Shinhan Financial Group Co Ltd

This meeting is being archived.

Hello, it's been a while. I'm Park Cheol Woo, in charge of IRPART. Are you preparing for your vacation? Before the summer vacation season, I would like to thank everyone who attended the 2nd quarter performance announcement in 2026. Today's performance announcement includes Group CFO Jang Jung-won, Group CSO Ko Seok-heon, Group AX Digital, Choi Yeok-jae, Group CRO Na Eun-pa, Shinhan Bank CFO Kang Young-hoon, Shinhan Card CFO Lee Jung-bin, Shinhan Investment CFO Lee Jae-sung, and Shinhan Life CFO Joo Sung-hwan. I would like to ask for your interest and participation in today's meeting. Today's performance announcement is about the 2nd quarter of 2016. Group CFO's presentation will be held first, and then we will have a Q&A time with you. Then, we will have a presentation on Jang Jong-won's management performance.

Hello, I'm Jung Hoon Jang, CFO of Shinang Financial Group Co Ltd. First of all, I would like to thank everyone who participated in the 2nd quarter of 2026. Now, I would like to explain about the business performance of the 2nd quarter of 2026. This page is the highlight of the business performance. As of the end of the second quarter of 2026, the Group CET1 ratio remains stable at 13.43% despite the uncertainty of the exchange rate. On Friday, the Group's board of directors agreed to receive 7,000 billion won of their own stocks for about three months based on a solid capital ratio and to pay 740 won of the second quarter's main cash deposit. As of October 2026, the amount of self-subsidized stocks became a total of 1.4 trillion won, and we are planning to announce additional self-subsidized stocks in the fourth quarter considering the expected annual performance and capital accuracy. For reference, the original delivery date is July 30th, and the 7,000 won promised in the first half of the year has been acquired and sold. If the same amount of cash payment continues until the end of the year, the annual TPS will increase by 14.3% compared to the previous year with 2,960 won, and even if you calculate the amount you promised by the end of October, you will increase by 12.0% compared to the previous year. In the future, we will continue to promote flexible and expectant stock policy according to the company's stock plan that leads the industry. The short-term net profit of the second quarter of 2026 was 1.820.1 billion won, which increased by 12.2% compared to the previous quarter, and ROE and ROTCE recorded 12.4% and 13.9% improvements per percent compared to the previous year by ROE and ROTCE through profitable stock efforts in the group. Next page, please refer to the investment judgment by collecting various indicators representing the stock value of Shinhwa. The fourth page is capital. First of all, the CET1 ratio at the end of the first quarter was changed to 13.30% with an increase of 11BP compared to the peak. This reflects the effect of the completion of some of the items in the capital regulation agreement for the expansion of productive finance, which is due to the reduction of 3.2 trillion won by Group RWA. In the end of the second quarter of 2026, the CET-1 ratio recorded a 13.43% improved 13BP compared to the changed figures, showing a strong short-term profit even in the effect of an increase in exchange rates. We will continue to provide the necessary funds for the supply and demand, but we will do our best to maintain a stable capital ratio through internal efficiency and strategic resource distribution. Please refer to the information on assets and bonds on page 5. This is the profit of the group on page 6. The 2nd quarter of the group's economic profits from the stock market were increased by 8.8% as the non-profit profits grew once again based on strong interest profits. I will explain the details of each item from the next page. This is the interest profit on page 7. Group's interest rate has improved, and it has grown by 3.6% compared to the previous quarter due to the increase in loan asset prosperity. The NIM of the bank has quickly improved its loan asset profitability as the market interest rate has risen, and it has increased 1BP compared to the previous quarter. Financial Group Co Lt, Young-Taeg Heo, Dong-ki Jang, Keun Soo Jung, Ok-Dong Jin, Cheol Woo Park, Jung Hoon Jang, Keun Soo Jung, Ok-Dong Jin Investments have increased in all areas compared to the previous quarter, but due to the rise in the stock market, WM product sales, which increased by 29.5% compared to the previous quarter, and WM product sales, which increased by 60.8% compared to the previous quarter, have been affected by the overall growth rate, and IB-related investments, which were somewhat negative in the previous quarter, have turned around and improved by 151.3% compared to the previous quarter. In terms of interest-related profits, interest-related profits increased by 30.9% compared to the previous quarter due to the increase in the market price. In terms of insurance-related profits, interest-related profits increased by 44.6% compared to the previous quarter due to the increase in the market price and the influence of change in the guider line. Next, it is the payment fee and the payment fee. The group's budget has increased by 8.1% compared to the previous quarter with an increase in education tax, asset tax, taxable income increase, and recognition of credit performance. However, the business interest rate has been managed at a stable level due to an increase in business interest due to an increase in business interest. Group's loss was reduced by 14.7% compared to the previous quarter due to the negative effect of the short-term policy, and the loss cost was recorded at 42BP, which was improved by 8BP compared to the previous year. The company is well managed within the planned range of the year, but with the uncertainty of the standard interest rate impact and high interest rate continuation, while the specified risk continues, it will be managed from a conservative point of view. Next is the asset volatility index of the 10-page group. The NPL coverage ratio of the group was improved by 2% points compared to the previous quarter, according to the reduction in fixed and asset value and conservative cost perception through the group's asset volatility management efforts. In the case of banks, the annual interest rate increased significantly compared to the first quarter, but it recorded the lowest annual interest rate in the industry, and the card recorded the previous year's end level by decreasing 9BP compared to the previous quarter through continuous management efforts, along with an increase in interest rates. Thank you for watching. Shinhan Bank's net worth has increased by 12.5% compared to the previous quarter due to the top-line expansion and the reduction in cash inflows. Shinhan Investment Fund, which has shown high strength since the previous quarter, and Shinhan Wealth Management, which has increased its net worth by 12.5% compared to the previous quarter, Thank you for watching. Thank you for watching. The R.O.C. of the banking industry is maintained at a stable level, and the R.O.C. of the Group Co Lt. belonging to the capital market industry has been greatly improved, mainly in terms of fees and revenues compared to the previous year. In the case of the 여전 industry, the R.O.C. continues to carry out profitable supply activities, such as reducing RWA in a lower area with cost efficiency. This is an overseas business profit that shows the differentiated performance of Sinan in 13 pages. Group's foreign business profits have increased by 13.0% compared to the previous quarter, based on the growth rate of major countries such as Japan and Vietnam. In the case of SBJ, interest rates are expanding due to the rise in the real estate market and the rise in the standard interest rate, and the bank MMC is trying its best. On the other hand, the party is also carrying out efficient work on global business for profit-making, such as withdrawing New York law of the regime. From the next 14 pages to the 16th page, digital sustainable business activities. From the 17th page, we have listed the financial status of each group and the current profits, operations, and delivery status, so please refer to them. This concludes the presentation. Thank you for listening.

