Presidents from the subsidiaries are all here. Later, they will talk about the 2024 highlights and 2025 directions. We will have a Q&A session after the report, and professional investors will ask questions first. Now I'll hand over to Paul Yang. .
Investors and media friends have known. Next page. Continue from our last serious presentation, we shared our group development strategy. Today, we'll follow the same framework to report on the original results in 2024 and our direction in 2025. Afterwards, the CEOs from the subsidiaries will talk about the highlights of their achievements and the 2025 directions. Last year, I talked about the targets. There are three targets: accelerate business growth and enhancing the financial performance, and the third one is upholding a consistent dividend policy.
I'll talk about the first one first. CFO will talk about the second one regarding the dividend policy. Previously, I've shared with you. If you still have questions, I can answer your questions in the Q&A session. Next page. Help you establish product in the group. We adopt One KGI strategy and integrate digital transformation.
In terms of One KGI strategies, we strengthen internal resource and service integration and enhancing the sales capability and wealth management capabilities to expand the management scale of assets and build long-term shareholder interest. The core spirit of One KGI is to integrate the resource and services of all the subsidiaries under KGI, allowing customers to feel that we are one team, one brand, whether they come from KGI Bank, KGI Securities, or KGI Life. The customer feels that by choosing KGI, all the financial needs can be handled here at once.
That is our slogan, "We care what you care." Promoting digital development, we're also adopting the One KGI strategy. We establish corresponding digital development plans. This allows subsidiaries to integrate the digital frameworks and introduce AI to provide services to customers. The KGI app is a leader to lead the subsidiaries by adopting AI to drive the productivity, and also increase the awareness of AI for employees. In terms of One KGI in 2024, we have some highlights.
First, we established the 10/7 collaboration. 10 central primary account managers and seven secondary account managers. After we integrated our brand, we utilized the 10/7 strategy to integrate the services and the subsidiaries, and share the performance and serve the customer better. We established the 101 online official LINE account to provide support for customers.
Secondly, in terms of resource sharing, we designed an incentive mechanism to allow subsidiaries only to share resources. In 2024, we completed six pilot branches in Taipei, Hsinchu, Zhongli, Taoyuan, Kaohsiung, and proved this mechanism can actually boost sales and also boost KGI growth. Starting from April 1st this year, we're starting to promote the One KGI mechanism. Under One KGI in 2025, we have six goals.
The first one, to continue to increase the proportion of multi-relationship clients. KGI Securities, KGI Life, and KGI Securities, they have large-scale customers, but we still have room to grow the customer base and to better serve the customers in multiple subsidiaries. Secondly, to double the ratio of KGI Securities clients using KGI Securities or channels settlement to further drive the growth of C-money deposits in KGI Bank.
Thirdly, to integrate KGI Life and KGI SITE to boost the ILP sales. We can reach the diverse needs for customers' investment needs. Number four, we will fully support KGI SITE and sales to boost the AUM growth. Number five, leverage CDIB to create a customized alternative investment to establish a foundation for the ultra-high net worth customers. We can extend personal wealth management to families, to cross-generation to meet their needs.
Number six, extend the One KGI policy to overseas branches. For example, KGI Bank Hong Kong branch will collaborate with KGIS branch in Hong Kong. The core of AI application development, that is data computation. In terms of platform technology to boost the computation and algorithm, we develop our own AI technology and we established AI lab internally. We also boost the data structures required by AI and utilization structures.
In terms of data, we will introduce smart finance elements to build a think tank, to build enterprise knowledge, and to train our KGIS knowledge tank. We will develop different AI applications internally. We leverage AI assistants to boost the product productivity. Internally, we will leverage business application to provide digital services and optimize customer experience.
For example, to build a One KGI finance home service, including one CRM dashboard, to integrate customer information to provide precision marketing and customer experience, and provide a comprehensive view to improve the management of customers. Also build AI talent is the most important thing, but also change the organization structure to centralize the power of digitization. The digital application and AI in 2024, we completed three main targets.
First, we introduced the AI assistant in our office to provide real-time data analysis and automation in report generation, allowing our employees to focus on higher-value tasks. We've also advanced the digital banking innovation. Life and securities adopted more automation to customize customer experience, including mobile claim and mobile application and account opening both in bank and securities.
