My name is Harry, and I will be your operator. Today's call will begin with a presentation from the management team, followed by an opportunity for questions and answers. To ask a question during Q&A, please use the raise hand button on your Zoom toolbar or dial star one if you are joining us over the phone. Alternatively, you can submit written questions using the Q&A button, also found on your Zoom toolbar. I would now like to turn the call over to Andrew Keeley, Director of Investor Relations. Please go ahead when you're ready. Thanks very much, Harry, and welcome everybody to our second quarter results call. Thank you very much for joining. As usual, I'm joined on today's call by our CEO, Vakhtang Butskhrikidze, and our CFO, Giorgi Megrelishvili. We'll start with a presentation, and then we'll move on to Q&A. And with that, I'll hand over to Vakhtang. Thank you. Thank you, Andrew. Dear all, thank you for joining our second quarter and half year financial results conference call. I am pleased to announce that the second quarter has been another very successful quarter for our group. On this slide, we see an overview of some of the key highlights for the group. In particular, I'd like to highlight that it was a record quarter of earnings, with return on equity exceeding 27%. We continued to grow our digital consumer basis with our digital monthly active users now at 5.7 million, while our loan growth in both Georgia and Uzbekistan remains very strong, with Uzbekistan now accounting for 7% of the group's earnings. Slide four highlights our journey over the past decade as a public company. As you can see, we have stayed very focused on consistently delivering strong growth and profitability. At the same time, our active customer base has grown to nearly 6 million by strengthening our presence in Georgia and by building digital financial services in Uzbekistan growing market. The next slide provides an overview of our group's second quarter performance. Our group's net profit increased by 12% year-on-year to almost GEL 333 million, and we maintain an excellent return on equity of 27.1%. At the same time, our gross loan portfolio grew by 21%, and our digital user base continues to expand, with 5.7 million digital monthly active users across the group, as already mentioned. Moving to the Georgian business, slide seven summarizes the macro environment, which continues to be very supportive to our business. Economic growth in Georgia remains strong, with real GDP increasing by 9% in the first half of this year. In particular, it has been driven by tourism, remittances, and domestic spending. As a result, we have revised our 2024 real GDP growth forecast to 7.4% from 6.4%. I think you are familiar with our dominant market position in Georgia, which is outlined on slide eight. One thing I'd like to flag here is the recognition we have received in terms of awards for the best digital bank in Georgia and the best corporate bank. Following on the digital theme, slide nine show that our retail customer base continues to become more digitally engaged. This is highlighted by the consistent long-term growth in both the share of consumer loans issued fully digitally and the share of online retail transactions. The next slide provides an update on TNET, our digital lifestyle ecosystem. As you can see, GMV is down slightly year-on-year in the first half of this year, but this is primarily due to a very strong second quarter 2023, which was driven by exclusive ticket sales for several major events in Georgia. Moving to our Uzbekistan business, I'd like to provide you with a brief update on Uzbek economy. The Uzbek economy continues to grow strongly, with 6.4% real GDP growth in the first half, and the economy continues to open up and attract new investments. Next slide outlines the key elements of our digital ecosystem in Uzbekistan. I'd like to highlight here that we remain focused and on track in terms of both scaling up the Uzbek business and rolling out new products and services. We have added a new set of features in Payme in the first half, and we plan to roll out a transactional daily banking card, as well as a credit card in TBC UZ in the second half of this year. On the next slide, you can see how our Uzbek business continues to perform very well. We now have close to 16 million unique registered users, with almost 5 million monthly active users. Our loan book more than doubled year-on-year to $400 million, while our deposits stood at around $260 million. Importantly, both our revenues and profitability continue to show very positive dynamics, and we earned $9 million in net profits and $33 million in total operating income in the second quarter. Finally, on the next slide, next slide show the increasing contribution to the group that is coming from Uzbekistan. It accounts for 44% in total consumer loans, 8% of the retail deposits portfolio, 13% of the total operating income, and 7% of the net profit. We continue to gain market share, with almost 16% shares of the micro loan market in May of this year. Now, I'd like to hand over to Giorgi. Thank you, Vakhtang, and thanks all for joining our quarterly call today. I'm going to take you through our second quarter and half year results, and I will start with slide 