Moneta Money Bk

Dear ladies and gentlemen, welcome to the conference call of Money to Money Bank regarding 1Q2025 financial results. Please note that this conference call will be recorded. This event will also have a live presentation followed by a Q&A session. As a reminder, all participants are on listen-only mode. Today's speakers will be Mr. Thomas Spurney, Mr. Carl Norman Vogt, Mr. Jan Fricht, Mr. Jan Novitsny, and Mr. Andrew Gerber. May I please now hand over to Mr. Spurney who will lead you through the conference call. Sir, please go ahead.

Good morning, ladies and gentlemen. Again, I have the pleasure to open up the call and present our quarterly results. So if I can ask you to turn attention to page two of the presentation. During the first quarter of this year, we have generated operating income at the level of 3.4 billion. This is 8.4% higher than in the relevant quarter of last year. Main contributors to the growth of operating income is net interest income and net fees and commissions. Additionally to that, we have incurred operating expenses at the level of 1.5 billion crowns. The operating expense level is nearly identical to that of in the first quarter of 2024. Henceforth, the bank delivers net profit for the period in the amount of 1.5 billion. This constitutes a 14% improvement against last year. With respect to the growth of our franchise, the total asset base of the bank reached 501 billion, which is 7% higher. The growth in the in the balance sheet is driven by the funding base. The funding base of the bank reached 456 billion and had grown in this period by 7.8%. And in parallel to that, we generate growth on the side of lending. The growth is at 4% level and we reach 278 billion crowns in the portfolio. Here, I would like to remind that the target on the loan portfolio for this year is 288 billion. And on customer deposits, it stands at 435 billion. So with respect to deposits, we are actually at the target or slightly above it. And with respect to the loan portfolio, we have 10 billion to go in the remaining three quarters of this year. Turning a page, looking at important other figures. We have capital adequacy at the level of 19.1%. The excess capital stands at nearly 4% translated into an absolute amount. It is in totality 6.4 billion crowns of capital. over the regulatory requirement, which translates to 12.5 crowns per share. With respect to risk-weighted assets, these were reduced by 3.6% year on year and the main source of the RWA reduction concerns implementation of CRR3. So this is a good news. Importantly, also importantly, the MREL ratio stands currently or stood at the end of the quarter at 28.7%. So we have significant excess here at the level of 6.3%. And this is an important ratio, one of the enablers to continue with shareholder distributions into the future. With respect to return on capital, untangible equity, the return constitutes 19.5%. So this is again an improvement against comparable period. The cost income ratio adjusted for the one-off regulatory costs is at 40%. The unadjusted ratio is 44, if I remember correctly. if I remember correctly. Yesterday, we have held annual shareholder meeting. I have the pleasure to report that all of the points proposed by the management of the bank were successfully approved and the margin of approval or rather the rate of approval stands at 98% or higher. The participation at the shareholder meeting was at 75%. So we also have had good participation by our shareholders. And now let me comment the macroeconomic or the operating environment that we are experiencing here in Czech Republic. If we turn to page number six, we start with GDP. Last year, 2024, we had really non-consequential growth of 1% of the GDP. The forecast for this year stands at 2% GDP growth. However, this estimate was calculated or estimated before the Liberation Day in the US. So we will have to contend for the remainder of the year with the fallout of the US administration's policies on trade and other. So it's difficult to say whether this will materialize. With respect to the Czech Republic's indebtedness, you can see that in the third quarter of 2014, it reached 43.6%, so the tendency is towards higher indebtedness, and we can expect that both the government deficit and the indebtedness will increase if for nothing other than the need to spend additional funds on defense of the country and there is a built inflation into the mandatory payments. Speaking of the state budget, At the end of March, the state deficit was at level of 91 billion against the target of 241 billion crowns for this year. I think the quarterly number doesn't really predict the outcome, but it might be difficult for the government to actually predict to actually reach and not surpass the level of 241 billion. What is positive is that unemployment in Czech Republic remains benign. It is at low level, 2.6%, so we have to hope that this holds. The forecast for 2025 is at 2.8%, but I would really like to underline here that the estimates of unemployment were done before evaluating the economic growth. Turning page a little bit on inflation and on interest rate environment. Starting with inflation, the latest figure is 2.7% inflation year on year. So the tendency continues to be on the downward trend. The inflation is decreasing. However, in relative terms, it is 30% above the Czech National Bank's target of 2% annual inflation. annual inflation. However, it seems that the inflation is abating. With respect to the key rate, we had, what was it, seven or eight decreases of the key rate. And if you look at the market yield curve development, I think we provide a good illustration what happened in the last 12 months. The dotted line represents... the yield curve at the end of first quarter, 24 and the black line, the lowest one shows where we are currently. So there is a dramatic movement in the interest rate environment. So this is with respect to the macro. If we look at the operating platform