Banco Bilbao Vizcaya Argentaria SA (BBVA) 2025 Q3 法說會逐字稿

Good morning, and thank you for joining us for BBVA's third quarter results presentation. As are quarter, I'm pleased to be joined by our CEO, Onur Genc and our Group CFO, Luisa Gomez Bravo.

早安，感謝各位參加BBVA第三季業績發表會。本季度，我很高興我們的執行長 Onur Genc 和集團財務長 Luisa Gomez Bravo 也加入了我們。

We will start with a review of the key figures for the quarter, and then we will open the floor for your questions. So without further delay, let me hand it over to Onur.

我們將首先回顧本季的關鍵數據，然後開放提問環節。那麼，事不宜遲，讓我把麥克風交給奧努爾。

Thank you, Patricia. Good morning to everyone. Welcome, and thank you for joining BBVA's Third Quarter 2025 Earnings Webcast. As always, let's jump into the slides, starting with slide number 3.

謝謝你，帕特里夏。大家早安。歡迎參加BBVA 2025年第三季財報網路直播，感謝您的參與。像往常一樣，讓我們直接進入投影片環節，從第 3 張投影片開始。

And as always, starting with the value creation numbers on the left-hand side of the page, you can see the strong evolution of tangible book value per share plus dividends, which increased by 17% year-over-year and 4.5% in the quarter, in my view, excellent figures.

像往常一樣，從頁面左側的價值創造數據開始，你可以看到每股有形賬面價值加上股息的強勁增長，同比增長 17%，季度環比增長 4.5%，在我看來，這是非常好的數字。

On the right-hand side, you see the profitability ratios. They are sustained at very high levels with an industry-leading basis on tangible equity of 19.7% and ROE of 18.8% in the first nine months of 2025.

右側顯示的是獲利能力比率。2025 年前九個月，這些指標將保持在非常高的水平，有形權益收益率為 19.7%，淨資產收益率為 18.8%，處於行業領先地位。

On page number 4, on the left-hand side, we delivered another strong quarter in terms of net attributable profit once again exceeding the EUR2.5 billion mark even in the context of a much lower rate environment, obviously.

在第 4 頁左側，我們再次實現了強勁的季度業績，淨歸屬利潤再次超過 25 億歐元，即使在利率環境明顯低迷的情況下也是如此。

The net attributable profit decreased compared to the previous quarter, mainly to two things, higher inflation in Turkey, which impacts obviously the other income line item. And mostly due to the one-off positive impacts registered in the second quarter.

與上一季相比，歸屬於股東的淨利潤有所下降，主要原因有二：一是土耳其通貨膨脹加劇，這顯然會影響其他收入項目。這主要是由於第二季度出現的一次性正面影響。

If you remember more specifically, the release of some fiscal provisions affecting the tax rate and the review of value-added tax, VAT, the payment calculations around this and the effect which then affected the operating expenses.

具體來說，如果你還記得的話，就是一些影響稅率的財政條款的發布，以及對增值稅（VAT）的審查，圍繞這些稅款的支付計算，以及由此對運營費用產生的影響。

The net attributable profit is also slightly below last year's figure for a good reason, we think, because Mexican peso has been appreciating lately versus a depreciation in the same period last year.

淨歸屬利潤也略低於去年同期水平，我們認為這是有充分理由的，因為墨西哥比索最近一直在升值，而去年同期則出現了貶值。

This had a negative effect on the FX hedges of the net trading income line of the corporate center this quarter, but they will benefit from this from an appreciated Mexican peso in the coming quarters. We take this any day.

本季度，這對公司中心淨交易收入的外匯對沖產生了負面影響，但隨著墨西哥比索在未來幾季升值，他們將從中受益。我們隨時都願意接受這樣的結果。

On the right-hand side of the page, you can see our CET1 capital ratio, which improved by 8 basis points during the quarter reaching 1,342. This solid capital position, obviously provides us with the capacity to increase our shareholder remuneration, which I will explain later.

在頁面右側，您可以看到我們的 CET1 資本充足率，該比率在本季度提高了 8 個基點，達到 1,342。雄厚的資本實力顯然使我們有能力提高股東回報，這一點我稍後會解釋。

Page number 5 on the left-hand side, our cumulative profits for the first nine months. They continue their upward trend to a record level, reaching almost EUR8 billion in the first nine months of 2025, a 4.7% increase year-over-year in current euros.

左側第 5 頁，是我們前九個月的累積利潤。它們繼續保持上升趨勢，達到創紀錄水平，在 2025 年前九個月達到近 80 億歐元，按當前歐元計算同比增長 4.7%。

And on the right-hand side of the page are profitable domestics compared to European peers. Once again, our 19.7% return on tangible equity, it remains unmatched, and we are clearly one of the most profitable banks in the industry.

頁面右側列出了與歐洲同行相比盈利能力較強的國內企業。我們19.7%的有形權益回報率再次遙遙領先，我們顯然是業界獲利能力最強的銀行之一。

Moving to page number 6. This page is, summary of the pages to follow. So allow me to directly move to the next slide, slide number 7.

翻到第6頁。本頁是後續頁面的摘要。那麼請容許我直接進入下一張投影片，即第 7 張投影片。

As always, the summarized P&L of the quarter. I would highlight the outstanding evolution of the core revenues, especially in the last quarter with net interest income and fees growing 18% and 15% year-over-year, respectively, they might be an impressive 7% and 6% quarter-over-quarter, respectively, again, in constant euros.

與往常一樣，這是本季的損益總結表。我要專注於核心收入的出色發展，尤其是在上一季度，淨利息收入和手續費分別同比增長 18% 和 15%，按固定匯率計算，環比增長分別為 7% 和 6%，令人印象深刻。

Slide number 8, the summarized P&L over the first nine months of the year. I would once again highlight the very positive core revenues evolution leading to an increase in gross income of 16% in constant euros year-over-year.

第 8 張投影片，彙整了今年前九個月的損益表。我再次強調核心收入的正面發展趨勢，使得毛收入以固定歐元計算年增了 16%。

The strong gross income growth, coupled with the positive jaws and the contained growth in impairments, which we will discuss later, it led again to the record, as I mentioned, net attributable profit of almost EUR8 billion.

強勁的毛收入成長，加上積極的利潤成長和減損損失控制（我們稍後會討論），再次帶來了創紀錄的淨利潤，正如我之前提到的，接近 80 億歐元。

Moving to slide number 9, which puts more light into the revenue breakdown evolution. Once again, we continue to deliver quarter-on-quarter on revenue growth, driven mainly by net interest income and net fees and commissions, as you can see on the page. This has been the story of BBVA in my view in the past few years.

接下來是第 9 張投影片，它將更詳細地介紹收入組成演變。正如您在頁面上看到的那樣，我們再次實現了季度環比營收成長，主要得益於淨利息收入和淨手續費及佣金的增加。在我看來，這就是BBVA過去幾年的發展歷程。

And as you can see on the page, this quarter, the performance is even more pronounced with NII growing 7.1% in the quarter and fees growing 5.8% in the quarter, leading to a quarterly growth rate of 4.4% in gross income despite an uncertain macro environment, despite declining interest rates, we keep delivering on core revenues.

正如您在頁面上看到的，本季業績更加顯著，淨利息收入增長了 7.1%，手續費增長了 5.8%，儘管宏觀環境不確定，利率下降，但我們仍然實現了 4.4% 的季度毛收入增長率，並持續保持核心收入的增長。

Regarding on the page, the annual decline in the net trading income, I already mentioned it, but an important part of it is, again, due to the strong gains from the FX hedges linked to Mexican peso depreciation last year versus a negative FX hedge impact this quarter due to Mexican peso appreciation.

關於頁面上提到的淨交易收入年度下降，我已經提到過了，但其中一個重要部分再次是由於去年與墨西哥比索貶值相關的外匯對沖交易獲得了強勁收益，而本季度由於墨西哥比索升值，外匯對沖交易受到了負面影響。

But again, as I said, we can take this any time because it will help us in the coming quarters. Moving to slide number 10. Let me focus a bit more on activity and loan growth, which has maintained its pace at an excellent 16% growth year-over-year, then leading to an excellent NII performance.

但是，正如我所說，我們可以隨時採取這項措施，因為它將對我們接下來的幾個季度有所幫助。轉到第10張投影片。讓我更關註一下業務活動和貸款成長，它們保持了優異的同比增長率，達到 16%，從而帶來了優異的淨利息收入表現。

As we claim, this is also very good news for the coming quarters since we delivered this loan growth in a very profitable manner. In Spain, in the middle of the page, loan growth further accelerated to 7.8% year-over-year, while Mexico continues in line with our ambitious guidance at 9.8% year-over-year.

正如我們所言，這對未來幾季來說也是個非常好的消息，因為我們以非常有利可圖的方式實現了貸款成長。在西班牙，貸款成長進一步加快，年增 7.8%，而墨西哥則繼續保持我們雄心勃勃的預期，年增 9.8%。

In the case of Mexico, let me remark that if we exclude the US dollar currency impact, the loan growth figure as of September 2025 would have been 10.9%. Now on the right-hand side of the page, thanks to the strong loan growth figures and obviously, our proactive price management.

就墨西哥而言，我想指出，如果我們排除美元匯率的影響，截至 2025 年 9 月，貸款成長率將達到 10.9%。現在，在頁面的右側，這要歸功於強勁的貸款成長數據，當然還有我們積極主動的價格管理。

We continued expanding on our core revenues, some of NII and fee income in both Spain and Mexico, in both year-over-year and quarter-over-quarter comparisons. And again, gaining pace in the last quarter, if you annualize the quarterly figures, of the core revenues, they are really good numbers in our view.

我們繼續擴大核心收入，在西班牙和墨西哥的部分淨利息收入和手續費收入方面，無論同比還是環比，均有所增長。而且，上個季度成長加快，如果將季度數據按年計算，核心收入在我們看來是非常不錯的數字。

And this is one of the most important messages of the presentation. Banks are generally rate sensitive as we also are in Spain and Mexico.

這是本次演講最重要的訊息之一。銀行對利率普遍較為敏感，西班牙和墨西哥的情況也是如此。

But despite the rate compression, thanks to our unmatched loan growth, leading to in every single country, market share gains, and our proactive price management, we continue to grow our core revenues.

儘管利率有所下降，但由於我們無與倫比的貸款成長，在每個國家都實現了市場份額的成長，以及我們積極主動的價格管理，我們的核心收入仍在持續成長。

Now on page number 11, you see another reason for our optimism looking into the future. As I mentioned, we are quite rate sensitive in Spain and Mexico. The last two years, and especially the last year, we have seen interest rates decrease significantly in these markets.

現在翻到第 11 頁，你會看到我們對未來充滿樂觀的另一個原因。正如我之前提到的，西班牙和墨西哥對匯率非常敏感。過去兩年，尤其是去年，我們看到這些市場的利率大幅下降。

And the good news in our view is that we believe interest rates are already at or near the expected terminal rates in both Europe, Spain and also Mexico. In the case of Europe, we expect the terminal rate to be around 2%, where interest rates already are compared to the 4% at the beginning of 2024.

我們認為的好消息是，我們相信歐洲、西班牙和墨西哥的利率已經達到或接近預期的最終利率。就歐洲而言，我們預計最終利率將在 2% 左右，而目前的利率已經低於 2024 年初的 4%。

And in the case of Mexico, the policy rate was at 11.25% at the beginning of 2024, and is now at 7.5%, as you know, we estimate the terminal rate to be around 6.5%. So we are almost there as well in Mexico.

以墨西哥為例，2024 年初的政策利率為 11.25%，而現在為 7.5%，如您所知，我們估計最終利率約為 6.5%。所以我們在墨西哥也快要到達目的地了。

We have proactively managed the impact of these rate declines, which by the way, happens quite fast in Mexico, the reset frequency is much faster in Mexico and with some months delay in Spain. Our customer spreads on the right-hand side of the page already reflect those impacts.

我們積極應對了這些利率下降的影響，順便說一句，墨西哥的利率下降速度很快，重置頻率也快得多，而西班牙的利率則會延遲幾個月。頁面右側的客戶資料已經反映了這些影響。

And with limited room for further rate cuts, we expect relative stability in customer spreads going forward. In short, let's not take too much time on the pace.

由於進一步降息的空間有限，我們預期未來客戶利差將保持相對穩定。總之，我們不要在節奏上花太多時間。

But if spreads stay around these levels and with continued dynamism in activity and loan growth, we believe our revenues and profits will further strengthen in our core markets in the coming quarters and years.

但如果利差保持在目前的水平，並且經濟活動和貸款成長保持活力，我們相信，在未來幾季和幾年裡，我們核心市場的收入和利潤將進一步增強。

Moving to slide number 12. On the left-hand side of the slide, we continue to show positive jaws at the group level, supported by the solid performance of the gross income, which grew 16.2% year-over-year while operating expenses increased by 11%, remaining below the average inflation across our footprint.

轉到第12張投影片。在幻燈片的左側，我們繼續展示集團層面的積極成長勢頭，這得益於毛收入的穩健表現，毛收入同比增長 16.2%，而營運支出增長了 11%，但仍低於我們業務範圍內的平均通貨膨脹率。

And on the right-hand side of the slide, you can see our efficiency ratio, again, improving reaching 38.2% below last year's level, obviously.

在投影片的右側，您可以看到我們的效率比率再次提高，比去年同期水準降低了 38.2%，這顯而易見。

Slide number 13. This page shows the solid evolution of our asset quality metrics, which are performing better than expectations, better than our guidance at the beginning of the year in a context of strong activity growth, especially in the most profitable and typically higher cost of risk segments.

投影片編號 13。本頁展示了我們資產品質指標的穩健發展，這些指標的表現優於預期，優於我們年初的指導，尤其是在業務活動強勁增長的情況下，盈利能力最強、風險成本通常也最高的領域。

On the left-hand side of the page at the bottom, our cost of risk stands at 135 basis points, again, better than guidance, slightly above last quarter's figure with the numbers already incorporating the negative impact coming from the annual risk model calibration process, partially compensated by the positive impact from the quarterly macro adjustment.

頁面左下方顯示，我們的風險成本為 135 個基點，再次優於預期，略高於上一季的數字，這些數字已經包含了年度風險模型校準過程帶來的負面影響，部分被季度宏觀調整帶來的正面影響所抵消。

Meanwhile, on the right bottom, you see that our NPL and coverage ratios, they continue improving. Slide number 14 on capital and shareholder remuneration. On the left-hand side of the slide, our capital waterfall for the quarter-over-quarter evolution.

