Norion Bank AB

Q123 Q124 Intäkterna landar på 933 miljoner, KI-talet uppgår till 27,7 Vi har ett ravsättstal på 417 miljoner, vilket även det är en ökning med 8% jämfört med samma kvartal förrän då Avkastning bänkkapital 15,8% vi fortsätter att stärka vår kapital och kapitalrelationen uppgår nu till 16.1 which is an increase of 20 points compared to Q4 2023 If we switch sides and go to page 3 Then we talk a little about our different business areas and we start with companies, a small reduction here Between Q4 and Q1, seasonal effects, this is usually the case, this is a reduction, the majority of the reduction consists of factoring, which usually happens between Q4 and Q1. In addition to that, I think this is a very exciting business for us, we have a good position, we continue to build the position in the north, Det här segmentet vill vi fortsätta växa inom Vi vill in i den delen där vi har rörelsekrediter och factoring någonstans mellan 30-300 miljoner kronor Företag då mellan 50-250 anställda Balansräkning och en balansomslutning omsätter man någonstans mellan 100 500 million, here we see a big demand and we have a fairly small market share today, so this is an exciting area that we continue to establish over the quarter. If we go to page 4 and look a little bit at Fastheter, a little smaller increase we warn, we continue to be selective. We have seen for quite a long time now Tendencies that the opponent becomes better and better, the quality of security and security continues to be good, there is a lot of customer dialogue, just like in companies, we have seen from the end of Q4, a greater interest in our business. We have a lot of customer dialogue, it continues this quarter. Men som sagt en lite mindre ökning med Barnaby, vi fortsätter att vara selektiva på alla områden Om vi går och tittar på Nästa sida sidan 5 lite med nyckeltal kring fastighetsdelen Inga skillnader om man jämför med Q4 gällande andelen seniorer och juniorer Inga större förändringar heller gällande snitt LTVer Mellan kvartalen What we have done with new businesses, we have made new businesses in the senior part of LTV at 49, amortization and solution has been at 54 and we have had a solution in the junior part where we have businesses at 71 on average LTV. A little if we talk about values, no greater value difference between Q4-Q1, 1-2%, if we look at the whole year, we have seen a value decrease between 8-10%, and then the interest rate has gone down somewhere between 12-15%. We have made some step-movements, continued this quarter, increased by 2 billion in step 3, minskningar med cirka 1,4 i steg 2, och det här följer egentligen de trenderna på privat, det vill säga det är färre som får problem att betala sin ränta. Däremot de som har fått en och två påminnelser har en tendens att släpa med räntan, och det ser vi då generellt, privat och även fastigheter. Tittar vi lite framåt på stegförflyttningar så ser vi ju en del förflyttningar nedåt, förväntar vi oss, kanske inte under Q2, men In the later part of 2024, we will probably see some improvements with the information we have today. When we do step-movements or when we have engagements in step 2 and step 3, we do not make income from those engagements that are in step 3, and partly not those that are in step 2, which then means that the NIM margin is affected by that, since it is not Men det kommer Peter prata lite längre fram i presentationen. Vi går till sidan sex och pratar lite privat. Hundra mil ökning ungefär. Det här går precis enligt plan, skulle jag säga. Vi har ju jobbat väldigt mycket med att förbättra kreditgivningen de senaste åren på det här segmentet. Vi gör ju idag... Klart rätt i kvalitet på de nya affärer vi gör. Vi bibehåller marginalen ganska väl men kreditkvaliteten blir bättre och bättre. Det kommer att visa sig i kreditfusna över tid. Vi har jobbat väldigt mycket med flöde i egna kanaler. Vi har nu alltså över 40% av flöde av nya affärer i egna kanaler. Vad innebär det? Det innebär en lägre kostnad naturligtvis. Det innebär att kunderna stannar längre i stocken och det innebär också en bättre kvalitet. We go over to page 7, end of payments Som vi brukar säga, e-handelsmarknaden har haft en utmanande tid, även det här kvartalet. Däremot så stärker vi vår position. Vi ökar både transaktionsvolymer och lånebruk med ena 50 %. Så det här är ett fortsatt bra affär som man får. Vi fortsätter att ta mark i Norden. Vi har väldigt mycket intressanta ideologer med med nya leverantörer, och det här har vi också jobbat med mycket de senaste åren, att skapa en paymentslösning som är lönsam och står på sina egna ben, och den här fortsätter vår volley att bidra till hela bankens lönsamhet. Så det är ytterligare ett bra kvartal för volley. Vi går över till sidan åtta och pratar lite siffror, då lämnar jag över till Petter.

