Good morning, everybody, and welcome to Banco Santander's conference call to discuss our financial results for the first half of 2024. Just as a reminder, both the results report and presentation we will be following today are available to you on our website. I am joined here today by our CEO, Mr. Héctor Grisi, and our CFO, Mr. José García Cantera. Following their presentations, we will open the floor for all and any questions you may have in the Q&A session. If you would like to ask a question, please press star five on your phone. With this, I will hand over to Mr. Grisi. Héctor, the floor is yours. Thank you, Begoña. Good morning, everyone, and thank you for joining us. Today's presentation will follow the usual structure. First, I will talk about our H1 results in the context of our strategy. Then José will then review our financial performance in greater detail, and then I will conclude with some final messages. As Begoña said, we will then open the floor for your questions. The main highlights of our results in the first half of 2024 are the following: Q2 was another record quarter for Santander, which shows the strength of our strategy and the resilience of our business model. Profit reached EUR 3.2 billion. That's 20% above Q2 2023, even after the impact of EUR 450 million of one-time charges, net of taxes and minorities. Excluding them, recurring profit was EUR 3.7 billion in Q2. Profit in the first half reached EUR 6.1 billion, also a record high, up 16%, supported by the strong customer revenue growth in all regions and global businesses. We continue to accelerate One Transformation to become simpler, more automated, and more integrated. As a result, our efficiency ratio improved by 261 basis points to 41.6%, the best in 15 years, and our return on tangible equity rose 137 basis points to 15.9%, or 16.3 if we analyze the impact of the temporary levy in Spain. Finally, our solid balance sheet with a sound capital ratio, solid credit quality, and a strict capital discipline helped us reach a strong profitable growth and shareholder value creation, with TNAV plus dividend per share increasing 12%. Let us stop for a moment in our income statement. As always, we present growth rates in both current and constant euros. This quarter, there were no material differences between them. Since last quarter, we have reported variation in constant euros in all countries except Argentina, which is shown in current euros to mitigate the distortions from hyperinflation. In Q2, we have taken a prudent approach again and used an inflation-adjusted exchange rate for the Argentine peso, given the significant divergence between inflation and the official effects. Although it has little impact when comparing half years, distortions are more significant when we compare with Q1. Our P&L is strong from top to bottom. Revenue was an all-time high, with record NII and fees supported by all global businesses and regions. Second, expenses increased below inflation and below revenue on good cost management, and cost has been stable for four quarters in a row. Third, we have reported net operating income growing double-digit for nine consecutive quarters, demonstrating the sustainability of our results. Fourth, loan loss provisions continue to normalize as expected. The highest profit ever, as I mentioned before, was achieved even after one-time charges. These were: EUR 210 million additional Swiss mortgage provision in Poland, reaching coverage of 100%; EUR 240 million from the write-down of our merchant platform in Germany and Superdigital in Latin America. That I will explain in more detail later on. Additionally, we have positive and negative one-offs impacts in Brazil, which do not affect profit and have been netted in the underlying P&L. This, as you can see, is a strong first half of the year, with solid commercial and business dynamics that already puts us ahead of our plan for 2024. As a result, we have upgraded some of our targets for the year. We have increased our revenue growth target to high single digit with better NII and fee income. We have improved our efficiency ratio target to around 42%, as accelerating One Transformation leads to higher operational leverage, and we have raised our ROTCE target to above 16% versus the previous 16%. We are also confirming the rest of our targets for the year. Cost of risk is expected to remain stable at around 1.2% on active risk management and strong labor markets. As a reference, year-to-date cost of risk was 1.17%, even with additional provisions that I just described in Poland. In capital, our CET1 ratio ended June at 12.5% with a strong organic capital generation in line with our target to be above 12% even after the Basel III implementation. One Transformation and the operational leverage it brings are behind our record performance, is structurally improving both revenue and cost performances. Simplifying and automating processes, plus our active spread management, have already contributed 266 basis points of efficiencies since we started. Our global businesses continue to push the group's profitability and have delivered 87 basis points in efficiency gains. Finally, our proprietary and global tech capabilities have generated 71 basis points in efficiencies so far. As we have often said, we are going back to basics, which supports value creation based on profitable growth. How? By focusing on offering customers the best products and user experience, and by obtaining the operational leverage from our global platforms and common tech. This is reflected in the performance of our global businesses. Our Retail and Consumer businesses' efficiency ratio improved by 480 basis points and 270 basis points, respectively. In CIB, we are building a world-class business, leveraging our expertise to grow in the U.S., maintaining our risk profile. Revenue grew 6%, another record, supported by the strong performance and client flows in the U.S. Wealth continued its strong growth, improving efficiency and profitability, and in payments, where we manage over 100 million cards in the group, we have significantly improved profitability. As a reminder, in Q1 of last year, we had a one-time fee from a commercial agreement in Brazil. Excluding this impact, payments revenue would be 6% up, and efficiency would have improved by 113 basis points, even after investing in the global platforms. In the coming 5 slides, I will review the advances on each of our global businesses. Let's start with Retail, where we are working to become the number one bank for our customers. It is a great example of the benefits from One Transformation. Innovation helps to offer the best customer experience. In Mexico, for example, our new digital processes halved onboarding time and led to a record 90,000 digital account openings just last month. A common operating model across our banks, automation and digitalization frees up time of our people to focus on commercial activities. Dedication of resources to non-commercial activities has dropped 8% versus last year. Deployment of our global platform has continued. In the US, it has been successfully completed. Within the group, Gravity is already operational in Spain, the UK, Mexico, Brazil, and Chile, and it is processing a number of transactions that is around 20% higher year-on-year. Financially, we're extracting the potential from today's favorable conditions in our footprint as we benefit from our diversification. We carefully manage margins in the higher for longer rate environment in Europe and keep capturing the benefits from our negative sensitivity to rates in South America, and while we achieve a strong capital, sorry, a strong operational leverage across the group. As a result, our profit grew 35% year-on-year, RoTE up 430 basis points to 18.1 on the back of revenue up double-digit on good performance of NII and fees, with all regions growing, especially Europe and South America. Cost is well under control, down 4% in real terms, reflecting the structural benefits from our transformation, and provision and cost of risk fairly stable at comfortable levels. In Consumer, we strive to be the partner of choice for our customers. Our best-in-class global solutions are integrated into our partners' processes. For