starting on page nine, We continue to have growth in the client base. It is at 1.1% level and the bank serves 1.6 billion customers. If you look at the branch network, this is unchanged from the last quarter of 2024, where in the third quarter we closed 10 branch units. Here I would like to highlight that medium term we are aiming to have 100 units. Nonetheless, we are also, or additionally, we are also relocating number of units, modernizing them, and increasing density of coverage, namely in the metropolitan area of Prague. As you know, we share network ATM network with the other partners, the network remains stable at 1900 at 1900 machines, and I will come back to that later in the presentation. We decreased employment level in the bank by 2.2% year on year and we currently employ on full-time equivalent basis 2,453 people. You can see that the front-end employee numbers are being impacted by by branch closure and some efficiency driven actions across the frontline units. We have a stable level of employees in the control and enabling functions. This is due to, I would say two factors. We are faced with additional regulatory requirements, namely in the realm of Financial and Non-Financial Disclosures concerning ESG and we are also preparing for responsibilities that will come on basis of EBA regulation in January 2026. Additionally, we continue to invest into digital capabilities and this keeps the staff stable. On page 10, we turn to the critical part of the business model of the bank. This is digital platform. Overall, we have 1.6 million registered users. So this grows, the digital penetration grows at 8.3% year on year. We intermediate through the digital 713 users. touch points on average daily. This grows by 7% rounded up and this concerns users of our internet banking platform which is declining and majority of the daily touch points are through the central mobile banking application that we operate. In line with that, you can see increase in financial intermediation with respect to payments. Payments number grew by 7.5%. So this is a testimony that we are increasing interaction with our customers and intermediation overall. We have 5.5 million servicing transactions and significant increase of nearly 14% on received or accepted loan applications through the digital channels and you can see a fairly dramatic increase on sales transactions. nearly 24% or 123,000 during the first quarter of the current year. Looking at the branch network, there are several trends in the branch network. First and foremost, we are closing cash desks, cashiers in a number of our branches based on the fact that it was expensive and ineffectual. from a cost perspective, and we are trying to move the cash traffic onto the ATMs. Henceforth, you can see fairly dramatic decrease of cash transactions at the level of nearly 40% 37 to be correct. We are also having less traffic in the branches. This necessitates relocation of the branches into better areas which have higher footfall, namely shopping centers and locations where we can get better traffic. And you can also observe decline in the number of employed staff in the branches. This is related to the closure of two units. And additionally, the loan application seems to be flowing through the digital. We have nearly 10% decrease in the branches. Nonetheless, what is important The network receives very high NPS satisfaction level of 82 and this is stable over time despite the changes that we are making and we expect that this might decline in the next quarter as we reduce or eliminate the cash transactions. The third leg of our operating platform is the contact center. Likewise, similar to the branch network, we have less inbound calls, decrease of 9%. This is due to the fact that we offer better services through the digital platform and this is to try to change a whole host of processes into self-care, which ideally is automated and doesn't involve human interaction. Similar trend as with the inbound calls is observable from the email communications with clients. As we get better on the digital, we face which are relatively costly. We have also shortened the call center hours in order to improve efficiency and this will be efficiency of calls and reduction of the abandoned. rate on the inbound. We increased the staff a little bit in order to boost the insurance sales and this is supported by the fairly, if I may, fantastic growth that we have in the lifetime value of the insurance sales. This grew nearly 37% to 44 million in line with our strategy to support the fee growth. Lastly, with respect to the operating platform, we have the ATM network and here I would like to highlight that overall number of withdrawals is decreasing as people are beginning to use more and more. of contactless payments. This is a good news for our cost structure and it's visible from the numbers. With respect to deposits, we see an entirely different situation where our investment into deposit machines is well justified because we are able to make this more efficient and we are also able to make it more efficient through the strategic partnership that we have with the three competitors and we share their ATMs that are capable of taking our deposits and the number of transactions and grow. testifies to the correctness of this strategy. With that, I would like to say that with respect to the first quarter, our financial results testify to confidence that we will be we are we are on good way to meet the minimum target of six billion that's point number one point number two from commercial perspective as you will see from the from the presentation we continue to generate good volumes both on the deposit side and on the landing side and thirdly With respect to all, we are slightly ahead of our operating plan. So we consider the first quarter result in the singular to be satisfying. And with that, I will turn over to Jan Freček, who will walk you through the PML development in a greater detail. Thank you very much.

