Sbi Holdings Inc Ord

Thank you very much for taking time out of your very busy schedule for the briefing session on the financial results for the first quarter of this fiscal year. And thank you very much for your continued support and cooperation for our business operation. I know that there are 29 people attending in the venue and there are 73 people who are attending through the teleconferencing system. So in a total, We understand that there are about 100, a little over 100 people attending this conference. I would like to begin my presentation. Regarding the numbers, needless to say, I understand that you have already reviewed the numbers in results. For the quarter, revenue was 111.1 billion yen, up 20% from a year earlier. Profit before income tax expense was 27,757,000,000 yen, up 37.3%. And the 20,279,000,000 yen was recorded as the profit for the period, up 48%. And the profit attributable to owners of the company was 16,284,000,000, up 39.4%. According to the consensus among analysts, 16.6 billion yen was the consensus as the profit before income tax expense. So the result was well above that by about 10 billion yen. Regarding the ROE times for annualization, 13.2 is expected, and compared to the last fiscal year, the ROE dipped a little bit. However, our target The maintenance of the ROE over 10% was our target, and the result exceeded our target. By segment, financial services business revenue grew 24.5 percent to reach about 70 billion yen and 44 percent increase was shown in the profit before income tax expenses and asset management business revenue was 39.7 billion yen up 21.2 percent and profit before income tax expense was almost a flat up one percentage point to reach 11.99 billion yen. Biotechnology-related business, although still making losses, but the loss amount has been significantly reduced up to 0.187 billion yen. And in terms of revenue, which grew 7.9% year on year. Different from the usual briefing sessions, as I said earlier, compared to the consensus among analysts, the actual results exceeded the market consensus. What were the driving force? This is my own analysis, which I would like to share with you today. Factors that contributed to favourable financial results in the midst of the COVID-19 situation. listed here. This shows the annual growth rate for OECD countries for GDP. Here is the forecast values and it is expected to see the significant decrease turning into the negative growth Under this situation, you may think that you weren't able to achieve good results. That is the usual thinking. But on the other hand, this is the monetary base trend for Japan and the U.S. As you know, monetary base is the volume of the currency available in the market and reserves held by the BOJ for commercial banks. And commercial banks savings of the currencies in the safe. And these are in total called monetary base. And this is fluctuating as such, not only in Japan, but also in the US. The monetary base has been significantly increased. Although the economy is expected to grow negatively, But irrespective of that forecast, the stock prices were very strong. Yes, once in March or April, there was a significant drop in stock prices because of the COVID-19 crisis. But after that, we have seen rapid recovery in stock prices. And this is considered to be one factor. making the results different from the forecast. And after seeing the sharp drop in the stock prices in March, so based upon the fair value variation for the results ended March this year, we were significantly affected by the fair value assessment, but some of which has been recovered. In our asset side, as I said earlier, based on the year year comparison, we have achieved almost flat results in asset management. At least we can say that we didn't have a negative growth in asset. And here is the number of businesses sold or M&A activities, which has shown increase. Why? Because asset prices have been down. Of course, there are operating companies or financial institutions, many of them who would target to capture those dropped value Asset values. And the number of businesses sold and M&A deals, these have increased during the half year. But in terms of value, the value has decreased by 32% because of the lack of the large-scale deals. Given this situation, well, people wanted to pursue good bargaining. And also, we are seeing an increasing number of smaller-scale deals. Given the next factor, recovery of the equity market, major security firms are compared in terms of their operating income. As I explained, a 37.3% growth has been recorded in the operating income force and Nomura also grew significantly. in the US or overseas markets or over all businesses have shown a steady growth, particularly transactions in bonds seems to be very strong for them. On a net basis, Nihonbashi land is expected to be sold probably That will affect. But this is the comparison on the operating income line. Daiwa hasn't disclosed yet. SMBC, Nikko, 6,968,000,000 yen. And online securities, except for at AU Kabukom, the growth rate has been significant. For AU Kabukom, according to what the leader has said, because of the significant decrease of the commission's fee. And they said that this is the major factor. And we also offered the discount in the commission rate, but we have made such a big difference from them. Matsui, which conducts churnings a lot, did have a strong growth. And based on the quarterly operating income, if we see the trend by quarter, there has been ups and downs. and others are making a chunk but we are exceeding them outstandingly we have been over the length of time we have been maintaining the good high growth rate or the high operating income level and 48.4 percent growth has been recorded in terms of the individual brokerage trading value On a daily average here, the stock brokerage trading value has increased 83.9% year-on-year and commissions grew 71.7% year-on-year. Furthermore, when it comes