Banco Santander SA (SAN) 2023 Q1 法說會逐字稿

Good morning, everybody, and welcome to Banco Santander's conference call to discuss our financial results for the first quarter of 2023. Just as a reminder, both the results report and presentation we will be following today are available to you on our website.

大家早上好，歡迎參加桑坦德銀行的電話會議，討論我們 2023 年第一季度的財務業績。提醒一下，我們今天將要發布的業績報告和演示文稿都可以在我們的網站上找到。

I am joined here today by our CEO, Mr. Hector Grisi; and our CFO, Mr. Jose Garcia-Cantera. Following their presentations, we will open the floor for any and all questions you may have in the Q&A session. (Operator Instructions).

今天，我們的首席執行官 Hector Grisi 先生和我一起來到這裡；以及我們的首席財務官 Jose Garcia-Cantera 先生。在他們的介紹之後，我們將開放您在問答環節中提出的任何和所有問題。 （操作員說明）。

With this, I will hand over to Mr. Grisi. Hector, the floor is yours.

有了這個，我將交給 Grisi 先生。赫克托，地板是你的。

Thank you, Begona. Good morning to everyone, and thank you for joining us. Let me just share with you what we will focus on today. First, I will talk about our Q1 results within the context of the strategy we outlined at our Investor Day. Jose will review our financial performance in greater detail. And finally, I will conclude with final remarks.

謝謝你，貝戈納。大家早上好，感謝您加入我們。讓我與您分享我們今天將重點關注的內容。首先，我將在我們在投資者日概述的戰略背景下談論我們的第一季度業績。何塞將更詳細地審查我們的財務業績。最後，我將以最後的發言結束。

Before we start, let me briefly remark that during the first quarter the financial system has experienced situations, we've confirmed that our strategy and unique business model are key factors that allow us to deliver solid and resilient results, even in times of market volatility as we have demonstrated today through our first quarter performance.

在我們開始之前，讓我簡要說明一下，在第一季度金融體係經歷了一些情況，我們已經確認我們的戰略和獨特的商業模式是使我們即使在市場波動時期也能取得穩健和有彈性的結果的關鍵因素正如我們今天通過第一季度業績所證明的那樣。

As we announced at the Investor Day, we have entered a new phase of shareholder value creation. We are focused on maximizing value creation, aiming for the first time ever to deliver double-digit growth in tangible net asset value per share plus dividend per share with solid capital generation and efficient capital allocation that will allow us to improve our profitability and provide more returns to our shareholders.

正如我們在投資者日宣布的那樣，我們已經進入了股東價值創造的新階段。我們專注於最大限度地創造價值，目標是有史以來第一次實現每股有形資產淨值和每股股息的兩位數增長，並通過穩健的資本生成和有效的資本配置，使我們能夠提高盈利能力並提供更多回報我們的股東。

And we will achieve it, thanks to: first, our unique combination of local leadership and our global scale network that very few others can replicate. Our business model based on customer focus, scale and diversification, which provide us growth, cost and profitability, competitive advantages, which is underpinned by an ambitious transformation plan that is already making Santander a digital bank with branches.

我們將實現這一目標，這要歸功於：首先，我們將本地領導力與全球規模網絡的獨特結合，這是其他人無法複製的。我們的商業模式基於以客戶為中心、規模化和多元化，這為我們提供了增長、成本和盈利能力、競爭優勢，而雄心勃勃的轉型計劃為我們提供了支持，該計劃已經使桑坦德銀行成為一家擁有分支機構的數字銀行。

Today, we delivered a solid Q1 with great progress in all our strategic objectives. TNAVps plus DPS improved 5% in the quarter. A strong capital generation increased our fully loaded CET1 ratio to 12.2%, and disciplined capital allocation improved the percentage of RWAs that create value and return on tangible equity reached an extraordinary 14.4%.

今天，我們在所有戰略目標方面取得了長足進步，取得了穩健的第一季度業績。本季度 TNAVps 加上 DPS 提高了 5%。強勁的資本生成使我們滿載的 CET1 比率達到 12.2%，而有紀律的資本配置提高了創造價值的風險加權資產的百分比，有形股本回報率達到了非凡的 14.4%。

In a difficult environment, we are growing customers and volumes. The deposits increased 6% year-on-year, which drove a double-digit revenue increase with good cost control. At the same time, we have maintained very solid liquidity ratios as a result of our conservative financial management strategy and a credit quality that remains stable with cost of risk well below our target in line with the medium low risk profile of our business. These trends resulted in a profit of EUR 2.6 billion, the highest in the last 5 quarters, while profitability improved and we also delivered strong capital generation. All in all, we are on track to reach our 2022 targets. I will provide more details later.

在困難的環境中，我們正在增加客戶和數量。存款同比增長6%，在成本控制良好的情況下帶動了兩位數的收入增長。與此同時，由於我們保守的財務管理策略和信用質量保持穩定，風險成本遠低於我們的目標，這符合我們業務的中低風險狀況，我們保持了非常穩健的流動性比率。這些趨勢帶來了 26 億歐元的利潤，是過去 5 個季度中的最高水平，同時盈利能力得到改善，我們還實現了強勁的資本生成。總而言之，我們有望實現 2022 年的目標。我稍後會提供更多細節。

Moving on to the income statement. Firstly, as we usually do, we present growth rates both in euros and constant euros. There was no material difference this quarter. Secondly, in January, we recorded a EUR 224 million charge related to extraordinary banking tax on revenue in Spain, EUR 202 million accounted in Spain and EUR 22 million in DCB. Excluding this impact, profit rose 10% compared to the same quarter last year, 8% in constant euros. Additionally, we have positive and negative one-off impacts in Brazil, which do not affect profit. To better explain the business trends, they have been netted in the underlying P&L. Jose will go in more detail on this, please.

轉到損益表。首先，與往常一樣，我們以歐元和定值歐元呈現增長率。本季度沒有實質性差異。其次，1 月份，我們在西班牙記錄了 2.24 億歐元與特別銀行收入稅相關的費用，其中 2.02 億歐元在西班牙，2200 萬歐元在 DCB。排除這一影響，利潤與去年同期相比增長 10%，按固定歐元計算增長 8%。此外，我們在巴西有正面和負面的一次性影響，這不會影響利潤。為了更好地解釋業務趨勢，已在基礎損益表中對它們進行淨額計算。請 Jose 詳細介紹一下。

And thirdly, the most notable movements in the quarter were: strong top line performance supported by NII and higher fees, supported by global and network businesses; cost, have started the year in line with expectations, growing 1 point below inflation. We demonstrated the sustainability of our results with double-digit growth in net operating income, which was to EUR 8 billion.

第三，本季度最顯著的變化是：在全球和網絡業務的支持下，NII 和更高費用支持的強勁收入表現；成本，年初符合預期，增長低於通脹 1 個百分點。我們通過淨營業收入的兩位數增長（達到 80 億歐元）證明了我們業績的可持續性。

From a credit quality perspective, loan loss provisions continue to normalize. Jose will go into more detail on all these points later. This is a great start of the year. Good business dynamics that are translating into double-digit revenue growth with income increasing year-on-year across our regions and global businesses. We are implementing our One Transformation project, which is helping us improve the efficiency ratio to within the range of 44% to 45% that we established for 2023 and which makes us one of the most efficient global banks in the world.

從信用質量看，貸款損失準備繼續正常化。何塞稍後將詳細介紹所有這些要點。這是今年的一個良好開端。良好的業務動態正在轉化為兩位數的收入增長，我們地區和全球業務的收入同比增長。我們正在實施我們的 One Transformation 項目，該項目幫助我們將效率比率提高到我們為 2023 年設定的 44% 至 45% 的範圍內，這使我們成為世界上最高效的全球銀行之一。

Our cost of risk remains contained in line with our target of keeping it below 1.2% at the end of the year. Our RoTE grew quarter-on-quarter to 14.4%, 15.3% if we do not analyze extraordinary banking tax in line to reach our year-end target. And we generated capital equivalent to 17 basis points after having completed the second share buyback program to reach a fully loaded CET1 ratio of 12.2%.

我們的風險成本仍然受到控制，符合我們在年底將風險成本保持在 1.2% 以下的目標。我們的 RoTE 環比增長 14.4%，如果我們不分析特別銀行稅以達到我們的年底目標，則增長 15.3%。在完成第二個股票回購計劃以達到 12.2% 的滿載 CET1 比率後，我們產生了相當於 17 個基點的資本。

In summary, very positive trends, which we expect to consolidate in the coming quarters as we progress towards the 2022 financial targets that we provided during our 2022 annual results presentation.

總而言之，隨著我們朝著在 2022 年年度業績報告中提供的 2022 年財務目標取得進展，我們希望在未來幾個季度鞏固這些趨勢。

As we announced at our Investor Day in February, we are building a digital bank with branches that makes our customers' lives easier with processes and products that are simpler and more attractive to them. This, together with our global network, are helping us to improve the levels of our activity, revenues and costs. This approach, combined with a disciplined capital allocation are the cornerstone of our value creation model.

正如我們在 2 月份的投資者日宣布的那樣，我們正在建設一家設有分支機構的數字銀行，通過更簡單、對客戶更具吸引力的流程和產品，讓客戶的生活更輕鬆。這與我們的全球網絡一起，正在幫助我們提高我們的活動水平、收入和成本。這種方法與有紀律的資本配置相結合，是我們價值創造模式的基石。

Now I will dedicate some time to explain how we're progressing. Our customer focus is driving volume and revenue growth across the group. We are progressing well in the initiatives. That will help us to improve the way we serve our customers, and let me explain some of the most relevant ones. We're also taking advantage of our network effect to better serve our multinational corporates and SMEs through our regional coverage model that is growing at very high rates. Multi-Latinas and multi-Europeans are increasing revenue 53% and 72% year-on-year, respectively.

現在我將花一些時間來解釋我們的進展情況。我們以客戶為中心正在推動整個集團的銷量和收入增長。我們在這些舉措中進展順利。這將幫助我們改進為客戶服務的方式，讓我來解釋一些最相關的方式。我們還利用我們的網絡效應，通過我們高速增長的區域覆蓋模型更好地為我們的跨國公司和中小企業服務。多拉丁美洲人和多歐洲人的收入分別同比增長 53% 和 72%。

We're also moving fast in the construction of our branch of the future to offer a best-in-class omnichannel experience across all the group. A good example of this is significant advances made in the digital onboarding processes in Mexico. We have a program that aims to better serve our customers through the use of data, which targets 80% of our customer base. It would help us to personalize our product offering, improve interaction with our customers and provide them with the best user experience.

我們也在快速建設我們未來的分支機構，以在整個集團內提供一流的全渠道體驗。這方面的一個很好的例子是墨西哥在數字入職流程方面取得的重大進展。我們有一個計劃旨在通過使用數據更好地服務我們的客戶，該計劃針對我們 80% 的客戶群。這將幫助我們個性化我們的產品，改善與客戶的互動，並為他們提供最佳的用戶體驗。

We have developed a common mobile app across Europe as a tactical solution while we implement the common front across all the group, which is already live in Spain, Portugal and Poland and will be also released in the U.K. in the end of 2023. Customer reception has been strong as demonstrated in Portugal, where we have improved for #5 to #2 by customer satisfaction that is NPS through the mobile channel since the app was released. Our efforts to become a fully customer-centric bank are allowing us to grow the number of customers, loans, deposits and transactions per active customer at a very significant pace as shown on the right side of the slide.

我們在整個歐洲開發了一個通用的移動應用程序作為戰術解決方案，同時我們在整個集團實施了共同戰線，該應用程序已經在西班牙、葡萄牙和波蘭上線，並將於 2023 年底在英國發布。客戶接待正如在葡萄牙所展示的那樣強大，自應用程序發布以來，我們通過移動渠道的客戶滿意度從第 5 位提高到第 2 位。我們努力成為一家完全以客戶為中心的銀行，這使我們能夠以非常顯著的速度增加每個活躍客戶的客戶、貸款、存款和交易數量，如幻燈片右側所示。

But customer focus is not enough. Simplification and automation are also needed, and we are making a good progress in simplifying our product offering and fully automating our front and back-end operations. This is reflected in our leading position in efficiency and significant growth of 10% in net operating income per customer year-on-year. As we have discussed, 1 transformation is improving our local bank operations. We are bringing our 160 million customers onto a common operating and business model while converging into a common technology. We are simplifying our product offering to improve our customer experience and reduce the cost. We also have already simplified our product catalog by 42% since we started the project 2 years ago.

