Earnings call transcript: National Bank of Oman Q2 2025 sees stock rise 3.9%

National Bank of Oman (NBO), with a market capitalization of $1.35 billion, reported its second-quarter earnings for 2025, showing a positive market response with the stock rising 3.9% to close at $0.30. The bank achieved an actual earnings per share (EPS) of $0.01, with revenue reaching $66.95 million, contributing to an impressive year-over-year revenue growth of 8.98%. The company’s financial performance was bolstered by improved efficiency and strategic growth in key segments, despite a conservative lending approach. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculation, presenting a potential opportunity for investors.

Key Takeaways

• National Bank of Oman’s stock surged 3.9% following the earnings call.
• The bank improved its cost-income ratio significantly, enhancing operational efficiency.
• Strategic growth was noted in the Government-Related Entities (GRE) segment.
• The bank’s liquidity and capital adequacy ratios remained robust.
• Continued focus on ESG commitments and innovation in green finance.

Company Performance

National Bank of Oman demonstrated a strong performance in the first half of 2025, with key improvements in operational efficiency and strategic growth areas. The bank’s cost-income ratio improved to 40.76% from over 55%, indicating more efficient operations. Return on equity (ROE) stood at 8.89%, reflecting stable profitability. The bank’s conservative lending strategy and focus on government-related entities contributed to its steady performance, positioning it as a reliable player in the Omani banking sector.

Financial Highlights

• Revenue: $66.95 million, reflecting strategic growth in key segments.
• Earnings per share: $0.01, indicating profitability amidst a conservative approach.
• Cost-income ratio: 40.76%, a significant improvement from previous levels.
• Return on equity: 8.89%, showcasing stable profitability.
• Liquidity coverage ratio: 161%, ensuring strong liquidity.
• Capital adequacy ratio: 16.6%, highlighting financial stability.

Market Reaction

Following the earnings announcement, National Bank of Oman’s stock increased by 3.9%, closing at $0.30. This movement reflects positive investor sentiment, driven by the bank’s improved efficiency and strategic growth initiatives. The stock is now trading closer to its 52-week high of $0.32, indicating a strong market position.

Outlook & Guidance

Looking forward, National Bank of Oman is developing a new three-year strategic plan with a continued focus on ESG commitments and innovation in green financial products. The bank remains committed to maintaining a conservative approach to lending, while exploring opportunities for an equity raise to support future growth. InvestingPro analysis indicates the bank is quickly burning through cash, with a negative free cash flow yield of -17%, making the potential equity raise particularly significant for investors monitoring the bank’s financial health.

Executive Commentary

• Gideon, CFO: "We don’t run the bank for a quarter. We had a five-year strategy that we were delivering to."
• Abdullah Hinari, CEO: "It’s very difficult to go back to the shareholders and say, give me capital when ROEs were 55%."
• Gideon, CFO: "We believe in a fortress balance sheet. We believe that we need to be well capitalized and liquid."

Risks and Challenges

• Economic fluctuations in Oman could impact banking sector growth.
• Regulatory changes may affect operational strategies.
• Increased competition in the banking sector could pressure margins.
• Dependence on government-related entities for loan growth could pose concentration risks.
• Potential equity raise could dilute existing shareholder value.

Q&A

During the earnings call, analysts inquired about the bank’s strategy for reducing stage two loans and its conservative provisioning approach. The management addressed potential future capital raise considerations and clarified the methodology for calculating net asset per share.

National Bank of Oman’s Q2 2025 performance highlights its strategic focus on efficiency and growth, positioning it well in the competitive banking landscape.

Full transcript - National Bank Of Oman SAOG (NBOB) Q2 2025:

Ayesha Almusa, Investor Relations Officer, NBO: Good afternoon, everyone, and welcome to NBO’s interactive session. This is Ayesha Almusa, Investor Relations Officer. In today’s session, we will discuss our half yearly financial results for June 2025. I will now introduce you to our management.

We have Mr. Abdullah Hinari, our CEO mister Akiri, our chief financial officer mister Rashad Alta, head of regulatory reporting and mister Swamy, head of business performance and mister Palaji, who’s joining us remotely. He’s head of capital management and IR. Mister Abdulun, please welcome.