When I look at the revenues, we have a stable and good revenue level here under the first quarter. Revenues are up by 6% compared to the corresponding period last year and during the same period they are up by 8%. Det är låg volatilitet på FX-sidan och inga stora effekter på netta resultat av finansiella transaktioner under det här kvartalet, precis så som vi vill ha det. Det är så sett en väldigt bra och stabil intäktsnivå. If we look at the threshold, it is not up to 7.3%. It is a little lower compared to the level we were at under Q4, which is completely according to our expectations. And we talked about that in connection with the previous report presentation as well. Drivaren specifikt under det här kvartalet är framförallt då att fundingkostnaderna har fortsatt att öka helt enligt den förväntan vi har haft och den tidslaggen som vi har då på inprisningen av deposits på bundens sparkonto. If we look at the NIM from a slightly longer perspective, we have benefited during a period when the market interest rates have been structurally in an up-and-coming phase. It has now subsided during this period, so that the development is again completely according to the expectations we had when we entered this quarter. Martin also talked about step changes, and quite rightly, we choose not to introduce interest rates in the mortgage when the customers are left with their interest payments, and this negatively affects the interest rate. But despite that, we keep up well and report 7.3% in this quarter. We move on to page 9. I'll zoom in a little bit more detail on the table here, you can see the difference between Q4 23 and Q1 24 here. As I said, the yield is unchanged, that is, our all-in pricing against customers, and this is very much in line with the fact that Egentligen hela då vår företag och fastighetssida är IBOR-kopplade och IBOR-räntorna har varit mer eller mindre oförändrade under det här kvartalet. Samtidigt som ni också ser då att fundingkostnaderna fortsätter att öka och de ökar dels på grund av infasningen, de ökar också lite under det här kvartalet på grund av att vi har legat med en högre likviditetsberedskap Due to the fact that we see a possibility of a good business flow here now under the second quarter. So the number is relatively well up, given the developments we have seen. We move on to page 10 and look a little bit at our segment. Starting with the business segment. As I said, the volumes are down about 945 million under this quarter. The main part of the decrease is due to the factoring side and the seasonal monsters we typically see there. And it is also factoring that explains the decline we see in NIM during this quarter. If we break down the numbers and look at company loans, it is a än en ofrämlad eller mycket stabilare utveckling som vi ser inom det området. Vi går vidare till sida 11, fastighetssegmentet. Som sagt en volymökning på ungefär 650 miljoner kronor. En stabil och bra intäktsutveckling jämfört med fjärde kvartalet, totala intäkter på 342 miljoner, och NIM på 6,2%, en liten nedgång jämfört med Q4, men helt inom en normal fluktuationsnivå, framförallt inom fastighetssegmentet, där vi tidigare har påpekat att NIM kan variera från kvartal till kvartal. Sidan 12, The private sector, as I said, is increasing with a little over 100 million in loan stocks. We are holding an increase rate that we feel comfortable with. And so it is completely according to the plan and completely according to the expectations that we had when we went into this quarter. As I said, we feel that we have found the right way with our own distribution. A little over 40% is now coming through our own channels, and we feel that we are achieving a much better risk-reward than we have done before. The threshold is rising to 7.1%, completely unchanged compared to the last two quarters. A little lower in the longer term, but this is connected to the fact that At the same time, as we have changed the distribution, we have also moved towards better customer groups with lower risk. We