to asset management, This Nasdaq actually has been stronger than the trend seen in Dow Jones in the United States. As you know, Nasdaq is the Nasdaq Composite Index of high-tech companies. High-tech companies' chips were traded very strongly in the U.S. Nasdaq Composite Index breaks record high. In Japan, after going public, for example, BASE Inc., on October 25th, 2019, the IPO price was 1,300 yen. But since then, we have seen continuous growth in price, free as well. The IPO price was 2,000 yen per share, but it increased significantly over 5,000 yen. And AI Insight said, On December 25th, 2019, public offering price was 3,600 yen. But as you can see on the graph, these names have shown the growth in stock prices. That means that investors purchased, bought these companies a lot. Through the Intech Fund, we have a proactively made investment in these companies. What about the bond market? As I have said when I referred to Nomura Securities example, and securities companies or rather commercial banks, they have become, they are not anymore investment bankers like Goldman and Morgan Stanley, and they have made a lot of money out of these tradings. But when it comes to, on the contrary, traditional banks, because of the higher credit costs, and these are accumulated as the provisions. Therefore, 51.4% decrease was recorded for JPMorgan Chase, and the city recorded 72.6% decrease. And yesterday, SMBC's numbers were disclosed, and they have to provide for provisions. The other day, the president of Mizuho came to see me, and we had a discussion. over the last one month or so, 10 trillion yen has been extended as loans. From the government, mainly for SM, small and medium-sized businesses, the lendings have to be offered, and that is encouraged by the government, so 10 trillion yen. Are we able to recover, collect these lendings in a short-term period? And many people have to review the credit applications. I think that they struggled a lot and worked very hard in order to save the Japanese economy as a whole. I think that many people worked very hard. for banks having a lot of accumulative the bad loans and what who will help them i know that the government would not do anything to help them so what will happen going forward traditional banks including major banks what will be the future developments we are putting paying a close attention And bond market volatility has been very significant with a lot of ups and downs, but people are making money, but traders. But regarding such a revenue, depending on such volatility in the market may disappear soon. So we believe that we are not going to take this approach. This is the basic principle of our business operation in our group with very high certainty. I made my own judgment based upon the collected information from various sources. If there is such a high certainty, we can rely on such source of income and with limited risk. SBI securities related to our overall... investment activities, they do not do such approach. They just focus on the retail business. So net banks earnings, in principle, we have seen steady growth in earnings. And although the official announcement is yet to be made, but ordinary income has shown a steady grace. First quarter result is not disclosed yet. On 31st of July, they will disclose. So tomorrow they will. disclose the results. The SBI Sumishin Net Bank is not doing the corporate or business lending. So P2P or individual retail and also mortgage housing loans are the main business models, not only relying on the mortgage, of course, but these are the core businesses of SBI Sumishin Net Bank, which have generated steady growth in earnings. I said in bond market, For example, Sri Lankan government bonds in the bond market, I thought that this will make money. You may think that you cannot make money out of this, but we made 500 million yen. The dollar denominated Sri Lankan government bonds were devalued, discounted. And in Sri Lanka, we made investments into two securities firms in Sri Lanka, Sri Lankan securities firms and securities markets. And also information can be obtained from Sri Lankan market. And Sri Lankans, those people who had had a lot of experience in the investment banks have been retained by us. And we have opened the office in Sri Lanka and I am also serving as the member of the board for the listed company in Sri Lanka. Therefore, we are able to get the information from the market and the central bank correspondent to BOJ in Sri Lanka. or members of the cabinet, particularly member of the cabinet in charge of finance, we can gather information from various sources before making decision in embarking on business. So in that sense, we have been very careful. In SBI insurance and SBI life insurance, we could make the 2 billion yen as an investment profit. Foreign exchange markets, not so much as the volatility recorded in March. The volatility has calmed, but the trading volume remained robust. And for us, FX-related businesses, are expanding rapidly. Almost all the major players in Korea are the customers of our liquidity market. And YJFX, Yahoo's, YJFX, they are dealing with us. And the central Tansh company is also doing business with us. So through liquidity market as a platform, we believe that this is an excellent platform that is also recognized by the market. That's why we have seen growth in this business. Trading revenue, SBI securities trading revenue. How are we going to increase this revenue? Making the commission to zero, it is very important. For example, VC trade as the subsidiary of SBI securities. From the second quarter, From last fiscal year, we have held this company at SAB and it's 3 billion and 369 million. So this is the contribution from this SBIBC trade. As such, trading revenue grew 76.9% year-on-year, the crypto asset trading and FX trading revenue, and those are increased significant through the liberalization towards the liberalization of the commission rate.

