Santander Bank Polska Sa

Okay, this is 11.30, and I would like to start our conference about the announcement of the financial results for the first half of the year. Together with me, there is Michał Gajewski, CEO, Maciej Roluda, CFO, Wojciech Skalski from the Management Accounting Division, Carlos Polaina, Financial Controller. My name is Agnieszka Dobrzewska and I am responsible for the investor relations. Today, at the beginning, we would like to deliver our presentation and then we will hold a Q&A session. I would like to ask you to send any potential questions to my email address that has been posted on the website. CEO, over to you. Hello, everybody. This is Michal Gajewski. Welcome. This is yet another time when we are holding a remote meeting, but I hope that in October we will have a chance to hold a meeting in person. I think that the recent period, the recent half of the year, has been the most important and the most difficult time for our economy. Also, the situation has affected our bank as well. Especially, I am talking here about the past four months. As you know, after the first stage related to the economic slowdown, now we are at a stage of some stabilization. We are observing... also some elements of the rebound. Of course, we still don't know what will happen in the second half of the year. But today, I think we can take a slightly different perspective than we had in the first half during the presentation of the results for the first quarter. We have the three different worlds when it comes to the past period. At first, we had the beginning of the year where the business was flourishing and the machine was working at full speed. And then we had the turn of the quarters with significantly lower activity among our customers. The economy somehow was frozen. then the transactionality was weaker and also the situation influenced our bank as well. And now we are at the stage of some rebound. We can see some first positive harbingers and we can see some positive elements on the micro scale when it comes to the activity of our customers and also the activity within our bank. We are operating within the so-called new normal. Of course, the pandemic has redefined our plans, our operating model, and also all this has impacted the revenue and cost side. It has strongly affected the habits of our customers who have switched to remote channels, and now they are using these. They are availing of all the opportunities in the electronic channels. This is why we decided to significantly accelerate digitization of banking processes and we accelerated automation. We are also simplifying most key processes for the customer service because our customers have to be offered the top quality services. When looking at the number of video interactions with our consultants, this has increased fourfold, and the number of customers using internet solutions has risen by some 30%. We are offering some remote solutions, and our offer has been extended. We have smart contacts with SMEs through online banking. This is the so-called Portra 2.0. We have account aggregations that let our customers manage their finances more efficiently. And we have further enhancements in contact with customers, such as chatbot Santi. Also, due to the higher activity in remote channels, there are some major threats related to that, and we are trying to address them efficiently. We are increasing the scope of security. We were the first bank to introduce the 3D secure payment authentication. This is the so-called 3D Secure 2.2.0. We have also extended our cyber rescue offer, within which our customers receive professional help in case of threats related to their everyday online life. Of course, we have also accessed and have been very active when it comes to the governmental anti-crisis program. We have the PFR financial shield. And there were over 8.5 billion subsidies of PFR subsidies. We supported over 32,000 customers who are available for this solution. We are also investing in sustainable and innovative projects. We are actively seeking new opportunities in these areas. And the first projects include financing of photovoltaics, wind farms, development of ecological city transport. And here we can see some major progress, and I'll be talking about that in greater detail shortly. From the perspective of our customers, Internally at the bank, we quickly adapted to the new normal because over 6,000 people still work remotely. As you know, all of our branches are open. Everything is available to our customers, and our bankers work remotely. However, they have already started meeting their customers. This hybrid model, which combines office and remote work, is our future, and we want to perform within that in the future. Now let us do this by number four, which is about our response to COVID. It's very important to tell you about our most important support initiative. We provided our people and customers with the necessary protective measures. We made changes in our products and services. We implemented the payment-free, the moratoria. They are available online to our customers. They don't have to show up at our branches. We contacted our customers on a daily basis. We fully comply with our aim to help our customers prosper. Our bankers, for example, made over 132,000 individual contacts with our customers. Those are corporate bankers. And they did that to be able to assess the customer's financial standing and be able to help them in their needs during this difficult time. Customers can now apply, can also apply for a PFR subsidy within the financial shield that's available online. We offer access to preferential guarantees for businesses. Those are BGK, the minimalist guarantees, and PFR guarantees. liquidity, guarantees, and our