Banco De Sabadell Sa Ord

Buenos días. Muchísimas gracias a todos los que estáis aquí presentes, tanto a los que sois de Madrid como a los que os habéis desplazado, y también a los que nos seguís por streaming, por vuestro interés en los resultados del tercer trimestre de 2025 de Banco Sabadell. Como habitualmente, primero el consejero delegado, César González Bueno, y el director financiero, Sergio Palavecino, harán una explicación de los resultados y después pasaremos al turno de preguntas. Cuando quieras, César.

¿Ya está? Pues no os habíais perdido nada. Buenos días a todos y vamos a ver los resultados del tercer trimestre. which are a positive evolution and we maintain the dynamism. I think that the great novelty of today is that there are no novelties, that what we are going to do is confirm that all the forecasts that had been given during the previous period, that they are still in force, that we are still on the line of fulfilling all that to which we had committed. And well, let's look a little back. I'm not going to bore you much, but let's look a little back with a little perspective. And the transformation and financial recovery of the bank have been very intense. And if you see the evolution, taking into account a figure that is quite significant, which is that of the ROTE, it has grown substantially until 2024. In 2025 we maintain our forecast of 14.5% and we maintain that of 16% for 2027. What does that mean? That during all this period, the bank has continued to advance, the bank has continued to progress, it has not stopped, despite having had such an intense OPA period that has lasted so many months. A reminder of the four keys of our investment case, of what we call our equity story, or what our purpose is. We are a bank focused on Spain. Spain is growing, it is an economy that is growing more than the rest of Europe. Our growth aims to gain some market share, segmented by products, but not in a radical way, as we have often said in a mature environment. It is very difficult, growing adequately in risk and in prices, to grow extraordinarily in market share. And, therefore, we will do it in a moderate way. But we will grow. We will continue with our solid execution trajectory. What does execution mean? It means the transformation of the bank. It is all related to digitalization, both in customer experience and in simplification of internal processes for greater efficiency and better quality of service. And one of our great axes is the remuneration to the shareholder, in which, I insist, the news of today is that there is no news and that we continue forward with a strong capacity to generate capital. Another reminder, and with this we are already finishing, I only have one more reminder, which is the plan we announced for the 25-27 that we announced in July of the 25. It seems that it has been a long time, but the truth is that it has been nothing. A margin of interest of 3,900 million, some commissions growing in an accumulated way to a medium digit, some total costs growing approximately to 3% during the coming years, a total risk cost of around 40 basic points and that break of 16% and the courtier one of 13%. And a remuneration that we announced then that it would be 6,300 million in this period, but just before, to give the last information before the offer period, we increased the return to the shareholder up to 6,450, which is more or less 40% of the stock market capitalization of the bank, And also, we reiterate our commitment that the dividend in cash per share of 25, 26 and 27 be greater or slightly greater than that of 24, which went up to 20.44 cents, if I'm not mistaken, Sergi. The dividend policy maintains 60% of dividend payments in cash and, well, until reaching that 13%, the rest may have a subsequent distribution. ...the extraordinary dividend for the sale of TSB of 2,500... ...and keep ourselves above that 13% of Courtier One... ...that produces us the tranquility that is conservative... ...and that allows us to face everything with tranquility. Key aspects now and so of the 3T... First of all, the commercial activity has continued to accelerate. If we look at the first nine months against the first nine months of the previous year, the living credit has grown by 8.1% and the customer resources by 7.8%, fundamentally driven, as we will see later, by the out-of-balance. If we go to the right, the quality of assets continues to improve, and we are already at a risk cost of 37 basic points, with a reduction of 18 basic points in the first nine months. Income in line with objectives. There is no novelty. Interest margin in line to reach the 3.600 million and commissions growing practically to half digit to 3.7% year over year. And then the remuneration to the shareholder that increases to the 1.450 million that we have already mentioned. And that second dividend to account in cash... of 7 cents that will be produced, and it is already approved by the Council, on December 29, 2025. This leads us to a 14.1% recurring loss, to a 13.7% of Q1, with an increase of 18 basic quarter-on-quarter points. Then we will also talk about what has been the growth Because here the provision of 60% of the benefits is already discounted for that distribution of the dividend in cash. We will also tell you how the capital has grown without doing that rest. And well, the book of credit continues to grow in Spain at 7.6, year over year, in other international businesses at 11, although at a constant rate they have grown to 14. And XTSB, this leads us to an 8.1 in euros. TSB, at a constant rate. with a decrease of 0.9%, but due to the devaluation of the pound with a decrease of 5.2% and this leads us to that total of 4.3% of the total growth of the living credit for the group. If we go to the right, to the customer resources, in balance ex-TSB we grow 5% year over year, out of balance 15.4%. And that brings us a total ex TSB of 7.8 to a constant type of 7.9. TSB again flat, but with a drop in euros due to the depreciation of the pound and what leads us to that 5.4 or 6.4 of growth if it is a constant type or a fixed type. The commercial activity is still strong, 26% growth in the first nine months in mortgages, in the production of mortgages. These are flows. You have to look, you have to probably focus more on what are the growth of sales, not But in any case, 26% in the first nine months. Consumption loans continue to grow strongly at 19%. Loans and loans to large companies, small decrease and small increase in PYMEs and large companies and circulating. If we continue with cards, healthy evolution of 6% in the first 9 months, and in point of sale terminals of 2%. And there is also an increase in invoicing, that is, what we have done has been to reduce those clients who had margins that were not enough. If we go down to the savings and investment products, You see that 4.800 million are growing. This corresponds to almost 8% of what we were talking about before. But when we see the composition, we see that there is a decrease. ...in balanced savings products, that is, deposits and something else... ...and a great growth in out-of-balance. And here it is important to note that the new net income is 5.300 million. The rest, 1.600 million, is due to the positive evolution of the market... ...which revalues those assets. And now, yes, we see the evolution of the variable stock, that is, of what grows, what we have in balance. In mortgages, year by year, a 5.6 grows, credit to consumption a 19, PYMEs and large companies a 6.2, public sector a 15 and other financing, although it has a smaller size, a 13 for a set of 7.6. If we look at Mexico, it grows healthy. There is also inflation there, 10.8% in euros, 12.7% in Mexican pesos. Miami, 7.5% in euros, 12.8% in dollars. And foreign offices, also a healthy growth of 17%. The international total grows to 11% and ex-TSB to 8%. And this is a reminder, also very relevant for analysts and investors, because here is where it is reflected in a simplified way what has been and what continues to be the strategy of the bank. We grow strong. but we reduce the probability of unpaid, that is, we improve the risk quality. This combined with an establishment of prices much more adjusted to risk, is what is producing that improvement in capital performance. And this strategy, which involves a lower risk cost, in relative terms, compared to what would have been otherwise, ...also means a smaller growth of credit marginally. That is why there is so much emphasis on the famous NII... ...and the Net Interest Income... ...and see its comparative evolution with others, etc. Well, here in our case and also... ...apart from other factors... ...a change of strategy. What does this lead to? To a much more resilient franchise. I don't know if many of you remember... ...how we were in the year 20... ...and the perception in the year 20... ...is that this was a great bank... but that it was going very well when things were going well and that it was going much less well when things were not going so well. That is to say, that we had a risk profile not sufficiently adjusted. And that was due, among other things, to the fact that our metrics and our objectives were more based on what was the top line of the result count, that is to say, the income, which is margin of interest, more commissions, and less focused on everything that followed afterwards. which is the capital cost and the risk cost and even the operating costs. Well, this transformation is producing a much greater generation of capital. 176 basic points, well, it is not more than a number, but it is almost two percentage points of capital generation. in nine months. And that, the truth is that it is a very powerful figure and it is what turns us into a bank that generates a lot of capital and that, therefore, distributes a lot of capital, which is one of the issues that, in principle, investors value more. TSB. We already saw the volumes before, quite flat, both in active and passive customers on the left. But if we look at the results, today the margin of interest is growing strongly. This is the famous caterpillar that continues to generate its function. In commissions, a reduction, but on a small basis, because it is a low-commission business. The total costs are a magnificent behavior due to the restructurations that occurred in previous years and the total provisions also with a clear fall. This means that the contribution to the group increases by 43.9%. in the first nine months of the year versus the first nine months of the previous year, and it brings us very satisfactory figures of profitability of 13.8, which is also a 13.8 considering that it has a Cortier One of 16.3. If this had been adjusted to a 13, obviously, in proportion, that mistake would be even greater. And a very relevant figure right now that we are already in the process of disinvestment of TSB, which is 104 million pounds, which is the growth of the tangible value. I don't know if you remember that the agreement is that there was a price set at the date of the agreement that would then increase due to the growth of that tangible value in books and that has been during this period of 104 million euros and therefore will be reflected and will be added to the final price of sale of TSB. Y resultados financieros, esto me parece que ya le toca a Sergio, por lo tanto me voy a sentar y te toca a ti. Muy bien.