但僅以客戶為中心是不夠的。還需要簡化和自動化，我們在簡化產品供應和完全自動化前端和後端操作方面取得了良好進展。這反映在我們在效率方面的領先地位以及每位客戶的淨營業收入同比顯著增長 10% 上。正如我們所討論的，1 轉型正在改善我們當地銀行的運營。我們正在將我們的 1.6 億客戶帶入一個共同的運營和商業模式，同時融合到一個共同的技術中。我們正在簡化我們的產品供應，以改善我們的客戶體驗並降低成本。自 2 年前啟動該項目以來，我們還已經將產品目錄簡化了 42%。

We are reducing also administrative and operational task in branches. We aim to optimize around 80% to 90% of the overall customer-related processes, and we are progressing well. Spain, for example, has already optimized 40% of the processes in scope for 2023 and is expected to provide significant improvements. We are leveraging our global technology capabilities to accelerate digital transformation in Europe to make our processes fully digital end-to-end.

我們也在減少分支機構的行政和運營任務。我們的目標是優化大約 80% 到 90% 的與客戶相關的整體流程，並且進展順利。例如，西班牙已經在 2023 年範圍內優化了 40% 的流程，預計將提供重大改進。我們正在利用我們的全球技術能力來加速歐洲的數字化轉型，使我們的流程完全數字化端到端。

Finally, we are migrating our core banking system to the cloud, a project, which we call Gravity, making it more efficient, modern and scalable. This should result in the annual efficiencies of around EUR 150 million up on full implementation with a 67% return on investment and a payback of 3 years. Overall progress at the group is at 30%. Once we have completed Gravity in Santander U.K. for a corporate platform migrations in CIB and Chile are expected to be concluded before the end of '23. These are just a few examples of our ambitious transformation program that will bring Santander's operations to the next level.

最後，我們正在將我們的核心銀行系統遷移到雲端，我們稱之為 Gravity 的項目，使其更加高效、現代化和可擴展。全面實施後，年效率將提高約 1.5 億歐元，投資回報率為 67%，回收期為 3 年。該集團的總體進展為 30%。一旦我們在英國桑坦德完成了 Gravity，CIB 和智利的企業平台遷移預計將在 23 年底前完成。這些只是我們雄心勃勃的轉型計劃的幾個例子，這些計劃將使桑坦德銀行的業務更上一層樓。

Moving to our Global and Network businesses. The revenue is growing above the group average and already represents 39% of the group's total revenue. Several actions and initiatives to drive revenue growth are already in full swing. CIB is still growing strongly after record highs in 2022. We are strengthening the centers of expertise with value-added products and services, developing global and regional platforms, focusing on our areas of strength, such as energy, transition, infrastructure or projects trade finance, among others.

轉向我們的全球和網絡業務。收入增長高於集團平均水平，已佔集團總收入的 39%。一些推動收入增長的行動和舉措已經全面展開。 CIB 在 2022 年創下歷史新高後仍在強勁增長。我們正在加強增值產品和服務的專業知識中心，開發全球和區域平台，專注於我們的優勢領域，例如能源、轉型、基礎設施或項目貿易融資，等等。

In the U.S., we are reinforcing CIB coverage teams, strengthening product capabilities and fully leveraging the integration of APS to expand our ability to distribute risk assets.

在美國，我們正在加強 CIB 覆蓋團隊，加強產品能力，並充分利用 APS 的集成來擴大我們的風險資產分配能力。

Wealth Management and Insurance revenue grew 43% year-on-year. We are working to maintain the positive trends by scaling up alternative and institutional products and promoting collaboration between Wealth Management and CIB, offering private banking and asset management products and services for CIB clients and vice versa.

財富管理和保險收入同比增長43%。我們正在努力通過擴大另類和機構產品的規模並促進財富管理與 CIB 之間的合作，為 CIB 客戶提供私人銀行和資產管理產品和服務，反之亦然，從而保持積極趨勢。

In PagoNxt, which is also growing strongly, we have progressed with the migration of Santander Payments in Spain to our Payments Hub platform and already manages a significant part of the payments in Europe. Merchant acquiring expanded its innovative value-added services, which is reflected in 27% year-on-year growth in total payment volumes. Auto revenue fell affected by new lending and the performance of our leasing business in, SCUSA as well as the negative sensitivity to interest rates. We have recently announced an agreement with Stellantis in Europe to become its key financing partner. We expect to increase the outstanding portfolio by 30% to EUR 40 billion by 2026. At the same time, we continue to leverage relationships with OEMs, importers and mobility providers to grow our businesses in North and South America.

在同樣增長強勁的 PagoNxt，我們已經將西班牙的 Santander Payments 遷移到我們的 Payments Hub 平台，並且已經管理了歐洲很大一部分的支付。商戶收單擴展了其創新的增值服務，這反映在總支付量同比增長 27% 上。汽車收入下降受到新貸款和我們在 SCUSA 的租賃業務表現以及對利率的負面敏感性的影響。我們最近宣布與歐洲的 Stellantis 達成協議，成為其主要融資合作夥伴。我們預計到 2026 年，未償投資組合將增加 30%，達到 400 億歐元。與此同時，我們將繼續利用與原始設備製造商、進口商和移動服務提供商的關係來發展我們在北美和南美的業務。

We further strengthened our balance sheet and capital position. Our overall risk profile remains medium low and is proving to be predictable based on our diversification. Cost of risk stood at 1.05%. Provisions continue to normalize year-on-year as expected. LLPs performed well in the quarter as provision dropped 3%, mainly driven by South America and North America. At the same time, we delivered strong capital generation. Our CET1 ratio reached 12.2% after having absorbed the full impacts from the second share buyback program and the extraordinary banking tax in Spain. Jose will provide more details in a moment.

我們進一步加強了資產負債表和資本狀況。我們的整體風險狀況仍然處於中低水平，並且根據我們的多元化被證明是可預測的。風險成本為 1.05%。正如預期的那樣，準備金同比繼續正常化。 LLP 在本季度表現良好，撥備下降 3%，主要受南美和北美的推動。與此同時，我們提供了強大的資本生成。在吸收了第二次股票回購計劃和西班牙特別銀行稅的全部影響後，我們的 CET1 比率達到了 12.2%。何塞稍後會提供更多細節。

We will continue to leverage our transformation plan to deliver increased profitability and shareholder value creation on profitability. As I mentioned earlier, our RoTE closed at 14.4%, up 100 basis points in the quarter. If we do not analyze extraordinary banking tax in Spain, RoTE would have been around 15.3%. Earnings per share grew to EUR 0.15, 11% higher than the 2022 quarterly average, supported by strong profit growth and lower number of shares following the buyback programs.

我們將繼續利用我們的轉型計劃來提高盈利能力，並通過盈利能力創造股東價值。正如我之前提到的，我們的 RoTE 收於 14.4%，本季度上漲 100 個基點。如果我們不分析西班牙的特殊銀行稅，RoTE 將在 15.3% 左右。每股收益增長至 0.15 歐元，比 2022 年的季度平均水平高出 11%，這得益於強勁的利潤增長和回購計劃後股票數量的減少。

Additionally, in the quarter, we delivered 5% growth in shareholder value creation as a result of our disciplined capital allocation and share buybacks. At current share prices, buybacks continue to be one of the most effective ways to generate value for our shareholders. We completed last Friday, the second 2022 share buyback program having repurchased around 7% of our outstanding shares in the last 2 years, which provides a return on investment of approximately 21% to our shareholders. These results demonstrate that Santander has a strong model and risk management capabilities that work very well even in the toughest environment.

此外，在本季度，由於我們嚴格的資本配置和股票回購，我們創造的股東價值增長了 5%。以當前股價計算，回購仍然是為股東創造價值的最有效方式之一。我們上週五完成了第二個 2022 年股票回購計劃，回購了過去 2 年中約 7% 的流通股，為我們的股東帶來了約 21% 的投資回報。這些結果表明，桑坦德銀行擁有強大的模型和風險管理能力，即使在最艱難的環境中也能很好地發揮作用。

Jose will go now into more detail on the group's performance in 2023. Please, Jose?

何塞現在將更詳細地介紹該集團在 2023 年的表現。拜託，何塞？

Thank you, Hector, and good morning, everyone. Following our CEO's presentation, I will go into more detail on the group's P&L, risk profile and capital performance. Starting with the income statement, I will explain the account line by line in the following slides, but let me make a few initial comments.

謝謝你，赫克托，大家早上好。在我們的首席執行官介紹之後，我將更詳細地介紹集團的損益、風險狀況和資本績效。從損益表開始，我將在接下來的幻燈片中逐行解釋賬戶，但讓我做一些初步的評論。

As it has been mentioned, we had some one-off results in the quarter related to the reversal of tax liabilities in Brazil for EUR 261 million to EUR 111 million in NII and EUR 50 million in tax recovery and 2 provisions made to strengthen the balance sheet totaling EUR 474 million, which net of taxes is EUR 261 million. So these movements had no impact on profit, and we have decided to net them in the lines of the underlying P&L and ratios to facilitate comparisons with previous quarters and to better understand the underlying business dynamics to frame them against the year-end guidelines we gave at the Investor Day.

正如已經提到的，我們在本季度取得了一些一次性結果，這些結果與巴西的稅務負債逆轉有關，在 NII 中為 2.61 億歐元至 1.11 億歐元，以及 5000 萬歐元的稅收追回和 2 項準備金以加強平衡總計 4.74 億歐元，稅後淨額為 2.61 億歐元。因此，這些變動對利潤沒有影響，我們決定在基礎損益和比率的基礎上對它們進行淨額計算，以便於與前幾個季度進行比較，並更好地了解基礎業務動態，以便將它們與我們給出的年終指南相比較在投資者日。

Additionally, the P&L includes the extraordinary banking tax in Spain, which did have an impact on attributable profit. On the right-hand side, you can see the upward trend in profit quarter-on-quarter, 23% if we exclude the banking tax, which was driven by top line growth.

此外，損益表包括西班牙的特殊銀行稅，這確實對應占利潤產生了影響。在右側，您可以看到利潤環比呈上升趨勢，如果排除銀行稅，則為 23%，這是由收入增長推動的。

Going into detail on the main lines and starting with the quarterly trends in cost in euros, we maintain our strong revenue improvement. In the first quarter, revenue was 3% higher than in the fourth quarter of '22, EUR 1.5 billion higher than in the first quarter of '22, boosted particularly by NII, which increased EUR 1.2 billion, but also by fees almost EUR 300 million more. We have a balance sheet with very positive sensitivity to interest rates, mainly in Europe, which coupled with healthy volume growth and active margin management, led to a strong NII improvement in the last few quarters. Therefore, in the first quarter '23 was a solid quarter despite lower day count and seasonal factors in the Americas.

詳細了解主要線路並從歐元成本的季度趨勢開始，我們保持強勁的收入增長。第一季度，收入比 22 年第四季度高 3%，比 22 年第一季度高 15 億歐元，這尤其受到 NII 的推動，NII 增加了 12 億歐元，但也受到近 300 歐元的費用的推動萬多。我們的資產負債表對利率非常敏感，主要是在歐洲，加上健康的銷量增長和積極的利潤率管理，導致過去幾個季度的 NII 強勁改善。因此，23 年第一季度是一個穩定的季度，儘管美洲的天數和季節性因素有所減少。

We had good fee income growth supported by value-added products and the network effect. Trading gains, a small portion of our total revenue rose driven by customer base CIB transactions. And here is important to take into account that 97% of our CIB revenue is customer-driven.

在增值產品和網絡效應的支持下，我們的手續費收入增長良好。交易收益，我們總收入的一小部分是由客戶群 CIB 交易推動的。重要的是要考慮到我們 97% 的 CIB 收入是由客戶驅動的。

And finally, other income increase as the fourth quarter was affected by the deposit guarantee fund contribution.

最後，第四季度的其他收入增長受到存款保證基金貢獻的影響。

Group NII rose 14% year-on-year, supported by volumes, interest rate increases and margin management as I just said. In terms of volumes, loans were up year-on-year with double-digit growth in DCB and South America. North America rose 6%, and Europe was stable with falls in Spain and Portugal, mainly driven by prepayments of mortgages to individuals. Overall, loans grew 3% backed by consumer and mortgages. Likewise, deposits increased 6% with Europe growing 4%, and South America, North America and DCB growing around 10%. I will go into more detail on our loan and deposit structure later.