We also built digital infrastructure to build a big data environment. We transformed to a data-driven business model. In 2025, our focus including five items. First, we'll continue to deepen digital transformation and build the KGI Hub digital brain and constantly summon AI talent, embed AI in our corporate culture. Thirdly, we will actively train a more proactive AI assistant to provide more precise information to our customer, and also provide precision marketing to drive sales and improve AI fraud detection to identify risks.
We will pilot digital asset custody for cryptocurrencies. This is a pilot project allowing institutions and high-net-worth clients to safely transact cryptocurrency, also launch a local payment hub to enhance cross-border transaction efficiency. Number five, deepen the digital platform, including one CRM and one core. In a single platform, we can see customers' holistic information. It will integrate big data and AI to enhance the efficiency internally.
In conclusion, we'll continue to enhance the digital infrastructure, integrate digital tool and marketing tools, and provide market and service based on customer-centric strategy to enhance our end-to-end customer value.
Thank you, Paul. I will report on KGI's financial performance. In 2024, our [Inaudible] increased 37% to [Inaudible] . That is the second-highest profit in history. The historical high is due to the one-time disclosure of the old building.
In terms of operation, 2024 was a record high year. The unrealized OCI also increased to NTD 19 billion. Our reserve increased 17% and increased to NTD 3 trillion. In terms of subsidiaries, KGI net income is NTD 22 billion, marking a double growth year-over-year, mainly driven by investment income and lower hedging costs. In terms of sales of policies, we'll continue to expand our business scope. In terms of all channels, it achieved more than 40%.
The consumer pay product also accounted for more than 40%. Next, KGI Bank. The net income is about NTD 5.6 billion. The 2024 growth requested more provision. If we look at pre-provision, net income it actually grows 20%. The retail and corporate loan, the momentum rate is strong. It's almost 20% year-on-year, fee income grew more than nearly 40% year-on-year. Wealth management growth achieved more than 50%.
The first two year of asset momentum was still strong, income already grew 30% in the first two months. The whole process strategy of KGI Bank, we plan to launch the Hong Kong branch in May. That is the first overseas branch of KGI Bank, the detail will be covered by Wayne later in his report. For KGI Securities, the net income is NTD 10.1 billion in 2024, KGI is good at utilizing capital.
The ROE in 2024 stood at 16.3%, that is surpassing the industry average. In all of the business segments, top two in the market, even though the brokerage ranked second, it contributed outstanding fee income in the company. We started to build wealth management business in the previous years. In recent years, we see more than 50% year-on-year growth consistently. Next is CDIB.
The profit is NTD 700 million, mainly influenced by market fluctuations. However, in 2024, the development in new commitment, we see a good result. The six new asset management product totaling NTD 18.9 billion.
Compared with last year, it is a good result. In addition, the pipeline is collaborating with SoftBank. Already received five commitments and pre-investment we also see good results. Next page. In KGI and subsidiaries, the capital adequacy ratio is still under the regulatory requirements, even though we've done ICS division, KGI Life will not be impacted. That's all for me. Thanks. There's more complete information, you will see it all later.
Investors, friends in the media, good afternoon. I will first talk about our strategy. In 2025, we focus on prudent ALM. First, we will expand our business scale. All channels are well prepared to face market challenges, we have also seen some initial results. Second, we will launch participating policy. This is a product that is very similar to us. We will provide it to our customers to satisfy their needs.
Second, we want to increase our ROI. I believe all of you agree that since Trump took office again, market volatility has increased. We need to seize opportunities accordingly, we have adopted the new FX reserves scheme. We will continue to accumulate our reserve tool to reduce FX risk, we will continue to strengthen our digital operation. We very much value our customer service experience. We will use different digital tools to improve our service quality.
Last is the transition to IFRS 17 and Taiwanese ICS. We are highly confident that Next year, after the transition, we will maintain a stable management. For premium income, we continue to focus on the development in all channels. Our total premium reached NTD 174.5 billion, up 9% year-over-year. On the upper right, this is our FYP mix.
Mid-year last year, we saw the market demand for single-pay product and interest-sensitive annuity. Therefore, we have launched such products accordingly. Therefore, the percentage of such product has increased from 35% to 46%. For FYP, it reached NTD 58 billion, up 10% year-over-year. Because the decrease of regular pay, therefore FYP was down 5%. For our VNB, it grew around 2% to NTD 19.9 billion. Our VNB margin slightly decreased. For our investment last year, our ROI is 4% and our CLL stands at 3.09%.