have a slightly lower price range, but this will be positive over time. It will contribute to lower revenue losses and we expect that the lower margin can be positive from a result and rejection perspective. Page 13. Payments. But payments continue to go well. As Martin said, both transaction volumes and stocks are up by 15% compared to the corresponding period last year. If we look at the stock here now under Q1 and compared to Q4, we can see that it is a weak decline. This is a... A typical season pattern for payments during the first quarter. We typically build strong volumes during Q4, where we have both Black Wig and Christmas trade. So it's not strange that we see a weak decline here now during Q1. Both revenues and margins are on good levels and we have a good salary when it comes to our payments business. Since 2014, let's take a look at the costs. They go up to 258 million under this quarter. It is a weak increase of 5 million compared to what we saw in Q4. If we zoom in on this quarter specifically, it is above all the staff costs that have grown somewhat. Det är ju då delvis drivet att vi har anställt mer personal och att vi har en årlig lönejustering som slår in här nu under det första kvartalet. Ser vi på kostnaderna över lite längre perspektiv så är det de drivkrafterna vi har pratat om tidigare. Dels en andel... Volume-driven costs, we have invested a lot in the organization over time and we have had an inflation pressure that we have seen clearly here in recent times. So even from a cost perspective, it is a joy that we see signs in the market that inflation is going down. Men vi upprätthåller en bra effektivitet, god kostnadsdisciplin och vi har ett KI-tal som uppgår till 27,7% här nu under Q1. Sedan 2015, våra kreditförlustreserveringar uppgår till 258 miljoner här under Q1. Det är lite ner jämfört med tidigare kvartal. Men vi fortsätter att vara konservativa vad gäller våra kvittförlustreserveringar. Kvittförlusterna uppgår då till 2,3 % under det här kvartalet. Om vi tittar lite grann på... Vi kan prata om reserveringsgraden. Stage 3 privat uppgår till 54,7 % här nu. Det är upp en procentenhet jämfört med motsvarande period för ett år sedan. Men den är ner lite grann jämfört med nivån som vi såg i Q4 2023. Det här är då inte hänfarligt till att vi har löst upp reserver eller på något sätt blivit mer aggressiva med våra reserveringar utan snarare tvärtom. Rensat bort, rensat ut och skrivit bort en del av de äldsta batcherna i våra inkassoportföljer med sämst kreditkvalitet så att det som finns kvar i våra böcker har en klart bättre riskprofil än vad vi hade tidigare. Så att den reserveringsgraden, förändringen i reserveringsgraden speglar den utrensningen som vi har gjort här under första kvartalet. page 16 we then sum this up so we have a turnover result that goes up to 417 million it is up by 8 percent compared to q1 2023 and again the stock is also up by 8 percent during the past year we have a good turnover return on equity goes up to 15.8 percent And as you know, for this law, we have not distributed a lot of money, whether here now during the spring or during some previous quarters. So we have almost 1.3 billion more in our own capital that we are going to spend now than we did a year ago. Side 17. Let's take a look at the capital side. We strengthen the core capital with 20 points. It goes from 15.9% to 16.1% in Q4. Som ni ser så är kapitalbasen helt ren. Vi har köpt tillbaka den tidigare utestående ATT-obligationen om 500 miljoner som är utstående. Den köptes tillbaka här i slutet av det första kvartalet när man bestämt 28 mars. När vi stängde första kvartalet så var även den totala kapitaltäckningen på 16,1%. But there are good levels, good buffers in relation to our regulatory requirements that we have on us. And our view is clear that over time we want to work more to maintain an effective capital structure. And that means, in practice, first and foremost, emissions of T2 to start our journey in the hybrid capital market. Go to page 18, back to Martin.