Abdullah Hinari, CEO, National Bank of Oman: Thank you very much. Pleasure to have you all on this call. Basically, our agenda is to present macroeconomic picture, operating environment, and beyond its strategy, and then Gili would take over with the specific financial performance including the performance of the bank in the first half of this. Please feel free to ask interrupt us and ask any particular question. And if you need us to speed up or slow down, we’ll let us know what it’s the first key mess slide is the key messages that we’d like to give you of this presentation.

The bank has a long pedigree. It is the first locally incorporated bank established in the supplement of one with more than fifty years of experience. This means that with over the decades, we’ve garnered long term relationship with different segments of the market, being in software, being the government related entities, being to the local business houses, as well as and if you could put the bank is run to will establish senior management team that the majority of them have actually been inducted at the bank 2020 and early twenty one with significant expertise in banking and match of a bank. Myself, I’ve completed close to twenty eight years in in banking. Twenty eight years in in banking, working in in in local banks.

The the banks embarked on a a transformation journey, which started in early twenty twenty one with a a five year strategic road map that was approved in the fourth quarter of twenty twenty. We we come to lay down the bricks of blood. We’ve achieved a lot of what we’ve set ourselves and committed to different stakeholders over the past five years. This strategy is coming to our conclusions by end of this year, and we are in discussion with our with our new three year strategy. I mentioned, the existing strategy has clearly shown its result through either quantitative or qualitative aspect of of a bank’s performance from from a profitability matrices, from cost to income ratio metrics, ROE metrics is in substantial movements over the past five years with a consistent performance quarter over quarter.

Another key aspect is the sound macroeconomic pictures in in the country that is definitely helping us. Key aspect is that through different government programs, the government has been very successful in raising in issues that that has struggled in in the past. This has resulted that rating agencies and I see some of the rating agencies appear on the call have upgraded their mind back to the investment rate the ratings. We as a and we all we’ve just been recently upgraded by one of the rating agencies that brings us as well to investment that creates. This particular side, I’ll I’ll I’ll, know, talk and summarize it.

Particular on the macroeconomic picture, growth is very clear and visible across oil and not oil sectors of of the market. Public debt, which was an issue, has been clearly managed extremely well by the government. Today, the debt to GDP is basically around 32%, down from as high as 70 plus percent years ago. The government also has focused on the social aspect. Two years ago, they launched a new entity called the social protection fund.

Basically, the aim of this fund is other than managing and establishing a strong and robust retirement packages for either private sector or public sector or even military personnel, but also started launching a number of interesting and key social protection benefits that is improving the social protection umbrella over the population as well as the starting of the workforce. Some of these programs include benefits for disability, elderly persons, for youngster below the age of 18, etcetera, maternity insurance, and there are more coming in there in the future. On the technological side, the country has clearly embarked on on transforming itself and particularly in the banking sector. Open banking and and API has been there for some time now. But this year, a new draft new guidelines has been released by the Central Bank of Wuhan including accessing the cheap for digital banks on both these aspect and we will is on the forefront of the the the curve here.

On the environmental side, we are at the start of one, and you see that in some of the incoming slide has committed to that zero. We’ve embarked on our ESG 2025 was the first year where listed companies had to publish full ESG report and disclosures. We are also we’re tasked with also launching a number of products and services in in the market with coming deals. Next slide. This is a a summary again about Avan for people who are not familiar with with Avan.

Like I said, the rating agencies have looked at our mind very positively over the past, at least, twelve months or to eighteen months with the rating agencies upgrading or not to back to investment that right? Key aspect that that I want to present on this slide is at the bottom right hand side of the slide, particular on our month’s effort to diversify its economy away from direct oil exploration and production, which was about 51% in 2023. It’s only 2015. Today, it’s around 35% with more contribution from sectors like tourism, hospitality, and other segments of the the the economy. The Omani banking sector has has definitely positioned itself as a robust and well managed and well supervised sector.

There is a very strong regulatory regime supervised by the central bank enforced by Central Bank of Heart local banks. As a result, our mining banks have weathered storms of the past, in particular, the COVID situation and continues to form reasonably well and see growth year on year, either on the assets of the deposit and improved liquidity and reduction in overall or maintenance of a recent level of NPL. On the key ratios, I would like to just highlight that cost to income ratio, the average shares are three forty three, 44%. It might seem to be slightly higher than our peers in the region, but our brand has historically been having high cost to income ratio given the large geography and the need for distribution channel in particular branch network to serve the population that spread across the country. Our partners is the second largest country in the GCC from a area.

