Non‑interest Income Growth

Non‑interest income is anticipated to rise 4 % per year over the next three years, contributing more than 40 % of overall revenue growth. The cost‑to‑income ratio should remain around 40 % during this period, and risk‑cost is expected to stay at the lower end of the normalized range of 40–50 basis points. Risks highlighted include geopolitical tensions, heightened competition, and a potential slowdown in international loan growth.