 customers onboarded the program in the local side, and around 180,000 clients onboarded in the US program. We still see a lot of momentum happening in that program, and we continue to see positive news on that side of the business.

Next, please. Assets under management, we continue to see a very strong momentum.

We are very happy to report that we have achieved more than 30% growth in AUMs during last year. We have launched number of funds in 2025.

You have a list of these funds in your right-hand side of the so you can see that this is quite nicely balanced between public markets, private markets across different asset classes when it comes to private credit, equities, real estate, debt instruments, etc. We continue to show a very strong also yield on these assets, we generate 62 basis points overall return on these AUMs.

Next, please. D360, which is in the near term a pressure point for the company.

I mentioned earlier that we have our share of the losses with the bank is around 130 billion 130 million riyals for the full-year 2025. Having said that, we are very happy to report that the operational metrics of the bank is really doing fabulously well.

We have reached more than 2.4 million users. The bank started lending activity.

The bank have launched number of products and services for the bank. The bank is currently doing a funding round, and the reception of that by the market is extremely positive.

We are talking here about a potential significant increase in the valuation of the bank following the close of this round. You have heard in the stock market one of the peer digital banks just completed a funding round, and we are expecting to show a much more higher value compared to that other digital bank.

Touch the wood, things are moving in the right direction, and the market is rewarding us nicely by higher valuation for the bank, given the operational excellence that the bank is delivering. The combined view, and this is the way we look at Derayah and the bank, we believe that the overall picture is quite positive.

Derayah today owns 20% of the bank, and this bank, as I just said, is expected to be valued at a very significant markup from where we injected the initial capital two years back. Derayah, in its own operational stance, is doing extremely well.

We have generated more than 530 million riyals of profits on Derayah standalone basis. The combined, I think, is as an indication of a very strong franchise for the entire consolidation of both Derayah and D360.

Next slide, we'll move to the financial results of the company, and with that, I'll hold it I'll give it to Bilal, our CFO, to walk you through the results. I'll come back again with a summary and a closing statement.

Thank you.

Thank you. Thank you, Abu Abdullah.

Thank you, everyone, for attending the call, and wish all of you are in a safe places. As since that our consolidated financials will be changing for this year as a requirements of IFRS, which is mainly they have requested to consolidate Trading Finance Fund within our within our financials due to what they call a control part that was triggered by the revenue Derayah booked from that fund, which represents around 21%.

Who's not familiar with the Trading Finance Fund, the Trading Finance Fund is the fund that we use for lending margin traders, and the revenue generated into that fund is shared by Derayah and by the investors in the fund. Our share of that revenue was 25%, and that triggered what they call it as a control test.

Accordingly, they implemented the test, and they decided that for for the reporting purposes only, we have to include the Trading Finance Fund. Accordingly, there was some impact on the assets in total.

However, the net equity and the net income is not changed. This slide is representing the impact if you want to, because the published financials will be an audited financials.

However, we're presenting this what is Derayah core business, which is our operations and our our full investment, is reflected on the left side, which we call it a managerial P&L. The adjustment that have an impact on the revenue and the differences, which is the brokerage, they have reduced the impact of the brokerage by 30 million and add all the revenue that came from the fund, they considered it as a special income.

The asset management, the impact of the management fee that for was from the fund, it was reduced by that impact. There is the remeasurement of the liability.

This is has resulted in a loss the investments by 47, which is a remeasurement of the liability. The reason for that, the fund the investments the investors in the fund are booked as a liability on Derayah at this amount, 1.3 billion.

That remeasurement caused a loss of 47 million. The net-net impact is in an increase of 1 million in the revenue, and the net-net impact in the profit is zero.

Next slide, please. This is the difference in the balance sheet, as I clarified.

The only difference is the margin receivables, the investment part, and the liabilities. Those are the material parts that came as an addition to our standalone balance sheet or our managerial balance sheet.