同時，在右下角可以看到，我們的不良貸款率和覆蓋率都在持續改善。第 14 張投影片，關於資本與股東報酬。幻燈片左側是我們的季度環比資本瀑布圖。

Our CET1 ratio once again has increased 8 basis points to 1,342. And following the waterfall results, 65 basis points, dividend accrual and AT1 coupons, minus 35 basis points, then 37 basis points due to the RWA growth.

我們的CET1比率再次上升8個基點，達到1342。依照瀑布式計息結果，65 個基點，股利累積和 AT1 票，減去 35 個基點，然後因為 RWA 成長而減去 37 個基點。

This figure reflects, again, our ability to reinvest part of our capital generation into profitable growth. And as in other recent quarters, it also reflects the result of several risk transfer transactions, SRTs which positively contributed 5 basis points to the ratio this quarter, a bit lower than the previous quarters because of the summer seasonality.

這一數字再次反映了我們有能力將部分資本利得再投資於獲利成長。與最近幾季一樣，這也反映了幾筆風險轉移交易（SRT）的結果，這些交易在本季度為該比率貢獻了 5 個基點，由於夏季季節性因素，比前幾個季度略低。

Then we have a bucket of others of 15 basis points, which comprises, among others, the market-related impacts, slightly positive. And then the credit in OCI for hyperinflationary countries.

然後我們還有 15 個基點的其他因素，其中包括市場相關影響，略微為正面。然後是 OCI 對高通膨國家的信貸。

Lastly, regarding the CET1 ratio. And as we announced last quarter, we expect a positive regulatory impact in the fourth quarter in the range of 40 to 50 basis points reinforcing our already very strong capital position.

最後，關於 CET1 比率。正如我們在上個季度宣布的那樣，我們預計第四季度監管政策將產生積極影響，幅度在 40 到 50 個基點之間，這將進一步鞏固我們原本就非常強勁的資本實力。

Then moving to the right side of the page, as the process of the Sabadell transaction has ended, we will resume our shareholder remuneration programs. First, we will begin our EUR1 billion, nearly EUR1 billion share buyback program starting tomorrow.

然後，隨著薩瓦德爾交易的結束，我們將移至頁面右側，恢復股東薪酬計畫。首先，我們將從明天開始啟動規模達 10 億歐元的股票回購計畫。

Second, we will distribute on November 7, a record interim dividend of EUR0.32 per share. Then, and most importantly, as soon as we get the required ECB authorization for which the process has already been initiated.

其次，我們將於 11 月 7 日派發創紀錄的中期股息，每股 0.32 歐元。然後，也是最重要的，一旦我們獲得歐洲央行所需的授權（流程已經啟動），就立即採取行動。

We will start another round of a significant share buyback. The details of this last piece will be announced, obviously, once we receive the authorization from ECB.

我們將啟動新一輪大規模股票回購計畫。最後這部分的具體細節，顯然要等到我們收到歐洲央行的授權後才會公佈。

Moving to page number 15, with a quick review of our strategic progress and specifically on new customer acquisition. During the first nine months of 2025, we have acquired a record 8.7 million new customers with 66% joining us through digital channels, a clear competitive advantage for BBVA.

接下來翻到第 15 頁，快速回顧我們的策略進展，特別是新客戶獲取情況。2025 年頭九個月，我們新增客戶 870 萬，創歷史新高，其中 66% 的客戶透過數位管道加入我們，這為 BBVA 帶來了明顯的競爭優勢。

Then on slide 16, another pillar of our growth strategy, sustainability. We continue to deliver quarter after quarter, even above our own expectations. In the first nine months of 2025, we have channeled a record EUR97 billion in sustainable business with a significant increase in all segments.

然後在第 16 張投影片中，我們介紹了成長策略的另一個支柱—永續性。我們每季都持續取得佳績，甚至超越了自己的預期。2025 年頭九個月，我們實現了創紀錄的 970 億歐元永續業務，所有領域都實現了顯著成長。

And finally, moving to page number 17. As you know, last quarter, we set our ambitious financial goals for the 2025-2028 period. We will report back to you on the progress versus the established calls every quarter.

最後，翻到第 17 頁。如您所知，上個季度，我們制定了2025-2028年期間雄心勃勃的財務目標。我們將每季向您報告與既定目標的進度。

In short, we are at the early innings, but as compared to the numbers we have in the plan for the first nine months of 2025, we are performing better than our original expectations in all the metrics.

簡而言之，我們目前還處於早期階段，但與我們 2025 年前九個月的計劃數字相比，我們在所有指標上的表現都優於我們最初的預期。

And now for the business areas update, I turn it to Luisa. Luisa?

接下來，請路易莎為大家帶來業務領域的最新情況報告。路易莎？

Thank you very much, Onur, and good morning, everyone. In slide number 19, let's start with Spain, which has shown a strong momentum throughout the year and once again has delivered excellent results in the third quarter.

非常感謝Onur，大家早安。在第 19 張投影片中，我們先來看西班牙，西班牙全年都保持著強勁的發展勢頭，並在第三季再次取得了優異的成績。

Net profit reached EUR3.1 billion in the first nine months of 2025 with around EUR1 billion generated in the third quarter alone. These results, in line with previous quarters, reflect solid business performance and outstanding NII evolution despite lower rates, robust fee income, strict cost discipline and continued strength in asset quality.

2025年前九個月淨利達到31億歐元，其中光是第三季就創造了約10億歐元的利潤。與前幾季一樣，這些結果反映了穩健的業務表現和出色的淨利息收入成長，儘管利率較低，手續費收入強勁，成本控制嚴格，資產品質持續強勁。

Starting with net interest income, it has continued to perform exceptionally well this quarter, up 3.2% quarter-on-quarter, driven by strong loan growth in our most profitable segments.

從淨利息收入來看，本季淨利息收入持續表現出色，季增 3.2%，這主要得益於我們獲利能力最強的部門貸款的強勁成長。

As you can see, consumer lending and midsized company loans both grew by around 10% year-on-year, well above the overall loan growth of 7.8%. We also continue to benefit from the positive contribution of the ALCO portfolio fully aligned with our strategy to lock in higher rates.

正如你所看到的，消費貸款和中型企業貸款的年增長率均約為 10%，遠高於 7.8% 的整體貸款成長率。我們也繼續受益於資產負債管理公司 (ALCO) 投資組合的積極貢獻，該投資組合完全符合我們鎖定更高利率的策略。

Based on this solid performance, we are raising our NII guidance for Spain to low single-digit growth in 2025, up from slightly positive previously. Fee income this quarter was affected by the usual summer seasonality.

基於這項穩健的表現，我們將西班牙 2025 年的淨利息收入預期從先前的略微成長上調至個位數低成長。本季手續費收入受到夏季季節性因素的影響。

Year-on-year, performance remains very solid, up 4.2%, mainly driven by strong growth in asset management fees, nearly 10% year-on-year higher together with increasing contributions from insurance and credit cards.

與去年同期相比，業績依然非常穩健，成長了 4.2%，主要得益於資產管理費的強勁成長，年增近 10%，以及保險和信用卡收入的增加。

On the cost side, the quarterly increase mainly reflects a one-off related to VAT payment calculations recorded last quarter, which you may remember. Excluding this impact, expenses were very well contained up only 1.3%, clearly showing our continued focus on cost control.

成本方面，季度增長主要反映了上季度記錄的增值稅支付計算相關的一次性費用，您可能還記得。排除這一影響，支出控制得非常好，僅增長了 1.3%，這清楚地表明了我們對成本控制的持續關注。

Finally, asset quality remains very solid with both the NPL ratio and coverage ratio improving, cost of risk remained contained at 34 basis points in line with our guidance. Overall, a remarkable quarter in Spain with solid activity driving robust core revenue growth even in a low rate environment.

最後，資產品質仍然非常穩健，不良貸款率和覆蓋率均有所改善，風險成本維持在 34 個基點，符合我們的預期。總體而言，西班牙本季表現出色，穩健的業務活動推動了核心收入的強勁成長，即使在低利率環境下也是如此。

Moving now to Mexico on slide 20 for another quarter, and despite a challenging environment, BBVA Mexico delivered a very strong set of results with net profit of EUR1.3 billion in the quarter, driven by core revenues growth.

現在讓我們來看看墨西哥的業績（見第 20 頁），儘管面臨挑戰，BBVA 墨西哥銀行仍取得了非常強勁的業績，該季度淨利潤達到 13 億歐元，這主要得益於核心收入的增長。

Net interest income grew by 3.3% quarter-on-quarter, supported by robust lending activity, especially in retail, where we continue to focus on the most profitable portfolios, consumer and SMEs, both growing 4% quarter-on-quarter.

淨利息收入環比增長 3.3%，這得益於強勁的貸款活動，尤其是在零售領域，我們繼續專注於盈利能力最強的投資組合，即消費者和中小企業，這兩個領域的環比增長均為 4%。

Corporate lending also remained strong, increasing by 9.1% year-on-year, excluding the FX derived from the Mexican peso appreciation. Fee income performed very well, up 2.6% quarter-on-quarter with growth across the board, mainly driven by credit card payments and asset management fees.

企業貸款也保持強勁，年增 9.1%，不包括墨西哥比索升值帶來的外匯影響。手續費收入表現非常出色，季增 2.6%，各項收入全面成長，主要得益於信用卡支付和資產管理費的推動。

Moving to cost. The increase in expenses mainly reflects higher IT investments as we continue investing for future growth while personnel costs remained stable in the quarter. Overall, efficiency stands at close to 30% in the nine first months.

轉向成本。支出增加主要反映了IT投資的增加，因為我們將繼續投資以促進未來的成長，而本季人員成本保持穩定。整體而言，前九個月的效率接近 30%。

Turning to asset quality. Impairments decreased in the quarter, driven by both a net positive impact from the IFRS macro adjustments and solid underlying asset quality trends.

接下來談談資產品質。本季減損減少，這既得益於 IFRS 宏觀調整帶來的淨正面影響，也得益於穩健的基本資產品質趨勢。

As you may know, BBVA Research has reviewed upwards its GDP growth forecast for Mexico now expecting positive growth of 0.7% in 2025 compared with a contraction of minus 0.4% in the previous GDP forecast. This revision reflects the resilience of Mexican economy even in a highly uncertain global environment.

正如您可能知道的那樣，BBVA 研究機構上調了對墨西哥 GDP 成長的預測，目前預計 2025 年墨西哥 GDP 將成長 0.7%，而先前的 GDP 預測為萎縮 0.4%。這項修訂反映了墨西哥經濟即使在高度不確定的全球環境下也展現出的韌性。

All in all, the cumulative cost of risk stands at 327 basis points as of September, better than expected, leading us to also improve our guidance for the full year, we now expect the cost of risk in Mexico to remain below 340 basis points.

截至9月份，累計風險成本為327個基點，優於預期，因此我們也提高了全年的業績指引，我們現在預計墨西哥的風險成本將保持在340個基點以下。

Finally, net profit reached EUR3.8 billion in the first nine months of the year. That's a 4.5% increase in constant euros, confirming the strength, resilience and superior profitability of our Mexican franchise.

最終，今年前九個月的淨利達到38億歐元。以不變歐元計算，成長了 4.5%，這證實了我們墨西哥特許經營業務的實力、韌性和卓越的獲利能力。

Moving now to Turkey on slide 21. Turkey delivered net attributable profit of EUR648 million in the first nine months, a strong increase, close to 50% compared to the same period last year.

接下來，請看第21張投影片，了解土耳其的狀況。土耳其前九個月淨利 6.48 億歐元，較去年同期大幅成長近 50%。

This solid performance was driven by higher core revenues and lower impact from the hyperinflationary adjustment supported by the inflation trend observed in the country.

這一穩健的業績得益於核心收入的成長和受惡性通貨膨脹調整影響的降低，而這又得益於該國觀察到的通貨膨脹趨勢。

If we briefly look at the income statement in the first nine months of the year, a few key points to highlight, first, we've seen a solid performance in NII, supported by strong activity growth, mainly driven by retail, significant year-on-year increase in the TL customer spread but also an improved liquidity management during the quarter.

如果我們簡要地看一下今年前九個月的損益表，有幾點需要強調：首先，淨利息收入表現穩健，這得益於強勁的業務增長，主要由零售業務推動；土耳其里拉客戶利差同比大幅增長；此外，本季度流動性管理也有所改善。

In a context of declining rates, we have benefited from lower cost of deposits, while also improving loan yields, supported both by our disciplined price management and our targeted loan growth strategy focused on the most profitable segments.

在利率下降的背景下，我們受益於存款成本的降低，同時貸款收益率也得到提高，這得益於我們嚴格的價格管理和以盈利能力最強的細分市場為重點的有針對性的貸款增長戰略。

As you know, in Turkey, our balance sheet shows a positive sensitivity to lower rates as deposits reprice faster than loans. This means we will continue to benefit from the current easing cycle.

如您所知，在土耳其，我們的資產負債表對較低的利率表現出積極的敏感性，因為存款重新定價的速度比貸款更快。這意味著我們將繼續受益於目前的寬鬆政策週期。

Second, fees continued to show a positive trend, underpinned by robust performance in payment systems and asset management fees as in previous quarters. Finally, the cost of risk slightly increased to 176 basis points in the first nine months in line with our expectations.

其次，費用持續呈現正面趨勢，這得益於支付系統和資產管理費用的強勁表現，與前幾季一樣。最後，前九個月的風險成本略微上升至 176 個基點，符合我們的預期。

Impairments increased this quarter is mainly explained by the higher provision releases related to big ticket exposures recorded last quarter, which you also may remember, provisioning needs remain high in retail, although we are starting to see stabilization in NPL inflows in this part of the portfolio.

本季減損增加主要是由於上季記錄的大額風險敞口相關的撥備釋放增加所致，您可能還記得，零售業的撥備需求仍然很高，儘管我們開始看到該部分投資組合的不良貸款流入趨於穩定。

Now let's turn to South America on slide 22. The region continued to make strong contribution to the group's results, posting a net profit of EUR585 million in the first nine months, a 24% increase year-on-year in current terms.

現在讓我們翻到第 22 張投影片，看看南美洲。該地區繼續為集團業績做出強勁貢獻，前九個月淨利潤達 5.85 億歐元，按當前匯率計算年增 24%。

During the quarter, NII remained solid, supported by healthy loan growth across the region and customer spread expansion, particularly in Peru and Colombia.

