We will first give a broad overview of how our franchise has performed and the operating landscape we are in. Mr. Leong will then go into more details on the financials and business performances from this quarter. After both presentations, we'll be taking questions from the media. For the media who are joining us online, please use the raise hand function if you have a question. I would now like to invite CEO to get us started. Mr. Wee, please.
Good morning. Thank you for joining us today. Since we last spoke, the global outlook has changed significantly. The world order has been disrupted by U.S. tariffs. While it is too early to quantify the exact impact, we expect growth to slow in the near term. Amid uncertainties, the long-term fundamentals of ASEAN remain attractive. The region's competitive advantage in manufacturing and commodities will help ensure a relevant role as global supply chains rewire. Trade flows within ASEAN and between ASEAN and the rest of the world will continue to grow as countries seek new ways to prosper. While the road ahead may not be smooth, at UOB, we are prepared. We have strong balance sheets, capital, and liquidity with good reserve buffer to navigate these uncertain times. Our diversified earnings base continues to provide stability across economic and market cycles.
In the first quarter of this year, UOB delivered a solid performance. Net profit was stable year-on-year at SGD 1.5 billion. Growth was broad-based, supported by resilient income from lending, record fees, and higher trading and investment income. Our asset quality is healthy. With strong earnings this quarter, we are taking a conservative approach to increase our reserve given the uncertainties. We have been reshaping our business franchise with diversified client segments and product mixes across our key markets. In the first quarter, we saw healthy demand across sectors and geographies, which boosted our loan books. Our loans grew 6% year-on-year. Net fee income rose 20% year-on-year, led by record investment banking deals with strong growth in loan-related and wealth activities. Our wealth management business saw good traction. Most of our clients adopt conservative investment strategies with a focus on wealth preservation.
We see higher fund flows into our discretionary portfolio management solutions, reflecting client trust in our ability to help them navigate market volatility. We were named Best Private Bank for DPM Asia and Singapore at the Euromoney Private Banking Awards for this year. This quarter, we also won several other prestigious awards. Global Finance named us as the Best Bank in Asia-Pacific for a second year. We were also named Best Bank in Malaysia. Separately, the Asian Banker named us as the Best SME Bank in Singapore 2025. We are encouraged by these recognitions and will continue to focus on supporting our customers in these volatile times. Looking ahead, the external environment is still fluid. We will resume guidance when the situation stabilizes. However, we remain committed to our SGD 3 billion capital distribution plan.
We have already commenced share buyback, and the first tranche of $0.25 special dividend has been paid. Despite uncertainties, we see pockets of opportunities across our diversified portfolio. Trade flows in the China-ASEAN and intra-ASEAN corridors are about $1.5 trillion and growing, a trend that we expect to continue. We are well-positioned to capture the flows from this structural shift. In fact, most of our trade finance lending continues to be done within the region, reflecting strong intra-regional activities. In a recent survey UOB conducted with 800 businesses in ASEAN and Greater China, two in three businesses expect intra-ASEAN trade to increase due to U.S. tariffs. They are planning to diversify sourcing tools within their own countries or in the region. There is also a growing demand for hedging from our clients amid current market volatilities. Meanwhile, we have a healthy pipeline of quality financing for infrastructure programs.
This is not the first time that we have experienced volatilities and external shocks. We are confident in our ability to navigate the challenges just as we have done before in the past 90 years. We are fully committed to working closely with government and industry players to support our customers through these extraordinary times. Now, I will hand over to our new CFO, Leong Chee, to share more.
Thank you, Mr. Cheong. Good morning, everyone. I'll take you through the financial updates for us. If you look at our first quarter results for 2025, there was overall a strong quarter. We had broad-based income and franchise growth. The net profit was SGD 1.5 billion for this quarter, with ROE at 12.3%. The net interest margin was stable at 2%, and it was contributed by proactive balance sheet management despite margin pressures. Our net fee income grew to a new high of SGD 694 million. This was largely driven by record loan fees from higher investment banking revenues that CEO mentioned, as well as momentum in our wealth and card businesses. On treasury and investment income, we grew by 27% quarter- on- quarter. This came from strong activities from our clients and also relatively good performance in our trading and liquidity management activities.