Next slide, please. Now we're going to present our core business and our core operations.

As Abu Abdullah said, alhamdulillah, our operating income increased by 6%, supported mainly by the growth that was achieved in the brokerage business and the re-evaluation of our investment, which supports our core business, that was mainly coming from certain investment in some of the VC, Uncapped, Muyassar, and Bwatek as well. That was the main growth that's coming in the in the overall operating income and in the growth in the fourth quarter as well.

Next slide, please. In the non-margin business, our traded value has increased by almost 10%.

Our net income the net operating income that comes from the brokerage increased by 11%, supported by the implied net commission of 13%, which is higher than the guidelines. Now if you look at the fourth-quarter traded volume was declined as a reflection of the overall market declined during the fourth fourth quarter.

The non-margin revenue has crossed the 500 million in 2025. Next slide, please.

In this slide, we're talking on the margin part, which is again the the vast majority of the margin business comes from our portion of the revenue that is generated from the Trading Finance Fund. In general, there was no growth, which is almost 4% from 31 to 32 billion.

The the growth came mainly because of the decline in the funding cost as a result of the decline that took place in SAIBOR during this year. There was no big appetite that's coming from the investors in the market to increase the overall margin business that's coming with the with the impact of that decline and the softer soft market conditions.

In the assets under management, in general, the overall AUM increased by almost 30%, hitting 22 million. In general, there was a decline that is was impacted by lower performance fees and the soft market returns, of course, in addition to the low subscriptions due to the market situation and the appetite that's coming from the investors.

There was no big appetite. As the overall TASI declined by 13% and the traded volume declined almost by 27%, 28%.

That has was a negative impact on the local market. Therefore, our performance fees was almost negligible compared to the previous period.

That had has reduced the net impact of the blind of the blended rate for the management and the of the assets under management fees to 76%, which is in line with the overall year for 2025. Next slide, please.

The special commission, despite the decline in the interest rate that has a negative impact on the return that we generate on the cash that's coming from the clients, however, the increase of the AUC and the introduction or the initial introduction from the local share borrowing and lending that started on in November 2025 has offset the decline in the interest rate. Therefore, we are almost in in -3% in in the special commission revenue, we are at the level of a 200 million.

We expect, with the growth that's coming as Abu Abdullah referred in the SBL, that will be offset in this year, and we expect a better growth going forward, insha'Allah. Our overall OpEx was increased by 13%.

That was driven mainly by the ESOP, which was introduced in 2025. As I referred earlier for who has attended the call, usually the larger portion of the expense will be in 2020 in the first year of implementation, and the impact will be declining going forward.

The reason that to comply with the accounting period where they have where we should charge the higher portion in the first year of implementation. That was the reason for the increase in the cost-to-income ratio, reaching to 43%.

There was a big increase as well in the marketing due to the implementation of our strategic initiative and the communication to the to our clients, and the increase in the IT expense as a part of Derayah strategy of enhancing our IT platform, enhancing our infrastructure to be able to serve the growth that's coming and to support the growth and the strategy going forward. Next slide, please.

Our total equity has crossed the 1 billion, and the total we are in a very good position in terms of liquidity. The total current assets around 550%.

The decline in the capital ratio that came, of course, for who doesn't know, the minimum required capital ratio is 8%. The decline came mainly in between the quarter third quarter and fourth quarter from the loan, which was settled in January.

Next slide, please. This is represent the watermark movements for our core business net income, which is around 532 million, compared to the net income with the with the impact of D360, which is what takes Derayah to 400 million.

The movement that's coming compared from full year in 2024 to 2025, the increase in the brokerage business, the increase in the evaluation, which was offset by the revenue from the asset management and the decline in the in the special commission, in addition to the impact of the net increase in the OpEx, as I referred earlier, that comes from the increase from the implementation, the ESOP and the marketing expense, which was slightly offset by the net other income of 5 million. Back to you, Abu Abdullah, on the strategy.

