Bank Of Ga Group Plc Ord

Welcome, everybody, to Bank of Georgia's first quarter of 2021. My name is Natia Kalandarishvili. I'm head of investor relations at Bank of Georgia, and today I'll be moderating the call. Please be advised that today's call is being recorded. Our call today will be organized in two parts. During the first part, Bank of Georgia Group's will be presenting financial results overview for the first quarter. And during the second part, you'll be able to ask questions during the Q&A session. With that, I'll hand over to Archil. Archil, please go ahead.

Hello. Thank you for your time. Thank you for being on this call. I am delighted to to share some good news on our financial performance. You have seen some of the numbers and I would like to cover it in more detail now and I'll see your questions later on. So I will kick off with the economy. So we are covering the Pavel Trubiner- Powering the last one quarter, I would like to remind you that we were in a second second wave lockdown from November onwards inclusive of including. Pavel Trubiner- January and part of February and so half of the first quarter was in a lockdown and then partially we started to open up March was a really real waking up of the economy. We saw the overall, the GDP contraction was 4.2% in first quarter year on year, but in March we had an increase of 4%. So that minus 4.2% for the full quarter included an expansion of 4% in March, which was welcome. And this is the first month that the GDP year on year expanded. since the COVID-19 pandemic has started. We had a sum. So when we consider the base effect last year, first quarter was still positive. And then from the second quarter onwards, the GDP started to contract. And the low base will really start kicking in from the second quarter. First quarter, we didn't have much of that. The remittances have held up significantly in a very positive way. They expanded 28.4% in the first quarter, which is remarkable in US dollar terms, that is. And April remittances were very good as well. We have started to see the reserves of the national bank to be on the high side of 4.1 billion, which is a historic high in fact. And nevertheless, we saw some inflationary pressure coming in from quality prices and some devaluation that happened of about 4% in the first quarter of Georgian lottery versus US dollar. So both of these combined resulted in In March, CPI of 7.2, and April was about the same. The National Bank raised the refinancing rate from 8 to 8.5 first, and then from 8.5 to 9.5 just recently percent, which makes us on the high side of the refinancing rate. But all of that has already created some expectations, and we saw just over the last few days a slight strengthening of LARI by a couple percentage points. We expect the vaccination is starting to pick up the rate to speed. Nevertheless, we are a couple months behind Europe. And we believe that by the end of the year, the government estimates that 60 to 70% of the population will be vaccinated. But there's a significant push to vaccinate as fast as possible the service industry that predominantly tourism and some of the other service, government service workers like policemen and others that have a high social interaction so that that reduces the risk of pandemic. We have seen some emergence of tourism in the streets of Tbilisi, which is a welcome Welcome news. Having said that, they're still well below the 2019 levels. And I think the key change here would be the opening of the land borders with Russia, with Azerbaijan, and with Armenia, as well as Turkey, from which we get a lot of tourists. And as vaccination kicks in in the region, people are eager to travel and then hang out in bars and restaurants of Tbilisi, and we hope that they will deliver hard currency income for the country in the coming months. But so far, the pickup is slow. With that, we expect 3.6% GDP growth this year, but I would say with substantial upside potential, because we see that There's a good potential that depending on how June and July will go, depending on the border, land border opening, as well as the government's ability to contain the virus spread at the current levels, which is moderate, low to moderate, there may be a significant upside to these numbers. Just recently, yesterday, in fact, the government announced that the 9 p.m. car view has been extended to 11 p.m., which is a sign of where things are going towards. We still have 11 p.m. to 5 a.m. car view in place, which is there, but it's not the best for the restaurants and bars and tourism overall. And I hope in a few months' time when that returns to the full scale, that will go away. Now, a few words about the politics. Last year, we had a wave of news to the world, and some of them were significant and others were less significant, but not many were positive. I am referring to the political standoff after the October election, 2020 October elections, and that has been largely resolved with the help of the, EU and US who mediated the talks between the ruling party, Georgian Dream, and the opposition, which were refusing to enter the parliament. And basically all the parties other than the UNM, which is the main opposition party, but there were many smaller parties, have decided to sign a certain type of agreement with the Georgian Dream and enter the parliament. the United UNM is still debating to enter or not the parliament, but currently the parliament has 115 out of 150 active members and it's fully functional. And this is moving along in terms of adopting new laws, et cetera, et cetera. So in terms of the expectations of standoff and resulting potential expectations of street protests and all of that, that has all but gone away. And that is welcome news for the economic participants in this country because there's stability now and that is what we like. Now, a few words about the company and our results. We are Very happy with the results. We delivered 21.5% return on equity in an environment which is still challenging. As I mentioned already, half of the first quarter was in a lockdown, so very slow January. And a starting of waking up in February and a very good March. So trajectory is very good. And all of that in combination have resulted in a quarter where we have delivered a very good revenue growth of about 10.6% year on year and slightly higher than the fourth quarter revenue, which is very seldom, in fact, to deliver the first quarter, which is quarter on quarter better than the previous fourth