I am Kamezawa. Thank you for watching the MUFG Investors' Day presentation video. Our Medium-Term Business Plan, or MTBP, which started last fiscal year, is positioned as three years to pursue and produce growth, capturing opportunities from the changes in the environment surrounding MUFG. The shift in global trade policy and further rise in geopolitical risks since the beginning of this fiscal year may bring about a change in the world economic order. However, change is also an opportunity. As Japan's leading financial group, MUFG is determined to support the growth of the Japanese economy and contribute to solving social issues, which will lead to our own growth. MUFG has been transforming its business model amid a challenging external environment and has built a very unique business portfolio that is diversified in terms of geography and earnings.
We believe that this led to significant profit growth and a much improved risk-return profile, and made us resilient to changes in the external environment. We will further build on our strengths and pursue growth to achieve our new mid-to-long-term ROE target of 12%. In our domestic mass retail business, we announced a new strategy in May. We will connect MUFG's various products and services, increase convenience and benefits, and encourage customers to use them more and for longer to further strengthen our dominant customer base in Japan and generate profit. This presentation will provide a detailed overview of our mass retail strategy, including our medium-to-long-term outlook. In Asia, we will expand MUFG's economic sphere and further strengthen our business portfolio in Asia by capturing the high growth of Asia times digital in the medium-to-long term through collaboration with our digital investee companies while strengthening our commercial banking model.
I mentioned two businesses as examples, but we are making steady progress in our growth initiatives in all areas. After this, the heads of each business group will explain in detail, and I would be happy if you could get a sense of MUFG's unique strengths, growth initiatives, and enthusiasm from the perspective of why MUFG should be chosen when there is growing attention on Japanese banks. I would appreciate it if you could watch till the end.
I am Yamamoto, Group Head of the Retail and Digital Business Group. Please turn to page 4. Chart on the top left illustrates the factors contributing to the change in ROE from FY2023 to FY2024. In FY2024, primarily due to one-off system impairment at Nikos and other increase in expenses, net profits were down by JPY 23 billion, and ROE dropped to 4%. FY2024 is positioned as a year of foundation building to enhance future profitability. We have the necessary pieces in place. Going forward, this foundation will be fully leveraged to raise ROE to around 6.5% in FY2026, the final year of our current MTBP, and continue to improve ROE over the medium to long term. MUFG's retail business strength lies in its unmatched domestic customer base. Individual yen deposits as of the end of FY2024 exceeded JPY 90 trillion, significantly outpacing peers.
In the current interest rate environment, where value of deposit has increased, our strong customer base is a source of great strength. We plan to fully capitalize on this foundation to drive our strategic initiatives forward. Turning to retail strategy. In FY2024, we reversed a long-term downward trend by accelerating integrated group operations and increasing new accounts, credit cards, and housing loans through various initiatives, including campaigns and strategic interest rate management. We also actively enhanced our business portfolio and strengthened the group's financial functions through several key developments, such as full ownership of WealthNavi and eSmart Securities, progress towards full ownership of MoneyTree, consolidation of ZenHoren, and an increased equity stake in JAX. Looking ahead, we recognize the importance of not only enhancing the competitiveness of each product and service, but also strengthening group-wide collaboration to ensure that our products and services stay relevant for longer.
To this end, in FY2025, a new service brand, Emutto, was launched, aimed at deepening the connections within MUFG's extensive group network and diverse financial functions, thereby expanding our contact points across all stages of customers' lives. In FY2026, to make our service more convenient and of value to our customers, we plan to introduce single ID, shared points, and loyalty program, and launch digital bank. Under the new service brand, we will further reinforce our retail strategy. Please turn to page 5. Vision of Retail and Digital Business Group. The most important KPIs in our group strategy is improving customer base and lifetime value, considering the characteristics of the retail business. By combining the two, our goal is to maximize the lifetime value of all customers across the group. Please look at the graph on the top left. This shows the lifetime value of account holders in their twenties.
Compared to the average of all customers, customers engaged in multiple transactions after opening an account tend to have multiple touch points with MUFG over an extended period of time through various life events, and therefore generating more revenue as they age. In other words, opening an account at a young age and continuing transactions over the medium to long term is the key to improving profitability. Next, please look at the figure on the bottom. This shows the 10-year LTV for customers who use multiple MUFG products. Customers who make two or more transactions have a 13 times higher LTV than customers who only have an account. Based on this data, we believe that increasing the ratio of customers with multiple transactions will lead to an improvement in overall LTV.
Our most important KPI, customer base combined with LTV, will capture number of customers combined with rate of multiple transactions. This is our KPI. We will continue to increase account openings, but at the same time, work to maximize LTV combined with customer base by increasing the ratio of customers who engage with us through multiple transactions. The goal is to increase ROE to double digits in the medium to long term. Please turn to page 6. In the next few slides, I will give some color to our initiatives. To maximize the strength of MUFG Group, we launched a new service brand, Emutto, in June 2025. Emutto is a service brand that includes MUFG's retail products and services.
The catchword is, "The more connected, the more convenient and rewarding." We will realize a world where the more people use MUFG Group's products, the more convenient and valued customers will enjoy. From young people to the elderly, daily use to mid-to-long-term asset formation, and even inheritance, we aim to build mid-to-long-term relationships with customers. Necessary functions and services will be offered timely in an integrated manner as a comprehensive financial service for every stage of life, such as spending, saving, and increasing money and connecting to the next generation. In the future, MUFG's retail products and services will be developed mainly under the Emutto brand to accelerate MUFG's retail strategy. Moving on to page 7. During the preparation stage for the launch of Emutto, phase 0, we have been making strategic investments to strengthen our coverage.
Core financial functions inside the group, including WealthNavi, eSmart Securities, and MoneyTree, enable diversification of monetization points and speedy service deployment through swift decision-making. In the meantime, our economic ecosystem works flexibly with external partners. For example, the bank's BOSS business has expanded its partner companies to 10, and WealthNavi's robo-advisory service has expanded to about 20 companies. We are also working broadly on the latest technologies, such as with Google Cloud on Cloud and OpenAI, Sakana AI, and KDDI for AI technologies. While we will continue to retain core financial functions within the group, we will collaborate flexibly with companies outside the group to build an ecosystem and to incorporate the latest technologies. MUFG is the only financial group that has all the services to support our customers throughout their lives.
