CrediaBank S.A. ($CREDIA)

Ladies and gentlemen, thank you for standing by. I am Geli, your Chorus Call operator. Welcome, and thank you for joining the CrediaBank conference call to present and discuss the first quarter 2026 financial results. [Operator Instructions] The conference is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Ms. Eleni Vrettou, CEO of Credit Bank. Ms. Vrettou, you may now proceed.

Good afternoon, ladies and gentlemen, and good morning to those joining us from the U.S. I'm Eleni Vrettou, Chief Executive Officer of CrediaBank, and I'm joined here today by Mrs. Valerie Skoubas, our CFO; Mr. Vangel Kanelis, Chief of Strategy; Mr. George Kouroumalos, Chief Risk Officer; and Mr. Constantino Manolopoulos, Deputy CFO and Head of Investor Relations. After my introductory remarks, Valerie will go into more detail over our financial performance, and then we will turn into Q&A. So let's begin CrediaBank delivered a solid start to the year with stellar growth rates and new records across all KPIs, demonstrating our agile and successful business model. In more detail, we delivered were continued disbursements up by 43% year-on-year. Record net credit expansion up by 97% year-on-year. record gross loans up by 40% year-on-year, outpacing the system's part time. Record deposits up by 14% year-on-year, outperforming the system by 2.5x. NII up by 25% year-on-year, the highest growth rate in the sector and record recurring profitability for the bank, up by 26% year-on-year. On top of that, Credia reported lower NPEs in absolute numbers quarter-over-quarter despite the robust net credit expansion, resulting in a record low NPE ratio and a significant improvement in the cost coverage ratio. We are proud to announce that we reported new record highs in all our key financial metrics, and I would like to congratulate and thank all our people, the driving force behind the bank's success. The first quarter of 2026 was also marked by our successful share capital increase of EUR 300 million, which was over-subscribed by circa 4x from top-tier international and greek institutional investors as well as from more than 7,000 retail investors despite the heightened geopolitical uncertainty. At this point, I want to thank all our investors for their trust and vote of confidence in our investment story. However, it's not only a vote of confidence for CrediaBank but the Greek economy as a whole. It was a bold decision given the volatile environment, which fortifies further our balance sheet in such uncertain times. We are now well capitalized to carry on the robust net credit expansion and at the same time to weather any prolonged war scenario and a more challenging macroeconomic environment. At this point, it is important to mention that our capital adequacy ratios post the share capital increase, not only stand well above the regulatory thresholds, but also exceed the sector's average. The successful share capital increase effectively re-IPO-ing the bank allows us to implement the business plan we outlined in the share capital increase, namely to continue to grow in Greece above the sector average, to smoothly integrate and accelerate growth in Motor to continue to invest in the upgrade and redesign of our digital infrastructure product offering while at the same time, having the necessary firepower to identify and execute seamless bolt-on acquisitions or partnerships that will further enhance returns for our shareholders. Turning on our financials into more detail. Strong momentum continues in the first quarter of 2026, posting new records on both sides of the balance sheet. On the asset side, net credit expansion skyrocketed by 97% year-on-year to a new all-time high of EUR 459 million, driven by record new disbursements that surged by 43% year-on-year. Thus, our loan book soared by 40% year-on-year versus 8% average for the market, outpacing the system by approximately 5 times, the top lot financial performance demonstrates our responsive and successful business model and that there is a clear need for banking alternatives in the mature and consolidated banking environment like Greece. On deposits, we also outperformed the system, and we operate a highly liquid balance sheet with customer deposits strongly up 14% year-on-year versus 5% for the market and with an improved mix as core deposits account for 47% of our deposit base versus 45% a year earlier. On top of that, our cost of deposits further improved as our time deposit cost has squeezed 80 basis points year-on-year compared to the 51 basis points average year board drop. Liquidity remains strong as our loan-to-deposit ratio of 72% allows us to implement our strategy of financing the Greek economy unabated. Total client assets, meaning deposits plus assets under management shaped at EUR 7.6 billion, up 11% year-on-year with mutual fund balances rising by a stronger 14%. Asset quality dynamics remained benign as NPEs decreased by 6% sequentially and hence, the NPE ratio dropped a historical low of 2.5%, down by 37 basis points quarter-on-quarter despite the elevated loan growth. Furthermore, our NPE coverage ratio also while RMP coverage also widened significantly to 55% in the first quarter versus 48% in the fourth quarter of 2025. On the P&L front, we delivered record growth in recurring PPI for another quarter. Specifically, our recurring pre-provision income jumped by 26% year-on-year to EUR 24.1 million, which is a new record for our bank. We recorded quality top line growth as NII and fee income were the growth levers. NII accelerated by 28% year-on-year, the highest growth rate in the sector, benefiting from the record net credit expansion and lower cost of