Mohammed, I think you're on mute.

Thank you. Thank you, Bilal.

I wanted really to touch base on our overall strategy. We have recently developed a new strategy for the company.

We have received our Board of Directors' approval in that strategy. In this context, I just wanted to touch base on a high level of that strategy.

We'll designate a separate session to talk about this, or maybe we do an investor meeting or a strategy meeting to discuss this in more details. I thought this is a good opportunity for us to talk to you about how are we thinking, what are we aspire to achieve in the years to come.

I'll touch about four main themes that we are really considering. One is really to build a one unified commercial engine as a core enabler for our business.

What we mean by this is really to offer our user experience user base with a clear advantage in the way they manage their wealth by enabling them to look at trading, investing, saving all from one platform. We want really to stay away from the legacy setup, to stay away from the fragmentation that a lot of our peers are suffering from, and would like really to build a one simple user experience that enables us also in our side to manage in a much better way, and it becomes more one unified view and look across all platforms.

Second part of our business is really to strengthen and expand within brokerage, within asset management, and within wealth management. The key enabler to all of these is really technology.

A good example of that, or I'll give two examples here. We went ahead and implemented zero commission.

One simple reason for that: almost like 98% of all the trading volumes that we process go through the digital channels. We don't have really to worry about the cost side of a physical premises or a large dealing room, etc.

We have a very small dealing room, and we have massive volumes that go through our digital channels. We focus on that, we expand our platform mainly in the digital side.

Another example for doing that and doing it successfully is the SBL. SBL is something that is nothing new in the international side.

We bring it in the local market, and we were one of the pioneers to offer this at a massive scale. The only reason we were able to offer this at a massive scale, onboarding more than 40,000 customers in the local side, more than 180 in the international side, because technology was a key enabler for us to do that.

We invested a long time to do this. We spoke about this from the days of the IPO, and we are very happy with the results that we are showing now into that platform.

Similarly, with wealth management, we have relaunched our digital wealth management, we call it Derayah Smart. The initial results are very, very encouraging, and we continue really to build more capabilities within that side of the business.

Third is really investing in our core systems. We have been spending a lot of money in cybersecurity, improving the protection side for our customers, especially in you can feel the need of this, especially in times of stress that we are going through, when the entire region is not only going through the traditional warfare, we are also going through the cyber warfare.

Our investment in cybersecurity is really paying off big time, and we are really safeguarding our user base and our systems from any potential attacks. We are investing significantly in the data platform, we are investing significantly in cybersecurity capabilities, we are investing significantly in modernizing our overall tech stack to make sure that we are able to capture the opportunities presented, and we are seriously about really adopting AI as a means of improving our overall tech platform.

Last is our disciplined capital allocation. We made excellent amount of money this year by investing in private companies, and these were not just pure investments.

These really served multiple hats. These are financial investments, but also are business enablers.

We invested in some of our platforms that we partner with, like Muyassar. We invest with platforms that we work with them in a future products, like Albaka, etc.

This is really a win-win from both sides, financially and strategically. We continue really that disciplined approach of capital allocation, and we really invest in areas that make us money financially, and also add to the strategic perspective of that business.

Overall strategy will help us really with higher acquisition, more product penetration and cross-selling, more deeper penetration of client's wallet, and improving the lifetime value for our customers. Overall, this will help with our operating leverage as we are a tech-enabled platform, and all of these are incremental revenues versus a very small incremental cost that we have to go through.

With this, I'll close the presentation, and I'll give it back to Aidet for Q&A.

Thank you, everyone. Thank you, Mohammed, for the presentation.

We'd like to start our Q&A session. To send your question, please type it into the Q&A box, and I'll read it out for the presenters.

I think while we collect the questions, I think I'll kick-start with some of my own questions. First off, operating costs certainly, there's a pickup in Q4.