Yes, then we will now take your questions. If you have any questions, please raise your hand while you are connected to Zoom. The questions are prepared in English, so you can ask them in English. We will wait for your questions. The first question is, I am Seol Yong-jin from IAM. Please ask your question.

Thank you for the question. I would like to ask two questions. First of all, I think the number of self-employed workers has decreased by three months. I would like to ask if it is possible to proceed with self-employed workers every quarter in the future. Secondly, there has been a lot of talk about the acquisition of Sombosa recently, and I would like to ask how much you are planning, including our bonus.

Please wait a moment while we prepare the questions and answers. You asked two questions.

First, I would like to talk about the self-employment policy. We thought about it a lot. We have implemented the self-employment policy based on the half-term. As you all know, as of this year, the exchange rate, the exchange rate, and even the stock price have become very volatile, and it is difficult to predict the volatility of this year's profit and loss before the first half of the year. I think it's not going to be easy. In order to take a more precise view of the rate, we're going to cut it down to three months for the purpose of looking at the direction of the SONY concept by October. As you can see, we are planning to raise our own capital by considering the overall share price at the end of October, on the 27th. We are not going to say that we are going to keep doing it every three months. I don't think that's the case. In the first half of next year, when the volatility of SONIC is stable, we might be able to cut it down to 6 months. If the volatility is still there, we will be able to cut it down carefully and flexibly. Secondly, regarding the acquisition of the company, there are a lot of news these days, so I think I should make it simple. First of all, there is an unconfirmed formula that we have not yet confirmed in June. And currently, the M&A stock is not only the Lotte company that is being discussed, There are various types of products that we are reviewing to see which products will be helpful to us, but nothing has been confirmed so far. Secondly, since M&A is a game with an opponent, In fact, our own position and the position of the other party will be sufficient, so I think that there may be a process of finding these mysterious compromises. Nevertheless, the third thing I want to say is that from the perspective of the party, as we announced in April, we have announced Value of 2.0, We promise that we will proceed with M&A within the scope that does not violate the principle of Value Up 2.0. In other words, we will of course have to maintain a stable CETON ratio. If EPS is a little bit more aggressive or ROE is If there is confidence in such an improvement, these M&A and these deals will proceed. So, if a faith group has done some M&A, I think it would be nice if you could look at it with some expectation in that regard. Lastly, if there is an additional process like this, we will immediately communicate with investors through communication and various public relations. Yes, I hope the answer to the question has been fully fulfilled. I will take the next question again. I am Won Jae-yong of HSBC Securities.