Muchas gracias, César. Buenos días a todo el mundo y muchas gracias por venir a la presentación. Efectivamente, esta es la tabla con los resultados trimestrales comparados. En el trimestre, 414 millones. En los nueve primeros meses del año, 1,390, that means an increase of 7.3%. Remember that we account for the bank's tax differently last year than this. If we homogenize that accounting of the bank's tax, the increase would be 3%. Another comment I would like to make on this table is that we appear with a negative in the line of financial operations results of 26 million negative. That is because we are covering the totality of the price to be received by TSB. We cover the risk, the type of change. Como los tipos de interés de la libra son más altos que los del euro, esa cobertura tiene un coste que entra por esta línea de resultado por operaciones financieras. Son 15 millones que vamos a tener cada trimestre mientras tengamos esta cobertura. Pensamos que va a ser hasta el primer trimestre del año que viene incluido. Thank you very much. the main case. That said, we see a margin of interest that is stable in the quarter, as it was in the previous one, with a dynamic very similar to that of the previous quarter. As a headwind, that is, as an adverse, we have Clearly, the types of interest that have gone down and in our case it is a combination of both types of market interest and lower margins to focus on wallets with less risk. And in positive, we have the volumes and the savings in the majority financing costs. El margen de clientes se sitúa en el 2,91, retrocede 9 puntos básicos, y el margen total, 1,79, retrocede 6. Pensamos que a partir de ahora estos niveles van a estar mucho más estables, que el cuarto trimestre en margen puede ser un nivel parecido, pero que en 2026 con tipos estables y unos volúmenes creciendo, entonces el margen va a empezar a crecer. And that's why our guidance is 3.6 billion this year and 3.9 billion in 2027. En comisiones hay mucha afectación por el trimestre, que es un trimestre que tiene todo el periodo vacacional en medio, y entonces por eso ven que en el perímetro XTSB hay un retroceso de 4% trimestre contra trimestre. Pero cuando quitamos esa estacionalidad y comparamos los 9 primeros meses de este año con los 9 meses del año anterior, vemos que hay un crecimiento del 3,7%. The main driver of this growth continues to be the last block of the bar, the part of asset management and insurance, which is going very well and has a positive growing contribution. With this in mind, we maintain the objective of growing the commissions for this year around the middle digit. In costs, we would say that very good behavior in the cost line, they increase in the quarter, but here again, given the seasonality, it is more important to look at the whole of the year, a very flat increase of only 0.5%. En el cuarto trimestre esperamos un nuevo incremento de costes, pero nos va a dejar dentro de lo que esperábamos, es decir, un crecimiento de los costes que estará en el dígito bajo y que verán ustedes que compara especialmente bien con el resto de entidades financieras en España. La parte de coste del riesgo, pues una vez más, son las mejores noticias, la calidad de activos y todos estos esfuerzos en la transformación y en la estrategia que comentaba César antes. Pues aquí es donde se ve el resultado, el coste del riesgo de crédito en tan solo 21 puntos básicos en el perímetro XTSB. And the total in 37. We guide to 40 both for this year and for 2027. And here we could say that we are going a little better than what we guided and than what was expected. That is, good behavior. And that, once again, we see reflected with the balance metrics that, well, they do not stop composing themselves well, but the truth is that it is important to follow them. Specifically, the morosity ratio in the XCSB perimeter, this dotted line. Ha cerrado el trimestre en 2.75, una reducción de 6 puntos básicos con el trimestre anterior, pero si lo miramos con un poquito más de horizonte, nos vamos al año anterior, es prácticamente 100 puntos básicos de reducción del ratio de mora, por lo tanto, muy relevante. Se ve muy bien en la tabla de la derecha. in which the exposure to Stage 3, which is how it is called in English accounting, the morosity, there is a reduction of 1,000 million and practically 3,000 million in Stage 2, which is the one of special surveillance. Por lo tanto, todos los indicadores de que le da el riesgo mejorando y también el de los adjudicados. La cartera de adjudicados realmente está prácticamente en run-off. No hay casi entradas y vamos teniendo ventas. Hemos vendido el 20% de la cartera en los últimos 12 meses y lo hacemos con una pequeña ganancia del 11%. Moving on to the capital evolution, which will connect with the distributions and dividends. Again, a very good quarter in capital generation. The Z1 ratio is at 13.74, increasing 18 basic points in the quarter. And as you can see in the opening, with the current profitability, we are able to profit by dividing to 60% of payout and we are able to finance the growth of the loan portfolio that we are having. And also, the capital ends up growing, so that we are accumulating excess capital on the objective of 13%. Y ese exceso es lo que queremos reflejar en el gráfico de la parte derecha. Claro, la definición de exceso de capital para nosotros es todos los dividendos que llevamos acumulados. of avenged and unpaid, plus all the capital that exceeds 13%. The one that is already on September date, but here we also add in pro forma what will generate the sale of TSB, because TSB has been sold. It is only pending of regulatory authorizations, on which the truth is that we have little or no doubt. And then in a pro forma, the capital that we have already generated, over 13% of our goal is 3.7 billion euros. And that capital, therefore, we are very sure that we will be able to comply with the dividend distributions that we have promised. And the promised dividend distributions reach, in the horizon that comes, in the next six months, reach 3.6 billion euros. Como pueden ver en la página, hay un primer dividendo a cuenta que ya no lo contamos, que se pagó el 29 de agosto, hace un par de meses, está atrás, pertenece al ejercicio 25, pero ya no está en ese 3.600 porque ya está pagado. The one we are going to pay now is the second dividend on account, which will be paid on December 29th. And they will be 7 cents per share again, in total 350. And what is left for the 1,450 million announced distributions connected with the 25th, are 750 million additional. That, in January, when we have the exercise closed, will be the council who decides which is the best way to distribute it, possibly combining, dividing cash with a new program of rebuying of shares. Y luego, lo que comentábamos, en cuanto se cierre la venta de TSB, en cuanto se hayan obtenido esas autorizaciones, el último día del mes siguiente se pagará este gran dividendo de 50 céntimos por acción que totaliza 2.500 millones de euros. Y con esto, César, yo creo que si quieres...