Leveraging our overwhelming customer base, which is our strength, and having customers use more of MUFG's extensive range of products and services, group-wide transaction share will expand, with Emutto at the core. Please turn to page 8. Enhancement of asset management business is one of the focus areas during phase 0. First, WealthNavi enjoys an overwhelming number one track record in the robo-advisor market and is steadily growing AUM not only through its own transactions, but also through collaboration with affiliated partners. eSmart Securities, after changing its name, is working more closely across the group, such as introducing OtoSweep from bank accounts, installment for investment trust using credit card, and NISA campaign across the group. As a result, the number of bank-brokered account openings increased dramatically.
The eMAXIS SLIM series, managed by Mitsubishi UFJ Asset Management in the Asset Management and Investor Services Business Group, continues to perform well, with a net AUM of JPY 16 trillion sold across over 50 companies. Going forward, we will take advantage of the strengths of having an online securities firm within the group, Japan's number one robo-advisory service, and a powerful product called eMAXIS SLIM to come up with strategies with a sense of speed and aim to make our service easier to connect with, more convenient, with more value. Please turn to page 9. In conjunction with the launch of Emutto, we released the first batch of products and services that embody this vision in June. First, we completely updated the specifications of the Mitsubishi UFJ Bank app to enable one-stop access to other services, such as checking credit card balances and securities trading balances. Furthermore, this fall.
We plan to enable the use of QR settlement service. Coin Plus on the app. This app has been very well received, with 8.8 million MAUs at the end of last fiscal year, growing to 9 million MAUs recently. With this update, the Mitsubishi UFJ Bank app has evolved from a simple deposit account management app to a comprehensive asset management app that serves as a gateway for all transactions. Furthermore, the Mitsubishi UFJ Cards rewards program has been completely updated. The new rewards program features one of the highest rewards programs in the industry and includes up to 30 affiliated partner brands, with a wide range of services such as supermarkets and convenience stores that are used on a daily basis. The biggest feature is that points can be earned through daily use with benefits.
To make cards and points even more convenient to use, we have refreshed the card app and released a new point wallet app, significantly improving usability. These services have received a lot of positive feedback since their release. In June, the number of branded searches for Mitsubishi UFJ Cards significantly increased by approximately four times year on year, and the number of monthly card issuance increased by approximately two times compared to the previous month. We aim to double the number of annual card issuance from 540,000 in fiscal 2024 to 1 million in fiscal year 2026. Please refer to page 10. Additionally, we plan to release the second batch of services embodying Emutto by the end of fiscal year 2026.
First, by unifying the previously disparate IDs across different businesses into a common ID across group companies, we will enable one-stop connection to various MUFG services while also advancing customer analysis. At the same time, we will launch a group-based loyalty program and begin issuing standardized points called Emutto Point. Under the loyalty program, membership will be upgraded with more and longer use, and customers will receive benefits such as preferential interest rates, fees, and Emutto points. This will enhance customer benefit and accessibility, strengthen loyalty to MUFG, and reinforce medium to long-term relationships. Furthermore, we plan to overhaul the Excellent Club, which provides special value to high net worths and semi-high net worth customers.
In addition to making MUFG services even more beneficial and convenient to use, such as preferential interest rates and fees for financial services, and exclusive advisory service for remembered where customers can consult with experts on asset management and inheritance, we will also expand non-financial services to offer exceptional experience. Every year, tens of thousands of people transition from the general population to the semi-high net worth group, with many of these transitions triggered by the receipt of retirement allowances. Through the loyalty program and group-wide reward points, we aim to encourage customers to utilize MUFG on a daily basis and provide even more exceptional experience at key milestones of their lives to enhance retention. Additionally, MUFG will launch a new digital platform for inheritance to support customers not only in their daily use but also in connecting their key assets to the next generation.
This platform will include an AI concierge function that can simulate future design, planning and necessary preparations, as well as services that allow immediate access to necessary funds in cases of dementia or inheritance for the elderly, and functions that enable smooth inheritance based on pre-notified distributions. Furthermore, we will introduce a system that allows the inheritance of customer statuses and benefits from the parent generation, aiming to become an MUFG that is always connected with each customer and their family across generations. Next, on page 11, in addition, we will launch a completely new concept of digital bank during fiscal 2026.
In order to respond quickly to major changes in the financial environment, we believe that it is necessary to have an agile and adaptable system platform to build a platform that realizes a low-cost business model and a corporate environment and culture for hiring and developing digital specialists to operate and promote it. This led to the establishment of the new digital bank. The digital bank will offer attractive interest rates and fees, as well as advanced UI and UX, leveraging the unique strengths of a digital bank to fundamentally enhance banking functions within Emutto services. Additionally, Mitsubishi UFJ Bank and the digital bank will provide a seamless customer experience where customers can transact as if they were dealing with a single bank through the app.
Furthermore, this will be a unique entity that combines the best of both digital and real-world services, offering access to Mitsubishi UFJ Bank's extensive branch network and professional financial advising services not available at pure play online banking. At its core, the money advisory platform, or MAP, being developed jointly with WealthNavi, will be implemented. MAP will utilize not only the data of approximately 60 million customers of MUFG Group, but also the diverse data and AI technology with 6.5 million users of MoneyTree, one of Japan's leading household account book app providers, which we announced to acquire in May, to implement an optimal individual proposal function tailored to each customer's situation, life stages, and life events. Through this, we aim to provide services that support medium to long-term asset formation. Please refer to page 12. Lastly, I will discuss branch and remote strategies conversion and customer touchpoint enhancement.
Over the past six years since the MTBP, before the last one, we have streamlined our branch network and evolved it into a lean branch channel that enables more efficient branch operations. Going forward, we will position branches as places that provide added value and a transition to a phase where we will reorganize the branch network by function based on customer needs. Specifically, we are considering three types of branches: full banking branches, which provide all lineup service for corporates and individuals; Emutto Squares, focused on individuals to meet their various needs; and specialized function pop-up branches that can be flexibly opened in locations with high foot traffic or according to customer needs. Going forward, we will gradually reorganize existing branches based on function and roll out new branches to enhance customer touchpoints.
This fall, we will open new Emutto Squares in retail facilities in Tokyo and Osaka as the first new branches for Mitsubishi UFJ Bank in about 20 years. In addition to reorganizing our branches, we will also promote operational efficiency by utilizing state-of-the-art technology. We will introduce co-browsing, which supports customers' daily transactions remotely, and a next-generation contact center that uses AI to efficiently provide optimal responses to inquiries, thereby improving customer convenience and operational efficiency. Furthermore, as part of the human capital supporting our branch network, we have established a new graduate recruitment program aimed at cultivating specialists of branch management. Retail business is subject to significant changes in customer needs in response to shifts in the external environment.
