Core Viewpoint - The Vanguard Dividend Appreciation ETF is a well-balanced investment option that combines growth, income, and value stocks, making it appealing for investors seeking diversified exposure [2][10]. Investment Strategy - The ETF targets companies that are not only capable of paying dividends but also have a track record of growing their earnings, which supports future dividend increases [4][11]. - Unlike typical dividend-focused funds, the Vanguard Dividend Appreciation ETF includes tech giants like Broadcom, Apple, and Microsoft, which have low yields but strong growth potential [6][7]. Holdings Overview - The top holdings in the ETF include Broadcom (6.1% of the fund, 0.7% yield), Microsoft (5.2%, 0.6%), JPMorgan Chase (4.1%, 1.8%), and Apple (3.4%, 0.4%), among others [5]. - Eight of the ten largest holdings have yields under 1%, yet they represent industry leaders across various sectors, including technology, financials, and healthcare [5][8]. Valuation Comparison - The Vanguard Dividend Appreciation ETF has a price-to-earnings (P/E) ratio of 25.7 and a yield of 1.7%, which is more attractive compared to the Vanguard S&P 500 ETF's P/E of 27.8 and yield of 1.2% [9]. - The ETF's larger holdings consist of blue-chip stocks with higher yields and reasonable valuations, contributing to its overall attractive valuation [9]. Long-term Appeal - The ETF's focus on dividend quality over quantity is particularly appealing to long-term investors who prefer not to invest in lower-quality companies for higher yields [11]. - The fund is positioned as a balanced option for investors looking to gain exposure to both megacap growth stocks and blue-chip dividend-paying value stocks, potentially making it a better choice than the Vanguard S&P 500 ETF [12][13].

Core Viewpoint - The Invesco S&P Ultra Dividend Revenue ETF (RDIV) offers broad exposure to the Large Cap Value segment of the US equity market, with a focus on dividend revenue and a passive management strategy [1] Group 1: ETF Overview - RDIV was launched on October 1, 2013, and has accumulated assets exceeding $793.74 million, positioning it as an average-sized ETF in its category [1] - The ETF has an annual operating expense ratio of 0.39%, which is competitive within its peer group, and a 12-month trailing dividend yield of 4.1% [4] Group 2: Large Cap Value Characteristics - Large cap companies, defined as those with market capitalizations above $10 billion, are generally more stable with predictable cash flows and lower volatility compared to mid and small cap companies [2] - Value stocks, which typically have lower price-to-earnings and price-to-book ratios, have historically outperformed growth stocks in most markets, although they may lag in strong bull markets [3] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising approximately 26.6% of the portfolio, followed by Energy and Healthcare [5] - Us Bancorp (USB) is the largest holding at about 5.55% of total assets, with the top 10 holdings representing around 47.7% of total assets under management [6] Group 4: Performance Metrics - RDIV aims to match the performance of the OFI Revenue Weighted Ultra Dividend Index, with a year-to-date increase of about 2.45% and a one-year increase of approximately 9.91% as of August 6, 2025 [7] - The ETF has a beta of 0.93 and a standard deviation of 18.85% over the trailing three-year period, indicating a medium risk profile [8] Group 5: Alternatives and Market Position - RDIV holds a Zacks ETF Rank of 3 (Hold), suggesting it is a viable option for investors seeking exposure to the Large Cap Value segment [10] - Alternative ETFs in this space include the Schwab U.S. Dividend Equity ETF (SCHD) and the Vanguard Value ETF (VTV), which have significantly larger asset bases and lower expense ratios [11] Group 6: Investment Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [12]

Financial Data and Key Metrics Changes - Q2 2025 income increased by 15% year-on-year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [2][3] - Operating income for the group was $5.5 billion, up 14% or 15% excluding notable items [4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [5][14] - Earnings per share for the first half was up 41% year-on-year, with a tangible net asset value (TNAV) per share of $16.8, up 16% year-on-year [14][15] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [15] - Wealth and Retail Banking (WRB) income was up 4% to $2.1 billion, with Wealth Solutions income up 20% [17][18] - Non-interest income (Non NII) grew by 31% year-on-year, driven by strong performance in Global Markets and Wealth Solutions [7][8] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [12] - Risk-weighted assets (RWA) increased by $6 billion in the quarter, with over half