We move on to the conclusions. This is just a transparency. And basically it is to say that we are still in line to achieve the objectives of the 25. In all lines, margin of interest, we continue to point to the 3.600 million, commissions. to a medium digit, total costs to a low digit, total risk cost to 40 basic points, and this would lead us to a 14.5% loss and to the 1.450 million distribution of remuneration to the shareholders, which is the only one that does improve, but improved already in the last version that we produced in September just before the closure of the exchange period. With this, we move on to questions.

Muy bien, pues si os parece empezamos por aquí por la sala y a continuación pasaremos al streaming, que ya podéis ir levantando la mano si queréis en el chat. Pablo.

Hello, Pablo Allende, Salazar from El Periódico. I had three questions about the capital margin that you have to meet the remuneration objectives in the short term and in the medium term. I was wondering if you are going to continue to raise the distribution forecast to shareholders as you have done during the OPA in the coming quarters. Or if you are going to follow an approach, I don't know if I should say more prudent, I imagine you will say that the previous one was also prudent, but if you are going to reserve more capital for other purposes, for the growth of the business, how do you deal with that? Secondly, the last weeks of the OPA process before the closure were perhaps a bit aggressive by the two entities and I would like to ask you what you think of the reaction of the BBVA after the result of the OPA, the press conference and the messages that were sent to the closure. And finally, the result until September has been a little below the forecasts of the consensus of analysts, it seems that there are certain doubts about the margin of interest, the stock market is falling. I would like to know what you think, whether the benefit has been a little below what was expected by the consensus, as well as the reaction of the analysts, if you think there were excessive expectations.

Thank you. Phenomenal. Let's see, what is clear is that we have already exceeded, in the first nine months of the year, the necessary capital generation to meet the goals of return to the shareholder to which we have committed. It is also true that in the fourth quarter capital will continue to be generated at a slightly lower rate, due to issues of stagnation and for a number of reasons, In other words, there will be an excess in the generation of capital regarding the distribution commitment that has been assumed by the bank. The second part of the question has no answer and will only have it when the January Council closes with the results closed of exercise 25 and the Council decides two things. First, how much capital it distributes and from that capital that distributes, in principle, how much is en efectivo adicional y cuánto podría ser recompra de acciones y por lo tanto en este momento no le puedo contestar porque es una decisión que corresponde al consejo y que tomará una vez que tenga toda la información una vez cerrado los resultados a título personal le diré que la reacción del bbva me pareció muy buena me pareció muy healthy and I thought it was very correct and that they, like us, have already put all their gaze on the future. The OPA is a closed chapter. Regarding the results below the expectations and the fall, well, the truth is that we have seen that lately everyone, although it announces good results, falls. There are times when that dynamic is created. And why is that? Because expectations are still higher. That is, in the last week we had risen more than 6%. Therefore, a correction is perfectly reasonable. What I think is worth mentioning is that we are well above the closing price of October 10, 2025, which was 3.16. And today we are clearly above that price. I think there is a topic, and we have mentioned it before in the meeting of analysts, that it is difficult to incorporate that transformation of the business model that everyone agrees on, which is being extraordinarily positive, and disconnect it of a marginally lower growth in the line of interest, when it is the result of a decided, voluntary strategy, and I think executed with success. Therefore, fluctuations of a day, we have said it many times, fluctuations of a day do not make the way.

Here, Iván. If you could introduce yourself and say the name of your medium.

Iván Gutiérrez from TV3, once the hostile OPA has ended, all these months have been a great economic effort by the two entities. I would like to ask you about El Sabadell, if they have quantified what cost it has had and, in some way, now in the face of the medium term, how will they avoid that this situation can repeat itself, if they are going to try to buy another bank to be bigger, or how could they avoid that this is repeated? Thank you.

Well, we obviously have the quantification, obviously we don't share it either. It seems to us that it is not information that is relevant for the future and the management of the bank. What we have shared is that everything is already in previous trimesters provided or paid. and that the only thing left for the fourth quarter is that delivery of 300 shares to each of the people who work at the Sabadell bank. That will be accounted for in the fourth quarter, but despite everything, we maintain our guidance, both with those who are already incorporated into our accounting in previous quarters, como con lo que queda pendiente para el cuarto trimestre que seguimos comprometidos con nuestra guía en costes y que la cumpliremos respecto a la segunda pregunta bueno yo creo que Lo hemos dicho muchas veces. No hay, en principio, ninguna perspectiva de que pueda haber otro intento por parte de nadie por una sencilla razón, que es que los tres grandes bancos en España, que son los que tendrían tamaño y los que tendrían sinergias más importantes, pues tienen ya un tamaño... that is sufficient, let me leave it in these terms, and that an increase in size could raise issues such as those raised by the previous transaction of issues of competence. And how are we going to avoid it? Well, not necessarily doing anything different from what we are doing. That is, it is not necessary... ni incurrir en operaciones corporativas, que además, y lo hemos dicho mil veces y siento ser tan repetitivo, que podrían tener perfecto sentido, pero que no se van a producir en un plazo previsible o en un horizonte previsible. ¿Por qué? Pues porque todo el mundo está cumpliendo con sus objetivos, generando capital, satisfecho con su estrategia, conforme con su perímetro, etc. Y por lo tanto, no van a ocurrir. Si se ha demostrado We have a hard core, which is the 40% of minority shareholders, that 30% of shareholders who at the same time are clients. A core harder than that is difficult and we refer to the tests of what the result of the OPA has been.

Nico.