Thank you, Tomáš. Good morning, ladies and gentlemen. I am now on page 15, and it's my pleasure to walk you through the profit and loss statement section. Let me repeat the key financials. In the first quarter, Moneta delivered net profit of nearly $1,500 million, representing 2.9 crowns per share, and return on tangible equity of 19.5%. Operating income of nearly 3.4 billion is up by 8.4% year-on-year. Delivered on the basis of net interest income growth of 12.6%, supported by a repriced deposit base and the balance sheet expansion. A net fee and commission income up by 14.6%, primarily due to ongoing strong performance in the wealth management industry. Product Distribution. These positive trends were partially offset by decline reported in the other income category due to lower FX derivative results and absence of bond sale gain in Q12. Operating expenses remained stable at 1,500 million, including yearly regulatory contributions of 195 million fully recognized in January this year. On the cost of risk line, we incurred benign result of 151 million crowns or 22 basis points of the average net loan portfolio. Let me continue on page 16. With the detail of net interest income development, as I mentioned before, year on year we report a growth of 12.6%, while the decline of 3.8% against the prior quarter is fully attributable to doubled mandatory minimum reserves, which effectively means additional 8 billion of liquidity placed in the central bank at the zero interest rate. On the right, we provide the development of, sorry, drivers of the net interest income development. First of all, lending interest income is up by 124 million, supported by the loan portfolio expansion, while treasury income decreased by nearly 1,200 million, in line with the gradual decline of the two-week repo rate. Nonetheless, lower market rates enabled us to repride the deposit base and to achieve reduction in cost of funds by more than 1300 million year on year. If we continue on page 17, here we provide a similar view on the development of net fee and commission income. We had a great quarter delivering growth of 14.6% year-on-year and 4.2% growth against the prior quarter. This has predominantly two main drivers. First of all, as I mentioned, strong performance in distribution of wealth management products and also improved commercial terms with Visa, which resulted in a lower fee expense, which is visible in the bottom chart. On page 18, let me add more detail to the performance in the wealth management products distribution. We delivered income growth of 51% on the basis of a 41% expansion of the outstanding amount of distributed wealth management products and ongoing solid performance in the distribution during the first quarter. These trends are also reflected in the opening income growth of nearly 72% year-on-year and the income growth of 39%. Let me continue on page 19 with the performance in the insurance product distribution. solid quarter delivering 4.6% growth of recurrent income while on the reported level we show a decline of 8% which is a function of 39 million of one-offs realized in Q1 2024. So the growth of recurrent income was delivered predominantly due to improved performance in distribution life insurance, visible in the bottom right corner, and also improved performance in distribution payment and protection insurance. These were slightly offset by slowdown in distribution pension insurance. And we completed this section on page 20 with the cost-based development. As mentioned before, we maintain cost-based stable at 1,500 million. And you can also see that three out of four reported categories on this slide are showing cost saving. First of all, regulatory charges are down by 14.5% year-on-year, predominantly due to lower contribution to Resolution Fund. Depreciation and amortization charges declined, resulting from extended use of several key software, what we did in the first quarter, and personal expenses decreased by 1.8%, resulting from lower employment intensity, year-on-year by 2.2%, expressed in a number of FTAs. With that, let me hand over to my colleague Andrew Gerber, who will continue with the balance sheet section.