The spread has increased compared to last year. For VNB margin and persistency ratio, it remains the same as 2023. For our investment portfolio, we remain prudent, and the percentage remains pretty much the same. Domestic and foreign stock increased slightly. Therefore, our overall ROI stands at 4%. Next slide.
Our pre-hedging recurring yield will drop a few basis points to 3.8%. Because we focus on total return, we will not just focus on dividend income, therefore it dropped six basis points to 3.8%. For hedging cost, due to a rate decrease in the U.S. and NTD depreciation, hedging costs decreased to 1.09%. Our hedging ratio hit 70% by the year-end last year, but now it has decreased. We will remain flexible to try to maximize the efficiency.
For FX reserve, just like what I said, we use the new scheme, and by the end of last year, our reserve has reached NTD 30.7 billion. This year, due to the depreciation of NTD, the number has increased. Next, I will pass the floor to the President of KGI Bank, Wayne Hsu.
Good afternoon. I will talk about KGI Bank strategy. Through the guidance of KGI Financial Holding, we will cooperate as one of the subsidiaries. We will continue to expand our scope and accelerate our growth momentum. I will focus on our four strategies. First, One KGI to enhance group synergy. Group synergy is our advantage with many One KGI projects ongoing. We will continue to strengthen customer referral to expand our retail customer base. Regardless which channel customer comes in, they can experience comprehensive financial services.
In addition, due to active securities changing, referrals through settlement accounts between KGI Bank and KGI Securities is a key One KGI path. At the same time, we will work with KGI Life to launch an integrated retirement trust, allowing customers to effectively plan and transfer assets while continuing to grow resources within their group.
Second, for the growth of wealth management, our goal is to acquire customers and to increase our overall AUM through KGI Securities channels and group-related digital channels. We will expand our customer base, focusing both on physical and digital platforms. For wealth management team, we will continue to expand our team of FA and saving advisors. We also launched a university intern program. We continue to expand our customer acquisition and wealth management team.
We will also apply for Wealth Management 2.0 license in response to FSC's initiative to make Taiwan an Asian asset management center, while expanding our product and service range for our high-net-worth customers. For our ecosystem for consumer finance, for credit cards, in addition to dual currency cards we launched last year, we will continue to work with partners to introduce credit cards for specific scenarios.
We will work with international players to offer cross-border remittances. In addition, we will focus on the business regarding virtual currency asset custody-related business. We will also optimize our digital account Karry to connect financial and diverse application scenarios, linking digital deposit with loan remittance, security settlement to enhance customer stickiness and provide a more comprehensive digital experience. Fourth, for overseas business expansion, Hong Kong branch is now in its final preparation stage, expected to officially open in mid-May.
This is an important location for our overseas market. KGIS and [Inaudible] have long established operations in Hong Kong, so we will work closely with them. We want to utilize and partner group resources and licenses to develop integrated local businesses. We will also apply for wealth management license to further develop private banking and high-end wealth management services.
For financial figures, the net revenue is NTD 16.1 billion, up 17% year-over-year. It is mainly due to the growth in loan and deposits and increase in fee income. Overall fee income, Jenny talked about this, I won't go into the detail. For the spread and NIM, it is at 2.02% and 1.3%, down slightly from 2023. This is because of significant loan growth suppressing our spread. This is within our expectation.
For asset quality, it remains stable after accelerating consumer loan write-off at the end of last year. The two figures have now returned to previous levels. For loan and deposit overview, loan growth is around 19%, and there are double-digit growth in both consumer and corporate loans. Next, I would like to pass the floor to William from KGIS.
Investors, friends from the media, good afternoon. Next, I will talk about the performance of KGIS, and our strategy moving forward. Moving into 2025, KGIS will maintain the same approach as last year. We will continue to focus on brokerage and wealth management businesses. We continue to optimize people, product, service platform to boost wealth management business momentum. Last year, we were the first in the industry to launch professional ETF consultant certification, and by the year-end, over 800 employees have now been certified as financial advisor.
Over 100 FA, almost all of them, they have transferred from the bank to the securities. Nearly 1,000 people together with our expert teams, including legal, tax, investment, inheritance experts, together with our consultants, they work together to provide service to our customers. For our trading app, we launched AI assistance. We are the first in the industry to do so.