Hello, yes, thank you. Nicolás Méndez Arríez from Expansión. I had a couple of questions. On the one hand, well, after so many months of dedication, practically, I don't know if exclusive, but very intense dedication to the OPA, you have to go back to business as usual. I don't know if you have any kind of plan, the bank's dome, precisely to make this transition or is it something that... which is done from one day to the next. Then, I also had to ask about shareholders. You mentioned 40% of minority shareholders. They were saving that data for many months. I don't know if you could give us an updated data, once the OPA has finished, of how the way of shareholding has changed in the last few weeks. And I also had a question about Mexico. ¿Cómo está la situación de la banca minorista allí? Me lanzaron hace, creo que ya dos años, ¿no? O un año y pico, un banco digital minorista. No sé si nos podría decir un poco cómo está la cosa allí. Gracias.

Muchas gracias. Bueno, la verdad es que veo a gran parte de lo que usted llama la cúpula del banco aquí delante. Y la verdad es que han estado dedicados fundamentalmente a la gestión del banco. Y todos lo hemos estado. Y la prueba es que el desarrollo... And the continuation of the transformation, and I think that is very remarkable, has been very clear during the period of the OPA. That is, we have not been distracted, we continue to grow, we continue to maintain our commitments, we continue to comply on all fronts. And therefore... Well, there is not much change. Yes, we will continue to persevere in that transformation that has not finished. It is very advanced, but it still has a long way to go in terms of continuing to improve our metrics, in terms of continuing to improve all the elements in decision quality, in terms of continuing to improve the whole issue of digitization, which is very complete. in the private sector, but we still have the launch of a new web, and we still have important developments. But also, all that experience acquired, we are transferring it to small and medium-sized companies, also with a much greater digitalization, and that continues its course. And all these digitalization processes are not only for clients and customer experience, for customer capture and customer service through digital channels, but they are also for simplification of internal procedures. And that has two extraordinarily benign factors. One, the best customer experience, even when they are processes that are not directly related to direct channels. And another, the increase in efficiency to be able to continue maintaining costs controlled. And therefore, more and better than the same, we were in a deep transformation process and we continue to persevere in that deep transformation process that is not finished. As for the change of the shareholding, nothing remarkable in the last few weeks. No, in fact, it is quite stable. That's why I say that it has not changed, it has remained as it was. And then, the minority bank in Mexico. We launched three years ago, or two and a half years ago. One, how many? Almost three, right? We launched a digital project, we launched it very carefully, absolutely digital, with very low costs and we have found ourselves with a growing competition in the digital world in Mexico by important players and some are well known and with operations that probably the prices paid to customers did not justify following that line and then we have left it The Mexican franchise is clearly improving, both in terms of costs and volume. We saw before that there was a growth of 12% in Mexican weight. and with very good risk levels, so it is a franchise that is still improving, but the level of ambition in the passive-minority capture part is, so to speak, suspended, waiting to see if the market evolves towards more stable points. Jorge.

Yes, Jorge Zuloaga from Bloomberg.

I messed up.

Sorry, Oscar.

He didn't hear you.

Yes, he didn't hear me. I wanted to ask you about all the noise that has been happening about the formation of a hard core in the bank, the noise that has been happening. So I want to ask you if you would like to have a more solid hard core and in a letter from the Magi, how would you like that hard core to be? More Catalan like the one there was, of strategic partners, some foreign entity? I also wanted to ask you how has been the return to normality with David Martínez? And the last thing you said about Mexico, the frozen bank, what do you think about it? I don't know if this means that at some point, because you're seeing the competition, but the revolution has just started. Nubank was very strong, the revolution has just started, the competition seems to be going more. In a scenario like this, if the competition goes more, what would you do? Sell it? Leave it on standby indefinitely? Or what? Thank you very much.

Muchas gracias. Vamos a ver, esos ruidos del núcleo duro me parece que los están generando ustedes. Entonces, cuéntenos ustedes sobre qué intenciones o deseos tenemos el núcleo duro. Yo, el núcleo duro que tenemos de ese 30% de accionistas clientes más otro 10% de... David Martínez continues as an advisor and as an shareholder in a normal situation. There are differences in criteria at certain times. We are all mature and professional and, therefore, the investment strategy of Mr. Martínez will have to be decided by him. At the moment, he has not notified us of anything and we continue with absolute normality in his double position of advisor and shareholder. And in Mexico, let's see, Mexico, the base of our franchise is corporate banking and investment. Every day is better. We also have a part of penetration in the more PYMES market that is working very well, that grows, that every day is more profitable, that also contributes some passive in relatively cheaper terms and, therefore, More and better than the same and we continue on that path. What we are not going to do is, as if we consider that it could be done at some point, an aggressive expansion in the world of retail and the capture of passive retail.

There, Miguel Ángel.

There I am left.

Yes, Miguel Ángel Valero from Dinero Seguro. I'm going to ask you about the reduction of provisions. If I'm not mistaken, it's the bank that has so far presented results that has reduced provisions the most. They have all the rights in the world. They have lower morosity, they have fewer problematic assets and they have improved the risk profile. But macro experts are warning that there will be a deterioration of the solvency, especially of companies. And then, one thing about the TCB has not been clear to me. With the growth of the tangible value, right now, how much more would Santander pay?

Very well, I'll leave the second one to Sergi. Let's see, the provisions is a procedure that is very taxed and that is very audited. And then it depends on the risk of your portfolio. And it depends on your accrued assets, if you have sold them or not, which, as Sergi said, because we have sold them with even a plus value of 20% of the same with a plus value of 11%. And then it is absolutely taxed. It is also very clear that our entire new business entry has a probability of unpaid, which is something statistical, which is calculated a priori, based on the previous experience, that it has reduced by 50% in the last nine months compared to the year 2023. That is to say that our portfolio continues to improve. This is a matter of strategy. As I said at the beginning during the presentation, I think that one of the weaknesses that the Sabadell Bank had to go through in 2020 was that in a crisis we had a very high position of income but also of very high risk. What we have done has been to vaccinate the bank. We have vaccinated it, substantially changing the quality of credit cards in all segments, in corporate investment banks, in PYMES, in particular, and within that, in each of the products. And that is why the behavior of our provisions and the evolution of our morosity, which is an objective data, pues sigue una tendencia más favorable que la de nuestro entorno, simplemente porque obedece a una estrategia que se ha ejecutado y se ha ejecutado con éxito.

¿Y de TSB? And from there, all the tangible wealth accumulated by the entity is added to the closing. Six months have passed and it has increased to 104 million pounds. Therefore, the price, if the closure had been on September 30, it would have been 2,704 pounds. As we estimate the closure in March next year, what we always said is that it would be around 200 million, a little more than 200 million, what we would add. And the truth is that at the moment everything is very in line with what we had planned.

Eduardo.

