Good afternoon, ladies and gentlemen. I'm Han Hong Sung, Head of IR, here at Woori Financial Group. I would like to sincerely thank all of you for taking the time to participate in Woori Financial Group's Earnings Conference Call despite your busy schedules. On today's call, we have Group CFO, Lee Sung-Wook; Group CEO, [Yim Jong-Yong]; and Group CRO, Park Jang-Geun. Today's earnings announcement will be conducted in the following sequence. First, a presentation of the group's financial performance by Mr. Lee Sung-Wook, our Group CFO, followed by a presentation on key measures to enhance corporate value announced today. And lastly, we will proceed with the Q&A session. We would also like to inform our international investors that simultaneous interpretation service will be available for your convenience. Let's now start with Woori Financial Group's business results for the first half of 2024.

Good afternoon. I'm Lee Sung-Wook, CFO of Woori Financial Group. I would like to highlight that today is very important. We will be sharing with you the first half performance, and we have also announced our value-up plans of our group. I would like to make sure that I share with you as transparent as possible all the information we have available for you. Now without further ado, I would like to present the financial performance for the first half of 2023. Please refer to Page 3 of the financial performance materials available on our website. Let me start with Woori Financial Group's net income. In the first half of 2024, the group recorded a net income of KRW1.755 trillion, up 14.1% compared to the same period last year. Despite additional credit cost provisions for real estate PF, net income for Q2 was KRW931.4 billion, significantly surpassing market consensus and achieving the highest quarterly performance ever. With improved profit generation and stable cost management, the Group's ROE rose to 10.8%. Notably, as a result of ongoing efforts in cost optimization, the C/I ratio recorded 39.9%, falling below 40% for the first time since the establishment of the holding company. Additionally, today, Woori Financial Group's Board of Directors confirmed and announced a quarterly dividend of KRW180 per share as in the previous quarter. Next is the Group's net operating revenue. Net operating revenue in the first half of 2024 recorded KRW5.28 trillion, up 5.1% year-on-year and net operating revenue in Q2 recorded [KRW2.73 trillion] up 7.2% Q-o-Q. This topline growth is attributed to strong interest income driven by asset growth centered on prime corporate loans and margin improvement as well as significant increase in non-interest income, primarily from core fees across both banking and non-banking subsidiaries. Next is on credit cost.…

This concludes the presentation on the earnings of the first half of 2024. We will move on to the next section. Today, Woori Financial Group announced a Corporate Value-Up Plan and made disclosure on KRX as disclosed in prior notification of disclosure in June. Lee Sung-Wook, CFO and Vice President of the Group will go over the highlights of the Group's Corporate Value-Up Plan.

Today, Woori Financial Group announced its Corporate Value-Up Plan. The first among bank financial groups in Korea, as noted in the disclosure last month. The value-up program has been developed based on various discussions within the group and is being communicated to the market today after reporting the plan to the Board in June and receiving and reflecting feedback. The areas that required consideration were increasing shareholder return and establishing a portfolio strategy to secure new growth opportunities. I will now go over the highlights of Woori Financial Group's Value-Up Plan with the material that has been disclosed and circulated today. Please refer to Page 7 of the value-up slides. ROE is a key indicator of corporate value. It is a criteria for corporate decision-making and the basis for enhancing shareholder return. The group aims to achieve 9% ROE in 2024 and reached a sustainable and stable double-digit ROE in the mid, long-term. This year, to generate stable ROE growth, the group will work to outperform market expectations in terms of financial performance by strengthening core competency and generating group synergy. In the mid-long term, we plan to maintain ROE at 10% or above by delivering RORWA-based growth, achieving group-wide cost optimization and implementing preemptive risk management. Next, I will go over the capital ratios and our shareholder return policy. Please refer to Page 8. The target for CET1 ratio is to achieve 12.5% early by 2025 and 12.2% by the end of this year. The target considers FX rate and M&A. We will be seeking diverse options to achieve the target, including realizing appropriate level of asset growth and strict RWA management. Also, if the recent strong dollar and weak Korean won stabilizes in the future at more balanced levels, additional CET1 ratio improvement may be possible. Regarding shareholder…