Good afternoon, everyone. This is Elena Sanchez from EFG Hermes, and I would like to welcome you all to Doha Bank's Q1 2026 results call. Thank you very much for joining us today. We have with us in the call the executive team of Doha Bank. I would like to hand over the call now to Sheikh Abdulrahman Bin Fahad. Please go ahead.
Hello, everyone. Assalamu alaikum. Today, I will start the introduction, and the team here will continue the meeting. The situation, I think, is a difficult period for all GCC country. I think in the bank, we manage, and we definitely did a great job. Our liquidity as well. We will go later on, I think our CFO will explain more on that. But we have a couple of changes this period. The positive part was the share. It has become one of the trendy or the best share in the banking sector, I think, for the last two years. We maintain and stable bank as we promised from day one. The growth was last two years between 7%-10%, which is also something that we always promised our investors. We have changed a lot. All the chiefs are doing very well job for the last two years.
Today, we have new shareholders. They just joined us last week, so I do have my own board. We have Himma Transformation. I think everyone was aware about it. A lot of change has been happened, especially in digital part, our app, and the business model as well in public sector. Public sector, our focus was on the private banking. We delivered there. The exposure in government sector has been increased from QR 700 million or QR 800 million. Today, we are QR 10 billion +, which also, Aman can take you through that. We will maintain same strategy, and we do have Himma Transformation for the next three years to continue the full project. So Himma Transformation was part one we delivered and I think the current board and the investors and also the customer, they are happy from the result.
Now, of course, the two Himma Transformation, the future will be the NPL focusing on how to fix it. We did also our part internally to reduce it from Aman, can you give me the numbers? Seven-
It changed from 7.4% to now 6.4%.
Six. I think this is the biggest exercise we will have it in Himma Transformation part two. Himma Transformation part three will be also the changing the core banking, which is also something very important for the bank, and we are hiring also qualified people in this part to ensure that we have a future in digital. Also, Himma Transformation four, I think it is part of this, all will be together, to ensure also we have less employee and to reduce that cost. I think now I will give the room to also Aman to continue the calls.
Thank you, Sheikh.
Our CFO.
Thank you, Sheikh, and good afternoon, everyone. I will take you through the financial performance of the bank for the first quarter of 2026. Starting with the balance sheet. Our total assets grew by around 5.1% year-on-year and around 0.9% year-to-date. We witnessed a loan growth of around 14% year-on-year and around 4.1% year-to-date. From the investment portfolio side, it remains robust but there was certain attrition in the portfolio of around 4.5%. The guidance for loan growth for the current year, we are maintaining our guidance at 5%. We are being cautious as we deal with the legacy assets and possibly negotiating favorable terms for the bank for the existing and the new relationships. At the same time, being wary of the current economic situation and the geopolitical environment along with the limited availability of liquidity.
The customer deposits were higher, 12.8% year-on-year, but marginally decreased year-to-date by around 1.9%. The strategy was basically to reduce the higher deposit with the higher cost with the more affordable borrowings. Our LDR is slightly elevated, 1% or 2% slightly higher than the regulatory maximum. The capital ratios remain stable. CET1 and total CAR stood at around 12.06% and 17.86% respectively. Given the expected asset growth and current equity structure remaining the same, our guidance for CAR for current year is to be around 17%-17.5%. Moving on to the income statement. The bank achieved a profit after tax of QR 234 million, which shows a decrease from last year of around 6.8%. However, profit before Pillar Two tax increased by around 3.7%, and profit before tax was above last year by 3.5%.
The guidance for the ROE for the current year after tax is to be around 6.7%-7%. The net interest income, as compared to last quarter of the same year, was down by around 4.4%. However, on quarter-on-quarter as compared to Q4 of 2025, the net interest income went up by around 9.7%. The NIMs for the current period is around 1.7%, slightly lower than last year NIM of 1.72%. We maintain our NIM guidance for the current year of around 1.75% ± 10 basis points. Given the current economic situation and the expectations, we are not anticipating any further rate cut during the current year. However, if there is a 25 basis points rate cut, it would reduce our net interest income by around QR 2 million for 2026. The operating income grew by around 3.9% year-on-year and 11.7% quarter-on-quarter.