By flexibly evolving our business strategy to address such changes and securing a stable workforce capable of providing consistent service over the medium to long term, we aim to build long-term relationships with our customers. This concludes the explanation from our business group. Thank you very much for your attention.
I am Miyashita , Head of Commercial Banking and Wealth Management Business Group. Today, I'd like to review FY2024 and explain our major strategies for FY2025. Please look at the upper left diagram. In FY2024, fee business expanded and base profits grew as interest rates normalized. As a result, expense ratio declined to 60%. Net profits were JPY 216 billion, up by JPY 74 billion compared to FY2023. ROE grew significantly to 13%.
We will aim for a higher ROE of over 15% toward FY2026 by further increasing base profits, mainly from deposit income, and expanding our owner approach and asset management business to meet the growing needs for business succession and asset management. As shown in the upper right, in FY2024, deposit income increased significantly to JPY 110 billion under normalized interest environment, and lending profitability improved, with lending spread rising to 0.55% by enhancing risk-taking capabilities. In addition, we achieved JPY 1 trillion in business succession-related loans by capturing large deals. On the other hand, there are some issues to be addressed. Specifically, there is still room to expand deposit volume and improve lending profitability. In addition, white space exists in the owner approach, leaving room for further business expansion. In light of these issues and environmental changes, we will further strengthen our efforts in each of our businesses in FY2025.
The following slides explain our main initiatives. First is corporate loan and deposit business and segment strategy. For loan, we enhanced our risk-taking capabilities, expanded our efforts in LBOs and real estate non-recourse loans, and have steadily improved our profitability. In FY2025, we aim to increase loan interest income and further improve the profitability of our portfolio in the medium to long term by capturing more highly profitable loans. Deposits have increased to a certain level as we have taken steps to raise front office awareness from before interest rates rose. We will focus on further increasing deposits by raising deal position through business strategy proposals and strengthening capital business and improving the corporate settlement system in addition to settlement-oriented activities. In the segment strategy on the right side, the number of customers in the large corporate segment is increasing, where issues related to capital strategy are becoming apparent.
We will make specialized team-based efforts for issues and themes for each company to provide more appropriate solutions ahead of our competitors. In FY2025, the expected amount of fee income exceeds that of FY2024, and we expect further growth. Our initiative for startups is beginning to produce positive results, such as contributing to the listing of two unicorn-class startups. In April, Mitsubishi UFJ Capital launched a JPY 30 billion fund, bringing the total amount of the group funds provided to startups to JPY 1.1 trillion, both in Japan and abroad. We also plan to expand the scope of support through MUFG Startup Summit, which had a total of 4,000 participants, while contributing to solving Japan's social issues in the area of industry development and innovation. The second major strategy is owner approach.
Owner approach involves the group's concerted efforts based on a strong relationship of trust to address diverse issues faced by business owners from ownership, business, and family perspectives. MUFG's strength has always been in providing expert solutions, leveraging a multitude of practices developed over the years. To meet the needs of customers who anticipate succession-related issues, MUFG will enhance its internal organization by increasing specialists and expanding customer touchpoints with the knowledge from academia in order to strengthen our approach. Specifically, we successfully increased the number of specialists with expertise in business succession and M&A to 1,970 and aim to exceed 2,200 in FY2026. We have also been deepening our knowledge of family business sustainability with Kobe University through a joint research from three years ago. We will utilize the research findings to expand our touchpoints with customers facing succession-related issues by holding seminars nationwide. Next is wealth management business.
Asset management is an area where we have developed a business model ahead of our peers, incorporating Morgan Stanley's knowledge. We provide comprehensive solutions such as asset management, cross transactions, including loans and real estate, and non-financial services based on each customer's future plan through a goal-based approach, utilizing our bank trust bank securities function. With these solutions, NOP in wealth management reached JPY 110 billion in FY2024, driven by a strong market environment. As white space still exists in this area, with 200,000 untapped customers, we plan to achieve further growth toward FY2026. Our customer approach is both face-to-face and non-face-to-face digital usage. In the face-to-face area, we will strengthen wealth management talents through the bank securities integrated management and continue to expand our products and services, such as custom-made discretionary investment service released in April.
We will also work to expand our customer base by establishing a new customer development team and focusing on the acquisition of next-generation customers. Regarding the use of non-face-to-face and digital tools, we will expand touchpoints through the wealth management communication media released in May and promote customer development through efficient approaches using digital wealth advisor. Through these efforts, we intend to scale our wealth management business further. The last point is the enhancement of our corporate infrastructure. As shown here, we have the largest customer base in Japan, with 200,000 corporate and 300,000 individual clients. We will further deepen our relationship by implementing the measures described so far to realize the growth potential of transactions.
In terms of human capital, we are securing the quantity of human resources by strengthening recruitment while also working to improve the quality by reinforcing the training system and revitalizing the front lines with interactive communication using IR within divisions and other means. Autonomous office management, which began in fiscal year 2024, introduced a process where each office develops its detailed management policy and sets financial targets on its own. We are seeing positive results, such as branch managers exercising more autonomy and a stronger sense of ownership among those in charge. In April, we also introduced a new CRM. We expect that additional releases in the future will drastically improve our productivity. We will also increase the quantity and quality of sales activities by fully automating interview records and utilizing AI for tasks such as preparing internal approval documents.
That was the review of our performance in fiscal year 2024 and initiatives for fiscal year 2025. I believe the environment is in place where we can achieve further growth in the world with positive interest rates. We will continue to develop our business by paying close attention to the customer needs. That concludes my explanation. Thank you very much for your attention.
I have been appointed Head of Japanese Corporate and Investment Banking Business Group, IM Osawa. Until last fiscal year, I was stationed in Singapore as an officer in charge of the Asia-Oceania region, and I was also involved with JCIB as the regional executive for Asia. Japanese companies have a long history of business expansion in Asia-Oceania and are very active.
