Yapi ve Kredi Bankasi A.S. (YKBNK) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by. I'm Merdo, your Chorus Call operator. Welcome, and thank you for joining the Yapi Kredi conference call and live webcast to present and discuss the Yapi Kredi First Half 2021 Financial Results. At this time, I would like to turn the conference over to Mr. Gokhan Erun, CEO; Mr. Kürsad Keteci, Strategic Planning and IR EVP; and Ms. Hilal Varol, Head of Investor Relations and Strategic Analysis. Mr. Erun, you may now proceed.

Good afternoon, and thank you all for joining our first half earnings call. I hope yourselves and beloved ones are well and healthy. First of all, I would like to add a couple of words regarding the operating environment. We have been observing pickup in the economic activity since the beginning of the year. This year, growth will be in the range of 7% to 8%, even slightly higher than that. More importantly, strong growth will come with a controlled level of current accounts and also budget deficit in the year. So we'll not have twin deficits for both. Improvements in tourism revenues will be supporting the current account balance, also -- which was emphasized also by the Central Bank governor. In terms of fiscal budget, higher revenues as well as controlled expenditures will lead to a better-than-expected budget deficit, thanks to [indiscernible], the Minister. In terms of rate environment, higher import prices, higher global commodity prices and price pressures due to easing of COVID restrictions are impacting inflation evolution. Additional administrative hikes, [ slower ] loan growth and moderated domestic demand will be the main factors for the rest of the year. As a result, our year-end inflation expectation will be around 16%. Before starting the presentation, I would like to inform you what we have done in terms of sustainability in the quarter. We are committed to reduce the greenhouse gases by 100% until 2035. We are the first Turkish company to commit to UN's act to limit global temperature rise to a 1.5 degrees Celsius above pre-industrial levels. Our latest indication worth of $962 million in June was sustainability linked. We have introduced electric and hybrid vehicle loans. Our Sustainalytics ESG risk rating improved to 19.8. We are now at low risk and among best-in-class. We are also engaging with our clients through webinars and sustainability conversations via YouTube, and we are committed not to finance any new coal mining or coal fired power plants. Now we can move on to the next page. We have posted 18% quarterly ROE with TRY 2.2 billion net profit. For the first 6 months, our net profit is at TRY 3.7 billion with 15.4% ROE, in line with our full year guidance. Core revenue increased 7% quarter-on-quarter, normalized, of course, for the linker income despite the high level of interest rate environment. Quarterly NIM widened 70 -- sorry, 27 basis points, excluding the linkers. With the linker impact, it is 61 basis points. Thanks to ongoing loan pricing, loan yields went up by 64 basis points quarter-on-quarter. Deposit costs, on the other hand, were under control -- quite under control in the quarter, 28% quarter-on-quarter hike in TL demand deposits supported the funding costs in the quarter. Fee income increased 31% year-on-year, better than our initial guidance with our decisive strategy to increase number of transactions and also ongoing diversification efforts. For the last 2 months, we are the market leader in terms of merchant volumes. Our total coverage is at an elevated level of 7.9% adjusted for the NPL write-offs. We have increased total -- the coverage levels at all stages versus 2020. So all coverage levels are increased. In the first half of the year, our collection was very strong at TRY 1.9 billion when the inflow were very much limited. As a result, net NPL inflow were at negative territory so far in the year. Looking to our fundamentals. Our total LDR stood at 104% with ongoing TL and demand deposit focus. Solid -- very solid liquidity, FX LCR above 500%, 5-0-0, while total LCR at 157%. Tier 1 ratios -- ratio at 13.8% without forbearances. As you know, we are looking always without forbearance numbers. Including the positive impact of the IRB, presenting a 400 -- very comfortable of 422 basis points buffer against the regulatory limit. I want to emphasize once again that we are the first Turkish bank applying the IRB model in capital calculations, and I'm very proud of my risk team achieving that. Now I'm leaving the floor to Hilal.