Asset quality remained stable with NPL ratio at 1.6%. As CEO mentioned, given the macro uncertainties, we took a prudent stance to increase our general allowances to strengthen provision coverage, resulting in a total credit cost rising to 35 basis points this quarter. We are approaching the volatilities in the market from a very strong capital and funding position. However, our CET1 ratio remains at 15.5% and NSFR at 116%. On this page, we can spend a little bit more time to go into detail around the operating profits. We have increased the operating profit by 11% quarter- on- quarter and 7% from a year ago. However, as we set aside higher preemptive allowances, the net profit after tax declined 2% quarter- on -quarter, but stable year-on-year. Next, I'll go into the business segments in a bit more detail for you.
On the retail business, if you look at the slide, our increase in CASA demonstrates the franchise that we've been building for a while. The credit card billings and the double-digit increase in wealth income helped to cushion some of the margin pressures that we saw. The credit card billings remain robust, not just in Singapore, but throughout the region as well, as we continue to create better propositions and lifestyle offerings for our customers, and in particular, the customers who have onboarded with us when we consolidated the Citi business. The wealth management business continues to be underpinned by a shift from deposits to investments, and net new money flows coming in continue to encourage us, but it was also balanced by market dislocations in value. Most of our clients have very balanced portfolios aligned with our focus and philosophy on wealth preservation.
This resulted in minimal margin calls despite the market volatilities that we saw in the last few weeks. Moving to the wholesale bank, I mentioned briefly earlier on that we had record investment banking fees this quarter, double-digit trade and treasury growth, and this has helped offset the drop in margin from declining interest rates as well as competitive pressures from peers for quality assets. We remain focused on our customer franchise and our growth engines. We continue to leverage on our strength in connectivity in the region. The focus on our investments that we have made for the wholesale banking platforms has helped us drive positive growth for our CASA and trade loans. If you look at the CASA item in the slide, you will have seen that 8% growth in CASA continues. We generate at least 56% in terms of CASA to deposit mix right now.
The shape of our business continues to improve. NIM remains stable at 2%. This is by no means an easy feat. We continue to be very active in terms of how we manage our balance sheet. The quarter-on-quarter net interest income did ease by 2%, but that's also partially due to a shorter quarter. Loan margin has been compressed due to asset pricing pressures and a softer environment in terms of rates, but through this balance sheet management, we've managed to keep our NIM stable. I mentioned briefly about our record loan fees, so we'll dive a little bit more deeper into each of those stages. Investment banking fees had a good quarter. This was from participating in large syndicated deals, coupled with increased loan demand.
There was also good momentum in our wealth fees from robust unit trust sales and structured products, and wealth fees were generally up 30% year-on-year and 19% up quarter-on-quarter. Card billings also grew year-on-year, but compared to a quarter ago, there was a seasonal differentiation. The fourth quarter usually is higher. Trading and investment income was underpinned by our customer treasury income rising to SGD 243 million this quarter. This was an increase of 11% from a year ago and 13% from the last quarter. It was spurred largely by retail structured products demand. Our own trading and liquidity management activities have also continued to perform well, and these have largely been from bond sales as well as trading opportunities in the volatile market environment. In terms of expenses, we've managed to maintain the stance on our disciplined spending, and cost-to-income ratio has improved to 42.6% this quarter.
While we continue to focus on investments to build up capabilities in the region, the tight cost discipline is something that we will continue to maintain, especially as we wait into the volatile environment. On non-performing assets, it remains sound with an NPA ratio at 1.6%. The new NPA formation has been stable and within expectations, but with lower write-offs, the total NPA inched up our ratio to 1.6% this quarter. On credit costs, we mentioned earlier on that because of the uncertainties in the macro environment, we have preemptively added to our general allowances this quarter, bringing the total credit cost within 5 basis points. It is important to note that this increase was something that we have done by taking a very prudent stance to strengthen our provision coverage going into the environment. On the next page, it shows you the allowance coverage.
Our total allowance as of March was SGD 4.8 billion, of which SGD 2.8 billion relates to allowances for non-impaired assets. Overall, our coverage remained adequate at 90% or 207% after taking collateral into account. Next, we move into a look at our loans growth. Year-on-year, overall loans growth at 6% and 1% quarter- on- quarter. The same quantum of growth was seen both in the wholesale as well as retail businesses. The momentum is sustained well with broad-based growth, and in the wholesale side, there's been term and trade, on the retail side mortgages. We do want to remain vigilant and selective in our lending given the outlook, but we remain very committed to supporting our customers through these terms. On our funding positions, I mentioned at the start that we are approaching this with a strong capital, funding, and liquidity position.