quarter, which is seasonally high. We have held a very good cost discipline. In fact, only growing our operating expenses at 1.3%. And all of that have resulted in that was year on year. And that in a relatively high inflationary environment, which I think is a good demonstration of our cost discipline. and operating income before cost of risk, which is a very important measure of continued franchise strength, year on year has increased by 16.4%. And as I said, that is particularly positive given the fact that the 2020 base effect in the first quarter was not that low. It was still normal, so to say, before we entered into the pandemic starting from 2020. beginning of April or end of March last year. So all in all, I think it was a very good top line performance. With the cost of risk, we had 0.8% overall, 1.4 for the retail and minus 0.2 for corporate. The NPL level fell slightly by 10 basis points to 3.6%. The coverage is more or less the same of roughly 80%, 77% I believe. And the coverage with collateral is 127% comfortably covering the NPL levels that we have. and all of that have resulted in the 138, 139 million lari of net income. The cost of risk of 44 million includes also a non-credit risk expense, which is a legal expense of about 21 million lari. which is related to a legal case in London that has progressed in favor of work of Georgia. And hopefully looking forward, we don't expect significant costs there at all. So with that, yes, a couple other points also that I would like to make is that on the balance sheet growth and on the loan growth, we had on a constant currency basis, a growth of year-on-year 7.1%, but more significantly, starting of some positive sign on a quarter-to-quarter basis, i.e. year-to-date until the end of March, we had a constant currency basis growth of 1.7%. In terms of the corporate versus the the constant currency basis corporate had a slight growth of 0.4%, while the retail long growth was 2.8. And the 2.8 is comprised of different products, but what we saw is that the micro and SMEs is starting to show a significant recovery, which is expected, in fact, as the economy warms up. because those are the sectors that experienced the biggest drop as the economy stopped. And now as the economy is starting to open up, the biggest growth is there, and our franchise is quite strong in micro especially. So what we had was the quarter-on-quarter growth of almost 5% in micro and SMA of 5.7%, which is significant, and a good growth of 2.7%. that is quarter on quarter in consumer. That's on the 13th page of our release. There's a breakdown of the retail growth. And I think that is significant because those are good indications of the health of the economy that the MSME business is waking up and also the consumption is picking up in terms of the consumer. We had some... some good product developments on the digital side, on the consumer, and we expect that line to remain strong for us. In terms of digitalization, we have had good progress. I mean, it is clear that our franchise and our mobile bank remains a leading one on the market and well ahead of our competition. We had... 5% pickup in terms of the new mBank users, as well as 40% increase in terms of the year-on-year. The volume of the transactions have almost doubled. And overall, we are very happy with the development and the significant new additions to the mobile bank capabilities every time. And we like how it's going and the quality of it being increased all the time. We also pay a lot of attention to our customer satisfaction and employee satisfaction. And there was a new number that came in on the NPS in March, I believe, and that was 49%. That is above the all-time high 46% that we had end of last year. It's a significant further increase, and we like it that way. In fact, that number 49% is already quite high for any large bank, in fact. That is a sign of how much attention and effort we put in customer care and making sure that our customers are satisfied with our services and products. More importantly, the biggest source of ideas are the unhappy customers. So the ones that are unhappy, we obviously collect a lot of information and pay a lot of attention to it. And there's a Medallia, which is a customer care software in the system that is helping us to systematize it and build into product development for us. EMPS numbers have also increased and achieved a new high in April of 60%, which also demonstrates the health of the of the overall culture and the organization. So all in all, I would say that we have had a good quarter regardless of relatively difficult macro environment. And I think it's very positive to see that March was the last month of the quarter seeing some very positive developments and that trend is continuing in April what we are seeing. and hopefully they will only accelerate, and that's our expectation. Over the last four quarters after the first quarter of last year, every quarter we have delivered more than 20% return on equity, which is something that we pay the most attention to. Profitability is the key for us. We like to have good market shares, but we don't care about it as much as the profitability, and that is number one thing that we are focused on. We are very conservative in terms of what we expense and what we capitalize, and all in all, how we do our accounting. Our shareholder equity over the last 12 months has gone up by 31.6%, 31.3%, I apologize. and that shows the overall value that we create for the shareholders and the conservatives of how we approach these numbers. And that is true also for the book value per share is also more than 30% up. In terms of our capital ratios, they have gone up very strongly in fact, and are comfortably above the minimum requirements, although the minimum requirements include the release of some of the buffers. So even mentioning it doesn't make any sense anymore because it's more than 350 base points higher than each of the requirements. But we are in the process of of discussion within National Bank of Georgia. And we believe over the next few weeks, we will know the exact schedule of the capital requirements as well as some of the other smaller details, which will determine our view in terms of the buffers that we have. And we are focused on resuming the dividend dividend flow to our shareholders as soon as it's logical and practical. And hopefully we can do it for this year, for the profit of 2021. With that, I will stop here and open the floor for questions. Natia.