Thank you very much, Gokhan Bey, and thank you all for participating in our call on a Friday. Looking at the volumes on Page 3. In the second quarter, we continued our Turkish lira and small ticket driven volume growth. Turkish lira cash loans increased 5% quarter-on-quarter, reaching 14% year-to-date increase via lucrative products, such as general purpose loans, up by 23% year-to-date. We gained 100 basis points market share. Auto loans, up 53%, 350 bps market share gain and strong SME growth. As a result, the share of retail loans, including SMEs, reached to 52% of total. On the foreign currency side, the demand is still missed. With the sustained payments, foreign currency loans declined 6% year-to-date. Turkish lira deposits increased 15% year-to-date with ongoing support from individuals, while foreign currency deposits came down 5%. Mainly driven by the individual deposits, Turkish lira demand deposits were up as much as 28% year-to-date with our ongoing customer acquisition and increasing number of transactions, money transfers, rent payments, bill payments, et cetera. As a result, the share of demand deposits in total improved 14 percentage points since 2019, reaching to 37% when Turkish lira is at 29% and foreign currency at 43%. Equally important, the share of retail deposits in Turkish lira demand deposits is as high as 81% and the shares reached to 74% in total Turkish lira deposits. Looking at the revenues. Normalized for the linker income, we revised our CPI linker valuation to 13.5% from 11% in the quarter. Core revenues increased 7% quarter-on-quarter. Despite the high Turkish interest rate levels, our net interest margin, excluding the linkers, widened as much as 27 basis points in the quarter and revenue margins up by 17. We foresee ongoing improvement in the NIM in the upcoming quarters with loan repricing as well as controlled cost of funding with demand deposit performance and small ticket-driven increase. Looking at the spread evolution on Page 5. With strong demand deposit performance, we managed to keep the increase in total cost of funding limited at 37 basis points quarter-on-quarter. Thanks to the ongoing Turkish lira loan pricing with 93 basis points increase in Turkish lira loan yields, total loan yields were up by 64 basis points. As a result, our loan deposit spreads in the quarter widened 27 basis points over first quarter. As I mentioned before, we foresee ongoing improvements in loan deposit spreads in third quarter and fourth quarter of the year. Hence, I can comfortably say that the worst quarter of the year will be first quarter in terms of both net interest margins and spreads. We are now on Page 6. We have a significant 31% year-over-year increase in fees, very above our initial full year guidance. Once again, I want to emphasize, I know I'm telling this each and every quarter, but the improvement is all across the board. Bancassurance with ongoing strength, up by 25% year-over-year, ongoing support from new products and definitely digitalization. Our premium generation to digital channels, more than half of the total production, increased 2.2x year-over-year. Investment products, up by 47% year-over-year while the increase in lending-related fees were strong, but compared to the moderate at 19%. Increase in money transfer transaction numbers were healthy, further increasing in the quarter. With a 49% increase over 2020 monthly averages in the second half of the year -- first half of the year, I'm sorry, cumulative increase reached to as much as 70% year-over-year. As a result, money transfer fees increased 40%. Increase in payment systems transaction numbers at 18% over 2020 averages, 30% increase year-over-year on a cumulative basis, resulted in 33% year-over-year improvements in payment system fees. In the last 2 months, we are the market leader in merchant volumes. We will maintain the diversification and further strengthen all the high fee base going forward, and I believe we are showing our capabilities to improve further. Looking at our costs on Page 7. Cost growth was at 16% year-over-year below average inflation. Running costs are up, a controlled 12%. Please note that 10% of our costs are foreign currency-denominated and definitely all the sensitive inflation. Despite the volatility, our cost increase is still controlled -- at a controlled level. One of the reasons [indiscernible] digitally main products sold, reaching 72% in first half '21. Digital onboarding is supporting our customer acquisition of more than 2x with 14% share in customer acquisition and digital log-ins increasing each and every month. As we shared with you in several occasions, as the first Turkish bank announcing the hybrid working model after COVID-19, we are saving significant space in terms of square meters, thus, which will become more and more visible in the upcoming periods, upcoming years. You will see that. With ongoing strength in fees and, as I mentioned, control costs, fees OpEx coverage improved 9 percentage points to 77% in first half '21, the highest level announced so far in the system. Moving to our sales quality, we are on Page 8. You can see our uncompromised prudency in asset quality. Adjusted for the TRY 1 billion write-offs, which we had in the first quarter, nothing in this quarter, our total coverage is elevated at 7.9%, highest among peers and on so far. Stage 1 coverage elevated at 1.1%. Please note that we are increasing our loans with a strong risk profile, still maintaining the high coverage levels. Stage 2 ratio, slight improvement at 15.8%, with coverage increase over 2020 at 18%. NPL ratio improved 20 bps in the quarter to 5.2%. And on a comparable basis, it is at 5.6% and coverage up 2 percentage points year-to-date at 71%. Looking at the NPL evolution and cost of risk levels. As Gokhan Bey mentioned, net NPL inflows continued to be at a negative territory in the second quarter of the year. And the first half quarter average was at TRY 450 million, definitely minus. Strong recoveries, TRY 928 million. This is quarterly average as well. And limited TRY 488 million quarterly average inflow, all supporting the platform. With the increasing coverage levels on a year-to-date basis at all stages, our cost of risk to that 60 basis points in the first half of the year. Definitely excluding the currency impact, I'm sure all of you are aware, it's fully tied. Our cost of risk level so far in the year, significantly below our initial full year guidance. Looking at the loan performance, it stood at TRY 15 billion, around 3% of our loans with a coverage above 14%. We classified 25% of these loans under Stage 2, the coverage, 25%. Stage 1 coverage, it is very elevated at 9%, very conservative indeed if you look at the performance. 93% of these loans are performing and just TRY 249 million, meaning that 1.7% of these loans is classified under Stage 3 NPL. And looking at the regulatory forbearance on classification, namely 90 to 180 days past due loans stuck under Stage 2. As you all know, since the start, we maintain our conservative approach on this portfolio. We are treating them as NPL. Volume is TRY 1.3 billion, around 40 bps impact on NPL ratio with a coverage of 62%, 6-2 percent. Please note that we do not foresee the entire portfolio to multi-NPL when the regulation will be listed in September. Even if it happens, there won't be any P&L impact. On Page 12, looking at the capital ratios with ongoing support from internal capital generation and IRB implementation, our capital buffers are above 415 bps at each ratio as of first half '21. With 110 bps of profit support and 98 bps IRB impact, our Tier 1 ratio stood at 13.8% as of first half, CET1 at 12.4% and capital adequacy at 16.2%. Once again, we are very comfortable in terms of capital. So what we have done in sustainability, the recent development, we are committed to science-based targets. We are the first Turkish company committed to UN's business ambition to limit global temperature rise. We have initiated a product to calculate portfolio-based Scope 2 emissions. In terms of climate change, we have started to analyze our portfolio in terms of physical and transitional risks. The sustainable financing is increasing, not just for us, but for our customers as well. Our latest indication was the ESG link. Also, we borrowed EUR 4 million from DDS and European funds. Equally important, we have introduced electric and hybrid vehicle loan. That's also incentivized. We are having sustainable conversations on YouTube, podcast and engaging with customers via webinars. It is recognized. Our sustainability ESG risk management rating improved 6.4 points to 61.3 points in June. ESG risk rating improved to 19.8, meaning we are at low risk category and among best-in-class companies. Now I'm leaving the floor to Gokhan Bey for our guidance revisions and close remarks. Gokhan Bey?