Thank you, Peter. Summarizing the quarter, quite unparalleled. We continue to have a good salary at an absolute level, and a drop in P-capital. We continue to strengthen the balance sheet, continue to be conservative in terms of credit loss reserves. What can you say more? The patterns remain as I said earlier that when you are left with the interest, you have a hard time getting a raise. It's tougher for customers in general. Then we see positive trends and yet the number of people this quarter compared to Q1 2023 is fewer who have problems paying the interest. But again, those who are left with interest payments continue to have a hard time getting a raise. Ehm, nu när vi sett att räntan i alla fall inte går upp så har vi ju sett, som vi sa då i samband med Q4 och som jag sa i tidiga presentationen, att det är mycket kunddialoger. Intresset för att göra affärer har kommit igång väldigt, väldigt bra. Det är glädjande så att vi har mycket intressanta dialoger och en god aktivitet på alla områden. Så att det är väl egentligen det vi tänkte säga.

Vi tackar för att ni lyssnade och öppnade på frågan. Om du vill dra tillbaka din fråga, välj en tryck, fyrkant, sex. Nästa fråga kommer från Jakob Hässlevik från SEB. Varsågod.

God morgon. En första fråga på kostnader. Personalkostnader ökar 8% kvartal över kvartal. Har ni även bokat några engångskostnader i detta kvartal eller är det bara årets löneökningar som driver ökningen?

Det som driver det är... God morgon, Jakob Hässlevik. What drives it, as Peter said, is a certain inflation. We also have some wage increases from January 24. Then what drives it is still that we invest in the organization and it is customer-responsible and there is a lot of senior staff around different regularity issues. But no one-time effects anymore.

Can we then assume that Q1 is the new run rate for the whole year?

Yes, something like that. I don't think we will go down, but I don't think there will be any drama. Peter can fill in if I'm out cycling.

I agree with that picture. As I said, we see a weak cost growth in Q1, not at all the same pace as we as we saw in Q4. So yes, there is still some inflation if you talk about the entire cost base and so on, but we expect no major increases from the level we are at now in Q4.

Okay, thanks. And the loan volumes within companies, you talked a little about earlier, but can you tell us a little more about how the dynamics look right now on the market? Is it that companies do not dare to expand and invest, given the current economy? Or have we also seen that large banks have chosen to go down in ticket size, given that their own company loans are almost still right now and that the competition has increased a little?

If you look at this quarter, Q1, Q2, the decrease we see in companies is driven by factoring. It's a classic seasonal effect. You build volume and Q4, and then it decreases. It's a seasonal effect that we usually see in Q1. The activity is, on the contrary, very good. We saw in December that there was a lot more business dialogue. In all parts really, and it has continued in this quarter. So we have a lot of customers and I think we have good activity ahead of us here. So we don't see any other competitive situation where we succeed. We maintain the margin against the customer that we have had. I think we have found our segment somewhere between 30 and 300 medium-sized companies. So we don't see any bigger competition from other actors right now. No, not any difference. But good activity, a lot of customer dialogue. Så att det har förändrat aktiviteten och riskviljan har förändrats hos företag att göra affärer. Såklart då beroende på att man vet i alla fall var räntan toppar, att vi börjar se nedåtgående räntor. Det är det som gör att man har lite mer intresse att göra affärer där man behöver förvärvsfinansiering eller factoring eller andra typer av rådfinansiering.

Ja, men det låter ju toppen. Om vi flyttar lite till kreditkvalitet, behöver vi ändå totalt diskutera. Kan ni först och främst påminna mig om ni har tagit några makrorelaterade bufferta, antingen som overlays eller hur stor del av era steg två reserveringar som är mer makrorelaterade?

Det är inga siffror som vi har publicerat, men det är klart att det är det vi någonstans memar också när vi har sagt We have said during the previous quarter that we have tried to be conservative and forward-looking with our reservations. It is clear that the macro situation is a factor that plays into the entire reservation. in the long run. Is it an overlay or if it will be back in normal model reservations over time? It's a bit early to say.

Okay, but we also see that corporate stage 3 coverage ratio is going down quite a lot in this quarter. How low is the coverage ratio in the mix to stay with in the future?

Well, here I think you have to remember that the ratio between companies and properties is significantly lower than on the private side. We are constantly looking at the underlying security that we have in one of the individual engagements in combination with the already made reservations that we have. So this is going to be tough. Vi skulle inte gå så långt som att säga att vi har ett måltal eller en nedre gräns, utan det är ju en bedömning i varje enskilt fall. Du behöver inte gå tillbaka speciellt många kvartal. Vi skulle se när det var, när vi låg på någonstans i herrandet 60% reserveringsgrad mot just företag och fastigheter. Det gjorde vi till exempel i In Q4 2022, we were at 61-62% and we were at 59% in Q2 2023. So this will be the result over time. Yes, but it has still dropped to 25% now.

So it's starting to get a little lower, but it's comfortable with the fact that the underlying security is strong. Yes, absolutely. And just one last question about funding. You redeemed 8.1 in the quarter, but also a little obligation decline in the near future. How are we going to look at wholesale funding in the future? I understand that it is a question based on pricing on the market and the like, but you have no viewpoints from your rating agency or the like that you have more deposit funding?