正如我剛才所說，NII 集團同比增長 14%，受到交易量、利率上漲和保證金管理的支持。在貸款量方面，DCB 和南美洲的貸款同比增長呈兩位數增長。北美上漲 6%，歐洲穩定，西班牙和葡萄牙下跌，主要受個人抵押貸款提前還款的推動。總體而言，由消費者和抵押貸款支持的貸款增長了 3%。同樣，存款增長 6%，其中歐洲增長 4%，南美、北美和 DCB 增長約 10%。稍後我將更詳細地介紹我們的貸款和存款結構。

Interest rate hikes mainly benefited Europe, Mexico and the Corporate Center. The latter driven by higher liquidity buffer remuneration. On the other hand, Brazil was impacted by a change in mix towards lower risk products and Chile and DCB were affected by their negative sensitivity to interest rates. Group net interest margin improved from 2.45% to 2.63% as we continued to actively manage our margins. We are very disciplined managing the cost of deposits and the repricing of loans. After the market movements at the beginning of the year, our deposit betas are on track with the numbers provided at Investor Day. So we expect this positive NII performance to continue in 2023.

加息主要有利於歐洲、墨西哥和企業中心。後者是由更高的流動性緩衝報酬驅動的。另一方面，巴西受到低風險產品組合變化的影響，而智利和 DCB 則受到其對利率的負面敏感性的影響。由於我們繼續積極管理利潤率，集團淨息差從 2.45% 改善至 2.63%。我們非常嚴格地管理存款成本和貸款重新定價。在年初的市場走勢之後，我們的存款貝塔與投資者日提供的數字保持一致。因此，我們預計 NII 的這種積極表現將在 2023 年繼續。

Turning to net fee income. It rose 7% year-on-year, reaching more than EUR 3 billion, which is explained by more customers and more transactionality with them in retail banking. CIB, which stood out with a 16% growth in all regions, but especially in Europe, very positive trends in PagoNxt and cards. And in Wealth Management and Insurance, we had a good performance in private banking and insurance and volumes in Asset Management recovered in the first quarter with a net new money of EUR 1.7 billion.

轉向淨費用收入。它同比增長 7%，達到超過 30 億歐元，這可以解釋為零售銀行業務中客戶的增加以及與他們的交易量增加。 CIB 在所有地區都以 16% 的增長率脫穎而出，尤其是在歐洲，PagoNxt 和卡的趨勢非常積極。在財富管理和保險方面，我們在私人銀行和保險方面表現良好，資產管理業務的交易量在第一季度恢復，淨新增資金為 17 億歐元。

Finally, in auto, volumes growth across the board continue. However, fee income in Europe was affected by the new insurance regulation in Germany. The evolution of fees reflects the improvements we make to our model to be more capital light.

最後，在汽車行業，銷量繼續全面增長。然而，歐洲的費用收入受到德國新保險條例的影響。費用的演變反映了我們對模型所做的改進，使資本更加輕盈。

Moving on to costs. The first thing to highlight is that despite inflationary pressures, cost continued to increase below the rate of inflation. This was the case mainly in Europe, where costs in Spain, the U.K. and Portugal, well around 3% to 4% in real terms as salaries in Poland and Latin America tend to be more directly linked to changes in inflation. Our efficiency ratio is 1 of the best in the sector at 44.1%, having improved both year-on-year and quarter-on-quarter. Outstanding performance in Europe, improving its efficiency ratio by 6 percentage points year-on-year. We will continue to deliver on our cost and efficiency targets and as we expect to further reduce our cost per customer, and as a result, continue to improve the net operating income per customer as Hector just explained.

繼續成本。首先要強調的是，儘管存在通脹壓力，但成本繼續以低於通脹率的速度增長。這種情況主要發生在歐洲，西班牙、英國和葡萄牙的實際成本約為 3% 至 4%，因為波蘭和拉丁美洲的工資往往與通貨膨脹的變化更直接相關。我們的效率比率為 44.1%，在行業中名列前茅，同比和環比都有所提高。歐洲表現突出，效率比同比提升6個百分點。我們將繼續實現我們的成本和效率目標，因為我們希望進一步降低每個客戶的成本，因此，正如 Hector 剛才解釋的那樣，繼續提高每個客戶的淨營業收入。

Credit quality remains robust and the cost of risk is well under control. Loan loss provisions grew year-on-year driving the cost of risk to converge towards -- through-the-cycle average as expected. The main changes by countries were the following: improvement in the cost of risk in Spain and Mexico, credit normalization in the U.S. from the very low levels we saw in 2021 and in 2022, but the behavior in the first quarter was much better than we thought. Poland increased its loan loss provisions impacted by higher Swiss franc mortgage provisions. And finally, in Brazil, we had higher loan loss provisions year-on-year on the back of individual consumer lending as well as overall portfolio growth. On a quarterly basis, loan loss provisions fell and the 3-month cost of risk in the quarter was 4.4%.

信貸質量保持穩健，風險成本可控。貸款損失準備金同比增長，推動風險成本向預期的整個週期平均水平收斂。各國的主要變化如下：西班牙和墨西哥的風險成本有所改善，美國的信貸正常化從我們在 2021 年和 2022 年看到的非常低的水平開始，但第一季度的表現比我們好得多想法。受瑞士法郎抵押貸款準備金增加的影響，波蘭增加了貸款損失準備金。最後，在巴西，由於個人消費貸款和整體投資組合增長，我們的貸款損失準備金同比增加。按季度計算，貸款損失準備金下降，本季度 3 個月風險成本為 4.4%。

This performance was supported by the high quality of our portfolio. The nonperforming loan ratio continued to improve, falling to 3.05% from 3.26% in March 2022. The main improvements came in Spain and DCB in part due to portfolio sales in the period and as well as Mexico. The portfolio distribution by stages remained stable. On the right-hand side, there is a brief overview of our loan portfolio structure. Around 80% of loans are mostly concentrated in mature markets. And if we look at the segments, our mortgages have low average loan to values. The consumer lending portfolio is well collateralized short term and has high returns, and the SME and corporate portfolio is well covered as well as over 50% has guarantees. Finally, a high weight of our corporate investment banking portfolio is investment grade.

這一業績得益於我們高質量的產品組合。不良貸款率繼續改善，從 2022 年 3 月的 3.26% 降至 3.05%。主要改善來自西班牙和 DCB，部分原因是該期間的投資組合銷售以及墨西哥。分階段的投資組合分佈保持穩定。右側是我們貸款組合結構的簡要概述。大約 80% 的貸款主要集中在成熟市場。如果我們看一下這些細分市場，我們的抵押貸款的平均貸款價值比很低。消費貸款組合具有良好的短期抵押和高回報，中小企業和企業組合覆蓋良好，超過 50% 有擔保。最後，我們的企業投資銀行投資組合中很大一部分是投資級別。

Finally, let me comment briefly on our exposure to commercial real estate, which is controlled and diversified across countries. Our exposure to CRE is 6% of total group's drawn uncommitted exposure. This is concentrated in the U.S., the U.K. and Spain, accounting for 75% of the total. Over half corresponds to social housing in the U.K. and multifamily in the U.S. The NPL ratio is 1.6% below the group's total NPL ratio. In the U.S., we have a total of EUR 21 billion of total drawn and committed exposure with an average loan-to-value of between 50% to 60%. Office CRE is just EUR 2 billion and it has an occupancy rate of 92% compared with around 80% for the sector as a whole.

最後，讓我簡要評論一下我們在各國控制和多元化的商業地產的風險敞口。我們對 CRE 的敞口占集團未承諾敞口總額的 6%。這集中在美國、英國和西班牙，佔總數的75%。超過一半對應於英國的社會住房和美國的多戶住宅。不良貸款率比該集團的總不良貸款率低 1.6%。在美國，我們的提取和承諾風險敞口總額為 210 億歐元，平均貸款價值比在 50% 至 60% 之間。寫字樓 CRE 僅為 20 億歐元，入住率為 92%，而整個行業的入住率為 80% 左右。

Let me also go into more detail in Brazil and the U.S., 2 countries that have raised some questions in the past quarters. In Brazil, the Brazilian economy has been performing well in recent years and interest rate hikes were implemented promptly and decisively to contain inflation growth in early stages. This environment accelerated the credit cycle and increased cost of risk in 2022. From now on, we expect interest rates to remain stable and probably start to come down after the summer.

讓我更詳細地談談巴西和美國，這兩個國家在過去幾個季度提出了一些問題。巴西方面，巴西經濟近年來表現良好，及時果斷加息，抑制了前期通脹增長。這種環境在 2022 年加速了信貸週期並增加了風險成本。從現在開始，我們預計利率將保持穩定，並可能在夏季後開始下降。

Additionally, during the last few years, we have been working on improving our portfolio mix in order to structurally reduce our cost of risk. We have enhanced our customer profile, the weight of new vintages with the best ratings has increased. We have been more selective in new business to increase our exposure to lower-risk secured portfolios like mortgages, agro or payroll. All in all, given our risk management, the enhanced portfolio mix and new lending profile, we expect to remain on target. Excluding one-offs in 2023, cost of risk should remain stable compared to 2022.

此外，在過去幾年中，我們一直致力於改進我們的投資組合組合，以從結構上降低我們的風險成本。我們增強了我們的客戶檔案，增加了具有最佳評級的新年份的權重。我們在新業務上更具選擇性，以增加我們對抵押貸款、農業或工資單等低風險擔保投資組合的敞口。總而言之，鑑於我們的風險管理、增強的投資組合組合和新的貸款狀況，我們預計將保持目標。排除 2023 年的一次性成本，與 2022 年相比，風險成本應保持穩定。

Regarding the U.S., despite the bumpy start of the year in the country, the messages we gave at Investor Day have not changed. We expect normalization of the cost of risk to continue throughout 2023, but remain below pre-pandemic levels. We actually had a better start of the year than initially anticipated in terms of credit quality, which was supported by a stable used car prices and better late-stage delinquency payments. Our focus in auto at the moment is on quality and profitability over volumes. Moreover, we were able to further increase the share of auto loans funded by deposits.

關於美國，儘管該國今年開局不順，但我們在投資者日傳遞的信息沒有改變。我們預計風險成本的正常化將在整個 2023 年繼續，但仍低於大流行前的水平。事實上，我們今年年初的信貸質量比最初預期的要好，這得益於穩定的二手車價格和更好的後期拖欠付款。目前，我們在汽車領域的重點是質量和盈利能力，而不是數量。此外，我們能夠進一步提高存款支持的汽車貸款份額。

We have demonstrated that our conservative structural risk management and solid liquidity place us in a very strong position to face very challenging scenarios. At the end of the quarter, our liquidity buffer comprising high-quality liquid assets exceeded EUR 300 billion, 97% of which were Level 1 assets. 2/3 of this liquidity buffer is in cash, which is equivalent to 20% of our deposit base. Our liquidity is strong and stable with ratios well above regulatory requirements.

我們已經證明，我們保守的結構性風險管理和穩健的流動性使我們處於非常有利的地位，可以面對非常具有挑戰性的情況。本季度末，我們由優質流動性資產組成的流動性緩沖超過3000億歐元，其中97%為一級資產。流動性緩衝的 2/3 是現金，相當於我們存款基礎的 20%。我們的流動性強勁且穩定，比率遠高於監管要求。

The group LCR remained in line with year-end at 152% and the NSFR around 120%. The ALCO portfolio represents 6% of total assets, which is below industry average. The duration of the available-for-sale portfolio is very low and the current mark-to-market of the whole held to collect portfolio would have an impact equivalent to only 2% of our fully loaded CET1 capital. This demonstrates that impact from the change of the value of bond portfolio and capital would be very limited even in a very adverse scenario.

集團 LCR 與年底保持一致，為 152%，NSFR 約為 120%。 ALCO 投資組合佔總資產的 6%，低於行業平均水平。可供出售投資組合的期限很短，整個持有待收投資組合的當前按市值計價的影響僅相當於我們滿負荷的 CET1 資本的 2%。這表明即使在非常不利的情況下，債券投資組合和資本價值變化的影響也非常有限。

Customer deposits are our primary source of funding and are mainly based on sticky retail deposits in our core markets. This diversified and stable funding structure supported year-on-year growth as deposits rose with positive performances across almost all countries and segments. The quarter-on-quarter decline in deposit balances is explained by the seasonal drop in CIB clients deposits, while retail remained stable in the quarter. Some customers using savings to prepay mortgages given the rising interest rates in Europe. And we have seen some flows from current accounts, time deposits and mutual funds. We have not seen any unusual deposit movements in recent weeks following the troubles of banks in the U.S. and Europe. In fact, we actually saw net inflows in the group in deposits in February and March of over EUR 2 billion.