attributed to foreign exchange impacts [13][14] - The overall credit portfolio remained resilient, with a loan loss rate of 12 basis points in Q2, benefiting from net recoveries in CIB [11][12] Company Strategy and Development Direction - The company announced a new share buyback of $1.3 billion, aiming to exceed $8 billion in capital returns from 2024 to 2026 [3][14] - The strategy focuses on supporting clients through a diversified network and enhancing digital asset offerings [22][28] - The company is committed to sustainable finance, targeting to mobilize $300 billion by 2030 [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite external uncertainties [38] - The outlook for net interest income (NII) is expected to decline by a low single-digit percentage year-on-year, with a recovery in HIBOR anticipated later in the year [7][21] - Management remains optimistic about the growth of Wealth Solutions and the transition of deposits into assets under management [52][70] Other Important Information - The Fit for Growth program has achieved $500 million in run-rate savings, with a revised phasing of spending expected to be between 35% to 45% in 2025 [9][10] - The company is actively engaging in digital asset solutions, including a joint venture to issue a Hong Kong dollar-backed stablecoin [29][64] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposits may transition into assets under management as uncertainty decreases [34][36][46] Question: Wealth Solutions and revenue guidance - Management acknowledged the current reliance on deposits but expressed confidence in the eventual shift towards higher-margin products as clients mature [50][52] Question: SC Ventures monetization and capital distribution - Management emphasized the strategic nature of SC Ventures and the focus on exceeding capital distribution targets, highlighting strong capital generation capabilities [73][84]

Financial Data and Key Metrics Changes - Q2 income increased by 15% year on year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [1][2] - Operating income for the Group was $5.5 billion, up 14% or 15% excluding notable items, reflecting strong performance in CIB and WRB [3][4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [4][13] - Earnings per share for the first half increased by 41% year on year, with TNAV per share up 16% year on year to $16.8 [13][14] Business Line Data and Key Metrics Changes - CIB income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [14][15] - Wealth and Retail Banking income was up 4% to $2.1 billion, with Wealth Solutions income increasing by 20% [16] - Non-NII grew by 31% year on year, driven by strong performance in Global Markets and Wealth Solutions [6][19] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [11][16] - Intra ASEAN corridor income increased by 17%, driven by FX and commodity trading [22] - The Group's affluent AUM reached $420 billion at the end of the first half of 2025, with an 11% CAGR since 2016 [25] Company Strategy and Development Direction - The company is focused on delivering a cross-border strategy to support client needs, with a strong emphasis on digital asset solutions and sustainable finance [21][26][30] - The Fit for Growth program aims to simplify, standardize, and digitize operations, with a target of achieving $1.5 billion in savings [8][90] - The company is committed to exceeding $8 billion in capital returns from 2024 to 2026, with a new share buyback of $1.3 billion announced [2][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite uncertainties in the external environment [36][41] - The outlook for net interest income (NII) is expected to be down by a low single-digit percentage year on year, with guidance for total income growth in 2025 upgraded to the bottom of the 5% to 7% range [6][19][20] - The company remains optimistic about the demand for origination in global banking, with a strong pipeline and growth in corporate lending [24] Other Important Information - The company achieved a significant gain of $238 million from the Solve India transaction, retaining a non-controlling interest in the acquiring entity [17][18] - The company is actively engaging in the digital asset space, including a joint venture to issue a Hong Kong dollar-backed stablecoin [27][29] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposit growth is a positive sign for future asset management [33][34][36][44] Question: Wealth Solutions and net new money flow - Management acknowledged the current reliance on deposits but expressed confidence that clients will eventually shift towards higher-margin wealth products as uncertainty decreases [50][52][70] Question: Stablecoins and digital assets - Management discussed the strategic importance of digital assets and stablecoins, emphasizing their readiness to provide services in this evolving market [61][63][65] Question: Cost management and Fit for Growth program - Management clarified that the Fit for Growth program is a transformation initiative rather than a cost-cutting measure, with a focus on long-term efficiency and savings [87][90]