Of course, I think that we would also wish that we had a better balance and we have. I mean, we started a journey before this interest rate came, where we had capital market financing of somewhere around 6 billion. And there's not much left of it now, but I think it's It sends a signal of what the ambition is, and we want to go back to this market. Then it is necessary to build up that slowly, but certainly over time, as you say, it is a cost aspect linked to it as well. But over time, our long-term ambition remains that we want to have a well-diversified funding side, both when it comes to sources, currencies and running time.

Vi har ju ett utrymme vi kan anmäla och det tänker vi göra. Men det är ju en prisbild och att marknaden intresseras. Vi har ambitioner att emittera. Sen ska man inte heller glömma att det beror på lite vad du har för depositkällor. Har du egna flöden? Har du de olika valutorna? Vilka typer av plattformar är det? Så vi jobbar hela tiden på att skapa en mycket mer diversifierad funding både på olika länder, olika löptider och flöde i egna kanaler. All right. Toppen. Tack för mina frågor.

Tackar.

Nästa fråga kommer från Jens Hallen från Carnegie Investment Bank. Varsågod.

Good morning, Jens Hallena from Carnegie. Peter, can you please continue on the credit loss side? I think that the low interest rate says a lot, that you are not particularly worried. My question is, now that we are down to 24% interest rate, what kind of LTV are these loans on? Can you tell me what kind of stress you are looking at in these loans? Of course, if you can write them down with 20-30% in the stress and then reserve afterwards, then these figures say quite a lot. Then the market should not be so worried.

No, but the commitments that have moved from 2 to 3, for example, we have known about that. That's what we've seen a tendency to We have no doubt about the security. We feel safe with the commitments. We have also historically reserved. We have chosen to be conservative for a very long time. And this is with the same customers that are following. From 30 days, 6 days to 90 days. And we make a assessment of all the commitments separately. Okay, perfect, thank you.

Question two is about the impact of the income net on step two and three loans. Two questions about that. One, what is the impact of the income net in Q1? And question two, which is a follow-up question, are you not very conservative? I thought it was the case, but I may be wrong, that Regenverket said that step two... The first step is to borrow, as usual, while the third step is to borrow, but you simply take the net loan after the loss. We try to be conservative. That's our strategy.

The third step is to borrow, but we don't. Then there are parts of the second step. It's from case to case, I would say. Det är svårt att dra alla steg kvar i en kamp, för det är case to case. Vi är hellre konservativa och har intäkts för räntan när vi får den än att ta det här och nu. Sen kan Peter ta lite kring storheterna, hur mycket det släpper in.

Yes, if we widen the range around the NIM, we can see that we have this time lag on deposits in general. We believe that the funding costs with the information we have now, if the market behavior does not change in an unexpected way, we believe that the funding costs will top some time here during the second quarter, and that the large increase is behind us. As I said, we have been a little more liquid even here during Q1, because we see a good pipeline forward. Then NIM is very difficult to assess forward, precisely because of the way we handle revenue management. We book revenues. on the commitments that we see that the customers are after, and we see a slightly increased risk picture of that. They book the interest rates? We book the interest rates when we see payments on those commitments, and that has contributed, if you look on one side, positively here now in Q1 at about 25-30 points. Then we have not received payments on everything that we handle in this way. So we have a total negative effect from these commitments that we handle in this educational way on about 25-30 points. So there are some twists and turns in this scenario. Then when it comes to SLIM, you should also remember specifically in Q2 that we have a typical seasonal effect that we expect will come this year as well.

That was a long answer, Jens, but was it a response to your questions?

Yes, it is. It makes it a little harder for us to model. But I understand it. I can just ask there, in Q4, when we try to look at some kind of trend and what has happened, was there any strong positive effect there from... Den här redovisningen av steg tre ränteintäkter. Den var ganska clean.

Den var ganska clean. Det var inga större slag.

Okej. Det var svårt. Det var alla mina frågor. Tack så jättemycket.

Tack, Jens.

Nästa fråga kommer från Patrik Pratelius från AB. Varsågod.