Please ask your questions.

Thank you very much for your good performance. And thank you for announcing a large amount of self-sufficiency. I have something to ask about the self-sufficiency and the non-banking side. First of all, the non-banking side, KB, has increased its self-sufficiency to 8 trillion won by accumulating KB's 1 trillion won of self-sufficiency in June, and then preparing to receive IMA credit. I think it would be better to secure capital with securities in terms of credit account growth or issuance business. I'm wondering if we have any plans to secure capital with securities and go to 8 trillion won and receive IMA. And if an insurance company or M&A is made, I'm curious if the capital injection of these securities will go back to the latter. Next, you announced the self-employment week. In the last quarter, we announced the formula that we were working on. But what kind of standard did you decide on in the formula that we are working on right now? And if you announce the self-employment week in October, Thank you for the detailed questions. Please wait a moment while we prepare the answers to the questions.

Yes, I think I need to answer. I think I need to answer because it's about capital injection. First of all, you talked about resource allocation for securities, and you asked whether it is a first order or a second order when it comes to the connectivity with the issuer. This is a little bit... I think so. I think it's a little different from the current situation of our Sinan Joong-Kong and Hantoo or KBA. What I'm saying is, we got the approval last year. So I think we're in a state where we have enough room to make a leverage. However, peer groups... I understand that it is due to the limited capacity and additional needs of IMA. What we need is not the RWA limit, but the risk limit, including credit limit. In the 100% range of self-sufficiency, we are still working on increasing the limit of credit limit and the limit of credit limit of IB. As I said, if there is a certain level of performance and a certain level of use plan for that part, of course, resource allocation will be possible. However, as I said earlier, there is still room for improvement in terms of execution. I think it's possible to put in an add-on in a short period of time like other peer groups. As you mentioned about the relationship with SOMBO, I think it's possible to combine SOMBO and the add-on. As you know, insurance is directly affected by the CETON ratio because it is connected to the reduction of capital. In fact, the increase in securities does not immediately increase our RWA. In the end, when it continues as a business, it will lead to an increase in RWA, and this RWA increase will lead to a drop in CETON, or if the demand for it increases, it will be maintained as CETONV. As I said, there is no case of being pushed to the back because of this. Of course, as long as it is established as a business area with high ROE or ROC in our value 2.0, if we have that confidence, we will do capital injection and capital allocation anywhere. I will tell you like this. You talked about the formula of self-sufficiency. When I told you about the beginning of this year, I gave you a little hint. This year, we will look at the target ROE as just the level of COE, and since the average ROE was only 9.11 last year, we will take the target ROE to 10%. In the second case, the growth rate for the molecule, although there is a change in the GDP growth rate, we think it is about 4% to 5% of the normal growth rate. If we limit this to capital, I think it will be maintained to that level, and if we come to RWA, In fact, if we exclude the impact of the exchange rate, there is less than 2% growth in R&D in R&D. So, this part will probably be maintained in the 4% to 5% section. We gave you a hint of value of 2.0, but of course, it will be more than the previous year's 50.2%, and our logic is that the max value is probably 53%, so it has to be decided within that. Thank you. Thank you. I think you will be able to talk about the history of SONIC if you take into account the stock market share of 1.4 trillion won and the stock market share of SONIC. Nevertheless, as I said, we are carefully judging that there will be additional capacity for Hwanwon, so I think it would be good if you understand that we are talking about additional capacity in October.

Yes, I hope the answers to the questions have been fulfilled. The next question is from Kim Do-ah from Hana Investment. Kim Do-ah, please answer the question. Thank you for the opportunity to ask a question.