Yes, I'm Eduardo Magallon from La Vanguardia. I wanted to ask you, I've seen that the results, if we count Spain, from the XTSB part, go up by 2%. I think that those of the BBVA in Spain went up by around 10%. I would like to know why you think that they have had a worse behavior in Spain in terms of the benefits of what they have had, if it is perhaps because they were affected more by the OPA or less, or if it is because of the costs that Iván was asking. The second question, I would like to know about your future, that is, I know that the other time when you were talking with the BBVA, well, Well, there were changes, they brought you, they brought the councilor-delegate, the president took a step to the side, they put the sale of TSD, and instead now there is nothing, right? It's just continuity. So I don't know for how long you think you can maintain this strategy of not doing, of maintaining the same plan. And finally, I would like to know if you are considering returning the series to Alicante once the OPA is over.

It would be your wish, I interpret, Mr. Magallón. No? Let's see, the evolution of our results, we insist, are absolutely aligned with our projections and we validate absolutely all the guidance that we had given so far. The readings of the variations, I think we have explained them in depth, both in the line of Nayai, as the line of provisions, as the line of costs, as in all the lines. I think that, to the second question, I think that at this moment there is no intention of making big changes, at least from the council they have not communicated anything to me, and I think that we continue as we are.

Serafí.

Hello, good morning, Serafí, from El Arco del Día.

Ah, sorry, and about the headquarters, no, we'll stay on Saturday.

We'll stay on Saturday.

I wanted to ask about the policy of the bank in relation to mortgages. Recently, the banks, other Spanish entities of their competition, have adjusted the prices and some colleagues, their directors, advocate for ending this aggressive competition and I wanted to know your policy in this sense. Thank you.

Muchas gracias. Vamos a ver, nuestra cuota sigue estable, sigue alrededor del 7%. No estamos ganando cuota, no estamos perdiendo cuota. Estamos en ese sentido, con independencia de lo que diga cada uno, pues estamos siguiendo nuestro ritmo. Lo que sí que hemos cambiado de una forma radical y progresiva ha sido nuestra forma de establecer la valoración del riesgo de las hipotecas y de valorar la rentabilidad de las hipotecas. Nuestras hipotecas las valoramos una a una y las valoramos con todo el conjunto de elementos que nos permiten estimar el RAROC de esas hipotecas y el RAROC de las hipotecas que estamos produciendo está clarísimamente por encima del coste de capital. And what happens is that we put in those metrics, we put the substantial elements, that is, we also put, well, it is bona fide if it has a insurance, it is bona fide if it has another type of contract. We also value the rest of the elements that the mortgage provides. Las hipotecas que estamos produciendo durante su vida útil, esperada, sí tienen una rentabilidad positiva. Es cierto que los costes se afrontan sobre todo al principio. Es decir, tiene un impacto, una alta producción de hipotecas no tiene un impacto positivo en la cuenta de resultados el primer año, tampoco el segundo. But in the third, fourth and following, yes. And therefore, if the metrics are applied correctly, the mortgages that we are producing are above the capital cost. And in that sense, some of them we lose, and we lose them by price, and others we win. And it depends on each one how he applies those metrics. I think it is good that there is a general reconsideration by the sector of whether the prices are being too aggressive or not. But in our case, I already tell you that they are within the thresholds of profitability that correspond to our appetite.

Oscar.

Hello, Oscar Jiménez, from Confidencial. I wanted to ask, on the one hand, about the fall in margins, if they are close to the inflection point or if there are still a few months of fall and if this evolution of margins is in line with... with the strategic plan, with the figure that is expected to arrive. Then, on the other hand, during the OPA, they have been regularly reviewing the forecast of dividends for the rise, with the excess of capital, to know if that is going to continue to be so, a priori, in the strategic plan, or if part of that excess of capital that is being generated could be used to to grow and then on the other hand this I don't know if at the beginning with a question about the tension of the end of the opa because that I have lost it if I repeat I am sorry but it is to ask if he has spoken personally with Carlos Torres in these weeks for for the situation to normalize let's say between you thank you

Very good. Margin fall? Yes, the margin fall is common to the entire sector. Our 9 basic points challenge, the client's one, is located in 2.91. What we expect for the next quarter is perhaps some small adjustment, but it will certainly be less, some basic point. And from there we see it stable next year. And in the director's plan, we have guided a customer margin of 300 basic points in 2027. That is, our expectation is that for 2027, recover those basic points based on a little bit of the investment mix and also the expectation of the evolution of Euribor forward.

Respecto a la revisión de dividendos al alza, si continuará en el futuro o no, pues la verdad es que dependerá de los resultados. Ahora mismo, con el cumplimiento de nuestro plan, pues deberíamos cumplir con esos 6.450 millones y esa es la previsión que tenemos hoy en día. Ya decíamos al principio... ...that in terms of capital generation... ...we are above expectations this year... ...and we don't know... ...what the council will decide... ...if it will decide... ...to distribute that excess... ...in the short term... ...or if it will decide not to do it... ...but in any case... ...I think we are more or less in line... ...and it depends on the future evolution... ...if our results are better... ...then it is possible that that happens... ...but at this moment... ...our guide... sigue inalterada a los 6.450 millones. La verdad es que no suelo contestar estas cuestiones, la última, las muy particulares, pero yo le diría que las relaciones personales no se deterioraron nunca durante la OPA. Otra cosa es que, bueno, pues que haya, como es lógico, que cada uno defienda su posición y que haya posturas distintas. Y lo único que puedo decir es que le mandé un comentario a friendly WhatsApp to Carlos Torres and he answered me with a friendly WhatsApp at the end of the APA.

Alejandro Montoro is there. I don't think you're going to see him because he's got his atrium in the middle.

Hello, Alejandro Montoro from Expansión. I had three questions. The first one is about Marc Armengol. I don't know if the new position that he could have in the company has been decided or if I have transmitted his will to follow or leave the company. Next, with TSB, this quarter he has contributed more than 200 million euros to the results account and my question is in the future? What leverage does Abadel have to compensate for those 200 million that are going to stop coming in? And if they trust so much in the performance that they can have here in Spain. And finally, if they could contribute some detail about the new conditions of the renegotiation with Nexi, about the sale of Paycom, I don't know if they could give a brushstroke of this. Thank you very much.

Very good. I'll let you be the second and I'll take the first and the third. Marc Armengol is a first-year professional. And we continue to have, because obviously he is still part of the team, until the transaction is perfected, we continue in an absolutely fluid dialogue. It will be he who decides, together with Santander and with us, what his future is. The only thing I can tell him, and I say that with a big mouth, that here he has the doors open side by side, because he is a professional like the cup of a pine. If he finds that he has a more attractive future in another situation, it will be only his decision. And whatever it is, we will respect it. We would like it to return, but it will be his decision.

Yes, and the contribution of TSB, to be specific, in the quarter is 70 million, and in the whole year, effectively, it is above the 200 that you mentioned, Alejandro. So, well, the substitution forward, well, it is interesting, because the truth is that it is an important contribution, On the other hand, we are saying that we hope to maintain the dividend per share that there was last year. To maintain the dividend per share that there was last year, we believe two things. We believe that the profitability in the perimeter of Spain is going to increase. The increase is from this break around 2014, in which we are, to a break from 2016 to 2017. We also believe that there will be a certain reduction in the number of shares from here to then. And, on the other hand, we should not forget that the shareholders will receive 2.500 million euros, that is, 50 cents. If they dedicate that dividend to reinvesting in bank shares... And if you let me finish, Sergi, let's see.