Thank you, Hilal. As of today, we have a clear picture, obviously, compared to our previous call in April. Accordingly, we have decided to revise some items in our 2021 full year guidance. Given our strong performance in the first half of the year, we maintain our ROE guidance at mid-teens. In terms of fundamentals, we maintain our LDR target of below 110%. CAR will continue to be above 16%, thanks to our internal capital generation and also IRB implementation. With the recent trends on inflation and operating environment, we now foresee low 20s TL loan growth in the year. In terms of revenues, given the higher interest rates for longer than expected, we are slightly revising down our NIM guidance, excluding the linkers, to a 50 basis point tightening. On the other hand, our fee performance is significantly better than our initial guidance. So we are revising up our fee growth guidance to mid-teens, mid-20s -- from mid-teens to mid-20s. In terms of cost growth, below average inflation. And last but not least, asset quality. In terms of half of the year, net NPL was remained at the negative territory and also strong recoveries. We are also seeing total coverages -- also increasing coverages, total coverages, as I mentioned earlier, in all segments, all classes. So at the beginning of the year, we have conservatively guided below 200 basis points. But looking at today's numbers and visibility, I think we can very comfortably tell you that below 150 is very much achievable by the end of the year, below 150 basis point levels. So all incorporated. Once again, we maintain our ROE guidance at mid-teen levels. So as closing remarks, I believe we, as Yapi Kredi, we ensure the continuation of strong and sustainable revenue performance through small ticket and transaction banking while maintaining our strong fundamentals driven by customer-centric approach. With our strong brands, rich organizational culture, fully committed workforce and support of our shareholders, we seize the opportunities ahead of us and reach to greater achievements, which will also contribute, of course, to our country's economy. I'd like to take this occasion to extend my thanks to our stakeholders who stand by us with trust and support and our dedicated employees always who contributed to the achievements of our bank and showed commitment to the country and to the bank. On behalf of the whole team, I'd like to thank you all for joining us on our call. And now we can take your questions.