I think, Bilal, you explained it quite well during the call. Can you be a bit more specific about the value of ESOPs that kicked in in Q4 '25?

You suggested that directionally that should be going lower, right? To what extent the costs are exceptional versus recurring?

That's the second side of the question on OpEx.

Yes. On the first question, which is the ESOP impact, the quarterly impact, which is around 18 million.

The overall expense is 53 almost 54 million. The indicative for this specific part that it's going to decline at least by 30%.

It's going to be in the range of 39, 40 for next year as the ESOP impact. The other question, Aidet, what was the other question?

Which part of costs is recurring versus nonrecurring in FY25, for example?

The FY25, in general, it's recurring. There was no one-offs because the vast majority that was one-offs in 2024 related to the IPO.

In 2025, the vast which is within the overall impact, the cost-to-income ratio is going to be next year at the same level of this of the fourth quarter as we have a heavy spending on the IT part, as Abu Abdullah referred to, mainly the infrastructure and the cybersecurity.

Understood. Thank you.

I think the next question, if I proceed with my own, we talked about ADTV, right? I think it was very clear that last year was quite weak in terms of domestic trading, but strong in terms of the US trading.

Firstly, since the zero-commission trading was introduced in Saudi Arabia, can you comment about the market share pickup, any potential market share pickup that you've seen already in Q1 '26? That's one.

Secondly, what's your outlook for value traded or trading value in '26, given the volatile macro environment, stagflationary risks increasing, which generally is negative for equity trading volumes? What are your thoughts here?

Excellent question, Aidet. Overall, I think our market share have held steady.

We haven't really seen a significant shift in our local market share in recent months, and I think this is attributed mainly to the weakness in the market. Overall, the environment has not been quite positive for equity local equity investing in particular.

We have seen significant amount of volatility, and a lot of retail has not really been doing well, and a lot of panic as a result of the ongoing geopolitical turmoil. The overall direction from what we have seen in the first quarter, it's much better when we compare it to the fourth quarter of last year.

Last year, we have seen a very strong October, but we have seen a weak November and December, which is especially December is usually a weak month, but November was exceptionally also weak last year. In the first quarter of this year, we have seen an improvement over what we have seen in in the fourth quarter of last year.

Thank you. If you were to guide your trading value for 2026, where do you think it might land in terms of growth ranges, if that's possible to share?

What's your

What we are expecting is a high single-digit number.

Thank you. We have the next question from the audience, and the question is about the D360 digital bank: Will you participate in the fundraise in the D360?

That's the first question. Second, what was the impact of on yield, brokerage yield, from the zero-commission trading launch in 2026?

Let me start with the second one. I think it's an easier one.

I already answered this in my presentation. The net-net impact is positive.

It's not negative. We mentioned this when we launched this in January, and it was an expectation.

Now it's a reality. We have seen actually a positive impact, and the other revenue streams that we have introduced recently is more than enough to cover for the lost revenue.

As we highlighted in the presentation, our overall SBL business is growing at a very nice rate, which is more than enough to cover for any lost revenue from the commission side. The participation in the digital bank, this is a board decision.

We haven't really concluded that yet, but most likely, as management, we are inclined to participate, but the final decision is within the Board of Directors.

Thank you very much. The next question, again, is on ESOP: Was the ESOP charge for Q4 18 million Saudi riyal?

You say that the charge was 55 million for the full-year '25, but there were barely any charges booked in earlier quarters. How was the charge only 18 million 18 million in Q4?

Can you Bilal, can you please clarify?

Yes. The charge, as we started the implementation of the program in March.

The expense is for this year was spreaded throughout the year, and that is the reason for the impact. Now what happened in 2020 in the fourth quarter, there was certain correction as per the requirement of the auditor that totaled the expenses to almost 54 million.

What's the question again? It's not a one-off, it has started in March, and it was allocated evenly with a slightly extra charge in 20 in the fourth quarter.

I don't know if I answered the question.