Thank you. Thank you, Jan, and good morning, ladies and gentlemen. So moving to page 22, we present high-level view on the development of the loan portfolio and funding base of the bank. The loan portfolio grew 4% year over year, reaching 278.1 billion. And at the same time, the yield on the loan portfolio was broadly stable, dropping 10 basis points, driven largely by the repricing of the commercial, the floating part of the commercial loan portfolio. In the funding base, we grew 7.8%, reaching 455.9 billion. And at the same time, we were able to reduce the cost of funding by 140 bps, reaching 2.2%, as we continue to focus on repricing the deposit portfolio in the context of falling policy rates. On page 23, we look at the high level development of the balance sheet, which reached 500 billion, up 7% year over year. And this was driven predominantly by strong growth in customer deposits, which are up 6.7% year over year, and also supported by growth in issued bonds, where you can see the impact of the bond we issued in the third quarter of last year. The additional liquidity was used to support higher lending growth with net customer loans up 4.1% and also additional investment into the bond portfolio where you can see investment securities up 19.2% year over year. Going on to page 24, we look at the development of the new lending activities of the bank. New lending overall was up 16.4 billion in the first quarter of 2025. This is up 27.1% year over year and was well supported across segments and products. So in retail, you can see overall growth at 26% year over year with mortgage new lending up 37.3% year over year and consumer loans up 19.2% year over year. I think this is a particularly strong performance in the in the context of the exit from third party distribution which we completed at the end of the first quarter last year. In commercial, likewise, overall growth of 29% with small business up 34.5% and SME up 26.8%. And on page 25, you can see the effect of the additional lending activity flowing through to the balance sheet. The loan portfolio grew 4% year over year reaching 278.1 billion with all of the segments contributing. So retail up 2.2% year over year, small business up 19% and SME up 5.6%. On page 26, we take a closer look at the development of the retail loan portfolio, where you can see the growth was supported by mortgages with the portfolio up 2.6%, reaching 131.3 billion. Consumer loans up 4.5%, reaching 38.6 billion, and auto loan portfolio up 7%. The housing loan credit card and overdraft portfolio was down 9.7%. And this is driven predominantly by the housing loan product, which accounts for approximately 80% of this portfolio and is effectively a runoff portfolio. If I look at the credit cards and overdrafts on their own, these balances were broadly stable year over year. And with that, I will hand over to Jan, who will take you through the commercial loan portfolio and yield development.

Thank you very much Andrew and good morning ladies and gentlemen. Please let me continue on the page number 27 where we are depicting the commercial loan book growth. And as you can see, we have delivered a very strong growth across most of the product categories. Overall commercial loan book grew up by 7.8% in the last 12 months and at the end of Q1 2025 has reached the level of 24 billion check rounds. In fact, the growth was recorded in all product lines because as I commented already last quarter, The decrease in Q4 in working capital line was caused by one large commercial exposure being moved from working capital to investment line. If I would disregard this rather geographical change, we grew up all the product lines in an excellent pace. Now let me please move to the next page, page 28, showing the evolution of the loan portfolio yield. For the whole bank on the left side of the page and more detailed split per segment on the right side. Overall yield stayed remarkably stable with only 0.1 decrease in last 12 months. What is also remarkable is the fact that this minimum decrease is mainly driven by commercial portfolio as there is a significant portion of the loan price on the flow trade attached to private Meaning that despite the decrease of the reference rate during last year, we were more than successful in defending the low yields. Now let's move to the funding side of the balance sheet. And for that, please let me hand over back to Andrew.

Thank you, Jan. So moving to page 29, we take a look at the overall development of the funding base of the bank. Overall, the funding base grew 7.8%, reaching 455.9 billion, with retail and commercial in absolute terms contributing more or less equally to the growth of retail, up 4.9%, and commercial up 13%. And again, here you can see the impact of the bond issue in the third quarter on on the wholesale funding. On page 30, we take a look at the development of the customer deposit funding cost as a result of our repricing strategy. So you can see that the cost of customer funds decreased from 3.51% to 2.13%. And this had the impact of increasing the net interest Margin from 1.7% to a peak of 2.1% in December of last year, and then falling back to 1.9% as a result of the doubling of the mandatory reserves from the beginning of this year, as Jan mentioned earlier. Moving on to page 31, we look in detail at the development of the retail deposit portfolio. And here, I think the key thing is that we're seeing broad-based growth across both current accounts up 5.6% and savings and term deposits up 4.7%. So overall, I think a strong performance in retail deposits in the context of significant downward repricing. And now Jan will take you through the remainder of this section.

Thank you again, Andrew. We have similar split for the commercial deposit book on the page number 32. And similarly to retail, we have achieved a very strong growth in all categories. At the end of Q1, we ended up with 102.6 billion check rounds, which represent a growth rate of more than 13%. Please let me also mention that the decrease of Q1 compared with the end of Q4 was caused by one single customer that held significant amount of deposits on his current accounts for a brief period over the end of the year, which is visible on the upper right chart. Now let's move to the next page, page 33, showing the evolution of the average cost of funds. At the end of Q1 2025, we have managed to decrease the average cost of funds for the whole bank to 2.2%, which supports the improvement in the net interest income. On the right side of the page is then the splits to specific segments and what is clearly visible is that thanks to our very diligent and detailed pricing approach we have achieved to decrease the average cost of funds to 2.3 percent in retail and to 1.5 percent in commercial at the end of Q1 2025. And that was the last page of the balance sheet development section. And as we are moving to the next chapter of risk metrics and asset quality, please let me thank you for your attention and hand over to our Chief Risk Officer, Norman Fett. Thank you very much. Thank you. Good morning to you.