The bank's cost to income ratio improved to 37.74% versus 40.33% as of year-end. The bank's guidance for the current year cost to income ratio, we maintain our same guidance between 39%-40% given the Himma Transformation, as CEO was explaining, continues, and there will be reinvestment of certain costs in the coming period. Net impairment on the loan was around QR 251 million as compared to QR 29 million for the same quarter last year, increase of around 10%. Our cost of risk guidance for the current year is now revised to 110-125 basis points. Given that we have taken certain overlays, as can be seen as per our financial statement disclosures, where we have increased the downside risk of expected credit losses from 15% to 20%. The NPLs, as CEO was earlier explaining, improved to around 6.43% mainly at the back of loan growth.
We are maintaining our NPL guidance for the current year between 6%-6.1%. Having said that, we are currently assessing our loan portfolio and we will revert with an updated guidance, if there is any, in Q2. The specific provision coverage remained quite robust at around 77.5% as compared to 76.4% as of the end of last year. We are maintaining our specific provision guidance coverage to be around 80% for the year-end. Now we open the floor to question and answers. I'll hand it over back to you, Elena.
Thank you very much for the presentation. We move to the Q&A. If you have a question, you can write it on the chat and I will read it from there, or you can also click on the Raise Hand button. We already have a few questions in the queue. We'll take the first one from Chiradeep Ghosh. Please go ahead.
Hi. This is Chiradeep Ghosh from SICO Bahrain. Two quick questions from my side. First is on the trading income. The trading income was particularly strong in this quarter. Can you give some more clarity, some more color on it? How sustainable would that be? Or was there some kind of one-off elements which might not come in the subsequent quarter? That's one. Second is, again, congratulations on the asset quality side. I know that has been your area of focus. I mean, both stage two, stage three has shown improvement rather. But the cost of risk have still remained elevated. So we want to get some more color. What's the ground reality? How is the contracting real estate and the hospitality sector? Are you seeing any potential defaults happening in there? The reason I'm trying to get a sense is because the cost of risk has still remained high.
If you can give some color on these two questions, yeah. These are my two questions.
Let me take the first question regarding the trading profit that we booked in the first quarter. I think it was very opportunistic for us to realize that most of our book naturally remains in the HQLA side. We have a lot of exposure on the Qatar Sovereign. The spreads on Qatar Sovereign actually tightened to around sub 25, which created opportunity for us to be able to take some capital gains on long-dated Qatari bonds. We were able to actually time the market very well in terms of being able to sell some of these, taking benefit of the tighter credit spread, and book the profit. This is purely determined by the market volatility in terms of giving us an opportunity.
Whenever the credit spreads were tightened to a level where we think there is potential capital gains, we will keep on taking them throughout the year. Currently, though, because of the crisis, the spreads have widened. That gives us an opportunity actually to redeploy the cash. If you see a slight decrease in our portfolio, that is because of the trading that we were able to do, and we will keep on looking at booking these gains whenever the opportunity arrives.
Chiradeep, I will take the second part of the question regarding the cost of risk remain elevated. As I was earlier explaining in the call that we are being cautious when it comes to building our coverages for both stage 1, 2, and 3. It is evident from the fact that we have also remodeled our ECL by increasing the downside risk from 15% to 20% and by reducing the base scenario from 70% to 65%. That explains elevated cost of risk for the quarter. Along with that, we have also built some provisions for stage 3 in order for it to remain a robust coverage when it comes to both these two stages. I think further our CRO can add some color to the impacted sectors.
See, in terms of the impacted sectors, like you said, real estate, trading, contracting, obviously they are facing some issues with regards to the recent conflict, but we are closely monitoring the portfolio. As and when we see the situation being de-stressed, we will take the appropriate measures. Secondly, the Central Bank has also taken cognizance of this fact and given certain relief measures for the affected sectors. We remain cautious, and we are closely monitoring the situation.
Okay. That is all from my side.
We will take the next question from Dan Mikhaylov. Please go ahead.
Hello, this is Dan from Vergent. Am I audible?
Yes.
Yes.
Wonderful. Two questions from me. The first one is, in your first quarter results presentation, I can see that your share of GRE loans as a percentage of total book went from, I think, 8% to almost 10%. It is the only sector we have seen really meaningful Q-on-Q expansion. Could you shed some context on what kind of GRE exposures these loans have, and whether we should expect this trend to continue in the subsequent quarters where most of the lending growth will come from GREs?
Okay. So there's only one question?
That's the first question, yes.
Okay.