Core Insights - Goldman Sachs reported revenue of $14.58 billion for the quarter ended June 2025, reflecting a year-over-year increase of 14.6% and surpassing the Zacks Consensus Estimate of $13.5 billion by 8.06% [1] - The earnings per share (EPS) for the quarter was $10.91, compared to $8.62 in the same quarter last year, resulting in an EPS surprise of 15.69% against the consensus estimate of $9.43 [1] Financial Performance Metrics - Book Value Per Share was reported at $349.74, slightly above the average estimate of $347.76 [4] - Total Assets Under Supervision (AUS) reached $3,293 billion, exceeding the estimated $3,228.04 billion [4] - The Common Equity Tier 1 capital ratio was 14.5%, below the average estimate of 15.1% [4] - The leverage ratio stood at 5.3%, matching the average estimate [4] Revenue Breakdown - Net Revenues from Global Banking & Markets - FICC were $3.47 billion, up 9% year over year, and above the average estimate of $3.39 billion [4] - Net Revenues from Asset & Wealth Management - Debt investments were $83 million, significantly lower than the average estimate of $151 million, representing a year-over-year decline of 72.1% [4] - Net Revenues from Platform Solutions - Consumer platforms were $623 million, slightly above the estimate of $619.93 million, marking a 4% increase year over year [4] - Net Revenues from Global Banking & Markets - Equities reached $4.3 billion, a substantial increase of 35.7% compared to the average estimate of $3.74 billion [4] - Net Revenues from Asset & Wealth Management - Private banking and lending were $789 million, exceeding the average estimate of $744.53 million, with an 11.6% year-over-year increase [4] - Net Revenues from Platform Solutions - Transaction banking and other were $62 million, below the estimate of $65.86 million, reflecting an 11.4% decline year over year [4] - Net Revenues from Global Banking & Markets - Advisory were $1.17 billion, significantly higher than the average estimate of $891.69 million, with a year-over-year increase of 70.6% [4] - Total Net Revenues from Asset & Wealth Management were $3.78 billion, slightly below the average estimate of $3.82 billion, representing a 2.6% year-over-year decline [4] Stock Performance - Goldman Sachs shares have returned +12.5% over the past month, outperforming the Zacks S&P 500 composite's +4.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported net revenues of $14.6 billion and earnings per share of $10.91 for the second quarter, with a return on equity (ROE) of 12.8% [4][17] - The ROE for the first half of the year was 14.8%, reflecting strong performance amid shifting market dynamics [4] - The advisory backlog increased significantly compared to year-end 2024 levels, indicating robust future activity [6][18] Business Line Data and Key Metrics Changes - Investment Banking revenues reached $1.2 billion, a 71% increase year-over-year, driven by strength in The Americas and EMEA [18] - Equity underwriting revenues were flat year-over-year at $428 million, while debt underwriting revenues fell 5% to $589 million due to lower leverage finance activity [18] - FICC net revenues were $3.5 billion, up 9% year-over-year, with strong performance in currencies, credit, and interest rate products [19] - Equities net revenues reached a record $4.3 billion, with intermediation revenues rising 45% year-over-year [20] - Asset and wealth management revenues totaled $3.8 billion, with management and other fees up 11% year-over-year [21] Market Data and Key Metrics Changes - Announced M&A volumes for the year to date are 30% higher year-over-year and 15% greater than the five-year average, indicating a resilient deal-making environment [5][59] - The company priced 11 IPOs during the quarter, which performed well in the secondary market [6] - Total assets under supervision reached a record $3.3 trillion, with $115 billion of market appreciation and $17 billion of long-term net inflows [23] Company Strategy and Development Direction - The company is focused on driving growth in financing and maximizing wallet share, ranking in the top three with 125 of the top 150 clients globally, up from 77 in 2019 [8][30] - The formation of the Capital Solutions Group positions the company to meet increasing demand related to AI infrastructure and financing needs [9] - The company is committed to returning capital to shareholders, including a 33% increase in the quarterly dividend to $4 per