deposits. Thus, our NIM adjusted for the performing mortgage portfolio, which we acquired in the fourth quarter of 2025, namely product Galin, expanded by 21 basis points year-on-year despite the lower benchmark rates. On top of that, fee income also recorded a new all-time high, fueled by the strong performance of all fee income factories. As a result, fees augmented the contribution significantly and now account for 18% of recurring revenues versus 13% in the first quarter of 2025. The acquisition of Pantelakis Securities and of Europe Holdings is expected to complete -- Pantelakis expected to complete in the third quarter of the year and Europe holdings before the end of the year as well, will also further strengthen our fee income generation. Cost rationalization efforts continue as recurring operating expenses narrowed by 4% quarter-on-quarter despite the inflationary pressures and driven by lower G&A and depreciation expenses. Thus, cost-to-income ratio dropped to an all-time low at 60.7%. Finally, as far as the bottom line is concerned, our recurring earnings after tax rose by 17% year-on-year to EUR 13 million, while our reported earnings after tax came in at EUR 7.8 million from just EUR 100,000 in the first quarter of 2025. Last but not least, following the successful share capital increase, our pro forma CET1 ratio stands at 16.6% and total capital ratio at 22.4%, well above the regulatory threshold as well as the sector's average. As far as those strategic pillars are concerned, the implementation of our strategy is in full motion. We have delivered on all the targets and the performance of the first quarter of 2026 is fully aligned with our strategy. In more detail, our first pillar is to challenge the Greek banking market. Here, we are increasing our market share with SMEs being a key contributor, but equally, the bank taking its fair share of business and growing across all segments. SMEs and structured finance disbursements represented 35% and 36%, respectively, of our total first quarter disbursement -- our total loans are up 40% year-on-year with growth being 5x higher than the rest of the market. Fees are not shy of EUR 5 billion from just EUR 1.2 billion when the team and I joined the bank in late 2022. The -- at the same time, group deposits exceeded EUR 6.8 billion, recording an increase of 14% year-on-year, with the growth rate also being much higher, meaning 2.5x from the growth rate of the market. Turning to Mata, our second strategic pillar. The regulatory submission process has been completed, and the data with the regulatory authorities is an advanced stage. At the same time, the preparation phase for the integration of the bank is well on track. We are now working on shaping the new product portfolio, redesigning also the technological infrastructure necessary for the bank's operation in the next day. Project time line remains on track and in line with the plan and time lines previously presented to you. Thirdly, our digital transformation and synergy realization journey is also well on track. The program has been launched and the first deliverables are expected in the third quarter of this year. Because of the program is a 3-year investment of EUR 60 million, aiming to improve the customer experience across all channels, while at the same time upgrading all our customer interfaces improving internal processing and workflows so that we can enhance productivity and efficiencies, which will lead to incremental cost savings. On this latter front, of course, rationalization, the first line of our transformation are tangible as the cost-to-income ratio on a recurring basis improved by 450 basis points compared to last year. Finally, we are also delivering on our fourth pillar, the creation of value through targeted M&A. As announced 10 days ago, we signed the definitive sale and purchase agreement for the acquisition of a 70% stake of Pantelakis Securities buying a new product factory where we had no presence, hence, further expanding our service offering. The benefits are not limited to that as we also expect the brokerage business to benefit from the bank clientele looking into good revenue synergies. At the same time, we had made clear in our Capital Markets Day in March that we are further exploring potential acquisitions or strategic partnerships in other product areas such as the bancassurance, wealth management or digital in order to further boost the income, which already saw a 55% increase in the first quarter of 2026. The idea is to further expand our touch points with the customers with meaningful presence in the main traditional cross-selling areas, maintaining the same responsive and agile model that we have at the bank. As such, and alongside the first quarter 2026 results, I'm really pleased today to announce a strategically important transaction for CrediaBank. We have signed a binding term sheet to acquire Rope Holding, a high-quality and fast-growing insurance platform in Greece. Let me start by giving you some factual information about drop. It's quite a rare asset in the Greek insurance market. There simply aren't many scaled credible players, and the broking really stands out in that respect. What's particularly attractive is its fully integrated model. It combines both underwriting and brokerage. So it captures value across the entire insurance chain. That's quite differentiated, especially in a market that's still fairly fragmented in here in Greece. Drove has a leading position in property insurance, which is also a core and very scalable segment and fits well with our corporate proposition and a retail proposition as well. And importantly, they are also 1 of only 2 insurance