Thank you. Dan, in respect to the GRE exposure, that is a definitive and a strategic move which Doha Bank has decided to improve and increase towards this sector. This is in line with our strategy to reduce exposure in certain sectors and increase. Our strategy is to, going forward, also increase the GRE exposure and build a sustainable yet remunerative book for Doha Bank.
He's saying which GRE-
Yeah. These are 100%.
It is 100% selected from the government. So it is fully public sector. We have more room maybe than the other banks today. I think the reason of that, Doha Bank early before two years, they were not having this access. Today, we are aggressively working with the public sector. We are focusing on that, not doing the grow on hotel sector or others, contracting. We are very selective. We know the clients here, whose successful clients to continue with, or otherwise we always reject this type of business. So we have been focusing on this sector, especially with the public.
Do you have a maximum target as a percentage of your total loan book that you are willing to allocate to GREs by year end or by the end of your strategy?
Bank is expecting to achieve a 20%.
In the long run.
In the long run? Yeah.
But for this year, Dan , I will tell you the growth, as you have already highlighted. Our GRE exposure in 2024 was close to 6%, increased to 8.8% in 2025, now touching 10%. For the near term, for the current year, we are targeting anything between 10%-14%. But again, as Faisal explained, that in the longer term, we will be able to continue in the next three to five years to bring it close to around 20%.
Okay, that is very helpful. My second question is on the buyback program that you guys had announced earlier. Does the current crisis mean that the buyback program and all buyback initiatives have been put on hold?
I will be very honest. This is not only a decision internally. From the previous board to the new board, there is a gap in the middle as well. The regulators said, "Wait until later, then we will accept this. Do it in the right time." We are okay with it. I think very soon you will hear this news from us.
Okay, wonderful. Thank you so much.
Thank you very much. We will take the next question now from Andy Brattner. Please go ahead.
Hi there. Thanks very much. Just following up on the last one, just the loan mix and, I guess really just given that mix change, no impact on NIM. Can you just talk through the kind of the NIM dynamics as the mix of the book changes, please?
Okay. Andy, the NIM part, as you would have seen, there has been a dip as compared to last year. We have been very selective, first of all, when it comes to selecting the asset quality. At the same time, we have now formed internal committees when it comes to the pricing itself. Not all the GRE loans are booked. We are selective in the pricing part as well. There has been a lot of focus from all the internal teams to make sure that particular aspect of the loan part is also covered. Hence, we don't foresee any major dip in NIM. Hence, the guidance also given for the year is close to 1.75% ± the 10 basis points. I hope I answered your question.
Yeah. Okay. Thank you. Just maybe a bit on what was the level of repayments? The loan growth is 5%. You've already done 4.7%. Can you just talk about are there sort of repayments pressure there, or you're just worried about how the year pans out given so much uncertainty?
See, repayments, we already have factored for it. I think the pressure would be more from the liquidity side of things, because today as we speak, we have a very healthy pipeline from all our business teams. It's just a matter of timing the drawdowns given this current scenario where the liquidity is limited. In the first quarter, end of first quarter, we could not go to the market because of the current geopolitical situation. I think that particular part is more relevant. But when it comes to the pipeline itself, I think that is there. Just the proper and the optimal utilization of the liquidity. Maybe, Dr. Paul, if you want to add something to it.
Sure. I think we have been managing the liquidity very well given the crisis situation because we came into this crisis with subsequent buffers that we had built over the last two years.
Now I think it will be critical to see if the situation starts to improve. Then, as mentioned by the CFO, there is a healthy pipeline for us to fund. But if we do see a pressure on liquidity, then we might need to basically stagger this pipeline as well. I think we are clearly monitoring the situation closely in terms of the impact of the current crisis. Accordingly, we will decide in terms of the growth quarter by quarter from the asset side, to be able to support it through liquidity. One key aspect, as mentioned, is access to capital markets. The funding plan had a significant part of that, and we have recently actually got on board an AGM approval, increased our program from QR 3.5 billion to QR 4.25 billion.
We are looking forward to capital markets being open and for us to come into the market and issue to support the healthy asset growth.
Okay. Just out of interest, the capital markets were closed to you or the pricing was just a little bit unfavorable?
We have, actually, no public issuance has come from GCC, so that is sort of a bit of a hold across GCC given the scenario. But we have been active in the private placement market. We have issued-
Yeah.
