United Capital Plc (UCAP) Earnings Call Transcript

Good afternoon, ladies and gentlemen, to our team partners and executive management. Welcome to the United Capital Group's half year 2025 investor analyst call. My name is [indiscernible], I'm a wealth advisor with United Capital Group, and I will host the session for today. Now this call is an important part of our investor engagement efforts. It gives us the opportunity to discuss the group's recently released unaudited H1 2025 financial results, highlight the key developments and provide insight into our strategic outlook for the rest of the year. Leading this call is our group Chief Executive Officer, Peter Ashade. He is joined by Mr. Sunny Anene, who is the Deputy Group CEO; and Shedrack Onakpoma, who's the Group Chief Financial Officer; and other members of the United Capital's executive management team. Before we delve into today's session, let's go over a few key housekeeping rules. Please be aware that this call is being recorded. [Operator Instructions] And I would also like to emphasize that certain statements made during this call are forward-looking in nature involving risks and uncertainties. These statements are based on our assumptions and projections, which may or may not materialize in the future. Therefore, it is possible for our actual performance to deviate from expectations. Neither United Capital Group, nor any of the associates or employees can be held as possible for these possible deviations. With that being said, thank you once again to all the lovely people who have joined us today. It is now my pleasure to invite the Group CEO of United Capital plc, Peter Ashade, to deliver his opening remarks. Good afternoon, Mr. Ashade the floor is yours.

Thank you so much Thank you so much. It gives me great pleasure, our sense of responsibility and excitement to deliver these opening address, supporting our operation for H1 2025. Distinguished ladies and gentlemen. I sincerely welcome you to this investor and analyst call, where we shall be reviewing our group performance for the period ended 30th June, 2025. I will start by running you through the business as a group our operating environment as usual, so that you know what the environment characterized, the performance that has been presented today. Thereafter, I will hand you over to our Chief Operating Officer -- Chief Financial Officer, Shedrack Onakpoma, he will take us through the financial results for the period under consideration. Then we will share our expectation for the remaining part of 2025. That is the H2. We will now open the line to take your question and feedback. However, it is noteworthy to mention here that in the last 1, 2 years, we've been coming here Africa, Africa, Africa strategy. Very, very happy to inform the audience here today that we successfully launched our United Capital Asset Management West Africa Limited. That is our flagship addressing [indiscernible]. I'll talk more about it during this session. So permit me to start this session looking at the group overview given the way we are structured, we are particular about this, why because on a couple of years ago, we are just 4, 4 businesses as it were. Today, we have 7 businesses online. And I can assure you, still counting. Yes, we have our investment banking so as presented here. And also, let me highlight the fact that this presentation will be available immediately after this session, hence, I may not pick everything in detail because my presentation looks after the full period for this. So this shows the group at a glance. The next one shows our structure, our group structure and later, the next slides are the snapshots of our achievements as it grew, our achievements is quite very, our achievements is very strict and remarkable, as you will see, our gross earnings grew by 57% year-on-year, even in a very volatile operating environment to NGN 23.76 billion while our PBT rose to 25.2% year-on-year to NGN 13.79 billion assets under management crossed NGN 2 trillion as of 30th June. I recall a couple of years ago, less than NGN 100 billion, but every year, we continue to move ahead. We are positive about what lies in terms of the growth. The shareholders' fund rose 25% to almost NGN 166.9 billion. And while we will cementing our rating because this is, for us, very, very critical at A- from Agusto. This is very key. And you can see our presence as we go. Next slide speaks to our journey, our journey. I will not belabor you so much on the journey. Why? Because the -- so many achievements within a very short period. Even though we are over 6 decades in operations where we have tried to look at between 2000 and 2025. Permit me to just skip this slide what you have access and you can have any questions thereafter. We keep it coming. We'll work on that even after this session. The next slide, Slide 7 speaks on a core value, which we beat I must say and tell you categorically, this has been the foundation that has