The first question comes from the line of Mohsin, Waleed with Goldman Sachs.

Three questions from my side, please. Firstly, on credit quality. You have, by far, the highest provision to loan coverage in the sector. If you could please talk about the performance of your Stage 2 book, even going into July because we -- you've had almost 1 month post your second quarter results. And how should we think about the provision to loan coverage shaping up going forward? That's my first question. Secondly, on loan growth, very impressive growth for you and also for the sector. If you could help us perhaps become a little bit more comfortable with the pace of growth, which obviously is exceeding both our expectations and it seems most bank management's expectations at the start of the year. So if you could provide a little bit more clarity on what's driving it, what's changed despite certain restrictions, lockdowns, even in the second quarter. And what kind of response are you seeing from competitors at this moment, given that the pace of loan growth is so high. So that's the second. And then finally, a very impressive growth in the demand deposit side, especially in an environment, which is where interest rates are elevated. So just if you could talk about your demand deposit strategy and what's driving those gains that you've had versus the sector.

Thank you, Waleed. Let me start from the -- more from the business perspective. First, in general, everybody should think that this year, it's a growth year for Turkey. Like actually for many countries, like developed countries, we are seeing similar growth even as the U.S., Turkey. Even half of U.S. is growing maybe bigger than -- higher than Turkey this year. So this -- having said that the demand is dash. So it started to pick up. Obviously, the lockdown is over. Tourism sector started to flourish this way or another. So also internal demand, I think. So it's also -- the consumer demand is picking up to some extent, and so we were very much ready for the growth. And that's why our numbers are going to the north, and we are comfortably -- we can comfortably say that we can continue with those numbers, even I might say that we started to see some of the investments for the infrastructure that are also starting, which will help, obviously, on the commercial and corporate side slowly, obviously, but this will have a positive impact. So first of all, it's a base effect that we are having 7%, 8% growth for this year. But more, I think also the lockdown is over, and especially tourism sector is helping a lot. So this will have a positive impact, too. From the competition side, well, I think everybody has its own rationale obviously, but a few competition that we do not see at the moment, especially from the loan side, where we are going from the state banks. State banks are growing in a slower pace compared to the private banks. That is also leaving us and a moving area or I must tell a buffer to grow. As you know, in the last 2, 3 years, the state banks market share has been up more than 10% in terms of market share in general for the state banks. Now we are seeing that they slowed down a little bit especially on the consumer side, I must tell. In general, that's -- we are benefiting out of that. And in terms of maybe pricing, now the pricing makes more sense compared to last 2 years to grow as well. So this is the operating environment that I might contribute. And on the other hand, the second question was I think about the demand deposit performance of the bank. So if you recall back on 2018, where we started our strategy with the call -- with the meeting investor call in London at that time more than 3 years ago now. We said that there will be a diversification, strong -- small tickets and more transactional banking. And we are gaining market share on that aspect. We are -- in terms of number of customers, we are growing, I think, much better -- much higher pace than our competitors. Customer acquisition is going in the right direction. That I can include also the digital onboarding side is helping us, not only on the efficiency side, but also on the customer acquisition side. I think also the operating environment, the pandemic has helped us about the customer acquisition through the digital -- through digital is also helping us. Also thanks to BRSA's new regulation, the digital onboarding, I think we can give the number of the new client acquisition. In terms of purely digital onboarding, it's 14% of our total number of customer acquisition. So 14% of our total new customer acquisition comes from digital onboarding, purely digital onboarding. So which means that we are -- thanks to our, of course, marketing efforts through digital, which is unique, I must tell. We are, I think -- let's see the other competitors' numbers, but we should be one of the top, if not the best performer with this 14% increase. So that means that, that brings also a number of customers will always bring demand deposits. So we are not looking for a onetime glories or success. So we are always looking for sustainability in terms of demand deposit. And this only comes obviously from the number of customers and how we are serving them. The wallet share that we are getting. I think in terms of this, we are doing quite well in terms of digital. But also more important in terms of our field -- physical presence, we are quite strong there. And maybe the last question about the credit quality Stage 2, Kürsad?