客戶存款是我們的主要資金來源，主要基於我們核心市場的粘性零售存款。這種多元化和穩定的資金結構支持了同比增長，因為幾乎所有國家和部門的存款都在增長，表現良好。存款餘額環比下降的原因是興業銀行客戶存款的季節性下降，而本季度零售業務保持穩定。鑑於歐洲利率上升，一些客戶使用儲蓄來預付抵押貸款。我們已經看到一些來自活期賬戶、定期存款和共同基金的資金流動。在美國和歐洲的銀行出現問題後，我們最近幾週沒有看到任何異常的存款變動。事實上，我們實際上看到該集團在 2 月和 3 月的存款淨流入超過 20 億歐元。

Regarding capital, we ended the quarter at 12.2%. Let me give you some color about the variations in the quarter. 24 basis points of organic growth, which was basically driven by the strong profit generation in the quarter partially offset by risk-weighted asset growth. This includes a negative 4 basis point impact due to the extraordinary banking tax in Spain. 25 basis points drop from shareholder remuneration, which includes the total impact of the second 2022 share buyback program, 15 basis points and the accrual of the cash dividend 10 basis points for the first quarter, taking into account a 50% payout. 11 basis points were related to the update of the regulatory framework mainly following the EBA's clarification of its interpretation of CET1 minority interest calculation. And finally, a positive 7 basis points from markets, basically available for sale.

關於資本，我們在本季度結束時為 12.2%。讓我給你一些關於本季度變化的顏色。有機增長 24 個基點，這主要是由於本季度強勁的利潤產生，部分被風險加權資產增長所抵消。這包括由於西班牙的特殊銀行稅而產生的 4 個基點的負面影響。股東薪酬下降 25 個基點，其中包括第二個 2022 年股票回購計劃的總影響、15 個基點和第一季度現金股息的應計 10 個基點，考慮到 50% 的派息。 11 個基點與監管框架的更新有關，主要是在 EBA 澄清其對 CET1 少數股東權益計算的解釋之後。最後，來自市場的正 7 個基點，基本上可以出售。

So we have increased our fully loaded capital ratio while delivering on our capital productivity targets. As you can see on the right-hand side of the slide, improved front book RoRWA to 2.8% continued asset rotation and increase the percentage of risk-weighted assets, which deliver returns above the cost of equity. All in all, a disciplined capital allocation, which combined with our model, gives us confidence in the sustainability of our commitment to remuneration to our shareholders.

因此，我們在實現資本生產率目標的同時提高了滿載資本比率。正如您在幻燈片右側看到的那樣，將前台賬簿 RoRWA 提高到 2.8%，繼續進行資產輪換，並增加風險加權資產的百分比，從而帶來高於股本成本的回報。總而言之，有紀律的資本配置與我們的模式相結合，使我們對我們對股東報酬承諾的可持續性充滿信心。

Now I will hand it back to our CEO for the conclusions. Thank you.

現在我將把它交還給我們的首席執行官以得出結論。謝謝。

Thank you, Jose. To conclude the presentation and open the Q&A, I will briefly outline some final remarks that our vision for the coming quarters. Growth in customer volumes, robust revenue performance, double-digit NII growth, driven by positive sensitivity to rising rates in most countries and customer margin management. Fee income grew at high single digits, driven by our CIB payments and payment businesses. We expect this trend to continue in the coming quarters, mainly in Europe and Mexico.

謝謝你，何塞。在結束演講並開始問答環節之前，我將簡要概述一些我們對未來幾個季度的願景的最後評論。受大多數國家/地區對利率上升的積極敏感性和客戶利潤率管理的推動，客戶數量增長、收入表現強勁、NII 實現兩位數增長。在我們的 CIB 支付和支付業務的推動下，手續費收入以高個位數增長。我們預計這一趨勢將在未來幾個季度繼續，主要是在歐洲和墨西哥。

We are implementing our One Transformation plan. Our aim is to serve our customers more efficiently and foster process automation and simplification supporting our efficiency improvements. We will accelerate One Transformation further in the coming quarters. We have already identified business opportunities across the group, which will enable us to maintain strong global network businesses revenue.

我們正在實施我們的 One Transformation 計劃。我們的目標是更高效地為客戶服務，促進流程自動化和簡化，以支持我們提高效率。我們將在未來幾個季度進一步加速 One Transformation。我們已經確定了整個集團的商機，這將使我們能夠保持強勁的全球網絡業務收入。

Finally, we have a solid balance sheet in terms of liquidity, solvency and risk profile. We will remain focused on maintaining a medium, low-risk profile and on capital efficiency and asset rotation to ensure a solid capital ratio. So as we embark on our new strategy phase, all these plans should increase revenue and improve the efficiency and profitability of our banks with the overall aim of supporting shareholder value creation and sustainability in profitability.

最後，我們在流動性、償付能力和風險狀況方面擁有穩健的資產負債表。我們將繼續專注於維持中低風險狀況，並註重資本效率和資產輪換，以確保穩健的資本比率。因此，隨著我們進入新戰略階段，所有這些計劃都應增加收入並提高我們銀行的效率和盈利能力，總體目標是支持股東價值創造和盈利能力的可持續性。

As previously explained, our outstanding results in the first quarter puts us in an excellent position to meet our '23 financial targets. However, we may meet them in a slightly different way than initially anticipated, depending on the evolution of the macro environment. We are convinced that we are going to achieve our 15% RoTE target, but probably through a higher contribution from Europe and Mexico and a potential lower contribution from the U.S.

如前所述，我們第一季度的出色業績使我們處於實現 23 年財務目標的絕佳位置。然而，我們可能會以與最初預期略有不同的方式迎接它們，這取決於宏觀環境的演變。我們相信我們將實現 15% 的 RoTE 目標，但可能是通過歐洲和墨西哥的更高貢獻以及美國可能更低的貢獻。

Finally, we're also optimistic regarding our medium-term targets that we announced at the Investor Day. As I told our shareholders at the Annual General Meeting, these targets are specific, ambitious and achievable. We have the vision of where we want to go and the right strategy to get there, and we have the best team in place to put it in motion. So I am convinced that we will progress quarter by quarter to achieve our targets. Thank you very much.

最後，我們對我們在投資者日宣布的中期目標也持樂觀態度。正如我在年度股東大會上告訴股東的那樣，這些目標是具體的、雄心勃勃的和可以實現的。我們有我們想去的地方的願景和到達那裡的正確戰略，我們有最好的團隊來推動它。因此，我相信我們將逐季度取得進展以實現我們的目標。非常感謝。

Thank you, Jose and Hector. We can start the Q&A session now.

謝謝你，何塞和赫克托。我們現在可以開始問答環節了。

(Operator Instructions) We already have the first question from Ignacio Ulargui from BNP Paribas.

（操作員說明）我們已經收到來自法國巴黎銀行的 Ignacio Ulargui 的第一個問題。

I just have 2 questions. The first one is on the outlook at group level for NII and fees. If I just look to 1Q, you have made the guidance provided by the bank in Investor Day and for 2023 of double-digit revenue growth. But as the year goes by, I think that, that target gets challenged a bit. So I wanted just to get a bit of your thoughts on what should we -- particularly on NII, what should see the acceleration coming? And based on the comments that you made at the end Hector, a bit of what would be the outlook for the U.S. NII after the performance of the first quarter.

我只有兩個問題。第一個是關於 NII 和費用在集團層面的前景。如果我只看第一季度，您已經做出了銀行在投資者日和 2023 年實現兩位數收入增長的指導。但隨著時間的推移，我認為這個目標會受到一些挑戰。所以我只想了解一下您對我們應該做什麼的想法 - 特別是在 NII 上，應該如何看待加速的到來？根據你在 Hector 最後發表的評論，在第一季度表現之後，美國 NII 的前景會有一些展望。

The second one is on cost of risk. I have seen a decline in NPLs in Brazil. Just wanted to be -- to get a bit of your thoughts about how should we expect cost of risk evolving from here in Brazil and whether we have seen a beginning in NPL or it's just a seasonal effect?

第二個是風險成本。我看到巴西的不良貸款有所下降。只是想 - 了解您對我們應該如何預期巴西這裡的風險成本演變以及我們是否已經看到不良貸款開始或只是季節性影響的想法？

Okay, Ignacio, thank you very much for your question. Okay. First of all, as I basically discussed, it's quite important to understand that we will achieve what the numbers that we said at the Investor Day and also our guidance, given that with the combination that the group is giving you, okay? So as I basically said, we're going to be a little lower in Brazil and the U.S., and we will be much better in Europe and in Mexico, okay? So it's quite important to understand exactly the combination and the work we're managing the group to get to the levels that we want, okay?

好的，伊格納西奧，非常感謝你的提問。好的。首先，正如我基本上討論的那樣，了解我們將實現我們在投資者日所說的數字以及我們的指導是非常重要的，考慮到該小組為您提供的組合，好嗎？因此，正如我基本上所說的那樣，我們在巴西和美國的表現要低一些，而在歐洲和墨西哥的表現會好得多，好嗎？因此，準確了解我們管理團隊的組合和工作以達到我們想要的水平非常重要，好嗎？

So Europe is the one that is going to give us the strongest performance for the full 2023, okay? Mexico should be up -- what we call low double digit, okay? And we expect also, as I said, weaker performance in LatAm with the exception of Mexico, the U.S. and DCB. The U.S. is down mid-single digits. DCB will be low single-digit decline, and Brazil is basically mid-single-digit growth back ended, and we expect improvements towards the second half of the -- and towards the end of the year, okay? On the cost of risk, I will have Jose basically give you some ideas.

因此，歐洲將在整個 2023 年給我們帶來最強勁的表現，好嗎？墨西哥應該上漲——我們稱之為低兩位數，好嗎？正如我所說，我們還預計，除墨西哥、美國和 DCB 外，拉美的表現也會較弱。美國下降了中個位數。 DCB 將出現低個位數下降，巴西基本上是中等個位數增長，我們預計下半年和年底會有改善，好嗎？關於風險成本，我會讓何塞基本上給你一些想法。

Yes. So if I may complement the NII. In Europe, we have not seen the full repricing of our portfolio, obviously because, as you know, mortgages reprice every 12 months. So we still have a long way to go in the repricing of mortgages in Spain. Again, they are 12-month, Euribor based. And in Portugal is 6-month Euribor based. So we still have, again, way to go to reflect the full impact of the repricing or the rebasing of our portfolio in Europe.

是的。因此，如果我可以補充 NII。在歐洲，我們還沒有看到對我們的投資組合進行全面重新定價，這顯然是因為，如您所知，抵押貸款每 12 個月重新定價一次。因此，我們在西班牙的抵押貸款重新定價方面還有很長的路要走。同樣，它們是基於 Euribor 的 12 個月期利率。在葡萄牙，基於 6 個月的 Euribor。因此，我們仍然有路要走，以反映我們在歐洲的投資組合重新定價或重新調整的全部影響。

In terms of cost of risk in Brazil, as I said during my presentation, we expect cost of risk to remain fairly flat in 2023 relative to 2022, excluding the one-offs. The cost of risk in the first quarter was 4.4%. The EUR 474 million provision that we took in Brazil in the first quarter to strengthen the balance sheet was used more or less 1/4 for one-off cases for specific cases and the rest it was just to strengthen our balance sheet. So in that sense, the 4.4% of the quarter is clean. It excludes one-off cases and it reflects the true asset quality evolution of the quarter.

就巴西的風險成本而言，正如我在演講中所說，我們預計 2023 年的風險成本相對於 2022 年將保持相當平穩，不包括一次性成本。第一季度的風險成本為 4.4%。我們在第一季度為加強資產負債表而在巴西採取的 4.74 億歐元準備金，大約 1/4 用於特定案例的一次性案例，其餘部分僅用於加強我們的資產負債表。所以從這個意義上說，本季度的 4.4% 是乾淨的。它排除了一次性案例，反映了本季度真實的資產質量演變。

So for the rest of the year, as the interest rates are expected to remain high, we expect a better performance of our individuals portfolios because these are very short term. And obviously, they -- most of them have matured already, and we have been adding high-quality new vintages, but we might expect some more challenging evolution in the corporate sector. So again, all in all, excluding one-offs, more or less flat year-on-year.

因此，在今年餘下的時間裡，由於利率預計將保持高位，我們預計我們的個人投資組合會有更好的表現，因為這些都是非常短期的。顯然，他們 - 他們中的大多數已經成熟，我們一直在增加高質量的新年份，但我們可能會期待企業部門出現更具挑戰性的演變。所以，總而言之，不包括一次性的，同比或多或少持平。

Thank you, Jose and Hector. Can we have the next question, please?

謝謝你，何塞和赫克托。我們可以問下一個問題嗎？

Next question from Francisco Riquel from Alantra.