been fueling our energy from execution to excellence and enterprise which is very key. We will continue to drive our process because again, we don't change winning team. This has delivered the desired results thus far. The next slide, Slide 8, showcase our top leadership in terms of an executive. We are top line, as presented here, while the next slide highlights the key management staff across the businesses. So we have the leaders here. More cumulatively, we're talking about almost over 50 years of experience being displayed here. We are particular about the growth of our leaders, they bring in huge wealth of experience across the markets, which will continue to speak on. So when you see the numbers that we're seeing today, presenting here today is being delivered by this group, the team as one. Following this, we talk about our board transition. We are so, so, so delighted and full of gratitude to former Chairman Professor Chika Mordi; and a former Non-Executive Director and personnel, Mr. Emmanuel Nnorom. Sincerely these 2 gentlemen, they have officially retire from the board. Their retirement is just at a completion of over a decade of distinguished, truly I can tell you, distinguished service to the group. And this transition aligns with the recent directive by Securities and Exchange Commission, which for us, corporate governance is very key. And part of what we try to do in a corporate government and regulatory compliance, we not negotiable. And so we bought appointment between these tenure, which aligns with the new capital markets operating regulatory requirements. And this, again, reflects who we are and how we take compliance as far as the group is concerned. These gentlemen, we say thank you to them, while their departure marks the end of an impactful era. We are celebrating the announcement of the new chair of the Board, personnel Mr. Uche Ike, celebrated risk persona and for us, again, is a good limelight for the group. We are so excited to have him to take over from professor Mordi. Again, you see this both succession very seamless, that is governance at work. And we hope to display that even in the future operations of the group. And he brings on board wealth of experience over 3 decades in the financial services, wealth management and risk and corporate governance as it were. For the information of about him, you can have it on our website, is on our -- all our social media handles and that I have done. So following this, we'll be talking about the evolving changes. And so we always know that in the market were pretty dynamic and we try as more as possible to be dynamic alongside in the market. And now part of what we did in terms of our management structure is to rejig our operations and have some new lines of directorates that would drive the transformation agenda that have been put in place. Permit me to celebrate and welcome the crops of the new directors that has been appointed, Seun Babasola happen to be the new Director of Operations, Nigeria. We have Ejike Okoli, the new Director, Regional Operations Africa. We have Oluremi Tinuolu Gabriel that is the Director, retail and digital -- Retail and Digital Financial Services. We have Ayodele Akinwunmi, Chief economist and on [indiscernible], Group Head, Strategy and Sustainability. It might interest you to note that we have a major, major transformation shift to operation, which is going to start harvesting the crops and it's going to -- as we go into as we are particular about our operating environment. We are particular to be dynamic in our approach. And we are putting all our has together to ensure we're able to achieve that. Following this, we will quickly look at each of our business line, which we always do at during this session. The first one we look at a milestone within the period under consideration. Now we'll be looking at H1. That is the Q1 and Q2 starting from our investment banking, what delights me the most when I come and talk about investment banking, the fact that every time we see major transaction corridor that we always underscore our prominence, our leadership, our focus as far as this market is concerned. When you look at the areas of different transactions, that we just try to pick just few out of so many that we participated in almost 20 but we do not want to belabor you -- belabor you with that or we just pick something. And the beauty is that gradually, we are metamorphosing into a very powerhouse when it comes to investment banking. So we have -- we participate in transaction at the top level, the mid-tier of the market and the lower tier of the market. Now we are talking about the middle tier, the SME and all that. And we are going be below that to see opportunities in line with the new federal government agenda to develop every sector as it were. Going from there, we look at our assets in management business, very delightful. We organized within the H1, we organized the second addition of asset management