I can answer. I will try to answer in full course, so -- because then it would take the ratio of Stage 2 tables at the resource denominator impact. That's why I will try to give you the growth in mid-year for the Stage 2. And year-to-date total Stage 2 increase is something around 11% year-to-date Stage 2 level increase. But in this 11% growth, there is an impact of forbearance, it's 90 to 180 day change. Then I exclude this. And then the normal Stage 2 increase is something close to 8% year-to-date. And it also say that the Stage 2 performance is looking good and is not creating any additional problems for the future. We are seeing more on the collection side. And secondly, I will try to give you the migration from Stage 2 to Stage 3 and collection from Stage 2. As of first half, migration to Stage 3 from Stage 2 is just 2%, but there is collection. From Stage 2, it's 9%. And that's why -- another evidence that the performance of Stage 2 portfolio is going well. I hope it's clarified.

The next question comes from the line of Nellis, Simon with Citibank.

Just a quick question. Sorry, if I may have missed this. Can you remind me the CPI linker -- CPI estimate that you're using for accruing CPI linker income? And what's your expectation? And when will you -- do you think increase the estimate? I think you're using 13.5%, correct? That would be my first question.

Again, as of first half, the valuation is at 13.5% in average for the first half for our CPI linker. And considering the year-end expectations close to 16%, we may see some revision in the third quarter and lastly in the fourth quarter. And in terms of magnitude, it is, I think, quite sure to assume something additional minimum 2% adjustment make up minimum.

Simon, it's like every 1 percentage point at around TRY 400 million NII and around, let's say, 8, 9 basis points on net interest margin.

I'm sorry, the rate you're using now is 13.5%. Is that right, 1-3.5?

Yes, that's correct. 13.5%. Also, you can see it's on the presentation on Page 21.

21. I didn't get to 21. Yes. And then just in terms of your -- I think you've had this strategy of kind of focusing on smaller ticket, cheaper deposits. Can you elaborate on that? And do you see any hope of kind of de-dollarization occurring at any time in the future?

De-dollarization, well, at the moment, what we are seeing is -- obviously, on the retail side, we do not see at least for the upper credit that they are buying. On the contrary, daily figures $5 million, $10 million, they are on the selling side, but the appetite for foreign currency against Turkish lira is coming from the corporate side, which is very understandable. First, because of the current accounts that Turkey is having. So that's why to fund the import -- to be able to pay the import side, they are buying, obviously. And also maybe on the second side, also to convert their dollar currencies or short positions to cover the short positions on corporate -- on the corporate balance sheet. They are also slightly buying against Turkish lira. So those two is impacting the demand for the currency. But maybe one point from -- even from today, when I was coming from the trading floors a few minutes ago, there has been -- there started a slightly an inflow to Turkish lira assets, local debt assets slightly that we are seeing also. So which means that at least there is a hope for -- or there is a room for the currency to balance in these levels, even with the demand on the corporate and commercial side.

The next question comes from the line of Goodacre, Sam with JPMorgan.

I'm afraid I did join a few minutes late, so apologies if you've covered it. But I've noticed that your effective tax rate is still relatively low versus what the statutory tax rate now is. So could you let us know what is behind that and what we might expect going forward?

Sorry, can you please repeat because we couldn't get your question properly.

Yes. Hilal, do you hear me better now?

Yes.

Yes. It's about the effective tax rate lower in 2Q than the statutory level and wondering what the outlook is for the coming quarters.

Sam, this is Kürsad. As you know, we have in a new era for 25% corporate tax this year, and it is reducing. It's at 23% and then 20% in the coming years. It is totally a technical calculation due to the deferred tax income impact for this rate change in the coming years. And that's why in the first quarter of an application, we see effective tax rate is lower. But you may assume it is going to be a little bit higher than these levels, and these were absolutely quite exceptional. But higher, I mean, it is not going to be more than 25%.

The next question comes from the line of Saraoglu, Cihan with HSBC.