example, last year, we launched a new digital onboarding to pure direct auto players, which allows them to offer their customers the completion of their auto finance online, end-to-end, in very little time. We are progressing well in deposit gathering to increase NII stability and autonomous funding across the interest rate cycle. Deposits were up 14% year on year, supported by our digital solutions. We expect positive trends to continue, helped by the launch of our deposit gathering platforms. Deploying global platforms is key to scaling our business, reducing cost to serve, and improving profitability. In checkout lending, we recently launched installment loans with Apple in Germany through Zinia, which we are looking to expand to other European countries. Consumer had a great quarter on its operational leverage, which resulted in double-digit growth in net operating income and a 4% profit increase in H1. With number one, a strong revenue, driven by positive commercial dynamics with higher volumes, mainly in Europe and Brazil, good NII performance, and 27% fee growth from insurance. Number two, costs falling 3% in real terms on the execution of our strategy and efficiency plans executed last year... and third, higher provisions, mainly Swiss franc mortgages, and expected cost of risk normalization in Europe and the US. Volumes and good profitability levels of the new business makes us confident that the consumer will end 2024 with a profit growth of around double-digit, even after the normalization of provisions. We are building a world-class CIB business for our clients that leverages our strengths and global footprint to grow profit while maintaining the same low risk profile. We are deepening our client relationships and increasing our capabilities in the US, building on our areas of expertise to accelerate growth across regions. Our collaboration in the US with the rest of the group is starting to pay off with several firsts. For example, we made our first corporate share buyback for a US company, and we were appointed global coordinator for a US-listed IPO for the first time ever. In Mexico, we are creating a significant partnership within the Mexico-US corridor, leveraging our global markets and US bank build-out initiatives. And these are just a few examples from a long list. As a result, revenue in CIB in the US rose 33% year-on-year. This strong growth reflects the benefits of our US banking build-out initiative, which will become even more evident in the coming quarters. We continue to expand and strengthen our centers of expertise, including key industry groups such as chemicals, technology, and paper and packaging. Our CIB business is capital light, very much linked to customers, and with fees growing at a good pace year-on-year. Our active capital management continued to support great origination and high profitability levels. In essence, CIB had great results, increasing revenue in H1 6% year-on-year, even after a record first half in 2023, making H1 the best ever, with fees growing at double digits and the vast majority of our growth coming from customer flows. Moving on to Wealth Management and Insurance, we continue to build the best bank, private bank, and insurance manager in Europe and the Americas. How? Number one, by improving customer relationships through the best service and right solutions, resulting in double-digit growth in private banking customers. Second, collaboration with other businesses, especially Retail and CIB, which is a major driver for growth and allows us to capture network benefits. Collaboration fees increased by 12% year-on-year. Third, developing global platforms across all three businesses and digitalize our distribution and advisory capabilities to improve customer experience and promote growth. A good example of this is Autocompara, our auto insurance comparison engine that operates in six countries and which we are expanding to new segments and businesses. In summary, we're accelerating growth and maintaining high profitability. Attributable profit rose double-digit on a strong private banking activity in a favorable interest rate environment, with total fees from all three businesses growing at double-digit and cost topped slightly in real terms. Finally, efficiency improved 230 basis points year on year, and RoTE rose to 250 basis points to over 80%. Finally, payments, where we have a unique position on both sides of the value chain. One, issuing, where we manage more than 100 million cards group-wide, and second, in merchant acquiring. In merchant, we are the second-largest acquirer in Latin America, and a market leader in Spain and Portugal, with the right balance between growth and profitability. We are gaining market share in most markets as we strengthened Getnet's customer value proposition with new global solution. An example is dynamic currency conversion in Mexico, which has helped Getnet to become second in Mexico with a 20% market share and a 47% EBITDA margin in Q2. We continue to migrate significant volumes of payments to PagoNxt global platform to leverage the group's scale. The transactions managed globally through PagoNxt payments surpassed 1 billion per year during the first half of this year, with 30% growth quarter-on-quarter. The rollout of Placa, our global cards platform, is on track. We continue to increase the number of debit cards managed in Placa at a good pace, and we're starting the migration of the debit portfolio. We plan to manage around 15 million cards through Placa in Brazil by year-end. As I mentioned earlier, we recorded one-off charges in PagoNxt from the write-down of investments. One is a discontinuation of our merchant platform in Germany we announced in June, as we are focusing on our current acquiring value proposition in our core markets, where we have a very competitive business. The other one is our decision to write down Superdigital, a natural step to promote the use of common platforms across the group and maximize operational leverage. These decisions will enable a more stable and profitable business, reducing fixed cost going forward. Excluding these impacts, underlying performance was very positive. Profit in payments was up 30% year-on-year, on good revenue performance, cost falling in real terms, while we invest in our common platforms, and sound credit quality in cards. PagoNxt EBITDA margin improved to 20%, one of the best among competitors. We expect the consistent execution of our strategy, efficiency, and CapEx optimization will continue to drive profitability in the coming quarters. Today's results show that our strategy has enabled us to deliver outstanding profitability growth in H1, with double-digit shareholder value creation for the fifth consecutive quarter. RoTE was 16.3%, up 134 basis points year-on-year, reflecting the high levels of profitability at which we are originally originating new business. EPS rose to nearly EUR 0.37. That's around 20% year-on-year, and we delivered 12% growth in shareholder value creation, supported all by a strong profit generation, a strict discipline in capital allocation, and share buybacks. We have repurchased around 11% of our outstanding shares in the last three years, returning around EUR 6.5 billion through buybacks and providing a return on investment of 19% to our shareholders. I leave you now with José to go into our financial performance in more detail. Please, José. Thank you, Héctor, and good morning, everyone. Like always, I will go into a bit more detail in the P&L and the capital ratio, but let me start by making some general comments. The first one is that our record profits include, as Héctor mentioned, EUR 450 million from one-offs, coming basically from the write-downs in PagoNxt and additional provisions in the Swiss franc mortgage portfolio in Poland. We also had a one-off in Brazil related to a capital gain from the transaction we announced with Sodexo, but we used that amount to strengthen the balance sheet, so no impact on the bottom line. We achieved these results as our transformation continues to drive operational leverage, with very positive momentum both in Europe and in Latin America at the same time. Revenue grew 9%, with the highest NII and fee income in our history, and costs