本季度，在秘魯和哥倫比亞等地的強勁貸款成長和客戶利差擴大的支持下，淨利息收入保持穩健。

This positive evolution of margins was partly offset by Argentina where a ahead of legislative elections, we saw a sharp compression in spreads amid a highly volatile rate and currency environment.

利潤率的積極發展在一定程度上被阿根廷所抵消。在立法選舉前夕，由於利率和貨幣環境高度波動，我們看到利差急劇收窄。

Fee income, on the other hand, showed a remarkable increase in this quarter with growth across all geographies, reflecting our continued effort and renewed focus on strengthening this revenue stream.

另一方面，本季手續費收入顯著成長，所有地區均實現成長，這反映了我們持續努力和重新聚焦於加強此收入來源。

Turning to asset quality. We continue to see positive trends in Peru and Colombia, supported by a more favorable macroeconomic outlook and rate environment. Meanwhile, Argentina continues to show some deterioration in the context of strong loan growth and sharp increase in real rates.

接下來談談資產品質。在更有利的宏觀經濟前景和利率環境的支持下，我們繼續看到秘魯和哥倫比亞的積極發展趨勢。與此同時，在貸款強勁成長和實際利率急劇上升的背景下，阿根廷的經濟狀況持續出現一些惡化跡象。

Overall, the stock of NPLs remained flattish this quarter, while the NPL ratio improved to 48% and the coverage level increased to 93%. The cumulative cost of risk stands at 243 basis points as of September, in line with our full year guidance. And finally, let's move to the rest of business on slide 23.

整體而言，本季不良貸款存量保持平穩，而不良貸款率改善至 48%，覆蓋率提高至 93%。截至9月份，累計風險成本為243個基點，與我們的全年預期一致。最後，讓我們繼續討論第 23 頁投影片上的其餘業務內容。

It's an area that we haven't usually covered on these calls, but given the strategic plan focus on CIB business and commercial banking business, we have decided to also give you some indications of how this P&L is moving on because it's strong performance and growing contribution to group's overall results are already very worthwhile.

雖然我們通常不會在這些電話會議中談到這個領域，但鑑於戰略計劃的重點是企業及投資銀行業務和商業銀行業務，我們決定也向大家介紹一下該損益表的進展情況，因為它的強勁表現以及對集團整體業績日益增長的貢獻已經非常有價值。

Just as a reminder, this unit mainly includes our CIB business conducted through our BBVA branches outside our core geographies. This activity accounts for more than 90% of the area's total loans and net profit.

再次提醒，本部門主要包括我們透過 BBVA 分公司在核心區域以外開展的 CIB 業務。這項活動佔該地區貸款總額和淨利潤的 90% 以上。

In addition, the digital banking operations in Italy and Germany are also reported under this business unit. This unit is already delivering around EUR480 million in profits. This solid performance reflects robust business momentum across the board, supported by cross-border activity and sustainability.

此外，義大利和德國的數位銀行業務也歸入該業務部門的管轄範圍。該部門目前已實現約4.8億歐元的利潤。這一穩健的業績反映了公司各業務板塊的強勁發展勢頭，並得到了跨境業務和永續發展的支持。

Higher activity levels have led to revenue growth of close to 25% year-on-year in the first nine months driven by a strong increase in NII, up 15% year-on-year, thanks to greater business volumes and disciplined price management and outstanding contribution from fee income showing very positive dynamics across all key geographies and supported by both investment banking and global transactional banking fees.

前九個月，業務活動水準的提高帶動了收入同比增長近 25%，這主要得益於淨利息收入 (NII) 的強勁增長（同比增長 15%），這得益於業務量的增長和嚴格的價格管理，以及手續費收入的出色貢獻。手續費收入在所有主要地區都呈現出非常積極的成長勢頭，並得到了投資銀行和全球交易銀行手續費的支持。

On costs, the increase reflects the rollout of our strategic growth plans, building the capabilities that will enable future growth. Finally, risk metrics remain very solid in this segment. The NPL ratio improved to 18 basis points, and the cost of risk for the first nine months stands at just 10 basis points.

成本方面，成長反映了我們策略性成長計畫的實施，以及為實現未來成長而建構的能力。最後，該領域的風險指標依然非常穩健。不良貸款率改善至 18 個基點，前九個月的風險成本僅 10 個基點。

Overall, we see this as a very promising business area where we are leveraging our diversified footprint to support clients wherever they operate not only in our core markets but also in other strategic geographies for them, such as the US, the UK continental Europe and Asia.

總的來說，我們認為這是一個非常有前景的業務領域，我們正在利用我們多元化的業務佈局，為客戶提供支持，無論他們在哪裡運營，不僅包括我們的核心市場，還包括對他們而言的其他戰略地區，例如美國、英國、歐洲大陸和亞洲。

And now back to Onur for the key takeaways.

現在讓我們回到奧努爾那裡，聽他總結要點。

For the main takeaways, it's on page 24. Let me not take time because they are quite obvious on the page.

主要內容在第 24 頁。我就不多說了，因為它們在頁面上很明顯。

But let me once again repeat the very high-level overall message, which is we are, once again, very happy with the performance in the quarter, especially the quarterly core revenue evolution, and we are very focused, very focused on creating organic capital and resuming our distributions to shareholders, which will be starting tomorrow morning.

但讓我再次重申一下總體上非常重要的訊息，那就是我們再次對本季度的業績非常滿意，特別是季度核心收入的增長，我們非常專注於創造內生資本並恢復向股東分紅，分紅將於明天早上開始。

And with that, we go to Q&A. Patricia.

接下來，我們進入問答環節。帕特里夏。

Yes. Thank you very much, Onur, and Luisa. So we are ready now to start with the Q&A session. Operator, please?

是的。非常感謝Onur和Luisa。現在我們準備開始問答環節。接線員，請說？

(Operator Instructions) Max Mishyn, JB Capital.

（操作員說明）Max Mishyn，JB Capital。

I have two questions. The first one is on loan book growth in Spain. Can you please talk more about the type of demand you are seeing in corporate loans? And also why growth in mortgages is below the average for the sector?

我有兩個問題。第一個例子是關於西班牙貸款組合的成長。您能否詳細介紹一下目前在企業貸款方面看到的需求類型？還有，為什麼抵押貸款的成長低於行業平均？

And the second one is on cost of Mexico, even though you improved guidance, the new guidance implies a pickup in the fourth quarter, and I was wondering why.

第二個問題是關於墨西哥的成本，儘管你們提高了預期，但新的預期意味著第四季會回升，我想知道為什麼。

Very good. Loan growth in Spain, the corporate loan growth, and you see it in the documentation, but the midsized companies, as we call them, the middle part of the corporate area, it is growing 11% and the corporate and CIB is growing 18%.

非常好。西班牙的貸款成長，企業貸款的成長，你可以在文件中看到，但我們稱之為中型企業的貸款成長了 11%，企業和 CIB 貸款成長了 18%。

Where is this coming from? It's coming across the board in all the sectors, actually, there is some investment drive. As you know, the Spanish economy is doing really well.

這是從哪裡來的？實際上，這種趨勢已經蔓延到各個領域，並出現了一些投資驅動因素。如你所知，西班牙經濟發展得非常好。

We upgraded our GDP growth rate forecast in Spain to 3% this year and 2.3% we also upgraded next year 2026 to 2.3%. So the economy does well. For a few reasons. Number one, immigration, basically, there is a new flow of population into the geography.

我們將西班牙今年的 GDP 成長率預測上調至 3%，並將 2026 年的 GDP 成長率預測上調至 2.3%。所以經濟情勢良好。原因有幾個。第一，移民，基本上就是人口向該地區的流動。

Number two, Spain is a very service-based economy, relatively speaking, obviously, and services sectors, in general, are doing really well. for Spain, tourism is very important under that chapter, doing really well.

第二，西班牙是一個服務型經濟體，當然，這是相對而言的，而且服務業總體上發展良好。對西班牙而言，旅遊業在這一領域非常重要，發展勢頭強勁。

Number three, next-generation EU funds, it is affecting in a positive way, the growth in Spain. And number four, there is a there is an investment pickup in the country.

第三，下一代歐盟基金對西班牙的成長產生了正面影響。第四，該國的投資正在回升。

In multiple dimensions, we see two very clear strong areas. Number one, the energy and renewables. They continue to attract investment. And number two, the housing, there is a big demand in the market. You might know these numbers already Max.

從多個維度來看，我們可以看到兩個非常明顯的強項。第一，能源和再生能源。它們持續吸引著投資。第二點是住房，市場需求很大。馬克斯，你可能已經知道這些數字了。

But in Spain every year, basically around 300,000 new households are being formed, 300,000 versus the new supply of homes is around 150,000. So there's a mismatch in terms of demand and supply.

但在西班牙，每年基本上都會形成約 30 萬個新家庭，而新增住房供應量約為 15 萬套。因此，供需之間存在不匹配。

This 150,000 new houses being constructed every year used to be 100,000 two years ago. So there is also some vibrant activity in the construction and the housing sector as well.

兩年前，每年新建房屋的數量是10萬套，現在每年新建房屋的數量是15萬套。因此，建築業和住房產業也呈現出活躍的態勢。

All combined is leading to the numbers that you see on the corporate segment. While loan growth is not so good in mortgages? You know the answer.

所有這些因素加在一起就形成了你在企業板塊看到的數字。雖然抵押貸款的貸款成長情況不太理想？你知道答案。

The pricing, we just don't see value in growing the mortgage book at these prices. Even if you incorporate the cross-sell additional income to those loans, we just don't see the value.

就定價而言，我們認為以目前的價位擴大抵押貸款業務沒有價值。即使將交叉銷售的額外收入計入這些貸款中，我們也看不到其價值。

That's why we are staying out. This is not new for us. From the beginning of this year, actually, we have been losing market share in mortgages, and we are completely fine with it if there is no return on the Carter on the book.

這就是我們選擇不參與的原因。這對我們來說並不新鮮。實際上，從今年年初開始，我們在抵押貸款市場份額就一直在下降，如果帳面上的卡特貸款沒有回報，我們完全可以接受。

Cost of risk in Mexico, we are actually upgrading our guidance to less than EUR340 million, less than EUR340 million. Does that mean EUR340 million. So the dynamics are very good.

考慮到墨西哥的風險成本，我們實際上將預期值上調至低於 3.4 億歐元。那是不是意味著3.4億歐元？所以動態方面非常好。

And as I mentioned in my part of the presentation, in the third quarter, in Mexico and in general, there was the impact, positive impact from macro adjustment because we have upgraded the macro expectation for Mexico, but there was a larger negative impact coming from annual recalibration of the IFRS 9 modeling.

正如我在演講中提到的，在第三季度，墨西哥以及總體而言，宏觀調整帶來了積極影響，因為我們提高了對墨西哥的宏觀預期，但 IFRS 9 模型的年度重新校準帶來了更大的負面影響。

That was the reason why it slightly went up versus the first six months of the year. It's lower than the second quarter. But the average of the first six months, it went up slightly.

這就是為什麼與今年前六個月相比略有上升的原因。低於第二季。但前六個月的平均值略有上升。

And the reason was that, basically. So we are quite positive, actually, what we are seeing in Mexico in terms of the growth dynamics and in terms of the cost of risk dynamics. Luisa, do you want to add anything?

原因基本上就是這樣。所以，實際上，我們對墨西哥的成長動力和風險成本動態持相當樂觀的態度。路易莎，你還有什麼要補充的嗎？

I would just only add to your point just in case we, just be fully transparent the IFRS annual recalibration update that we do this year has taken place in the third quarter. Last year, it took place in the fourth quarter.

我只想補充一點，以防萬一我們完全透明地說明，我們今年的 IFRS 年度重新校準更新是在第三季度進行的。去年，這場比賽是在第四季舉行的。

And this is done throughout the whole of our geographies, and it coincided also this quarter with a positive macro IFRS update in the geographies as well across the board.

而且，我們在所有地區都採取了這種做法，本季也恰逢所有地區都發布了積極的宏觀 IFRS 更新。

Very good.

非常好。

Next question, please.

下一個問題。

Antonio Reale, Bank of America.

安東尼奧·雷亞萊，美國銀行。

A couple of questions from my side, please. The first one, you forgive me if I go back to the table [deliut], as a management team, you've put a lot of energy and resources into the project, which, for one reason or the other didn't work out.

請問我有幾個問題。首先，請原諒我回到餐桌上（deliut），作為管理團隊，你們為這個專案投入了大量的精力和資源，但由於某種原因，這個專案並沒有成功。

So looking back, is there anything you think you would have done differently or maybe just your takeaway, what do you walk away with? I mean we've seen two failed bids in Europe and not something we've seen very frequently in the past. So that's my first question.

回首過去，你覺得有沒有什麼事情你會做得不一樣？或者你有什麼感悟，你從中得到了什麼？我的意思是，我們已經看到歐洲出現了兩次失敗的競標，這種情況在過去並不常見。這是我的第一個問題。

My second question is more forward-looking and relates to sort of capital and your distribution outlook. Your 13.4% today and you flagged some additional capital tailwinds of 40 to 50 basis points coming through.

我的第二個問題更具前瞻性，與資本和您的分配前景有關。你今天的收益率是 13.4%，而且你還提到了一些額外的資本利好因素，預計會有 40 到 50 個基點的收益。

And that's in Q4. Now you've confirmed also that your go-to capital target is at 11.5% to 12%. How quickly do you think you can go to that level.

那是指第四季。現在您也確認了您的首選資本目標為 11.5% 至 12%。你認為自己多久能達到那個水準？

The market seems to be a bit skeptical about you running your business with that capital buffer. So maybe you can touch on that as well.

市場似乎對你用這筆資金儲備來經營業務持懷疑態度。所以或許你也可以談談這方面。

Very good. Thank you, Antonio, as always. It's always good questions. On the Sabadell topic, as you can see in the presentation today as well and as we have been operating since that day or Friday, we closed that chapter. We closed that chapter.

非常好。謝謝你，安東尼奧，一如既往。這些都是好問題。關於薩瓦德爾事件，正如你們在今天的演示中看到的那樣，而且自從那天（星期五）以來，我們一直在進行相關工作，我們已經結束了那段歷史。我們已經翻過了那一頁。

We do think it's a missed opportunity, it's a missed opportunity. For our shareholders, our clients, our employees, but definitely for Sabadell shareholders as well, so Sabadell clients and Sabadell employees as well. For Spain, for Europe for Catalunya, we do think it's a missed opportunity, but we closed that chapter.