We offer reading function to provide a human-like reading function to meet Taiwanese investors' needs for U.S. stock investment. We also integrated real-time Nasdaq stocks quotes and product information into our mobile trading platform. For program trading enthusiasts, we provide real-time U.S. stock quote API connections. We are also the first securities firms in Taiwan to do so. Last year, we partnered with UBIEN Partner, an international financial technology company, to build a financial planning system. It will go live this year.
We integrated internal information to empower our frontline agents to provide real-time, world-class portfolio management services. We've strengthened O2O integration services. If you have the opportunity to pass Zhongshan Road, we opened a branch there in Tianmu. Different from traditional security branches, there are no lobbies, there are no agents. It's just like entering a private bank.
This is especially designed for residents in Tianmu. We focus on financial planning. The atmosphere in the branch is private, quiet. It's not noisy. It is suitable for financial planning. Moving forward, we will launch such branches throughout Taiwan. We use data analytics and AI technology to create precise digital human-like services. Of course, this is never-ending. We will continue to integrate more function into our platform. We also actively manage digital media to provide our research results to different age groups.
For overseas expansion, we continue to expand overseas sales team. By now, we have seen some initial results. We want to build a regional financial planning platform. Under One KGI strategy, we continue to deepen our collaboration with the bank and life insurance. Next slide. We can see that our full-year results, net revenue up 34% year-over-year. The AUM, and related revenue from wealth management has also grown drastically, and this year our goal is also quite high.
Lastly, as you can see, our KGI has full-year profitability and business performance, just like what Jenny said. We are market leaders in different areas. We will continue to maintain such leading position, and our ROE reached 16.3%. We'll continue to work hard. Through the guidance of financial holding companies, we will be able to provide better results this year. Next, I will pass the floor to Ann from KGI SITE.
Dear investors and friends from the media, good afternoon. Now I'll talk about KGI SITE's strategy and our results. The most important thing for SITE is that we want to increase our AUM. In order to do that, also in response to Taiwanese investors' needs, if we look into the markets of asset management starting from 2018 to now, among all the providers, the most critical market is ETF.
At its earliest points, ETF market was driven by our corporate investors, so we develop and cultivate our corporate customers. Later, we've seen great momentum coming from retail customers, so we have increased our ETF AUM in order to We're also going to sustain our service quality to corporate investor, as well as establishing our stance in the retail markets.
In order to build the retail market and to increase our competitiveness, we launched the first Taiwan stock ETF, in 2022. As of last year, we've already launched six ETF, tailored for retail customers. In order to build our retail business, we need to focus on brand, to focus on product and service, and we also need to provide customers with whatever they need in an agile way.
We also need to continuously strengthen that growth. In order to kind of go to retail ETF scale, we have to increase our market influence. As earlier, Paul also mentioned that One KGI has done a lot of things and have a lot of strategies. We are also going to leverage this group One KGI strategy to strengthen our image among the investors. Secondly, we also believe that innovation in ETF is very important.
Starting from October 2022, when we launched our first stock ETF, we've also launched four other ETFs in stocks and also in bonds. This year, we're also going to launch new products. Just to share with you, as we innovate our products, we are doing the very hard work, and also in terms of digital optimization, we are also going to leverage the power of our group and also invest more in AI so that our employees are equipped and empowered by AI.
Under One KGI Securities' role is very important. We need to provide products that our investors need. Our role will be a product provider. As you can see here, we started off from the corporate front. In 2024, we entered the retail market. As of last year-end, our total AUM onshore is close to NTD 300 billion, ranked number seven in the market.
Last year, our AUM grew by 41%, which is higher than the industry average. We will continue to work on that. If we look at the asset management business in Taiwan, you cannot compete with others if you don't do ETF business. You also need to focus both on corporate and retail, because Taiwanese investors have very strong demand for ETF.
Therefore, KGI Securities worked very hard to establish that front and to do more to satisfy customers. As of Q4 last year, the average growth for ETF, the industry average was 6.4%, while we are standing at 7%. Our beneficiary also is standing at a 40% growth. Our number of beneficiaries grew from 10,000 to almost 300,000. We will continuously work for more beneficiaries. On the right chart, this is the number of ETF RSP contracts.
One of our ETFs, there are currently 270 ETFs in the market. Although we launched this last year, we are able to rank in the top 10, and that reflects that we were able to provide ETF products for our customers as one of their retirement plans. Thank you for your time. Now I'll hand over to Melanie for CDIB.