share [12][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the investment banking outlook despite ongoing uncertainties, particularly in industries sensitive to trade policy [6][13] - The company remains focused on risk discipline while navigating a complex operating backdrop [15] - Management highlighted the importance of transparency in regulatory processes to better plan capital allocation [71][90] Other Important Information - The company has made significant investments in AI to enhance operational efficiency and client service [10][51] - The effective tax rate for the first half of 2025 was 20.2%, with an expected full-year rate of approximately 22% [25] Q&A Session Summary Question: What will the company do with excess capital? - Management indicated that the primary focus will be on deploying capital to support client activity and producing accretive returns, with a commitment to returning capital to shareholders [29][31] Question: What is the current strategy regarding historical principal investments? - Management confirmed a commitment to reducing historical principal investments, which have been reduced by about 10% in the quarter, while remaining focused on co-investing with clients [34][36] Question: What is the target CET1 ratio moving forward? - Management expects to maintain a CET1 ratio with a buffer of approximately 50 to 100 basis points above the new regulatory minimum [41][88] Question: How does the company view potential inorganic acquisitions? - Management stated that while they are always looking for opportunities to accelerate growth, the bar for significant acquisitions remains very high [42][60] Question: How does the company plan to capitalize on alternative fundraising opportunities? - Management is actively building third-party wealth distribution partnerships to capitalize on the growing interest in alternative assets [96]

Financial Data and Key Metrics Changes - The company is comfortable with a revenue outlook range of $83.1 billion to $84.1 billion for the year, indicating a positive growth trajectory despite market uncertainties [77][78] - CET1 capital ratio was reported at $13.01, with a goal to reach 10% next year, incorporating share buybacks and capital management strategies [91][92] Business Line Data and Key Metrics Changes - The wealth management segment has shown a 24% revenue growth last quarter, indicating strong performance and integration with other business lines [58][61] - The markets business has improved returns to around 14%, benefiting from volatility and increased activity in hedging and financing [41][46] Market Data and Key Metrics Changes - The consumer sector in the U.S. remains resilient, with spending holding up well, particularly in essentials, despite some signs of a slowdown in decision-making [11][12] - The company has seen a positive response in delinquency rates, indicating a fiscally responsible consumer environment [15][66] Company Strategy and Development Direction - The company is focused on a multiyear transformation aimed at simplifying operations and enhancing efficiency, with a clear vision of being the banking partner for clients with cross-border needs [28][30] - There is an emphasis on innovation, particularly in digital assets and technology, to enhance service offerings and operational efficiency [40][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the global economic outlook, particularly in regions like India and the Middle East, while acknowledging challenges in Japan and Europe [6][10] - The company is preparing for potential regulatory changes that could enhance operational flexibility and support market participation during times of stress [23][99] Other Important Information - The company is actively preparing for the potential IPO of its Mexico franchise, emphasizing the importance of this market and the need for thorough preparation [71][73] - There is a strong focus on maintaining a disciplined approach to investments, ensuring that capital is allocated effectively to drive growth and returns [85][86] Q&A Session Summary Question: What is the outlook for revenue growth? - The company is looking at a revenue range of $83.1 billion to $84.1 billion for the year, with various scenarios being considered [77][78] Question: How is the company managing expenses while ensuring growth? - The company is focused on stranded cost benefits from divestitures and investments in efficiency, with a target expense of around $52.6 billion for the next year [84][86] Question: What is the strategy for capital returns to shareholders? - The company has announced a $20 billion share buyback program and is committed to returning capital to shareholders while balancing investments in growth [92][94] Question: How does the company view the regulatory environment? - Management is optimistic about potential deregulation that could enhance operational flexibility, while also emphasizing the importance of maintaining safety and soundness [23][24]