我們認為這是一個錯失的機會，真是個錯失的機會。對於我們的股東、客戶、員工，當然也包括 Sabadell 的股東、客戶和員工。對於西班牙、對歐洲、對加泰隆尼亞來說，我們認為這是一個錯失的機會，但我們已經翻過了那一頁。

We closed the chapter for one very good reason because we always care about our own stakeholders, our shareholders, our clients, our employees and for the benefit of our own shareholders, our stakeholders, it's much better to move forward, to look into the future and to focus on what we do best, which is running our business.

我們結束這段歷史有一個非常好的理由，那就是我們始終關心我們的利害關係人，我們的股東、客戶和員工。為了我們股東和利害關係人的利益，向前看，展望未來，專注於我們最擅長的事情——經營我們的業務，才是更好的選擇。

And in that sense, again, we closed that chapter the learnings, obviously, we are reflecting on the learnings, but the chapter is clearly closed for us.

從這個意義上講，我們已經結束了那一章的學習歷程。顯然，我們正在反思這些經驗教訓，但對我們來說，那一章已經結束了。

On the capital, 1342 million, as you mentioned, we are expecting another EUR40 million to EUR50 million basis points in the fourth quarter only from a positive regulatory impacts. If you add that and if you also add the organic capital generation that we would be creating in the fourth quarter.

關於資本金，正如您所提到的，13.42億歐元，我們預計僅在第四季度，積極的監管影響就能帶來另外4000萬至5000萬歐元的基點增長。如果把這些都加上，再加上我們在第四季將創造的內生資本。

Fourth quarter is typically a better quarter in terms of SRT activity also. You would see that we have a lot of excess capital. And as we said many times before, we are fully committed to the target, 11.5% to 12%.

通常來說，第四季也是SRT活動比較活躍的季度。你會發現我們有很多閒置資金。正如我們之前多次說過的那樣，我們完全致力於實現 11.5% 至 12% 的目標。

If you take the upper end of that range 12%, we are going to be basically distributing that capital back to our shareholders to get to that 12% level. That's why we said that we are waiting for ECB approval for this extraordinary significant share buyback.

如果取該範圍的上限 12%，那麼我們基本上會將這部分資金返還給股東，以達到 12% 的水平。這就是為什麼我們說我們正在等待歐洲央行批准這項非同尋常的大規模股票回購計畫。

And we'll go from there. Now coming back to the question of you said, I don't know what word you used, but the 12% is that the right target and so on. I repeat the same thing every quarter, but I will do the repetition once again.

我們再從那裡開始。現在回到你剛才問的問題，我不知道你用了什麼詞，但12%是不是正確的目標等等。我每季都重複同樣的事情，但我還會再重複一次。

We have to look not at the absolute level of that number, but we have to look into the difference versus the requirement because that requirement that is set by the ECB by the supervisor is basically set based on many things, based on the results of the stress test, once again, become as one of the best in the stress test results.

我們不能只看這個數字的絕對值，而要看它與要求之間的差異，因為歐洲央行監管機構設定的要求基本上是基於許多因素，包括壓力測試的結果，而該機構再次成為壓力測試結果最好的機構之一。

Based on return on tangible equity and the organic capital generation capacity, based on the volatility of your organic capital generation, based on multiple, multiple metrics.

基於有形權益報酬率和有機資本生成能力，基於有機資本生成的波動性，基於多個指標。

In all these metrics, not only we create much better levels of organic capital, if you take 5 years, 10 years, 15 years, you also see that the volatility around the trend line is one of the lowest in the European banking sector for us because we have these wonderful franchises in our view, in the different markets that we operate, one of the best franchises in every single country that we operate.

在所有這些指標中，我們不僅創造了更好的有機資本水平，而且如果你看看 5 年、10 年、15 年的數據，你還會發現，圍繞趨勢線的波動性在歐洲銀行業中是最低的之一，因為在我們看來，我們在我們運營的不同市場中擁有這些優秀的特許經營權，在我們運營的每個國家/許可地區都擁有最好的特許經營權之一。

In short, as a result, our requirement is 913 if you take the upper end of our capital target range, 12%, it's 287 basis points difference, okay? So the buffer that we have versus our requirement is 287 basis points.

簡言之，因此，如果我們採用資本目標範圍的上限 12%，那麼我們的要求是 913，相差 287 個基點，懂嗎？因此，我們相對於需求的緩衝是 287 個基點。

We have a peer group. We keep reporting our numbers against the peer group, 15 largest banks of Europe, if you take out the non-EU banks from that list because the list is European geography, which includes some UK banks and Swiss banks.

我們有一個同伴群體。我們一直將我們的業績與同業群體（歐洲最大的 15 家銀行）進行比較，前提是要從名單中剔除非歐盟銀行，因為名單涵蓋歐洲地區，其中包括一些英國銀行和瑞士銀行。

If you take out those, the EU banks, for which the requirements are set by the same supervisory ECB. The average of the buffer of the rest, which is the 10 other banks in our peer group is 240 basis points.

如果把這些銀行排除在外，歐盟銀行的監管要求是由同一監管機構－歐洲央行製定的。其餘 10 家同業銀行的平均緩衝利率為 240 個基點。

So our buffer is actually one of the best and clearly above the average of our peers. And we feel very comfortable operating with 12, and we are going to be distributing our excess capital back to our shareholders to get to that level.

所以，我們的緩衝能力其實是最好的之一，明顯高於同行的平均值。我們覺得以 12 人運作非常合適，我們將把多餘的資本分配給股東，以達到這個人數水準。

Next question, please.

下一個問題。

Francisco Rice, Alantra.

弗朗西斯科·賴斯，阿蘭特拉。

I want to ask about margins. First in Spain, the customer spread has fallen below 2.9%. And I thought 3% was the trough of this interest rate cycle. So I wonder if you can share guidance on customer spread going forward.

我想諮詢一下利潤率的問題。首先在西班牙，顧客價差已降至 2.9% 以下。我原以為3%已經是本輪利率週期的谷底了。所以我想知道您能否就未來客戶分佈提供一些指導意見。

I have seen the loan yield falling 21 basis points Q-on-Q. So how much of the fall is mix related? You have mentioned fast growth in CIB and public sector.

我看到貸款收益率較上月下降了 21 個基點。那麼，秋季的降幅有多少是與混合降幅相關的呢？您提到了企業及投資銀行和公共部門的快速成長。

Price competition already some banks have flagged about this Euribor resets pending and then the cost of deposits falls very slowly. Just 3 basis points and I see fast growth in time deposits. So you can explain the trends on the liability side as well.

一些銀行已經對物價競爭表示擔憂，歐元銀行間同業拆借利率（Euribor）重置後，存款成本下降速度將非常緩慢。只要提高 3 個基點，我就看到定期存款快速成長。所以你也可以解釋負債方面的趨勢。

And then my second question, margins on Mexico. They are proving of the contrary very resilient despite the sharp fall in interest rates that you have mentioned.

我的第二個問題是關於墨西哥的利潤率。正如你所提到的，儘管利率大幅下降，但它們卻表現出了極強的韌性，這與先前的說法恰恰相反。

So I wonder if this is just a timing issue, given the speed of the repricing between the assets and liability? And where do you see the 11% customer spread once the balance sheet is fully repriced to lower interest rates? And how fast is the replacing?

鑑於資產和負債重新定價的速度，我想知道這是否只是一個時間問題？當資產負債表完全重新定價以適應較低的利率後，您認為11%的客戶利差在哪裡？更換速度有多快？

Thank you, Paco, for the questions. I think for both, there is a common theme that I would put on the table first, and then I go into each one of the countries that you mentioned.

謝謝你的提問，帕可。我認為對於這兩者，有一個共同的主題，我會先把它擺到桌面上，然後再逐一分析你提到的每個國家。

The theme is, given the rate cycle is coming, again, as we have also put into the presentation, the rate cut cycle is coming to an end. There's some more to be done in Mexico. But in general, we are very closely in our view, to the marginal rate.

主題是，鑑於利率週期即將到來，正如我們在簡報中也提到的，降息週期即將結束。墨西哥還有一些工作要做。但總的來說，我們認為我們與邊際利率非常接近。

We do think the spread that you see, the customer spreads that you see in the pages that you indicated are relatively the levels that you would be seeing going forward. What does this mean? Let's go then country by country to be more specific.

我們認為，您在您指出的頁面上看到的客戶分佈情況，與您未來將看到的水平大致相當。這是什麼意思？那麼，讓我們更具體地逐個國家進行分析。

For Spain, you mentioned 3% as the floor. I'm not sure that we quoted that number at all, but I don't think so, the 288% that you see in the quarterly average, actually, the monthly figure, monthly average for September, if I'm not mistaken, it's 283%, we were basically expecting margins to stabilize around these levels.

對於西班牙，你提到3%是最低標準。我不確定我們是否引用過這個數字，但我認為沒有。你在季度平均值中看到的 288%，實際上，如果我沒記錯的話，9 月份的月度平均值是 283%，我們基本上預期利潤率會穩定在這些水平附近。

And we do think they are going to be stabilizing around these levels if ECB doesn't again start cutting rates. So the stability is already kicking in. You asked about the lending yields why it came down too much.

我們認為，如果歐洲央行不再次開始降息，它們將會穩定在這些水準附近。所以穩定機制已經開始發揮作用了。你問過貸款收益率為什麼會下降太多。

It's a bit mixed, but more than the mix, it's because of the repricing. I'm sure you are aware, our book really well.

情況有點複雜，但與其說是複雜程度不同，不如說是重新定價造成的。我相信您也知道，我們的書賣得很好。

But the reset frequency for corporate lending book is typically one month or three months and the reset frequency for the mortgage book is for 2/3 of the mortgage book is basically six months, but you take the Euribor 12 months or 2 months ago, so it's effectively eight months and 1/3 is basically more than a year.

但公司貸款組合的重置頻率通常為一個月或三個月，抵押貸款組合的重置頻率為 2/3，基本上為六個月，但如果你取 12 個月或 2 個月前的 Euribor，那麼實際上是八個月，而 1/3 基本上超過一年。

So there is some delay in the reflection of the rate cuts into the lending yield. The lending yield coming down is partially driven by mix, but more importantly, it was driven by the reflection of the rate declines that we have seen in the market in the last two years in the last year.

因此，降息對貸款收益率的影響需要一段時間才能反映出來。貸款殖利率下降的部分原因是貸款組合的變化，但更重要的是，它反映了過去兩年和過去一年市場利率下降的趨勢。

But we are quite positive on what we are seeing for a few reasons. Number one, the customer spread decline is as such, but the NIM in basically in Spain was basically flat in the quarter because we do have this more than EUR50 billion ALCO book that we do think we did fix at the right time.

但我們對目前的情況相當樂觀，原因有以下幾點。第一，客戶價差下降是事實，但西班牙的淨息差在本季度基本持平，因為我們有超過 500 億歐元的資產負債管理帳戶，我們認為我們已經在正確的時間解決了這個問題。

So the average yield of that book is at 3%. And that is helping, obviously, in the NIM overall. But on the customer spread, specifically and on the lending specifically, what you see is that the front book yields are now better than the back book yields, which is also a signal that the curve is coming now to the end.

所以這本書的平均報酬率是 3%。顯然，這對 NIM 的整體發展是有幫助的。但就客戶利差，特別是貸款方面而言，你會發現，目前短期貸款收益率優於長期貸款收益率，這也表明收益率曲線即將結束。

And we are growing in some areas, especially consumer and SME, which typically will help us in terms of mix going forward and in terms of spread. In short, we do think we are basically very close to the bottom of the customer spreads in Spain.

我們在某些​​領域正在成長，特別是消費者和中小企業領域，這通常有助於我們未來的產品組合和市場拓展。簡而言之，我們認為我們基本上已經非常接近西班牙客戶價差的底部了。

Now going back to Mexico, as you said, slight increase. You also asked about deposits, sorry, in Spain in deposits because there was a large growth of wholesale deposits in the quarter. And that has basically created a mix effect on the deposit costs.

現在回到墨西哥，正如你所說，略有增長。您還問到了存款情況，抱歉，是西​​班牙的存款情況，因為該季度批發存款大幅增長。這基本上對存款成本產生了混合影響。

And as you know, our deposit prices as compared to other Spanish peers is much lower. So the decline versus a starting point much lower is going to be much less. That's the reason. But the key reason in the quarter was the mix.

如您所知，與其他西班牙同行相比，我們的存款價格要低得多。因此，與起點低得多的情況相比，下降幅度會小得多。這就是原因。但本季最關鍵的原因是產品組合。

Mexico, again, the overall message is that we should be seeing some stabilization, slightly below around these levels. The reason that it has increased a bit in the quarter is again a bit mixed.

墨西哥的情況再次表明，我們應該會看到一些穩定措施出台，略低於目前的水平。本季略有成長的原因較為複雜。

Because we have grown much more in the retail lending book versus the corporate lending book. But these levels, in our view, are relatively close to the levels that you would be seeing going forward as well. Luisa?

因為我們的零售貸款業務成長遠大於企業貸款業務。但我們認為，這些水平與未來您將看到的水平相對接近。路易莎？

Yeah. I would add to that on the Mexican front, on that. As you know and everybody knows, we maintain NII sensitivity in Mexico of around 2.5% to 100 basis points movement. That 2.5% is actually around 1.9% on the Mexican peso side.

是的。關於墨西哥戰線，我還要補充一點。如您和大家所知，我們在墨西哥的淨利息收入敏感度約為每變動 100 個基點波動 2.5%。那2.5%其實相當於墨西哥比索的1.9%左右。

And as you know, rates in Mexico have come down very significantly since the rate peak at 11.25%. Now we're expecting rates to come down to 7% this year, moving on to what we think are going to be more terminal rates of 6.5% next year.

如您所知，墨西哥的利率自 11.25% 的峰值以來已經大幅下降。現在我們預計今年利率將降至 7%，明年將進一步降至我們認為的最終利率 6.5%。

With downward bias depending on how the strength of the peso and the macroeconomic policies go. But in general, we see those rates stabilizing.

向下傾斜的趨勢取決於比索的強弱和宏觀經濟政策的走向。但總體而言，我們看到這些利率趨於穩定。

And I think the positive news is that, that significant rate decline with that sensitivity that I just mentioned of 1.9% to 100 basis point movement have been very much absorbed by the, on the NII side by excellent, I think, price management, also on the cost of deposits, which keep on being quite resilient.

我認為正面的消息是，正如我剛才提到的，利率大幅下降，對每100個基點的波動都非常敏感，但淨利息收入方面，透過我認為出色的價格管理，以及存款成本方面，已經很好地吸收了這種影響，存款成本也保持了相當強的韌性。

And very much below our peers, which now have a cost of deposits of around 4.7% more or less.