From here, you can see that our LCR remains sound at 143%, NSFR at 116%, both of which are well above the minimum regulatory requirements. Our CASA deposits continue to grow steadily, and I mentioned earlier on the mix of our CASA continues to help us shape the funding mix into something which is helpful in terms of managing our cost of funding. On the next page, our capital position remains strong at 15.5%, hopefully loaded at 15.4%. This allows us to remain very confident in terms of how we go into the next quarter. With that, I end the presentation. In terms of financials, I believe we open up to Q&A.
Yeah, thank you, Mr. Leong. We'll now begin the Q&A. For those dialing in on Teams, please use the raise hand function if you'd like to ask a question. We'll begin with those in the room.
Hi, Chen-Jung Yeh from Bloomberg. Back to what CEO said at the beginning about wealth flows that boosted AUM, what was the net new money? Second question also on your deck still about hedging by customers. Could you comment and provide colors on what exporters and importers do during this volatility? Third question on USD assets at UOB, including your asset management, I mean, with this steep dollar decline, especially against SGD, which is your main currency. What are you?
Why don't I take that first? I think on the U.S. dollar assets, it remains actually a very small part of our portfolio. The securities portfolio in U.S. dollars are mainly for HQLA and for government securities. We have not disclosed that publicly in terms of the actual numbers. I think that hopefully addresses the first question. The first, sorry, the second question. The first question was around net new money. Now, net new money flows into our private bank was actually negated by market action. Net net, it was flat. If you look at the AUM numbers that were communicated, it's about $189 billion. It's flat quarter- to- quarter.
Because of market.
We had net new money flows, but market action was canceled out. Yeah, so it's flat.
The first question is about action by hedging by exporters and importers.
Can you perhaps?
Sorry, repeat. I will repeat. Yes. What are your, you mentioned that clients have higher demand on hedging. Is it FX? Could you say specifically, have your clients, particularly exporters and importers, had that adequately hedged before the currency volatility? If they did not do it sufficiently, what are they doing now?
I think we've seen customer activities, and I think the slide that I had shown earlier on our treasury and income activities, you have seen very healthy pickup. If your question is with respect to more recent in terms of April.
Of deliberation dates.
Yes. Those activities have continued. I think we see a lot of customers front-loading some of the activities. If you are looking at treasury in terms of interest rate and FX hedging activities, those activities have continued. It is not unusually higher than normal, but you see many of our customers continuing their business activities as stable as they can because the uncertainties around the current situation have not picked up. While general expectation was that maybe some of these may freeze up, that has not shown up to be the case because our businesses, our clients continue to front-load some of their activities in anticipation.
These are the healthy pair.
Yes.
Sorry, just last thing. CEO said that we'll resume 2025 guidance when situation stabilizes. Do you expect stabilization within this four years from now?
Not a king later. I'm just, but I think generally I cannot predict what's happening. What I can tell you and what I can assure the public is we have a strong balance sheet. We have the strong capital to write true answers. Generally, we are talking about trade. Trade constitutes about 10% of the total balance sheet. Most of our trade, frankly, I mean, it's more intra-regional, more China plus one. Yes, we did go through a portfolio analysis, look at some of the customers. Some of them could export to the U.S., maybe 20%, 30%, 40%. I would say generally it's quite, I would say it's not really a major concern for us. The second order impact will be more severe if the uncertainty continues. It will affect consumer confidence. This is where the slowdown in the economy will come.
That will be the second order impact. If you talk about first order impact, I think the trade, I think generally we have gone through the portfolio. Of course, we continue to discuss with the customer how do they want to do. They may divert certain activity within ASEAN, self-weight to U.S. Our exposure to China is not so much. It basically will be more ASEAN.
Coming back to the stress test, what is the stress test that the banks do? I think MAS, there is an MAS-led stress test every year. Is it going to be more stringent or is there going to be a more stressful stress test? What is the worst-case scenario? How will it affect your capital? Will this, and ultimately, will dividends be cut by having COVID? Will the capital?
For the time being, it's very premature. As I said, it's still a very fluid situation. The impact is too early to quantify. You can use your imagination. If you want to stretch until you want to fill the bank, fine. I think in today's scenario, given our exposure to the trade, all the customer base we have is all very well spread. I don't see we do stress, I don't think it's that severe that we have to cut dividends. In fact, as I mentioned in my speech, we continue to grow our capital management. We are committed. It's a three-year program. We reduce our capital and we promise 50% of our dividend will be generated by the earning.