來自 Alantra 的 Francisco Riquel 的下一個問題。

Yes, hello. So I wanted to ask about following the recent turmoil in the sector. I wonder if you as a management have changed anything within the group in terms of liquidity and interest rate risk and/or if you expect any regulatory changes in this front in general? And more specifically, I wonder if you can elaborate a bit more the fall in deposits during the quarter. You mentioned seasonality in CIB, so do you expect to recover those deposits in the coming quarters?

是的你好。所以我想問一下最近該行業的動盪。我想知道作為管理層，您是否在流動性和利率風險方面改變了集團內部的任何事情，和/或您是否預計這方面的總體監管會發生變化？更具體地說，我想知道您是否可以詳細說明本季度存款的下降情況。您提到了 CIB 的季節性，那麼您是否希望在未來幾個季度收回這些存款？

And also, if you can update your guidance in terms of deposit betas by the end of '23. You were previously guiding for 25, 30 in Spain, 40-50 in the U.K., 50 -- above 50 in the U.S. And just last question in terms of the ALCO portfolio in Spain, if you have changed your plans. You were aiming for EUR 16 billion on average in '23 in terms of size, you're already above? I have seen in the slide, so you can also update on this.

而且，如果你能在 23 年底之前更新存款貝塔方面的指導。你之前在西班牙指導 25、30，在英國指導 40-50，在美國指導 50 - 超過 50，如果你改變了你的計劃，那就是關於西班牙 ALCO 投資組合的最後一個問題。就規模而言，您的目標是在 23 年平均達到 160 億歐元，您已經超過了嗎？我已經在幻燈片中看到了，所以你們也可以對此進行更新。

Francisco. I mean, first of all, let me tell you, I mean, given the turmoil and everything, I mean, the group is actually responding quite well, okay? We have seen all the levels in deposits basically maintain themselves. Individuals probably is the most important part in which 80% to 85% of our deposits are basically individuals, families, et cetera, which are basically very solid and very stable, okay? In that regard, also, I mean, with all these times, you always be prudent about how you manage things. But I can tell you that our units are performing really well in that sense, okay?

弗朗西斯科。我的意思是，首先，讓我告訴你，我的意思是，考慮到動盪和一切，我的意思是，該組織實際上反應很好，好嗎？我們已經看到存款的所有水平基本保持不變。個人可能是最重要的部分，我們80%到85%的存款基本上都是個人、家庭等等，基本上是很紮實很穩定的，好嗎？在這方面，我的意思是，在所有這些時候，你總是謹慎地處理事情。但我可以告訴你，我們的單位在這個意義上表現得非常好，好嗎？

In terms of the deposits, it's always cyclical. The decrease in deposits was mainly in CIB as we described. It was actually not very meaningful to the total size of the portfolio, and we expect basically to get them back and is the normal flow of the business, okay? In terms of the betas, I will have Jose give you a little bit of detail on that.

就存款而言，它總是周期性的。正如我們所描述的，存款減少主要是興業銀行。這實際上對投資組合的總規模意義不大，我們希望基本上能把它們拿回來，而且是正常的業務流程，好嗎？關於測試版，我會讓 Jose 給你一些細節。

So back when -- in the first quarter, we had a drop of around EUR 21 billion in CIB deposits in Europe. But that was seasonal. If you look at the fourth quarter, we had quite a strong increase, but again, this happens every quarter. This quarter was a bit more -- a bit higher than in previous quarters because we also grew a lot in deposits with our customers in Europe in the fourth quarter. So associated basically with year-end balance sheet performance. So this is not recurring and this is seasonal and -- but again, it doesn't really affect the structure of our deposits.

所以回到第一季度，我們在歐洲的 CIB 存款減少了約 210 億歐元。但那是季節性的。如果你看看第四季度，我們的增長相當強勁，但同樣，這種情況每個季度都會發生。本季度略高於前幾個季度，因為我們在第四季度與歐洲客戶的存款也增加了很多。因此基本上與年末資產負債表表現相關。所以這不是經常性的，而且是季節性的——但同樣，它並沒有真正影響我們的存款結構。

We always try to take advantage of the opportunities. We had an opportunity in the fourth quarter, took advantage of that, is normalizing a bit in the first quarter of the year, but I would expect the seasonal behavior to happen every year.

我們總是試圖利用機會。我們在第四季度有機會，利用了這一點，在今年第一季度開始正常化，但我預計季節性行為每年都會發生。

Betas. Where are we? So let me tell you where we are. In Spain, we have a -- in retail banking, beta today is 6%. Yield, average yield is 22 basis points. In CIB, in Spain, European branches and global CIB, betas are between 80% to 100%. So in Spain, if you look at the whole of Spanish balance sheet, the cost is 80 basis points with EBITDA of 25%. And this is -- we guided for the year to between 25% to 30%, still this will hold because, again, most of the CIB business has already repriced and we expect a slow increase in the repricing of retail banking, so still within the 25% to 30% for the year.

測試版。我們在哪裡？所以讓我告訴你我們在哪裡。在西班牙，我們有一個——在零售銀行業，今天的貝塔係數是 6%。收益率，平均收益率為22個基點。在 CIB、西班牙、歐洲分支機構和全球 CIB，貝塔值在 80% 到 100% 之間。所以在西班牙，如果你看一下整個西班牙的資產負債表，成本是 80 個基點，EBITDA 是 25%。這是——我們今年指導的比例在 25% 到 30% 之間，這仍然會保持不變，因為大多數 CIB 業務已經重新定價，我們預計零售銀行業務的重新定價將緩慢增加，所以仍在年的 25% 到 30%。

U.S. beta is 35% at a cost of 1.67. Betas were a bit higher in the first quarter, not significantly higher and very much in line with the average of the system. In the U.K., beta is 25%. And in the first quarter, betas were 30% to 35%, we guided to around 50% for the year. So if we look at our interest rate sensitivity relative to the figures we gave at Investor Day, very much in line with Europe, and the U.S. and probably a better outlook in the U.K.

美國貝塔係數為 35%，成本為 1.67。 Betas在第一季度略高，沒有顯著升高，非常符合系統的平均值。在英國，貝塔係數為 25%。在第一季度，貝塔係數為 30% 至 35%，我們將全年指導為 50% 左右。因此，如果我們看看我們的利率敏感性與我們在投資者日提供的數據之間的關係，非常符合歐洲和美國的情況，而且英國的前景可能更好。

Finally, ALCO. Yes, we expected more or less 16% -- sorry, EUR 16 billion average in Spain. We are already there. We might be above -- a little bit above that, but it basically depends on the opportunities we see to gradually increase the size of the portfolio. Remember that we are very, very far from a neutral ALCO portfolio. We have a negative balance sheet, which is what we want to have. We gradually want to close that negative sensitivity. So actually buying an ALCO portfolio or rebuilding an ALCO portfolio in Spain is not just a matter of 2023, it's probably also a matter of '24 and even 2025. So again, we will react to what we see are the market opportunities.

最後，ALCO。是的，我們預計或多或少會達到 16%——抱歉，西班牙平均為 160 億歐元。我們已經在那裡了。我們可能高於 - 略高於此水平，但這基本上取決於我們看到的逐步增加投資組合規模的機會。請記住，我們距離中立的 ALCO 投資組合非常非常遠。我們的資產負債表為負，這正是我們想要的。我們逐漸想要消除這種負面敏感性。因此，實際上在西班牙購買 ALCO 投資組合或重建 ALCO 投資組合不僅僅是 2023 年的問題，它可能也是 24 年甚至 2025 年的問題。因此，我們將再次對我們看到的市場機會做出反應。

Thank you, Hector and Jose, thank you, Paco for your questions. Can we have the next question, please?

謝謝 Hector 和 Jose，謝謝 Paco 提出的問題。我們可以問下一個問題嗎？

Next question from Carlos Peixoto from CaixaBank.

來自 CaixaBank 的 Carlos Peixoto 的下一個問題。

The question, sorry. So first question was actually -- I'm sorry, for a bit of a recap on previous ones, but I was just wondering if you could give us again the outlook for NII in both Brazil and in the U.S. and also so wondering if you could confirm, just make sure I understood correctly, you have that there is a EUR 210 million one-off positive effect in Brazil and NII in the quarter?

這個問題，對不起。所以第一個問題實際上是 - 抱歉，我想回顧一下之前的問題，但我只是想知道你是否可以再次向我們介紹巴西和美國的 NII 前景，也想知道你是否可以確認一下，只要確保我理解正確，你知道本季度巴西和 NII 有 2.1 億歐元的一次性積極影響嗎？

And the second question would be actually on fees and basically, the discussion that we have seen at the European level regarding fees namely potential raised. And I was wondering if you have -- if you can give us some visibility around the potential amount of fees that could be impacted if there were to be an investment bank being introduced at the European level.

第二個問題實際上是關於費用的，基本上是我們在歐洲看到的關於費用的討論，即可能提出的費用。我想知道你是否 - 如果在歐洲層面引入投資銀行，你是否可以讓我們了解可能受到影響的潛在費用金額。

Carlos, Begona here. Sorry to do this to you, but you need to repeat all of your questions. The line was terrible. We couldn't understand a word here. So can you start again maybe slightly slower and see if it goes better?

卡洛斯，這裡是貝戈納。很抱歉這樣對你，但你需要重複你所有的問題。線路很糟糕。我們在這裡一個字也聽不懂。那麼你能不能重新開始，也許稍微慢一點，看看它是否更好？

So trying again, hopefully, you'll hear me better. So as I was saying, on NII, the question was really on the outlook for the U.S. and Brazil, if you could recap it. And also, I was asking to confirm whether there was EUR 210 million positive one-off in the Brazilian NII, just to make sure that I got that number right.

所以再試一次，希望你能聽得更清楚。所以正如我所說，關於 NII，問題實際上是關於美國和巴西的前景，如果你能回顧一下的話。而且，我要求確認巴西 NII 中是否有 2.1 億歐元的一次性正數，只是為了確保我得到了正確的數字。

And then the second question was on potential inducement bans in Europe. What type of impact would such ban would have in fee income for Santander.

然後第二個問題是關於歐洲潛在的誘導禁令。這種禁令會對桑坦德銀行的費用收入產生什麼樣的影響。

Okay. I mean, to give you exactly how do we see the NII okay, is exactly the guidance that we give is EUR 211 million, okay? So Brazil is mid-single-digit growth, okay? We're talking 8.9 and then the U.S. is 6.1, is down mid-single digits, okay? That's exactly the number.

好的。我的意思是，為了準確地告訴你我們如何看待 NII，我們給出的指導就是 2.11 億歐元，好嗎？所以巴西是中個位數增長，好嗎？我們說的是 8.9，然後美國是 6.1，下降了中個位數，好嗎？就是這個數字。

Thank you, Carlos, for your questions. Can we have the next question, please?

卡洛斯，謝謝你的提問。我們可以問下一個問題嗎？

Next question from Sofie Peterzens for JPMorgan.

摩根大通的 Sofie Peterzens 的下一個問題。

Here is Sofie from JPMorgan. I know there has been a lot of questions already on net interest income. But could you kind of give a little bit more details around when you expect net interest income to peak in your core European markets? NII was slightly down in the U.K. Do you think we have seen peak NII and net interest income will kind of -- on a quarterly basis don't improve further? And when do you expect net interest income on a quarterly basis to peak in Spain? And when do you expect it to be in Portugal?

這是摩根大通的蘇菲。我知道已經有很多關於淨利息收入的問題。但是，您能否提供更多有關核心歐洲市場淨利息收入何時達到頂峰的詳細信息？英國的 NII 略有下降。您認為我們已經看到 NII 達到峰值，淨利息收入會有點——按季度不會進一步改善嗎？您預計西班牙的季度淨利息收入何時會達到頂峰？你預計它什麼時候出現在葡萄牙？

And my second question would be around the cost of deposits in Mexico, they increased almost 1% quarter-on-quarter. Could you just detail what drove this increase in cost of deposits in Mexico? And then my final question would be on core equity Tier 1. You saw 11 basis points of regulatory capital tailwinds in the first quarter. How should we think about any further tailwinds or headwinds on the capital side to come? And could you kind of give details on the magnitude of any potential headwinds or tailwinds to come? Thank you.

我的第二個問題是關於墨西哥的存款成本，它們環比增長了近 1%。您能否詳細說明導致墨西哥存款成本增加的原因？然後我的最後一個問題是關於核心股權一級。你在第一季度看到了 11 個基點的監管資本順風。我們應該如何考慮未來資本方面的任何進一步順風或逆風？您能否詳細說明即將到來的任何潛在逆風或順風的大小？謝謝。

Thank you, Sofie. Okay, really quick. I mean, as Jose was explaining to you, in terms of NII, what we see in Europe, we're still not where I believe we're going to be. I mean, mostly, the majority of the portfolio will reprice in probably April and May, okay? So the portfolio is still repricing and we're going to see those impacts mainly in Spain exactly at that time probably to the mid through the cycle of the year and towards the end. It also is going to depend on what's happening with the deposit impact and how the market is basically going to react towards that. So in that sense, we'll see that.