Thank you, Archil. Q&A session. Just a reminder, for those of you who are joined via webinar, you can use raise hand function at the bottom of the screen. And those of you who are joined via phone dialing, you can press star 9 to ask the question. And please remember to introduce and unmute yourself once you get the permission to speak. First question comes from the phone. Please unmute and introduce yourself to ask the question.

Hello? We don't hear you. You appear to be on mute.

You need to press turn nine, maybe.

Some claim I have mind reading capabilities, but they do not cross the borders. I can't hear you.

Let's maybe move to our next question and we can take your question later. Next question also comes from phone. Please unmute and introduce yourself.

Hello? Is this some problem on our side of mute?

I don't think so. Let me try other one. Next question comes from Elon's timer. Elon, please.

Yes, good afternoon. Can you hear me? Yes. Thanks, Natia. Achille, good afternoon. Thank you very much for the opportunity to ask the question. Achille, can we talk a little bit about margin and the dynamics there? Obviously, cost of funding has come down, right down. Interest rates on the way up, have been going up. where do you see the excess liquidity staying in the system and consequently costs of funding staying low? And I guess ultimately what happens with margin as a whole?

Yes, good question, Ilan. In fact, I forgot to mention it. Yes, we have seen slight improvement in margin and we believe that we see the margin remaining broadly stable, slightly maybe on slightly uptick is possible as well. In terms of the refinancing rate going up, we have most of the loans that are variable on our books will reflect the increase. So we passed on to the customers. And in terms of the In terms of the other loans, we believe there will be broadly stable environment. So we don't expect much change there.

So the margin, if I'm not mistaken, the margin expectation back at the 4Q numbers was 4.5% to 5%. So we're headed up into that as we stand?

So we are... currently at the bottom of that range. And there's a slight possibility of a slight uptick. 5% would probably be difficult, but we have to get very lucky in many ways to hit 5%. So it's gonna be closer to four and a half, but with a slight uptick from there. That's the expectation that we have. All things being constant or equal at that point. In terms of the liquidity, As you rightly noted, we have a very high liquidity. At the end of the first quarter, it was 150%. We have repriced the deposits a couple of times, and those will be reflected going forward. But given the fact that liquidity overall in the whole system is predominantly hard currency, liquidity is very high. And we have seen some deployment of it in the beginning of the second quarter. But overall, we expect the liquidity to remain high and that be reflected everywhere. So overall, I think the meme constant slightly improving is what we should expect.

Thanks for that. Let me just follow up, I guess, inevitably on cost of risk. First quarter was good and there don't seem to be any issues. The NPL ratio is coming down a little bit. I think we were talking previously about 1% to 1.2% for the year. Early days, but if the economy reopens as it seems to be doing, are we Are we likely to see a cost of risk charge at the very least towards the lower end of that?