It has been a very good operation. For us and for the Santander Bank. The Santander Bank has much more capacity to take TSB to the next level than we had. What we did between 2015 and 2025 in those 10 years, we doubled what we had invested, we recovered twice as much. Although for a long time it seemed that it had not been a successful investment, in the end it was. There was an expansion of capital in which money was requested from shareholders for the purchase of TSB. And now, once TSB is sold, that amount is returned with increases in the form of dividends. It has been a magnificent operation for everyone, at the right time, with the right price and with the right execution. Respecto a la situación con Nexi, yo creo que está clarísimo. Las circunstancias que había hace 17 meses, cuando llegamos al acuerdo inicial con Nexi, que estaba a punto de implantarse y que se quedó en suspenso simplemente por el tema de la OPA, pues las circunstancias del mercado han cambiado de forma... radical and what we have we continue to have a magnificent relationship and what we have decided is without any type of pressure and without a specific deadline to explore if there is any alternative that does not necessarily have to be similar or equal to the one that was proposed at that time of collaboration They are still a great player and they are still very interested in Spain and we like their knowledge and therefore we will continue to talk and something may or may not happen, but of course it would not be in the same terms of the original operation because the circumstances have changed and now there is no formal commitment from either side.

Hello, Alberto Ortin from Economía Digital. The regulation of the Sabadell Board of Directors says that, among other factors, the councilors will cease when their stay in the council can put the interests of society at risk. I would like to ask you if you do not believe that the position of Martínez has put the interests of society at risk, if they are going to take to the board their cessation. Another question has nothing to do with Duro Felguera. The company is on the verge of collapse and Sabadell is one of its main creditor banks. What is Sabadell's commitment to Duro Felguera and is it possible to avoid bankruptcy?

I repeat what I said before. I think that shareholders and advisers have the right to express their opinions and exercise their freedom as they please. That is what Mr. Martínez did. Mr. Martínez is still an adviser. and at this moment he is still an shareholder. If that changes in the future, it will be mainly due to a decision of Mr. Martínez. I believe that the bank has no intention of having any specific action in this regard. Durofelguera, we have it 100% provided, that credit position, Carlos is here, not Carlos, but it is 100% provided, and therefore we will see what is the evolution of the circumstances, but it is not an easy situation.

Yes, hello, good morning, here, Jesús Aguado de Roy. Jesús, there. Yes. In the context of Alejandro's question about the contribution of TIS via the results account, and the explanation you gave, which is true, the number of shares and the payment of 2,500 in dividends, I don't know if I understood your question correctly, because if I haven't made bad calculations, the 242 million is 18.5 out of the 1,300, almost 20% of what it has contributed. My question is if you don't see, or the market seems to be asking if it needs a kind of substitution in terms of the business, the contribution of business, where the income comes from, apart from being limited to Spain, right? That now the bank has become more circumscribed to Spain. So, I don't know if you can make some conclusion there. I would appreciate it.

I leave it to Sergi to complete it. Let's see. I think this is a more press question than an investor one. Investors are absolutely satisfied with the operation. They think that the operation, as it will generate more value, will be managed by Santander due to the synergies of costs and income that they will have in UCA. And what we have done has been simplifying, distributing in some way that increase in value that can be originated by a transaction like this and distribute it between Sabadell and Santander. And therefore it is a good operation. You say, hey, the bank is a little smaller. Well, it's a little smaller, but it's also much bigger than others and it's also much smaller than others. This is that new... It's a new position, but it's an operation that contributes to the generation of value. And there are the 2.500 million, which is what it means, and then, well, everything we're explaining, which is that we're able to compensate the dividend per share based on the growth of the results in Spain and based on the reduction of the number of shares. Therefore, well, let me complete, Sergi.

No, no, nothing else.

I think it's centered.

Here to our left, Eduardo. Thank you.

Eduardo Segovia, OK Diario. Well, I've been asked the question of who is going to replace David Martínez, so I won't do it. And I wanted to insist on Duro Felguera and link it to something else. Duro Felguera has a 100% provisional because they have accepted a 100% cut from their position to try to save the company, which is not clear that it will be saved. So what I would like to save is if that same logic of accepting to lose everything we had, in a company to try to save themselves, it will be applied in other cases. And I'm talking specifically about the one of Talgo. Talgo does not need a refund, but it needs a refinancing. It is one of the conditions that the SEPI has put for the rescue plan that they have in the company. And it is up to you if you refinance it or not in the conditions that the SEPI says. So I would like to know if you are going to apply the same logic as Durofelguera.

Thank you. And the only thing I can answer is that we are not talking about specific client situations.

But as a general principle?

As a general principle, we do in each situation what we find most appropriate for the interests of the bank and for the interests of our clients. We try to combine them in the most reasonable way possible. And so we do in each case. Whether we get it right or not, so we do in each case.

Elena. Thank you. Elena Parra from Europapress. You mentioned in the analysts' conference that there has been a slowdown or fewer customers have been caught by the BBVA OPA, due to the uncertainty it was generating. I would like to know if you have anything else to say. And the figures, you have been looking for them and you haven't found them, both based on customers and changes in the new capture. And then also regarding Nexi, I don't know exactly what their perspectives are, their objectives. I don't know if they want to ask for more prices, if they want to change the percentage they want to sell, or if they simply want to keep it because the payment business sees that there is a good perspective. Thank you very much.

Muchas gracias. Vamos a ver, no damos nunca cifras de clientes. Esto depende de cada entidad. A nosotros nos parece que son cifras que son muy sujetas a interpretaciones y la definición de cliente que utiliza cada entidad es distinta. Some use first and second titles, others use different levels of linkages and, therefore, to maintain a certain privacy of our strategy, we have never shared and the truth is that we do not intend to share customer figures. What we have said, because it seemed to us that it was useful as a clarification in the presentation to analysts and investors, is that, regarding our objectives, we have remained 25% below, in capture, and that necessarily has an impact on the capture of the passive, y el pasivo es rentable y, por lo tanto, ha sido uno de los efectos en la parte de Nayay que esperamos que desaparezca a futuro. Evidentemente, a este trimestre le afecta también en una parte, prácticamente medio, porque esto se ha producido a mediados de octubre, hasta mediados de octubre y estamos viendo ya que otra vez volvemos a esos niveles mejores de captación de clientes. Si me permite una reflexión, me parece sorprendente that only 25% has fallen. With the indeterminacy, with the doubts, being a client of an entity that had doubts about its continuity, it seems to me that it has been very meritorious. And this has affected both individuals, as well as PYMES, as well as a series of things, and therefore, well, this can be seen as the glass half full, half empty. We see it with optimism, because what we are seeing is that, well, that which has been an impact, not too important during the period of the OPA, but that it has had a small impact, well, that in the future, logically, and we are seeing it now, it will only improve.