I have 2 quick questions. Maybe I missed your answer for the first one. it's about your rate cut expectations. So what sort of rate cut do you expect for the rest of the year? And the second one is, a few weeks ago, the regulatory increased the risk weightings for incremental consumer lending. So I'm just curious whether this is affecting your appetite to grow or your decision to grow in any time.

Cihan, so rate cut expectations, it depends on very much the inflation side. And as our expectation is for the year-end close to 16%, there should be a room for the rate cut for the Central Bank. And let's calculate together, so there should be a real interest rate as the governor also confirmed to all of us, which means it is leading somewhere around 100, 150 basis point rate cut room by the end of the year. And what we are expecting, I think, most probably October MPC meeting, mandatory policy meeting, can be the right timing as we will be most probably seeing the highest inflation most probably in July, and then there will be a sideway and then it will be going down. So 150 basis points, this is what we have in assumptions. Second question was I think about the RWA increase, risk-weighted asset calculation increase for the consumer lending. Well, if you look at the -- first, for the banking sector in general, the buffers that we are having in terms of capital especially for the private banks, I think that enables still the banks to grow. On the consumer lending side, we are making -- because still, it's profitable. Of course, set aside on the cost of risk, et cetera, but it's not the same for all the banks, obviously. And for our case, we still have the appetite. We hear, of course, the regulator and what they are -- we understand what they are trying to achieve. They are trying to slow down a little bit, a little growth in the consumer lending, maybe the acceleration to slow down the equation. But still, there is a pent-up demand. So it's -- the demand, that has to be met by ourselves, by the private banks, I think, and it continues similar levels at the moment. And looking at our very comfortable level of the capital levels, we do not have any reason to shy away from the consumer side.

There are no further questions currently from the audio participants. I'll pass the floor back to Ms. Varol for the webcast ones. Ms. Varol.

So we have a couple of questions. So from Valentina, Barclays. Can you please share your FX liquidity and short-term FX wholesale funding maturities? So we have around $9 billion of FX liquidity, and please note that this excludes the unused FX securities. And in the 1-year period, oncoming payments is around $3.4 billion. And as you all know, it's mainly coming from syndications with TRY 1.8 billion of it actually. And for this year, for the rest of this year, it's just for TRY 1.4 billion. And there is a question from [ Lyn ]. How do you see the cost of risk trajectory in the second half? Do you think we have already seen the lowest level in first? Yes. Actually, in first half, the cost of risk levels, meaning the second quarter, was very low. The collection was very strong, and definitely we set aside loss of provisions last year. And in our cost guidance, I believe we mentioned that first half will be very low, even it is significantly lower than what we had been anticipating. And in our guidance, we said lower than 150 bps. This definitely includes some deterioration in the second half. We are incorporating it. But still, even there is -- we are seeing some upside risk, but let's wait a bit to see the picture to give you the perfect answer on this. And there is a question from Alan Webborn, Societe Generale. Do you think that your ESG principles may prove a constraint to your ability to participate in infrastructure projects in Turkey?

Before going to the details about your ESG question, let us also stated we feel deeply sorry about wild fires in southwest of Turkey, and we are going to do whatever we can in the coming periods. And we believe the country, we will get over those soon. And regarding to your question, oppositely, it will be something that -- something for the new project finance loans to be ESG or ESG supportive project financials. We will be looking for it. And for the butterfly impact, we have to start strong somewhere and the banks -- the backbone of the economy, the good way to start to benefit more on the ESG-related activities.

And one more question, it's from John [indiscernible]. Would you expect further benefits from IRB? And would a higher CET1 ultimately translate into higher dividend payout, assuming the regulatory allows dividends from 2021 net income?

John, about IRB, as you know, it is totally linked to the rating model of this bank. And ratings model is linked to the first macroeconomic conditions and the performance of the clients. And if we see a better trajectory for Turkey, then it will be an upside for us -- for our IRB expectation, but we shouldn't be expecting a significant impact. But at least we can say it so. And regarding the dividend payout impact, it is totally linked to the regulator's opinion, and we cannot say anything more on that.

And one follow-up from [indiscernible]. What's your total FX of the funding? It is slightly higher than TRY 9 billion. It is the total. I believe we answered all the questions. So thank you very much, everyone, for participating. And I'm saying that the participation is quite high. We reached quite high levels. So thank you very much. I know it's Friday. If you have any further questions, me and my team is always ready to answer your questions. Thank you very much.