謝謝你，蘇菲。好的，真的很快。我的意思是，正如 Jose 向你解釋的那樣，就 NII 而言，我們在歐洲看到的情況，我們仍然沒有達到我認為我們將會達到的水平。我的意思是，大多數情況下，大部分投資組合可能會在 4 月和 5 月重新定價，好嗎？因此，投資組合仍在重新定價，我們將在那個時候主要在西班牙看到這些影響，可能是在今年周期的中期和年底。它還將取決於存款影響的情況以及市場基本上將如何對此做出反應。所以從這個意義上說，我們會看到的。

In the U.K., we're basically seeing things stable, okay? We basically see that we're still basically building up the way the portfolio has been going and also Portugal, we expect also to continue better towards the end of the year, okay?

在英國，我們基本上看到情況穩定，好嗎？我們基本上看到，我們基本上仍在建立投資組合的發展方式，還有葡萄牙，我們預計到今年年底也會繼續更好，好嗎？

Also, the terms of what you were talking about growth in deposits in Mexico, you're right, is still lagging behind, okay? The growth in customers in Mexico is starting to peak. What is important to do in Mexico was actually to change the onboarding that we had with clients, okay? And that was part of the things that we needed in order to compete head-to-head against our competitors. So in that regard, you're going to see an increase on the deposit base in Mexico in the following quarters, given also the new payrolls that we have contracted that are coming into the portfolio.

另外，你說的墨西哥存款增長的條款，你是對的，仍然落後，好嗎？墨西哥客戶的增長開始見頂。在墨西哥要做的重要事情實際上是改變我們與客戶的入職流程，好嗎？這是我們與競爭對手正面交鋒所需要的一部分。因此，在這方面，您將在接下來的幾個季度看到墨西哥的存款基數增加，同時考慮到我們已經簽訂合同的新工資單將進入投資組合。

Also, you're going to see a very good increase in time deposits as basically the market has turned very competitive, and we will also be focused on profitability. What we've been doing in Mexico is mainly maintain our deposit base of individuals, while the costly deposits from corporates were basically leaving them aside also to have much better margins, okay?

此外，你會看到定期存款有很好的增長，因為基本上市場競爭非常激烈，我們也將專注於盈利能力。我們在墨西哥一直在做的主要是維持我們的個人存款基礎，而昂貴的公司存款基本上把他們放在一邊，以獲得更好的利潤率，好嗎？

In terms of capital, Jose, would you like to comment?

在資本方面，何塞，你想發表評論嗎？

Yes. Yes. Sofie, as you said, we had -- the [QNA] from the EBA was a positive 13 basis points. We had 2 basis points negative from other updates, model updates and regulatory updates. Basically in corporate investment banking, we would expect -- I don't know, just a few basis points per quarter of negative headwinds from regulatory and models for the rest of the year, very, very small charges per quarter.

是的。是的。蘇菲，正如你所說，我們有 - 來自 EBA 的 [QNA] 是正的 13 個基點。我們從其他更新、模型更新和監管更新中獲得了 2 個基點的負面影響。基本上在企業投資銀行業務中，我們預計——我不知道，在今年剩餘時間裡，每季度來自監管和模型的負面逆風只有幾個基點，每季度的費用非常非常小。

In terms of organic capital generation, if you do a simple math in the first quarter, the share buyback corresponds to 2 quarters, and we had the full impact of the Spanish tax, which was 4 basis points. So the first quarter only corresponded 1. So if you do a, let's say, clean organic capital generation, we generated 10 basis points -- 10 to 12 basis points in the quarter, which is what we have always said. We organically generate 10 to 15 basis points per quarter. And that's what we expect for the rest of the year.

在有機資本生成方面，如果你在第一季度做一個簡單的數學計算，股票回購相當於 2 個季度，我們受到了西班牙稅收的全部影響，即 4 個基點。所以第一季度只對應 1。所以如果你做一個，比方說，乾淨的有機資本生成，我們在這個季度產生了 10 個基點 - 10 到 12 個基點，這就是我們一直說的。我們每季度有機地產生 10 到 15 個基點。這就是我們對今年剩餘時間的期望。

Thank you. And thank you, Sofie, for your questions. Can we have the next question, please?

謝謝。謝謝 Sofie 提出的問題。我們可以問下一個問題嗎？

Next question from Ignacio Cerezo from UBS.

來自瑞銀的 Ignacio Cerezo 的下一個問題。

I've got 1 in the U.S. and 1 in Spain. The 1 in the U.S. is if you can elaborate a little bit on the cost of risk drivers in the future, breaking it down between probability of default, loss given default, what kind of measures are you taking to alleviate basically the increased installments on the auto business, in particular, for clients that gives you comfort basically that again, provisions are not going to go above pre-COVID levels.

我在美國有 1 個，在西班牙有 1 個。美國的 1 是，如果你能詳細說明未來風險驅動因素的成本，將其分解為違約概率、違約損失，你將採取什麼樣的措施來基本上緩解增加的分期付款汽車業務，特別是對於那些基本上再次讓你感到安慰的客戶，規定不會超過 COVID 之前的水平。

And the 1 in Spain, if you can give us a little bit of color in terms of the breakdown of your deposit base between retail, corporate and large corporate. What kind of behavior are you basically seeing in each of those segments from a customer point of view, how pushy, especially the retail side actually are being these days in terms of chasing additional remuneration.

還有西班牙的 1，如果你能在零售、企業和大型企業之間的存款基礎細分方面給我們一些顏色。從客戶的角度來看，您基本上在每個細分市場中看到什麼樣的行為，在追逐額外報酬方面，尤其是零售方面，這些天實際上是多麼的咄咄逼人。

Thank you, Ignacio. Let me explain you exactly what's going on in the U.S., okay? In terms of cost of risk, we expect the cost of risk actually to be better than we expected at the beginning. What we saw a little bit some of the vintages on '22 started to being a little bit more complicated than we expected. But it's quite interesting to see that normally, when you see customers in those vintages started to get delinquent for more than 90 days, usually will repossess between 90% and 95% of the autos, okay?

謝謝你，伊格納西奧。讓我給你解釋一下美國到底發生了什麼，好嗎？在風險成本方面，我們預計風險成本實際上會好於我們一開始的預期。我們在 22 年看到的一些年份開始比我們預期的要復雜一些。但很有趣的是，通常情況下，當你看到那些年份的客戶開始拖欠超過 90 天時，通常會收回 90% 到 95% 的汽車，好嗎？

What's been happening and it has been quite surprising is that whenever we see the clients going delinquent beyond 90 days, we see that they basically are calling us restructuring and start paying us back. So we have seen a decrease of repos from around 90% to 95% to around 59% to 60%, okay? That's basically 30 points. That's why you see the cost of risk is getting much better in the U.S., okay?

令人驚訝的是，每當我們看到客戶拖欠 90 天以上時，我們看到他們基本上是在要求我們重組並開始償還我們。所以我們看到回購從大約 90% 到 95% 減少到大約 59% 到 60%，好嗎？這基本上是30分。這就是為什麼你看到美國的風險成本越來越好，好嗎？

To your question basically of going back to pre-COVID levels, what's going on there is that we have changed the mix of the portfolio. Pre-COVID, we have a lot more in subprime and deep subprime. Today, we have a much larger part in the portfolio of prime and near prime in the business. So that's why the portfolio is never going to go back to the levels it had. Also in '19, we have [Bluestone], okay? If you remember, we actually eliminated that JV back in 2021. And that was basically very complicated in terms of cost of risk. So that's another part of the portfolio is actually much better because of that, okay?

對於你基本上回到 COVID 之前水平的問題，發生的事情是我們已經改變了投資組合的組合。在 COVID 之前，我們在次貸和深度次貸方面擁有更多。今天，我們在業務的優質和近優質產品組合中佔有更大的份額。所以這就是為什麼投資組合永遠不會回到原來的水平。同樣在 19 年，我們有 [Bluestone]，好嗎？如果你還記得的話，我們實際上早在 2021 年就取消了合資企業。就風險成本而言，這基本上非常複雜。因此，投資組合的另一部分實際上因此而變得更好，好嗎？

So in that sense, we believe that the cost of risk in the U.S. even though is normalizing because it's going back to pre-COVID levels, it's not going to be as that as it used to be, but it's much better than we expected at the beginning, okay, to conclude.

因此，從這個意義上說，我們認為美國的風險成本雖然正在正常化，因為它正在回到 COVID 之前的水平，但它不會像過去那樣，但它比我們預期的要好得多開頭，好吧，總結一下。

And in terms of the break down in deposits, I don't know, Jose, if you would like to...

就存款分解而言，我不知道何塞，你是否願意……

In Spain, the Spanish business, we have EUR 246 billion in deposits, individuals and SMEs is EUR 229 billion, corporate clients, EUR 18 billion. When we look at the public perimeter that it includes the branches and CIB in the branches, we have EUR 15 billion in global corporate investment banking, EUR 38 billion for the total is what you see in the accounts of EUR 301 billion. Thank you.

在西班牙，西班牙業務，我們有 2460 億歐元的存款，個人和中小企業是 2290 億歐元，企業客戶是 180 億歐元。當我們查看包括分支機構和分支機構中的 CIB 的公共範圍時，我們在全球企業投資銀行業務中擁有 150 億歐元，總計 380 億歐元，即您在 3010 億歐元的賬戶中看到的。謝謝。

And thank you, Ignacio, for your questions. Can we have the next question, please?

謝謝 Ignacio 提出的問題。我們可以問下一個問題嗎？

Next question from Carlos Cobo Catena from Societe Generale.

下一個問題來自法國興業銀行的 Carlos Cobo Catena。

Just a couple of questions because most of the doubts have been clear. But on the U.K., we've seen how cost of deposit also starting to accelerate. And if you could elaborate a little bit on the structural hedge. And when do you foresee the peak in net interest income because you've said this year, it's going to be more of flattish NII, if I understood correctly. Does it mean that we still have to see the benefits of the structural head going forward in '24 and '25 or how do you expect NII to combine competitive dynamics and the structural hedge upside.

只是幾個問題，因為大多數疑問已經很清楚了。但在英國，我們已經看到存款成本也開始加速增長。如果你能詳細說明一下結構性對沖。你預計淨利息收入什麼時候會達到頂峰，因為你今年說過，如果我理解正確的話，NII 將更加平穩。這是否意味著我們仍然必須看到結構性負責人在 24 和 25 年向前發展的好處，或者您如何期望 NII 將競爭動態和結構性對沖優勢結合起來。

And the second one, if you could just explain a little bit better what was this change in the EBA criteria to have that positive impact on capital, just to understand the rationale.

第二個，如果你能更好地解釋 EBA 標準中的這種變化對資本產生積極影響是什麼，只是為了理解基本原理。

Okay. I'll take the 2 of them. Let me answer the second one first, which is easy. What basically the EBA has ruled that minority interest in local currency does not need to be adjusted with the exchange rate because obviously, if capital is eventually used, let's say, Brazil, if capital is eventually used in Brazil, it will be used in reals, not in euros. So before this, the interpretation was that the capital needed to be adjusted through the exchange rate and now obviously, because the capital will be used in local currency doesn't need to be adjusted. That's a net between positives in some countries like Brazil and slightly negative in some countries like Mexico, where the currency has appreciated net-net, 13 basis points.

好的。我會拿走其中的 2 個。讓我先回答第二個，這很容易。 EBA 基本上已經裁定，當地貨幣的少數股東權益不需要隨匯率調整，因為很明顯，如果最終使用資本，比方說，巴西，如果資本最終在巴西使用，它將以雷亞爾使用, 不是歐元。所以在此之前，解釋是資本需要通過匯率來調整，現在很明顯，因為資本將以當地貨幣使用，不需要調整。這是巴西等一些國家的積極因素與墨西哥等一些國家的輕微消極因素之間的淨值，墨西哥貨幣淨升值 13 個基點。

U.K., okay. So in the U.K., yes, we still have around EUR 100 billion structural position, which will help NII going forward. We would expect mortgages to go down this year more or less around 5%. So volumes a bit down in the year, but very positive NII sensitivity to rates, and we still think rates might go up a little bit. So we would expect NII to go up mid-single digits, probably a bit more than mid-single digits. So that's the expectation for this year in the U.K.