I will ask two questions. First of all, you made the first actual presentation of the margin among our banks, so other banks may be similar or worse, We don't have the data yet. Our margin seems to have risen by about 1BPQQ. Based on the bank. In fact, considering the timing and slope when the market price rose, I don't think the rise in the margin is in the expectation. There's a big company loan increase, and there's a lot of MMDA in the supply chain. There's a lot of speculation, but what do you think is the cause? If so, please tell us in more detail how you are calculating the 3rd and 4th quarter margin based on the high interest rates so far until June. I was curious about one more thing because of the previous question. You suggested our formula in the last quarter, but this year, you gave us a guide that can be expected to be in the early 50% range, so I was looking at it like that, but a little while ago, you said that except for the exchange rate, our RWA Gross was 2% this time, and in terms of that, it was 4% for a period of time. First of all, on the surface, our YTD has increased by 4% for half a quarter with RWA. Do we have to look at RWE Growth, which excludes abnormal factors and exchange rates, when we anticipate our main source? When we do that, it becomes difficult to estimate the visibility of the main source. I don't know if we should exclude these issues and look at them. I don't know this tone, so I'd appreciate it if you could explain this again. Thank you for the question. Please wait a moment while I prepare the answer to the question.

Yes, the first question is about the cause and expectation of the current margin, so our bank CFO will answer first, and I will answer the second question. Thank you for the question. I am Kang Yong-hong, CFO of the bank.

I will answer briefly about what you said. In the second quarter, NIM is currently 1.61%, compared to the previous year, In the first half of the year, the market price rose to some extent, but I think it's a little bit of a 1BP. I think it's a little bit of a 1BP. I think it's a little bit of a 1BP. As you may know, there was a decrease in individual funds due to political upheaval. Overall, it seems that the influence of institutional funds and corporate funds, especially large-scale funds, has been greatly expanded. From the beginning of the year, we have been actively promoting productive finance, so it seems to be like that, but in reality, compared to the previous quarter, the previous quarter was 1.60, so it was 1BP, but in fact, compared to the previous quarter, it increased by about 2BP, and if you look at it from the beginning of the year, the previous quarter was 1.5, 1.56, 1.58, 1.60, 1.61, and so on. Please understand that the trend is continuously increasing. If you look at the end of the second half, the standard value of 25BP was affected in July. I think we have high expectations for the additional interest rate. NIM seems to have only raised 1BP compared to the first quarter, but I think it will be improved in the second half. If we think that the interest rate will increase by about one time from our internal perspective, We are expecting a 3-4BP improvement. In addition to the increase in the standard interest rate, we have also increased the interest rate of the private equity fund, so I think we will be able to secure more of the private equity fund. In the second half of the year, we will focus on external growth in terms of production and financial expansion. In the second half of the year, we will focus on profitability and profit-making assets. That is our plan. Thank you.

Regarding NIM, I would like to add two things. As Mr. Young said, we expect that there will be ups and downs for each bank this time. Because when we look at it monthly, NIM is going up as it comes to June rather than April, so the banks that were not at the turning point I think NIM may fall during the quarter. As I said, there is an increase in the monthly growth trend, so as Bank CFO said, we are looking at a little more positive in the second half of the year due to the rise in the interest rate. The second question you asked was actually, this is why we said we would give you a guide at the beginning of the year. For example, if the exchange rate continues to rise rapidly and then it becomes 1,600 won, for example, then for example, if our RWA increased by 8%, then are we doing 20% of the stock market today? We keep saying that this is not the case. Because there are too many factors that are inconsistent with just the fact that we have RWA. So when we talk about GDP growth rate, the reason why we said capital or RWA is because I think capital will continue to maintain an increase of 4% to 5% stably. Now, even if 50% or 60% of the capital is going to the stock market, if you look at the current capital size, it will be included in the 4-5% section. As I said, we are not taking all of them out of the equation, but if we look at the rate of return as we see it this time, it is a bit like this, or these parts that have risen in the short term, but if you look at our 2.0 in the sense that we have to decide the policy of the stock market while removing it, so now we have capital or what we call RWA, so we have a buffer, If we fix this every quarter, the probability of prediction will be very low. So, as I said, and as one of the analysts asked, when we give guidelines at the beginning of the year, I think it would be good for us to have a policy that communicates that this is the guideline, and that if it has to change, we should change it. As I said, the exchange rate has changed, but we will tell you that there is no detour in the guideline that we suggested in Value Up 2.0. Yes, I look forward to a sufficient answer. Next question, please.