Regular dividend, unless the yields come out, it runs to a halt across the region. Our capital position is actually very strong to manage what we expect to come. Our first pass in terms of looking at our portfolio and potential impact, we think that's very manageable. The stress test that we are conducting, when we look at the second order, potentially third order, that's a little bit more complicated because there are so many different assumptions that have to go in. As CEO mentioned, how stressed do you want that to be? I think some of those variables, the macroeconomic variables that we need to input, I think has yet to land and depends on some of the outcomes we will see in the coming weeks and months.
If you could explain for you, ECL1, it also depends on this MEV model, MEV model. Have you changed, how much have you changed the MEV model for 1Q versus?
We have not changed it yet.
Yeah. Okay.
We have not changed it yet, but we are in the process of reviewing what needs to be changed.
There's a certain growth assumptions.
We know that needs to be changed. We shouldn't change too much.
You haven't changed even your growth assumptions on your MEV?
I think we do have an expectation that on a broad basis, that growth and trade probably will be impacted. The extent of that and where it hits, which industries, which countries, I think that still hasn't changed.
I realize I think since the global financial crisis, you have this test where you must have enough HQLA for 90 days of outflows. Have you looked, I mean, I think your pillars three says that you have, based on that, you have that. That is a normal situation. Do you think there would actually be those outflows?
No, I think if you compare the current environment versus what we saw in COVID, I think we've gone through that and we've been very well prepared for that. We do not expect even the uncertainties that we have to face in the next quarter or so that we would be as severe as what we saw during the most difficult times during COVID. Those capital positions and liquidity positions we feel are more than sufficient and adequate to manage.
In fact, if you look at the whole ASEAN, you look at the individual countries' performance and service as well, interest rate risk is continuing to be low. I would say, relatively speaking, in fact, the favor should be more towards ASEAN now.
You know this joyous as easy. Since this 2nd of April Liberation Day announcement, has there been, are people still interested? Has there been a slowdown in it?
I think the feedback is still quite good. You know we are UOB, we are well-positioned and we are the biggest foreign bank in Malaysia. We have seven branches in Johor, four in SEZ. We signed MOU with the Chinese Chamber of Commerce in Malaysia as well as Singapore. We are the only bank who has a green lane initiative with Invest Johor.
What's the green lane?
In other words, we help customers provide some green lane services, more expedited, more approval, speedy approval. This is an arrangement we make with Johor.
It's something that we've tied up with Invest Johor to facilitate and accelerate some of the investments they're doing. That coordinated approach helps to eliminate some of the bureaucracy and red tape and help businesses move there faster.
Are people investing? Are your customers actually putting money into investing?
Yeah, we have invested our foreign direct investment for the last 10 years. There are quite a number of inquiries and some of them actually committed.
Okay.
The interest level and activities continue. I don't think any between liberation date, it's not any significant slowdown or shift seen in engagement and level of activities there.
[guess].
Good morning. I'm interested on SMEs. I mean, you have a very strong presence in the SME banking market. What are some of the concerns or worries that the Dowcase have been sharing with you? How is UOB advising them on this situation?
I think it's no different than UOB. We are more than happy. We are more than happy given our strong position. In fact, today, together with the government and the U.S., everyone is more than happy to support. Not only Singapore, all the region, all the central banks, they are all willing to support the initiative. If we have to look at individual credits, right, customers, right, and depending on how severe, we will apply certain business logic, certain way of structuring to help them to ease the cash flow.
The various levels on this, right? I think if you look at SMEs, those that have direct exposure to the U.S., there will be some. We wouldn't underestimate how entrepreneurial and how adaptable clients and businesses are. The first order, which we stressed about earlier on, the direct impact to U.S. exports, I think that one we think is pretty manageable. The people who supply parts direct to the U.S., I think that's manageable. The question is the second order, third order. If you supply parts to a manufacturer who then exports to the U.S., now when that slowdown happens, if it happens, I think that second order impact is what we are more concerned about. The variable assumptions that goes into that, there's so many different elements. We mentioned briefly earlier on around consumer confidence, job security.
