This announcement takes place both in Hong Kong and Beijing at the same time. Under the authorization of the Chairman, on behalf of the Board, I would like to welcome you all for coming. All along, you have given a lot of support and interest to CCB. I would like to extend my sincerest gratitude. Now, let me introduce to you my colleagues in attendance today. They are Deputy Head Mr. Zhang, Lilin, Deputy Head Mr. Liao, Lin, Secretary to the Board Mr. Huang, Zhiling, Asset and Liabilities General Manager Mr. Liu, Fanggen. We have also our Director, Mr. Zhang, Qi. Also relevant department colleagues in Hong Kong. I am Liu, Guiping. I only joined CCB last week. Today is the first time I am meeting you all here. I am still in the process of familiarizing myself with the bank.
Questions that you will ask will be taken by my colleagues. After today's meeting, we will become friends, and there will be a lot of chance that we can communicate with one another. I look forward to deeper communication with you. In 2018, China economy still enjoyed stable growth, even though there is a downward pressure. Still, it is in a very reasonable range, and supply-side reform has been deepened, and there are tax cut, and economic momentum is strengthening. Quality of economic development has risen. Given all the market changes, CCB adheres to innovative development, and we serve the real economy's needs. Based on technological innovation and development, we had put in place a number of measures to achieve high-quality development, and we have achieved good business results. Now, I would like to ask Mr. Huang, Zhiling to take you through our last year's results.
Analysts, good afternoon. I would like to take you through our main operation result highlights of last year. I will go through that very briefly because our annual report has already been issued. I know that you are all very concerned about our performance, and I believe you have in-depth understanding of CCB. In 2018, in the face of a complex domestic and international economic and financial situation, CCB continued to uphold our mission responsibility, bringing together wisdom of all employees, releasing the power of technology, focusing on serving the real economy, deepening the house leasing strategy, and launching inclusive finance in an all-round way. Striving to implement fintech strategy, and expanding the new retail business with digital platforms. To fully realize our role as cornerstone of corporate businesses, CCB adhere to the combination of financing and intelligence financing, so as to cultivate new edges in transaction business.
We deepened refined management as well as reform and innovation, supported supply-side structural reform, strengthened risk management and internal control, promoted high-quality development of the group's businesses. Now, I think you are familiar with our indicators. Those that should rise have risen, those that should fall have fallen. That is the pattern. I think you can take a look at the following special characteristics, which are quite apparent. All our indicators, especially effectiveness indicators like return on total assets, net profit per person, EPS, dividend payouts, are all on leading level among peers. So we are on leading level among peers. Then if you refer to the indicators, while they are stable and balanced. If we compare with other banks, well, in some cases, some of the indicators are on high level. But in many cases, some indicators are high, some are low.
But for us, our core indicators are all stable and balanced. This is our special characteristic. Our asset quality is rising and stable. Provision is adequate. Provision coverage has risen 37 percentage points. Our risk compensation and offsetting ability has also risen significantly. These are our operating results. Our market position has also been enhanced. I would like to share with you our strategic implementation management, financial performance, risk management, social responsibility, and other specifics. First, let's take a look at our strategic implementation and management. For large banks, strategic advantage is in the core, and it is a long-term sustainable competitiveness. In the past year, because we have deep understanding of the China markets, we strengthened strategy management, and we have very clear strategic operation, which can be shown in a few areas.
We have deep understanding of the state strategy and also the characteristics of the Chinese economy. So we also tie in our work with the supply-side reform. Our effectiveness and efficiency have improved, and we make contribution to major strategies of the state. We are moving towards green credits and also other emerging businesses. We are very precise. We give support to private companies, and also we work on marketization and so on. On all these missions, we have achieved important progress. The second main characteristic is that we have good understanding of the rhythm of Chinese and overseas markets, and we have started three major strategies that are beneficial to long-term development, and they can also help our business indicators. Analysts have paid attention to our bank's announcements last year.
Media friends have also made a lot of reports in relation to our three major strategies, but I won't take up too much of your time to go into details. I would like to stress one point repeatedly. Last year, regarding the three main strategies, they caused long-term impact on the future of CCB. Besides, the implementation of these three main strategies can help improve existing indicators. My next point is, while implementing the three major strategies, we have established a double priority strategy, and that is, we attach importance to, for example, corporate business. We have already established some kind of advantage in corporate businesses. So we also have retail first strategy. So retail business is going to be transformed in a digital way and network-based, and we will reinforce the Chinese market, our status as the number one retail bank.