Thank you for your question. I have three questions. All of the 1st and 2nd quarter's results are stronger than expected. I think the revenue of the capital is very strong. Recently, the capital market has been very volatile, so I'm curious about your outlook on the revenue of the capital in the second quarter. And because the results are going up faster than expected, how much do you expect the ROE to be this year and the next three years? Please give us some guidance. The second question is, you are increasing the number of self-employed employees and the ROE is rising, so it seems that the stock market has come to a point where the stock price has doubled. So, you said that you would add additional self-employed employees in the next three quarters. I'm curious if you're willing to make cash payments more flexible, considering the fact that the profits have come out better than expected, not just in terms of balance. Lastly, I'd like to know if there was any profit or cost in this quarter. I'd like to know if there was any profit or cost in this quarter. Thank you for your question. Please wait a moment while I prepare the answer to the question.

Yes, we are currently focusing on the financial sector, so I would like to hear from the CFO of the financial sector first, and then I will give you the rest of the explanation. Hello, I am Lee Jae-sung, CFO of Shinhwa Investment Fund.

Thank you for the good question. Since the end of last year, the domestic stock exchange rate has continued to increase steadily until the first half of the year, but since the end of June, the market has been adjusted to focus on SK Hynix and Samsung Electronics, and the exchange rate has been decreasing to the level of the first quarter. In the latter half of the year, it is not easy to expect the growth of our brokerage revenue in the second quarter. However, we expect it to continue at the level of the first quarter. As you can see from our performance, there is a lot of demand for financial products in the second quarter. We are putting a lot of effort into selling financial products, and because the sales of EDLS are continuously increasing due to the change in the market, we expect some results in the second quarter, but not as much as in the fourth quarter.

In connection, as you said earlier, in the second half of the year, in terms of revenue prospects, in fact, in addition to securities, the place where our performance is supporting is asset management. Now, securities and asset management, compared to the previous year, have a growth rate of more than 100%, so the revenue of FBG will probably improve, and ROE will naturally improve. I've been telling you since the beginning of the year that we're holding the target ROE at 10% by 2027, but we've been telling you that we're improving ROE at a speedy rate. We're careful, but internally, we thought that the visual results would be released within 26 years. So, as you can see in Value of 2.0, we are going to expand ROE management to 10-12% just like the overseas cases. As I said before, it is good for ROE to continue to move up and down, In this respect, we have proposed a management section of 10% to 12% in terms of year-to-year variability. As I mentioned in the second part about the additional self-sufficiency, we will make the best of our self-sufficiency and decide the rate of self-sufficiency based on the performance of the calculation that we expect on October 27. From this year, I think there is an issue about the time difference. What I mean is, the additional self-sufficiency week is in October, but the actual settlement ends in early February next year, so in the future, in terms of the settlement share, there may be a slight gap adjustment. Rather than the feeling of raising it additionally, Of course, if the balance is maintained and additional resources are needed, we have no choice but to put it on the balance, so I think it would be good if you could see that we will take the variability of such a balance in the future. As I mentioned in the presentation, we have about 8.37 billion won of transfer fee for the transfer fee for the ERS. You are talking about the transfer fee, but we don't think it is transfer fee. In fact, from the beginning of this year, CEO of our group emphasized the firm BS, and we have also said that we will take conservative financial policy. We have been doing a lot of conservative work on the business evaluation of real estate PF until last year, but this year, it is more than expected that there will be a return on investment in the business evaluation of about 3 billion won. Thank you. Thank you. Thank you.

Hello, thank you for the opportunity. I wanted to get an overview from you on whether the tailwind the Korean economy is experiencing can be an opportunity for you. We saw, for example, a $26 billion bonus package approved for Samsung's employees. Now, does this throw up any opportunity for you to grow and say, As that money comes into the economy, a mortgage broke or as it gets reinvested, can this be a loan growth opportunity for you? Or can this be maybe a wealth management opportunity for you? How are you thinking about the tailwind that is there in the economy as a business opportunity for the next one, two years? Thank you.

I'd like to ask you if this could be an opportunity for wealth management or growth in the economy. Please wait a moment while we are preparing for the questions and answers.