MUFG has a network of partner banks, including the Bank of Ayutthaya, and a strong trading base with non-Japanese clients, which other mega banks and foreign banks do not have. By leveraging this foundation and providing global and local financial services, we have been able to meet the trust and expectations of customers. As the Head of the JCIB Business Group, I intend to make Japan and regions work closer together to further boost MUFG's large corporate business. I ask for your continued support. Let me start with a review of fiscal year 2024 and the outlook for fiscal year 2025 and beyond. In fiscal year 2024, the first year of the MDBP, both interest and non-interest income grew significantly thanks to balance sheet management responsive to interest rate fluctuations and efforts to secure large deals through enhanced risk-taking.
NOP of JPY 559.7 billion and ROE of 14.5% were record highs, highest levels among all business groups and was a driver for MUFG as a whole. As shown on the right, the actual ROE for fiscal year 2024 was due in part to one-off factors such as large credit cost reversals. On a normalized basis, we expect ROE to be in the mid-12% range. Although downward pressure such as interest rate and others is expected going forward, we intend to steadily strengthen our profitability to achieve a stable ROE above 12%. Outlook for fiscal year 2025. A challenging environment is expected, such as a decline in foreign currency deposit income from lower U.S. interest rates and higher expenses from inflation, among others. The business environment surrounding JCIB clients, large Japanese companies, is changing rapidly. U.S.
trade policies, managing the impact of interest rate differentials, changes in industry structure, the rise of generative AI, increasing in unauthorized acquisitions, just to name a few. Against this backdrop, we will leverage our strengths that are unmatched by our peers in addressing clients' management challenges, such as further strengthening our alliance with Morgan Stanley, our competitive global network, and the seamless provision of services by integrating banking and trust banking front office. Our action plan for FY2025 is based on three pillars. One, continuous enhancement of the core banking business, regardless of changes in the interest rate environment. Two, capture large funding needs, leveraging risk-taking capabilities, and three, support growth of industrial demand and create future pipelines. Let me elaborate on the next page. Strengthen balance sheet. Regarding lending, spreads have improved steadily in recent years thanks to strategic pricing to ensure adequate returns.
Going forward, we will enhance loan quality and volume by leveraging strategic pricing to ensure stable margins and maximize overall profitability while capturing large-scale and high-margin opportunities from clients' corporate actions. For deposits, we aim to maximize deposit balances and margins through rate-sensitive pricing and growth in transactional deposits from payment businesses. Reduction of equity holdings. The reduction target in the initial MTBP was JPY 350 billion, but last year, the target was raised to JPY 700 billion. Sales in FY2024 was JPY 276 billion, about 40% of the target. Due in part to activist proposals, it is true that there is an increasing demand to continue equity holdings. We will support our clients to enhance their corporate value through business growth and strengthening of corporate governance. In the meantime, negotiations to reduce equity holdings will be pursued without exceptions. Strengthen origination through enhanced risk-taking.
In real estate, we have a growing pipeline of high-quality, high-profit deals in various asset classes, both in Japan and overseas. Risk-taking will be enhanced, including equity investments. We will steadily grow our non-recourse loan balance and fee income by capturing real estate brokerage needs. In March of this year, the Through the Cycle Fund was established with Mitsubishi UFJ Bank as the LP and MUTB as the fund manager. This fund will look for intrinsic value in properties in the cyclical real estate market, provide capital, and strengthen our equity-based risk-taking capabilities. The plan is to eventually pave the way into business expansion in the real estate value chain. We will further focus on high-added value solutions such as capital financing, where demand growth is expected, risk-taking in the leveraged buyout senior loan business, and advisory service for booming M&A transactions, to name a few.
In M&A and other banking securities primary businesses, following last year's regulatory action, efforts are made to reinforce legal compliance and to prevent recurrence, especially in the front lines of sales. We will strive to serve our customers' needs appropriately through banking securities collaborative business. Approach to co-create value. As our customers look to develop new business models that meet the challenging needs of society and users, we are working on a value co-creation approach to nurture new industries and businesses by accompanying them on their journey. In space, work is underway to visualize GHG using satellite data and utilize data for various applications. In GX, real-world challenges in promoting renewable energy are compiled as white paper. We are also contributing to the visualization and reduction of GHG across the supply chain by building advanced financing schemes.
In semiconductors, initiatives are being promoted to strengthen the supply chain, ensuring economic security as well. In mobility, to implement autonomous driving services in Japan, global alliances will be leveraged. As MUFG, we are working on joint investments with clients and developing new financing schemes to support the resolution of societal challenges and business model transformation that are not limited to traditional industrial domains. While some aspects of these initiatives may not be directly linked to MUFG's business in the short term, by driving industrial restructuring and creating new market demands, we aspire to strengthen the global competitiveness of Japanese companies in the midterm, which in turn will lead to increased profitability for MUFG in the future. Lastly, but not least, strengthen business foundation. JCIB is taking various steps to meet customer expectations through employee enablement and progression and fostering a culture.
Regarding employee enablement and progression, we are increasing mid-career hires and the number of people who qualify under the EX qualification for experts in specific fields. A talent management system has been introduced to improve training, placement, and promotion of specialists in the large corporate domain. Regarding engagement and corporate culture, the Rising Talent Program is now in its third year. Participants will attend the program at the University of Chicago together with our clients' executives. Alumni meetings are being held, and our network is steadily expanding. We share web programs featuring co-creation with clients to enhance engagement both in Japan and abroad. The culture of growing and developing the Japanese economy together with our clients is being instilled across JCIB. Regarding the use of AI. To quickly generate draft proposals for clients, a data lake was built last year to store past proposals.
This year, we will work to improve the search function by implementing AI agent. Soon, we hope to drastically reduce the time spent on basic data collection and formatting by automatically creating drafts, allowing bankers to focus more on increasing the added value of solutions. That is all for now. Our clients are navigating a challenging business environment where it is difficult to grasp global economic trends, not only interest rates and exchange rates. JCIB will continue to provide number one solutions that only MUFG can provide to our clients. Thank you for your kind attention.
I am Itagaki, Group Head of the Global Commercial Banking Business Group. Today, I will explain the progress of our group's MTBP and our outlook for the future. First, I will explain the performance of our group.
The ROE for our group in fiscal year 2024 was 11%, and the ROE after reflecting the impairment charges implemented at the end of last fiscal year was 6.5%, while the ASEAN region as a whole continued to show steady growth. The deterioration in business sentiments in Thailand and Indonesia has impacted personal consumption and loan demand, and recently, the impact of U.S. tariffs has also increased uncertainty. Looking ahead to fiscal 2026, we expect ROE to increase at Bank Danamon, VietinBank, and Security Bank. However, in Thailand, where household debt ratios remain high and personal consumption is sluggish, loan demand is expected to decline, and uncertainty about the future is likely to continue. As a result, we project ROE for fiscal 2026 to be around 7% and around 10% before amortization.