I’ve talked about the sustainability. And, again, particular, CBO in October 2024 issued a circular promoting sustainable and green financial practices, which basically provide you with the military requirements for climate risk management, the governance strategy, and disclosures that are expected. Like I’ve mentioned as well, that in this year and next year, banks are to launch green products and improve for sustainability products. This is definitely done then and in line with the overall vision of the country and the, know, the the economy in general, where our mind vision 2040 and the net zero commitment by the country by 2020. Now to NBL in particular, we’re zooming in into NBL.

National Bank from Ireland is the first incorporated bank in the software that started in 1978. We are listed as the peer of the Moscoscopy and exchange. Currently, our main operating business is in in Oman with two branch presence in The UAE, both in Dubai and Abu Dhabi, while we are in the final leg of closure of our Egyptian portion branch operation. We started some time around thirty thirteen, twenty fourteen. The shield holding has been very stable with the commercial lines of the cloud only approximately 35.

This is very a long term relationship that commercial line of the cloud came in a couple of years ago. It’s a little bit than 15%. Again, a very historical and long term relationship and shareholding to the back of all that we’re There is From a rating perspective, we have rated on movies like Fitch. Particular movies have upgraded us. This is a slide that we always presented to to investors.

This summarizes our strategic priorities and the key pillars of our key strategy. There are three priorities. Safeguard, basically ensuring that we have a strong and robust both balance sheet and financials to ensure that we are able to weather all uncertain condition and ensure that we maintain healthy levels of liquidity, capital, and ensuring of highest quality of underwriting credit, underwriting processes. Then value creation, building on safeguarding, creation of value to enhancing revenues. So ensuring that we have the right operating models, ensuring that we have enough business lines that would generate less revenues required, as well as managing and optimizing costs, spending the right places and ensuring that we reduce waste and expenditures at the wrong places.

Partnership is part and parcel of our business from the business. And then building on the value creation is to ensure that the performance is sustained, and we invest in in the long term ensuring that it is in lasting capabilities through ensuring we have a very strong brand policies, digital and best in technology in the right places, and enhancing and and improving skill sets for now. So these are particular items that explains the different sellers of our strategies. I’ll not go through each one of these, but happy to update any questions that you might have. Such as just here’s our follow-up.

Right? I mentioned, our current strategy with the one you see in the front of you will end by end of this year, and we are in the process and in discussion with our board to our new strategic direction through. Again, we’ve talked about, you know, ESG piece and you’re as committed in line with the witness of the country, be it through the one vision 20 and the next year commitments and across different elements of the ESG. This is the first half financial snapshot. I’ll request Gideon, our CFO, to take us through this and to get started with performance of them.

Gideon, Chief Financial Officer, National Bank of Oman: Thank you, Abhisham. Salaam alaikum, and good afternoon to all of you on the call. With your permission, I’m just going straightway down jump to the next slide, which talks about the financial performance and gives you overview of where we are for the first half as well as a little bit of historic context. On the right side of the slide, you see the profitability matrices that we’ve achieved over the last from from the period 2022 onwards. Likewise, the operating income competition and the impairment numbers.

You can see that we’ve executed well on our strategy. So as we’ve committed actually, we we have not put out and given a number of you on the call have been with us through the journey. We’ve not put out the starting point. We started off the CEO and myself and the management’s team started their journey when the cost income ratio is north of 55% and the written on equity below around the 5% mark. You can see that for the first half of this year, our cost income ratio is 40.76 better than the industry cost income ratio of 3143%.

Similarly, the ROE, you know, around the 8.889% is what I would I would sort of know around

Abdullah Hinari, CEO, National Bank of Oman: it of a yeah.

Gideon, Chief Financial Officer, National Bank of Oman: And that means proven in in the ROAA as well. The names here is is compressed, obviously. I’ll cover that in a little more detail now. Clearly, of funds, you know, one had gone up. A number of you are aware that the currency is back to the US dollar, but the rates don’t trans any increases or decreases in the rate don’t don’t translate in the local economy immediately, like, in less unlike some of the other economies in the region.

So there’s a bit of a delay in drag, and as I explained in the call for the full year results, we were impacted through an increase in the cost of funds. That’s being addressed. Our cost of funds in the 2025 is lower than where we ended 2024 with, you know, from 3.96% around 3.78%. So we we’ve we’ve done well there, but further work remains. Our past ratio, which I’ll cover when I cover the balance sheet, but these are linked against.