in grid that can issue surety bonds, which tells you a lot about the strength and the positioning of the franchise. On top of that, it's a model platform with a diversified product offering, strong execution and solid financial resilience. For example, the solvency ratio of the broad beat stands at around 367% at holding level, which gives a lot of comfort in terms of balance sheet strength and growth capacity, while at the same time, boasting an excellent reputation in the market in terms of insurance, strongly complemented by some of the strongest relationships in the reinsurance market, allowing to contain risks in its balance sheet. Looking ahead, the growth profile is also very compelling. Profit before tax from rig is expected to grow from about EUR 20 million in 2026 to roughly EUR 45 million by 2028, including the synergies. So overall, this is a scarce growing platform in a market where opportunities like this don't come around often. Now why are we proceeding with this transaction right now? The timing is very deliberate I have to admit. Following a EUR 300 million capital raise earlier this year, we're in a much stronger capital position that gives us the flexibility to go after opportunities like this. Not to deploy capital for the sake of it. I mean actually, this particular transaction will actually enhance our CET1 and total capital ratios by roughly 140 basis points but also it allows us to execute on the strategy we laid out during our capital raise. At the same time, we're accelerating our shift towards more diversified and fee-generating business and revenues. You saw that recently with the acquisition of Pantelakis Securities. And now this is another key step in that direction in a product that we were lacking presence and expertise. In parallel, Abrup itself has been executing exceptionally well. The strength in the balance sheet that streamlines the capital structure and expanded their platform, both organically and inorganically through brokerage and selective acquisitions. So they're coming into this from a position of strength. And the broader market backdrop is also supportive. Insurance penetration in Greece is still relatively low, which creates structural growth potential while the number of scale players remains limited. So once you put it all together, this won't like the right opportunity at the right time for both platforms, and that brings me to the strategic rationale. This is a very complementary combination. Drove brings deep insurance expertise, underwriting, brokerage, product breadth and excellent reputation, particularly on the wholesale side. On CrediaBank side, we bring a nationwide distribution network, strong digital channels and a large and growing customer base, while corporate remains the main growth driver for us. So when you combine those strengths, you effectively create a fully integrated bancassurance platform. There are a few clear benefits. First, it will drive a structural increase in the fee and commission income, which improves both the quality and resilience of our revenues. It also increases income per customer and strengthens engagement. Secondly, it opens up significant cross-selling opportunities. We can distribute insurance products across all our existing client base using the scale of our network, while we can also introduce the drop customers into the bank. Third, from an efficiency standpoint in the model is very attractive. We can distribute insurance through our existing infrastructure at low marginal cost while benefiting from scale and operating leverage. And importantly, it strengthens our value proposition to clients. We'll be able to offer more complete financial solutions, deepen relationships and position CrediaBank much more clearly as a primary financial partner. Existing management of Ebro having both the track record and expertise and the reputation in the market will remain onboard fully committed and will now manage the bancassurance business for the combined group, while no operational integration is necessary. Insurance deals that were previously referred to multiple third-party insurance from ourselves at a fraction of a referral fee will now be fully executed in-house with the sales teams being focused and relying on the strong experience and commitment of the now in-house expertise and management that we will have effects for this acquisition. Finally, on the financials, this is clearly an accretive transaction. We expect around 8% earnings per share accretion by 2028, and an immediate bottom line accretion in 2026, a double-digit return on investment. And as I mentioned, more than 100 basis points of capital uplift, it looks like 140 basis points which also makes this investment quite unique in nature. So overall, this is a unique opportunity to accelerate our strategy, improve our business mix and deliver sustainable value for our shareholders. At the same time, given that there is no or negligible overlap with the bank's existing activities, there is no operational integration required or management distraction risk by Ebro at a time where multi-integration remains our #1 priority. For our customer-facing teams, equally, this allows them to be more focused by having a clear point of refers internally. In closing, we remain laser focused on delivering our strategy across all fronts. We believe that the first quarter results provide a solid validation for the rest of the year and the successful delivery of our mid- and long-term targets as related during our Capital Markets Day last March. Thank you once again for your time today. I now pass the floor to Valerie to present our first quarter '26 financial results in more detail.