Besides, we will create online bank, mobile bank, WeChat Banking, and number of users on all these channels, and our customer service capability has been greatly enhanced. For corporate businesses and transactions, private banking, asset management, clearance, settlements, and all these have seen rapid growth. That's the third characteristic that I would like to emphasize. Number four, while we expand our various businesses, we had started a smart operation system building. So our customers have also seen a reinforcement in this regard, and we have strengthened our sustainable development measures. On refined management, our management is now flatter, and we attach importance to system operation, deployment of human resources. Altogether, there are six areas in which we will implement refined management. Our operations management will become smart, and our core is to enhance customer experience. We want to be open, and we will be sharing-based.
We will enhance our operation intelligence and quality to enhance user experience and quality of operation management. Now I would like to go through our financial performance. Because of our clear development strategy and good management, our operating results are on the rise. Our assets and liabilities have both grown. So in other words, we have organic growth in terms of our assets. Our profitability is on the rise, and cost management is being enhanced, strategic investment has increased, so there is balanced growth for our assets and liabilities. Assets was up 4.96%, liabilities up 4.44%. With coordinated growth of assets and liabilities, our profitability is also enhanced. Operating profits up 4.93% year-on-year. By optimizing our asset liability structure and also strengthening our asset liability pricing management, and also by enhancing our promotion in terms of deposit, the yield for our net interest was up 10 basis points.
Net interest revenue was up 7.48%, fees and commissions, and also related fees was up 4.45%, a very big improvement in the growth rates. Whilst the revenue is growing stably, our bank has enhanced our cost management. Our cost to income ratio has decreased by 0.54%. You can say that this is a further decrease on the basis that was already quite low for our cost to income ratio. To achieve this is not easy. For fintech, it has become one of our key investment priorities. It has further increased in this regard, and fintech-related infrastructure investment account for 31.79% of the total fixed asset investment, an increase by 10.85%. Fintech-related fees up by 11.49%, higher than the overall operating cost, which is 6.87%. Whilst the business is developing in a very robust fashion, we further pay attention to our risk management.
I believe that everyone pays great attention to this respect, and you also are quite familiar with our risk management system. I will briefly talk about this. With the best domestic and international first-class risk management objectives in mind, CCB continues to strengthen its comprehensive and proactive risk management system, enhancing both current risk management and potential risk prevention management, and promoting digital and refined intelligent risk management to stabilize asset quality. All types of risks are generally stable, and comprehensive risk management capabilities are further enhanced, effectively ensuring stable operations and innovative development.
The bank has built a responsibility-defined and scientifically balanced risk management organizational structure, and we also have covered the four sectors and nine categories of risks to ensure all institutions, employees, businesses, processes, and all the risk categories can easily be seen clearly and kept under control. With the guarantee of a perfect and complete risk management structure, the bank continues to carry out comprehensive and proactive risk management. In order to be in line with the national economy upgrade, we continue to promote credit structure optimization and improve asset quality. In terms of NPL ratio, overdue loan ratio, special loan, mentioned loan ratio continues to decrease. New NPL ratio decreases year-on-year. Scissor gap of overdue loans and non-performing loans was negative. Provision coverage ratio improved greatly, and management efficiency of non-performing assets improves.
In the meantime, our bank also pays great attention to the risk management of liquidity, and we are robust and prudent. Various of our ratios meet the requirement of the regulators. In the meantime, our bank emphasizes on capital intensive management, refined management, optimization of business structure. The utilization of capital continues to improve its efficiency of such. Our CAR ratio is ahead of our peers. Whilst performing well in our own business, we also shoulder our corporate social responsibilities. Our bank has an open and sharing attitude and shoulder a major bank social responsibility. What is worth mentioning is here that we have built a bay for the workers. We provide various positive energies into the societies, and it has been well-recognized by the society.
In the meantime, with the principle and the spirit of open cooperation, common sharing, CCB has established CCB University to explore an education model of both theoretical teaching as well as practice using, and we established industry-university research open platform to carry out projects and entrepreneur bay and various services to our micro entrepreneurs to provide services and empowerment to the customers, public, and our peers. Our bank is dedicated to become a bank that serves the public for the livelihood of the people, low carbon, environmental, and sustainable bank. Our management of the bank has also obtained good reviews from external parties. Finally, I'd like to talk about the outlook on economic trend. Overall speaking, the banking sector is faced with a lot of opportunities and challenges. Overall speaking, opportunities and challenges coexist.