Against. It’s now above 50% again. So that’s been a good story. Then you see the other piece, which is the impairment piece. I I don’t want you to think that our impairment number is lower.

That’s because we had a better recovery during the 2025, much better than what we had in the previous year. I’ll quickly give you a few more slides on the asset quality, capital, and Muslim, and then we can open up for questions. Given a number of you are familiar with the numbers, these numbers have been out in the public domain since twenty ninth, I think, of July. The asset quality, you know, is very important to us. I keep repeating in the call that we look for we don’t run the bank for a quarter.

We had a five year strategy that we were delivering to. And as the CEO mentioned, that includes safeguarding of our asset base. So we’ve been very conservative in our loan growth in terms of the composition of the loan growth. Two Two thirds of our loan growth over the last three years has been primarily in the GRE segment. Here in this slide, you can see that, you know, the staging exposure or staging is given.

We have a very diversified book on the left side. You see the pie chart gives you the breakdown between retail, wholesale, and the financial institution group and the provisioning levels over the years. All of this is being addressed. And as I said, we don’t take a short term view of this. The CEO, see myself, and the CRO have a view around executing on the five and the rest of the management team, like, executing on the five year strategy, being prudently provided.

And slowly but surely, we built in a reputation in the market for no surprises, a steady performer, improving year on year, improving our coverage ratios, reducing the NPLs, etcetera, has been our our strategy coupled by focusing on the right areas of the group. That’s what the summary of these slides really. I have two more slides to cover, then we can open up for questions. I keep telling you all that we believe in a fortress balance sheet. We believe that we need to be well capitalized and liquid.

That is what we’ve achieved, which we continue to achieve. Right? You look at the comments there, you know, the stable funding ratio, the CASA ratio at 52.8%, You know, liquid assets really well. LCR at 161%. Similarly, the capitalization level’s at 16.6%.

So we are well above the certain bank norms. We are well capitalized on liquid. This is a key strength of us, and we want to make sure that this is always the case. Similarly, when when I talk about the cost integration, and I’m sure you’ll have some questions for me, we generally try and ensure that our income is growing faster than the expenses. So likewise, here, well well capitalized liquid.

We continue to be well capitalized on liquid, ready to seize any opportunities that come our way. Lastly, we’ve added a slide on Muslim as ever. This is just to give you a view. You know, for some of us, you know, there is demand for Islamic assets in the region, outside the region as well. So, you know, you see that our Islamic banking performance, which is a window Muslim is a window of the bank, has grown impressively.

I can I do acknowledge that the base is smaller, but but this continues to be an area of focus for us? And, you know, I’ll be the base being small. We are focused on that. To sum up, we had a first good good first half delivering on our strategy that we set out to achieve. Clearly, continuing to execute on the strategy, well defined strategy during q three and q four is our priority.

As the CEO mentioned, we are working on the strategy for the next three years. That would be approved by the board, you know, in the last quarter of this year. And we hope to be able to sit down with you post the full year results to present that to yourselves and, obviously, you know, take any questions that you may have. Let me open up for questions and comments from yourselves. Obviously, there’s more details on the balance sheet in the subsequent slides, and these numbers are in US dollar millions, but we don’t go through them as as ever.

Right? So let’s let’s open up for your questions, and, you know, thank you once again for your time. Manish, please go ahead.

Manish, Analyst/Investor: Yeah. Thanks. Am I audible?

Gideon, Chief Financial Officer, National Bank of Oman: I’m here.

Manish, Analyst/Investor: Hello?

Gideon, Chief Financial Officer, National Bank of Oman: Yes. You’re loud and clear.

Manish, Analyst/Investor: Yeah. Thank you. Thank you for the opportunity and then good set of numbers and conversations for the track which the bank is having for the last two to three years. I have two questions. One on the business side and one a small on the accounting side.

So on the business side, just like to have a commentary or outlook on the stage two loans. So we have seen the stage two loans coming down from the 12 20% zone to around 12%, the next stage two. And if you look at the period, say, 02/1416, the good period, which was around six to 8% range. So do you see any trend that they should fall down to around 10% in the next two years because of the high frequency data points you will be monitoring on the great portfolio? And second was on the equity capital.

So I’ll have that question later on on the equity capital.

Abdullah Hinari, CEO, National Bank of Oman: After the to give you a little bit of more details. So, like, you you you’ve been on on the calls for now few few times as well, and you always heard us that our underwriting credit underwriting, you know, procedures has been strengthened over the past five years now. Our focus has been predominantly on high quality book, and that’s the the real driver of the growth in our book. So that’s basically building our our stage one. On on the staging overall, we’ve adopted a very prudent a little bit on the conservative side.