customers, our corporate customers may verify and accept documents through qualified signatures. On slide five, you will see details of the temporary payment moratoria. Customers may apply for a payment freeze on their principal. We later introduced also an option of a payment freeze on principal and interest installments and this applies to cash and mortgage loans and business customers may apply for a free or business loans factory and leasing. Cash loan and mortgage loan credit card and SME overdraft agreement performance may be suspended as a public moratoria. We also introduced an automatic limit renewal for overdraft for SMEs, and that's done free of charge. And large corporates may apply for that in a simplified procedure. At the end of June, as you can see, we had 137.2 thousand customers that had availed of the payment freeze. You see that on the slide, that's slide number five. You see that broken down by segments. Our communication is crucially important, our communication with our customer during this difficult time. So our aim has been to give our customers the sense of security and support and give them advice on how to protect their health, how to avoid cyber attacks and bank stasis. You may know that actor Marcin Doroczinski became our new grant ambassador. He's a popular actor, well-liked and actively engaged in supporting social responsibility initiatives with very good decision. We share common values with Marcin. He's featuring in our new advertising campaign where we present mobile payment solution Blix and instant transfers. Let's move to slide number seven. We received the Euro Money Award in the Excellence in Leadership category and the organizers noticed Our campaign, they especially appreciated the double impact campaign organized to help hospitals in the fight against COVID. This was in line with the approach of the entire group. We were We were also honored to be the only bank in the top 50 best employers in Poland that responded best to the crisis and best protected their employees, our employees. Moving forward. Slide number nine. Our deposit portfolio went up by 11% to 165.9 billion slots, and gross loans went up by 7% to 153 billion slots. Customer funds went up by 8% to almost 179 million slots. Total assets went up to $221.6 billion. And at the end of the first half of the year, our market share in gross loans was 11.7% and deposits at 11.3%. As a group, together with Santander Consumer Bank, we provide services to over 7 million of customers. And out of that number, 2.6 million customers are digital ones. Now, let us go to the slide number 10, financial performance in the first half of the year. We have several one-offs, and this has to be borne in mind because this has influenced the underlying, and this is something that we'll be commenting on in greater detail later on. Of course, the detailed amounts may be found in the presentation and in the report, but the key lines include BFG contribution because the operating costs have influenced the general situation because the contribution was higher. We had small and big TUI. We had portfolio provision for legal risk. And the additional provision for expected credit loss, cost model adjustments. We had dividend income. And there was the decision issued by the KNF. It was rather a recommendation, not a decision, regarding the insurance company. This is why the dividend level was lower. We also reported a restructuring provision in South Africa Consumer Bank. Net interest income was over $3 billion, and it was 4.3% lower year-on-year. Of course, this amount reflects negative influence of interest rate cuts and lower demand for credits during the pandemic time. After the first half of the year, net fee income was over 1 billion slots and was 1.2% lower, which stems from weaker transactionality of customers. Net total income at the end of June stood at 4.3 billion slots, and it went down by 6.4% year-on-year. Attributable profit in Santander Bank Post after the first six months was 476 million slots and was almost 50% lower year-on-year. In underlying terms, after excluding the above-mentioned factors that I have mentioned, the income was 17.1% lower year-on-year. Here, I would like to underline our very strong capital position, which materially exceeds all the regulatory requirements. Our T1 capital is at 16.81% and TCR at 18.76%. The capital surplus is over 10 billion slots for the group and over 11 billion slots for the bank. our liquidity position has materially improved in the second quarter, thanks to the increase in customer deposit balance sheet and lower NBP provision. As of the end of June 2020, our liquid assets stood at almost 57 billion slots, And out of this amount, $26.66 billion was the excess over the regulatory limit. Loans-to-deposit ratio was at 86% for the bank and 77% on the consumer bank. as of the end of June, was 208.7%, while the minimum threshold was 100%. Aurora is 7.1% in underlying terms, 10.2%, and Aurora at 0.8% in underlying terms, 1.1%. Now, slide number 11. I'd like to talk about responsible banking right now because this is a key element of our business strategy. We want to be fair towards our customers. We concentrated this strategy around two pillars. The first of them is Green Bank, which means sustainable investment. This is slide number 11. Here we are focusing on supporting the transition of the Polish energy system to zero emission. We want to continue specializing in ecological offer based on ESG. This year, we are concentrating on financial support for the extension of the renewable energy resources in Poland, and we have already completed some of the transactions in this area. We have co-financed one of the biggest solar projects in Poland. We also signed an agreement with Polenergia