Unknown Executive

So good morning, everyone. We have our media friends with us here, and we have some of our analysts virtual first in the room somewhere and of course, from the various offices. So we are going to go through our results for first quarter this year. And because of the HSBC Indonesia, International Wealth and Premier Banking business that we are buying is under a nondisclosure agreement. So many of the numbers we will not be able to share, and we ask for your understanding on that. So with that, I will now pass the time to Chin Yee to take us through the results.

Chin Yee Goh
Group Chief Financial Officer

Good morning, everyone. Thank you for joining OCBC's first quarter 2026 results briefing. OCBC delivered strong performance for first quarter of 2026. Group net profit was SGD 1.97 billion, up 13% Q-on-Q and 5% year-on-year on the back of record total income. ROE was 13% on an annualized basis. Net interest income declined amid lower interest rates, partly cushioned by growth in assets. I will cover more in the later slides. The NII decline was more than compensated by record noninterest income, led by strong growth of our wealth management franchise.

Noninterest income grew more than 20% Q-on-Q and year-on-year with broad-based double-digit increase across fee, trading and insurance income. Despite the escalation of conflict in the Middle East during the quarter, wealth management fees recorded robust growth and our customer flow treasury income reached a new high. We continue to be disciplined in expenses with cost-to-income ratio at 39.3%. Loan