2020 consolidated credit growth was 22.9% YoY, which was derived from (1) 19.2% YoY gross loan growth and (2) an 88% YoY increase in corporate bond balances. The corporate bond balance inched down 0.8% QoQ in Q4, in line with our expectation. The parent bank’s loan growth was 18.8% YoY in 2020 (+10.2% QoQ in Q4 2020). The retail portion in the parent bank’s loan book climbed to 42.5% as of YE2020 vs 37.7% as of H1 2020 and 38.8% as of YE2019. The margin lending book at the brokerage arm surged