to finance a wind farm. So a lot of things are happening in this respect. The second pillar I have been mentioning is inclusive banking. We want to create an offer which suits diverse customers' needs, that facilitates access to services, supports customers of any kind, and promotes financial education addressed at different age groups, also the smallest ones, the youngest ones, and the seniors as well. We are running a couple of initiatives, and thanks to our educational project, Financiaki, we reached 47,000 people. Apart from that, we signed an agreement with the European Investment Bank for the new financing for the Polish SMA. This was the reaction to the crisis triggered by the pandemic. Slides. our customers in numbers 4.7 million customers who have access to internet and mobile banking 2.3 million active digital users that's up 8% year on year 1.6 million mobile banking users up 15% year on year We have a growing number of mobile transactions, 26 million, up 60% year-on-year. In the SME segment, we registered growth of 16% year-on-year in the number of customers, up to 414,000. Over 299,000 are digitally active customers, up 18% year-on-year. In the second quarter, we acquired 16,000 new business accounts, which translates into an increase of 24% versus the second quarter of 2019. In the SME segment, we already had 124,000 mobile users that carried out 2 million transactions in mobile banking. That is a very impressive growth of over 70%. In the corporate segment... Our customers use mobile solutions too. We have over 20,000 corporate customers that are digitally active. Let's move to the following slide. Despite the lockdown and lower customer activity, we introduced some new products and services into our offer. In e-banking, now parents can open an account for their young children below 13 years of age. We introduced a simplified overdraft application. We have Cantor Santander, that's Santander Exchange, a platform available 24-7, Santander Open, aggregation of accounts with other banks, and GCW Life Insurance. we implemented new digital services for sole traders who actively use electronic banking services, e-debt collection, e-indicatia, soft debt collection, e-factoring, exchange of sales invoices to cash, and e-agreements that free access to several dozen document templates. For corporate customers, we launched eFX modules, that's on the internet banking platform, an option for automatic verification of the paid account in the VAT payers list. And we also introduced strong customer verification, authentication for the purpose of user identification. They're very actively engaged in the digital world and expanding the array of services. Slide 15. We listen to our customer, we hear our customers, and together with them, we have prepared a range of initiatives that you can see in detail described on slide 15. Slide 16 with business highlights now. Accounts as I wanted are flagship products. We have 2 million holders. That's 38% more than a year back. balance of retail deposits at 7% year-on-year to 89.3 billion lots. In the first half of 2020, total net sales of funds managed by 500 TFI was negative due to the wave of redemptions in the investment fund market in March and April as a result of the pandemic. And you may know that corporate bond sub-funds sell the highest redemption In the remaining months, the CFI registered positive net sales and ranked third in the market in June and second in May. In June, net sales were highest in 2020 and reached $466 million. So we see a positive trend. And this is, of course, impacted by the low interest rate environment. And, of course, our attractive offer. In the second quarter, we saw a decrease in cash loan sales year on year. Sales in the second quarter was $1.3 billion. May and June saw a gradual increase in sales volumes of cash loans and insurance. We see a rising increase in sales through digital channels. The share in the second quarter of 2020 was as much as 36%. SME customers, some highlights, business loans, 5% year-on-year to $13.4 billion. Balance of business deposits up 65% to $21.3 billion. Acquisition of business accounts up 24%. As I've already mentioned, we acquired 16,000 new business accounts. Corporate customers. Income from factoring and guarantees up 10%. year-on-year. Number of FX transactions on the eFX platform up 7% year-on-year. New customer acquisition up 38% year-on-year. Deposit portfolio up 20% year-on-year. Total number of transactions in the second quarter down 6% due to lower customer activity, and that's due to the pandemic. However, in June, we recorded a growth of 3% year-on-year. Let us move to slide 18. Growth loan went up 2%. and reached over 148.5 billion at the end of June. At Santander by Polska in mortgage loans, we saw an increase of 4% year-on-year, that stable quarter-to-quarter. Mortgage loan portfolio in Swiss francs went down 9%. In PLN, that's stable because of the higher with bank rate, FX rate. Cash loans, we had the beginning of the quarter, I was weak, but it got better with time. SME loans, excluding leasing and factoring, we see a higher result by 3%. However, in corporate loans, we saw a decrease of 5% Comparing the first quarter to the second quarter, we see a clear decline in business loans. SCB total gross loans at 18 billion, that's flat year on year, slightly lower when compared quarter to quarter. SCB mortgage loans went down 4%. In Swiss franc mortgage loans down 9%, excluding the mortgage loans SCB loans went up slightly by 0.3%. Moving forward. Customer funds. Here we have almost 166 billion slots up by 11%. Assets under management went down year-on-year by 18%. However, in quarterly terms, they went up by 9%. I was mentioning the net sales of $466 million in June, so we have some