So for SBA VC trade, it's implementing various measures to expand its business in response to the revisions in the Payment Services Act. Furthermore, currently, asset prices are declining. So like I mentioned earlier, because we're in this phase, we would like to promote our acquisition strategy. Before, I talked about certain areas where we are interested to do acquisitions in. One was, the one acquisition was Rios Capital Works. As of June the 30th, we acquired 51.28%. Rios Capital Works has the famous Hifumi brand investment trust product for us. This is a very important asset in order to grow our investment trust business. Also for cryptocurrencies, a global market maker, B2C2 was an entity we invested in as well. We will do it over two phases. As of September, we will invest about a third and increase that to 90% by the month of December. So B2C2 will be part of our group, which means that our cryptocurrency business has the potential of expanding globally. So when you think about our future, we believe this is a very important measure that we are engaging in. And this was also in the press. Lifestar Securities. Some people may think that we made a very small acquisition. However, they implemented a waiver of margin trading fees and lowered its rates on margin trading. The rates are far lower than us. So the traders support this company quite strongly. So they are a very unique securities company. We acquired all shares. They have 180,000 accounts. and customer deposits totals 250 billion. So it's a securities firm for commissions-sensitive traders. So SBI Securities, Neoboba, and now Lifestar Securities are the entities through which we would like to generate synergies by segmenting our customer base. Furthermore, or prime SBI prime securities, which is a company within our group. It is a matching business on top of retail investors. They will be pursuing institutional investors as well. So they would like to generate new revenue sources through SOR and dark pool transactions to that end. This was very strategic and meaningful as an acquisition. For the SBI Insurance Group, they are mainly focusing on SSI, and they go after good opportunities. This time around, they will acquire all shares of Joguchi Safety SSI. Once we acquire them, the businesses acquired in the past had steadily grown. So we will generate synergies with the new acquisition. And for SSI, product design is pretty free. And it's easier, relatively speaking, to get approval. And it's a very nimble service that we provide to our customers. So we have been making these acquisitions. We are still thinking about acquiring three more entities right now. We haven't yet concluded our scrutiny over these deals, so we haven't yet reached a decision, though. So, if there's a good opportunity, there are about three entities that come to mind. Of course, we need to have the seller be eager to sell, and we haven't yet conducted any negotiations with the entities. But, of course, we need to be prepared. Therefore, we procured $70 billion. It's an over par issue. And the up rate is $25. And $29.13 is the conversion price. For the previous issuances, under the 130% call option clause, up until the month of end of September, we will be doing early redemption. They should be converted into stocks. There are no people who would like to make losses, so they will basically convert, and about half has already been converted. For digital transformation, social changes such as the advancement of digital transformation provides a tailwind for the group, which has developed its business primarily through the online channels. It was a tailwind for the June quarter, and we believe it's going to be a stronger tailwind in the future. So COVID-19 has reshaped the preferences of consumers and investors from real to online. That's what we think. So for SBI securities, amidst such circumstances... Due to voluntary stay-at-home restraints, people will go online instead, and they receive subsidies from the government. And maybe they had no intention of spending it, so together with their family's subsidies, they may have decided to make investments with the money they received. So... With regards to accounts, the increase we saw at SBI Securities and Neoboba on an aggregated basis for the March quarter. Compared to first quarter 2019, the number of accounts went up by 2.27 times. For Q1 this fiscal year, it went up by 2.15 times. So we believe the number of new account openings sharply increased as a result of the increased demand for asset formation needs. And we have already surpassed Nomura, which I have been explaining from before. Combining our two businesses, we are currently at 