Faced with this, the bank will be precise about the nature of finance and implement the financial supply-side structural reform and measurement of such. We have also noticed some of the changes as time has changed. That is digitization of industry, customization of customer, the service provision of product, smart service, extension of connection, and the customer base becoming younger. In order to fully discover the first development curve whilst consolidating the original core business advantages, we are also meeting the new demand of the new economic era and to provide services for the society. We have a transformation, which is finance plus technology, to empower the social information and to build the second development curve well ahead of time.
In the meantime, t he bank continues to improve its capability to serve real economy, and to speed up the implementation of double priority to improve our business competitiveness, and to continue to consolidate our KPI leadership in the industry. We will continue to deepen our reform innovation and to improve our operation level, and to provide richer returns to our shareholders. Thank you very much.
Thank you, Mr. Huang, Zhiling, for his presentation. Now, please feel free to ask questions. Before you speak, please state your name and also the organization that you represent. Because of time, can you please limit the number of question each time to one? Lady first.
Thank you for giving me the opportunity to ask the first question. I am [Yan, Meiju] from Credit Suisse. Congratulations on your very stable results. You are such a big bank, but every year you can achieve this result. This is really not easy. My question is about NIM and also the trend. Can you tell us, in Q4, comparing with Q3, what is the comparison in terms of NIM? We are not able to do a very clear calculation. This year, overall speaking, the Monetary Policy has been loosened and actually the yield has come down a bit in terms of loan as well as investment gain. Besides, the government encouraged more SME loans, and you are asked to lower 1% in relation to your loan interest rates. So what will be the impact on NIM this year? Thank you.
I would refer to Mr. Liu Fanggen to take this question.
CCB attaches a lot of importance to NIM management. NIM is an indicator that can fully reflect a bank's overall operation capability. All along over the years, our NIM has been stable, and we are leading among peers in this regard. Last year, in Q4, NIM had come down by a few points. We attached a lot of importance to this, and we analyzed the reasons behind. Actually, in Q4 last year, interbank deposit competition was more intense. As a result, product structure has become higher in cost, and then at the same time, there is an increase in other expenses in relation to the product. I think this is a seasonal fluctuation. It is not a long-term trend. For CCB, in terms of our liabilities, we insist on the strategy of quantity being balanced to price.
In this way, we can better control our cost, and we can make sure that the overall structure is reasonable and stable, and leading among peers. You asked about 2019. In face of downward pressure in China's economy, the state's fiscal policy is active. There is big tax cut in terms of Monetary Policy, so there is reasonable and ample liquidity in the market, and there is also more support in relation to credit. For commercial banks operation, there may be two impacts. There is positive impact as well as pressure. For positive impact, well, we will see many opportunities given this environment. There will be a lot of effective new demands. With a loose monetary market, we can lower our financing costs.
But for negative points, well, when there is an increase in supply, our yield and our loan interest rate will see pressure for liabilities, even though the interest rate is on a low level in the monetary market. In order to support asset growth, competition is intense in the deposit market. This applies to CCB as well. We have done an analysis of the challenges, and major measures are to optimize adjustment of our asset and liability structure. Just now, Mr. Huang talked about our main strategies as to improving our return on assets. At the same time, we have to do more in development to lower our costs, and we also want to be more active in seizing more good loans.
We have to make sure that our interest-bearing costs can maintain stability. With all the measures, we are confident to maintain stability of NIM. You also talked about SMEs. As my colleague said, as Mr. Huang said, after a few years of hard work in terms of strategy, management system, mechanism policies, and also systems, we have already established our own advantages. Last year, for inclusive finance loan, the new increase was actually on par with the total of the other major banks. This year, we are able to meet regulatory requirement. At the same time, we have some needs to implement inclusive finance. Well, the state's policies are very clear. First of all, marketization, and second, commercially sustainable. When we develop inclusive finance, we can definitely serve real economy, inclusive finance. At the same time, we can reach the goal about commercial sustainability.
Great. Thank you.