Yeah. So it's a bit difficult to judge. I mean, with that precision in terms of where we're going to be between 1 and 1.2, that's more or less our expectation. There's some upside to that depending on how much the economy will grow. So if we see the tourism opening up sooner rather than later, there's some upside. If it's not gonna be the case, then I think we should be hitting that range in this year in any case. And in fact, the second wave, so when we provisioned for the full cycle last year, we thought we would have, much more um reversals this year uh but then the second wave happened and uh with that i think there are less reversals but we are very comfortable that we we should be within that range uh with some upside potential all right thank you very much thank you thank you next question comes from ronald gadia ronak please

Thank you, Archul, for the presentation and taking the questions. I guess my first question maybe is a follow up of what you've just indicated. So regarding your funding costs, I think the one thing I noticed when I look at your funding base is you've got a much larger proportion of term deposits. It's roughly about 55%. versus your competitors around 35% or so. So yeah, you know, in that sense, why is there such a big difference between the two banks, given that, you know, Bank of Georgia does have a pretty significant deposit franchise. And as a follow up to that question is, would you be seeking to reduce your term deposits, you know, seed some of your term deposit market share in order to maybe sustain or improve your margins?

Um, in terms of the, uh, differences between the two franchises, it's a historical way has been for many, many years. In fact, um, uh, it goes long, long way. And there are also technical reasons to it. Some of the current accounts that, uh, our competitor reports this current, they have, uh, the. have some interest on it. So it's slightly, so it's basically, there are some technicalities, but that difference has been there for a long time. In terms of repricing and losing some market share in terms of deposit, that is possible. I mean, what we are focused on is to have enough scale and not to lose the franchise and scale. And we're not gonna do that. But if it means losing 1% one way market share, one way or the other, for the benefit of the shareholders and the profitability, yes, we will consider it. So in a way, we are less focused on that one. But at the same time, what we are focused on is not to lose the franchise. So we don't want to upset the customers by being mispriced on the market. so we can slightly reduce, but not too much, not to upset the customers and so forth. So there's some stickiness there as well. That's the answer to that.

Okay, thanks. Just one other question. Your presentation indicates, as far as your digitization journey is concerned, the next step is building the super app. Could you just talk about what that entails and what that could mean for various KPIs for the bank going forward in the medium term?

Yeah. We are not in a position to detail out the strategy on that side. And there are some regulatory considerations there. And therefore, it's difficult for me to talk about it at this point. What we are striving right now is to making sure that that a lot of people, a lot of our customers and more and more so use our mobile bank on a daily basis. And we like to see that for the transfers and so forth and so forth. We see that cash is our enemy, less cash is there and more better for us because people transact and do more with their mobile bank. in terms of the app, universal app, et cetera, that early days so far. OK.

At a distance, when I look at the Georgian market, I'm not seeing the kind of disruption in the Georgian banking system as we see in many other banking sectors. Is that the case? Or are you seeing some competition from some of these fintech type players?

No, not really. We are not seeing it. Georgia is an interesting market, but the fact is that it's a small market. And you need a scale to really afford the fast development that the digital banking development requires. You cannot afford it if you are a small fintech in Georgia. So really what the real So the answer to that is no, we're not seeing it, although there's some emergence of smaller fintechs. The disruption or the pressures may be coming from the global players, like the Google, Facebook, et cetera, when it comes. And probably we're not going to be the first on their list in terms of the markets to come to. And that gives us a few years to prepare for those kind of moves. Whatever we see and we are observing, the European market, the US market, the Indian market, Chinese market, and then see what are the developments there to anticipate those in the future here and making sure that our application and our product offering preempt those kinds of pain points for the customers so that the market does not become that interesting for those destructors. The bill split, the peer-to-peer payments, this kind of things, those are the kind of improvements that we have had last year to our mobile bank and there are more and more coming.

Understood.

Thank you. Next question comes from Andrei Mikhailov from Sova Capital.

Do we have issue with the phones people want to ask?

They are next in line, so I'll move to them.

Okay. All right. Thank you very much for the call. I have a range of questions. The first one is also about comparing you and TBC Bank. You posted a much stronger dynamic of net fees year on year. much stronger than TBC. And I wonder if you could share any ideas of why this was the case. And I'll follow up on the questions. Thank you.

We have a very good franchise and are moving forward. We have measured just recently the popularity of our bank in terms of the top of mind. And it's confirmed that it's Bank of Georgia, a very good payment franchise. We have very good acquiring franchise, very good data capability in terms of targeting the promotions of different types, and very good risk management that manages the way we underwrite. All of that is resulting in small gains here and there. So there's no one particular reason why we may be performing slightly better than the market. And it's not only the fee business. You can look at it on the loan growth side as well. We've grown more than the market. I cannot comment on particular competitors, but definitely more than the market.