investment forum, again, second addition where we have the DG himself in person, that was prominently featured and was able to hear his mind about the future for the capital market and how we intend to drive this. Again, this is a platform that helped catalyze discussion along the line of the growth in the market is on the scope being our leadership as we drive conversation that brings about growth within our operating ecosystem. Follow-through by that is we have the launch of United Capital Children Fund, which is first of its kind as far as this market is concerned. One of the bigger things we want to try is full of innovativeness. I was going to say more, I can assure you more that is going to come on that line. We are so proud to come up with this. And also within the period, we have 252% growth in the size of our money market, it might interest you that at H1 2024, we are only NGN 39 billion in our money market. And as we speak now, we're talking about NGN 140 billion as at H1 reflecting our market leadership. Kudos our asset management team, we are on track, we're on track and we'll continue to push the demand. Following that, we look at our trust business on our trust business, quite impressive. I can say here we continue to lead both in terms of the number of years in sales and AUM, the number of trust managed, interested to know within that period. We had over 22 corporate trust client that added within the H1 as it were. This is quite very, very, very instructive for us. And also we participated in this listed mandates just to mention a few, as far as that is concerned. Moving from there, we will take our security business -- quite impressive security business, Landmark, we rank 6 by security business, we ranked 6 by volume and is served by value on the top end, NGX top dashboard. And it might interest you that couple of years before now, we were struggling between 35 and 37. And consistently, we come here to assure you that we want to be top 10. And we are quite happy. When we get to the point where we can talk about -- a point that we can talk about -- talk about the award you will see what is happened. It's been a success story as far as this is concerned, this business is concerned. In May, we enjoyed the first security business, and we are appointed as a stock broker to some -- a couple of good transactions within the period. Follow-through we go to the next one that talks about wealth management business, quite we recorded 21% growth in the customer base. For us, customer is one of our key KPIs that we monitor and manage because that talks about how we are taking over the market, so we continue to monitor it. We grew revenue and profitability by 76% and 81% on year-on-year, even in a very volatile operating environment. Furthermore, we achieved with 45% growth in our key flagship product, which for us is equally very, very, very interesting our wealth management business and you can see the numbers that were really that shows that our transformation agenda is working out. Following that, we look at our micro finance bank. These are digital bank with a digital mindset, the loan portfolio grew by 456% year-on-year. You could just imagine that to NGN 2.89 billion while our customer base grew 53% at the end of the year, from 5.6% to 8.6%, reflecting that significant increase in our outreach and acquisition. Following that, we successfully processed NGN 2.7 billion transaction. Just less than 3 years, you can just imagine how focused and becoming we are to change the narrative as far as this business is concerned. Next, we have the consumer our consumer finance business, again, this is UC Plus, but that is the name of the business, the UC Plus but the business we are in the consumer finance business, you recorded the loan disbursement of NGN 51.9 billion. Just H1, while we achieved 105-point year-on-year growth, 105% year-on-year growth on revenue and 139% on year-on-year profitability. That's profit before tax. And our portfolio count 270 year on year, you can just imagine really now this number in an operating environment of the nature, which I'm going to talk about shortly. Closing this is awards, our recognition, was our recognition, which include fastest growing one of the fastest-growing companies in Africa, in Africa by financial. We do not take it for granted at all. I can assure you and tell you, we are working seriously to continue to maintain that year on year, but to about 4x now consecutively named as featured that. Not only featured we continue to grow in terms of impact. We are followed by #1 in May during our security business. Now I will say that, we'll quickly look at the operating environment, starting from the global economy, we review the outlook, the global economy expectedly as teenage monetary policy in the first half year -- globally from European Central Bank to Bank of England to U.S. Fed a lot of the gains while some are reducing. We have strong start title in terms of U.S., followed