5.7 million accounts. We don't even have to add the two businesses together. We still surpass Nomura. Every year, I show the CAGR. but it has been at 10.4%. On the other end, Nomura Kager is at 1.6%. The gap between the two companies is widening more and more. I think this will have a great significance in the future. Also, with regards to SBI securities share of individual stock trading, for Q1 this fiscal year in the June quarter, our share was 40.3%. Livestar had a share of 3%. So we increased our share from 35.3% to 40.3%. It went up by 5%, even more. If you look at the margin trading value share, it was originally 35.4%, which went up to 41.6%. And Livestar accounted for 3.7% in share. In other words, our margin trading value share is now at 45%. It includes all real physical brokers as well. For banks. With regards to what's happening, I mentioned this earlier, but on IFRS business, we were able to increase equity method earnings, equity and earnings by 1.9%. With regards to accounts, we will continue to see steady growth. And as of July the 28th, accounts were at 4.12 million. And for deposits, we were at 5,785,785.9 billion. So as the end of June, it was at 5,672.8 billion. So just in one month, it went up to 5,785,785.9 billion yen. So Steadily, we are seeing a shift to the online banks. And for mortgage loans, we are not seeing a decline. We are continuing to see a steady rise. Commodity total of housing loans has exceeded 6 trillion yen. Also for the insurance business, for the insurance business as well. This is on a preliminary basis. And for accurate numbers, it is expected to be released on August the 7th. However, ordinary revenue has went up substantially, and profit attributable to the parent of the company has increased substantially as well. This is quite interesting. When you look at SBI insurance, Due to the stay-at-home requests, the number of motor vehicle accident reports declined by more than 20%. Therefore, the net loss ratio improved by approximately 20 points, which is quite big. As for SBI life insurance, key words such as death and the number of cases, as well as hospitalization, as well as a medical collapse, these types of words have been reported through the media on and on. which led to a higher sales of life insurance products. That's happened until the month of May. Number of applications for death insurance increased by two times or went up by 3.8 times at times. So for SBI Savings Bank in Korea, the mobile channel is being leveraged by ourselves in Korea too. in doing business with our customers. And as a result, that proved to be successful, as you can see here. So initially, for SBI Savings Bank, they didn't have any technology whatsoever, from my point of view, that is. But we acquired it in 2013, and they changed drastically to date. They implemented AI to increase their screening capabilities, and they enrich their mobile functionalities. So they are basically at par with mobile banks in Korea. And 1031, they surpassed that from a total assets point of view. And delinquency rates in total is at 1.7%. When we bought them back in 2013, delinquency rates were 51.6%. And people were wondering why we acquired this entity. And these stupid magazines were bad-mouthing us and lying about what really happened. But what happened over the years? So in my year, I constantly think about what's going to happen in one year, two years, three years. It's a function of management. And what areas should we change in order to make that company better? That's what we think about. Management was not really happening. It was reckless management. And they were doing a lot of lending to property companies and so forth. But because they did so much of that, they weren't successful. Under the banking system, they should acquire normal deposits and do normal lending. Then they should be able to generate a margin. Don't you think so? You don't want to inconvenience people who deposit their money with you. And no laws will be made that inconvenience the customers. If we turn the entity into a decent entity, we'll be able to make it profitable. And if we borrow the power of technology, it can become even more better. It's a matter of how you can attract more customers and what kind of products you can develop in order to do that. So it was a buildup of these efforts that led to this performance. So this is for January, June. So that is their half year from their fiscal year. And they were able to see net income grow by 22.7%. Broadly speaking, they were able to make 13 billion yen. They were able to make this much profit, which is 25 billion won. So there is higher increasing needs for advanced asset management.