17. I'm very pleased to reiterate that we had a very strong second quarter. In Q2, our net profits stood at nearly GEL 330 million. That marks a 12% increase compared to last year. This high profitability is translated into a superb 27%+ ROE. So now I'll go to the next slide, slide 18, that provides more details about the main drivers. Our total operating income is up by 16% year-on-year, reaching nearly GEL 680 million. This growth was driven by a 15% rise in net interest income and 17% increase in net fee and commission income. On the next slide, slide 19, I will discuss our margin dynamics. Our NIM decreased by about 10 basis points quarter on quarter, but still stands at a very strong 6.4%. In Georgia, we continue to see margin pressure from the lower FX rate and higher equity funding costs, but we think that the majority of the downward pressure now is behind us. And notably, our Uzbek operations contributed more than 70 basis points to the group NIM. Now, moving to the slide 20, that's cost slide, we remain committed to managing our cost growth while simultaneously ensuring that we retain long-term sustainability of our business. OpEx grew by 26% compared to last year, due to our continued spending into technology to drive future growth. Uzbekistan remains the major driver, which actually accounted for around 40% of this increase. As a result, our cost-to-income ratio stood at 37.8% in Q2 2024. We generally target to be below 40% on full-year basis. So now slide 21, that shows that our credit quality remains very healthy. The NPL ratio declined to 2% due to the strong performance of our portfolio, and at the same time, total coverage ratio was 142%, while the provision alone stood at 76%. As you can see, our cost of risk improved both quarter-on-quarter and year-on-year, due to strong asset quality across all segments, as well as one-off recovery of around GEL 9 million. So on the next slide, slide 22, you can see that our balance sheet continues to grow at a very good pace. Gross loans is up by an impressive 21% on a constant currency basis. Meanwhile, the customer funding grew by 10% over the same period on the same basis. So now let's move to the next slide and have a look at our very solid capital positions across the group. As you can see from this slide, we continue to maintain very strong capital positions, well above the minimum regulatory requirements for all tiers in both countries. I would like to highlight that TBC UZ has received additional around $38 million in capital in 2024, with up to $12 million in June and the rest in July. This lays a great foundation for future growth that we are committed to. As importantly, from the first of July, the risk weight for the new uncollateralized consumer loans in Uzbekistan is based on Payme on PTI levels versus loan rates. It's still a bit early days, but going forward, we expect new loans to be issued at a materially lower risk weight versus current 200%, which is very positive news. Finally, continuing the same note, slide 24 shows the exceptional financial performance of our Uzbek business. In Q2 2024, we generated $33 million in total operating income and $9 million in net profit there. That contributes around 13% and 7% of the group totals, respectively. Over the same period, the ROE was super 27.8%, supported by NIM of about 24%. Despite our loan book more than doubling year-on-year, we remain committed to very strong underwriting, as reflected in our cost of risk of 5.5%. Now, thanks for your time, and I'd like to hand back to Vakhtang for some final remarks. Thank you, Giorgi. And finally, I'm pleased to announce that the board has declared an interim dividend of GEL 2.55 per share, payable in November. This is in addition to 50 million GEL share buyback program and reflects our robust profitability and strong capital position, and underscores our commitment to delivering value to our shareholders. And finally, we remain focused on hitting our strategic targets for 2025, and I'd like, I'd like to thank you for your ongoing support, and we are now ready to answer any questions you may have. Thanks very much, Giorgi and Vakhtang. So we're ready to hear questions now. Okay, the first question is from Robert at Peel Hunt. Robert, please go ahead and your line is open. Yes. Hi there. I was wondering whether I could ask a first question relating to net interest margins, in two parts, really. First of all, I hear what you say there, Giorgi, in terms of the, probably most of the worst of the downward pressure has now ended in terms of your Georgian margin. Do you think therefore, that you're able to keep it fairly stable on the Q2 level? I think that was about 5.6%. The second part of the question was looking at the Uzbek margin, which has continued to go up, and just sort of trying to think through the implications of these lower risk weightings, for your new consumer lending. Do you think that sort of given the fact that there will be now lower capital intensity, this could actually affect net interest margins and pricing on those loans going forwards, or, or do you envisage you'll still be able to charge the same amount, even though the capital allocation is lower? Okay, thank you, Robert. I'll start with Georgia. So, actually, as I mentioned, and