by the Trump administration in terms of tariff and geopolitical tension that characterized the period. And it's not indicated -- we are not insulated for most of these because we are highly import-dependent economy. So anything that happened across the world has a direct impact on Nigeria as it were. Going from this, we look at the capital flow and the currency trend, a lot of capital are moved from -- move in to see the on the U.S. dollar, looking at other sources of keeping the assets as the individual asset, the emerging market witness currency volatility, including Nigeria as it were. And I know the next one talks about IMF growth and inflation forecast, a lot of adjustments here and there of low at a particular point in time is being moderated now as it were based on what is happening and is very, very, very key. However, inflation in 2025 is expected to remain below what we had in 2020 across different regions in terms of outlook. When we look at the West Africa, our [indiscernible]. Now we will be bringing this to you. West Africa Monetary Union. That is where we do this region we are playing now. Permit me to highlight the fact I said earlier, now we are now capital asset management West Africa that we have licensed to operate in 8 countries within the WAEMU region as listed here, but we are based in Abidjan, Cote d'Ivoire. I can tell you, after we launched in May and in June, we have already launched 2 asset management products in terms of mutual fund. But I can assure you, before the end of this year, we should have not less than 5 mutual fund operating in that ecosystem. We see opportunity there and we're going to pursue it with our sense of responsibility because we see it as a market that is stable, a market is full of in integration across the bandwidths that we have. On the domestic economy side, Nigeria external position, you agree with me most of the economic reform by the current administration is already hitting the ground running. So 1 year ago, we are [indiscernible]. I can tell you the other same time is cruising in, a lot of stability across the line back with higher earning, growing non-oil sector and exports resilience remittances inflow foreign reserves have been remained steady, steady, and that shows in the stability of Naira that we have experienced over time within that period. And in terms of the capital market, our major, major operating horizon, it will dominate. So we would dominate the market, and we continue to hope and why because a lot of reforms from CBL reform, Security and Exchange reform, NDAs and last but not the least, the insurance as that was signed by our Noble President yesterday. All this is going to change the color of the market, I can assure you. You need to watch out for that. At this point in time, I would like to call on our group Finance Officer, Shedrack Onakpoma to take us through the financial results. Thank you.

Thank you very much, Peter for that presentation. I will now take us through the review of the group's performance for the period ended that year 30th June, 2025. Let me start with a brief highlights of our performance during the period under review. As a group gross savings significantly went up by 57% growth year-on-year from NGN 15.15 billion recorded in 2024 to NGN 23.76 billion to close H1 2025. Our profits before tax also went up 52% year-on-year, growing from NGN 9.36 billion in 2024 to NGN 13.79 billion to close H1 2025 million. Profit after tax closed at NGN 11.89 billion in H1 2025 compared to NGN 7.74 billion in H1 2024. This represents a 54% growth year-on-year. Our total assets dropped by 7% year-to-date from NGN 1.7 trillion as I've said for December 2024 to NGN 1.59 trillion to close the period ended 30th June 2025. We saw a 25% growth year-to-date in shareholders' fund , which went up from NGN 133.5 billion as at December 2024 to NGN 166.91 billion to close the period end at 30th June, 2025. The next line, I will just do a deep dive looking at the income statement. As earlier mentioned, gross earnings went up 57% year-on-year to NGN 23.76 billion in June 2025 from NGN 15.15 billion recorded in June 2024. This was likely driven by fees and commission income, which grew 80% year-on-year. Investment income saw a significant growth of 104% year-on-year. Our net gains on financial assets, the value to profit or loss saw a whopping growth of 398% year-on-year. And this reflects strong top line growth across all our businesses during the period under review. Total operating expenses went up 49% year-on-year to close the period at NGN 10.61 billion from NGN 7.12 billion in June 2025. Again, we know that we operated in a very inflationary period. And also coupled with the fact that we were focused on expanding our business into different frontiers and down led to the 49% year-on-year growth in our total operating expenses. I talked about profits before tax going up by 52% and profit after tax growing by 54% during the period under