were down slightly in real terms. As a result, operating income was up 14%. Provisions increased even after including the CHF 200 million increase in Swiss franc provisions that we took in the quarter. On the right-hand side, you can see the upward trend in profit quarter-over-quarter at 12%, which was driven by top-line growth with lower cost and provisions fairly flat, as I just mentioned. Let me now spend a couple of minutes on the reasons why we're starting to use a new inflation-adjusted exchange rate in Argentina rather than the official one. We have observed a significant divergence between the official exchange rate and inflation, and we have decided to follow a prudent accounting approach. The new exchange rate is the result of adjusting the official exchange rate with the differential between the inflation in Argentina and in the US. This is a very conservative approach and a much more conservative way of recognizing the actual value in euros of our results and our investment in Argentina. And this should mitigate the volatility that the currency might experience in the future, as you all remember, was the case in 2023. Following these accounting rules, we have recorded the full Q1 and Q2 impacts from this adjustment in Q2, which does not significantly affect the year-on-year figures, but it has significant, a significant impact and causes some distortions when we look at quarter-on-quarter, and I will try to show these differences in the coming slides. For instance, NII would have... is dropping down 4% in the quarter, but if we exclude Argentina, the group's NII would have gone up 2%. Something similar happens with fees. Instead of decreasing in the quarter or increasing 1%, they would have increased 3%, and costs would have been fairly flat. If this exchange rate does not materialize, we would revert this adjustment and account for the results that we are not recognizing today. But it looks to us that this is a prudent more conservative way of recognizing our investment and results in Argentina. There was a strong total revenue growth driven by customer revenue again this quarter, which made up more than 95% of total revenue. This strong growth was primarily supported by retail. Retail accounts, as you know, for more than 50% of our businesses, and is growing at double digits, with very good performance in NII across regions, and fees also growing, especially in the Americas, and also consumer, which is reaching good profitability levels in new businesses and a strong loan growth in Europe and Latin. Corporate investment banking also had a good quarter, as revenue reached an all-time high, both in the quarter and in the first half of the year, particularly in Spain, in the U.S., and in Mexico. Also, double-digit growth in wealth, as I mentioned, as Héctor mentioned, driven by solid commercial activity in private banking and in asset management. Payments also performing very well. Particularly, we exclude a one-time positive impact recorded in Brazil in the Q1 of 2023, as you remember, which we explained, and Héctor just mentioned, where we had a one-off from an agreement with Mastercard. And finally, the corporate center's higher liquidity buffer remuneration was offset by higher TLAC/MREL issuances and the negative impact from FX hedging. Most of our revenue growth came from NII, which continued to increase in the quarter if we exclude Argentina, particularly driven by retail, consumer, and CIB, which represented 95% of group's NII. On the slide, you can see that we are in this small box in red putting the figure that we would have recorded if we had used the official Argentina exchange rate. So this is important. Keep this in mind, and to show again that, you know, what we have decided to do is a prudent accounting of our profits coming from Argentina. NII rose 11% year-on-year, supported by all businesses and regions on the back of very active price management in retail Europe, especially in deposits. Also, higher volumes, and the benefits of negative sensitivity to interest rates in South America, in consumer South America, in retail South America and in consumer, sorry, which is now very evident in Brazil, especially in Brazil and Chile, and very good levels of activity in corporate investment banking. In terms of profitability, we have improved a net interest margin year-on-year, explained by higher yield on assets as we continue repricing our books, but also, you know, very good management of deposit costs, which more than not, you know, basically outweighed the pressures that we are seeing. It's true that the margin is expanding, as you can see, if we exclude Argentina or if we had used the official exchange rate. So overall, the margin management, pricing management on both the asset side and liability side is really strong. We see a slight deterioration, though, if we use our official exchange rate or our adjusted exchange rate, although it's not very significant in the quarter. Going forward, we would expect some marginal margin pressure in Europe that will be more than compensated by positive contribution from the Americas and our consumer business. In the context of low fee growth in general across the sector, as a result of subdued loan demand, we generated another record quarter in fee income at EUR 6.5 billion, with solid growth all across the five businesses. Retail increased 3%, basically driven by Brazil, North America, and Poland. Outstanding performance in consumer, on the back of very strong insurance businesses. Corporate investment banking also grew from already very high levels in the Q1, in the first half of last year, especially in the U.S. Wealth, supported by very strong private banking activity and payments, that, as we mentioned, was affected by the one-time fee recorded in Brazil last year. Structural efficiency gains from our transformation program are very evident quarter- after- quarter. Cost income was 41.6%, the best level that we have reported for the last 15 years, and one of the best in the sector. It's already better than the levels that we guided for 2024. Costs declined quarter- on- quarter, were very flattish if we exclude Argentina, after having been stable for the last 3 quarters, with revenue growing steadily quarter- after- quarter, improving and increasing operational leverage that we obviously expect to continue to have in the second half of the year and into 2025. Average inflation continued its gradual decline, down from 12% a year ago to below 4% this quarter. In this context, costs fell 1% in real terms year-on-year. Despite that, as you all know, we have some lagged effects from higher inflation on salaries and other costs, and our investments in transformation. By businesses, costs remain well under control in retail, consumer, and payments, which represent 80% of our cost base, and 80% of the increase, as you can see on the bottom of the chart, came from CIB, reflecting our strategy to reinforce our corporate investment banking franchise. In fact, if we exclude this investment, costs in the rest of the group would have decreased 3% in real terms. Credit quality remained very much under control, obviously supported by a stable economic environment and our active risk management all across the group. Cost of risk was 1.21%. Remember that we look at the last twelve months. If we look at the first half of the year, cost of risk was 1.17%, even including the increase in the provisions for the Swiss franc mortgage portfolio in Argentina. So we are very much on target to reach the 1.2% for the year, and, you know, we, we, we reiterate that target. In the second half, we expect that trends in consumer and Mexico will be closer to more normalized levels, but this will be offset by a better performance in retail Europe and South America. Turning to capital and closing my section, our CET1 ratio remains at a very comfortable level, backed by strong organic capital generation and significant risk-weighted asset rotation. This quarter, we generated 52 basis points organically, supported by our asset rotation initiatives to compensate organic risk-weighted asset growth. We recorded 25 basis points charged for shareholder remuneration, in line with our 50% payout, and finally, there was a 7 basis