We hear overall kind of used by different stakeholders that they use a new as a benchmark for how they deal with the staging and and be in in in general and and the provisioning coverage. So, again, it’s it goes back to our key strategy, ensuring that a robust underwriting policies of of over the past five years now, building a high quality, high caliber book, be it here in Oman even or even in UAE or even through the Muslim business.

Gideon, Chief Financial Officer, National Bank of Oman: Thank you, Visham. Yeah. I think that answers most of it. Our our view to provisioning and stating and being more conservative than some of the other players in the industry, obviously, cannot share customer information. But we we are aware that, for example, an exposure which is classified as, you know, stage one and some of the banks would would be as a stage two in our numbers.

We wanna manage this portfolio conservatively and prudently that that dictates some of it. As I mentioned, two thirds of our growth is in the GRE segment that also has a planning on it. Then the other other piece that I cover is is the fact that these also are dependent upon overrides and what this the CRO has powers to do. We’ve we’ve, again, looked at it from a very conservative perspective. And that’s the reason why this we don’t you know, should it be 10%?

That was part of your question as well. You know? Should it be 10% or so? No. We don’t put out forward looking guidance.

But once again, to reiterate, we will continue to manage the growth in a very conservative manner in line with the risk of exchange rate, Manish.

Manish, Analyst/Investor: Sure. Sure. Thanks, sir. And that the work goes well, but not the guidance, I just wanted to have a view on the trend with what we are. Last two years, three years has been very good in terms of the underwriting and the overall scenario.

Considering the macro aspects, because beyond the macros, there is a limited or hand and the management level to go beyond the macros. And if the trend is supporting, then, of course, we can move back to the sub 10%. And that was the whole idea. Thank you for that. And next question was on on the one on the equity capital.

So we have been one of the few rare banks in Oman which have not been raising equity for the last twelve to thirteen years. And the so the CET one has a buffer, 1.6, I don’t know, like, person, but the payout ratio gets reduced because of that. So are is the management having any plan or certain strategy in the next one year or so considering the credit growth ahead for equity raise?

Gideon, Chief Financial Officer, National Bank of Oman: Manik, we were trying to stop you early on, but let me give the floor to the CEO for a bit, and then I’ll come back. Okay?

Abdullah Hinari, CEO, National Bank of Oman: So I’ll I’ll attempt both questions again. Just back, I think, very importantly, in terms of where we see market and risks in the market, I think we we are more comfortable now in in terms of the the the risks that are there in in the market. And given the underwriting policies that we’ve adopted over the first five years, I think we are more comfortable now on on the market from our risk appetite perspective. So that’s just that gives you an indication, but like Kiri had told you, we don’t give forward looking numbers a bit. On on the question on on the capital piece, we are, again, very disciplined in this part.

Number one, we have a conversation on an annual basis It’s sometimes more frequently than once once once a year in terms of what is the capital required. It’s very difficult to go back to the shareholders and say, give me capital when ROEs were 55%. I think it’s very important to demonstrate that we have a strong and robust and sustainable ROE before we ask for capital. And, we are very conservative on on that approach.

Gideon, Chief Financial Officer, National Bank of Oman: Yeah. Thank you. Of luck. So, Manish, look, we we again chatted through this. We certainly were not gonna be in the camp where we pay dividend and then ask for rights.

Right? That didn’t work for us. We we we don’t do that. Said that, yeah, your point was valid that we’ve not had the rights or a current capital raise in twenty years or so for a long period of time. But we also told you that we we’re looking at the strategy for the next three years.

As As we look through the asset growth predictions, etcetera, then we determine what’s the optimal capital capital mix for the firm, for the bank, and say that, you know, this is what we need, taking into account the improvement that’s been achieved in the ROE numbers. And, you know, some of this credibility is there with us now to be able to have those conversations, and we’ll update you as as we go along. Okay?

Manish, Analyst/Investor: Thank you. Thank you. Just one question on the accounting side, a small question. If I look at the balance sheet of the June 2025, on the face of it, the the net asset per share is mentioned at around $4.83 levels. I’m not sure how that number is because if you have a equity of $5.60 and 1,600,000,000.0 shares, so it’s not, I think, yet it’s on the financials which are uploaded on the MSX.