review. Ladies and gentlemen, let me just do a little bit of deep dive into the gross earnings just to give insight into how we fared during the period under review. Fees and commission income grew 80%. For us, this is significant. As we -- Peter talked about the fact that we played in major transactions during the period under review in our investment banking business. This contributed heavily to the growth in our fees and commission income. We also drove significant growth in our mutual funds. That is the asset management business, which contributed to our fees income during the period under review. Our securities trading business, Peter spoke about it, we actively play in the market. And again, this contributed significantly to decrease our commission income growth that we reported during the period. Also, let me not forget the fact that we also run across these business, where the fees and commission income from that business went up 45% year-on-year. And this is quite significant for us. And we are not taking it lightly. We'll continue to pursue its growth trajectory as we go into H2. Investment income rose by 104% during the period under review from -- I mean, from a NGN 4.69 billion in June 2024 to NGN 9.55 billion during the period under review. The investment income contributed 40% to the gross earnings of the group. Now we play actively and strategically in both the money markets and equities markets during the period under review. And this significantly drove the performance that we recorded during the period under review. Net gains on financial assets, fair value through profit or loss went up 398%. You agree with me that the capital market, especially the equities market are seeing significant offset, and we actively took advantage of the opportunity that the market presented during the period under review. Other income, however, decreased by 78% year-on-year to NGN 0.43 billion as at June 2025 from NGN 1.98 billion in June 2024. And this income line accounted for 2% of the gross earnings of the entire group. Before I discuss the balance sheet, going to the balance sheet position of the group, let me emphasize the point that we are strongly focused on growing the core of all our businesses as we have seen significant improvement in fees and commission income for resuming coming from all the businesses within the group. We also saw 104% growth in net investment income. Now for us, this is significant, and we intend to continue to drive this growth trajectory. Now let me go to the balance sheet and speak briefly on this. Total assets, like I did mention, dropped by 7% year-to-date. Again, this was because we -- towards the end of 2024, we managed some portfolio for some major banks within the country as they try to mobilize capitalizing and during the period under review, we have to move those funds back to those banks. And that accounted for 7% year-to-date drop in our total assets. Shareholders' fund, as I mentioned, went up 25%. Again, this is a reflection of the performance of the group, as I've did mentioned, of 54% growth in profit after tax coupled with the fact that we saw significant upside, I mean, growth in equities that we carried fair value through other comprehensive income. Again, this is strategic investment that we are holding as a group, and that has significantly improved our balance sheet position. Just to also do a deep dive into the balance sheet. Our cash and cash equivalents increased by 43% during the period under review accounting for 30% of our total assets during the period at the end of the period compared to 20% contribution as at December 31, 2024. This indicates enhanced liquidity position and efficient cash flow management. We are trying to stay as liquid as possible so that we are able to meet the needs of our customers as they fall due. Investment securities however, declining 22% year-to-date. And again, that is more of a balancing of our position. However, this contributed 55% to the total assets as of June 2025 compared to 67% as of December 2024. Again, this reflects strategic allocation and then refocusing of our business to stay liquid during the period under review. Loans and advances decreased marginally by 1% year-to-date and contributed 4% to the total assets of the group. Just to run through this presentation basic points that I need to make on the liability side, managed fund rose by 10% year-to-date and contributed 66% to our total liabilities during the period under review as against 54% contribution as at December 31, 2024. Again, this is in major part of our business, I mean, a major driver of our performance and we are excited by the growth we have seen in our managed front. This is not where we plan to be, and that is why in the coming months, we are going to focus on aggressive growth in management in order to drive improvements in our performance. Quickly, I'll run through the ratio highlights. Earnings per share, we saw a 54% year-on-year growth