point negative impact, mainly related to intangibles, the valuation of available-for-sale portfolios, and others. There were not significant regulatory impacts in the quarter. We continue to deploy capital to the most profitable growth opportunities and expand our asset mobilization capabilities to maximize capital productivity. Our disciplined capital allocation is resulted in a new book, Return on Risk-Weighted Assets, of 2.9% in the quarter, which is equivalent to a return on tangible equity of 23%, well above that of our back book at 16%. Our centralized asset management desk, which aims at optimizing capital deployment, is achieving outstanding results. In the first half, we disposed of an amount of capital equivalent of EUR 30 billion in risk-weighted assets at a cost of capital of half of that of the new originations. In addition, the one-third of our balance sheet that matures every year is being substituted by the more profitable new businesses at this return on tangible equity of 23%. The combination of these actions explain the expanding profitability and the increasing capital ratio. Let me turn it now back to Héctor for his conclusions. Thank you, José. As our results clearly show, we continue to make good progress towards the targets we set for 2025 in our last Investor Day, thanks to our unique business model and execution of our strategy. With the strong and increasing organic capital generation and execution of our capital allocation plans, further improving our profitability to above 16%, and by growing both profit and profitability sustainably, we have been able to deliver 12% value creation to our shareholders. We said it in our Investor Day, and I want to remind you again, we have entered a new phase of value creation for our shareholders. In conclusion, the benefits from the execution of our strategy are very evident. A strong growth in revenue with flattish cost and around 20% growth in EPS, and the best ever H1 profit, with all-time high NII, fees, and net operating income, backed by strong performance in all our businesses and regions. Sustained progress in our structural change to a simpler and more integrated model, leveraging the group's scale, is driving both high revenue and lower cost to achieve the best efficiency ratio we have ever reported in the last 15 years. Our rock-solid balance sheet and robust credit quality are contributing to growth and double-digit shareholder value creation. As a result, we expect to exceed some of our targets for 2024. We are upgrading our revenue growth target to high single digits, efficiency to around 42%, and as we deploy capital to the most profitable growth opportunities, we are improving our profitability target to above 16%. Our focus at Santander is to be reliable in providing returns that compound on an always increasing quantum of tangible book value, consistently and through the cycle, based on both business and geographic diversification. The progress of the last 10 years to simplify and align our model in all our businesses and now deploy our own tech stack is already evident and now depends on execution to continue to deliver on our primary target of double-digit TNAV plus DPS growth through the cycle. And now, we would be happy to take all your questions. Thank you. Thank you, José and Héctor. We can start the Q&A session now, please. Thank you. If you wish to ask a question, please press star five on your telephone. We already have our first question from Sofie Peterzens from J.P. Morgan. Please go ahead. Yeah, hi, this is Sofie from J.P. Morgan. Thanks a lot for taking my question. So my first question would be on the risk transfers. Did I hear it correctly that you saw EUR 30 billion of risk-weighted asset disposals in the quarter? And maybe you could just talk about the decline in risk-weighted assets. I see risk-weighted assets, especially in Spain, were down around 2% quarter-on-quarter. In digital consumer bank, minus 1% quarter-on-quarter. But in both entities, the loan book grew by 3% quarter-on-quarter. So how should we think about these SRTs or securitizations, and what will be the revenue impact going forward from securitizing some of the loans? Also related to that, if you could just remind us on the regulatory capital headwinds coming in the second half. Then my second question would be on Ebury. There has been quite a few press articles suggesting that you're looking to potentially IPO Ebury. Can you just remind us what the tangible book value per share is for the—or tangible book value for these businesses? How much revenue do you get from Ebury, and what your kind of plans for Ebury is? Thank you. Thank you, Sofie. I mean, first of all, I mean, our policy basically has been to, as José was explaining in detail, to rotate the balance sheet as much as we can. This is basically a very important change for us, given the high capabilities that we have to originate assets, okay? So this is basically helping us to rotate and also giving us a new, basically, I would say, a turbocharger, in the sense that with every single time that we sell something, we basically reuse that capital or redeploy the capital within the organization at a much better price. So that's exactly what we're doing and rotating the capital in a much better way. As José was explaining you, we rotate a third of the balance sheet every year, and since we're very focused on profitability, we're actually reinvesting better and better, and that's actually a new way of basically managing the balance sheet of the bank. Then José can give you a little bit of the details in terms of what you were explaining about it. In terms of regulatory capital, as we told you, our guidance is basically to be above 12%, after regulatory charges, et cetera. So we continue to basically hang on to that balance, to that number, 12%. Above 12%, we will... And then, and as I said, and José basically reiterated, we're gonna be above the 12%, after Basel III as well. In terms of the IPO of Ebury, we'll give you the details. José will give you the details on that. Thank you, José. Hi, Sofie. First of all, the 30 billion was risk-weighted assets in the first half. So, more or less, 40% of this is SRTs, but the rest is other types of transactions, like asset sales, hedges, et cetera. The cost of mobilizing this 30 billion was around in RoTE equivalent. Okay? We always look at RORWA, but just to use the same currency everywhere, in RoTE equivalent, the cost of mobilizing this 30 billion was slightly below 10%, and we reinvested the capital, as I said, at 23%. So there was at least 13 percentage points difference on this 30 billion in risk-weighted assets. EUR 30 billion in risk-weighted assets is close to EUR 4 billion in capital, times, you know, this 13%. So on an annualized basis, we generated increased profits with the same capital of around EUR 500 million. We expect to continue doing this. The demand for private credit is significant. We have a very busy second half of the year. It's difficult to replicate the same figure in the second half of the year because of holidays, et cetera, but we expect to mobilize much more than last year. And as you can see from the figures I gave you, this is very profitable. Capital headwinds this year, we still expect 20-30 basis points in the second half of the year. Basel III, as Héctor mentioned, fully loaded, and when we mention fully loaded, is fully loaded, even taking into account those impacts that come in 2029, we will be comfortably above 12%, and the day one impacts will be very relatively small, as we mentioned before. In the case of Ebury, we are always looking at ways of managing the capital and maximizing capital usage. So there were some news that we are contemplated an IPO in Ebury. Again, we are looking at all types of alternatives to maximize the capital. This is one of them. That doesn't necessarily mean that this will be executed, and again, this will be put as one of our several capital management initiatives that we have across the group. Thank you. Can we have the next question, please? Next question from Ignacio Ulargui from BNP Paribas. Please go ahead. Hi, good morning. Thanks for taking my questions. I have two questions. The first one is on the revenue performance. We