Thank you. I am Xu, Ran from Morgan Stanley. Thank you for the opportunity. Just now, we have heard that perhaps you will have more demand this year, and we have seen that last year your asset growth was very stable. What is your plan this year, and where would you mainly be invest in? In terms of deposits and competition, what are your strategies to support the growth of your asset? Thank you.
Again, this is question for Mr. Liu, Fanggen.
Well, for China Construction Bank, our strategy of operation, two sentences. One is stable and robust operation, another one is innovative development. When we develop, we would consider both domestic and global environment, and also considering our own capabilities to decide on our asset growth rate. Our asset growth rate for this year would be, again, remain at a stable rate. I believe that one is that the growth speed of our asset need to be in line with the GDP growth of China. Second, the asset growth with our liability capability should also be in line, so that this can ensure the healthy development of our asset business.
In terms of deposit, yes, indeed, with the interest rate liberalization and various banks have felt a lot of pressure, as well as internet financings competition and the competition within our peers, as well as the high yield request demand from the customers. We had thought about a series of measures. First of all, CCB, in terms of our deposit market, we need to remain rational. We are not going to start a price war. Any sort of debt that we have, we need to make sure that they can create value. Second, we have always been working on one part of the work, which is the systematic and internet based. You can see that Mr. Huang also mentioned this, the basis of our customers have continued to be consolidated. Therefore, we have seen steady growth in that respect.
Number three, in this market, not only that we have the core liabilities, we also have our cultivation of active liability. In the asset and liability area, we have also launched a lot of tools to stabilize the development of our asset business. Thank you.
Thank you for allowing me to ask question. I am Fan, Hans from Deutsche Bank. I have a question about new credit. This year, for newly increased loan, how much is it? What is the breakdown by industry, in different areas, corporate or individual? in 2018, I think risk was rather low. Mortgage loan accounted for a bigger share, and there are quite a lot of NOCs as well. This year, what is your investment going to be like in relation to credit?
It seems that you are very interested in this question. Mr. Liu, Fanggen will take your question.
You are interested in the quantity of credit investment. In fact, we also find it important. As a state-owned big bank, in the past few years, we have to play our role well as a large bank, state-owned bank. We have to effectively service the real economy well, and we have to support inclusive finance, SMEs, and private companies. CCB must maintain a certain total amount of credit investment and growth. I think the volume can be more or less the same on par with the growth rates of last year. If you look at the structure, first of all, in traditional advantage areas like infrastructure especially, we service the state strategy. This is in line with the strategy of focusing on large infrastructural projects. Asset quality has been good. That is our traditional advantage.
Besides, we have to continue to implement a retail first strategy. For mortgage loans, consumption loans, inclusive finance, these will be our focus areas. From the PPT, you can already see that for new increase last year, the main areas of inclusive finance, infrastructure, consumer finance, green finance, and this year we will maintain this structure. For emerging industries, emerging production or manufacturing industries, we will also offer effective service to maintain stability and healthy, sustainable development of our credit business. Thank you.
Thank you, management team, for giving me this opportunity. I am [Lin, Jiawei] from HSBC. I want to ask one question with regard to your CAR ratio and dividend payout. I have noticed that your CAR ratio for Q4 2018 has grown quite a bit. Our understanding is that this should be something that is short-term because you are waiting for opportunities to look for other investment opportunities, or this is a preparation for the long term for higher and stricter requirement from the regulators. Second, your dividend payout ratio policy. With the tax cuts, perhaps the financial benefits would be slightly reduced. Perhaps for state-owned banks, is it possible that you would be able to improve your dividend payout ratio? Thank you.
Well, today, we can see that all the questions from the investors are directed at Mr. Liu, Fanggen. Please, Mr. Liu.
Well, for CCB, what we want to do is that we want to become the best in China and world-class in the world. In order to become best in China and world-class, CAR ratio is a very key indicator, a very important key indicator. Therefore, three years ago, we had already devised a five-year plan for our capital management. We had defined that we want to have double priority, which is CAR ratio priority and also return on capital. Looking at our efforts for the past few years, our CAR ratio has reached 17.19% last year, this high level. This level is already the highest in China. Internationally speaking, we have also compared with 30 systematically important banks. The average CAR ratio is 16.3%. We have also compared with the overseas five largest commercial banks, and the average ratio is 17%.