On the other hand, for fiscal 2029, amid expectations of a gradual economic recovery, we aim to achieve an ROE of over 10% after amortization, supported by the results by enhancing our business strategy and the management foundation, as well as the contribution to earnings from our portfolio companies through our Asia Times Digital strategy. Fiscal 2024 saw multiple achievements. NOP reached a record high since the establishment of this business group. Additionally, VietinBank and Security Bank posted record profits, with equity earnings from these two banks growing to 7.5 times the level of fiscal year 2013 when our investments began. Furthermore, in the digital domain, we invested in the two largest digital payment service providers in Thailand and the Philippines, expanding our economic sphere. On the other hand, credit costs increased at Currency's overseas subsidiaries and Bank Danamon's subsidiaries.
We will also focus on strengthening credit management and strive to operate the business group with a balanced approach between offense and defense. Next, I will explain the performance of Currency and Bank Danamon. First, Currency. In fiscal year 2024, gross profit and NOP both increased due to the contribution of overseas subsidiary acquisitions and increased fee income. Since our investment in 2013, NOP has grown 2.4 times, net profits have grown 2.5 times, and the net interest margin has remained above other banks. However, net profits decreased due to increased credit costs. Although the loan balance for fiscal 2024 was significantly lower than the previous year, the downward trend in domestic corporate loans bottomed out in December 2024, and signs of recovery are beginning to emerge.
Furthermore, following the investment in Ascend Money in June last year, the bank strengthened its relationship with the CP Group and secured large-scale financing deals for companies under the group's umbrella. Furthermore, we have been strictly managing credit operations, particularly for domestic auto loans, small and medium-sized enterprise businesses, and an overseas subsidiary, Hattha Bank, which were significantly impacted by credit costs. As a result, credit costs and the credit cost ratio have been steadily decreasing since March 2024. We will continue to strengthen our credit control efforts. Next, Bank Danamon. In fiscal 2024, Bank Danamon alone drove loan balances, resulting in increased gross profits and NOP. However, due to increased credit costs at its subsidiary, Adila Finance, net profits for the period decreased.
In the auto loan business, one of the main growth drivers, we will strive to further expand the profits by promoting a business strategy that balances offense and defense. On the defensive side, we will implement appropriate credit management and credit control. Credit costs. On the offensive side, we will expand the scale and enhance mutual complementarity in terms of regions and products through the integration of Adila and Mandala, thereby steadily capturing the growth of the auto market, which is expected to recover. Even for the bank alone, the effects of reforms in the consumer business are beginning to appear. Through the branch transformation program and enhanced digital app functions, we have improved convenience in both the real and digital world, resulting in an increase in new customer acquisitions, fee income, and loan balances.
Since investing in VietinBank in 2013, our business group has accelerated its investments in Asia and completed a commercial banking platform consisting of four partner banks. In recent years, with the aim of capturing the growth of the rapidly expanding digital financial market in Asia, we have made strategic investments in digital finance service providers and expanded MUFG's unique economic sphere. ASEAN, which is expected to continue to enjoy high GDP growth, is characterized by a high proportion of unbanked populations with limited access to financial services. Going forward, we will capture the growth of the countries as a whole by reaching out to the unbanked population through digital finance, in addition to the corporations and mass retail customers covered by our partner banks.
In the medium to long term, we aim for GCB to drive the growth of profits across Asia for MUFG and for digital investments to account for 20% of GCB's revenue portfolio. Next, I will explain GCB's strategy for Indonesia and the Philippines. In Indonesia, the acceleration of inorganic strategies is laying the groundwork for the expansion of financial services through the fusion of traditional and digital finance. In Indonesia, we rank fifth among commercial banks and second in auto finance, but we aim to further enhance our presence as a financial group through the expansion of the MUFG economic sphere. In the corporate sector, MUFG's collaborative profits have increased significantly, and we have continued to make progress, rising to the fifth place as lead managing underwriter for syndicated loans in three years.
In the mass retail sector, we are expanding opportunities to provide financial services to a wide range of customers by promoting cross-selling, utilizing the strong digital customer base and sales channels of Home Credit and Akulaku. In addition, we have begun supporting collaboration among our digital investees, striving to obtain further revenue opportunities by promoting the growth of our investees. Next, in the Philippines. In fiscal year 2024, we invested in Mint, the largest digital payment service provider in the Philippines, significantly expanding our customer base. Mint is a core subsidiary of the Ayala Group, a major Philippine conglomerate that operates digital payment services. Backed by the vast ecosystem of Globe, its parent and the largest telecommunications company, Mint has widely penetrated the consumer market under the brand name GCash and has grown to become number one digital payment provider in the country.
We aim to leverage this strength to capture the growth of digital finance in the country. Going forward, we will pursue collaborative opportunities across a wide range of areas through business partnerships and other means. As you can see, MUFG is investing in commercial banks, non-banks, and digital financial service providers across Asia to expand the MUFG economic sphere. In each country, we are creating collaborative opportunities and synergies, and by integrating traditional and digital finance, we aim to capture the growth of the country as a whole. So far, I have discussed strategies at the national level, but finally, I will explain our cross-border initiatives aimed at the sustainable growth of this GCB business group. As part of our efforts to connect our investees through the digital ecosystem mode, we held the second MUFG FinTech Festival in November last year.
More than 200 people from 50 companies, including our investees, attended the event, which led to the creation of collaborative opportunities and synergies. In addition, through support for the growth of digital finance investees, we will contribute to financial inclusion efforts in Asia. In 10 years from today, we aim to create a world where one in four adults in ASEAN is connected to the MUFG economic sphere through digital finance. Furthermore, our business group facilitates the dispatch and exchange of staff and talents between GCB, partner banks, and digital portfolio companies, fostering the development of managerial talent, promoting knowledge sharing within the MUFG group, and strengthening governance management.
This year marks the second year of our MTBP, and while the business environment remains uncertain, we will strive to provide optimal financial services for Asia's growth through our unique economic sphere, aiming to achieve sustainable growth in the medium to long term. Thank you very much for your attention.