have seen a very good performance in Europe, probably a bit better than what we expected, at least I expected at the beginning of the year. Latam has been lagging a bit behind with us, with Brazil being softer. How should we think about the revenue performance going forward in the second half, when you have upgraded the revenue guidance to high single digits from the 9% currently, so we expect second half in line with these levels, kind of getting a bit of a sense whether Latam should offset the weakness of Europe, as you have flagged, José, during the call in margin? And the second question is on the UK. If you could elaborate a bit, what should we expect in terms of NII for the U.K.? Looks, rates are stabilizing. So, a bit of getting your thoughts on the outlook for the U.K. Thank you. Thank you, Ignacio. I mean, first of all, let me tell you, as you have said, revenue has been very strong, much stronger than we believed at the beginning. Rates have helped, but also the good performance of our different businesses. As you know, we're very focused on profitability in the way we're structuring things, and that basically is paying off. All right? I believe that, I mean, revenue will continue basically to give good results. I don't see that Latam has a weakness. I see that actually, Latam is gonna be doing very well in the second half, and you can see also very good results coming out of what we're doing in retail in Brazil, okay? And also, Chile is doing quite a good performance. Mexico, basically, on retail, we're changing the mix, and that's why you see the flat, the flat NII on there, but, I mean, it will continue to give very good results. So we expect a very good second half of the year in terms of revenue. And, in that sense, on basically what you were asking about the UK, UK we expect a better second half. First of all, we see that the market is a little bit more rational. Competition has been much rational than we, than we saw during the Q1. Q2 has stabilized. We also, some of the strategies I have done in terms of betas are paying off, okay? So I believe that, all in all, UK will have a much better second half of the year than we have seen. In terms of detail, basically is more rational behavior, as I told you. Fees are not gonna be doing that well due to the, due to the switcher campaign that we structured, and but benefits will come over in the third and Q4 much better than the way we basically saw it. And what you're gonna see is also a very good cost control, because we have cost control initiatives coming into the UK, which are gonna make the business perform a much better than we saw. I don't know if José would like to complement a little bit on the revenue side, but- I think I'm sure that you will ask about NII. You mentioned that revenue in Europe is better than you expected. At the beginning of the year, we guided for a drop in NII in the Eurozone. We now see NII in the Eurozone, particularly in Spain, Portugal, et cetera, up mid-single digits. Obviously, rates are higher for longer. So much better performance in NII. We have hedged a substantial amount of our balance sheets in the Eurozone, basically through the ALCO portfolio, hedging the assets, particularly mortgages, and also swapping our fixed liabilities into variable liabilities. And it means that the sensitivity of our NII in Europe going forward is gonna be significantly lower than we had before. So as Héctor mentioned, we expect fairly stable, maybe a slightly down NII in Spain in the second half of the year and next year. But at the same time, we continue to see good momentum coming from South America, Brazil, and particularly Chile. So we are constructive on the future evolution of NII and revenue in the second half. Thank you. Can we have the next question, please? Next question from Álvaro Serrano from Morgan Stanley. Please go ahead. Hi, good morning. Can I ask a couple of follow-ups? On the cost and the comment you've just made around mid-single digit in Spain NII, that implies, I think, almost 9% reduction, half on half, which feels a bit substantial. So I don't know if I've done my math very quickly wrong or if you can sort of add a bit of color on that. And then, on the performance and fees in the US, could you give us a bit of color on the obviously very strong performance. But if you can maybe sort of give us some kind of color on split, is it ECM, DCM? Just to form an opinion of how sustainable it is going forward. If I can slip in a third, you've mentioned the over 12% capital, but I thought the target was 12.5% at the end of the year. So, can you just confirm that's the case, and we should still expect the 20-30 basis points regulatory headwinds? Thank you. Thank you, Álvaro. First of all, let me talk about capital. In capital, we have always said we're gonna be above 12%, okay? And that basically has been the guidance. We're at 12.5 right now, and we set, as, José basically, reiterated, that we're gonna be above 12% even after Basel III fully loaded, okay? That's exactly the guidance. In terms of performance in the U.S. fees, okay, the majority is basically the CIB. Our business in CIB is the one that is driving and also a little bit, in terms of, good performance in retail, that we're having a little bit also in the U.S. But, CIB is the main driver, okay? It's been growing... It grew 38% year-on-year, 1.3% quarter-on-quarter. As you know, CIB business is cyclical, so we have pretty good mandates. The business is basically doing well, and also a very good connection in between what we're doing with the U.S., as I explained during the presentation, with the business in Latin America and the business in Europe. What's happening, and let me explain a little bit, is some of the businesses that we used to do in terms of DCM, that we wouldn't get because we wouldn't be seen as a dollar house, we are becoming one, and you see us top three in the league tables right now in Latin America, doing dollar transactions, not just to the corporates, but also to the governments. I mean, when UMS did their transaction at the beginning of the year, $7.5 billion, we were one of the principal book runners in the transaction. So, you're starting to see that because of the, of the beef up that we did in the U.S. So that's starting to pay off. I believe that, with the 4 teams that we added, I think it's gonna complement the rest of the business, and we continue driving fees up, but let's see what happens with the cyclicality of the business. On the other side, retail is also performing well in fees, and we believe that it continued to do so, over the rest of the year. In terms of Spain, okay, quarter performance, loans are starting to reprice lower at lower rates, but deposits betas are behaving very well. This is helping contain the cost of deposits. Also, as José explained you in detail, ALCO volumes are helping, and the lower cost of the hedging, which were not in place before, are now in place, so it's gonna, that's gonna help us. NII, as José said, is reaching its peak, but I expect NII to grow mid-single digit in 2024, better performance than we expected at the beginning of the year. And it's also because of the higher for longer rates environment that we're experiencing. Okay? I don't know if José would like to add something. Yeah. So in terms of details, Álvaro, no, I mean, it's first half against first half, NII in Spain is up 15%. So if we grew zero in the second half, the year-on-year would be around 7%. So I don't understand where you get the -9%. If I go quarter-on-quarter, NII in Spain was started in the Q3 of last year, EUR 174; Q4, EUR 174; Q1 of this year, EUR 182; Q2, EUR 184. We would expect the EUR 184 to be the peak, and then slightly down in the second half, probably to very similar levels that we had in the second half of last year, and we expect to be able to keep that same level in 2025. In terms of capital, 20-30 basis points headwinds, taking into account that we generate 20-30 basis points BAU, you should expect our capital ratio to be basically at these levels by year-end. The guidance of 12% is post-Basel III, fully loaded. Thank you. Can we have the next question, please? Next question from Marta Sánchez Romero from Citi. Please go ahead. Thank you very