英國，好吧。所以在英國，是的，我們仍然有大約 1000 億歐元的結構性頭寸，這將有助於 NII 向前發展。我們預計今年抵押貸款或多或少會下降 5% 左右。因此，今年的交易量有所下降，但 NII 對利率的敏感性非常高，我們仍然認為利率可能會略有上升。所以我們預計 NII 會上升到中個位數，可能比中個位數高一點。這就是英國今年的預期。

Thank you, Carlos, for your questions. Can we have the next question, please?

卡洛斯，謝謝你的提問。我們可以問下一個問題嗎？

Next question from Marta Sánchez Romero from Citi.

來自花旗的 Marta Sánchez Romero 的下一個問題。

My first question is about the NII from your euro balance sheet. The problem we have is that transfer prices across the different constituents of that balance sheet make it very difficult to track your NII performance and compare it with your peers. So you guided at the Capital Markets Day that you would make EUR 1.7 billion of extra NII in the euro balance sheet this year through that curve at the time. Could you please update that number today and how it breaks down between Spain, the corporate center, the digital bank, other Europe and Portugal.

我的第一個問題是關於歐元資產負債表中的 NII。我們遇到的問題是資產負債表不同組成部分之間的轉移價格使得跟踪您的 NII 績效並將其與同行進行比較變得非常困難。因此，您在資本市場日指導說，您將通過當時的曲線在今年的歐元資產負債表中增加 17 億歐元的 NII。您今天能否更新這個數字，以及它如何在西班牙、企業中心、數字銀行、其他歐洲和葡萄牙之間分解。

The second question is on the U.S. deposits. That was one of your -- expanding your deposit base as one of the pillars of your plan to improve profitability there that is now becoming more and more expensive. Where do you see the cost of deposits in the U.S. by year-end and what are you doing to differentiate yourselves and being able to raise deposits and having to pay much more than your competition? And just a quick one, if you could update us on the U.K. on what do you see for mortgage margins, please.

第二個問題是關於美國的存款。那是你的一個 - 擴大你的存款基礎作為你提高盈利能力計劃的支柱之一，現在變得越來越昂貴。到年底，您如何看待美國的存款成本？您正在做什麼來使自己脫穎而出並能夠籌集存款並支付比競爭對手更多的錢？請簡單介紹一下英國的最新情況，了解您對抵押貸款保證金的看法。

Sorry, I'll take the first one. Marta, I will get back to you with the breakdown. But basically, it's all a euro balance sheet. It's not that difficult to do the sensitivity, but I will get back to you. The sensitivity remains the same. Remember, we said EUR 1.7 billion using the forward rates -- forward curve rates as of December. In the first quarter, the curves have remained after having moved up and down, they are basically where they were at the end of December.

對不起，我要第一個。瑪爾塔，我會把故障告訴你。但基本上，這都是歐元資產負債表。做敏感性並不難，但我會盡快回复你。靈敏度保持不變。請記住，我們說 17 億歐元使用遠期利率——截至 12 月的遠期曲線利率。一季度，曲線在上下波動後保持不變，基本處於12月底的水平。

So we would still expect for the next 12 months, a sensitivity similar to the one that we have experienced in the first quarter and in line with that guidance we gave because as Hector explained, we would see the repreciation of our mortgage books in Spain and in Portugal to gradually gain speed throughout the year.

因此，我們仍然預計在接下來的 12 個月內，我們會出現與第一季度類似的敏感度，並且與我們給出的指導一致，因為正如 Hector 解釋的那樣，我們會看到我們在西班牙和在葡萄牙全年逐漸加快速度。

Thank you, Jose. Okay. Let me tell you, Marta, about the U.S. deposits, okay. The U.S., basically accumulated beta has reached around 35%, and the cost is around 1.67%, okay? The higher interest rates reflected on the saving accounts have been showing improvements on the time deposits. So what I can tell you is the majority of our deposits in the U.S. basically is individuals, okay? That's the bulk of them, okay? And they have proven themselves very stable. We have really not lose any deposits at all in the individual side. We have seen a little bit of movement in the mid-corporate, okay, which we are basically diversifying deposits, but nothing material in that sense, okay?

謝謝你，何塞。好的。讓我告訴你，瑪爾塔，關於美國的存款，好吧。美國，基本上累計貝塔已經達到35%左右，成本在1.67%左右，好嗎？反映在儲蓄賬戶上的較高利率已經顯示出定期存款的改善。所以我可以告訴你的是，我們在美國的大部分存款基本上都是個人，好嗎？這是他們中的大部分，好嗎？他們已經證明自己非常穩定。我們真的沒有在個人方面損失任何存款。我們在中型企業看到了一些變化，好吧，我們基本上是在多元化存款，但從這個意義上說沒有什麼實質性的，好嗎？

What is important to tell you is that we don't foresee really high increases on that. I mean there is a lot of competition in the market, but our deposit base has been -- even with this situation, maintained itself very stable. So we don't foresee that we're going to have a huge increase even with the competition from some other players that we have seen in the market, okay? And we are not changing our assumptions at this time in the way we see the deposits in the U.S., okay?

重要的是要告訴你的是，我們預計不會有真正的高增長。我的意思是市場上有很多競爭，但我們的存款基礎一直 - 即使在這種情況下，也保持非常穩定。因此，即使我們在市場上看到了來自其他一些參與者的競爭，我們也不會預見到我們會有巨大的增長，好嗎？我們目前並沒有改變我們對美國存款的看法，好嗎？

And the final question is U.K. mortgage margins. Yes, the margins for that specific business are under pressure. We would expect a slightly weaker margins in the mortgage business going forward. We are -- right now, we have a market share of 11.3% when we look at stock mortgages in the U.K. But when you look at the first quarter, we have originated on average around 6% or 7% of the market because we are focusing on only on high-quality mortgages that obviously have slightly lower margins. But again, the combination of all our structural position, volume growth and margin management in the U.K. should lead to mid- to high single digits in NII in 2023.

最後一個問題是英國的抵押貸款利率。是的，該特定業務的利潤率面臨壓力。我們預計未來抵押貸款業務的利潤率將略有下降。我們——現在，當我們查看英國的股票抵押貸款時，我們的市場份額為 11.3%。但當您查看第一季度時，我們平均發起了約 6% 或 7% 的市場份額，因為我們是只關注利潤率明顯較低的高質量抵押貸款。但同樣，我們在英國的所有結構性地位、銷量增長和利潤率管理的結合應該會導致 NII 在 2023 年達到中高個位數。

Thank you. And thank you, Marta, for your questions. Can we have the next question, please?

謝謝。瑪爾塔，謝謝你提出的問題。我們可以問下一個問題嗎？

Next question from Andrea Filtri from Mediobanca.

下一個問題來自 Mediobanca 的 Andrea Filtri。

I have 1 question and 2 quick clarifications. The first is essentially, if we take your Q1 numbers and the clean underlying number you provided, and we just basically add up till the end of the year, we would reach EUR 11 billion profit in 2023, where consensus is well below that. Where do you see consensus being too conservative on your -- on the estimates for 2023?

我有 1 個問題和 2 個快速說明。第一個本質上是，如果我們採用您的第一季度數字和您提供的干淨基礎數字，並且我們基本上加起來到年底，我們將在 2023 年達到 110 億歐元的利潤，而共識遠低於該數字。您認為對 2023 年的估計共識在哪些方面過於保守？

And two clarifications. The first is on Brazilian cost of risk. You indicated a flattish evolution excluding one-offs. I just want to make sure I understood correctly that the EUR 474 million charged on provisions this quarter is not a one-off. And so the guidance you're giving is at 4.4% to 4.5% cost of risk in 2023. The second is again on the guidance you have given before. I didn't understand it was related to NII growth or volumes when you said Mexico up double-digit, U.S. down mid-single digit and Brazil up low-single digit.

和兩個澄清。首先是巴西的風險成本。你指出了一種不包括一次性的扁平化演變。我只是想確保我正確理解本季度撥備的 4.74 億歐元不是一次性的。因此，您給出的指導是 2023 年的風險成本為 4.4% 至 4.5%。第二個是您之前給出的指導。當你說墨西哥增長兩位數，美國下降中等個位數，巴西上升低個位數時，我不明白這與 NII 增長或數量有關。

Okay. So let me take consensus and the cost of risk in Brazil, and I will try to clarify that. What is consensus below where we think we might be, I think we are a bit more constructive on fees, and I think the first quarter shows a very good performance of fees, basically on the back of the contribution of our global businesses. You've seen in the presentation that our global businesses, CIB, Wealth Management, PagoNxt, they're doing very, very well.

好的。因此，讓我考慮巴西的共識和風險成本，我將盡力澄清這一點。低於我們認為的共識是什麼，我認為我們在費用方面更具建設性，我認為第一季度的費用表現非常好，這主要歸功於我們全球業務的貢獻。你在演示文稿中看到我們的全球業務，CIB，財富管理，PagoNxt，他們做得非常非常好。

Also, cost of risk, we guided for lower than 1.2% cost of risk. We are at 1.05% in the first quarter, probably the market is a bit skeptical about our capacity to keep cost of risk under control. So those, I think, are the 2 -- this is a bit on NII, but it's not significant and a bit on cost. So generally, I think its provisions and fees.

此外，風險成本，我們指導的風險成本低於 1.2%。我們在第一季度處於 1.05%，可能市場對我們控制風險成本的能力有點懷疑。所以，我認為，這些是 2——這有點在 NII 上，但它並不重要，而且有點成本。所以一般來說，我認為它的規定和費用。

Cost of risk in Brazil. So the EUR 474 million is not in the P&L and that has been used to reinforce our balance sheet in Brazil, around 1/4 of that for one-off cases and the rest is just a generic strengthening of our balance sheet in Brazil. So the 4.4% cost of risk in the first quarter is clean in the sense that it doesn't have any one-offs for specific cases. From now on, as I said, I would expect if interest rates remain at 13.75% until after the summer, probably we are going to see cost of risk drifting upwards because of the gradual deterioration of the corporate sector, but by no means in excess of the cost of risk we had last year. So that's why we are saying more or less cost of risk in line with 2022, excluding the one-off, which is already excluded in the provisioning number in the first quarter. I think that clarifies my comments. And then on Mexico.

巴西的風險成本。因此，4.74 億歐元不在損益表中，而是用於加強我們在巴西的資產負債表，其中約 1/4 用於一次性案例，其餘隻是對我們在巴西資產負債表的一般加強。因此，第一季度 4.4% 的風險成本是乾淨的，因為它沒有針對特定案例的任何一次性成本。從現在開始，正如我所說，如果利率保持在 13.75% 直到夏季之後，我預計由於企業部門的逐漸惡化，我們可能會看到風險成本上升，但絕不會超過我們去年的風險成本。因此，這就是為什麼我們說或多或少與 2022 年一致的風險成本，不包括一次性的，它已經被排除在第一季度的撥備數字中。我認為這澄清了我的意見。然後是墨西哥。

Yes. On Mexico, what I can tell you is that you're going to see very good growth in terms of NII, okay, because of you're positive in the sensitivity there. Also, what you're going to see is very positive growth in terms of fees because we are growing clients in a very good way, okay? Mainly credit cards is 1 of the main drivers. Also, CIB is an important driver of fees, okay? And also, you're going to see that the cost of risk is actually very much under control, okay? So you're going to see an all in all very good performance in the country, given that particular situation and also that economic situation in the country is doing very well.

是的。在墨西哥，我可以告訴你的是，你會看到 NII 方面的非常好的增長，好吧，因為你對那裡的敏感性持積極態度。此外，您將看到在費用方面非常積極的增長，因為我們正在以一種非常好的方式增加客戶，好嗎？主要是信用卡是主要驅動力之一。此外，CIB 是費用的重要驅動因素，好嗎？而且，你會看到風險成本實際上非常可控，好嗎？因此，鑑於該國的特殊情況以及該國的經濟形勢非常好，你將看到該國總體表現非常好。

Thank you. And thank you, Andrea, for your questions. Can we have the next question, please?

謝謝。 Andrea，謝謝你提出的問題。我們可以問下一個問題嗎？

Next question from Britta Schmidt from Autonomous.

來自 Autonomous 的 Britta Schmidt 的下一個問題。

I'll ask a couple of questions on the deposit development in Spain, the decline. Can you maybe split the trends between corporate and retail deposits there? And also a question -- a follow-up question on the cost of deposits in Spain. There was quite a meaningful increase Q-on-Q. Do you swap any of your deposit base? And is that included in the number?