Tjena, tack så mycket Patrik Protelius här från ABG, kan ni höra mig?

Jajamän, tjena Patrik, välkommen.

Tack, tack. Super, jag börjar med en liten då uppföljningsfråga från Jens. I och med de här stegförflyttningarna är lite svåra för oss att modellera. Kan ni säga någonting om förväntningarna för 2024, de kommande kvartalen, något vi ska... har med oss i åtanke om det kommer påverka positivt eller negativt, hur man ska tänka kring det?

Ja, som sagt, vi tror ju här att Q3 behöver egentligen inga större förändringar, men vi ser ju att vi har en bra plan för kunderna här att komma kapp med räntan. Exakt när det blev svårt att säga, men någonstans under det här året, om det är Q3, Q4, men jag tror att vi kommer att se minskningar Som vi ser det idag och sen så tror jag får vi räntelättnader på det också så gynnar det oss nog ytterligare. Q3, Q4 skulle jag säga Patrik.

Kanon, tack. Det går inte att sätta en range på en ungefär påverkan i absolutt siffror som man har att tänka kring.

Jo, men vi har ju ganska bra koll på hur mycket volymer som minskar. Men det är svårt, eller jag vill egentligen inte gå ut och säga det, för jag vill hellre visa det än att skapa någon förväntansbild. Men vi har ju en plan, hur vi ser på det själva internt. Men jag vill inte gärna gå ut och prata om det, ifall vi inte kan leverera den.

Jag förstår. Many of my other questions have already been answered, so I thought I'd go into questions about MPL backstop here. We see in the capital statement, when we look at this row, further value adjustments, is it right to think that the majority of this is driven by MPL backstop and that it is a sequential increase of about 45 million per quarter in i ytterligare reserveringar man måste göra på grund av det här regelverket.

Ligger någonstans i det här andet.

Om man tittar längre ut i 2024, förväntar man sig samma delta eller att det här kommer accelerera eller bromsas in? Hur ska man tänka kring det?

I expect it to be somewhere around that level. Then there can be a certain variation from month to month, quarter to quarter. But what we see now, there are no very big deviations from that.

Yes, and then it is so that this hits a... It does not hit... It hit 60 points on CT1 in the current situation. How do you think about this in the long term? What is your plan regarding the handling of this, given that it will have an even greater impact on the core commercial capital? We have seen competitors here who talk about that they forward flows and other competitors who have made agreements with larger cash and partners. How do you see this in the future and what do you think?

We have talked about this before and we turn and turn the stones in this area and analyze many different types of solutions. We are not yet we have decided which solution suits us best. And as we have pointed out earlier, it is a market where the price image has been adjusted quite a lot in the last 1.5-2 years in relation to this rate increase. Both we and I think many other actors out there also look at different types of solutions and also analyze some new types of investments. It's a market under quite a big change precisely because the price image has changed as much as it has done. Then you have to remember that for our part, I think we It does affect us, but this is mainly our private sector that this affects, and it is by far a quarter of our business. So I think we are also affected a little less than some other actors out there. Vi kommer aldrig bli stressade in i någon form av lösning, utan vi vill göra det som är rätt och riktigt på sikt för oss.

Och det är en relativt liten del av helheten, precis som Peter sa.

Okej, det är fair. Då har jag en fler fråga från min sida. Tack så mycket.

Tack så mycket.

Nästa fråga kommer från Emil Jonsson från DNB Markets.

Thank you for the presentation. I missed the first two minutes, so I'm sorry if there will be a repetition now. I'm going to start by asking if and when we will get a decrease in the interest rate, do you think that the interest rate margin will increase? just temporarily depressed during the entire interest rate reduction cycle. That it became the inverse of what we saw during the interest rate increase cycle with regard to lag effects and so on.

I don't hope so. I think a lot of this is also about the pace in which we will see rent reductions moving forward. And what we see now that is being priced into the market and what the expectation is, I would say, is quite beneficial from that perspective for us, because it went up very quickly, which benefited us. And can we go a a little flatter staircase downwards, where there will not be the same speed and tempo in the descents downwards, then we have, I hope, good conditions to be able to pair that and get a better balance between the asset liability sides on the balance sheet. Should we see a scenario where we go down as fast as we went up? Absolutely. Then we have the opposite of the situation, but it's not the scenario that we see ahead of us at the moment.