Thank you very much. My second... My second question is about one-offs. First of all, the gains from the sale of real estate held for sale and perhaps foreclosed before, would you expect something similar to what you posted in Q1 during the remainder of the year? And the second one-off is legal fees. As you've basically won both cases, would you I think there is a chance for you to collect these legal fees from the claimants that lost to you. Thank you.

Yeah. I will start with the last one. So basically, we have some expenses in second quarter, which will be more than offset by the deposit that we are collecting. In terms of collecting some of the fees that we have incurred, and they were significant as you can see in the first quarter as well as the previous quarter. It's hard to judge right now because it's not easy to collect those fields. We will have the court order to freeze the asset of the claimant given that the claimant has refused to pay the fees that the court has imposed on them. So right now, I think it's hard to count on it. But all we can say is that going forward, we don't expect significant fees on that side. In terms of the assets, I think as the economy is waking up, we will probably see some recoveries here and there, but it's difficult to make it a revenue line, so to say. It's a different, you know, there were some recoveries, there will be recoveries going forward, but will it be in terms of the asset sale, which will be better than the carrying value of those assets, or will it be through good cost of risk on the corporate and SME side that time will show. But yes, we expect some recoveries and some good movement overall. When we are talking about, let's say, 3.6%, but 5% in a good case for the full year for the economy, given the contraction in the first quarter of 4.2%, that implies about 7.5%, 8% GDP real growth for the rest of the year in the second, third, and fourth quarter. Yes, from a slightly low base, not slightly, but from a low base, but still. It's a good environment to go into, and that's where we are. It's very important not to have a big wave of the viruses, but with the vaccination picking up and vaccines becoming more and more available now of different types, we think that the government will be able to manage it like it has over the last few months. And, you know, Going into the environment of 7, 8, 9% GDP growth over the next few quarters, do we expect recoveries and sales? Yes, we do, but it's difficult to exactly have a number on it.

Thank you very much, Artur. And my final question is on the dividend. Would you consider an interim dividend this year if the finalized capital requirements so allow? Thank you.

We could consider it. A lot depends on the stance of national bank. Because as you have seen the first quarter, our capital ratios have improved more than the IFRS profitability would suggest. And that is partly because of some of the MBG provisioning recovery has been even stronger than the cost of risk that you are seeing in IFRS. So the profitability in national banking standards has been even higher, more specifically 192 million Lari. And that's what you're seeing in the capital ratios, which are accounted by the national banking standards. That is a significant improvement. And if not the 4% devaluation in Georgian Lari, it would be even better. And while we are at that note, we think Lari is oversold. It is off by about 10 to 15% from its long-term trends, any way you look at it. Yes, inflation has been slightly high, but now that we see the National Bank has taken measures to curtail that, we believe there's upside there. And that's also good for our ratios. So the answer to all of that, the shorter answer, yes, we would be open to considering it, but a lot will depend what we hear from the National Bank over the next few weeks. Thank you very much.

Thank you. Next question comes from the phone, and please unmute and introduce yourself for the question. I think this one is not, yeah, something may be wrong technically, but let me try.

Can you technically unmute it from your side?

I'm asking to unmute, but the person has to agree on that. I cannot unmute myself. Let me try another one, another phone line. Maybe this will work. Please try to unmute yourself. I don't think it's working.

Yes, there's also a question from Jan Demir that is in the comments. So maybe I'll take that one and then we can follow for the next one. So I'll read it out. Can we talk about the cost evolution in the rest of the year and what happens to Banco Express format in the future, given the increasing digital payments? In terms of the cost evolution, we have delivered the cost income ratio of 35.5%, 35.4%, which is significantly below the previous quarter and year on year. expect that the cost will pick up slightly going forward, but expect that we will have the cost income improvement for the full year of percent or more. So slightly higher cost income ratio going forward probably, but still an improvement and hopefully a meaningful improvement over the last year. And going forward, we are focused on delivering 35% cost income ratio in the medium term. In terms of the Express, Express is an interesting type of format, which, as you know, costs us very little in terms of the rent as well as the operating expenses because it is so small. But overall, what we are seeing where the bank is going and banking in general is that the physical interaction is becoming less transactional and more value added type of interaction. So the larger branches make more sense and advisory side. Having said that, the expresses provide convenience and we are seeing still some activity there, although what we have seen over the last two years since the strengthening of regulation of high-yielding retail loans, we have gone from 276 branches to 211 branches. And some of it, or a big part of it, were expresses. The ones that are there, we believe, are serving customers well. They are also used more and more increasingly for some of the activities on the last physical part on signatures and so forth, which are still required by the regulator. So a lot of things are done electronically and pre-approved and so forth on mobile bank. And there are some physical component and we are making it easier and easier for customers to do it so that it doesn't require time. So we cannot offer services in Express that take a long time because the whole format is that there are only three people servicing the whole flow. But given the digitalization and the improvements on the data side, on the risk side, and pre-approvals and pre-processes done, the physical part is becoming a much smaller component. And at some point, it will vanish. So longer term, you have a point. Maybe it goes digital, all of it. But we don't want to push customers too much. We want to promote them towards the mobile bank rather than push them too much.