you also agree with this, probably the worst is over. There may be some small variations, plus ten basis points, plus or minus ten, but generally we do target to be 5.5+ in Georgia in the medium term. So that's, I would think that in the medium term, sets the line of target for our thinking. And moving to Uzbekistan, as you see, like from the numbers, the loan yields went up compared to last quarter, funding cost going down, NIM is increasing. As you rightly mentioned, we need to refinance our capital need with the funding, but generally we do expect our NIM not to compress. We are comfortable at this level. We expect it to continue at this level, therefore, it will be the less capital requirement would impact our kind of ROE very positively. We would need less capital to achieve the same results while maintaining the NIM, 'cause we don't expect any loan compression or funding cost materially increase in Uzbekistan. Thank you. Thanks very much, Robert. Okay, next question is from Sergey Dubin. Sergey, please go ahead. Yeah, good, good afternoon. I have two questions. The first is on Georgia. Obviously, there's been a lot of headlines recently with respect to politics and, you know, this law that went into effect on August first. What I'd like to, I'm not going to ask you about predicting political outcomes, but what I do want to focus on is your cost of risk, which seems like it's abnormally low right now, and I think the situation in the country is not as, you know, calm or predictable as these numbers are suggesting. So how is it that your cost of risk is so low? And what is the expectation for cost of risk for the full year 2024? And what is kind of the base case and the worst-case scenario there? That's the first question. Yeah. Thank you, Sergey, for this question. I will answer the first part of this question, and Giorgi will try to answer the second part. So you are, Sergey, you are right that we, for the Georgia, is very important parliamentary elections we are, we will have in Georgia at the end of October. But on the other hand, as we had in our presentation, economy is doing very well. The first half of this year, the real GDP growth was 9.9%, and we upgraded our growth for the total for 2024 from 6.4% to 7.4%. So on that side, we feel very comfortable level, and as always, when the elections are coming, there are volatility. You understand it politically, I mean, more volatility will be, but fundamentals are very strong. If you take any kind of the macro, fundamentals are strong. We upgraded our real GDP growth forecast, and we don't forecasting that Cost of Risk will grow up during the second part of 2024. Okay, thanks, Vakhtang, and I'll take it from here. As Vakhtang mentions, we are kind of not changing our baseline. It's even stronger. We see very big growth in portfolio, as seen in our numbers. Customer behavior not changing. At the moment, they are getting better. Our NPL is going down, therefore, there is no reason or no signs at the moment like that there is some stress happening. Of course, we have all the scenarios, and we are ready for all scenarios, but at the moment that's not the case, and we do expect our cost of risk to continue to perform strongly. So probably Q2 is a bit exceptional for the one that I mentioned. We drive kind of guide market generally for Georgia through the cycle, normalized cost of risk at around 1%. We have been below that for the last few quarters, even kind of without one-off, and we do expect also to be a bit below of these levels in the following quarter. So I don't think we will get there. So for the next few quarters, that's our actual, let's say, expectations, and generally in the medium term through the cycle, 1% is a good number to take for your, let's say, medium-term risk modeling. Okay. Okay, that's helpful. And then the second question is regarding Uzbekistan. Could you comment a little bit on competitive dynamics there? 'Cause obviously you guys are a strong player, but there's... I'm sure there's other, you know, players even outside of the country that may be coming in, or local players that are, you know, ramping up consumer lending. It would be helpful to get a bit of a context of where you stand versus maybe some of your stronger competitors. And, you know, what are you seeing in terms of specifically on consumer lending? Is there anybody who's being very active there? You know, or is that just a blue sky and up for grabs? Just some context around competition would be useful. Thanks. Yeah. Thank you, Sergey, for this question. So I think we, I will try to split to answer this question in two parts. First, the population of the market of the Uzbek, Uzbekistan allows us to do very well. So why? Because if you look, the market is under penetrated, and this market for TBC, but also for other new players or for the existing players to grow out its year businesses is the first. Secondly, economy is doing very well, as we have, as you have seen in our presentation, real GDP growth is 6%, and we are forecasting approximately the same growth in next to medium term, medium term. On the other hand, we are doing very well. We doubled our portfolio. There is competition, but openly said, we are the leader in this market, and as you have seen