Okay, that makes sense. And I also saw that the corporate volumes in stage 2 and 3 started to rise a little compared to last quarter. And you mentioned that you think there will be returns later. under året. Vad ser ni för specifikt som talar för att det skulle kunna ske?

Det är de olika engagemangen där vi vet vad planerna är framåt och vi har ungefär tiden för att de planerna ska materialiseras för att kunderna ska komma ikapp med räntorna. Det är summan av de olika specifika engagemangen som vi har koll på och vi vet status och plan framåt.

Okay, and have you seen any increase compared to last quarter in the number of companies that ask for waivers for rent payments or amortizations?

No, not any changes. There are actually no changes.

Okay, and have there been any other exposures in corporate or real estate that were not in the target range last quarter, but what is it now?

No, we have had, we have had a look at them. I would say that there are no news for those who have arrived, but we have had full control that some have ended up after. We have had a look at the material.

Okay, and in step 3 on Corporate Real Estate, where the reserve rate is now at 24%, Rimligen så lär den vara högre i corporate än i real estate generellt. Hur högt går reserveringsgraderna som högst i corporate?

Det är 100% kan vi gå till högst. Vi reserverar hela engagemanget när vi ser en så pass hög risk. Det gör vi kontinuerligt varje månad, varje kvartal ifall vi ser att det går åt det hållet.

Okay. Då lär det ju rimligen ligga förmodligen en del real estate exponeringar som är väsentligt under 24 % i reserveringar. Mm, helt rätt. De största real estate exponeringarna i styg 3 What is the rate of reception for them? Is it 20% or 60%?

It's hard to know in general. We go from case to case, so it's hard to find an average. Some are reserved to 100% and others to 2%. Hela engagemanget och vad det finns för säkerhetsmassor kring engagemanget och hur marknadsrätten utvecklas, det går vi igenom så fort vi ser någonting. Det är svårt att säga, det kan vara en väldigt bred range. Men det är case to case allting.

Okej, men kan du säga någonting om hur stor är den största corporate eller real estate exponeringen i steg 3?

Vi gör ju, som jag har sagt, vår switchbot är 30-300 miljoner kronor. Det är där vi landar. Det är där vår range är, både på förhållande fastigheter. Där har du range, det är vår switchbot.

Okej, så man kan förvänta sig att det är At least one expo in stage 3, which is around 300 million. Yes, I could. I also saw that now it is roughly a fourth of the corporate real estate loans that are in either stage 2 or 3. And we have talked about that Now it seems that if you end up in stage 3, there is a greater risk that you will move on to stage 2. If you end up in stage 2, there is a greater risk that you will move on to stage 3. Based on that, what do you think speaks for or against the fact that the degree of receivability on stage 2 loans should only be 3% instead of somewhere close to the 25% that is in stage 3? risk now that you actually go on to the next step. If there is a higher risk now that those who are in step 2 go on to step 3, shouldn't the level of reservation in step 2 be more equal to what they are in step 3?

Emil, I think you're pulling the wrong line between what step it is and the degree of reservation. We've said this many times, and Martin has mentioned this earlier, that we make a judgment from case to case, where we look very much at the individual securities. A reservation degree must also be seen, what is the LTV on that property, if it is a property we are talking about, how are the values, how are they adjusted, what is our exposure and so on and so forth. We look a lot more from case to case and make an individual assessment of each individual exposure, rather than seeing this system with the reservation degrees.

Det är inte riktigt samma sak som när du har några modeller på privatlån. Då har du en mer modellreservering. Det här är case by case, där vi ser vad har vi för engagemang, vad har vi för säkerhetsmassor kring det. Det blir en stor skillnad när man pratar på företag i fastighet jämfört med privat. Som är mer modellstyrt när du pratar privat, även om man gör en overlay där också på sitt sätt.

Okay, all right. Det känns fair. Men då har jag inga fler frågor att ställa, men tack så mycket för svaren.

Tack så mycket, Emil. Ha det bra.

Då tackar vi för att ni ringde in och önskar en bra dag.