Thank you. We have another line connection from . Please.

Yes, now we can hear you.

I want to thank you for your great work. We have had a high return on equity. And I was just wondering, given that most shareholders wouldn't be able to invest their money at that rate, why target a particular payout ratio? Why not use that same money to reinvest in the company?

Yes. The banking sector overall has certain ability to grow in Georgia. And I think we are well capitalized to capture that growth. but that ability is not without limits. And given those, that's why we want to be disciplined with our capital and only take what is needed from the shareholders because we understand that that's what the shareholders want. So given the size of the economy, that has its limitations. That's why we are growing and deploying the capital, but also being very disciplined about it. We are not investing heavily outside of Georgia. We only have a small bank in Belarus, which has its own macroeconomic challenges, but the bank itself is doing relatively well given the difficult macro. But we will take it easy. We're not going to go crazy with investments outside of Georgia.

And insofar as you're returning money to your shareholders, why not have it all in buybacks? I mean, at this price, it seems to me that it's safe to just spend all that money to buy back stocks instead of paying dividends. Yeah.

I think it will be considered when the board considers the structure of the returning of capital. I think we will look at both options. We have to take the interest of all types of shareholders. There are some more traditional pension fund shareholders that prefer some yielding to see some yield. But there are others that prefer share buybacks, given all kinds of behavioral characteristics of different actions. And we will consider both. Quite frankly, for the company and for the board, returning capital to the shareholders is what is important. uh and being disciplined about uh deployment what we return to the shareholders and what we keep for the deployment of further profitability uh the type of it is is is an open discussion and and we will consider both options when when we decide it can be the two as well well that's just my opinion right i mean at least from my point of view it's very difficult to have a

30% return on equity if I were to invest my own money. That's my opinion. Another thing is, do you have any sense of the rental yield on your, say, pure estates collateral? Do you have any estimates on that?

Can you repeat that last question, please?

The rental yield on your collateral on your real estate on those real estates do you have any estimates of it the rentals rental you said rental yield rental yield on the collateral on the collateral yeah yeah do you have any estimate of it

No, it's tough to answer that question. We have all kinds of collateral depending on the type of borrower and some of the other collateral. And obviously we do not collect the rental yield from such collateral, but the client does. So we collect cash from the borrowers, the interest and principal, but the collateral remains with the borrowers or their usage. during this period of time. Is that? Okay, thank you. Did I, maybe I misunderstood the question.

I'm just wondering if you have any estimate of it. If you have, or you don't have, that's fine.

Yes, I mean, overall the real estate, and there are different types of real estate, but the real estate yield, on high street, on commercial real estate, on offices, et cetera, go anywhere between in dollar terms, between let's say 6% to 12%, depending on the type of the real estate.

We have one more question from Tango. Okay. Please unmute Tango.

I think there was... Tango, I remember, was our corporate banker. I don't know where he's working now. I hope he owns personally our stock.

We don't have any questions so far. Unfortunately, we could not hear from the two lines which were connected through the phone, but you know our contact details and please let us know your questions and we'll try to answer offline directly.

Well, thank you for the attendance. It's a very good number of people that are attending. And I hope the presentation and the Q&A was interesting for you. And it looks like the shareholders have voted with their feet coming into our stock. And our stock is up more than 4.5% today, which is a roughly relatively tough tough market where all these other stocks have come down. So thank you for your support and we will continue delivering good numbers for you and strengthen the franchise for the longer term. Not focus on the market share, but the return and profitability and try to keep you happy and try to resume paying and distributing the, distributing the capital as soon as is logical and practical. Thank you very much, and we will be back in about a quarter. Bye-bye.