Greetings, I am Peter Kwon, the Head of IR at KBFG. We will now begin the 2020 Q4 Business Results Presentation. I would like to express my deepest gratitude to you for participating in our call. We have here with us our group CFO and SEVP, Ki-Hwan Joo as well as other members from our group management. We will first hear the 2020 major financial highlights from our CFO and SEVP, Ki-Hwan Joo, and then engage in an Q&A session. I would like to invite our CFO and SEVP to elaborate on our 2020 business results highlights.

Good afternoon. I am Ki-Hwan Joo, CFO of KB Financial Group. Thank you for joining, KBFG’s earnings presentation for Q4 2020. Before moving on to our earnings results, let’s briefly look back on last year’s operational environment and KBFG’s key business results. Due to the COVID-19 pandemic, global real economy fell into steep contraction and 2020 was an unprecedented year with high volatilities for the financial market as well. For the banking industry, since the 75 basis point cut in the rate by BOK, policy rate continued to be at its historical low, and with greater possibility of asset quality deteriorations with prolonging COVID-19 impact, there were concerns over fall in profitability which lead to share price declines. Notwithstanding such internal and external challenges surrounding the company, KBFG was able to bring meaningful results in 2020. Last August, once Prudential Life, industry’s top-tier life insurer became our subsidiary. We completed our business portfolio, ranging from bank, securities, non-life insurance, credit card; and finally, life insurance, which enabled us to gain solid competitiveness. We also completed acquisition of Cambodia’s biggest micro financing institution, Prasac and Bukopin Bank, which will be a foothold into the Indonesian market. As such, we made significant progress in our global business and further enhanced the group towards sustainability. In terms of financial performance, despite NIM contraction following the rate cut and continuation of macro uncertainties, driven by solid loan growth, which drove sustained increase in interest income, as well as sizable increases in net fees and commission income from non-bank subsidiaries, we saw a balanced earnings improvement across bank and non-banking business. Also, our inorganic growth through M&As brought tangible results leading to around KRW 3.4 trillion of net profit as we continue to sustain solid fundamentals. Today, the BOD meeting has decided on payout ratio…