from 132 kobo as of June. I mean, 86 kobo as of June 2024 to 132 kobo as of June 2025. Price earning ratio also grew by 40% year-on-year. Return on assets went off 0.27 percentage points. Again, this shows more efficient utilization of our assets. Just as I mentioned earlier, we are focused on ensuring strong and resilient as well as productive asset composition. Return on equity increased by 2.03 percentage points year-on-year to 15.83% in June 2024 from 13.8% in June 2024. Again, this clearly demonstrates improved profitability, efficient capital employment, and we believe we can still do better in this area, and we are poised to drive this ambition in the coming quarter. Net asset per share increased 25% year-on-year to 9.27 in June 2025 from 7.42 in June 2024. Again, this indicates steady growth in our shareholders equity. Now finally, before I leave the floor to the moderator, let me highlight our scorecard over the past half a decade. We're excited to present our half year -- half decade performance and the value creation scorecard. Over the past 5 years, PBT has grown significantly by 263% growing our accumulative annual growth rate of 39% from NGN 3.74 billion in H1 2021 to NGN 13.79 billion in H1 2025. This is significant. For us, we consider this as a journey that we have just started, and we intend to even drive this further as we explore new frontiers. In terms of value creation, to our existing shareholders, we have delivered over 5,713 in capital acquisition. Just imagine, you invested NGN 1 million in 2020 in United Capital shares. Today, you are having 58.13 million as the value of your NGN 1 million investment in 2020. For us, we think this is significant, and we are excited by this level of performance. And as we look into another decade -- I mean, after decade, we are poised to replicate this level of achievement. I will give the floor at this time to Rebecca. Thank you very much for listening.

Thank you very much, Shedrack, for that comprehensive and insightful presentation. That's clearly lots to unpack from those numbers. And I must say United Capital has done really great. [Operator Instructions] We've seen some questions coming already. Now we want to turn our attention to the strategic outlook for the remainder of the year. To walk us through this, we will be hearing from our Deputy Group CEO, Sunny Anene. Mr. Anene, over to you. Thank you.

Thank you, Rebecca, and thank you, Shedrack, for the first half review. Good afternoon, everyone. I'll now give you our outlook. Corporate strategy for the rest of the year. We as look ahead the second half of 2025. I'd like to briefly outline our strategic priorities and how we intend to deliver greater value to our stakeholders. We have 6 strategic pillars, each designed to ensure sustainable sources: one, market leadership. We are committed to leading in every segment we operate in setting the pace through innovation and smart acquisition; two, customer experience, we remain focused on delivering exceptional service and tailored solutions that is prior loyalty and trust; sustainability, we are committed to responsible business passes that balance economic growth with long-term value [indiscernible]. Four, digital transmission we are highlighting cutting-edge technologies to streamline of resource, scale faster and serve clients with, risk management, our proactive certified risk management framework enables a firm is making and long-term resilience; people and culture, our culture remain our biggest asset. We invested in our [indiscernible] developing and training high-performing top tenants and inclusive culture that reflects our core values. Key strategic initiatives for value delivery in 2025. To deepen impact and deliver performance in 2025, we are executing on these key initiatives: one, AUM goods, we sustainably grow our asset under management and deliver superior returns to our clients. Financial inclusion, we also expand assets to enhance retail distribution and inclusive financial products. Operating professional and technology to drive efficiency, we unlock the value to a scalable operating model. We also leverage technology to drive productivity and elevate our clients' experience. Business expansion, as you already stated, we'll accelerate our footprint across Nigeria in different regions and in key African markets. In all, we are advancing into H2 2025 with clarity, ambition and discipline, we are sure to [indiscernible] acquisition as any day financial services provider on the continent. Thank you. Rebecca, you may go in.

Thank you very much, Sunny, and then for outlining what lies ahead. We are very, very much excited about the direction in which the group is headed. It's also worthy of note to remember the amazing landmark achievements that we've achieved just in half -- the first half of 2025, Kudos once again to the United Capital Group. Ladies and gentlemen, we have had the insightful presentations from our executive management.