而且遠低於我們的同行，他們目前的存款成本大約在 4.7% 左右。

And maybe on Mexico, one final thing to remind we mentioned that I think in the past, in 2021 period, the interest rates in Mexico was around 4.25, if I don't remember incorrectly. 4.25 was the Central Bank rate.

最後，關於墨西哥，還有一點要提醒大家，我們之前有提到過，如果我沒記錯的話，2021年左右墨西哥的利率在4.25%左右。 4.25%是央行利率。

Even in that environment, we had basically 10% margin. Since then, we have improved the mix of the loan book in such a way that you would see these double-digit more than 10% margins are quite resilient and quite expected in Mexico going forward.

即使在那種環境下，我們的利潤率基本上也達到了 10%。從那以後，我們改進了貸款組合的組成，因此你會發現，超過 10% 的兩位數利潤率在墨西哥相當穩定，並且在未來也是意料之中的。

Thank you very much Paco. Next question, please.

非常感謝帕科。下一個問題。

Benjamin Toms, RBC.

Benjamin Toms，RBC。

The first one is on group costs, which are running up about 11% year-over-year. That's broadly in line with your inflation footprint. But do you have any additional levers you can pull going into 2026.

第一個問題是集團成本，其年增約 11%。這與你的通膨足跡大致相符。但是，進入2026年，你還有其他可以利用的手段嗎？

I appreciate your footprint are different, but your largest peer is guiding to flat to slightly down cost that just seems quite a large step in aspirations here, but maybe you feel the cost growth is a natural consequence of higher balance sheet growth.

我知道你們的業務模式有所不同，但你們最大的競爭對手的目標是成本持平或略有下降，這似乎與你們的目標相差甚遠，但你們或許認為成本增長是資產負債表增長加快的自然結果。

And then secondly, you've broken out today some more details on the rest of the business division. Can you remind us what your ambitions are for your global CIB business? How fast do you think that business can grow by over the next three years?

其次，今天您也透露了業務部門其他部分的一些細節。您能否提醒我們一下，貴公司對全球企業及投資銀行業務有何發展目標？你認為這家企業未來三年能以多快的速度成長？

Maybe you do costs, Luisa, and I do CIB.

路易莎，也許你負責成本計算，而我負責企業投資銀行（CIB）。

Yeah. Well, I think the group costs were also affected quarter-on-quarter by the impact that we had of the one-offs in the second quarter. What I think is very important with regards to the cost is that we are containing the cost increase in the different geographies.

是的。我認為，集團成本也受到了第二季一次性專案的影響，導致季度環比下降。我認為在成本方面非常重要的一點是，我們要控制不同地區的成本成長。

I think, it's important to highlight the Mexican efficiency plans that were carried out at the beginning of the year. In terms of headcount reviews and revisions, also in Colombia, Spain is containing costs, I think, very well with that 1.9% increase year-on-year.

我認為，有必要重點介紹墨西哥年初實施的提高效率計劃。就人員編制審查和調整而言，我認為，在哥倫比亞，西班牙在控製成本方面做得非常好，比去年同期成長僅 1.9%。

I think what we need to really look at is with our strategic business plan going forward is that cost-to-income level. We are very much focusing on cost to income ensuring that we had the right operational level leverage, sorry, as long as we continue to invest in the franchises, which I think is very important for us.

我認為我們真正需要關注的是，在我們未來的策略性業務計劃中，成本收入比這一問題。我們非常注重成本收入比，確保我們擁有合適的營運槓桿，抱歉，只要我們繼續投資於特許經營權，我認為這對我們來說非常重要。

In this regard, we do think that the cost to income target of 35% at the end of our period, the 2028 number is very much our focus.

在這方面，我們認為，到 2028 年末，成本收入比達到 35% 的目標，是我們非常關注的重點。

We have, as you know, the low 30s in Spain, low 30s in Mexico, low 30s in Turkey, cost-to-income ratios, and that's the way we are managing our cost side investing, but at the same time, being disciplined in ensuring that those investments generate revenues and allow us to achieve best-in-class efficiency ratios.

如您所知，我們在西班牙、墨西哥和土耳其的成本收入比都在 30 左右，這就是我們管理成本側投資的方式，但同時，我們也嚴格確保這些投資能夠產生收入，並使我們能夠實現一流的效率比率。

Very good on cost. I would just add the Benjamin the topic of two principles that we, it's really important for BBVA management. Number one, the concept of jaws. Our costs should not be growing higher than our revenues.

性價比很高。我只想補充一點，本傑明提出的兩個原則對於BBVA的管理階層來說非常重要。第一點，下顎的概念。我們的成本成長不應超過收入成長。

The second thing is we should grow in general because of the efficiencies that we are baking into the business every single day, we should not grow higher than inflation.

第二點是，由於我們每天都在提高業務效率，我們總體上應該會成長，但我們的成長速度不應該超過通貨膨脹率。

The numbers that you mentioned and also you compared with the competitors, I can judge who the competitor that you're comparing to is. You should look into the hyperinflation in countries and the customers, the country mix in that growth rate.

根據你提到的數據以及你與競爭對手的比較，我可以判斷你比較的競爭對手是誰。你應該研究各國的惡性通貨膨脹及其對消費者的影響，以及該國的人口結構如何影響成長率。

But we stick with our two very important principles, positive jaws, less than inflation. On the CIB business, we already basically carved it out and then talked about it in the second quarter call, but if you remember in the second quarter call, we put some numbers, goals for this division as well.

但我們堅持兩個非常重要的原則：積極的下顎線，低於通貨膨脹率。關於 CIB 業務，我們基本上已經將其拆分出來，並在第二季電話會議上討論過。但如果你還記得第二季電話會議，我們也為該部門設定了一些數字和目標。

I would highlight only the two of them, which is revenue growth, we said would be around 20%. If you compound this 20%, the real goal that we have is that in the four year period that we are looking into, we are going to double this business. That's the aspiration.

我只想專注於其中兩項，即收入成長，我們曾表示收入成長將達到 20% 左右。如果將這 20% 的成長複利計算，我們真正的目標是在我們所考察的四年期間，讓這項業務翻倍。這就是我們的願景。

And then we are going to have a RoRWA. And as you might have seen in the country pages that Luisa went through, we are now reporting RoRWA.

然後我們將進行 RoRWA。正如您在 Luisa 瀏覽的國家/地區頁面上可能看到的那樣，我們現在正在報告 RoRWA。

And RoRWA will improve to more than 2% for that division, which then would yield, in our view, also very decent return on capital numbers. How are we going to do that? Basically is two things, two very important strategic levers.

該部門的 RoRWA 將提高到 2% 以上，我們認為這將帶來非常可觀的資本回報率。我們該怎麼做呢？基本上就是兩件事，兩個非常重要的策略槓桿。

We will talk more about this maybe in the following calls. But number one, cross-border trade finance-focused basically plain Manila Corporate Banking. Corporate banking, transaction banking focus and basically entailing, going with our clients into these geographies that they also operate.

我們可能會在接下來的電話會議中進一步討論這個問題。但首先，跨境貿易融資重點基本上是馬尼拉普通的企業銀行。企業銀行、交易銀行業務重點，基本上意味著與我們的客戶一起進入他們也經營的這些地區。

We did realize that there are many clients of us in Mexico, in Spain, in South America, Turkey, many clients of us who do business outside of their home geographies. And we are not fairly represented. We have amazing relationships with them in their domestic business.

我們意識到，我們在墨西哥、西班牙、南美洲、土耳其等地有許多客戶，許多客戶都在本國以外的地方開展業務。我們的代表性沒有充分體現。我們在國內業務方面與他們建立了非常好的關係。

But beyond their core geography, we don't basically serve them as well as we would like it to be. As such, we are going to be focusing on this multinational cross-border related business that we can tap into, and that's going to be a differential point for us.

但除了他們的核心地理區域之外，我們基本上沒有像我們希望的那樣為他們提供服務。因此，我們將專注於我們可以涉足的跨國跨境相關業務，這將是我們的差異化優勢。

The second topic is, again, a bit, we have asked as we were planning and as we were creating that planned strategic plan on the CIB business, where we are different from others. And the second topic is the institutional business.

第二個主題，也是我們在製定和創建 CIB 業務策略計劃時提出的問題，我們在這個領域與其他公司有所不同。第二個主題是機構業務。

There are many institutional clients, funds, asset managers, insurance companies and so on, which we believe can benefit from our presence once again across the globe.

我們相信，我們在全球範圍內的再次佈局將使眾多機構客戶、基金、資產管理公司、保險公司等受益。

We are the market maker of Mexican peso securities, for example, if any institutional investor wants to buy a Mexican peso security, we are the bank. And we have seen that many institutional clients were using our competitors.

例如，我們是墨西哥比索證券的做市商，如果任何機構投資者想要購買墨西哥比索證券，我們就是他們的銀行。我們發現，許多機構客戶都在使用我們的競爭對手的產品。

We are going to leverage our positioning and again, our footprint being in multiple geographies would lead us to do better in the CIB business and the observation or the aspiration is doubling in four years.

我們將利用我們的市場地位，而且，我們在多個地區的業務佈局將使我們在企業及投資銀行業務方面做得更好，我們的預期或願景是在四年內實現翻番。

Thank you very much, Benjamin. Next question, please.

非常感謝你，班傑明。下一個問題。

Sofie Peterzens, Goldman Sachs.

蘇菲彼得森斯，高盛。

This is Sophie from Goldman Sachs. So my first would be going back to Mexico, we have seen some press headlines that revenue wants to be quite aggressive in Mexico. New bank is already quite aggressive in terms of competition.

這位是高盛的蘇菲。所以我的第一點是回到墨西哥，我們看到一些新聞標題說，財政部希望在墨西哥採取相當積極的措施。新銀行在競爭方面已經相當積極進取。

How do you think about the competitive landscape, and the competition has increased. And if you could just remind us BA's competitive strengths in Mexico.

您如何看待當前的競爭格局？競爭確實加劇了。如果您能提醒我們一下英航在墨西哥的競爭優勢就太好了。

And then the second question is on inorganic growth opportunities and maybe also organic growth opportunities. Given that your capital position is quite solid and you have 40 to 50 basis points of capital tailwinds coming in the fourth quarter.

第二個問題是關於無機成長機會，或許也包括有機成長機會。鑑於您的資本狀況相當穩健，並且您在第四季度將獲得 40 至 50 個基點的資本利好。

Do you think if it makes sense to consider growing or looking at something outside of Spain? And how do you think about kind of inorganic growth opportunities across Europe, would you consider that? And also, if you could remind us how the Italian and German (inaudible) of digital bank store going.

你認為考慮在西班牙以外的地方發展或尋找投資機會是否有意義？那麼，您如何看待歐洲各地的非有機成長機會？您會考慮這些機會嗎？另外，能否請您提醒我們一下義大利和德國（聽不清楚）的數位銀行商店進度如何？

Thank you, Sophie. Maybe I'll start with the second one. We are purely focused on organic growth from now on. I see what you're asking. But after the experience that we have had, I do think it's very fair that we will only focus on organic growth.

謝謝你，索菲。或許我會先從第二個開始。從現在開始，我們將完全專注於有機成長。我明白你的問題了。但根據我們目前的經驗，我認為我們只專注於自然成長是非常合理的。

We will always look into things. Obviously, that's our job as well. But our plan, our numbers, our commitments that you see in the second quarter when we announced them and today is purely based on organic growth. You mentioned about Germany and Italy.

我們會一直調查到底。顯然，這也是我們的工作。但是，我們在第二季宣布的計劃、數字和承諾，以及今天我們所看到的，都完全基於內生成長。你提到了德國和義大利。

Again, our plan there is to grow through our digital banks. This is the first time that we are now putting numbers into that business. It is covered in the page that Luisa disclosed on rest of our business, which is, again, mainly CIB business.

同樣，我們的計劃是透過我們的數位銀行實現成長。這是我們首次將數字應用於這項業務。路易莎在揭露我們其他業務的頁面上對此有所介紹，這些業務主要還是企業及投資銀行業務。

But in that page, you do see in the, under the customer funds, there is a breakdown now which says digital banks. At the end of September, basically, we had EUR10 billion of deposits in that unit, which is again Italy and Germany.

但在該頁面上，您可以在客戶資金下方看到，現在有一個細分項，其中提到了數位銀行。截至9月底，我們在該部門（即義大利和德國）的存款總額約為100億歐元。

And we will continue to grow in those geographies. We are going much better than our original business plan. We are going faster than what we thought we would be doing at this point in time both geographies, Germany even better actually as compared to Italy.

我們將繼續在這些地區發展壯大。我們目前的進展比最初的商業計劃好得多。目前，我們在兩個地區的進展速度都比我們預想的要快，德國的情況甚至比義大利還要好。

Italy was an amazing experience, and Germany is doing even better. So we will continue to grow through that business model, which is pure digital banking, leveraging the infrastructure and leveraging the application and the technology base of Spain to grow in Italy and Germany with the digital banking proposition.

義大利之行是一次難忘的經歷，而德國之行更是精彩。因此，我們將繼續透過這種純粹的數位銀行商業模式發展壯大，利用西班牙的基礎設施、應用程式和技術基礎，透過數位銀行服務在義大利和德國實現成長。

That's going to be the plan there. Regarding Mexico, and Luisa, please jump in as well. The only thing I would say is that I said many times in the past, I keep repeating it, I do know. But I do think it is important. What we have in Mexico, in my view, is just amazing. It's an amazing bank.

這就是那裡的計劃。關於墨西哥和路易莎，也請你們發表一下看法。我唯一想說的是，我過去說過很多次了，我一直在重複，我知道。但我認為這很重要。在我看來，墨西哥擁有的一切簡直太棒了。這是一家很棒的銀行。

And if you have not been to Mexico, you covered us very nicely. Please do go there and then meet our management, meet our team there. It's an amazing bank.

如果你沒去過墨西哥，那你已經很好地替我們介紹了。請您務必前往那裡，與我們的管理層和團隊成員見面。這是一家很棒的銀行。

And I mentioned this every quarter, but it is important to highlight once again, we have 44% market share in payrolls. All the cash flow-related products, transactionality related products, which is the bedrock of our business, we have amazing positioning in the country.

我每季都會提到這一點，但有必要再次強調，我們在薪資方面擁有 44% 的市場份額。所有與現金流量相關的產品、交易相關的產品，這些都是我們業務的基石，我們在國內都擁有極佳的地位。

We have the best talent. We have the best brand power. We have the best client franchise in the country. So let me not go more into it, but it's an amazing bank for multiple dimensions and not hard to replicate with, not easy to replicate assets and infrastructure.