Financial Data and Key Metrics Changes - JPMorgan Chase reported record revenue for the seventh consecutive year, with managed revenue of $180.6 billion and net income of $58.5 billion in 2024, reflecting a return on tangible common equity of 20% [13][14] - The company increased its quarterly common dividend from $1.5 per share to $1.15 in Q1 and again to $1.25 in Q3 of 2024 [13] Business Line Data and Key Metrics Changes - The firm extended credit and raised capital totaling $2.8 trillion for consumer and institutional clients globally [14] - JPMorgan Chase moved over $10 trillion daily in more than 20 currencies across 60 countries and safeguarded over $35 trillion in assets [14] Market Data and Key Metrics Changes - The company grew market share in several business segments and made significant investments in products, people, and technology [14] Company Strategy and Development Direction - The management emphasized the importance of running a great company and the long-term health of America and the democratic world as foundational to the firm's success [12][13] - The company aims to drive organic growth across all parts of the business while remaining nimble to address significant competition and geopolitical risks [15][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by geopolitical tensions, inflation, interest rates, and trade wars, while expressing confidence in the company's ability to remain healthy under various scenarios [17][18] - The firm is committed to educating clients and countries about critical economic issues through extensive research conducted by over 700 senior analysts [18] Other Important Information - The company has a strong focus on responsible corporate citizenship and engages with policymakers to protect long-term interests [50] - Management highlighted the importance of employee well-being and has significantly increased minimum pay over the last seven years [55] Q&A Session Summary Question: How does JPMorgan view its approach to financing energy in light of its commitment to political neutrality and fiduciary duty? - JPMorgan is one of the largest financers of both traditional and green energy, supporting energy production from all sources while focusing on long-term shareholder value [41] Question: What is the company's stance on political contributions? - The firm engages with policymakers to advance long-term interests and prohibits the use of corporate funds for political contributions to candidates or parties [50][51] Question: How does the company plan to address employee compensation concerns? - Management emphasized the importance of building a great company for employees and communities, offering competitive compensation and benefits [54][55] Question: How does JPMorgan plan to handle potential margin compression in a lower interest rate environment? - The firm prepares for a range of outcomes regarding interest rates and believes it is well-positioned to handle various scenarios [59] Question: Will there be a consideration for a stock split or stock dividend? - The board considers stock splits and dividends at every meeting and will communicate any decisions made [61] Question: How does JPMorgan intend to incorporate climate science into its investment decisions? - The company has frameworks to assess environmental and social risks and engages with clients to make informed business decisions [64] Question: What is the company's assessment of increasing dividends and economic growth? - JPMorgan has increased dividends multiple times and will continue to recommend increases as profitability grows [70]

Financial Performance - For the quarter ended March 2025, Goldman Sachs reported revenue of $15.06 billion, a 6% increase year-over-year, and EPS of $14.12 compared to $11.58 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $15.02 billion, resulting in a surprise of +0.27%, while the EPS surprise was +11.09% against a consensus estimate of $12.71 [1] Key Metrics - Book Value Per Share was $344.20, slightly above the estimated $343.93 [4] - Total Assets Under Supervision (AUS) were $3,173 billion, below the estimated $3,187.21 billion [4] - Common equity tier 1 capital ratio was reported at 14.8%, slightly below the estimated 15% [4] - The leverage ratio was reported at 5.5%, matching the two-analyst average estimate [4] Revenue Breakdown - Net Revenues from Global Banking & Markets - FICC were $4.40 billion, below the estimated $4.57 billion, representing a year-over-year change of +1.9% [4] - Net Revenues from Asset & Wealth Management - Equity investments reported a loss of $5 million, significantly below the estimated $85 million, indicating a year-over-year change of -102.3% [4] - Net Revenues from Platform Solutions - Consumer platforms were $611 million, slightly below the estimated $621.01 million, showing a -1.1% change year-over-year [4] - Net Revenues from Global Banking & Markets - Equities were $4.19 billion, exceeding the estimated $3.76 billion, with a year-over-year increase of +26.6% [4] - Net Revenues from Asset & Wealth Management - Private banking and lending were $725 million, below the estimated $750.74 million, reflecting a year-over-year change of +6.3% [4] - Net Revenues from Platform Solutions - Transaction banking and other were $65 million, below the estimated $74.15 million, representing a year-over-year change of -18.8% [4] - Net Revenues from Global Banking & Markets - Advisory were $792 million, below the estimated $954.62 million, indicating a year-over-year change of -21.7% [4] - Total Net Revenues from Asset & Wealth Management were $3.68 billion, below the estimated $3.85 billion, reflecting a year-over-year change of -2.9% [4] Stock Performance - Shares of Goldman Sachs have returned -8.7% over the past month, compared to the Zacks S&P 500 composite's -3.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Indicator Changes - In 2024, Ping An Bank achieved operating income of RMB 44.2 billion, down 10.9% year on year [5][23] - The net profit for the year was RMB 44.5 billion, reflecting a decrease but maintaining a strong provision coverage ratio of 251% [7][23] - Total assets increased steadily, with retail deposits rising by 3.7% compared to the beginning of the year [22][24] Business Line Data and Key Indicator Changes - Corporate Banking saw total assets increase by 3.3% and corporate loan balance grow by 12.4%, while personal loans decreased by nearly 11% due to a proactive reduction of high-risk businesses [6][27] - The proportion of mortgage-based loans increased by 4%, reaching 62.8% [7] - Retail Banking is undergoing restructuring, focusing on medium-risk products and customer-centric services [78][79] Market Data and Key Indicator Changes - The banking sector is experiencing a turning point from scale expansion to quality development, with net interest margins under pressure [2][3] - The overall market environment remains challenging, with increasing competition and pressure on net interest margins expected in 2025 [72] Company Strategy and Development Direction - The company is committed to strengthening retail banking while refining corporate banking and interbank business, focusing on high-quality growth and risk management [9][12] - Ping An Bank aims to leverage technology and fintech to enhance service delivery and operational efficiency [8][12] - The strategic direction includes a balanced approach to business growth, integrating risk management and customer relationship management [14][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the current economic environment but expresses confidence in the bank's ability to adapt and grow [19][72] - The focus will be on improving asset quality and reducing non-performing loans (NPLs), with expectations for a positive growth trajectory in retail loans by 2025 [91][92] - The bank plans to maintain a reasonable dividend level while balancing capital needs and shareholder returns [94][96] Other Important Information - The bank has implemented major initiatives in technology, green finance, and inclusive finance to support high-quality development [8][23] - Ping An Bank's core Tier 1 capital adequacy ratio remains robust despite a slight decrease [24][96] Q&A Session Summary Question: How will the adjustment affect the positioning and strategy of the Retail business? - Management has streamlined the retail strategy, focusing on risk management and reducing dependency on high-risk products [39][41] Question: What are the driving factors behind the reduction in NIM? - Factors include interest rate reductions and adjustments in high-risk loans, with expectations for further improvements in 2025 [51][53] Question: What is the outlook for retail asset quality and NPL trends? - The NPL ratio for retail assets is expected to improve, with management confident in a positive growth trajectory for retail loans in 2025 [88][91] Question: What is the reason for the decrease in dividend rates? - The decrease is attributed to capital pressures, but management aims to maintain a balanced approach to shareholder returns [94][96] Question: How is the bank evaluating the property market and its impact on asset quality? - Management believes the property market is stabilizing due to government support, which should positively impact asset quality moving forward [104]