I am Ihara, head of AMIS Business Group. I would like to explain the achievements and challenges of FY24 and our medium to long-term strategy for future growth in AMIS Business Group. First is FY24 review. The upper left diagram shows the ROE results for FY24. NOP for FY2024 was JPY 124.3 billion, a significant increase of JPY 11.7 billion vis-à-vis FY2023.
However, ROE remained at 9.5% as MPMS, a fully acquired subsidiary, is in its first year with high acquisition-related costs and limited profit contribution, and impairment losses were recorded at AMIS overseas subsidiaries due to a partial review of strategies in light of customer trends and environmental changes. The lower left graph shows the path toward FY2026, the final year of our MTBP. With the steady accumulation of earnings in AMIS and pension, and the absence of one-time acquisition costs, we plan to improve ROE to approximately 15.5% and expense ratio down to about 70% in FY2026. ROE is close to 20% before goodwill amortization, which is an ambitious plan to recover from the decline in FY2024. Next, right side shows gross profits trends since FY2023.
In FY2024, IS Pension Business posted a significant increase on the back of strong stock market conditions, and AM Business also posted an increase, excluding the impact of the absence of large performance fee recorded in FY2023 in FSI. Even excluding the impact of market value and FX mentioned below the bar graph, we believe that the earning power of AMIS Business Group is growing and expect CAGR to exceed 14% in FY2026, although it will depend on the market environment. In addition to earnings, in AM Business, Mitsubishi UFJ Asset Management leads Japan in publicly offered stock investment trust balance, excluding ETF. In IS Business, Master Trust Bank of Japan maintains the top share of domestic AUA. In Pension Business, we continue to receive high evaluation and support from our customers. On the other hand, there are risks and issues that need to be addressed.
Short-term challenge is the impact of U.S. trade policy. The business model of AMIS Business Group is susceptible to stock price and FX fluctuations, most notably the Nikkei index and the U.S. stock market. According to our current estimate, if Nikkei average were to fall below JPY 35,000, for example, there is a risk that our performance may decline year on year. Therefore, we will consider and implement measures to offset that, focusing on alternative products that are not influenced by stock prices while assessing the expected impact of market value. From a mid to long-term perspective, we believe it is essential to expand alternative products and strengthen our active management capabilities in the AM area, further expand IS function, and engage in OCIO operations in the pension area. Next, let me explain our contribution to making Japan a leading asset management center, which is one of our growth strategies.
The plan to make Japan a leading asset management center is a national policy promoted by the government, and we have positioned it as an important strategy and are implementing measures in each business area. In FY2024, we decided to raise the AUM and AUA balance targets for the final year of the current MTBP as the initiatives are generally progressing smoothly. To give you an example of our measures, in the AM Business, we transferred part of the credit investment functions, which have been developed over many years at Global Markets Business in Trust Bank and Bank, to Mitsubishi UFJ Asset Management, as shown in the upper right chart. We anticipate offering investment products to our customers in the future, and at this point, we are taking steady steps toward our target of January 2026.
In the IS Business, as shown in the lower right, we achieved operational efficiency at AM companies by seamlessly connecting with their front office systems through Aladdin system provided by BlackRock. As a result of these measures, BPO contract balance grew by JPY 22 trillion in a single year in FY2024, achieving the balance target for FY2026 ahead of schedule. Next is Global AMIS. The combined gross profits of these two businesses have grown to account for more than half of the entire AMIS Business Group. We will continue to position these two as priority areas from FY2025 onward so that they can drive the growth of the entire business group. First is Global AM on the left. Our basic strategy is to strengthen our private AM capabilities and expand our product offerings.
For example, our group companies, FSI and Albacore, have set up several new funds and are preparing to launch more new products in the future. While the market as a whole is unlikely to see significant growth in traditional asset products such as bonds and stocks, we will focus on strengthening private asset management to raise the level of AM fees. In addition to acquiring client funds when new funds are launched, the Trust Bank will also contribute funds to support its investment structure. Next is Global IS on the right. We have been providing global fund administration services and high value-added services such as fund finance and security lending as a one-stop shop. In May last year, we acquired Link Administration Holdings in Australia and renamed it MPMS. We are also taking on the challenge of entering new regions and expanding our services.
Fund administration, AUA, and related gross profit, which we have been actively working on, are increasing steadily. AUA at the end of FY2023 was approximately $1 trillion but grew to $1.2 trillion by the end of FY2024, and we will continue to aim for high growth. Next is our initiatives for future growth. First is Human Resource Development on the upper left. In AM Business, we are working to strengthen our active investment performance and operational capabilities, which are largely dependent on the human capital, including fund managers and others. To strengthen such human resources, we will introduce a new HR system and talent development program, and by dispatching personnel to overseas AM subsidiaries such as FSI, we aim to develop and secure talents that are competitive externally. In IS Business on the lower left, we are proceeding with PMI of MPMS, where acquisition was completed last fiscal year.
The establishment of governance and management structure as an MUFG subsidiary was largely completed in 2024, and as the next step, we have begun full-scale examination of business measures such as synergies from intra-group collaboration and cost reduction. For example, we are considering cross-selling to MUFG customers doing business in Australia and India and utilizing our offices as low-cost centers. Finally, let me explain our future inorganic strategy. Last year, I mentioned at the Investors' Day that, in principle, we are not considering large-scale M&As. We still do not think new acquisitions are essential. The market environment is changing significantly, including the current impact of trade policy, so we will consider deals that will contribute to our future growth. In AM Business, we will consider strengthening our private AM domain both in Japan and overseas.
We do not expect the size to be that big, partly because prices are high, but we'll consider deals that can complement our operational functions and customer base, which our group does not have. In IS Business, we will continue to study both the regional and product axis while following our basic strategy. As I explained earlier, our global IS business is growing steadily and gaining traction, but on the other hand, the global market continues to be oligopolized by a few major companies. We will continue to consider deals of any size to counter this threat. This concludes my explanation on AMIS Business Group. Thank you very much.
Nakahama, Group Head of GCIB. I will give a recap of 2024 and our pathway towards 2026 based on current business environment. Let me start with a review of 2024. Please look at top left.