QAR 100 million. We have done a small tap. We have ability to do smaller tickets still without going with a public deal. We had a maturity in March, actually, which we needed to sort of go to the market and repay, but we have done it through our own liquidity measures. We are hoping that we will get a window soon to come out to the market. From a pricing perspective,
Right.
seen about 15-20 basis points, I think a spread widening across most of the credits in Qatar. From a private placement and tap, we haven't seen a significant pressure on pricing.
Right. Yeah, okay. I was going to say there is private issuance happening. Okay. Just on the loan deposit ratio, obviously, as you say, you're above the regulatory maximum. You have been there before. Can you just remind us what the rules and regs on this are? Is there a timeframe to get it back or is it a negotiation? Just please remind us of that, please.
Yeah. I think most of it is a factor of, because as you know in Qatar, your LDR does have the longer-term syndications, your EMTN all included above three years in several sort of ratio part. With our $500 million maturity and a syndication maturity, that does impact this ratio. Once we are able to go to the capital market with the syndication and EMTN, we'll be back to the level that we ended the year. As you see, we ended the year sub -95%. Part of it is that. Part of it is replacing some of the deposits, non-resident deposits with other interbank funds due to the crisis. That puts a bit of pressure on that. But it's very manageable, as you can see. Even year to date, we are seeing sort of being very close to that 100 level.
It is just a matter of us being able to access the capital markets again for us to come back to the same level. Nothing has changed much apart from the change in terms of some of the maturities that we have seen, which we have not replaced in capital markets yet.
Yeah, great. Thank you. Sorry, and then one final one from me. Oh, sorry, no, two. Sorry. I did not quite catch the NIM sensitivity. If there is a 25 basis point cut, although you do not expect any cuts, if there is a 25 basis point cut, what does it do to net interest income? I did not quite catch what you said.
The net interest income will reduce by around QR 2 million for the year.
QR 2 million. Okay.
QR 2 million.
Okay. Just one final clarification.
Yeah.
The cost of risk, this is net, right? 110-125. You did QR 180 million net.
Right.
Right?
Very correct.
Yeah.
Yeah.
Okay, great. That is it. Thanks so much.
Thank you.
We will take a follow-up question from Dan Mikhaylov. Please go ahead.
Hi. A quick follow-up to the previous question. On deposits, can you comment on what percentage of your deposit base now comes from the resident deposits, and how much you are looking to reduce it by year-end?
Sure. On the last update that we gave investors, this was clearly mentioned as part of the strategy to start reducing dependency on non-resident deposit. We were at 14%. Now we are sub 10%. On that, we plan to continue to maintain that. And that actually helped us because we did not have a lot of exodus during the crisis because there was less dependency on the non-resident deposits. We are trying to maintain that sub 10%, and that is just to diversify it out to make sure that we do have access to non-resident deposits in case there is internal pressure on resident deposits. But the guidance would be to keep it at below 10%.
Yeah. Helpful. Just a quick follow-up from me. We hear that the Central Bank of the UAE is in talks with the Federal Reserve for a dollar swap. Do you anticipate that the Qatar Central Bank will have to pursue similar measures, or is the dollar liquidity in Qatar still reasonable?
Yeah. It is very stable, and two or three of the QCB initiatives that they took were to provide us with actually the internal swap line. We do have access through QCB to be able to swap dollar Qatari riyal. Along with that, they have actually put in liquidity through GRE deposits in the system. There are plenty of- It is the other way around. There is actually plenty of dollar liquidity in the system right now, and there is a bigger shortage on the Qatari riyal side. Ample support is being provided by QCB on the dollar liquidity, and we do not foresee, given the amount of reserves that they have, I think they are in very good shape to be able to provide that liquidity if needed. And we don't foresee any such measures from them.
Great. Helpful. Thank you.
Also, I can add one last. Since the crisis started, we were internally thinking what to do with this liquidity QAR. Are we going to face any challenge? But a week later after the crisis start, I received a call from the governor and from the Central Bank to maintain and to give all the liquidity for clients without having any problem. This is the message that we received, that we have enough liquidity and if clients need anything, please provide them the needs. This is a good sign, yeah.
We have received some questions in the chat on taxes. As the Q1 2025 results were not restated for the tax, are the Pillar Two taxes included in December 2025?
Yes.
Also, what is the effective tax rate
Okay.
that we can assume for 2026?