in the presentation, quarter by quarter, month by month, we are increasing market shares in the micro loan. So on the market that today, it stands around 16% when we began, as you remember, our business around 4 years ago. But in addition to that, to even put ourselves stronger on the market, we are bringing new products. So, before the end of this year, we will launch credit cards, which will be new, new type of the product for the Uzbek, for the market, and probably it will be launching of the product, but in 2025, 2026 also we are very fast in, very high growth also by this new product. Also we have in our pipeline for this year, which we have in our presentation, but also in 2025, what kind of new products, new technologies we want to bring to this new market. To summarize, to answer on your question, the macro, the under-penetration allows us, together with other players, to have high growth. But in addition to that, we are the leader, we are bringing new products, and we see ourselves more growing up in the next 2 years -3 years, 5 years. Yeah, no, that's helpful, Vakhtang. I appreciate it. But I was kind of also hoping to get some color on competitors as well, because when you—I think when you entered the market in 2019, it was very rudimentary, and the banks there were serving primarily SOEs, and it felt like it was a very big open space. But, you know, it's almost five years since then, and I'm wondering if there's anyone who you think is, you know, in a stronger position now for, you know- Yeah That could be posing a challenge. And also, I want to tag another question on that. Like, do you see any signs of credit cycle in Uzbekistan, you know, turning? And what would be the trigger points or kind of flags that you would watch for to see if there's any downturn in the economy or anything that could impact your, you know, your lending and the credit cycle? Mm-hmm, mm-hmm. So there are the existing players, but in addition to that, those three years, we see that the new players, such as, you know, the Hungarian group, OTP, made a decision to come to the market, and they bought one of the state banks in the Uzbek market. This is one of the competitors which we have recently in that market. There is the Uzum Bank. They are growing also very fast. But compared with the existing ones, but also with the new ones, we see our competitive advantages and how we could say it. So comparing our market shares in the loans, in the deposits, and month by month, quarter by quarter, we are increasing market shares. It means that we could compete, and even after bringing the new products to the market, probably 2025, 2026, we'll even increase our market shares much more than we have today. Yes, that cover credit cycles. And also just to a bit, elaborate a bit on competitive, as Vakhtang mentioned, like, the Uzbekistan market is about 70%, we kind of through the state banks. We have, as Vakhtang already, OTP that's in another player, let's say more or less, let's say, Universal Bank. In our space, there are not many players at the moment. We have some Tajik Bank, Alif, who does some BNPL, like small credit card entries from Russia, nothing material. Uzum is more kind of ecosystem driver, ecosystem player. It's not a financial digital, it's ecosystems that we are. And like it's already mentioned by Vakhtang, in our niche, at the moment, we are almost the strongest and only player. Of course, people may come, they may join to the market. There are some rumors Kaspi join, but we are far ahead. We have a very strong team, and we have our product pipeline, we have experience, so we can give rise for anyone to this. But at the moment, it's quite scattered market, provides a lot of less opportunity. And that also, this great macro playing, we don't see any, at the moment, anything that indicates a credit cycles. Of course, cycles happen, that will happen at some point, but at the moment, there are no signs. We are building our credit underwriting system, credit scoring systems, to ensure that we can withstand any weather that may come. We have team, experienced team who has gone through various cycles and came out very, very successfully. For example, in Uzbekistan, we do have, let's say, an NPV model that we built, and we have a very high hurdle rates there. For example, we are building certain buffer that is providing us buffer for any cycle so that we remain profitable, we can withstand it, along with our credit, let's say, underwriting standards. Does it cover your question, Sergey? Yeah, I guess it does to some extent. But you're saying that you're... I think you said it very fast. What will help you withstand the credit cycle? You know, could you just repeat that, please? First of all, observing the early warning indicators, we have a system. Second, the very strong underwriting standards, managing risk properly. Then having a plan in place if cycle happens, what we are doing, how we are doing, what we are switching off, when we are switching off. So it's, that's like a credit risk cycle. Also, as you know, there is a, and let's say, let's, and let's say NPV model, or like we calculate our profitability of our loan based on this. Because they are 45% hurdle rate, it means that the loan need to generate at least that