ROE, adjusted for individual factors, for 2024 was 7.5%, up 1 percentage point year over year. This was due to BSO balance sheet optimization, which has taken hold as GCIB's DNA. That is, lending margins improved through portfolio rebalancing, and fee income increased mainly from our world-leading project finance business. Expense and credit costs are well controlled. We feel confident about the gains made in profitability and operational efficiency. Due to uncertainties caused by the U.S. trade policy and increasing geopolitical risks, some clients are currently refraining from new investments, and M&A and economic growth is expected to slow. Even in such an environment, we recognize that it is essential to establish a resilient business model and sustainably increase ROE. First, we will thoroughly implement disciplined profit management, which has steadily produced results so far, and then firmly allocate resources in areas of focus.
While increasing profitability in this way, as shown in the lower left, we will evolve our business model, which we call project evolution, and further increase our activity as a lead left bank or lead underwriter in areas of our strengths to move us to a phase where we can steadily expect double-digit ROE. I will come back to project evolution in more detail later. In this way, we will contribute to achieving the company's medium to long-term target of 12% ROE as defined by the Tokyo Stock Exchange. On the following pages, I will cover our key initiatives and a summary of our progress under the current MTBP. ROE, in red in the upper left, was 4% when GCIB was established, then fell to nearly 0% due to COVID, but has been steadily improving ever since. For various reasons. The first factor is optimizing balance sheet returns.
During the past two MTBPs, unprofitable assets were divested and replaced with high-profit assets, which resulted in a 50 basis point improvement in lending spread, as shown in the lower diagram. Given that the average loan balance for FY2024 was JPY 24 trillion, spread improvement alone will have an annual revenue impact of more than JPY 120 billion. The second factor is the increase in fee income through products with world-class strengths and the successful accumulation of cross-selling of FX derivatives, among others, through integrated operations with Global Markets Business Group. Through these efforts, NOP increased 2.7 times from the time GCIB was established. We are, however, fully aware that we cannot expect dramatic growth in the future just by maintaining disciplined balance sheet management and slimming down RWA. To compete with benchmark foreign banks, the entire GCIB is on board to fundamentally evolve our business model.
Progress of the current MTBP, let me give some color. As shown in the center, our goal is to establish our position as the leading global debt house. To strengthen the backbone of the business. A third pillar is to be nurtured in addition to the existing two main pillars of project finance and aircraft finance. That is, the securitization business. Work is underway with the credit department to revamp the strategy. At the same time, we will improve our profitability by leveraging key initiatives such as increasing high ROE deals through collaboration with global markets, upper left, capturing flow business through strengthening the bank securities integration platform, lower left, and global alliance with Morgan Stanley, lower right. As a lead left bank, we are steadily capturing the robust capital needs generated by global trends such as digital infrastructure investment and transition finance.
By implementing these initiatives, we will steadily achieve sustainable earnings growth and double-digit ROE. This is the overall picture of our strategy. Turning to strengthening of our core business. First is revamping global securitization business, shown on the left. We already have a considerable presence in this field, but we have made it a priority and are promoting it because it fits well with asset recycling business and allows us to leverage our leading position in project finance. Key asset classes have been identified based on regional characteristics, and we are now accelerating deal sourcing in close collaboration with credit screening. Tangible results are emerging already, such as large-scale ABS projects. The second is global structured solutions, or GSS, which was launched last year, as shown in the lower left.
By leveraging the strengths of both the GCIB and global markets, we offer tailor-made solutions that meet the diversifying needs of our customers. Projects with high ROE are steadily increasing. Currently, we are building up net asset value finance, which provides funds by applying a conservative multiplier to the market value of assets held by institutional investors. Combining GCIB's strong client relationships and sector knowledge with the structuring and monitoring capabilities of global markets, we are controlling risk while optimizing returns. Finally, the third is project evolution, on the right, our most important initiative. This initiative aims to significantly increase activity in both origination and distribution of highly profitable deals in lead left status to achieve double-digit ROE and sustainable earnings growth. Some of you may be wondering, how is this different from previous O&D initiatives? There are three main differences.
The first is that project evolution accelerates the origination of lead left deals. As deal size becomes larger, we will focus on high-margin projects in areas of strength while managing risk. The second is to significantly increase the amount of activity which has remained at subscale until now. In the medium to long term, we aim to double fee income and achieve double-digit ROE by increasing origination and distribution by 1.5 times. To achieve this, our sales channels need to be strengthened. We have already signed and/or discussed partnerships with several institutional investors, including major asset managers in Europe, the United States, and Asia. Third, to ensure this business model takes root in every corner of the organization, we are changing sales rep evaluation system and refining our management information system.
Since the establishment of GCIB in 2018, steady efforts have been made to ensure profitability improvement initiatives take root as our DNA. Now, we will incorporate a new DNA into GCIB, a revolving model with an increase in lead left deals. Our ambition is to increase both revenues and ROE. Next, I would like to talk about enhancing the platform that supports the growth of our global operations. On the left, streamlining and standardizing global operations. At GCIB, we are consolidating credit approval procedures at our subsidiary MGS in India, allowing our regional staff to focus on sales activities. For example, we have already centralized credit approval procedures for institutional investors, and we are on our way to centralize project finance approval procedures. System development at MGS is on track.
At the same time, we are also taking steps to standardize procedures and systems, building a robust platform to support our future business volume expansion. Next, please turn to the right, enhancing our human capital base. Approximately 80% of GCIB's employees are hired overseas. We will create an environment where each individual can fully demonstrate their professional capabilities, such as by promoting the most suitable talent, regardless of nationality, and nurturing female management candidates. That is all for me, and thank you very much for your kind attention.
This is Hiroyuki Seki, Group Head of Global Markets Business Group. Thank you for watching. Today, I will focus on the seven key strategies outlined in the current MTB of our business group. I will provide an overview of its first year, FY2024, as well as future initiatives. First, FY24 review and future outlook.
As shown in the upper left, the ROE for fiscal year 2024 was 3.0%, an increase of 2.5 percentage points compared to the previous year. Looking ahead to the final fiscal year of 2026, as shown in the lower left, we aim to raise the ROE to 7.5% through various initiatives that will be explained on the following pages. Additionally, based on our understanding of the external environment and the competitive landscape surrounding our business, as shown in the upper right, we have reflected on the achievements in fiscal 2024 and the future challenges as shown in the lower right. First, in the sales and the trading business, we strengthened collaboration with the customer segment and integrated operations across business groups or entities, steadily advancing preparations to further expand the business.