We are now on page 35 with an overview of key risk metrics for Q1 this year compared to 24. Let me start on the top left of the page. So cost of risk came in at 22 basis points, which is very much in line with our provided guidance of 15 to 35 basis points. Continuing with low-cost provision coverages and total NPL coverage, those values came down year-over-year to 1.42% and 111.1%. The key drivers of these tops are predominantly NPL sales, partial releases of ECL management overlays, and also adjustments of the input of our macro variables to the IFRS 9 models. And in terms of the MPL ratio, this dropped by 10 basis points year over year and remained flat compared to Q4 in 24. Moving to page 36, here we have a more detailed overview of cost of risk over the last five quarters. So the 22 basis points equals 151 million in absolute amounts. This was supported by a 27 million gain from MPL sales in the amount of 319 million, which we conducted in Q1, and also a release of 56 million coming from the ECL management overlay. If you look at the two segments, retail, they recorded a cost of risk of 181, and commercial produced a release of cost of risk similarly to Q3 and Q4. The Q1 release was largely driven by repayments of two commercial loan exposures, which were in stage two and stage three. If we continue with page 37, here we have five data points of the development of the loan portfolio provisions and coverages. Again, let me start on the top left here. We see a growth of the gross loan portfolio of around 10 billion year-over-year. Well, at the same time, loan loss provisions dropped by around 600 million with an ending balance of a tick above 4 billion. Within these 4 billion of provisions, we still do have ECL management overlays in the amount of 338 million, which dropped quarter over quarter by 56 and year over year by 220 million. The loan loss provision coverage I covered before and I said the MPL ratio on a very low level, flat quarter over quarter with a value of 1.3%. On the next page, page 38 here, we show the development of MPL in and out flows. So year over year, the MPL stock dropped by 274 million and ending up with a balance of 3.6 billion at the end of Q1. If you just look at the first quarter, here we saw a net NPL formation of 44 million, which was lower by 50 million compared to Q1 in 24. And then the last page of the risk section, page 39 here, we show the evolution of delinquencies 30, 60 and 90 plus since 2020. Basically, if you just look at the first quarter of this year, all values remained on a very low level. Two of them, just 30 and 60 plus, even dropped further below the year end figures. Summarizing the risk section, I think we can state overall credit performance with a cost of risk of 22 basis points is in line with the guidance of 15 to 35 pips. Looking a bit forward, the implications stemming from the US tariff and trade policy remains an uncertainty. We obviously will monitor the developments and the potential impact on our IFRS 9 reserving models, but at this stage, we do not intend to take any actions. And last but not least, the ECL management overlay, the current balance which we have, we will backtest it every quarter, but the current assumption is that they will be largely reduced to zero until the end. And with that, I hand over to Jan, who will share with you more details on liquidity. Thank you.