Good afternoon, and good morning to those joining us from the U.S.A. I'm Valerie Skubis, the CFO of the bank. Before I start, I would like to clarify that the net interest income and depreciation in all quarters of 2025 has been restated for the PPA impact Recall that the PPA charge was around EUR 1 million per quarter, and we were presenting it below the recurring for pre-provision income line. Now approximately 22% of the charge is included in interest expenses and 78% in depreciation. Turning now to the key highlights of the quarter as presented on Slide 11. We delivered another set of strong results powered by top line quality growth with recurring pre-provision income, up 26% year-on-year to a new record of EUR 24.1 million. recurring core free provision income, which excludes the episodic noncore income surge by 160% year-on-year. Core income grew by 32% year-on-year to 57.7% in Q1 with net interest income being once again the main driver of growth demonstrating the quality improvement of our profitability. In more details, NII advanced by 28% year-on-year, fueled by the strong net credit expansion and loan volume growth as well as by the improved deposit mix. Adjusting for the acquisition of the performing mortgage portfolio that was acquired in Q4 2025 NII also grew by 3% quarter-on-quarter. Just to note that previously, the impact of the 7 month interest was accounted for in Q4 2025 alone, following the closing of the transaction. Adjusting for that, the interest -- net interest margin expanded by 21 basis points year-on-year and was marginally higher compared to Q4 2025. Furthermore, fee income increased by 55% year-on-year to a new record at EUR 11 million despite the quarter's seasonality. This was boosted by robust growth in lending, wealth management and bancassurance. Thus, fee income increased its contribution and now accounts for 18% of the recurring operating income versus the 13% in Q1 of 2025. Non-core income fell by 69% year-on-year driven from lower trading gains, but this coupled with the Q1 2025 that was boosted from the episodic EUR 5 million gain relating to the structured finance transaction that took place then. Given this resulting lower noncore income, the growth in recurring operating income was contained to a still strong 12% year-on-year growth. Moving on to the cost side. Recurring operating expense narrowed by 4% sequentially despite the inflationary pressures as a result of the transformation and realization of merger efficiencies, bringing the recurring cost-to-income ratio to an all-time low of 60.7%, down 450 basis points year-on-year and 250 basis points quarter-on-quarter. Recurring operating expense grew by 4% year-on-year. This owing to a calendarization impact in 2025 from the pre-integration merge period. Post implementation of the West, our total headcount has decreased by 14%, standing at 1,204, while we are operating a network of 66 branches throughout the country from 77 in Q1 2025. Moreover, one-off expenses of EUR 4.8 million burdens Q1 results, of which EUR 3.9 million relates to the voluntary exit scheme and employee incentive programs and around EUR 1 million