So

Gideon, Chief Financial Officer, National Bank of Oman: I’ve done that with that question. We’ll check that number and update it in the call.

Manish, Analyst/Investor: Thank you. Thank you, and all the best for your future growth. Thank you.

Abdullah Hinari, CEO, National Bank of Oman: Any other questions?

Gideon, Chief Financial Officer, National Bank of Oman: More questions?

Manish, Analyst/Investor: Yes. Yeah.

Abdullah Hinari, CEO, National Bank of Oman: Can you repeat your question again on the accounting, please?

Manish, Analyst/Investor: Yeah. Yeah. So we’re basically, the net asset per share, which is mentioned on the face of the balance sheet on the balance sheet. So that mentions $4.83 or $4.80 by four by per share. But if I divide the $560,000,000 by 1,600,000,000.0 shares, comes to around $3.45.

Abdullah Hinari, CEO, National Bank of Oman: But half year or a year?

Gideon, Chief Financial Officer, National Bank of Oman: This is asset per value. Don’t you see? You got to divide the total assets by each number of shares.

Manish, Analyst/Investor: No. Net assets net access per share. So that’s basically the shareholders’ equity divided by the total outstanding shares. Right? You know, that’s so if you look with any other banks, normally, they reduce the they don’t consider them the perpetual instrument as a part of the share of the equity.

This is part of the total equity, but not part of the share of the equity.

Gideon, Chief Financial Officer, National Bank of Oman: Which slide are you looking at?

Abdullah Hinari, CEO, National Bank of Oman: Which page are you looking at? Because the

Manish, Analyst/Investor: Balance sheet. The balance sheet.

Gideon, Chief Financial Officer, National Bank of Oman: Balance statement is page number seven. Are you looking at that one?

Manish, Analyst/Investor: Yeah. The balance sheet because I we get as a separate distinct on the from the MSX. So let me open the

Abdullah Hinari, CEO, National Bank of Oman: only actions that we send out to the system to the format of

Gideon, Chief Financial Officer, National Bank of Oman: Can you

Abdullah Hinari, CEO, National Bank of Oman: Maybe email it to us, and then we’ll respond to you.

Manish, Analyst/Investor: Can I share it now on the screen?

Abdullah Hinari, CEO, National Bank of Oman: Yeah. If you can.

Manish, Analyst/Investor: Sure. Let me share my screen. There’s someone else who’s sharing. Yeah. Is the screen visible?

Abdullah Hinari, CEO, National Bank of Oman: Okay.

Manish, Analyst/Investor: Yeah. This yeah. This the $4.83 by the net asset per share. So the numerator would be this $5.60. Right?

Gideon, Chief Financial Officer, National Bank of Oman: Includes 81 capitals. That’s why it has been done. Correct. So it is basically 7 sorry.

Abdullah Hinari, CEO, National Bank of Oman: Yeah. So, basically, $785,000,000, which includes the 81 capitals.

Manish, Analyst/Investor: Yeah. Okay. That because normally, well, it’s the shareholder’s equity, right, excluding the perpetrators.

Abdullah Hinari, CEO, National Bank of Oman: 65 by the capital points. $6.02 5. $2.06?

Gideon, Chief Financial Officer, National Bank of Oman: 343.

Abdullah Hinari, CEO, National Bank of Oman: 345.

Manish, Analyst/Investor: Yeah. 345. Yes. Yes.

Gideon, Chief Financial Officer, National Bank of Oman: We are doing the rest of the banks are excluding paid. We’ll we’ll see what the industry presentation that we if we’ve been getting a reporting always like this on leads. So yeah.

Manish, Analyst/Investor: If we because the institutions will have their own working by retail. The guy looks at this and and every person compares the discount on the book value, it will give a wrong signal.

Gideon, Chief Financial Officer, National Bank of Oman: We this is the way we’ve been present. We can check what the

Abdullah Hinari, CEO, National Bank of Oman: other other presentation in the region are as well. Yeah?

Gideon, Chief Financial Officer, National Bank of Oman: Okay. Thank you.

Manish, Analyst/Investor: Yeah. Yeah. Thank you. Thank you.

Abdullah Hinari, CEO, National Bank of Oman: Thanks, Manish. Thank you.

Gideon, Chief Financial Officer, National Bank of Oman: Any other questions or comments? If not, then we close the conference.

Ayesha Almusa, Investor Relations Officer, NBO: Anyone else has any other questions?

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