amount of the profitability. It has a lot of fat built into it. So if, for example, certain credit risks pick up, we have already a very good profitability built in into our loans, so they can withstand, sort of, let's say, variations when it happens for- So, you're saying that you're, when you originate loans in Uzbekistan, you built in 45%-- so it-- the minimum amount of profitability generates is 45%. That's 45% of, of, of, like- 40%. So I'm not exactly clear, like, 45% of what? Of the- So, the hurdle rate when you get the NPV positive, like, it's, like- So it's basically like internal rate of return of 45% that you're looking for? Yes. So, so we are looking loans that has profitability above 40%. If things go sour, you feel like you have a cushion because at the origination it gives you a 45% profitability? Exactly. That comes on the top of our credit risk management, observing the signs of cycle, and also having a plan if that happens, what we are doing. For example, switching the, let's say, book growth very quickly, doing different actions. So, and the team we had has gone through this a few times and managed it very successfully. Yeah. Okay- I don't wanna like monopolize the call, but very quickly, I was looking at Uzbekistan. I think the inflation there is maybe 9% or 10% or something like that, and the bank deposit rates are very high, right? They're in the 20% range. Why is that the case? Like, why are the bank deposit rates so high in the country? Yes, I also take... There's a few reasons. One, that rate is high as well. Also, it's a bit unstructured, the market, that is being developed just lately, recently. Supply is not high, it's getting higher, and now we see the deposit market increase, so it's just market structure. So at the moment it's around 25%-27%. That seems optically quite high, but also the loan yields are very high. As you see, we are above 44%. However, at the moment, probably as you can see from our slides, our cost of funding is going down. At the moment, we are diversifying our funding structure, so in addition to the customer funding, we are getting sort of, let's say, IFI fundings that are cheaper and kind of very sticky. So we are working on different directions to optimize our cost of funds. From deposit perspective, we do expect it to take some time until they come, like, materially lower. We don't expect it suddenly to become very, very cheaper. But our structure, the loan yields, will give us comfort that, again, we are like, committed to our profitability targets, and we don't expect them to compress in kind of, in the foreseeable future. Okay, thanks, Giorgi. Appreciate it. Thanks, Sergey. Next up is Can Demir from Wood. Can, your line is open. Thank you. Yes, thank you, Andrew, and thank you, Giorgi and Vakhtang, for the presentation. I wanted to ask a question about the cost growth in Georgia, which seems to... I mean, it has been this way for a while, but I wanted to ask a specific question in this quarter. So there seems to be... There doesn't seem to be a connection between the Georgian inflation and the cost growth in Georgia, despite the fact that the business is more mature, at least more mature compared to Uzbekistan. So I was wondering if there is some upside here as the OpEx growth converges more towards inflation in the future years, and you get more operating leverage out of your business. Thank you very much. So first of all, to start, Georgian cost growth, as I recall correctly, was around 14%, so that's more or less our business growth that follows it. The inflation lately was zero, like, for the lately we see 0% or 3%. It's very difficult when the business scale is growing to, for example, maintain the same growth. It depends on business scale. For example, when you issue more loans, make more income, you just pay more bonuses to staff, you may need more selling points. So there's a lot of things to be going. Also, we are, let's say, enhancing our business capabilities. It's not only on technology side, but on a different side. So we are... In Georgia as well, it's very mature, very strong, but, again, there's a lot of business things that we are doing that will ensure its, Georgia business also is, in the long term, let's say, sustainability. So from that perspective, like, it's, as I mentioned, it's more or less, let's say, aligned with the revenue growth. Is there any room to kind of moderate in the future? For Georgia, probably yes, there's more room as we go over time, probably not in 2024. But it will be difficult to be aligned with 3% inflation Georgian growth when business is growing 10% or more. Okay, got it. So maybe some room for operating leverage, but not necessarily, you know, possible to grow OpEx 3%. Okay. No, that makes sense. Yeah, I can say straight away. Yeah, that was an unfair question, I guess. No, but thank you, Giorgi. No, that makes perfect sense. Thank you. Thanks, Can. Okay, next up is Charlie Gausden from Kyklos Capital. Charlie, please go ahead. Hi, guys. Thank you very much for the rundown. I have a broad question related to macro risk and any related operating risks for you. In the current environment and news flow that we all see coming from Georgia, are you running into nervous counterparties who are... And is there