If some of these uncertainties pan out and stress the economy in that direction, there will be impact on SMEs in terms of consumer spending over the years to even consume in the domestic markets. For now, what we're seeing is that most of our book exposure is domestic, intra-regional is okay. That's order. Second, third order, I think that.
Can I just ask one more question? I mean, you talk a lot about uncertainties and you have strong capital position still. What does that mean? You still have ambitions for M&A. If I can read you right from previous remarks, are you pausing those ambitions or taking away?
I think we're always on the lookout, right? We're running a business.
Even now.
This headwind can convert into opportunities for us. In fact, given our connectivity strength, we are always on the lookout. We are running a business. If there are opportunities, why not? I say, I know this is a very motherhood statement, but if you look at the balance sheets, the capital position that we have, I think the comfort from our existing customers, that will give them a lot of comfort to have a bank to support them. Also to the comfort to potential customers to say, hey, this is a bank that is strong. They are able to withstand. We may be able to attract potential customers.
I like this confidence.
Some priorities, if you look at even for Citibank acquisition, it was done in the midst of COVID. In these sort of situations, you do find opportunities, but you have to find opportunities that make sense for our franchise.
Would you ever think of bringing back even the split dividends that you used to have some years ago that you all stopped? I mean, why did you stop it?
Oh, it's kind of counterproductive.
Counterproductive.
If we're out there doing share buybacks.
What is the ROE?
I think we've reached a maturity and confidence in our capital and earnings generation. When the vessel falls, we will also be very fine. I think it gave us the confidence that some of these excess capital should be returned to shareholders, which was the backdrop of the SGD 3 billion capital management program. No plans for a scripted dividend.
Hi, good morning. I have a question about the forecast. I know that UOB will only resume the forecast until the situation stabilizes. I remember that UOB forecast a high single digit for the loan growth this year and double digit fee income growth in February, right? I wonder, have these two forecasted numbers changed or would that be like a rhythm change after the liberation tariffs?
I think this comes back to the common theme. I think everybody is trying to ascertain, which is visibility, more specifics around growth numbers and so on. I think the overarching sentiment is that our clients are feeling uncertain. If you are forward planning on CapEx plans, where are you going to locate the next factory? Are you ordering, shipping, freight forwarding, logistics for the next six to twelve months? I think there is a lot of uncertainty and inability to project forward. Even if you look at some of the global companies, whether it is Apple, General Motors, Amazon, JP Morgan, everyone is suspending guidance because their visibility today is not easy. The question is, amidst all this, what are the things that you can have a handle on? It is strengthen your balance sheet, look at what we can do to help the clients navigate.
Many of our clients are very adaptable and entrepreneurial. They are also actively looking at, if this happens, where would their trade flows go and where do they need to shift their supply chain? Our frontliners are very actively engaging clients to assist them in doing so. Not to dodge your question, the question specifically was, were those trade projections, growth projections still intact? We are working on the assumption today on those numbers. Those numbers will have to be revised. We are not yet ready to revise those numbers yet. Yeah.
We have a question from online, Altra from Reuters. Could you unmute yourself and ask your question, please?
Yeah. Thank you. This is Altra from Reuters. First, I have two questions. The first question is basically a follow-up to Chania Pong's earlier questions. In general, how will the strengthening of the Asian currency against the U.S. dollar, such as Singapore dollar, affect UOB both positively and negatively or directly and indirectly? The second question is we would love to hear more from UOB on what changes in trade financing demand that UOB is seeing from clients in the short and medium term and from this U.S. tariff, and what is UOB doing to help all your clients? Thank you.
The strengthening of the Sing dollar, I guess, against the U.S. dollar from an importer sense, I think, would be good, but not if you're in the export business. I think there are various elements here. The fact that the Sing dollar remains strong would also mean that we would be a good center of who will be welcoming into Singapore. We hope to benefit from that in terms of the loan management and other businesses that we do for the retail clients. For businesses, you're going to see a spectrum depending on whether you are more import or export-driven. We are fairly well-diversified in the sense that, yes, we have a large Singapore portfolio and we have a regional franchise, but we manage our businesses as much as possible to natural heading.
The second question was around changes in trade finance demand from tariffs and what we are doing about it. We mentioned briefly earlier on that trade is about 10% of our total loans portfolio. It is something that we continue to want to build. The question was around, have we seen changes on it in the last month or so? The answer is that it remains fairly stable, but those signals carry a lot of noise in there. It carries noise because some of these trade activities could be front-loading of activities. People are expecting that your tariff situation in the next few months may result in certain outcomes. Some of those front-loading of export shipments and trade activities have, in terms of numbers, from our perspective, it continues to be active. There is no particular drop-off. They continue to be active. There are noises in those signals.