much. I've got a couple of follow-ups on the US. So you're still struggling to deliver positive jaws. When do you think things will turn around there? Do you think that we will see positive jaws in the second half of the year? In the US as well, your P&L still remains pretty supported by tax credits. Can you help us understand how the tax line will look like in the next few quarters? And then, well, if I may ask, do you think the new reporting is helping investors understand Santander better? Because judging by your low PE, I think not. So I would like to hear your thoughts there. Thank you. Thank you, Marta. Okay, let me explain to you a little bit what's going on in the U.S. If you look at by business, you're gonna see that retail is actually having lower cost than it used to have because of the transformation, even with the strong investment we're doing in transformation. But we have done a really good cost reduction, and we believe we're gonna perform better. The jaws are negative due to the fact that we're investing in CIB, and CIB, as you understand, I mean, costs a lot to do it. So if we're gonna have a second half that is better, it's gonna start looking better, but it, it's gonna depend on the cyclicality of the CIB business and some of the still people that are coming into the team that will start to come in in the next few months. As you know, there is a period of garden leave, et cetera. But the main reason is the investment we're doing in CIB, which by in any way is not creating a big investment bank or anything like that. This is basically, as we said, complementing the rest of the business that we have. Our size is not gonna be huge. It's the size of a really small boutique, but it's helping us out to beef up and to help us in the remainder of the business. And you can see fees are starting to basically be up due to that fact, okay? In terms of the P&L, it's quite easy to understand. The DTAs are basically what we said last year, that we—when we started doing the electricity, electric vehicles. I mean, we signed contracts with some OEMs that are generating these DTAs, and that's why you see that the P&L is affected by that, and it's gonna continue due to the fact that we'll continue to be absorbing, I mean, that volume. So we have now three things, and this is basically leases on electric vehicles that are creating the DTAs in the U.S. All right? You're gonna see that throughout the year. In terms of the new reporting, it's very important to understand what we're doing. The new reporting is helping us a lot in the way we are getting managing the business on a day-to-day basis, okay? Because it's making us work together. It's making us spend a lot less. In the past, for example, let me give you a really stupid example. I mean, we used to have 10, 11 different apps in 10 different banks. Right now, we're just having one app being deployed in all the countries. For example, one app is being deployed. Today, it's being deployed in all of Europe. The last deployment we did was the U.K., and then we're deploying Brazil, and then we will... And we're deploying also the U.S. So what happens is basically you use the same, around 80/20, and that's the goal that we're basically going through, investing just once and those 80% common, 20% common, 20% customization per each country. So that basically will enable us in the future, through these global platforms, to work much better in a much cheaper way. We gave you a pretty good example in what we're doing in acquiring. When acquiring, when the acquiring platform was deployed in Mexico, it took us 18 months to number two, and you saw the results that I explained. I mean, how EBITDA is growing, and, I, I showed you in the presentation that, it's helping us quite a lot in terms of, positioning ourselves to be very competitive and with really high margins in every single market. And it's just one platform, the one that is being deployed. Now, this platform is being deployed down to Chile, it's being deployed to Ar- to Argentina, and they will-- we will deploy it in Europe in the, in the near future. So this is basically helping us to work together and to manage the business in a much better way. Then, in terms of how do you see the businesses and the way they're reporting, I mean, you're gonna start getting used to it because it's gonna be a lot easier for you to understand every single business in the way we're managing it. We're reporting now, as you can see, the operational leverage that we're getting by working together, in which revenue is going up, cost is staying stable, and it's giving us a really profitable run. So it's very important that you understand that. Also, let me give you a great example. In CIB, where we are been working together for a long time, the same FX factories that we use for Mexico, Brazil, Spain, or the UK are completely the same, and it's the same product, and we just made them once. So that basically tells you how we're gonna be able—I mean, how we have been able to make it a really profitable business with growing revenue every single year, and with profitability at around 19% that I gave you. So this is exactly the points that we're doing, and I believe that this will enable us to give a lot more value to our shareholders. There is no way we're gonna give you more value if we don't work together and do things in a much cheaper way. Thank you. Can I have the next question, please? Next question from Francisco Riquel from Alantra. Please go ahead. Yes, thank you. So two questions for me. The first one is on NII in Brazil. You still maintain the guidance of growth in the high teens for the year? Mid-teens would imply a quarter-on-quarter fall during the second half, if you think this could be the case, or not. I mean, because Selic rates, expectations of cuts have been pushed out. So if you can comment on the main drivers of the NII in the coming quarters, and also update on the sensitivity of the NII to Selic rates in Brazil. And the second question is about NII in the US. We have seen it's bottoming out in this Q2, but I have also seen the deposits falling for a couple of quarters now. So if you would need to pay up for deposit gathering in the second half of the year or not? In this cost context, if you can also comment on the plans to launch Openbank, what shall we expect there? Because when I look, for example, at the digital consumer bank, the deposits are growing there by 20%, but net interest margin is still falling despite the shift to retail deposits. So you can comment also on these NII trends here. Thank you. Thank you, Francisco. Let me start with Brazil. First of all, as you have seen, I mean, very strong and solid, numbers coming from Brazil. NII, once again, very strong quarter, up, more than 3%, and it's up more than 22% in the year. Okay? What's behind the performance? It's a combination of the healthy volume growth, the change in mix, and lower rates. Okay? It is true. First of all, rates outlook has changed. The market is expecting a smaller than initially anticipated rate cut by the year, by year-end, and, this ultimately mean that NII growth will be a bit less intense than what we thought at the beginning of the year. That's a fact, okay? Having said that, we still expect Brazil NII to grow in the mid-teens mark by the end of 2024. Okay? It's a good performance that should continue in 2025. Let me tell you that, to take the opportunity, that Brazil has delivered a 16% RoTE. We believe that the end of the year should end up between 16%-17%. A strong profitability improvement is not just relying on NII growth, but on the good delivery on fees also, the cost contention that we have had, and expected cost of risk stable during the year. So I remain very optimistic in Brazil and the ability to continue expanding the profitability, as you have seen. In terms of Openbank in the U.S., Openbank will come into the U.S. with a deposit gathering facility towards September, October. Okay? We expect that to come. The first phase is deposit gathering, and I believe it would be quite successful. We had a pretty good plan in place, and then we'll come and we'll be improving the platform as we see fit. In terms of deposits, the transactional deposits that SBNA has had remained