So FSA raised this issue about post-retirement amount funding needed for 20 million. This was a starting point of this national debate. So people began to take this as a personal issue. And this has actually applied to the younger generations as well. We saw the shift from savings to asset formation, even among the young generations. And I believe that this trend has accelerated because of COVID-19. People are staying home and there's less income and people are more concerned. And if you're not coming into work anymore, you need to You don't have to pay for the train cost as well, the transportation cost. All you need to do is just pay once you come into the company and eventually you are no longer needed. Maybe AI can take over your job. Maybe we can just implement more RPAs. So that's the direction. Offices as well. We don't longer need the space. A third can let go because it's all remote work. But this sort of decision from early stage, you know, I was wondering, I would question management who would make that kind of decision early on because there's no assessment of productivity. Is remote work really productive? Does that increase productivity? You really have to take a look at it from a certain period of time. A time span is needed in order to observe and analyze that. And maybe there's ingenuity. Maybe it leads to a new business generation. But you need to assess that over a long period of time before you can make that decision. And also the cyber attack, we have to be aware of that. Can we say that remote work is really safe against cyber attacks? Maybe it's vulnerable. What happens if you get attacked on a security basis? So you have to think about that, validate that, and you have to observe that for a certain period of time before you make the decision to go completely remote. So you don't want to panic and switch right away. I was reading a journal in the United States and I found that, you know, people are starting to re-look at how they work, even in the United States. Of course, that's natural management managers. The mandate is to increase productivity, generate new products and services, and that's how they make money. And in asset formation, People are beginning to see the importance of NISA and IDECO. IDECO is the Individual Tag-Defined Contribution Pension Plan. So we're seeing increasing investments in these products. Even if you look at, in terms of NISA trend, we have exceeded Nomura. With Junior, NISA, our market share is more than 30%. Number of new customers opening these accounts is 67.8%, among which 69.4% are beginner investors. So in other words, 47% are complete amateurs have now buying these products. And you have IDECO. On May 19th, 2017, we completely made administrative fees for ITERCO completely free of charge. And at the end of June, We have nearly 366,000 IDECO accounts, approximately three times larger than end of May 2017. So SBI benefit system is the one that's running IDECO, but you can see that CAGR between 2015 March to June 2020 is 50.8%. That's an enormous growth industry. Or if you look at on the right-hand side for CBI securities, they're doing 401k individual type distributed. The CAGR was 46.7%. So growing above 40% is a demonstration of a growth industry. So this is where we really need to work on. So we need to increase the number of new customers for IDECO. And we actually became a cumulative industry leader in October 2018. We exceeded Tokyo Marine. And you can see that investment trust balance is jumping up. It's increasing rapidly. First quarter, you can see a huge increase. Commissioner Endo was saying this earlier, but some of the larger brokers, are buying and selling, buying and selling overseas investment trusts, and they're making money from the commissions. And that's a big problem. We don't do that. We manage it for the customers for the best benefit. They would choose it from morning start, and we want the customers to hold it for long term and make it useful for asset formation. That's the spirit in which we work under. And those brokers who are basically generating money from this commission of sales and purchases, they will probably not survive in this industry. And with regards to wealth advisors, you can see that number of companies served is 444. So in other words, most of the financial institutions have implemented it. Number of units provided is 92,217. We have the fiduciary duty. So we have the responsibility to explain, and that's the responsibility of the bank counters. But that's what we do. We show and explain. Otherwise, the customers will never trust you. And then we see the heightening needs of estimate management by regional financial institutions. Now, regional banks have serious issues. They would say that nearly 40% of the JGBs and municipal bonds will be maturing next three years, and they cannot increase their core net business income by simply just buying newly issued bonds. Who's buying JGBs? Up until now, financial institutions have been central in purchasing JGBs. So there wasn't much to fear. If they don't purchase it, then someone else will buy it. But perhaps in the future, JGB may plummet. But if there's no yield and no one's buying it, then you have to buy it and then you enter in this vicious cycle. So Japanese fiscal status is really at a delicate point. So in this situation, we are improving all of our portfolios, replacing it. We're helping the customers to replace their portfolios. So, for example, Shimane Bank, among the four capital and business partners, Shimane Bank has entrusted, you know, 64.2 billion yen to us. And you can see that breakdown of the amount of assets under management SBI regionalization is 32%. And Shimane now is really transforming themselves. They've changed completely. Even those with our capital stake in it, they're still in the process of improvement. This is SBI asset management group. So it could be, you know, all-inclusive bond investment management, but it's all about 2 trillion yen. Now, with regards to bio-related businesses, concentration and selection and cost reductions. So, Kumada Pharma, we have sold last year, but even everything else, we're implementing major reductions in cost. Quark, we decided that we will focus our resources on AKI clinical trial. It's not that all the others have gone bad, but we have decided that... increase the clinical trials. And they said it's going to be more money. So then we said, you don't have to do it anymore. So we have just decided to just focus. So you will see the significant reductions in losses of the bio business. As for AKI, we're expecting to complete