Additionally, we have further deepened our strategic partnership with Morgan Stanley, resulting in foreign exchange transaction volumes exceeding twice the initial plan. Furthermore, as a new initiative, we have secured access to Japan's electricity futures and spot markets to contribute to the development of Japan's electricity market and the stabilization of power supply, thereby establishing the foundation for our electricity business. In treasury operations, we have systematically sold foreign bonds with unrealized losses, taking into account the company's overall financial situation, thereby substantially eliminating the unrealized losses in the portfolio. This has prepared us to mitigate the deterioration of future unrealized losses and improve interest income. Furthermore, various initiatives aimed at making Japan a leading asset management center have also been launched as planned.
On the other hand, challenges include the need to strengthen the yen interest rate business, which faced difficulties in fiscal year 2024 in sales and trading operations, and the need to enhance balance sheet operation in treasury, particularly in preparation for further increases in yen interest rates. Please go to the next page. This slide outlines the progress of major strategies and future plans. As indicated in the red box at the top left, the three items of vision centered on leading the transformation of MUFG for further growth remain unchanged. Additionally, as shown in the lower left, we are focusing on seven key strategies from A- G to achieve this vision. The progress made in fiscal year 2024 is generally off to a good start as the first year of the medium-term plan.
Furthermore, on the right side, we have specifically outlined the profit contribution of each strategy towards the NOP plan for the final fiscal year of 2026. In fiscal year 2024, the only area where we faced challenges was C, to enhance yen business, due to delays in product expansion. Due to the strong start of the other key strategic areas, we aim to further expand our business, including the yen business, by fiscal year 2026, targeting an additional JPY 40 billion in NOP. On the following pages, I will explain the specific strategies and initiatives in detail for each business area. Please turn to the next page. This slide shows the progress of key strategies and the future initiatives in the sales and trading business, focusing on the four strategies of A- D. The entire business achieved a gross profit of over JPY 510 billion in fiscal 2024.
The progress of key initiatives under each strategy is shown in green for items with positive results and yellow for items with less favorable progress. First, regarding A in the upper left, the pursuit of MUFG-wide optimization. In fiscal year 2024, we enhanced our integrated operational platform by advancing the integration of overseas securities into bank subsidiaries and reinforcing the overseas bank securities integrated platform. Additionally, in strengthening the value chain, we established the JV of GCIB and GM and began accumulating high ROE projects. Based on these initiatives, we aim to further expand our business and achieve an additional JPY 20 billion in gross profit by fiscal year 2026. Regarding B, down left, collaboration with Morgan Stanley, both foreign exchange trading operations in Japan and the Japanese equity business for institutional investors are achieving steady results.
We will continue to enhance our ability to provide high value-added services, including expanding new areas of collaboration with the goal of achieving synergies exceeding JPY 10 billion. Next, regarding C, in the upper right, to enhance yen business. In fiscal 2024, despite efforts to reorganize and supplement personnel in order to enhance sales structure and derivatives and strengthen collaboration between domestic and overseas securities, business diversification, including product expansion, did not progress, and we struggled. Going forward, we will strive to return to a growth trajectory through increased activity levels due to resource reinforcement and expansion of overseas customer transactions, and aim for a gross profit increase of JPY 20 billion by fiscal 2026. Finally, D, in the lower right corner, which is to enhance Asia business.
In particular, we are expanding our currency and product offerings onshore, releasing new multicurrency derivative products tailored to customer needs to create new business. We will continue to strengthen and enhance our operational foundation while leveraging the strong presence of our Asian offices to further expand customer business, aiming for an additional JPY 10 billion in gross profit by fiscal year 2026. Please turn to the next page. This slide outlines our initiatives in the treasury operations. First, the business environment and the key initiatives are shown in the upper left corner. With the business environment shown above as a backdrop, under the two key initiatives outlined in the red box, we will strive to enhance both soundness and profitability. As for the first key initiative, to enhance market risk management. Please look at the lower left.
From the perspective of soundness, in fiscal year 2024, we successfully transformed the portfolio into one with net unrealized gains of JPY 100 billion through the planned sale of foreign bonds with unrealized losses and others, thereby advancing the portfolio's soundness. From the perspective of profitability, we implemented timely and appropriate risk-taking by adjusting asset allocation in response to the direction of monetary policies of various countries and flexibly managing position sizes, among other measures. This included countering the deterioration of foreign currency interest income, resulting in successful accumulation of trading profits. Going forward, we will strive to secure returns through similar risk-taking, including benefiting from the positive impact on interest income via elimination of unrealized losses in the foreign bond portfolio, etc., while aiming for a gross profit increase of JPY 210 billion by fiscal year 2026.
Lastly, regarding the second key initiative, to enhance Japanese yen and non-Japanese yen balance sheet management, as shown in the lower right, we will continue to enhance our operations and management on both the asset and liability sides, taking into account the contents of the multiple boxes in order to respond to structural changes such as the upward trend in yen interest rates. Additionally, in foreign currencies, we will strive to manage cash flow in a proactive, long-term, and conservative manner to prepare for various risks arising from heightened uncertainty. Please go to the next page. Lastly, we will explain our initiatives in new business areas. First, the E in the upper left corner represents our challenges in new business and new areas.
In fiscal year 2024, we began trade execution and clearing services for Japan's electricity futures market and invested in E-Clear Corporation, a company holding a license for spot trading, thereby establishing a business foundation and securing access to both futures and spot markets. Going forward, we will accelerate efforts to improve liquidity in both markets and continue to contribute to market development and the stabilization of power supply. Next, the lower left, F, represents our contribution to making Japan a leading asset management center. In fiscal 2024, in addition to the smooth launch of both credit and alternative investment areas, we have achieved steady results in the development of Japan's private market, including the launch of a lending subsidiary business promoting mezzanine debt and other businesses. Going forward, we will continue to strengthen our asset management capabilities and establish a framework to offer products to investors.
Next, regarding G in the upper right corner, to accelerate DX and system architecture reconstruction. While preparing to establish a market IT strategy team spanning business entities, business groups, and regions to address issues such as the complex and siloed structure of our system infrastructure, we will also accelerate technology and data-driven management to drive business creation and transformation. Additionally, as shown in the lower right, we will continue to actively practice management prioritizing human capital, including additional initiatives highlighted in blue. In summary, the key strategies and initiatives outlined in this business group's medium-term plan are all designed to address the significant structural changes in the business environment. We cannot fully control change itself. What we can do is to take the lead in change. Without taking the lead in change, we cannot survive in the market.
With this in mind, we will continue to approach the operation of our global markets business with a strong resolve and a focus on results. This concludes my explanation.