stable during the year. What you have seen the movement in deposits in the US is basically the deposits that we have in CIB, which are the ones that we decide on profitability, what's better for us or not. So sometimes, because of profitability, we basically let them go, and we move as we see fit. So there is no problem into that, and we will continue to see that working profitability towards every business that we do. One quick comment on DCB Europe margins and profitability. The new business we wrote in 2021 was extremely profitable. This was post-COVID, and we had- ... historically high profitability levels. This year is going to stay, this production is going to stay in our books for three years. So it's still in our books in 2024, it will gradually disappear between 2024 and 2025. The new business that we are writing in 2024 is at RoTEs of around 20%, RoRWA of 2.3-2.4%, which is much, much higher than 2022 and 2023 annual productions. So you should expect in 2025 a very substantial pickup in profitability, in margins and in profitability in Consumer Europe because of this in and out of the different productions, and the fact that there was an abnormally high profitability in the year following COVID. Thank you. Can we have the next question, please? Next question from Álvaro Fernández-Garaizábal from UBS. Please go ahead. Yeah, hello. Good morning, and thanks for taking my questions. I have two. First, we assume you're aiming for the upper end of your RoTE target for next year, so that is 17%, which implies some meaningful profit increase in 2025 versus 2024. So my question is: geographically, where is that earnings growth gonna come from? And second, related to previous questions, we have seen revenues improving in the U.S. over the last couple of quarters, with volumes up, customer spread expanding, and fees coming quite strong. So basically, how sustainable is this revenue pickup going forward? Thanks. Okay. Thank you, Álvaro. Let me start with the US. To tell you, I believe, I mean, the US revenue is going to continue to do pretty well. But the profitability is always the most difficult in the second part because of seasonality in terms of what happens to us in provisions. So what you're going to see is revenue continue to go up, quite fairly strong. Let's see how we do in fees, as I said, due to the cyclicality of the CIB business, but revenues will be doing fine. In terms of the seasonality, let's see how we do in terms of the provisions, but we believe and the indication that we have had in terms of provisions show us that they're coming better. The LTM numbers that we have in provisions for the US are much better than last year. So it looks, it's looking well. So the US shall have a much better year than last year. In terms of the RoTE and 17, José, if you'd like to comment. Yeah. Obviously, we expect profitability to continue to increase on the back of a higher operational leverage. Our transformation program is delivering very positive jaws that we expect to maintain, particularly in consumer, in, and retail in 2025. The negative sensitivity to rates in Europe has been much decreased, as I mentioned before, and we should have positive tailwinds coming from NII in South America, both Brazil and Chile. So definitely, operational leverage is what will continue driving increased profitability. In terms of cost of risk, no signs of deterioration, and, you know, looking into the next few quarters, we see no signs that we will require to increase our provisions going forward. So, if you put all of this together, again, this means that our profits should continue to increase going forward. Thank you. Can we have the next question, please? Next question from Benjamin Toms from RBC. Please go ahead. Good morning. Thank you both for taking my questions. The first one's on Brazil. You used a EUR 350 million gain to top up your provisioning. I think that's the strategy you've adopted before, but how comfortable are you that you will not need to do further top ups in Brazilian cost of risk going forward? And are the top ups a catch up, or can we assume that the top ups will mean a structurally lower cost of risk in Brazil in the coming years? And then secondly, in the UK, in the deck, you mentioned that 100% of your hedge income is already locked in for 2024. This suggests that either you do not have any maturities this year or you pre-hedged some of your maturities. If you have been pre-hedging, what proportion of 2025 structural hedge maturities have you pre-hedged, and what rate did you lock in at, given that swap rates have been volatile? And do you expect the tailwind from the structural hedge will overwhelm the headwinds on NII in the UK in 2025? Thank you. Thank you. Okay, let me, let me go to Brazil, okay? First of all, it's very important to tell you that the increase in provisions exclusively linked to the loan growth that we have in the country, okay? Cost of risk, as you have seen, is flat quarter-over-quarter, 4.77%, and credit quality in Brazil remains sound and solid. It's very important to understand that the recent vintages that we have are performing very well and no signs of deterioration, so it's performing better than we expected. It's very important to understand that we're also changing the mix a little bit on the portfolio. Just to explain you a little bit, for example, credit cards, where in 2021 we were making around 800,000-900,000 credit cards per month, today we're doing just growing by 400,000 credit cards a month, and just to our client base. So the important thing, and the big change, is exactly that we're not going to be reacting to the open market, which was the one that hurt us quite a lot during twenty-two and twenty-three. So that's exactly the change of mix that is helping us. Also, it's very important to understand that we're very focused on profitability, and we have been very opportunistic, and we used the proceeds of a corporate transaction to further, further reinforce the balance sheet at this point. We reiterate that the 2024 guidance of delivering is a flattish cost of risk versus 2023, okay? Excluding the one-offs. So that's what I see in terms of Brazil. In terms of the UK, José, please. Yeah. So, so as you know, obviously the strategy is to keep the structural hedge position in line with core deposits to protect the balance sheet ahead of a decrease in interest rates. Following the recent increase in market rates, and in order to protect the NII, we have accelerated the planned investments for 2024, among, amongst other measures. So the sensitivity we have today is to a 100% decrease in – parallel decrease in rates in the UK. Today is -GBP 120 million, compared to -GBP 220 million a year ago. So roughly, we have half of the sensitivity today that we had a year ago. The current hedge, its structural hedge is GBP 114 billion, compared with GBP 106 billion in December, so this is related to my comment before. With a duration of 2.5 years. In December, it was two—sorry—2.5 years, in December it was 2.4 years, and the yield is slightly over 2%. Thank you. Can we have the next question, please? Next question from Carlos Peixoto from CaixaBank BPI. Please go ahead. Yes. Hi, good morning. So, sorry, my first question would actually be a follow-up in Spain. I'm sorry to insist on this again, but did I understood correctly, and the message was that in 2025, NII should be roughly aligned with the second half of this year, where you already expect NII to drop somewhat towards the mid-single-digits growth in the full year that you were mentioning? And then my second question would actually be on the US EVs tax rebate that you have been booking. I was just wondering if you could give us some color on how the rebate works in the sense that... Or basically, for how long is it in place? Is it something that we should also witness next year? And also, is it this federal-level rebate or something at the state level? And to what extent the potential changes in policy, political changes in the US could drive that to disappear or not? Just to have an idea on the timeframe for which this is valid right now. Thank you. Thank you, Carlos. All right, I mean, I think in the—José gave a pretty good explanation of what's going on