我們擁有最優秀的人才。我們擁有最強大的品牌影響力。我們擁有全國最好的客戶加盟體系。所以我就不多說了，但它是一家多維度的優秀銀行，而且它的資產和基礎設施雖然不容易複製，但卻很容易被複製。

In that context, we take the newcomers, the neo banks very seriously, really very seriously in Mexico. They are amazing companies, in our view, but we are going to compete, and we're going to compete hard.

在這種背景下，我們非常認真地對待墨西哥的新銀行，真的非常認真地對待它們。在我們看來，他們都是非常優秀的公司，但我們會與他們競爭，而且會全力以赴。

So what you see with these neo banks is that they are basically attacking two different markets. One is credit cards, typically.

所以，你會看到這些新型銀行其實是在瞄準兩個不同的市場。其中一種通常是信用卡。

And on credit cards, again, the brand power and the scale benefit that we have is very tough to beat because we come up with campaigns, rewards and points for our customers because of our size, that it's not very easy to be replicated by others.

在信用卡方面，我們擁有的品牌實力和規模優勢很難被超越，因為我們憑藉自身的規模優勢，可以為客戶推出各種活動、獎勵和積分，而這些很難被其他人複製。

So we are going to be fighting really hard in credit cards. You might have seen it in the figure. You can come up with that also in the numbers that we provide, but also the markets authority in Mexico publishes it, we have been gaining market share.

所以，我們將在信用卡領域展開一場激烈的鬥爭。你可能已經在圖中看到了。您也可以從我們提供的數據中得出這個結論，墨西哥市場監管機構也公佈了相關數據，我們一直在獲得市場份額。

Even in this environment, we have been gaining market share even including all these neo banks, we have been gaining market share in credit cards in Mexico. So we're going to compete hard and we have a scale benefit, and we have a program which is very powerful that we think we will continue to gain market share independent of the newcomers.

即使在這種環境下，我們仍然獲得了市場份額，即使包括所有這些新興銀行在內，我們在墨西哥的信用卡市佔率也一直在成長。因此，我們將全力競爭，我們擁有規模優勢，而且我們有一個非常強大的項目，我們認為即使沒有新來者，我們也能繼續獲得市場份額。

And then the second thing is the deposit market that they are competing. On deposits, they are offering really very high rates. You might have seen it, but last a year ago, they were offering 15% to deposits when the interest rate in the market, the Central Bank rate was 11.25%.

其次，他們還在存款市場競爭。他們提供的存款利率非常高。你可能已經注意到了，就在一年前，他們向存款人提供 15% 的利率，而當時的市場利率，也就是央行利率，只有 11.25%。

And what we have defended then when there was such a big difference is going to be, in our view, easier for us going forward because now they all of them basically reduced their rates because they cannot sustain those rates anymore.

而我們當時所捍衛的，在當時存在如此巨大差異的情況下，在我們看來，將更容易讓我們繼續捍衛，因為現在他們基本上都降低了利率，因為他們再也無法維持這些利率了。

The latest that we see, most of these neo banks now they are offering 7%, 8%, which we can compete even more easily. And on that one, again, hard to replicate assets, basically 1/3 of our deposits are within the spend of less than EUR30,000, 1/3 and 1/3, that bucket, the average deposit size is EUR790.

我們看到的最新情況是，現在大多數這類新興銀行提供的利率是 7%、8%，這讓我們更容易與之競爭。而且，對於難以複製的資產，基本上我們三分之一的存款都在 30,000 歐元以下的支出範圍內，三分之一和三分之一，在這個區間，平均存款額為 790 歐元。

It's a very small ticket, transactionality driven, payroll account-driven, small ticket deposits. We will maintain that strength in our view going forward. But anything you want to add on the Mexico.

這是一筆金額非常小、以交易為導向、以薪資帳戶為導向的小額存款。我們將繼續保持這一優勢。但你想在墨西哥增加什麼呢？

No, I would just end up saying that, as you know, the profitability of our Mexican franchise is well beyond the peers.

不，我最後只想說，正如你所知，我們墨西哥特許經營店的盈利能力遠遠超過同行。

We have a 28% ROE in Mexico versus the peers at 15%, and it's highlighting those strengths that Onur was mentioning, it's a universal bank with number 1 NPS score of 70, above also all their competitors, including the neo banks.

我們在墨西哥的 ROE 為 28%，而同業的 ROE 為 15%，這突顯了 Onur 所提到的那些優勢，它是一家綜合銀行，NPS 得分高達 70 分，排名第一，甚至高於所有競爭對手，包括新興銀行。

And I think it's a very focused bank and doing exceptionally well. So nothing else to add.

我認為這是一家非常專注的銀行，而且做得非常出色。沒什麼要補充的了。

Very good. We are going to pick up some speed. Otherwise, you're not going to be done.

非常好。我們要加速了。否則，你就完不成。

Next question, please.

下一個問題。

Alvaro Serrano, Morgan Stanley.

阿爾瓦羅·塞拉諾，摩根士丹利。

Good back. On Mexico, maybe a follow-up on this latest question on Mexico. And look, I completely agree that the best franchise in Mexico and very difficult to replicate anywhere in the world.

背部感覺不錯。關於墨西哥，或許可以就最近提出的關於墨西哥的問題做一個後續討論。而且，我完全同意，這是墨西哥最好的特許經營項目，在世界任何地方都很難複製。

My question is more to try to pick your brains on the medium term because if you look at, is there a level of market share where some of the incumbent sort of the challenges, sorry, could get to where they start to be more of a scale competitor.

我的問題主要是想聽聽您對中期情況的看法，因為如果您觀察一下，是否存在這樣一個市場份額水平，使得一些現有企業面臨的挑戰，抱歉，是挑戰，能夠讓他們開始成為規模更大的競爭對手。

Maybe not for you for other sort of the second layer of competitors after I'm thinking (inaudible) some of the others, which could start to put more competition? Is there a level of market share which we should be looking out for?

也許對你來說並非如此，因為在我看來，第二層競爭對手之後還有一些（聽不清楚）其他一些競爭對手，它們可能會開始帶來更多競爭？我們應該關注怎樣的市佔率水準？

And because when I look at your deposit is true that you very successfully reduced the deposit yield, but the mix is slightly sort of increasing to more savings in time and I wonder if that's reflective competition.

而且，當我查看您的存款情況時，確實您非常成功地降低了存款收益率，但存款組合中儲蓄的比例略有增加，我想知道這是否反映了競爭。

The second question is on delinquencies on Turkey and Argentina, in particular, Turkey that ticking up as it was expected and you had guided for. Should we expect this for a few more quarters?

第二個問題是關於土耳其和阿根廷的違約情況，特別是土耳其的違約情況，正如預期的那樣不斷上升，這也是您之前所指導的。這種情況還會持續幾個季度嗎？

Any color you can give on that as to when, how many more quarters would you expect NPLs to continue to tick up there? Or any handholding there?

您能否就不良貸款率何時開始下降給予一些資訊？您預計不良貸款率還會持續上升幾季？或是有牽手之類的舉動嗎？

Very good. There was a noise. So if you don't capture all the questions that you asked, Alvaro, please let us know. But what's ranked do we have you discussed about Mexico, but you're asking whether, the second layer of competitors can come along and so on. I go back to the same thing.

非常好。有一聲響。阿爾瓦羅，如果你沒有記錄下你提出的所有問題，請告訴我們。但是，關於墨西哥的排名，我們已經討論過了，但你問的是，第二層競爭對手能否跟上等等。我又回到了老樣子。

I mean, the strength that we have in Mexico is so matched in our view, the scale benefit, but also more the client franchise and the underlying business franchise. Yes, of course, many others will come along, but we will maintain our position.

我的意思是，我們認為我們在墨西哥的優勢非常強大，不僅體現在規模效益上，更體現在客戶基礎和業務基礎上。當然，以後還會有很多其他人加入，但我們會堅持我們的立場。

And you see that in the last five years, in the last three years, we have been gaining market share. In this last year, only in the last year, we have gained 49 basis points market share in the lending market share with the profit-abilities that Luisa just mentioned, once again, we think it's a unique franchise, and we'll continue to build upon that.

您可以看到，在過去的五年，甚至在過去三年裡，我們的市場份額一直在增長。僅在過去一年，我們就憑藉 Luisa 剛才提到的獲利能力，在貸款市佔率中獲得了 49 個基點的市佔率。我們再次認為這是一個獨特的特許經營權，我們將繼續在此基礎上發展壯大。

And then others where they can go, I don't know. If you're asking about the neo banks, one of the competitors there in Mexico, obviously, is new bank, which is originally from Brazil. And in Brazil, they do have a market share.

至於其他人能去哪裡，我就不知道了。如果你問的是新興銀行，那麼在墨西哥，其中一個競爭對手顯然是新銀行，它起源於巴西。在巴西，它們確實佔有一席之地。

But when you look into our market share evolution, what you would see is that they started well. They are now with 3.5% market share in credit cards. Again, very credible competitor. We take them really seriously. But relatively speaking, their curve is now going lower than Brazil.

但如果你看一下我們的市佔率演變過程，你會發現我們開局不錯。他們目前在信用卡市場佔有3.5%的份額。再次強調，他是一位非常可靠的競爭對手。我們非常重視這些問題。但相對而言，他們的曲線現在比巴西低。

So where they can get to. We don't know. We are going to fight hard, and we are going to compete hard. But I don't think we will be the ones who would be losing market share.

所以他們能到達哪裡。我們不知道。我們會全力以赴，我們會拼盡全力去競爭。但我認為我們不會是市佔率下降的那一方。

You asked about deposit savings and time. You said that the time has gone up slightly more in the quarter, true. I mentioned this very clearly in the previous calls as well.

您問到了存款節省和時間的問題。你說本季時間確實略有增加。我在之前的通話中也明確提到這一點。

Nacho kept asking me about this many times, but when the rates were much higher, 11.25% and the Central Bank rate was 11.25%, we decided to be a bit out of the deposit market. We wanted to fund ourselves through wholesale funding because when rates are very high, heating up, the competition doesn't help us, doesn't help, doesn't help.

納喬多次問過我這個問題，但當利率高得多，達到 11.25%，而央行利率也是 11.25% 時，我們決定暫時退出存款市場。我們想透過批發融資來籌集資金，因為當利率很高、市場升溫時，競爭對我們沒有任何幫助，沒有任何幫助，沒有任何幫助。

When rates come down, and as you know, again, the latest Central Bank rate now is 7.5%, we now want to go back to the deposit market a bit. That's what we did, especially in the corporate segment, in the wholesale segment, company segment.

當利率下降時（如您所知，目前央行最新利率為 7.5%），我們希望能夠稍微重返存款市場。我們就是這麼做的，尤其是在企業客戶、批發客戶和公司客戶領域。

We have acquired some deposits, and that's why you have seen the time deposits going up. But that in our view, and you have seen that our loan-to-deposit ratio versus the changes that we have seen in a year ago and so on is now going to be not there.

我們獲得了一些存款，所以您才會看到定期存款增加。但我們認為，正如你們所看到的，我們的存貸比與一年前及之後的變化相比，現在已經不會再出現了。

We're going to grow in deposits going forward in this context of a lower interest rate environment. That's the reason. It was very purposeful, very clear part of the strategy that we have employed and now we are coming back a bit to the deposit market. That's the reason for the mix change.

在目前低利率環境下，我們的存款額將會成長。這就是原因。這是我們採取的策略中非常明確、目標明確的一部分，現在我們正在逐步回歸存款市場。這就是配方調整的原因。

About asset quality in Turkey and Argentina, Luisa?

路易莎，你對土耳其和阿根廷的資產品質有什麼看法？

Yes. Well, in Turkey, I think that the numbers that we're seeing are very much within the guidance that we've given to the market at the beginning of the year, the 180 basis points.

是的。嗯，在土耳其，我認為我們看到的數字非常符合我們年初向市場給出的指導方針，即 180 個基點。

It's true that quarter-on-quarter, the comparisons are affected obviously by macro adjustments, but also by big ticket releases, especially that we had in the second quarter.

的確，季度環比數據顯然會受到宏觀調整的影響，也會受到重磅產品發布的影響，尤其是我們在第二季推出的產品。

What I would say with regards to underlying asset quality is that we are seeing the NPL ratios and the asset quality of the retail portfolio stabilizing at the current levels. So I think that, that is good news in the sense that we had an increase in rates at the beginning of the year and rates now should be coming down going forward into the next year.

關於基礎資產質量，我想說的是，我們看到不良貸款率和零售投資組合的資產品質正在穩定在目前的水平。所以我認為這是個好消息，因為年初利率上漲，而明年利率應該會下降。

Having said that, I think 180 basis points is a cost of risk that is not a normalized cost of risk within a country like Turkey. We've had higher cost of risk in the past.

話雖如此，我認為 180 個基點的風險成本對於像土耳其這樣的國家來說，並不是一個正常的風險成本。我們過去承擔的風險成本較高。

So I think that the positive news is that those retail portfolios are stabilizing in terms of cost of risk. And going forward, I think that the numbers we will see what they look like.

所以我認為正面的消息是，這些零售投資組合的風險成本正在趨於穩定。展望未來，我認為我們將會看到具體的數位走勢。

But in general, when we guided, I think we guided for around 200 basis points to our midterm, long-term plan. And in Turkey, or should we move to Argentina?

但總的來說，當我們給予指導意見時，我認為我們對中長期計畫的指導幅度約為 200 個基點。我們應該留在土耳其，還是搬到阿根廷？

Yes, Argentina.

是的，阿根廷。

Argentina. So Argentina is a little bit of a different story. So Argentina, we had been seeing already in the second quarter, I would say, a sharp increase in stage 3 and defaults in, especially the retail portfolios.

阿根廷。所以阿根廷的情況就有點不同了。所以，在阿根廷，我們在第二季就已經看到，第三階段違約率急遽上升，尤其是零售投資組合的違約率。

This is obviously due to inflation coming down quickly, but also very high real interest rates, which moved sharply in the third quarter, as you all know, we had rates touching the 60% in October versus inflation of around 31% this has created a significant increase in deterioration in the asset quality, again, especially in the retail portfolios.