positive effects, some positive rebound. Now, let us go to the slide number 20, net interest income and net interest margin. Net interest income at the end of June went down by 4.3% year-on-year and stood at 3 billion slots. This was impacted, among others, of course, by interest rate cuts, the pandemic, and the implementation of some aid solutions, including suspending and deferring the principal interest installment repayments. We were also adjusting our pricing offer to the market conditions, but there were some deferrals regarding to the mass dispatch of communication to customers regarding the changes in pricing. This required some time, so we can see the influence right now. And so this influence is visible on a net interest income. Net fee income went down by 9.3% quarter-on-quarter. Interest costs decreased by 27.5% quarter-on-quarter and 26.1% year-on-year. In the second quarter, the annualized quarterly net interest margin, we are annualizing that in quarterly terms, stood at 2.88% and was lower on the last quarter. when we reported 3.32%. Another factor that influenced net interest margin negatively was the reinvestment in bonds with lower yields. Let's move to the slide number 21, net fee income. In the first half of the year, this went down by 1.2% year-on-year, and by 9% quarter-on-quarter. This is over 1 billion slots. Here, we can see the influence of weaker transactionality among customers, which in turn translated into lower fee income in key lines. For instance, e-business payments decreased. account management and money transfers. Also, income from fees on distribution and asset management decreased. However, we reported a decent increase in income from brokerage services, up by 93% year-on-year and 14% quarter-on-quarter. We also reported an increase under insurance fees, up by 4% year-on-year. Credit fees went up by 2.6% due to the decrease on credit intermediation costs within the settlements between SEB and the partners and the agents network. Now, slide number 22. Total income was at 4.33 billion stocks, going down by 6.4% year-on-year. We had lower dividend income, as I have already mentioned that. This was related to the recommendation issued by the KNF for the insurance sector. Results for other financial instruments include a positive change of 3.3 million slots in the share value of Visa shares. We also had some profit from sales of Treasury bonds in the amount of 60.5 million slots. versus the amount of 49 million slots reported in the first half of 2019. Operating costs, operating expenses, slide 23. After the first half of the year, they went down 6.7%. They were under pressure. The administrative costs were under pressure from regulatory costs. and the provisions for legal risk. But administrative costs were down 12% in annual terms. As we saw lower costs in marketing and building maintenance and costs of external services. We implemented a series of savings initiatives within OPEC, such as For example, digitizing the correspondence to our customers is now down through the electronic communication channel. We are optimizing contracts with suppliers. In terms of capital expenditures, we are prioritizing initiatives and concentrating on accelerating digitization and on... simplifying processes so that they're fast and friendly to our customers. So we need to have a very selective approach when choosing our investments. Staff costs down significantly by 19% year on year. Because we have lower results, we see lower staff costs. There is a direct correlation between our performance and staff costs. Cost to income went up. It's now over 50%, and it's, of course, worse than what we saw in the first half of 2019. Let us move now to the provisions. That's in slide 24. In line with the expectations for the next provisions went up 53% to $947.2 million against $619.2 million in the same period, 2019. We all know what's behind this. that the higher credit risk in the sector affected most by the freeze of the economy, individual cases of spending deterioration and high downgrades to the non-performing portfolio, especially for cash loans and SMEs. And also another reason for the higher provisions is the biannual model reviews. as a result of which the applied parameters changed. One thing I want to draw your attention to is the additional charge made in the first half of 2020, amounting to 150 million zlot for expected credit loss. It is a post-model adjustment deriving from the uncertainty around COVID and the general economic situation in Poland. And at San Juan de la Bancosca, we decided to maintain this additional charge for expected credit loss raised in the first quarter. And in the second quarter, the higher provisions that you see are due to the additional charge of this kind at SCB. And this additional charge is $30 million that relates to SCB. Risk charge was 1.06%, and excluding the additional charge for expected credit loss, it was 0.95%. Coverage was 54.8%, so better than what we saw last year. Banking tax and regulatory cost. The costs are higher linked to BFG and KNF contributions. The total is $339 million. We also sold a small loan portfolio, but it had a negligible impact on our P&L. So we are now on the last slide before the attachment, slide 26, a summary. As you can see, especially looking at the figures for June, we are seeing signs of stability, not only in the macro environment, but also looking at our customers' activity. However, we don't know what's awaiting us in autumn. I am, however, optimistic. And we believe in the V-shaped scenario. The first macroeconomic indicators, readings, make us even more convinced that the rebound will be a V-shaped one. Looking at the figures for March, April, we saw a decrease, we saw a decline. Lower net interest income. We then