[Operator Instructions] Based on the questions here, they're very engaging so we say thank you, due to time constraints, we may not be able to respond to everyone during the call. However, feel free to send an e-mail to Investor Relations at unitedcapitalplcgroup.com, and some will definitely respond. So I'm going to take some questions now and address them to our various executive moments and start on the call. The first -- first question I'd like to take is from Zach [indiscernible]. This question is, "what is the risk level of your equity fund compared with other mutual funds." I would like to direct this question to Dr. [indiscernible] again who is on the call to help us attend to this.

All right. Thank you very much, Rebecca. Good afternoon, everyone, and thank you, Zach, for that question. The risk of the equity fund is much higher compared to the other mutual funds because of this exposure to the equities market, like you know the equity fund invests a minimum of about 70% and a maximum of 90% in the equities market, hence, it can benefit from the upside. So when does it go? When does it boom, when does it very strong, it has an effect on the equity fund. However, the equity fund also has a potential for higher return compared to the other fund. So if you look at today, year-to-date, the equity fund for United Capital asset management has done more than 40%. When you compare this to the rate for treasury bill or other money market instrument, you got, you see that 2x the return that is expected from the other money market instruments. So even though the equity fund has market volatility as a result of the stock market, but it has also benefited significantly from the upside in the market and also, one of the things that we always encourage investors to do is to ensure that we are investing in an equity fund or an equity buyers fund, ensure that you have a longer-term investment horizon, so that it all means -- you don't lose the benefit of playing in the equities markets, a lot of time, people running away from that because of the volatility. What is critical for investors who are investing in equities fund to have a long-term horizon and also having higher appetite for risk tolerance. But Zach, let me let you know that sales, the inception of United Capital equity fund, we've done more than almost 200% return for investors in the fund. So even though at the end of the day, the risk is higher, the return is also higher. I hope that addresses your question.

Thank you very much, Dr. [indiscernible]. While I still have you, please, I'd like the direct these 2 questions to you as well. From [indiscernible], "what are the drivers behind the job in the money market AUM?" And we have another question from Joseph EK, "How does one starts a USD money market funding investments as I am already into the Naira money market investment?"

All right. Thank you very much, [indiscernible], for your question. So one of the reason for the jump in in the money market fund is really investors' appetite for conservative investment instruments. And relative to equity fund, money market offers a stable return for investors as well as opportunity for them to assess their funds whenever they need. So we've seen a lot of appetite from our investors to say, okay, right I'm leaving my money and my savings account, let me get more competitive return by investing in the money market fund. So a lot of investors are now seeing the money market fund as an alternative option relative to leaving their in the savings account, where they earn little or no in. As of today, our money market fund is returning almost 20%, which is significant when you compare that to just keeping your money idle. And the way you have access to your money, your savings account, you also have the opportunity to assess your funds when you invest in the money market fund. And the upside is also benefited significantly in terms of return. For the question on investing in the U.S. fund, the good thing is that you already have an existing accounting with us, so that what we can do is to also open using the same documentation, to open a dollar account with you. So if you can send us your full details, we can send you an email on how you cannot fund your -- for your USD investment because currently now, you already have an existing account with us. Thank you very much.

Thank you very much, doctor [indiscernible] for the interest funds. We have a question here from anonymous attendee. And I would like to throw this question to Dr. [indiscernible]. The question says, "similarly, given the plan by the government to raise another domestic develop bonds of about $2 billion, are we to assume that given the stellar performance by United Capital in its role as an issue in house for the inaugural bond offering that you would still be leading issue in-house for the forthcoming offer."

Thank you, Rebecca and thank you, anonymous. I think -- so the question on the [indiscernible] dollar bond. Yes, I'm the first tranche, we are [indiscernible] on that. And like you rightly said, it was very successful. We expect the next issuance will also be very successful and we will communicate to the market once we have -- once we have a clear position on what the final plans are with the government. For now, I think at the moment, we can't -- we'll just wait on to things that concluded we went come out [indiscernible], but the rest assured that once it comes out, we expect it to be equally successful and the market to be carried along accordingly. Thank you.