這顯然是由於通貨膨脹迅速下降，但也與非常高的實際利率有關。眾所周知，實際利率在第三季急劇上升，10 月利率一度接近 60%，而通貨膨脹率約為 31%。這導致資產品質顯著惡化，尤其是在零售投資組合中。

We are already deciding and taking decisions regarding the origination. You've seen in the third quarter that the quarter-on-quarter growth in Argentina slowed down significantly. We grew 10% versus the 21% in the second quarter.

我們已在就產品研發方面做出決定。你們已經看到，阿根廷第三季的環比成長明顯放緩。我們本季成長了10%，而第二季為21%。

And specifically, we are curtailing our growth in credit cards and consumers, where loan production in the quarter fell 9%, focusing our growth towards more of the commercial segment, which we feel is better. But we'll see how the macro develops.

具體來說，我們正在縮減信用卡和消費者業務的成長，該季度貸款發放量下降了 9%，我們將成長重點轉向我們認為更好的商業領域。但我們會看看宏觀經濟如何發展。

We think that the continued focus on the macro policies and decreasing inflation and decreasing rates should be supportive for a better environment. But we still need to see, I think, there quarter-on-quarter, how things develop, again, especially on the retail portfolios.

我們認為，持續關注宏觀政策、降低通貨膨脹和降低利率，應該有助於創造更好的環境。但我認為，我們仍需要逐季觀察情況發展，特別是零售業務組合的發展。

Very good. On asset quality, Alvaro, I would finalize by saying that as compared to what we were thinking at the beginning of the year, in Spain, in Mexico, for sure, Colombia, Peru, we have done much better than what we thought we would do in asset quality.

非常好。關於資產質量，阿爾瓦羅，我最後想說的是，與我們年初的設想相比，在西班牙、墨西哥、哥倫比亞、秘魯，我們在資產質量方面做得比我們預想的要好得多。

Turkey is completely in line. Argentina is worse than what we expected because the real rates in Mexico, in Argentina, sorry, is so high now that it is creating a load on the Argentinian lending book. But overall, this has been, in my view, a positive highlight of the year, and we are quite positive going forward as well.

土耳其完全符合規定。阿根廷的情況比我們預期的還要糟糕，因為墨西哥（抱歉，是阿根廷）的實際利率現在非常高，給阿根廷的貸款帳簿造成了沉重的負擔。但總的來說，在我看來，這是今年的一大亮點，我們對未來的發展也相當樂觀。

Next question please.

下一個問題。

Ignacio Ulagui, BNP Paribas.

伊格納西奧·烏拉吉，法國巴黎銀行。

So I just have one question. When I just look to the capital you have covered organic and inorganic growth, I just wanted to ask on the cost side.

我只有一個問題。當我查看您用於有機增長和無機增長的資本時，我只想問一下成本方面的問題。

I mean, could be any chance that you do or launch another restructuring plan in any of your geographies, thinking probably about Spain or Mexico in terms of trying to control further cost growth or that will be ruled out at this stage?

我的意思是，你們有沒有可能在某個地區（例如西班牙或墨西哥）推出另一項重組計劃，以控製成本的進一步增長？或者說，現階段這種可能性已經被排除？

Very good. Again, let's pick up some pace. The plan that we have put forward that we are executing and that we will deliver on does not incorporate any restructuring plan as they call it in Spain into the plan at all.

非常好。我們再加快速度吧。我們提出的、正在執行並將實現的計劃，根本沒有像西班牙人所說的那樣，將任何重組計劃納入其中。

But we always look for productivity. Luisa mentioned it in the second quarter call and also partially today. We are always looking for productivity improvements.

但我們始終追求生產力。Luisa 在第二季財報電話會議上提到了這件事，今天也部分提到了。我們一直在尋求提高生產效率的方法。

You might remember this in the first quarter of this year, we actually, it wasn't a very official program, but we have reduced our employee base in Mexico, for example.

您可能還記得，今年第一季度，我們實際上（雖然這不是一個正式的計劃）減少了我們在墨西哥的員工人數。

So we will always look for the productivity enhancement initiatives. And I wouldn't call them a program. But the restructuring program in the sense that you mean it is not incorporated into the plan.

因此，我們將始終尋求提高生產力的措施。我不會稱它們為項目。但你所說的重組計劃並沒有納入該計劃。

Next question, please.

下一個問題。

Carlos Peixoto, Caixa Bank.

卡洛斯·佩索托，Caixa銀行。

The first one would actually be on the 20% ROE target that you had before, that you had announced previously for 2025. Do you see that as still achievable?

第一個目標實際上是您先前設定的 20% 的 ROE 目標，您先前宣布該目標將於 2025 年實現。你認為這仍然可行嗎？

I reckon that the capital base is quite wide, given the current capital excess. But should we still see that as something doable? Or should we focus more on the actual bottom line number around EUR12 billion?

考慮到目前的資本過剩情況，我認為資本基礎相當廣泛。但我們是否仍認為這是可行之事？或者我們應該更關注約 120 億歐元的實際最終數字？

Then on the second question regarding Turkey. In light of the ongoing evolution, I mean the previous target or the previous quarters, you had guided towards slightly below EUR1 billion net profit target for Turkey.

然後是關於土耳其的第二個問題。鑑於目前的情況發展，我的意思是，之前的目標或前幾季度，您曾給出的土耳其淨利潤目標略低於 10 億歐元。

And do you see that still achievable? Or should we be thinking more of something below EUR900 million as the nine month annualized figure seem to suggest?

你認為這仍然能夠實現嗎？或者，我們是否應該考慮低於 9 億歐元的金額，因為九個月的年化數字似乎表明了這一點？

Very good. Thank you, Carlos. As always, 20% for the year. As you said, the excess capital has built up in the denominator of the ratio. Now that we are starting the share buybacks tomorrow morning, it will help as well, but we are still committing to that number, yes.

非常好。謝謝你，卡洛斯。和往年一樣，全年收益率為20%。正如你所說，過剩資本已經累積在了該比率的分母中。既然我們明天早上就要開始股票回購，那也會有所幫助，但我們仍然會堅持這個數字，是的。

About Turkey, we are not giving guidance for the coming year yet. The only thing I would tell you is that for this year, we said first EUR1 billion, but it was very clear.

關於土耳其，我們目前暫不提供來年的指導意見。我唯一想告訴你們的是，今年我們先訂了10億歐元的目標，這點非常明確。

I remember it very, very clearly because there was even a footnote in that presentation in the first quarter presentation saying that EUR1 billion was under the scenario, so I don't remember it incorrectly, but 26.5% inflation and 31% interest rate.

我記得非常清楚，因為在第一季的簡報中甚至有一個腳註，說明在那種情況下是 10 億歐元，所以我沒有記錯，通貨膨脹率為 26.5%，利率為 31%。

And there was also an FX depreciation assumption. Under this scenario, it will be EUR1 billion.

此外，也考慮了外匯貶值。在這種情況下，金額將達到10億歐元。

And then once we realize in the second quarter that those assumptions would be very tough to achieve for the macro, we said somewhat below EUR1 billion. And this year, we still stick with it. For next year, we will do it in the next quarterly call.

然後，到了第二季度，我們意識到這些假設對於宏觀經濟來說很難實現，所以我們說略低於 10 億歐元。今年，我們依然堅持這樣做。明年，我們將在下一次季度電話會議上討論此事。

Next question, please.

下一個問題。

Ignacio Sorizo, UBS.

瑞銀集團的伊格納西奧·索里佐。

There's two quick ones, hopefully. First one is on the approval of the buyback process by the ECB. If you can give us some indication about the timing? And if it can be announced actually in the middle of the quarter when the approval is given or we need to wait for the full year results?

希望有兩個簡短的題目。第一個問題是歐洲央行對回購流程的批准。能否告知我們大概的時間安排？如果能在季度中期獲得批准後立即宣布，還是需要等到全年業績公佈？

And then the second one on Turkey. If you can give us a bit of a sense actually of how far are we from the customer spread you think you can achieve and the rates actually in the 20%, 25% region you're targeting?

然後是第二篇關於土耳其的。如果您能大致說明一下，我們距離您認為可以實現的客戶覆蓋率還有多遠，以及您目標的 20%、25% 範圍內的實際轉換率是多少？

I mean, how quickly actually can we get there? And how far are we from the normalized customer spread in Turkey?

我的意思是，我們究竟能多快到達那裡？土耳其的客戶分佈距離正常化還有多遠？

Very good. On the approval of the share buyback, we cannot, as you have seen, we cannot disclose the specific amount that we ask for approval for and so on because there's a clear regulation or clear guidance on this from ECB saying that unless it's fully approved, it cannot be announced and the amount cannot be known.

非常好。關於股份回購的批准，正如您所看到的，我們不能透露我們申請批准的具體金額等等，因為歐洲央行對此有明確的規定或指導，即除非獲得完全批准，否則不能宣布，也不能知道金額。

But again, we initiated the process last week. It's in the process now. The legal maximum that they would use is four months actually. But as you can imagine, given the excess capital that we have, given all the dialogue that we have with them, we do expect it to be much earlier than that time frame.

但是，我們上週已經啟動了這個過程。目前正在進行中。實際上，他們依法可使用的最長期限是四個月。但正如你所想，考慮到我們擁有的盈餘資金，以及我們與他們進行的所有對話，我們預計實際時間會比這個時間框架早得多。

But again, we are dependent on ECB for their approval to be done. And once we receive the approval, it can be tomorrow, it can be two months, it can be less. Once we receive the approval, we will announce it, yes.

但是，我們仍然需要歐洲央行的批准才能完成這項工作。一旦我們獲得批准，可能明天就能完成，也可能要兩個月，甚至更短。一旦獲得批准，我們會立即公佈。

Then on the Turkey customer spread, not sure, it goes back to, again, how fast the interest rates are going to come down. You might know this already, obviously, but 39.5% is the latest Central Bank rate, 39.5%.

至於土耳其客戶利差，我不確定，這又回到了利率下降的速度。你可能已經知道了，39.5%是央行的最新利率，39.5%。

We were expecting it to be, as I said, at the beginning of the year at 31%. So it's coming down much slower than what everyone anticipated because inflation has turned out to be much more sticky than otherwise. But this country is still on, in our view, a very positive path.

正如我所說，我們年初時預計會達到 31%。因此，通膨下降的速度比所有人預期的要慢得多，因為通膨比預想的要頑固得多。但我們認為，這個國家仍然走在一條非常積極的道路上。

It is on a path of normalization. They stick with the clear aspiration to reduce inflation and as a result, also reduced interest rates. So once interest rates come down, and we will be giving you in the next call all the expectations for the coming year.

它正走在正常化的道路上。他們堅持降低通貨膨脹的明確目標，因此也降低了利率。所以一旦利率下降，我們將在下次電話會議上向您介紹來年的所有預期。

But obviously, our expectation is that interest rates will continue to come down. Once that happens, the spread will normalize as well. But until that happens, it's going to be very challenged.

但很顯然，我們預期利率將繼續下降。一旦這種情況發生，傳播也會趨於正常。但在此之前，它將面臨巨大挑戰。

One other thing that I should mention is that the customer spread and NIM, the difference between the two is actually larger in Turkey than in all the other markets because in Turkey, there is a repo facility, again, at 39.5% for the Central Bank.

我還要提一點，土耳其的客戶利差和淨利差之間的差異實際上比所有其他市場都要大，因為土耳其有回購機制，而且央行的利率為 39.5%。

You can fund yourself a bit with the repo and then also through swaps, 39.5%, but our cost of funding is higher because there are beyond the availability of funding mechanisms, there are certain regulatory ratios, one being very specific, the Turkish lira deposits divided by the total deposits.

你可以透過回購和互換交易籌集一些資金，比例為 39.5%，但我們的融資成本更高，因為除了融資機制的可用性之外，還有一些監管比率，其中一個非常具體，即土耳其里拉存款除以總存款。

There are certain ratios that we have to satisfy every month. Which is basically creating a deposit market at a higher price than other cheaper available funding opportunities.

我們每個月都必須滿足一定的比率。這實際上創造了一個比其他更便宜的融資管道價格更高的存款市場。

So NIM, as much as we can use those other, and we cannot use them all the time, but the NIM would be better than the customer spread going forward because when you use the repo facility, we would be optimizing the cost of funding a bit for the whole bank.

所以，儘管我們無法一直使用其他工具，但淨利差 (NIM) 將比客戶利差更好，因為使用回購工具可以稍微優化整個銀行的融資成本。

So in the quarter, for example, you haven't seen the spread in Turkey to improve too much, the customer spread, but you would realize that the NIM has improved by 65 basis points more or less, mainly because we tapped into a cheaper funding resource, which is the repo market as much as we can in the context of those regulatory restrictions that I talked to you about, and that has helped us improve NII in a very good way.

例如，在本季度，土耳其的利差（客戶利差）並沒有太大改善，但你會發現淨利差提高了大約 65 個基點，這主要是因為我們利用了更便宜的融資管道，也就是回購市場，在我們之前提到的那些監管限制下，我們盡可能地利用了這些管道，這極大地幫助我們提高了淨利息收入。

That's your next question, please.

這是你的下一個問題。

Borja Ramirez, Citi.

博爾哈·拉米雷斯，花旗集團。

I have two. Firstly, on capital. You're showing a very strong capital position and Also, I think you mentioned that maybe SRTs coming in Q4. So I would like to ask if you could provide some details.

我有兩個。首先，關於資本。你們展現了非常雄厚的資本實力，而且，我想你們也提到過，SRT可能會在第四季上市。所以我想請問您能否提供一些細節資訊。

And linked to this, I see some upside to the EUR13 billion of capital available for distribution in the short term. So this will be my first question. And my second question would be in Spain, you are gaining market share quite nicely.

與此相關的是，我認為短期內可供分配的 130 億歐元資金具有一定的上漲空間。這是我的第一個問題。我的第二個問題是，在西班牙，你們的市佔率成長得相當不錯。

I would like to ask if there are any, on this point, any learnings from when you are analyzing the sale transaction in the Spanish market, maybe you've learned about new ways to gain the share?

我想請問，在分析西班牙市場的銷售交易時，您是否有什麼經驗教訓？您是否學到了獲得市場份額的新方法？

Okay. The first one SRTs, Luisa?

好的。第一個是SRT，Luisa？

As Onur mentioned in the quarter, we did 5 basis points of SRTs. We've done a total of around $8.2 billion RWA SRT transactions or STA-able transactions. We also do and have engaged also this quarter on asset sales that you've also seen in the NPL ratios in Spain.