Nexi, no?

Nexi, otra vez. ¿Me prometéis que es la última de Nexi? No, tú no me lo puedes prometer. Vamos a ver, es que no podemos decir nada más porque es que además no hay nada más. Es decir, volvemos a la conversación con la cabeza abierta y con un planteamiento de oye podemos encontrar un punto que sea de interés para las dos partes o no esas conversaciones no se han iniciado todavía y cuando se inician veremos si llegan a buen puerto o no yo lo que sí que me atrevo a aventurar is that it probably does not have the same structure, it does not have the same content, it may not have the same perimeter. That is, we start, to a certain extent, from scratch, but we also start from a situation of mutual trust and appreciation. And, therefore, if we find a point that can be interesting for both parties, we will do it, and if not, we will not do it.

Alberto.

I had two questions. The first one is about the minority activists that you mentioned. If you consider them as a kind of hard core, especially now that after the OPA they are more organized and so on, The bank is considering, I don't know if reformulating, making it more dynamic, bringing the relationship closer to these profiles, precisely if they have been tested as a kind of shield for this type of offensives. And on the other hand, I wanted to ask you about the credit company segment, especially the one of Pymes. The rest of the state banks have... Not only have they declared accelerations in this segment, but they have also celebrated it a lot and have put a lot of focus on it. I don't know if they detect that there is a greater competence for this type of perfidies and if they attach it to the OPA and the opportunities that could be seen during the process, or if there is something else that justifies that there are other banks that are attacking a space that is so close to Sabadell. Thank you.

Let's see, I think so, that we have realized, we always knew, but that during these months we have had such an intense relationship with our shareholders, clients, minorities, and it has been extraordinarily satisfactory. And we have made the firm purpose of maintaining those links that have intensified necessarily during the OPA. And the answer is yes. Regarding credit to companies, let's see, I think that here in our strategic plan we have made it meridianly clear that we want to earn marginally. Quota en este segmento una de cada dos pymes y lo hemos repetido hasta la saciedad es cliente del banco sabadell sin embargo nuestra cuota de mercado podría ser más elevada más elevada y ahí hay un proyecto interno de ir captando mayor cuota de mercado de los clientes que ya son clientes de banco sabadell que tiene una antigüedad media con nosotros de of about 15 years old, Carlos Ventura tells me, and that we know them very well, that they know us very well. One of the transformations of the bank is that before we knew them well but we had less confidence in our credit evaluation criteria. So we had something less leadership in those relationships. And nothing is black or white, but in relative terms we are betting on having greater relevance and being more leaders in those relationships with those clients that we know very well and that we also now have some metrics ...of risk assessment, of profitability estimation... ...much better, and therefore we have the confidence in ourselves... ...to earn quota, what is called share of wallet... ...quota of their portfolio in those clients... ...and that is what should mainly lead us to have... ...something more of quota in that segment. It is a very competitive segment, it is true, but they are all... And I have always said that strategically it is the segment with more protection and with more barriers of entry. It is where the big digital players arrive less, the specialists in payments. Here it is a very broad, complex relationship. with a lot of product, with a lot of adaptation to the needs of the client, very close to the ground, very familiar with its specificities and therefore it has what is called in strategy and in competition barriers of entry, it is difficult to enter and we are within that large segment, which is as we say internally, it is the jewel of the crown and there we aspire to grow a little above our current market share. ¿Estás de acuerdo, Carlos? Pues lo hemos decidido juntos.

Laura, allí a la derecha, al final.

¿Qué tal? No me veis tampoco, creo. Laura de la Quintana del Mundo. Buenas, buenos días. Yo tenía varias preguntas. Por seguir con el tema de las pymes, igual que han dicho que mantienen cuota en hipotecas, me gustaría saber si viendo el... There is little growth in the credit to companies and PYMEs, they have lost market share, and if this were the case, do you think it has been in favor of another Catalan entity by excellence, like CaixaBank, with all the background noise of the OPA? On the other hand, they have talked about growth in the BPA that they expect to get part, or yes, well, percentage, also taking into account the buybacks that they expect to carry out. I don't know if they could tell us how much they expect to buy back from shares and if these buybacks of shares are going to be made on the 6,400 million already announced, always starting in the future from the last mega dividend that they are going to give of 2,500 million euros, that is, the money that is left to be paid if that money is going to be used to buy shares. And then they have said that the number of shareholders remains stable with respect to the past trimesters, but the reality is that we do not know the number of shareholders, if I remember correctly, since June 24, which was above 190,000. I do not know if they can give us some clarity on whether they have won, have lost, are in these figures, exceed 200,000 or, nevertheless, if they have plummeted and 440,000 people have fled in the Laos process. Thank you.

Thank you very much which also includes cancellations, that is, it seems that there is less rotation, but there is a net growth of 6.2% interannually. And we understand that the market rates come with a certain delay, but our interpretation, and with the figures we have so far, is that they are a slight gain in market rates. ¿Cuántos serán los buybacks? Pues yo creo que lo hemos contestado antes. Lo que hemos dicho es que de los 750 millones a los que nos hemos comprometido adicionales a los 350 millones de pago en efectivo que se realizarán el 29 de diciembre, que de esos 750... will have to determine the advice, first, if that is the final amount, which we understand that at least it will be that because it is committed and because we have already generated the capital to do so, but then it will also have to decide what percentage or what part of that is done in terms of share buybacks and what part is done in cash, but effectively this is included in the 6.450 million of the triennial. And the number of shareholders? Well, I don't know the number of shareholders. I don't know if you know it. What we do know is that they are in the 40% and more or less the 30% are clients of the bank. The concrete number of shareholders, we were going for 200,000, but the truth is that the number of shareholders right now I don't know.

I was going to say around 200,000, but since its interest is as if it exceeds it, I do not know, I do not have the precise number.

But well, I think this is also almost more relevant in the number of participation in the bank and that is the figure that we have shared, which is 40, of which 30 are customers.

Eva, here on our left.

Yes, hello. You have mentioned that you are in the business as usual and with the plans that you already had planned, but the truth is that in customer capture accounts, the remuneration they offer has been raised quite a bit, up to 960 euros. The question is, what expectations do you have with this new program and if your vision is permanent or is it going to be temporary? I mean, what goals do you have? And secondly, during the OPA, I think they did say that they had detected some difficulty in capturing talent for certain areas, such as investment banks. I would like to know if they have plans to reinforce in some specific units, investment banks, private banks or others. Thank you.