Dear investors and friends from the media, good afternoon. Now is the report on the operation status and our outlook. We aim to be the private asset provider or alternative investment provider with a foundation in Taiwan and a global presence. In 2024 and 2025, we adhere to two principles. One is accelerated growth of asset management scale, and two is to increase the proportion of stable income.
Since embarking on the transformation into an asset manager in 2013, we had an AUM of NTD 1.6 billion, and now we've grown to NTD 44 billion. In 2024 alone, it further grew to NTD 59.3 billion, up 35% year-on-year. Currently, our investment scale has reached NTD 95.5 billion, and our asset management business can be discussed from three fronts.
One, as a professional investment institution rooted in Taiwan. Taiwan plus VC and PE investment is our foundation, and there are four main pillars. First, in the innovation business, our AUM was NTD 8.9 billion by the end of 2024. In 2024, we also established a Cross-Border Innovation Fund focusing on startups in Taiwan and Japan. The current scale is approximately $7 5 million, and it will increase to $ 100 million by 2025. Second is the healthcare investment. The AUM is NTD 4.3 billion.
We're now planning to launch the third fund with a scale of NTD 5 billion. Thirdly, new infrastructure. We specialize in digital and energy transformation investments, and the scale is planned to be at NTD 6.9 billion. In 2024, we completed the clean energy generation platform, the Taiwan Energy and Nantong data center, and there are more projects ongoing for 2025. Lastly, our foundation the Taiwan growth business. The AUM is NTD 12.1 billion.
In 2024, we established the Innovus II and the 10 semiconductor funds investing in the advanced hardware manufacturing, IP design, and semiconductor supply chain in Taiwan, Europe, and U.S. We also launched a new FKM fund, which will close in 2025. In addition, in 2024, we also completed the final closing for the Taiwanese Business Succession and Transformation Fund and the final closing for Taiwan Sunshine Business Fund. The second front is our global investment layout.
In order to enhance the stability of investment return, we have been investing in private credit since 2020. The size is currently at NTD 33.4 billion, focusing on financing projects with real estate as the underlying assets in Asia Pacific and the U.S. Since there are favorable return, our average annual compound rate is 11.6%. We are going to launch a new fund allowing qualified and external investors to participate.
The second, based on our extensive footprint, we're often invited to do co-investments. In 2024, we worked with well-known international chain brands in Japan, leading the global SaaS company and AI data processing companies, which are really generally inaccessible to regular investors. Also to echo the Asian Asset Management Center vision, we're also going to launch a new fund allowing external qualified investors to participate. Thirdly, as Paul mentioned, we want to provide customer investment services.
At the corporate level, we aim to become the venture capital partner for enterprises, making investment an important tool for corporate development strategies including M&A, strategic investments, and acting as a scout for corporate external industries. At a personal level, we aim to assist family offices in managing private asset investment and help them achieve succession, develop professional expertise in younger generation through investments.
The next page presents the related private investment products launched by us in 2024. We have completed eight funds within US dollar, NTD, and RMB, and the asset management scale increased by NTD 18.9 billion. This year's focus is healthcare 3 and a curated vehicle investment fund and a global private credit fund. The next two pages are for your reference.
In the last page is our focus for 2025, which is to execute under the One KGI strategy to provide asset allocation of ultra-high net worth globally. Private assets are increasingly becoming a focal point of interest, and this is also a field that we have been cultivating for years. We can select from the best opportunities from home and abroad, and through the group's channel and the Wealth Management 2.0, we allow local and ultra-high net worth qualified investors to participate, which includes private equity, private credit, infrastructure, healthcare, and other investment opportunities.
These assets have a lower correlation with public markets, so they can avoid volatility, and we can generate excess investment return through our professional team. We also have deep understanding of our Taiwanese investors.
We can provide them with tailored investments that are shorter in cycle and offer a certain liquidity, allowing investors to have more diverse, transparent, and suitable asset management services and investment options without wholly relying on foreign companies. We are going to provide services that can reach the level of the Wall Street. That will be all from me, and I'll hand over back to our team.
Thank you, Melanie. Now we'll enter our Q&A session. We will invite the corporate investors to raise their questions. Please tell us your name and who you are representing. We're also opening the floor online, and you can key in your questions in thE chat box and we'll answer your question flowing. We'll talk about when we're adopting IFRS 17 and ICS. How was ICS first?