relating to other restructuring expenses. We continue transforming the bank while also building the governance framework for the acquisition of Malta and redesigning of our digital infrastructure and the offering. Loan loss provisions reached EUR 7.2 million, up 48% year-on-year, owing to the sharp increase of 40% year-on-year of our loan book. As a result, our underlying cost of risk remains flattish at 46 basis points compared to 49% a year ago. Our all-in cost, including the cost of the synthetic securitization widened to 61 basis points from 57 in Q1 2025. Recurring net profit rose by 17% year-on-year to EUR 13 million due to the stellar performance of our core income, while reported net profit came in at EUR 7.8 million versus only EUR 100,000 in Q1 of 2025. Turning to our balance sheet. Strong momentum continued in Q1 on both sides of our balance sheet. In more detail, as shown on Slide 14, disbursements jumped by 43% year-on-year leading to a record net credit expansion of EUR 459 million, up 97% year-on-year. The stellar performance is powered mostly by wholesale lending whilst retail lending is gathering pace. Moving on to Slide 15. The resulting loan balance at EUR 4.9 billion was up 40% year-on-year, resulting from our continued loan growth outperforming by more than 5% the banking systems loan growth. Sequentially, our loans were up by 10% Q-on-Q, the highest growth in the sector. On the other side of the balance sheet, as shown on Slide 16, group deposits jumped by 14% year-on-year, outpacing again the market that grew by 5% year-on-year. Specifically, as shown on Slide 13, deposit exceeded EUR 6.8 billion and represents our main source of funding, constituting 80% of the total liabilities and equity. On a more positive tone, core deposits augmented their contributions to 48% of the deposit space versus 45% a year earlier. Furthermore, we also have around EUR 1.4 billion of securities with GGBs including T-bills and other sovereigns constituting the bulk 77% of the total. In parallel, our EUR 222 million DTA is clean of any DTC. Moving to capital on Slide 22, we present the evolution of our capital ratios post the share capital increase of EUR 300 million that was successfully completed on April 7. Our pro forma CET1 ratio expanded by 560 basis points Q-on-Q to 16.6%, well above the regulatory minimum threshold of 9%. And while our total capital ratio shakes at 22.4%, well above the minimum threshold of 13.8%. Both capital ratios also spend above the sector's average. Post the share capital increase, we increased our lines of defense and we can weather adverse scenarios. More details on our capital are presented on Slides 35 and 36. Finally, let's turn to Slide 21. Asset quality dynamics remained benign despite the elevated loan growth, with the NPA ratio recording an all-time low and widening cash coverage. We have posted organic NPE reduction sequentially but NPEs fell by 6% Q-on-Q, the NPE ratio squeezed by 37 basis points quarter-on-quarter to 2.5%. And NPE cash coverage expanded to 54.7% from 48.2% in Q4 '25. With that, I have concluded my presentation. We may now open the floor for Q&A.