So actually, we have already met this level. Having reached this level is because we have taken a few areas of measures. I have also introduced this earlier. Our development strategy is light asset, light capital, and this is our development direction. So profit last year, we were able to maintain good growth momentum. Second, our asset quality maintains stable. We have plenty of provision set aside. Number three, we have also issued a Tier- 2 capital bond issuance, and this has all helped with our CAR ratio. In addition, we have also enhanced our management of assets last year, with the risk-weighted asset growth is way lower than the growth of our capital. So our capital growth is fairly fast. Going forward, we will maintain the double priority strategy.
With respect to what you asked about for dividend payout, I think that this is an issue that investors are very concerned about or pay great attention to. So a few principles. First, we pay a lot of attention to return. Overall speaking, we need to make sure that the dividend payout for the long term is stable and sustainable. Number two, through managing risks, managing costs to maintain the long-term profitability of CCB. So whilst maintaining a stable dividend payout ratio, we are also able to give the shareholders a higher return per share. Number three, in order to supplement our capital, we also want to improve our capabilities of protecting ourselves against risks and to improve our sustainability in the long run. Thank you.
Thank you, management. I am an analyst from Credit Suisse. My question is about asset quality. In the PPT concerning new NPL, there is an 11% change in Q4 2018. Looking at provision, there is an increase of 20-odd percent for the whole year, up 18%, and it is 200% in terms of provision coverage. In 2019, how is the outlook? What about the credit cost? Also, what is the target provision coverage?
Thank you for the question. At the end of the year, there is impairment expenses, and there was an increase. Why? Let me tell you the reasons. It is because of our prudent principle. We make provision for loans, and that is important to us. Besides, there is an increase in provision off balance sheet. Based on the new rules, we have also put in place corresponding adjustments. I understand your point. That is, there is an increase in impairment. Is it true that there is some negative trend in assets? Well, I have laid out a number of figures. Provision coverage is 108%, up 37 points, and the provision over loan ratio is up 0.4 percentage point, and credit cost is stable. There is a slight increase. My credit loss ratio has come down. My credit loss ratio has come down.
At the same time, we introduced asset quality management indicators. There are four to five new indicators or criteria. In fact, based on the analysis, the trend is positive. One, my NPL ratio. NPL ratio of new loan and new reported NPL ratio, concerned loan ratio, and also overdue and so on. In relation to impairment, we looked at NPL after repayment, cover ratio, credit cost, and credit loss rates. All these indicators have shown improvement. Two years ago, I made a point. In face of uncertainties in the future, as a commercial bank, we need to have a sense of crisis. That is, it is like storing food for the bad days. Our credit cost until now, we will see a turning point. Provision coverage ratio this year, we will see an increase.
Credit cost, we will see a turning point. Credit loss rate will be more or less stable. Thank you.
Thank you. This gentleman, please.
Thank you for giving me the opportunity. I am [Mike Wan Xi]. I want to ask about Q4 2018. Your loan balance growth is fairly small. I would like to ask, what is the reason behind it?
Mr. Liu?
For Q4's loan growth was fairly slow or fairly low. If you look at the domestic trend, there is a pattern, and usually it's a 3-3-2-2. Q1 and Q2 will be higher, and third and fourth quarters, the loans would be smaller. This is related to the demand of the customers closely. This is point one. Second, for Q4, in terms of timing, it is a timing where we work hard on disposing of NPLs or bad asset, that's also another factor.
We continue with next question. The lady at the back.
Thank you, management. I'm [Patricia]. I have a question about inclusive finance. You said that last year you did a lot of inclusive finance. How is the asset quality in that segment? Concerning NPL quota for inclusive finance, the state has increased it a bit. Will there be then bigger risk in this segment? Last year, your quantity is equal to the total sum of the other four big banks. Recently, for inclusive finance and also SME loans, this year, what is the price of such loan, and how does it compare with last year? Why are you all concerned about inclusive finance?
You are of the view that inclusive finance has high risk, and cost is also high. Regarding inclusive finance, relatively speaking, it is only a matter of our understanding and our ability to master it. At present, you can take a look at CCB. In 2018 the board of directors already approved our inclusive finance development strategy. That is because inclusive finance is a major constituent of the economy, and it brings about huge service demand. That is also a segment which we should dig very deeply. An analyst asked about cost and deposit. If we do not do inclusive finance, it's difficult for us to control cost. About risk, if you look at the new inclusive finance business for 2017 and 2018 and do a comparison, you may see a relatively high figure, but our risk and NPL ratio is no more than 1%.