Bilal, I think maybe to ask to answer this differently, how did you allocate this in previous quarters, Q2 and Q3?

The expenses are was around in the first quarter, it was around 50 if I'm not mistaken, in March. The average per quarter was around 17 million for three quarters, not four quarters, because we started only in March.

Okay.

Yes, I think that's very helpful. Thank you.

I think I'll just go with another question from my end. The domestic trading versus international trading, right?

Can you comment about the trends in your overall commissions on international? Domestic, I think you already commented, but yeah, on international side.

Bilal, can you take this, please? On the international,

as provided earlier, Aidet, we're not expecting a decline in the overall blended rate on the international and the local and the international for the non-margin. Even though with the introducing of the zero-based trading, as the blended rate today, it's going for 13 bps, and we expect it to go to the normal guidelines, which is 9 to 10 bps.

The difference will be offset by the increase in the special commission. As Abu Abdullah referred that the overall performance that we're seeing from the other products that were introduced, they are providing a sufficient offset for the decline that's coming from the brokerage revenue in the local market.

Yet with the overall blended rate will be within the guidelines that were provided earlier. Regarding if the other part, which is the contribution of the international business of the international traders, yet we're not seeing the impact that everybody in the country was expecting.

I think the geopolitical situation has a negative impact on the appetite for the international for international traders to directly access the local market.

Understood. Thank you.

Next question is from the audience: Can you please tell us what has been the change in consumer behavior post the launch of zero-commission trading? Is it in line with your expectations?

We think that what we have introduced is a significant step toward really changing the status quo of the brokerage scene in the local side. It's a step following what we have introduced back in 2024.

Among all the incumbents in the market, we are the only broker today that charges zero commission, and if you look at the international trend, we have seen that trend starting many years ago in US, then I think it's widespread to Europe and Asia. We are very happy to see that we are pioneering this in the local market, and we think the overall direction will be positive, and it's a net-net win for us, and we think this is a winning strategy.

Thank you. I'll go with another question here.

You mentioned during your presentation that you introduced a unified app for domestic and international trading, right? What kind of impact did that have on the uptake?

Have you seen more customers come through on back of this unified application being introduced? Have you seen a positive impact on trading more than usual and an impact on

Sure. We have launched this recently.

It's I think only a few weeks ago since we launched this, and we haven't really marketed this yet. We thought the timing in Ramadan is very busy with a lot of ads by different sectors.

Ramadan is a very heavy marketing spend, we don't want really to spend money that we don't see really a reward for. We are very particular about reward and value of that money that we are making into marketing.

We are expecting really to start doing more marketing for that unified app in the weeks to come, and hence we would see more traffic. The initial reaction by the users that we have spoken with has been quite positive.

Bringing this in one application, offering zero commission in both local and international, this is clearly a winning proposition. This is offering customers the highest possible value, the highest features by any player in the market at almost no cost for them.

We think this is a very strong proposition that we are doing, and this is a continuation of a strategy that we kept really emphasizing quarter-over-quarter that our strategy is very clear: We have to offer the highest value for our customers at the lowest possible cost, and we are really delivering that consistently to our user base.

Thank you very much. There are a couple questions, few questions from the audience which are repetitive around zero commissions.

Let me summarize: Do you expect other market players to follow with zero commissions? If so, what will be your strategy to go beyond the pricing competition?

We have been investing heavily in improving our user experience, improving our platform, introducing more products and services to the market, improving our digital wealth proposition, improving our asset management. We are not really here trying to start a pricing war with anybody.

We think this is the right proposition for our customers. As a result of our ability to generate other sources of revenue, we are comfortable and confident that offering our user base a zero trading commission is the right thing for our customers.

Thank you. There's a follow-on question on zero commissions: Can you please discuss why some competitors cannot follow this move?

Do they not have ancillary revenues to support the revenue loss? It talks about competitors introducing potentially the zero-commission trading in the market.