For localization, our ICS is at a very high level. If market remains the same for the next 15 years after the transition period, we can maintain the ratio above 150. For IFRS, For CSM, every year, we can release over NTD 10 billion. Next, I will talk about product strategy. We will focus on protection products, Starting from last year, in response to market demand, we have launched financial planning products. In 2025, we will continue to launch to promote interest-sensitive products. We will provide comprehensive product lines. We will offer ILPs, and we have seen some initial results
Secondly, through our prudence evaluation in Q2, we're going to return to the participating policy. Before we did our name change with our China Life, actually launched our first participating policy. It was also the leading brand in the market. The reason why we decided to return back to the participating policy market, there are two reasons.
The first is that we see the demand is growing. In order to respond to the customers' diverse needs, we're going to provide them with a more comprehensive product line. In terms of bridging with the new mechanism, and since the market has diversified, we believe that this product line will help us increase our CSM, and it will be a boost to our transition.
For stocks moving forward, because there are no overlays, it won't have a big impact on our balance sheet. Second, for unrealized loss and gain, for bonds, because rates remain that high, so it's still underwater. For stocks, we have unrealized gains. By the end of last year, our unrealized gain is over TWD 10 billion. This is my answer. Thank you.
Regarding the dividend policy, I will explain to you using this opportunity because I was often asked about this. I will answer these questions at once. Our dividend policy for the company, it should be consistent and stable. You asked about ratio or amount. I talked about payout ratio, because the base of dividend is EPS. That is our direction.
In terms of policy, the amount may differ every year. The value generated from the previous year, a percentage will be maintained at the company as the growth capital in the future, a certain percent will be paid out to the shareholders. In terms of policy, we will maintain the consistent policy. As for the percentage, you can see different company have different dividend payout design. They will consider two factors. The first one is the revenue mix of the company, the volatility.
This is one consideration. The second one is growth opportunity. Capital is really important for the financial industry. Also talent is important as well. Right? Financial institution cannot continue to grow without capital. This is a balancing act. We need to consider what percentage is reasonable to pay out to the shareholders and what percentage retained at our company.
Our team will discuss with the board recently. After approved by the board, I will inform you, this number will be our long-term target. That's the second. The third one is in the market, the value generated from the previous year payout to the shareholders, it may be in different ways. It could be cash dividend, or stock dividend or cash buyback. In overseas, there are cash buyback. I understand.
Domestically, you prefer cash dividend, in terms of tax, cash dividend is the least efficient. Actually, stock buyback is the most efficient method. Our team respect the participation from the investors. We will pay our dividends in cash, will not exclude to pay stock dividend. In the past decade in China Development Period, we paid cash dividend 100%.
That is before KGI Life joined the group. The capital is quite substantial, we didn't want to grow the capital. We paid cash dividend. Now after KGI Life joined the group, our paid-in capital revenue compared with other holding companies is meeting the industry benchmark. We still have room to issue stock dividend, we don't want to expand paid-in capital too much. We will primarily pay in cash dividend, in suitable opportunities, we will pay stock dividend as well.
If there's no question from the media, I will ask questions from JP Morgan online. He wants to ask the NIM forecast and loan growth for Bank this year. A lot of questions online is related to KGI Bank. We'll come to the next one. We heard the news that KGI Financial is planning to buy EnTie Commercial Bank. Would please your response, would this EnTie Commercial Bank your potential M&A target? As a matter of policy, we will not respond to any rumor in market. The same question is EnTie Commercial Bank the potential M&A target?
In the previous investor conference, I already shared with you. Bank is a relatively small scale subsidiary in the group, and that is really important for our future growth, especially now with promoting One Asia strategy. The number of branches of our Bank, it may impact the growth.
Actually, we've been actively searching for potential targets. We're not only looking at EnTie Commercial Bank. We also, while it's prepared, if there's no M&A opportunities, how can we grow? We have 50 branches now. With actively applying to establish more branches, but it will take time. The benefit is currently, the fintech is really advanced, and there will be less cost in a branch. It is good for us if we can launch M&A, if no, we can still grow. If there's good opportunity, we're happy. If there's no opportunity or we're not satisfied with the scale of the KGI Bank, we still will be open anyway.
We don't have more questions. Our management team will stay here and exchange with all of you. That's all for today's investor conference. If you have more questions, you can contact our IR teams. Thank you very much.