The answer is yes, because the guidance came during Q4 of 2025, so we ended up accruing taxes at that point in time. If you calculate the effective tax rate on our income statement, it would come close to 10.2%-10.5% in that range. We all know that the global minimum tax percentage is 15%, but effectively it comes around that income statement. We have already accrued for it in Q1, as indicated on our results for the quarter.
All right. Thank you. Another question that we received, any update on customers requesting deferrals of loan payments?
Yes. As per the QCB directive, we have received instructions to review and assess customers requesting deferment for the affected sectors. The guidance is to assess the customer based on the current market situation and exclude the customers who were facing any special financial difficulty before the crisis. We are cautiously monitoring and reviewing the deferment requests provided to the bank for approval.
All right. Thank you very much. On fee income, we received a question asking if fee income was weak this quarter compared to previous quarters despite solid loan growth. Has there been any regulatory changes related to fees? Is it driven by other reasons?
Our fee income originally planned for the quarter was slightly higher, but as earlier explained, there were some limits to the drawdowns given the liquidity situation. Having said that, we will continue building on the fee income because that is an area that we always internally discuss, and this is what we target, to have fee income base of more than 15% of the operating income, and we are well on track for that.
Thank you very much. Just a reminder, if you have a question, you can type it in the chat or click on the right-hand button.
Can we get the brief about retail and?
Yes.
A question on taxes. Why did the income tax for Pillar Two outside of Qatar increase? Can you give some clarity?
See, that we have international locations, which are also subject to global minimum tax. That was not there last year. Same reason as for Qatar, our international locations face the same predicament.
All right.
Elena?
Go ahead.
Go ahead, Dimitrios.
Okay. Hi. I just want also to give an update on retail and also on the digital front for the bank. As Sheikh Abdulrahman bin Fahad has mentioned, the bank is embarking on a big transformation relating also to digital transformation. We are able to, as I have mentioned last time, to beef up our digital penetration to various areas, including corporate, wholesale, retail. We were able, because of the digital transformation and the mobile-first strategy, to onboard and offshore much activity from branches to the mobile app. Currently, we have seen an increase in mobile app active users by 20%, and we have more than 44% increase in subscriptions. We have digital onboarding, billings, bill payments, and statement production, et cetera, done through mobile banking. As we have seen, we were able to reduce the number of branches in retail by 40%.
As I have mentioned before, from 21 we are down to 13. There is a plan to reduce this even further by year-end, and we want to go below 10, which is what we want to focus on. Focus on affluent customers, our Riyada affluent segments, so we can have some selected locations where we can cater for these upscale clients. Because the business we can get from these clients in terms of fees and credit growth and deposits give us more potential. We have also been very critical that during this crisis, the bank has been able to be up and running, and we were able to enhance our resilience. We have been able to cater for all our clients' needs without any issue in terms of systems, any cybersecurity issues.
We didn't face anything like that because the bank's posture has been upgraded significantly in the past two years, and this is part of the investment we made in our systems, cybersecurity, and protection. We were able to cater without any disruption. You've noticed that in other countries in the region, U.A.E., there were issues relating to data centers disruption, which impacted their channels and created, of course, customer disruption. in Qatar, we didn't face that, especially in Doha Bank. We are proud to say that we also concluded our active data center setup, which is very efficient, and it's between Ooredoo and Vodafone. On the digital front, we are also working with Ooredoo, who have a great partnership with Ooredoo, the largest telecom company in the country, one of the largest in the region.
In promoting our AI machine learning and digital footprint, we want to set up a digital factory with them, and we want to have use cases on AI machine learning, which is very important. At the end of the year, we are also going to have a chatbot in use in our call center. This will have efficiencies and also less cost. As Sheikh Abdulrahman also mentioned, cost containment is very critical. The cost to income efficiency ratio has been reduced from 39% to 37% in retail. We have seen a big reduction in direct cost, more than 11%. This is due to the closure of branches, as I have stated before, plus also other renegotiation that we are doing in terms of offerings we are providing to clients, but we do it smartly and with less cost.