The government, the financial institutions, and of course, what we expect. In the past, these individual funds and the funds earned from stocks tend to go to real estate. There is a concern about that, but if the vendor companies and private consumption occur, We also hope that the government's financial and net growth rate will continue to grow, but that it will be better to increase the consumption of the private sector. As I mentioned earlier, we are talking about K-shape, but there are still concerns about the polarization in Korea. So, I think we need to think about how we can expand the temperature I think we need to keep an eye on it. However, as you said, in our WM business, we are looking at it in a very positive way. In fact, including other peer securities companies, our securities companies are also in a state where WM's financial products are increasing a lot, as you saw earlier.

I look forward to your answer. We don't have any additional questions. Please wait a moment. Yes, thank you for the opportunity. Two questions for my one.

Given, let's say, the news flows of physicians, etc., how would that really payment to your shareholder return policy program? How should we think about what impact can that be? Because certain assets might need more capital than just the initial value. So can you help guide us on how you think about shareholder return plan in conjunction with the M&A opportunities you see? And second, just on costs, do you have any long-term costs? Income ratio plans, any benefits you're seeing from AI, can you talk more about long-term cost outlook going forward?

Thank you for your question. I would like to ask about the relationship between the policy of the shareholder and the M&A that you are considering. I would like to ask about the relationship between the policy of the shareholder and the M&A that you are considering. I would like to ask about the relationship between the policy of the shareholder and the M&A that you are considering. I would like to ask about the relationship between the policy of the shareholder and the M&A that you are considering. I would like to ask about the relationship between the policy of the shareholder and the M&A that you are considering. I would like to ask about the relationship between the policy of the shareholder and the M&A that you are considering. I would like to ask about the relationship between the policy of the shareholder and the M&A that you are considering.

I would like to ask about the relationship between the policy of the shareholder and the M&A that you are considering. I would like to ask about the relationship between the policy of the shareholder and the M

First of all, I think this is the connection between the stock market and M&A. We have set up a management section of 13.0% to 13.4%, and we are going to think about additional growth or stock market in terms of getting away from that capacity. We are thinking that we can utilize M&A in the area of protecting the CET-1. Even if it is not a big deal, we are considering M&A. I don't think this will directly affect the stock market in the short term. However, as I said, when M&A starts to enter, the output of M&A is required by investors from the point of view of ROI, EPS, and ROE. Considering the PBR, COE, We are looking at the COE in this area. For example, if the current PBR is about 0.8 times and the COE is 10%, the maximum return on investment demand is 12.5%. Of course, the M&A's deal should meet the requirement rate in the medium term or in the short term. So, in conclusion, I can tell you that due to M&A, there won't be a short-term impact on the stock market. Second, regarding the budget, we are constantly giving guidance. We are saying that the cost is about 4% to 5% GDP growth rate or price increase rate, but this time, as the top-line profit increases, this kind of performance improvement, and due to the regulation change of the government, There are a lot of increases in the CGR. These are all related to top-line revenue, so the CIR will not deteriorate so rapidly. But our internal concern is whether the CIR will be right before or after 40%. In comparison with overseas peers, I think it's a lot lower. As I said, it's not like we're going to speed up the CIR or make it worse. In terms of the current CIR, even if we do a big 3-year projection, we'll be able to manage it well within the current guidance range. Yes, I hope the answer is sufficient. Yes, time has passed a lot. Are there any more questions?

Any other questions? Do Ah Kim from Hana Investing, please. I'm sorry. I was going to ask you something regional. When it comes to net profit, it doesn't matter, but when it comes to non-profit profits,

Thank you. Thank you.

Please wait a moment while we prepare the answers.

Yes, I think it's right for me to answer. As you said, since it's the connection side, you can answer our individual insurance CF. In fact, we divide the account like this, but the part that is a little back and forth between the 6th generation and the insurance muscle line is related to our change. As I mentioned earlier, even though the interest rate has gone up, the price has gone up despite the minus on the bond side. The reason I mentioned this is that when it comes to insurance, it is the exchange insurance side. So, due to the rise in the stock price, you can see that there is an additional minus on the financial insurance side, plus on the stock price side. The second is that in the end, We talked about changing the guidelines earlier, but I think it's right to say that it's in the financial insurance system. Second, the operating RWA is not reflected at the moment. There is an issue of whether or not it will be included in the 2nd quarter as it was included in the 2nd quarter. However, it is not included in the 2nd quarter.

Yes, I hope you have a sufficient answer. Time has passed a lot. If there are no additional questions, I think we will end our actual presentation now. Thank you.