had the interest rate cut by the MPC. We had the economic freeze. So lots of different elements. The verdict of the Court of the European Union We then had higher provisions. Our costs were largely affected by the regulatory and legal requirements. I want to underline, though, that we see a significant improvement here because that was very well managed. So we see lower net profit underlying by 17%, gross revenues lower by 5.1%, fee and interest income lower by 3.7%. After the first half of the year, the effective tax rate was 34.8%. Just to sum up, I want to say that we'll continue to support the economy, to continue to support our customers, in coming back to the new normal as soon as possible and to the new normal and to the best performance. Thank you very much. We'll now open the Q&A session. We have the questions coming in, so let me start. The first question regards the impact of the reimbursement of fees on net interest income and other lines. There was a question regarding WANUS as well. So I will start from that provision regarding the reimbursement of costs. There was no provision like that. When it comes to the second question, there was some WANUS. in the first quarter. In the second question, in the report, we can see the amount of 100 million. And we can say we know that both quarters were very untypical. So we still have to wait a little bit before we say whether these are recurring items or not. When it comes to the remaining questions, the majority of them concerns any potential guidance regarding net interest margin and risk charge. I will start from net interest margin. In fact, I would prefer talking about the phenomena and what we can see right now than to provide guidance for the second half of the year, because we have to put it bluntly, we are living in some unknown reality, so this will be very difficult to provide any guidance. This regards both the volumes and net interest margin. On the credit side, we have some unknowns. when it comes to the demand for credit in the upcoming month. We know that the demand for credit on the corporate side has weakened in the first half of the year due to some subsidies and aid, and this influenced the demand. The money could be used to repay the existing loans. So this is one aspect. I'd like to go to the next question right now regarding the credit volumes this year. I think that in total loans, this will be more than zero. On the other hand, we know that in the entire banking sector, we have a big over liquidity. And of course, with these interest rates, We do not have any margin. And taking into consideration the lower demand on the credit loans, we have, on the credit side, we have the reinvestment in assets at lower yields. And all this influences the situation. When it comes to the liabilities, of course, we have optimized our financing costs, but the full effects will be visible only in the second half of the year. Here, among the factors that influence the situation was the mass communication dispatch, which requires time, as we have said. There are also some maturities of term assets, facilities that will impact our spending. When it comes to the credit policy and pricing changes, we are not excluding some further changes. Risk charge now, whether it will be higher in the second half of the year. Well, the question is, the answer is we will see. But as I said before, with the uncertainty we see today and looking at the scale of the moratoria, it's difficult to give any guidance. We monitor the situation. We monitor the situation of the customer. The next few months will be very important when it comes to credit risk. But let's remember that What the CEO has said when talking about the provision, there are a few factors there that play an important role and we'll see whether they're here to stay or they're only temporary. We had the model review which changed the parameters. That had a role. We also saw some downgrades to the non-performing portfolios. And there are some sectors which are suffering more as a result of the pandemic. So we will see. Next question is about mortgage loan sales. It was weak in the second quarter. Are you more conservative than the market? Whether it was weak, well, that's a very subjective thing. Are we more conservative? I think we behave in a similar way. If I were to assess, we are less conservative to the customers that we know and more conservative to the ones that we do not know. What were the reasons for raising the Swiss franc provisions and what are your expectations for raising provisions for Swiss franc loans, of course. When it comes to the portfolio provision for the large suites, the verdict of the Court of Justice of the European Union, as you know, the value of provision is considered many factors. as at the end of 2019, that's when we raised the provision, and we said we will monitor the situation, we will monitor the line of verdict of the Polish court, and all the remaining factors attached there too. And as a result, in mid-year, we decided to increase the provision by 63 million, out of which 250 Two-thirds stand under Bank Post and one-third stand under Consumer Bank. We did not, in the note at the end of 2019, we did not give you any details behind that additional charge. But the changes were triggered by the number of, the expected number of lawsuits and the probability of winning the case and some projections when it comes to the ethics right there is another question related to the to the line of verdict of the Supreme Court here I would like to take this question there is the potential for that and of course everything depends on what direction the line of verdict takes because if it takes the direction mentioned in the justification for the ruling of the Supreme Court, where