In retail, we have seen much recognition also coming from various global publications. We recently also were awarded by Euromoney as the best retail bank in Qatar. We are also going to be included in an upcoming list that Euromoney has put together of the fastest-growing banks in the Middle East, retail banks in the Middle East. This is a very big acknowledgement of what we have done based on the numbers, fee income, net interest income increase, and reduction of cost, which is part of our strategy. That's in a nutshell what we have done in terms of-
I can add also part of what we did on private banking. We create our platform. Today as Doha Bank, we are the first bank who do have the platform, so we can invest directly with investors outside without going to the third party as UBS or different banks. This is something new for Doha Bank and for our private banking. That's why we show a huge growth on our private banking. As well, part of our international vision to exit, and we announced that we will exit India. We are working on it right now with the regulator over there. Going also adding one more thing. The rep office was 17, today we are seven. Plus, we are going to have a board meeting by May, and in the next board meeting, we are going to close another four or five rep office.
This is also something good. From 17 will be total three rep office, and this will be also for a year to do our own assessment. Either we have our branches over there or also we will be close this rep office. Any more international update you have?
Sure. I think you've summarized it very well, Sheikh Abdulrahman bin Fahad. I think in terms of our overall FI relationships, we have significantly increased both from a perspective of creating assets and also generating liquidity. We have added about 20 counterparties since then from a perspective of key geographies who have been key contributor for us through our rep office in terms of helping us with liquidity, mainly from Asia. We have seen a lot of these inquiries and relationships actually help us during this time of crisis to stabilize that liquidity as well. Hopefully we will continue working with International Banking Group very closely to implement the strategy that Sheikh Abdulrahman bin Fahad has mentioned.
Final part, I think also Dimitrios will be adding about the digital.
Yeah. Thank you, Sheikh Abdulrahman bin Fahad. As I said before, digital is a critical component of our Himma Transformation. Part of digital, you need to have a very solid core banking system. As Aman, also our CFO, has mentioned, we are going to reinvest part of the savings we have come up with in actually setting up and implementing a very state-of-the-art core banking system. This exercise is going to start this year, and we anticipate that by end of this journey, the bank will be able to really exceed all the other competitors in terms of products, efficiencies that we'll be able to capture by implementing a state-of-the-art core banking system. Also eliminating and reducing costs because this gives us a unique opportunity to restructure our processes. It's going to be a further business transformation.
It's not only a technical upgrade or system upgrade or a system implementation, but this will help us redesign all processes, reduce inefficiencies. Of course, this will have a direct impact of less cost, a better customer quality experience, which is something that the market will appreciate and will be able to give us a momentum on new products, upscaling our product suite, and also our services and customer experience. This is a big journey and a big investment that we are now actually embarking on, starting in the next few weeks after the board, as Sheikh Abdulrahman bin Fahad has mentioned, will take and will give us the relevant approval. This is a very significant milestone for the bank that we are optimistic will give us long-term prosperity future and also growth.
Our strategy, I mean, Himma Transformation was approved, and we will have the final approval by the board. If they have couple of comments that they want to add to put the bank in a better situation. I think the good things about the new board with the current board is, they are aligned to correct the bank, and they are aligned with this strategy. They want us to deliver, and this is something that myself and the team here working on it, and we want to deliver. Thank you.
Thank you very much for the update. We have received a couple of questions in the chat. Can you comment about the dividend payout expectation?
Dimitrios, please, do we receive any other questions?
Yeah. If that's okay time-wise.
Okay.
About the dividend payout expectation, last year we-
Payout expectation.
We paid around 15% of dividend. Of course, the baseline is there. There is no further expectations of increase, but that is something that will be determined, of course, when the year-end profit comes, that will be decided accordingly.
Just a couple of questions there. Do you want to address them from Doha Bank?
Okay. I can see there is one question on the precautionary loans of provision. Yes, this is something that I was talking on the call earlier. We have made certain adjustments to our ECL model, where we have decreased our base case by 5% and added 5% to the extreme case which has triggered actually extra provisions, hence the increased cost of risk, and hence the increased cost of risk guidance for the year as well. The second question is what triggered NPL in Q1? I think that was already answered during the call. Majority of it was relating to GRE-related exposures, and hence you can see the shift in overall GRE as a percentage of loan book being close to 10%. Why was tax not restated in Q1?
The simple answer to that question is that tax is an accounting estimate, and for accounting estimate, the treatment is prospective, not retrospective, hence there was no revision. That is something that was discussed between Qatar Central Bank, the banks, and the auditors.
Well, with that, if the market doesn't mind, we will end the Q1 call, and if there is any follow-ups, please reach out to me, and I will get them the information they require.
Sure. Thank you very much for the call and the update, and talk to you soon. Have a good day. Thank you.
Thank you.
Thank you.
Thank you.