Thank you, Norman. I am now on page 41. And let me continue with key liquidity ratios. In the first quarter, Moneta maintained robust liquidity position, further improved during the quarter, which is visible across the five stars. With the loan-to-deposit ratio, it stood at 60%. of March against 66% a year ago and also share of high quality liquid assets on customer deposits increased to 42% at the end of March. Below that, both regulatory liquidity ratios are significantly above the 100% regulatory limit and both were further improved. Namely, liquidity coverage ratio increased to 367% and the net stable funding ratio to 182%. And if you flip the page, I can comment on the high quality liquid assets position development. We successfully expanded the position by 10.4% year on year or 17 billion in absolute amount. And as you can see from the chart, we increased the position in the government bonds. while the decline of balances at the central bank reported in the Q1 this year are attributable to double mandatory minimum reserves that are not qualified or classified as the high-quality liquid assets. And let me now continue with the capital section starting on page 44. In the first quarter, Moneta realized a significant capital benefit stemming from the implementation of CRR3 new capital regulation as was already highlighted by Tomáš Spurny at the beginning of the call. And this benefit impacts a majority of trends disclosed within this section. So first of all, capital request ratio improved to 19.13% at the end of March against management target of 15.25%. Tier 1 capital adequacy ratio increased to 15.34% against 12.5% management target. Below that, we show the excess capital management target in absolute amount and you can see more than 800 million increase since the beginning of the year. to a level of $6,369,000,000 at the end of March, out of which the Distributable Tier 1 Capital accesses to that $4,650,000,000. We complete the circle with risk-weighted assets that decrease by 5.5%. or 9.5 billion year on year. And this is the best indicator of the benefit stemming from the CRR3 implementation. On page 45, we add more detail to the capital position on consolidated level. First of all, the position remained broadly stable at 31.5 billion with reduced risk-weighted assets density to 32.7%. And below that in the chart with the excess capital development, you can see that the benefits stemming from CRR3 regulation in the change in RWA category was partially offset by higher capital requirement and also expiration of the post-COVID capital relief, which is reported within the category other changes in capital. At the end of March, on top of the excess capital, Moneta also maintained a reserve for future dividend distribution in amount of 1.3 billion or 90% of consolidated net profit. So altogether, at the end of March, we maintained available capital of 7.7 billion crowns or 15 crowns per share. And let me complete the capital section on page 46. with the view on individual capital position. Also here, the total balance remains stable at 45.7 billion with the reduced risk-weighted assets density to 32.7%. and the excess over a moral management target increased from 5% to 6.3%. So all together, you can see that Moneta maintain robust capital position with significant excess capital on both relevant levels, which enabled us to keep the dividend payout ratio at target level of 90% and at the same time to keep sufficient capital for the future balance sheet expansion in line with our market guidance. With that, let me hand over back to Tomáš Podlin for final remarks. Thank you.

Okay, so maybe we briefly look at page 48. This is the guidance I would like to, at the moment, reaffirm the bank's ability to reach the minimum net profit target of six billion. I would like to add maybe a couple of comments to the balance sheet development. Currently, we are focusing on small business lending and SME lending. This is due to the fact that The return on capital deployed in these categories supports our profitability. And secondly, we are also seeking to acquire more customers from this realm, namely from the small business due to the fact that this contributes positively to the cost of funds as testified to the fact. that in small business or in commercial, the average cost of funds currently is at 1.5% against 2.3% in retail. So this is our strategy. With respect to retail, I think you can expect nascent growth in mortgages. We are seeking to maintain reprice and grow at a relatively slow pace on the mortgages and this is due to the fact that This doesn't contribute to the strength of the bank's yield on credit products overall, so we are trying to have growth, but the growth should not be excessive. Secondly, we face fairly fierce competition on the on the consumer lending. Henceforth, I do not expect that this year we will be able to exceed a growth of 5% on the consumer credit category. Nonetheless, all of this is in line with portfolio, which we publish in the market guidance. We are also cautious, as we don't know the full impact full impact of the US administration trade policies and we face some other risks. What is also important to say is that we do face risk on the wealth management product distribution As we had seen in the second quarter, a couple of trends. Higher redemptions. This is visible from the presentation as people are being spooked by the volatility and the sudden movements. Nonetheless, we are investing into reinforcing the distribution staff of investment bankers that are distributing these products and we will complete that process by the end of the third quarter. We are also reinforcing on the front end the small business, which is currently growing at 19%. The bank calculates that under a relatively severe scenario on the distribution of wealth management, we have about 100%. We have about 100 million of operating income at risk for this year. Nonetheless, we believe that this will be compensated by the volumes and other income. And if such scenario were to materialize, we are still able to deliver and hopefully exceed the minimum profitability target. And I will leave you with that and turn over to you for Q&A. We appreciate your patience with us and your attendance to the call. We are ready to answer your questions.

Thank you very much. We'd like to open the lines for Q&A. If you'd like to ask a question, you can do so by pressing star flip by one on your telephone keypad now And to remove yourself from the line of questioning, we'll be star followed by two. If you joined us via Zoom, you can also raise a question by raising your hand via Zoom or submitting a text question via Zoom. Before speaking, please ensure your device is unmuted locally to allow your signal to reach our equipment. As a reminder, to raise a question, we'll be star followed by one. Raise hand function on Zoom or text question via Zoom. We will allow just a moment for any questions to come in. At this time, I can see no further questions, so I'd like to hand back to Mr. Sperny for any closing remarks.

Wow. It's my remark. Very good. Well, this is where we are. We are looking forward eagerly to report the results of the second quarter, and we hope that we shall again have such good participation, and we tremendously appreciate your attendance to the call. Have a good restful weekend. Thank you very much on behalf of Moneta's team.

Thank you very much. As we conclude today's call, we'd like to thank everyone for joining. You may now disconnect your line.