正如 Onur 在季度報告中提到的，我們進行了 5 個基點的 SRT 調整。我們總共完成了約 82 億美元的 RWA SRT 交易或 STA 可交易。本季度我們也參與了資產出售，正如您在西班牙的不良貸款率中所看到的那樣。

I would say that the target that we had this year and going forward, by the way, is to generate around between 30 to 40 basis points of capital through SRTs. And obviously, in the first nine months of the year, we're already at 28 basis points, and we'll be within that range comfortably in the fourth quarter.

我想說，我們今年的目標是，以及未來一年的目標，是透過 SRT 產生大約 30 到 40 個基點的資本。顯然，今年前九個月，我們已經達到了 28 個基點，第四季度我們也能輕鬆地保持在這個範圍內。

Again, it depends on the deal flows and the approvals process. The quarter will be obviously higher than the third quarter.

這同樣取決於交易流程和審批程序。本季業績顯然會高於第三季。

And will be above, obviously, very much above the 30 basis in general in that context of the fourth quarter being better than the third quarter. But in general, I would say 30 to 40 basis points is what we can expect from SRT's capital generation going forward.

而且顯然會高於，總體而言會遠高於 30 的基數，因為第四季比第三季好。但總的來說，我認為我們可以預期 SRT 未來的資本產生能力將達到 30 到 40 個基點。

Perfect. And then second question was on market share, any learnings from Sabadell and so on. I'll go to the market share directly.

完美的。第二個問題是關於市場份額，以及從薩瓦德爾事件中吸取了哪些經驗教訓等等。我將直接去看市場佔有率。

Borja, we are gaining market share everywhere except Peru actually because of the CIB, the large corporate lending book because of the price, we are a bit out of that market. And because of mortgages in Spain, because of the pricing there, we had a bit out.

博爾哈，除了秘魯以外，我們在世界各地都獲得了市場份額，因為秘魯的大型企業貸款業務由於價格原因，我們在這個市場中有點缺席。由於西班牙的抵押貸款問題，由於那裡的房價，我們有一些資金退出了西班牙市場。

We are losing market share. But beyond that, basically, we are gaining market share everywhere. It goes back to, you might not see it fully in the breakdown, but we are gaining market share 21 basis points in the year in total loans.

我們正在失去市場份額。但除此之外，基本上我們在各方面都在擴大市場份額。雖然你可能在細分數據中看不到全部，但我們今年的貸款總額市佔率增加了 21 個基點。

But it is basically negatively affected from mortgages, as I just mentioned since the beginning of this year, given the lack of profitability in that market we are out. So we lost 30 basis points in mortgages, but we are gaining market share, public sector consumer.

但正如我剛才提到的，自今年年初以來，由於抵押貸款市場缺乏盈利能力，我們基本上受到了負面影響，因此我們退出了市場。因此，我們在抵押貸款方面損失了 30 個基點，但我們正在獲得市場份額，即公共部門消費者。

We gained 58 basis points in the company's segment in Spain, 58 basis points in a year, and we will keep doing what we know well. Go after clients and provide our service because we have amazing people.

我們在公司在西班牙的業務板塊中獲得了 58 個基點，一年內獲得了 58 個基點，我們將繼續做我們擅長的事情。積極爭取客戶並提供我們的服務，因為我們擁有優秀的人才。

In short, we already have our own medicine, and we will replicate what we have been doing in the past five years, by the way, in the company's segment, we gained 200 basis points. We will do what we know well, and we will continue to gain market share.

簡而言之，我們已經有了自己的良方，我們將複製過去五年來的做法。順便說一句，在公司所在的領域，我們獲得了 200 個基點的收益。我們將繼續做我們擅長的事情，並不斷擴大市場份額。

Next question, please.

下一個問題。

Britta Schmidt, Autonomous Research.

Britta Schmidt，自主研究。

A couple of clarifications, please. With regards to Turkey and the net interest income development, the repo financing that you mentioned is that what Garanti talked about mentioned opportunistic liquidity management, and is that something that is quite sticky.

請容許我澄清幾點。關於土耳其和淨利息收入發展，你提到的回購融資，也就是 Garanti 所說的機會主義流動性管理，這是否是一個相當棘手的問題。

So I'm kind of trying to figure out what the outlook here is for the net interest income going forward.

所以我正在努力弄清楚未來淨利息收入的前景如何。

Then secondly, could you just help us quantifying the net impact of the IFRS 9 calibration and the macro updates on the EUR1.6 billion loan losses this quarter, i.e., what would have been the underlying cost of risk in the quarter?

其次，您能否協助我們量化 IFRS 9 校準和宏觀經濟更新對本季 16 億歐元貸款損失的淨影響，即本季的潛在風險成本是多少？

And would that underlying run rate be a good steer for not just Q4, but also in the next couple of quarters. And then lastly, two questions related to capital and distribution very quickly. Can you give us any expected impact on operational risk RWA changes in Q4?

那麼，這種潛在的運行速度不僅對第四季度，而且對接下來幾季是否都具有良好的指導意義呢？最後，快速問兩個與資本和分配有關的問題。您能否告知我們第四季營運風險RWA變化預計會受到哪些影響？

And maybe also clarify what you mean with pending approval from governing bodies for the significant new share buyback program. Thank you.

或許也可以澄清一下，您所說的「待監管機構批准的重大新股票回購計畫」是什麼意思。謝謝。

Very good. Let me start with the last one, Britta, very quickly. I mean we only wait for the ECB approval, but then once we receive the approval, the specifics of how much, whether it's externalized and so on.

非常好。讓我先快速地從最後一個人布里塔開始。我的意思是，我們只需要等待歐洲央行的批准，但一旦獲得批准，具體金額、是否外部化等等細節問題就需要進一步討論。

It is also subject to, obviously, to the Board approval, but the real, the only requirement that we have is ECB. On the first one on the Turkish situation, it is in the context that I just explained, I gave some details.

當然，這也需要董事會的批准，但我們真正的、唯一的要求是歐洲央行。關於第一個問題，即土耳其局勢，我正是在剛才解釋的背景下，給了一些細節。

I don't want to go into too much detail, but you are now asking it again. So maybe I do a bit more. But as I mentioned, the customer spread didn't improve too much in Turkey, but NIM has increased by 67 basis points. Why?

我不想贅述細節，但你現在又問了一次。所以也許我會多做一些。但正如我所提到的，土耳其的顧客價差並沒有太大改善，但淨利差卻提高了 67 個基點。為什麼？

Because in Turkey, we now have a situation where interest rate declines are not immediately being reflected in the customer spread. Rates come down, but the deposit rates do not come down as much. Why?

因為在土耳其，目前的情況是利率下降並不能立即反映在客戶的利差上。利率下降了，但存款利率下降的幅度並不大。為什麼？

Because of some of the restrictions that I mentioned to you. In Turkish lira deposits, the supervisor, Central Bank in this case, they have a certain ratio of TL deposits over total that needs to be satisfied. Otherwise, you are penalized.

因為有一些我之前跟你提到的限制。在土耳其里拉存款方面，監管機構（在本例中為中央銀行）規定了土耳其里拉存款佔總存款額的一定比例，必須滿足這一比例要求。否則，你將受到處罰。

As a result, there is a big competition in the deposit market to deliver those restrictions, the requirements. And as a result, deposit prices are higher than wholesale funding opportunities.

因此，存款市場競爭激烈，各方都在努力滿足這些限制和要求。因此，存款價格高於批發融資機會。

As long as those restrictions are as such, you might see that the customer spread doesn't improve as much, but you would see that the NII and NIM improves.

只要這些限制仍然存在，你可能會發現客戶分佈不會有太大改善，但你會看到淨利息收入和淨利差有所改善。

So the rate declines would be converted into real value generation, value creation, maybe not completely through customer spread improvement, but through the NIM improvement because we can be tapping into those, obviously, we have our own restrictions and our risk management metrics and so on, but we can tap into those cheaper funding resources as long as the situation is such, okay?

因此，利率下降將轉化為實際價值的產生和創造，也許不是完全透過改善客戶利差來實現，而是透過改善淨利差來實現，因為我們可以利用這些資金。顯然，我們有自己的限制和風險管理指標等等，但只要情況如此，我們就可以利用這些更便宜的融資資源，好嗎？

But you're asking more the sustainability of this? Or can you expect more of this going forward? The answer is yes.

但你更想問的是這種方式的可持續性？或者說，未來還會有更多這樣的情況嗎？答案是肯定的。

If rates come down and that rate decline is not very much converted in the customer spread. You would see that NIM decline would be there, not maybe as much, but would be there, but the customer spread would not be moving ahead too much.

如果利率下降，而這種利率下降並沒有在客戶利差中得到很大程度的體現。你會看到淨利差下降，雖然可能不會下降那麼多，但還是會下降，但顧客價差不會大幅擴大。

I hope I'm clear. And if not, we have many details on this. You can call the IR team to get more on this one.

希望我表達清楚了。如果不是，我們還有很多細節可以分享。您可以致電投資者關係團隊以了解更多詳情。

On the provisions, the macro and so on, we don't disclose that, as you know, Britta, the only thing I would say to you is that the business as usual if you incorporate all the two things, actually, the macro impact and also the annual recalibration impact.

關於條款、宏觀經濟等等，我們不會透露，正如你所知，布里塔，我唯一想告訴你的是，如果你把這兩件事都考慮進去，實際上，一切照舊，即宏觀經濟影響和年度調整影響。

If you isolate for those, the business as usual would have been better, slightly better, not too much, but slightly better would have been. And there was another question, Luisa. The couple of ones.

如果對這些人來說是隔離的，那麼一切照舊就會好一些，稍微好一些，不會好太多，但確實會好一些。路易莎，還有一個問題。那幾個。

On the operational RWAs, we have adjusted a little bit the number already in the third quarter. And in the fourth quarter, we will update the operational RWAs with the actual related number, but we don't expect a significant impact from operational RWAs in the fourth quarter.

關於營運風險加權資產，我們在第三季已經對數字進行了一些調整。第四季度，我們將根據實際相關數據更新營運風險加權資產，但我們預計第四季度營運風險加權資產不會產生重大影響。

Marina Karia, Jefferies.

Marina Karia，傑富瑞集團。

I just had one on your return on tangible equity guidance for this, can you hear me?

我剛才就您關於有形權益報酬率的指導意見有一個問題，您能聽到嗎？

Yes, please go ahead.

好的，請繼續。

Perfect. My question was around your about our 20% return on tangible equity guidance for this year. Obviously, that implies quite a strong performance in Q4 versus Q3.

完美的。我的問題是關於您之前給出的今年有形權益回報率20%的預期。顯然，這意味著第四季業績較第三季表現強勁。

So could you please just walk us through the moving parts in the increase in return tangible equity quarter-on-quarter in Q4 that you're expecting to see the guidance.

那麼，您能否為我們詳細介紹一下您預計在第四季度看到的有形權益回報率環比增長的具體組成部分呢？

I partially mentioned it in one of the previous questions, but you should also look into the denominator because we would be doing share buybacks. So the equity pays would be coming down.

我在之前的一個問題中部分提到過，但你也應該看看分母，因為我們將進行股票回購。因此，股權激勵將會下降。

So it's not just the numerator, which is the profit, but also the denominator that would be affected in the quarter. And then that number is for the full year. When we look into the numbers.

因此，受影響的不僅是分子（即利潤），還有分母（即利潤）。這個數字是全年的總數。當我們仔細研究這些數據時。

Fernando Gil de Santivanes, Intesa Sanpaolo.

費爾南多·吉爾·德桑蒂瓦內斯，聯合聖保羅銀行。

Two quick ones. One, regarding Spain, I see loan growth in the quarter being flat, mainly explained by public sector. Can you comment on these trends on the public sector, if there's anything I should be looking at?

兩個簡短的問題。第一，關於西班牙，我認為本季貸款成長將保持平穩，這主要是由於公共部門貸款成長放緩所致。您能否就公共部門的這些趨勢發表一些看法，看看我是否應該關注某些方面？

Second, regarding Spain and the litigation and the appeal that you guys presented in the Supreme Court and against the conversions due to the merger. Is the bank going to proceed with that?

第二，關於西班牙以及你們向最高法院提出的訴訟和上訴，以及因合併而導致的轉換。銀行會繼續推進此事嗎？

And finally, a short one, have you any update on the hedging strategy regarding Argentina and the latest events after the elections and the intervention in FX markets.

最後，還有一個簡短的問題，關於阿根廷的對沖策略以及選舉後的最新事件和外匯市場幹預，您有什麼最新進展嗎？

Very good. Let me do very quickly, if that's okay, Luisa. On the public sector, there are some one-offs in there.

非常好。路易莎，如果可以的話，讓我盡快完成。公共部門方面，有一些特例。

So you cannot expect 20% growth year-over-year every quarter, but you should see that the public sector is going to be quite positively reflected in the growth rate of Spain lending book going forward for one reason.

因此，你不能指望每個季度都實現 20% 的同比增長，但你應該看到，由於一個原因，公共部門將在西班牙貸款組合的增長率中得到相當積極的體現。

The local governments in Spain for many years did not use bank financing, because there was a central scheme that they could have been financing themselves from the central government.

多年來，西班牙地方政府沒有使用銀行融資，因為中央政府有一個中央融資計劃，他們本可以從中央政府獲得資金。

Now the bank financing is coming into the play. So you would see decent growth going forward, not maybe at these levels because there were some one-offs here, but you would see good decent growth. Then the Supreme Court, we don't comment on the legal proceedings of the bank.

現在銀行融資也開始發揮作用了。因此，未來將會出現不錯的成長，雖然可能不會達到目前的水平，因為這裡存在一些一次性因素，但你會看到良好的成長勢頭。至於最高法院，我們不對銀行的法律訴訟程序發表評論。

Then the hedging strategy of Argentina, given the costs of hedging in Argentina, we have not been hedging, and they will continue to be not hedging Argentina. It's so small also for the whole account that we can live with it, without hedging.

鑑於阿根廷的對沖成本，阿根廷的對沖策略是：我們沒有對沖，他們也將繼續不對沖阿根廷。就整個帳戶而言，這個金額非常小，我們可以接受，無需進行對沖。

Thank you very much, Fernando. Next question please.

非常感謝你，費爾南多。下一個問題。

We have no further questions at this time. So I'll hand the call back to you.

目前我們沒有其他問題。那我就把電話轉回給你了。

Okay. Thank you very much, everyone, for joining this call, and thank you for participating with your questions. So if you have any further questions or clarifications, please reach out the IR team. Thank you very much.

好的。非常感謝各位參加本次電話會議，也感謝大家積極提問。如果您還有任何疑問或需要澄清，請聯絡投資者關係團隊。非常感謝。