我會問幾個關於西班牙存款發展和下降的問題。您能否將那裡的公司存款和零售存款的趨勢分開？還有一個問題——關於西班牙存款成本的後續問題。 Q-on-Q 有相當有意義的增長。你交換任何存款基礎嗎？那包括在數字中嗎？

And then lastly, of course, there was also a loan yield expansion regarding the management of your net interest income in Spain. Do you look more at the customer spread? Or do you look at the individual costing of the balance sheet? And then a couple of follow-ups. On Brazil, could you just clarify that last year's cost of risk, excluding one-off was around 460, 470 basis points, I think. Another question on the Polish FX saga. Do you expect there to be more provisions to come for the Polish Swiss franc mortgages and lastly, 1 question on the regulatory outlook. Do you expect there to be any rethink either in Spain or on a global level of deposit insurance charges and the funding of deposit insurance funds.

最後，當然，還有關於您在西班牙的淨利息收入管理的貸款收益率擴張。您是否更多地關注客戶傳播？還是查看資產負債表的單獨成本核算？然後是一些後續行動。關於巴西，你能否澄清一下去年的風險成本，不包括一次性成本，我認為約為 460、470 個基點。關於波蘭外匯傳奇的另一個問題。您是否預計會有更多針對波蘭瑞士法郎抵押貸款的規定，最後是關於監管前景的 1 個問題。您是否期望在西班牙或全球範圍內重新考慮存款保險費用和存款保險基金的資金來源。

So deposits in Spain, as I said, EUR 21 billion, EUR 22 billion drop from corporate deposits, flat, slightly down retail deposits in the quarter. Basically, when you look at early mortgage repayments, they are very much aligned. So -- and if we look at February and March, as I mentioned, positive trends in both retail and corporate deposits because again, the EUR 21 billion drop was associated with the year-end balance sheets of our corporate deposits.

因此，正如我所說，西班牙的存款減少了 210 億歐元，企業存款減少了 220 億歐元，與本季度零售存款持平，略有下降。基本上，當您查看早期抵押貸款還款時，它們非常一致。所以 - 如果我們看看 2 月和 3 月，正如我提到的那樣，零售和企業存款都呈現積極趨勢，因為 210 億歐元的下降再次與我們企業存款的年終資產負債表有關。

I'm not sure I understood your second question well. Your question was if we swap deposits or... no, we don't. Obviously, no, no, we don't swap the deposits. We manage net interest income -- sorry, interest rate risk through the asset side not through the liability side. How do we manage NII, if I understand correctly, do we look at customer margins or how do we manage that? I don't understand well your question, but obviously, again, interest rate risk management is mostly managed through the asset side and we look at the overall net interest margin of our interest-earning assets.

我不確定我是否理解你的第二個問題。你的問題是我們是交換存款還是……不，我們不交換。顯然，不，不，我們不交換存款。我們管理淨利息收入——抱歉，利率風險是通過資產端而不是負債端。我們如何管理 NII，如果我理解正確的話，我們是看客戶利潤率還是我們如何管理它？我不太理解你的問題，但顯然，利率風險管理主要是通過資產端進行管理，我們看的是生息資產的整體淨息差。

Brazil, the cost of risk...

巴西，風險成本...

Cost of risk is around 4.58%. And excluding the one-off that we had, okay, and that's -- and in terms of the mortgages that you asked for Poland, up to now, the portfolio basically is 48% reserved, okay? That's exactly, and we are actually looking at what we're going to do, depending on how the portfolio evolves, okay? But we are now 48% coverage of the total portfolio.

風險成本約為 4.58%。不包括我們擁有的一次性貸款，好吧，就你要求波蘭的抵押貸款而言，到目前為止，投資組合基本上保留了 48%，好嗎？正是這樣，我們實際上正在考慮我們將要做什麼，這取決於投資組合的發展方式，好嗎？但我們現在覆蓋了整個投資組合的 48%。

Thank you, and thank you, Britta, for your questions. Can we have the next question, please?

謝謝，也謝謝 Britta 提出的問題。我們可以問下一個問題嗎？

Next question from Alvaro Serrano from Morgan Stanley.

摩根士丹利的 Alvaro Serrano 的下一個問題。

Very quickly, hopefully. Two questions for me on provisions. On the U.S., I know you touched on an earlier question on it. But I just wanted to understand the car prices so far have been better certainly year-to-date. And looking at the citation data that's also doing slightly better and the NPLs are down. So why the provisions in a seasonally lower quarter, they didn't go down as much. Is there a lag effect here? How quickly do the secondhand car prices feed into the model? Maybe some handholding there? And I don't know if you could be more specific on your updated views for the full year cost of risk in the U.S.

很快，希望如此。我有兩個關於規定的問題。關於美國，我知道你提到了一個較早的問題。但我只是想了解今年迄今為止的汽車價格肯定要好一些。查看引用數據也略有好轉，不良貸款率下降。那麼為什麼季節性較低季度的準備金沒有下降那麼多。這裡有滯後效應嗎？二手車價格輸入模型的速度有多快？也許有一些handholding那裡？我不知道你是否可以更具體地說明你對美國全年風險成本的最新看法。

And on Brazil, I don't know if you've touched on this, but should we expect any more top-ups or one-offs in Brazil beyond the recurrent cost of risk that you've already touched on Jose?

關於巴西，我不知道你是否提到過這一點，但我們是否應該期待在巴西出現更多的補充或一次性措施，而不是你已經談到何塞的經常性風險成本？

Alvaro, in the provisions on the U.S., okay, it's very important that you understand that. I already explained exactly how the vintages are performing. The other -- the previous vintages are basically performing quite well, okay? The thing is there are a couple of things. First of all, if you remember with the stimulus, we actually dropped quite a lot the amount of provisions that we had. What we're having right now is we're having to make some of the provisions that the portfolio needs to have in order to basically be in the same level that we need to be with IFRS, okay?

阿爾瓦羅，在美國的規定中，好的，了解這一點非常重要。我已經準確解釋了這些年份的表現。另一個——以前的年份基本上表現得很好，好嗎？問題是有幾件事。首先，如果你還記得刺激計劃，我們實際上減少了相當多的準備金。我們現在所擁有的是，我們必須制定投資組合需要的一些條款，以便基本上與 IFRS 保持在同一水平，好嗎？

IFRS, as you understand, the new definition of the folder was put in place 2 years ago didn't hit us as much in the U.S. because the portfolio was performing completely different, okay? So when you turn that portfolio to IFRS, the NOD, the new definition of default basically requires you to create a lot more provisions even though you may not need them because the portfolio is performing well beyond 90 days, okay? I don't know if I'm explaining it correctly because it's quite complicated.

IFRS，如您所知，文件夾的新定義是 2 年前製定的，但在美國並未對我們造成太大影響，因為投資組合的表現完全不同，好嗎？因此，當您將該投資組合轉換為 IFRS 時，NOD，違約的新定義基本上要求您創建更多準備金，即使您可能不需要它們，因為該投資組合在 90 天后表現良好，好嗎？我不知道我是否解釋正確，因為它很複雜。

So what I'm trying to tell you that IFRS does not see that the portfolio could be so irregular in the way it performs, okay? So normally, a portfolio in Europe beyond 90 days, et cetera, will be -- I mean, go for repossession. A portfolio in the U.S. is not performing exactly like that. It's actually beyond 90 days is performing much better, and the client might pay you 1 installment, 2 installments, and then would pay you, not to pay you 1 installment and they will pay again, et cetera, okay? So that's why you see those differences and the movements in the provisions on the car prices. Even though you're right, car prices are better than -- much better than we expected, and the Manheim is actually at better levels. At the end, cost of risk in the U.S. is going to be around 2%, okay? It's exactly what we think and in terms of...

所以我想告訴你的是，國際財務報告準則並不認為投資組合的表現如此不規則，好嗎？所以通常情況下，在歐洲超過 90 天的投資組合，等等，將是——我的意思是，去收回。美國的投資組合表現並不完全如此。實際上，超過 90 天的表現要好得多，客戶可能會先付給你 1 期、2 期，然後再付給你，而不是付給你 1 期，他們會再次付款，等等，好嗎？這就是為什麼你會看到這些差異和汽車價格規定的變化。即使你是對的，汽車價格也比我們預期的要好得多，而且 Manheim 實際上處於更好的水平。最後，美國的風險成本將在 2% 左右，好嗎？這正是我們的想法，並且就...

So 2% compared with 3% pre-pandemic, all right? So as we were saying, it will gradually normalize, but it is actually performing a little bit better this year, and it will not reach prepandemic levels because of the change in the mix that Hector was referring to. But this year, we would expect it to be around 2%.

所以 2% 與大流行前的 3% 相比，好嗎？因此，正如我們所說，它會逐漸正常化，但實際上今年的表現要好一些，並且不會達到大流行前的水平，因為 Hector 所指的組合發生了變化。但今年，我們預計它會在 2% 左右。

Okay. And in terms of Brazil, it's exactly, Alvaro, as Jose just explained you, rates in Brazil at around 13.75%, okay? Inflation is actually just below 7%. What Jose was explaining you if the rates continue to be that way, there might be the possibility that some of the big corporates or medium-sized corporates start to suffer, okay? We don't see that individual portfolio would suffer because it's shorter term is managing a different well and is a little bit inelastic to the rates, both the corporate portfolio in the mid corporates, mainly and SMEs could suffer because of that.

好的。就巴西而言，Alvaro，正如 Jose 剛才解釋的那樣，巴西的利率約為 13.75%，好嗎？通貨膨脹率實際上略低於 7%。如果利率繼續保持這種狀態，何塞向你解釋了什麼，一些大公司或中型公司可能會開始受到影響，好嗎？我們認為個人投資組合不會受到影響，因為它的短期管理不同，而且對利率有點缺乏彈性，中型企業的企業投資組合，主要是中小企業，都可能因此受到影響。

But at the same time, individuals is improving. And you can see that actually in the first quarter cost of risk isolated at 4.4% because we are growing in high-quality retail loans and the old vintages are maturing very, very quickly. So even with that possible, and we don't know, but it might have a possible deterioration in the cost of risk in the corporate sector, we would still expect to be in line with the guideline that we gave at Investor Day for a flat cost of risk year-on-year, excluding one-offs. And no, the answer is no, we don't expect any significant one-offs for the rest of the year.

但與此同時，個人也在進步。你可以看到，實際上在第一季度，風險成本被隔離在 4.4%，因為我們的高質量零售貸款正在增長，而舊年份的貸款正在非常、非常快地成熟。因此，即使有這種可能，我們也不知道，但企業部門的風險成本可能會惡化，我們仍預計會與我們在投資者日給出的持平指導方針保持一致同比風險成本，不包括一次性成本。不，答案是否定的，我們預計今年餘下時間不會出現任何重大的一次性事件。

Thank you, and thank you, Alvaro, for your questions. Can we have the last question, please?

謝謝，也謝謝 Alvaro 提出的問題。我們可以問最後一個問題嗎？

Next question from Fernando Gil de Santivañes from Bestinver Securities.

Bestinver Securities 的 Fernando Gil de Santivañes 的下一個問題。

Just a quick one on liquidity and LCR ratios. How do you see the year-end LCR ratios at a group level, Spain, Portugal and the U.S. base? And can you please remind us of the TLTRO maturities that the bank has.

快速了解一下流動性和 LCR 比率。您如何看待集團層面、西班牙、葡萄牙和美國基地的年終 LCR 比率？您能否提醒我們銀行擁有的 TLTRO 期限。

So no, the LCRs. Very difficult to predict around, but 130 to 140 in every unit at least. For the group, it might be a bit higher than that because of the liquidity of the Corporate Center, but when we look at specific units, 130 or above. TLTRO, we have EUR 25 billion left. So we have repaid EUR 65 billion. This EUR 25 billion will mature gradually until 2024. The EUR 25 billion, EUR 4 billion in Santander Spain, EUR 18 billion in Santander Consumer Finance and EUR 3 billion in Portugal.

所以不，LCR。很難預測，但每個單元至少有 130 到 140 個。對於集團來說，由於企業中心的流動性，它可能會比那個高一點，但當我們看具體單位時，130或以上。 TLTRO，我們還剩下 250 億歐元。所以我們已經償還了 650 億歐元。這250億歐元將在2024年之前逐漸成熟。這250億歐元，西班牙桑坦德40億歐元，桑坦德消費金融180億歐元，葡萄牙30億歐元。

Thank you, and thank you, Fernando, for your questions. Thank you all for your attendance. Santander's Investor Relations team is at your disposal for any and all questions that you may have.

謝謝，也謝謝費爾南多提出的問題。謝謝大家的出席。桑坦德銀行的投資者關係團隊隨時為您解答您可能遇到的任何和所有問題。