in terms of, how do we see now, things. It's important to understand what José explained you about, what we're doing on the hedges, the ALCO position that we have, that will help us, throughout the year, even if the rates come down. I think we're probably in the best ever position in that sense. And, even as we say, I mean, the NII will slightly come down, over the, over the second half, and then we'll see that we will have a pretty good runs towards... And let's see how rates basically behave. But I don't know, José, if you'd like to compliment, but it's basically- It's exactly what I said, Carlos. It's exactly what you said. We expect NII to go down slightly in the second half of the year. The year-on-year growth, 2024 against 2023, will be somewhere between 5%-7%. And then next year, NII should be fairly flat, relative to the second half of this year, which means that NII should be down slightly, low single digits. Okay. Because, again, this is using the forward rate, rate curves today. So if this was to change, obviously, we would need to update these, these estimates. But using forward, curve rates today, that's our best estimate for NII in Spain next year. And as Hector mentioned, this is thanks to the substantial reduction in NII sensitivity that we have conducted in the Eurozone in the last year and a half. Thank you, Carlos. Okay, in the US, let me walk you through exactly what happens. Okay, first of all, let me tell you that it's federal, okay? We don't know if this is gonna be sustained, if there is a change of government in the US or not. You-- I mean, I don't want to speculate on that one. Exactly what happens is, every single time we do a lease on an electric vehicle, we buy the vehicle in the bank, okay? So what you see is basically a situation in which we own the vehicle, and then we get the cashback or the, or the... Sorry, the tax credit, and you show the tax credit in one lump, okay? During the month in which we do that, all right? To be exactly how it goes. So you don't see the impact in the revenue, but the impact, you see it in the taxes. So that's exactly how it works. I don't know if I'm being correct of, of, I mean, if I'm being clear in when, the way I'm explaining to you this, but it's exactly how it works. All right? So what we have done is that we have a program, what we have signed with the OEMs that we're doing this for. Depends on the also the capacity that we have to absorb those DTAs, because this is not, I mean, unlimited. This is not. I mean, we have to have depends on the balance sheet that we have, and we have calculated the number exactly that we can absorb, and this is exactly what we negotiate with the OEMs. I don't know if you understood the question in the right way, but Yeah This is exactly how it works. Mm-hmm. Okay, and we don't know if it's gonna happen in the future or not. Hopefully, it continues to be like that. Thank you. Can we have the next question, please? Next question from Miruna Chirea from Jefferies. Please go ahead. Morning, Héctor. Morning, José. Thank you for taking my questions. I just have a couple of follow-ups, please, on points we touched on before. Firstly, in the UK, your NII was slightly up quarter- on- quarter in Q2, so just wondering how you see this progressing from here. And is it fair to say that Q1 was probably the low point on NII, and it should start building from here, supported by the hedge? And what is the shape of this into H2 and also into next year? Secondly, just a clarification on your US business. You were talking about some seasonality into the second half of the year in provision. Could you please explain what is driving this seasonality? And then lastly, for Brazil, also taking into consideration your comments about changing the mix of your business, when do you expect to see a full normalization in cost of risk, and around what level would this normalization be? Thank you. Thank you. Okay. So as I said, in the UK, we see that we're gonna have a second half better than the first half. Okay? Market is more rational, both in the margins and in the betas. And on top of that, cost, as I said, is gonna be slightly better than the first half of the year. Q2 and NII is showing signs of improvement, okay? And as I basically explained, and we see that betas are not gonna go up, so that basically will help us. In terms of revenue, we see mid- to single-digit decrease. In NII, down mid-single digits versus last year. And fees down low double digit, due to the fact that I was explaining about what we're doing with the switcher campaign and the higher cashback. You're gonna see that it's gonna be much better in—in 25, because exactly we're preparing the bank towards that. Also, we're very focused on profitability. It's very important that you understand that, okay? We're not using capital below our cost of equity, so we're being very tough on that, and that's exactly why we manage that. And then, José, I would like to— Yeah. So you can- Sorry, one quick- One second quick comment. The mortgage dynamics in the UK seem to suggest that margins in this business will pick up substantially from the Q4 of this year into next year. Mm-hmm. Just as an additional comment. Brazil cost of risk, we still believe the cost of risk this year should be somehow below cost of risk last year. Remember that when you look at cost of risk quarter-on-quarter, there was a substantial increase in the Q4. When we look at year-on-year ex the Q4, and we look at cost of risk for the full of 2024, we would expect to see an improvement in the cost of risk. Year-on-year, because the Q4 will come out in the Q4 of this year, you should see the most significant improvement in cost of risk in the Q4. Then provisions in the U.S. are normalizing. Cost of risk this year should be somehow around 2% or slightly below 2%. Thank you. Can we have the last question, please? Last question from Alberto Nigro, from Mediobanca. Please go ahead. Yes, thanks for taking my questions. I have just a few follow-ups. So the first one is on the UK: if you can give us more color on the contribution of the UK structural hedge in the second half of this year and in next year. And the second one is again on Brazil, following your comment on the change of the loan mix. Should we expect a normalization of the cost of risk in the next year, and see an absolute decline of total provision next year? Thank you. Okay. In terms of Brazil, we're changing the loan mix, but, we are very flexible and very dynamic in the way we change the loan mix over there, depending on what we are seeing and, how the vintages are behaving. Okay? So if we see that Brazil, basically, and, we're starting to see positive signs of how the mass market basically reacts, if inflation is coming down, and we see the rates coming down, we might change the mix again, and we might be a little bit more aggressive. And, I couldn't tell you up at this point, what are we gonna do, because we revise the strategy every single month of what we do and also the pricing. Okay? So I don't know what the mix is gonna be in Brazil, in 2025, but I must tell you that, we're working in a very dynamic way. This is a very dynamic market, and you need to be on top of it. All right? So I, I couldn't tell you at this point, but, I mean, everything basically is... And we do change the mix to sustain the cost of risk at the reasonable, reasonable levels, and, that's the, the intent that we have in order to manage that. All right? UK, NII, I think I gave you all the details to calculate that. I gave you the maturity, the rates, the amount, and everything else. In terms of cost of risk in Brazil, rates this year are expected to stay at 10.5% by year-end, but to drop significantly next year, and that should help. In addition to the structure of the balance sheet, lower rates next year in Brazil will help, not only in terms of NII, but also cost of risk. It will be a gradual improvement. We need to see exactly, you know, how we will build the business in 2025 in Brazil, but definitely, lower rates should help. Thank you, José, thank you, Héctor, and thank you all for your attendance. If there are any further questions, then the Investor Relations team is always at your disposal for anything that you may need.