Thank you very much. Regarding the specific commercial strategies, the truth is that we do not share them with total transparency because that allows the competition to anticipate and that is a general rule. and therefore I cannot answer. More than in very general terms, saying that yes, that we have recovered our vocation to invest and grow in retail clients and to capture both through offices and digitally. You know that in the year 21 we did not capture any account from the digital point of view, And right now they are still approximately 50% after all the transformation that we have done. And that decrease of more or less 25% with respect to the plans that I mentioned before, has occurred both in offices and through digital capture. And we hope now that both will accelerate a little once the uncertainty of the OPA has been suppressed. And then plans of... Ah, sí, perdón, perdón, captación de talento. Vamos a ver, nosotros contratamos del orden de 400 personas al año y lo hemos hecho en los últimos dos ejercicios. Y sí mencionamos en alguna ocasión que había una dificultad más especial en un segmento específico. Hemos conseguido captar... Arturo, here in the front.

Hello, this is Arturo Lopoe from Televisión Española. I'm not going to ask you about Nexi, but here we are. But I do want to ask you about some of the things you've said. You talked about the possibility of buying options in the future. You talked about a predictable horizon. I don't know if you can be a little more specific in that sense. We're talking about two, three, four years, perhaps, to grow here in Spain or abroad. And in that sense, you mentioned that there are interesting options. I don't know if you could give us some bank profile or name, I wish it was a name, but well, some bank profile. I'm going to give it to everyone. Please. And finally, not at all, in the absence of this Saturday, the resumption of the OPA and others, I wanted to ask you, What was the importance of the conditions imposed by the Government, by the Council of Ministers, to the OPA of BBVA? What was the importance? Once the result is published, what was it? Thank you.

Thank you very much. Let's see, I think we have repeated many times that, except for integrations of the three greats, any integration of any with any of the rest of the relevant banks in Spain, from a financial point of view and from a client point of view, would make sense. una fusión Kucha-Abanca, o Uricaja-Ibercaja, o cualquiera de ellos entre sí, cualquiera de ellos con nosotros, todas tendrían sentido. ¿Y por qué hemos dicho siempre que todas tendrían sentido? Por una sencilla razón, que es que hay muy poco solape geográfico, And there is relatively little overlap in terms of capacities and knowledge. Some are better in some things, or we are better in other things, and others are better in others. And, therefore, there would be synergies of income for those capacities, which would expand to territories that do not have them right now, and there would be synergies of costs, especially in central services, etc. Once that is said, which I think is very reasonable, they are not going to happen. And regarding the horizon, I am unable to tell you what it is. Why are they not going to happen? Because at this moment everyone is satisfied with their strategy, with their ability to generate capital, with their account of results, with their perimeter, with their territorial influence. And since there is no appetite from anyone at the moment, it is not going to happen. And therefore we can make all the inquiries we want, sometimes I'm wrong, but lately it seems that I have made quite a few. I think this is not going to happen in the foreseeable future. And I can't put a date on it, because they would have to change some circumstances that now seem very stable. Regarding the importance of the established conditions, both by the CNMC and by the government, as well as by the rest of the circumstances, it is very difficult to attribute specific causes to one thing or another, and as we are passing the page now, I am with the 25% of acceptance as a result of many things, of many strategies, of the development of the bank, of the strategy of dividends, of the communication, of the tax conditions. It has been a whole set of things that have led us to that result and that is the result that there is. I believe that BBVA has passed page, we have passed page and now to look forward.

Well, let's go for the last question that we have in the room, which is from Diego, and then we have a question for streaming.

Hello, I'm Diego Molpeceres from Independiente. Well, the Bank of Spain is analyzing the possibility of establishing limits to the concession of... limits to the criteria of concession of mortgages. At the moment, well, they are looking at the international experience a bit, they want to build a kind of framework to eventually, in the future, debate whether or not these measures should be applied in Spain. I would like to know if, looking at the current situation of the housing market, the financial situation of households, and seeing that the criteria for concessions of mortgages have not been relaxed, do you think it is necessary or is it time to open this melon? And if, in a somewhat didactic way, you can tell us what effect this type of measure can have on a market like the Spanish one. Thank you.

The truth is that I think that the measures, if there are any, I do not have any visibility or clarity on them and therefore this is not on the table, we do not have constancy. In the mortgage market and in the housing market in general, at this moment there is more demand than supply. And this, well, I just said something so basic and so well known that it does not add absolutely anything. What may have a certain nuance is my opinion, that there is no overheating as we have seen in the past. There is, of course, an increase in prices due to that gap between supply and demand, but we are not seeing a worrying bubble. Respecto a los criterios de concesión, yo creo que lo más sano es que las entidades, con su mejor criterio, utilicen esos mismos para la concesión de las hipotecas y las condiciones en las que las otorgan. And I think that protects the client and I think that protects the entities. That is, when you grant something that has an excessive risk, there are times when you are putting your own client at risk, that is, it is good. that there is prudence on the part of the banks granting, first because it reinforces its solvency and profitability, which in case, and we have had experiences, in case it is not so, it can put the survival of the entities in danger, and in its case it affects the whole of the citizens, And on the other hand, it protects the one who is in debt, because if there is a very large information, even if it is statistical by the banks in the concession, that allows us to value very well specific circumstances of each of the clients. I think it is healthy for banks to decide and I think that is what is going to continue to happen.

Well, let's go for the question we have for streaming, which is from Andrés Romero from Capital Madrid.

Hello, good morning. I had a couple of questions. One was about, if you can anticipate or advance something, about how those conversations with Zurich were going to reinforce that alliance they have, both in the stock market and in the product. And on the other hand, the exit of the UK can be translated into the entry of new markets. And finally, I suppose it is planned, right? Do you expect the British authorities to put some kind of remedy to the integration of ETSB with Santander UCA? Thank you very much.

Thank you very much. Let's see, the conversations with Zurich continue to be the same and orderly that we have had for many years. It is an exemplary collaboration. It helps us a lot. There has been an advance both in the definition of products, as in the sales processes, as in the pricing part, as in everything. We have an absolutely fluid relationship and I think it will continue like this. Regarding his position in the stock market, the only thing I can say is to refer to what his own deputy councilor has said, who considers it to be a long-term investment, a stable investment. Therefore, there are no conversations beyond the ones we have even these same days. periodicals in which we continue to see the progress of the business how we can make it work better the departure of the united kingdom definitely does not mean and does not suggest that we are going to enter new markets there is no such relationship does not exist and then finally the third was if we expected any difficulties in the approvals for for integration, and the answer is no. That is a regulatory process, it depends fundamentally on the ECB, but even more on the PRA, which is the English regulator. We believe that things are progressing properly, and the closing period will be either before the end of the first quarter or something after the end of the first quarter, But, well, it advances.

Yes, it also depends on competition in the UK, but the TSB quota is less than 2%, so the concentration levels are very low, so we don't anticipate any problem.

And the questions have already been asked, and they have already been resolved, and therefore we do not expect surprises.

Muchas gracias. Después de 19 turnos de palabra, ni más ni menos, damos por finalizada esta rueda de prensa. Como sabéis, el equipo de Juan Valdés está a vuestra disposición por si tenéis alguna duda más. Muchísimas gracias por venir y hasta la siguiente.

Muchas gracias.