[Operator Instructions] The first question is from the line of Alexandrso Boulougouris with Euroxx Securities.

Congratulations on the results. Two questions on my end. Regarding net credit expansion at nearly EUR 500 million in the quarter. I believe this is already in behalf of the large around -- a bit more than EUR 1 billion. Do you plan to revise the annual targets based on this performance and maybe let us know a bit on the pipeline, how do you see the second quarter evolving? And the second question is on appropriate holding -- just to understand 2 small issues. One is that on the capital return of EUR 45 million, will there be a capital that rolling the book prior to the this capital return because you mentioned in the presentation that there is a restate transaction. I'm just trying to understand the pro forma equity -- is it EUR 192 million, less EUR 45 million? Or should we add also some gain from the real estate state transaction? And also you mentioned in the presentation, EUR 45 million pretax profit in 2027, but I think in the betas, it was 28. Could you clarify, please?

Thank you all for the questions. So I'll start with the first 1 around net credit expansion. So indeed, like what we see at least like in the first 2 quarters of the year, that there is an increased appetite in the market. This is also driven by some of the recovering resilience funds that like now, as you know, there is a deadline has been moved forward. Therefore, we expect that the entire market will have quite attractive credit expansion levels during the first half of the year. Now for the time being, and I think this is mostly on a precautionary measure because of the volatility in the geopolitical environment, we don't yet revise the target before the end of the year. We might consider this as we move during lease the release of our first half results. Now turning to the second question around the EUR 45.5 million gain for drop Holding. This is a real estate disposal. It's a property that the sales had already been agreed with the broken before we actually entered into the discussions between us. What will happen is that they will actually -- they're making the transaction at book value and effectively, the returning capital back to the shareholders in terms of cash. Going to the third question, indeed, we clarified that a EUR 45 million top-up on the PBT is coming in 2028. It's EUR 20 million for 2026 on the existing run rate and without any other additional acquisitions from drop that they have already like initiated. We reiterate the target for EUR 45 million in 2028 just from that business along without any other additions.

The next question is from the line of Noemi Peruch with Morgan Stanley.

I have a view on the deal and the insurance deal. If you could just walk us through the moving parts of the 140 bps of higher common equity and I was wondering if you plan to apply for the Danish compromise. And also here, the really high solvency ratio if you plan to upstream some of the capital into the parent. And if you also can clarify what's the final equity of the company that you're buying given all the moving parts?

Okay. So I'll start and then our Chief Risk Officer, George Kouroumalos, will walk you through the calculations for the capital uplift. So the first thing to say is that no, we will not be pursuing a Danish compromise. We think that larger transactions in Europe, they're still pending approval to basically be eligible for a Danish compromise. Therefore, we think that at this stage, given the size of both ourselves and the asset, it would be a futile effort. Nonetheless, what you need to appreciate is that drop is not an insurance subsidiary itself. It's actually a holding company that we're managing weight, which has activities and other assets outside the insurance business. And therefore, the share-for-share transactions where we actually use no cash to complete the acquisition allows us with the collapse of the holding part to basically record negative goodwill and effectively gain the capital uplift. George will speak into more detail in a couple of seconds. Now on the solvency ratio of dropping, the droping model effectively is that they are actually quite active in the reinsurance market. So what they do is that won the underwrite transactions. They have a very high market share here in the market. And actually, it's 1 of the largest insurers in property here in Greece. But what they do is that they hold very little risk on their books and they tend to reinsure everything with the likes of Swiss Re, likely, et cetera. Now what we -- basically, what we intend to look at is that whether we can actually increase using this quite attractive high solvency ratios to see how we can increase the risk appetite at the rope insurance level, therefore, increase the underwriting levels and reduce the reinsurance level, therefore, further boosting like the fee income that will be the final hold for Abropic. The other thing is that now having this additional capital, but also the capital buffers of the bank, there are also additional product areas that we could look at. For instance, credit insurance is a very attractive piece of business that you need capital, which is basically under consideration right now whether we want to enter or not. Now if George can speak a little bit more about the calculation of the capital uplift just saying because there has been an initial engagement with a regulator who has already signed off on a preliminary basis, the calculations for the capital uplift that we present here today.

Okay. So thank you. So even if we do not treat it as the Danish compromise would dictate. Still we can keep the group insurance participation in our capital without needing to subtracting it and risk weighted at 20%. This is because we do have some room in our CET1 before the 10% threshold that allows for recognition of such participation in financial sector entities. Therefore, if we -- starting from our CET1 capital of EUR 726 million at Q1, we see an increase in our CET1 capital post any deductions on intangibles and transaction goodwill another goodwill to the tune of EUR 90 million. And then on RWAs from what we will be risk weighting, we will see an increase in RWAs to the tune of EUR 165 million. And that would bring our ratio on a pro forma basis from 16.6% to circa 18%, therefore, 140 bps.

And I guess the all the measures to, let's say, rerisk the insurance business are included in the synergies you mentioned. Is that correct?