That means that in relation to risky cost, it has come down, and it is very stable as well. What is the reason behind? That is because our operation model of inclusive finance and also business model judgment has changed. We have launched the Fintech strategy, and that is we want to shift towards inclusive finance development. We can very precisely identify the access and operation risk of enterprises. We can be very precise in credit approval. At the same time, we can also predict online risk. With this, I think it is very important to us concerning small enterprises, credit is based on the operation data and performance.
In fact, for small enterprises, now we are able to look at their transaction behavior data and their credit implication. This is very important. In the past, we could not identify that. Every year there's an increase of CNY 200 billion , less than 1%. In fact, the risk is much lower than anticipated, and it is very good. From this point of view, you don't need to worry about it. You can continue to observe our new inclusive finance business, and you will understand why CCB is brave enough to take this as a strategy on this platform and why we have confidence in it.
Another point is, in the future, when it comes to digital transformation, this is an important part for us to enhance our competitiveness. Later on, you will realize that inclusive finance development is not only limited to our understanding of this inclusive concept. Once it becomes our major operation segment, then customers will become all-round financial services users, and they will also become our main sources of income for our future. Thank you.
Good afternoon. I am [Sun, Yi Chen] from Taiping Asset . I want to ask you about your infrastructure loan. So beginning from this year, to the first half of this year compared with the second half of the year, what is your plan? Second, for dividend payout, you said that you want to keep it stable. Does that mean the dividend payout will not be very high for this year? A small question for mortgage and mortgage rate. What is the mortgage rate this year? What is the trend? Do you have any estimate or prediction?
Again, this question goes to Mr. Liu.
Well, I already introduced earlier for the infrastructure loan, this is our traditional advantage. At the moment, out of our CNY 13 trillion loans, there are CNY 3 trillion belonging to infrastructure. So this as a priority, the total volume arrangement would remain stable. In terms of the speed of such investment, 3-3-2-2, as I mentioned earlier. This is a general rule of thumb, and specifically, it would be depending on the specific case of the infrastructure projects. Again, it is there to meet the demand of the customers. Second, for dividend payout, I mentioned earlier three points. One, keep stability to bring more return to shareholders. Considering our capability of protecting ourselves against risks, we will also keep a certain amount to replenish our capital. For mortgage rate, actually, we monitor it very closely.
Our system at the moment is also good enough to support it. From our current monitoring, mortgage rate, overall speaking, is stable. Thank you.
Because of time, now we will take the last question.
I am from Haitong International. I am an analyst. I have two questions. First, about fee income. In Q4, fee income growth was fast, around 9%. What are the reasons behind this year regarding fee income growth? What is the outlook? Second, I said just now, there is non-loan provision, and there is a part which is off balance sheet, and some is related to IFRS 9. So in 2019, will this category of provision be stable, or will there be any increase? Thank you.
I said we would take one question, but you asked two. In fact, some time ago, some analysts asked three questions. All right. First of all, Mr. Liu, Fanggen, can you take the question?
Let me take your first two questions. Last year in Q4, fee income increased fast. The reason is, well, first of all, there is a seasonal factor towards the end of the year for credit card consumption, there will be an increase. Secondly, in fee income, there is e-banking business income. When mobile and also electronic payment becomes more and more popular and develop fast in China, our online finance business has a very good foundation. As a result, this business segment is growing with a big increase in income. In 2019, there are both challenges and opportunities. I said just now, in traditional areas like intermediary businesses, while we face bottleneck in growth, for example, settlement and so on. When the economy of our country develops in relation to consumption and internet finance, CCB faces good opportunities in fee income growth, especially about internet finance development.
We believe that this year, fee income will enjoy a stable growth. Thank you.
You asked about off-balance sheets and IFRS 9 provision. Last year, adequate amount of provision was made already. We have reached the regulatory standard. This year, for these two types of provision, they will be stable. They will not be very volatile. Thank you. Right. Because of time. Thank you very much, analysts, for your questions. I would like to thank all sectors of society for your support and interest to us. Your support is our major driving force, and we would like to serve the real economy. We will continue to strengthen our existing competitive advantages. We will push forth housing loan and also inclusive finance and fintech in our development.
We will continue to work hard, and we want to repay shareholders and society with even better results. We will conclude our results announcement here. If you have any further questions after the meeting, please contact Investor Relations Department and also the Board of Directors office. Thank you.