the trial by June 18. So we don't need to recruit patients anymore. But because of COVID-19, We actually needed to do a blood sampling after 90 days, but they refused patients who were not able to come and get their blood testing. So there's a slight delay, but I think it's progressing well, the clinical trials are. With regard to SBI Biotech, this is again advancing steadily. All the pipelines have been licensed out. And you can see the progress. For example, Phase 1B, the intention to move to Phase 2 is done. And Kirin was doing preclinical, but it's progressing well. And in July, they have reached milestones. So based on the milestone agreement, a lump sum payment will be made. In Asahi Kasei as well, this is an exclusive license agreement, which we have concluded. Again, preclinical is progressing nicely. And Karna Bioscience, CDC BIO7, post-2022, they will start phase one clinical trial, and they will be done in FDA in, I'm sorry, will be done in United States, so they have just submitted an IND to FDA. As for ALA, So, cisplatin FFC protection, the conclusion of phase two is underway. We have completed basically everything. So, the primary endpoints have been achieved. And secondary, we believe, can be achieved as well. So that's the situation. So we are now going to license this out. And once it's licensed out, they will decide whether they go to phase three or maybe they will do phase 2B. They will make that decision. And cisplatin is a widely used anti-cancer drug. And one of the problems is that it's very effective But all the patents have expired and there's a lot of generics available as well. It works. But if you continue, there's a side effect of nephropathy or renal disorder. So if you take ALA together, then maybe you'll be able to keep down the adverse effects. So that's what we're testing on, and I think it's going well. Mitochondrial diseases, phase three has scheduled to complete in April 2021. Mitochondria is, again, a genetic disease. And it's, you know, if you're missing this gene, then it's not a normal situation. So you will use ALA to supplement that. in your body, and we believe that this will be effective for mitochondrial diseases. So we're implementing phase three today. And if it goes well, number of patients is limited, but it will be a worldwide discovery. And with regards to cardiac ischemia, refrigerant entry, it's been done at Oxford, Birmingham, Cambridge in the UK. And then for IPDT, This is for solid brain tumors, very large ones which cannot be taken out by surgery. So you drill a hole in it and you emit a light on it. And we have seen a result from the test that it worked well, that tumors disappeared. And there's some several cases that demonstrate that. So we are implementing that in Germany. And also breast tumor as well, we will be using PDD. And we are preparing for phase three today. I believe that breast cancer is Canada. So next is measures to increase the customer base and strengthen the profitability during and after COVID-19 era. So we have post-corona era in mind. When even if when we break out of the situation, We can anticipate a new trend, a new future, a new future. And we are developing new strategies, organizational strategies to implementing. In the era of with corona, which I've already seen, there's a certain direction we can assume. And so we're implementing new measures one after another. So what is the new trend that we're seeing and what is the measures we're implementing? This is everything we have really been saying from before. Because of the situation, we believe that we need to accelerate our initiatives for neo-securities. In other words, from brick and mortar to online, that shift is accelerating. So we need to incorporate all of that. So our NEO securities initiatives will be accelerated. And by the way, the definition of NEO securities, it is endeavoring to eliminate trading fees for domestic stock transactions and some other fees that are currently incurred by investors. This is the definition of NEO securities initiative by SBI. So the challenge is how do we decrease the dependency on equity sales commissions? In 2003, the commissions were 71%, that's a dependency, and now we have been decreasing this to 32% currently. But this includes non-online transactions as well. But if you just focus on online domestic stock trading commissions, then it's today 21.4%, especially when the market is active like today. And in July, perhaps we see a slight moderation, but I think it's a matter of time before we can continue to decrease this, hopefully down to about 5% or so, because we are, for example, doing M&A and implementing different measures to do this. Neomobile will be much quicker than our target year. And the one that we had just acquired, this is just margin trading only. So basically, they have hardly any commissions. And in our second stage, we want to make all the commissions free of charge. And we will, especially in IOMOBA, no charges. We will implement this as quickly as possible. And third step will be done even faster. And in order to do that, we need to really accelerate, push our M&A strategy. And we start with the ones that have smaller impact on profitability. and we will do this one by one. And current initiatives to actualize a neo-securities initiative. So we have done underwriting for primary and secondary market issuance, M&A activities. We're doing wholesale businesses. We're expanding brokerage services to customer financial institutions, and we're receiving commissions for that. But for along with the promotional needs and ethical products, we will grow the non-commissions business such as investment trust fees, mutual funds by accumulating the investment trust balances. Forex and crypto asset exchange businesses, this will help us increase trading income. increase the number of co-managed shops of SBI Money Plaza and regional financial institutions in order to also increase our face-to-face transaction needs. We will aggressively advance domestic, overseas and mundane activities for businesses that will decrease dependence on online brokerage commissions. So wholesale business is growing steadily. IVO participation share remains to be number one in the industry. So, non-Public underwriting, business bonds underwriting, this is increasing. And through our financial decision department, we have been able to increase our brokerage business. We're increasing our structured products business, investment trust. If you say Q1 March 2020 as a ratio, then 2020 will be 1.8 times investment trust. We expect this to increase to 16.9 by March Q1 2021.