No, it's not correct. This is upside risk. So the synergies that we present here is basically just the penetration of insurance products in our corporate customers and also the introduction of corporate customers of bot to the bank. So there's no -- it's only upside risk if we actually increase the underwriting levels of drop above the present levels that we adopt.

The next question is from the line of Kim Borge with Edison.

Congratulations on the results. A couple of questions for me, if I may. One is if you could provide some sort of an update on the integration in Malta. Just if you can sort of touch upon the key stakeholders there, sort of customers and employees and also authorities what you're experiencing and relative to sort of what you're expecting, so this both sort of pros and cons and where you're seeing that? And the second question, more generally, but I guess both in Greece and more to the competitive market, what does that look like in terms of both on the lending but also on the funding and deposit side? If you could just give us a few indications of where that is.

Great. Thank you. So around the start of integration in Malta, as we said, -- we have submitted the application for authorization for the merger or the acquisition in January, in line with the project plan. The key stakeholders is the MSSA, which is the local regulator in a joint team with ECB. Therefore, we have already advanced engagement with them with Q&A on the business plan on the qualifying holding, et cetera. It is moving according to plan. So we reiterate but we expect the regulatory approval to come probably by the end of October. Now turning into the technical integration, the operational integration all the IT architecture time line and vendors have also been finalized and decided. It's part of the regulatory submission as well. That also includes some operational policies like credit risk policies and anything like AML policies, et cetera, that will need to be substituted and being go further by us are also in place because they're part of the regulatory submission. On the systems side, as we said, now we have the vendors onboarded and the plan. All the teams, which includes basically the Greek team, there's a dedicated team within IT for Malta in Greece, which is fully dedicated to that, together with the international teams that we have established here in Greece. The motor on store team, but also the HSBC group that basically the team that oversees all the transactions to ensure a smooth exit, they're fully engaged -- on the IT side, we have -- we are working with Deloitte as a joint integrator, both for ourselves and PMO for ourselves and for HSBC, where we have also jointly completed the target operating model that is going to be in place for Marta. Now where we are right now is that we're also finalizing the product suite and the product specifications that will be live in the systems, in the customer platforms on the legal day 1, which is set for the second of April 2027. Now moving on to the second question around the competitive market. Effectively, what we see in Greece is that it is a highly competitive market, both in terms of lending and deposits. But it seems that as we said before, our challenger bank model, our service response time allows us to take like more than -- a very high market share much higher than our legacy market share. If we actually do the calculations because we are the last bank to report first quarter financials we estimate our stake in the market share in terms of net credit expansion, all the business of -- across the system, to be in the tune of 22%. On the deposit side, as we mentioned, we increased faster than the system. We do try to defend the margins both on the lending and the deposit side. So we try to capture market share without compromising our NIM, which has also become evident as we have the highest NIM across the market. Now going to Malta. Malta is a different story because as you can appreciate, the bank there is in a transition mode with an exiting shareholder and ourselves not yet taken control of the shares until for the next year. more or less to complete the integration of the systems. That means that technically, we cannot introduce new products there, technically, we cannot implement our own credit policies and our own streamlined procedures, and they will still need to go with the existing shareholder policies and procedures and systems and with all the distraction that basically comes with the integration with such a lab-scale integration of the bank and its systems. Having said all that, as we have said before, HSBC Mazda is the second largest bank in the country. It has the second largest market share across all product areas, lending, deposits, asset management, insurance, they still hold around 24% of the market. They do have a high dependency on the interest rate volatility which basically justifies also why HSBC Motor has reduction on the NII and bottom line versus the quarter of 2025. This has been a common theme in all banks in the market, at least the big ones that control such market share. But still, we do post a bottom line, which is in the tune of EUR 21 million PBT.

[Operator Instructions] Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Eleni Vrettou for any closing comments.

I would just like to thank once again all attendees in the call today for their time. We are at your disposal for any further clarifications and wishing you all a nice evening today. Thank you very much. looking forward to seeing our investors to more at our general assembly of shareholders. Have a good day. Thank you.

Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a pleasant evening.