Just to be sure, accurately, if I say front-loading means rushing to do to hedge or to send export out, that would be correct?
Yes.
Do you have any other questions?
Yeah, I was going to ask about some real mortgage demand in Singapore and demand for building and construction loans in Singapore. Has that dropped off or has that been stable or has that?
It's been stable.
Since the invasion day, she just stopped buying property.
I think you have to look at the conversation here in this room. You're trying to compress timelines on what has happened about a month ago. Now, loans and loan growth doesn't adjust overnight like that. People make plans for loans and negotiate terms for loans, and they document loans. All that takes time. Even if corporates were to slow down loan activity, people were to stop their mortgage activities and so on, the numbers flowing through will go down a while more. Maybe next quarter, we will see clearer numbers. You're talking about what literally came out on Liberation Day in early April, and then multiple variations and changes to it since. Yeah. It's probably too premature to say what those impacts will flow through in terms of numbers.
On a practical aspect, you know these things do take time when people plan and adjust their capital outlays and CapEx plans. It will take a bit more time to flow through.
Go back to the confidence. It takes time.
If you focus on the first quarter numbers, because the results that we are sharing with you today is from the first quarter numbers. First quarter numbers remain strong. Quarter- to- quarter, they were higher.
Did the mortgages rise? Was there an increase in mortgages?
Yeah, no single digits.
It's a follow-up question.
Sorry. I have a question about the comparison. If we compare to the COVID time, which situation is worse?
I already mentioned, I think COVID will be worse. COVID is a total shutdown. It's very different. We've gone through all this. As I said, we are more than confident to send. We are willing to pay dividend. We are willing to have a capital reduction. I don't think we need to be overly alarmed.
If I could simplify it, during COVID, you saw in certain industries in certain countries a complete sudden shutdown. Here, you expect a slowdown and an adjustment because factories cannot be set up overnight. Even if you needed to reestablish your supply chain and manufacturing locations elsewhere, it takes time to shift. In the meantime, some of these activities will continue. It may come with higher costs associated and business costs associated with it, but it is not like COVID where everything suddenly just shut down. You would see a period of volatility and adjustments, but I think the severity is going to be moderated over time.
Is there any situation where activity increases in ASEAN? Do you think there'll be more trade or more investment into Penang and Johor, our favorite consumer?
I think the overall global pie of demand doesn't change overnight unless it's consumer confidence that gets impacted. Now, if you look at trade flows, I think the trade flows will evolve. Countries that have been more affected by tariffs and can no longer economically, it's not economically viable to export to a particular country, will find new markets. You are going to give businesses time to adjust. It doesn't suddenly create a global new demand overnight. You are looking for where to shift those demands and supply chains to.
Maybe we take one or two last questions.
If I may, what do you see NPL, NPA?
NPA.
Non-performing as.
Non-performing as NPA.
What's the ratio at the end of it? Now it's 5.6 for 1.5. What do you see?
You're asking the same question. Just asking it in a different way. I think CEO mentioned in the height of the COVID crisis, our credit costs actually went up to about 57 basis points. We just mentioned to you that we've built it up to 35 basis points. That's already preemptively indicating what we think is to come now. Do we need more or less? I think next quarter.
My question is not whether you can withstand it. I'm sure you can. I'm just trying to see your assessment on your client's side rather than if I can make it clear.
I think the NPA formation has remained stable for us. The first quarter as well as into April. The NPA formation numbers that came out were around clients and geographies that we already saw. We were recognizing it and provisioning for it. There has not been any particular spike up as a result. It is what we already saw. We are recognizing and provisioning. These are not sudden spike ups in terms of new assets that surprised us or shocked us.
I expect to be avoiding you.
Thank you. In fact, your ECL suite fell, isn't it? Your SPs actually fell in the first quarter because.
I think the takeaway would be this. I think the immediate downside risk to asset quality seems manageable to us versus the growth risk. That piece of work is not done. We need to look at all these stress testing and outcomes of projections and forecasts. That piece of work is not done.
All right. If there's no further questions, thank you, everyone. If you have any further questions or clarifications, please do reach out.
Thank you.
Thank you.