I cannot really speak with others in particular and why they would do or what not, but I can clearly see that the large incumbents, they will have to suffer from a significant revenue erosion if they move to zero commission. This is not the case for us, and I think the smaller players, and we have seen some FinTechs following suit Derayah with offering zero commission in the local market.

I'm very happy to say that we are the only broker among the incumbents and among the FinTech players that offers zero commission in both local and international, and we don't really have to worry about eroding our profitability. We have a winning formula financially, we were able to crack the code of making money, delivering superior shareholder value, while at the same time offering the highest value for the user base at the least possible cost.

Thank you. There's another question about your unified app.

When do you expect to also unify the access to your asset management funds, wealth products, D360 platform into one app?

Sorry, I'm not really sure I understand the question. Can you repeat that, please?

The question is about the unified app. When will the customers have a truly unified FinTech experience offering D360 and access to your asset management funds and wealth products in one application?

Not sure if the question makes sense, but

Yeah. We have to be aware of the regulatory limitations of putting banking products alongside with investing products.

We have the flexibility to do some of that. Certain public funds can be offered through the collaboration between Derayah and D360, but for overall trading side, it is not permissible by the regulations to be offered in one banking app.

What we are considering is really more of a cross-selling. If you go to slide nine of the presentation, Ghida, we are working on providing our customer base with a banking products like credit card and offering fund distribution for D360 client base.

It's more of a cross-selling within the boundaries permissible by the regulations.

Thank you. The next question is about the customer acquisitions: Do you measure new customer addition market share?

If yes, has this changed post the launch of zero-commission trading or the unified platform?

There are no public information available about the market size per se, it's very difficult for us to measure that.

Clear. Thank you, Mohammed.

I think there's another question about the new customer additions: Has this fallen off in the recent month because of market performance or the issues in the region?

We have seen a continuation of the trend that we have seen. Actually, in Q1, I think we have seen improvements over Q4 overall.

That's what I can comment about, but I can't really comment on overall market. As I said, we don't have the data for overall market, not public information.

There are no public source of information of what the entire market is gaining in terms of customers. We are doing much better in Q1 versus Q4 of last year.

Thank you. I think we have space for one more question.

Let me read it out for you: Can the management add color on what D360 will be valued at in the next funding round? A valuation range would be great to know.

We cannot we're not authorized to share such information, honestly. Because it's going between there is a discussion between the lead investors and the bank.

Abu Abdullah referred to it's a positive news compared to our original subscription price.

Very clear. Thank you, Bilal.

Mostly. I think that ends our Q&A session.

I'd like to hand over the call back to Mohammed for the closing remarks.

Thank you, Aidet. Thank you, ladies and gentlemen, for your participation.

I think despite all the market challenges, Derayah really continued to show very strong resilience, operating in different fronts. From brokerage business, we continue really to bring new innovative ideas zero commission, launching new products SBL, and really bringing some significant differentiation versus the rest of the market.

This is something that we are proud to continue really to achieve that in the market. Within asset management, again, despite all the turmoil in the market, in the local side, which is the biggest part of our AUMs, we were able to bring new AUMs and significant growth of around 30%, looking at different opportunities in the market and capitalizing on that and bringing something which is quite unique to our customers.

D360 is a pressure point for our results, and if you exclude that, the company is continue to do significant progress in its revenue and net income. Again, we have the confidence that D360 is a short-term pain, and we will see a medium- to long-term profits as the bank really continue to perform excellent in their operational metrics when it comes to lending products, when it comes to customer acquisition engine, and new product launches.

Overall, we are very happy and very satisfied with the overall direction of the bank. With that said, I wish everyone is safe in these difficult times, and please don't hesitate to reach out to Ghida or our investor relation website or email for any further questions.

Thank you very much, and thanks for HSBC for hosting this.

Thank you, everyone, and thank you for

Thank you, everyone. Yeah.