three judges said that there might be some appeal for the reimbursement of capital costs, we would like to have it in place. Currently, unfortunately, the situation remains unclear in all types of courts, also within the Supreme Court. So, in fact, now we are speculating about the future. We have 2,782 cases regarding indexated loans in the amount of 519 million slots. And these are the results for the entire group, both for the consumer and for the bank. At the past conference with journalists, I was saying that one of the indicators of the number of lawsuits are the inquiries regarding the balance sheet. When it comes to the balance inquiries and the number of actual lawsuits, there is a correlation, and this correlation remains stable. This is what we have observed recently. Okay, another question. There are several questions regarding cost. So I would like to comment on the decrease of staff costs in the guidance model for the future. So I'd like to address all these questions in one go. The cost discipline is being maintained all the time, especially right now. When it comes to synergies that we have been mentioning, we are still maintaining that. In the second quarter, we have lower staff costs, and this is also related to the weaker performance. And if this element, and we don't know yet whether this element remains in place, but regardless of what happens, both in terms of OPEX and CAPEX, we have been undertaking many initiatives that are aimed at cost optimization in the upcoming quarter. I hope that we will be operating like that at a great scale. You're asking for the information about our cost level in our new normal. I think that this is just too soon to speak about that. And even if the elements that we're talking about right now are not recurring in the upcoming year, I think that there may be some different ones that will impact our activity. Now we have the question... about the breakdown of credit that is covered with moratorium. I think that we have presented that on slide number five. The number of customers presented on slide number five. And, you know, I don't know whether there is some sense in talking about all these figures. I would just like to mention that in the report, In the capital lines, there is the information concerning capital adequacy. The report has been published on the website. In the report, there is the breakdown into 137,000 of customers. That represents 21.1 billion slots. And their reports present a detailed breakdown into households and other factors. I will not be talking about those specific elements right now. Because those of you who are interested may go to the detailed information. Another question. What is the portfolio at the branches now compared to the pre-COVID levels? Will that impact your decision to maybe optimize your branch network? The traffic at our branches reduced significantly at the beginning. We were fully available from the beginning. We only shut down very few branches due to some diagnosed COVID cases We also reduced the working hours of the branches, which was later exchanged. We also introduced the plexiglass and the protective measures for employees and our customers. We provided face masks and hand sanitizers. And, of course, maintained the social distancing rules. So the footfall was very low at the end of March, continued throughout April, but we saw a rebound towards the end of April. Customers came in. came back to our branches. Now we see maybe around 80% of the levels observed before the pandemic. We also introduced the new products and services and we moved some of the processes fully to online. So some customers do not need to visit our branches. They can do it from the comfort of their home in electronic banking. So we still monitor the traffic levels. You see that every year we have a reduced number of branches. So the process of optimizing the branch network, is a constant element of our strategy. It's really business as usual and not any special plan or program. We're changing our business model. We're becoming more modern, more digital. The processes are coherent. Those available online are also branch processes available at the branch. So We look at the specific data for the yields, the profitability. The omni-channel customers are those that generate most profitability, highest profitability. So that's my answer to your question. One more question. I had it somewhere. Let me find it. Can you tell us about the reasons behind the high provisions for lawsuits? As you know, apart from the portfolio provisions linked to the Swiss franc loans, we, on a regular basis, we raise provisions for individual cases We're fully transparent in our report and we report the number of cases, but we raise provisions also for individual credit risk. The amount was 34 million, out of which 23 is Santander Bank Polska and 11.4 is Santander Consumer Bank. We have a question whether we foresee any changes to the schedule of fees and charges. We continue to observe the market. I have read interviews with the CEOs who claim that banking for free of charge, that era is coming to an end. I don't agree with this, but we look closely at our competitors, at other banks, We follow third pricing policy rules. So we want to create value for our customers and then charge an adequate fee. So we are fully committed to this. We continue to monitor the market situation. I think that we have exhausted all the subjects that you wanted to talk about. There were many, many questions, in fact, but many of you asked the very same questions. I hope that we have addressed the curiosity, but if there are any questions remaining in your head, please don't hesitate to ask them. Thank you for participation today. And we hope to see you in person next time. Thank you.