any new discussion on changes to your funding or interbank transactions that, for example, might require higher collateralization on transactions or cost elements, or anything else that would seem to have implications for your net interest margins going forward? This is all stemming from macro instability that we see on the markets in Georgia. Thanks. At the moment, we don't see anything, frankly. When situation started, we did the daily monitoring on anything. I saw from, let's say, internal perspective, like, deposits, cash withdrawals were more than normal. Nothing really was happening, it continues. From the external funding perspective, we don't see any widening of spreads or anything. You probably have seen our, let's say, RNS. We just signed a $150 million deal, one of the biggest financial institutions, and that was like spread was as normal. At the moment, even from intrabank credit institutions, everything is very, very normal. As I would say, there's no signs that give us any comfort or anything. And as I mentioned, of course, generally, to reiterate to the audience, we do have a few scenarios. We don't see anything, we don't think we need to use it, but if anything happens, we are ready for a few different scenarios. But, there is no signs and no need for it. Great. Thank you. Thanks, Charlie. I think there's a call on the phone line. Harry, is that, is that right? Yes, we have a question from the line of Rahim Karim of Investec. Please go ahead, your line is now open. Hi, good afternoon, gents. Three questions, if I may, from my side. The first was just around non-interest income in the quarter. You know, it showed quite strong momentum Q on Q. I think some of that was FX related. Could you perhaps just elaborate a little bit on what drove that and how sustainable you think that is for the rest of 2024? The second question is just on the strong loan growth. You know, surprised me just how strong and how especially in Georgia, given what's been going on. Can you perhaps just talk about how you see the loan book growing over the rest of 2024, and how sustainable the strength that we've seen in the first half is? And then the third question, I think you've kind of touched on it in the answer to one of the previous questions. You've moved a little bit into the definition, as far as I understand, moving from cost of deposits to cost of funding in Uzbekistan. Can you perhaps just elaborate on why that was, and what the partnerships might be able to do in terms of your long-term outlook for your cost of funding in that business? Okay, yes, thank you. I'll start with the non-operating income. On FX, it was really a very strong income that was driven by volume growth, 'cause Georgian economy is growing very strongly, as well as, as you may like, observe, there was a certain, let's say, volatility on the FX market. The interest rates were almost higher than usual, and our treasury did a great job to let's say build on this higher profitability. So, how sustainable is it? As a guided market, like, if you look last year profits that we generated in FX, that's our baseline, and we are going to grow from there generally. So we should expect quite a sizable growth compared to 2023 generally. So that's again, quite sizable number. So that's on FX. On loan growth, both Vakhtang and myself mentioned, we don't see any things like. It's, it's actually BAU, business as usual. The loan growth is very strong. Q2 was particularly strong. It may moderate in Q3 and Q4. However, we do expect to the loan growth to be quite strong in the, like, coming quarters. So for full year basis, we definitely expect to be 15%+, maybe at higher ends. So that's our expectation, so nothing to complain there as well. And as you know, in the over, over medium-term Georgian growth, probably we keep saying it, but it's did not materialize this around 10%-12%, but for the last few years, we are 15%+ that we expect this year as well. So on Uzbekistan cost of funding, the first off to start, that we are increasing our deposit market share. We have 3% retail market share. We are doing very, very well, but we, as on this slide, we have a very ambitious target to increase 80% loan CAGR. That's around $1 billion portfolio in USD terms by end of 2025. So it will be very difficult to fund all of this through customer funding and, let's say, deposits. And therefore, we are enhancing our funding base through the wholesale funding. It has few streams, like locally issued bonds, some funded from PLC, and also the leveraging our very strong partnerships with all IFIs you may name. So we already closed a few deals, with some are in pipeline, so we expect that to become as strong and as long term as we have for Georgia. Generally, funding, even if you consider the hedging costs, and hedging market is, at the moment, very active. It's like you can really get a good hedge from GEL to USD because our wholesale funding comes in USD, generally comes cheaper than the customer funding. However, that doesn't mean that we will switch generally to the, let's say, wholesale funding. We will retain an optimal mix that ensures the stability and, like, I would say, robustness of our balance sheet. Once it continues, probably funding cost will be more or less optimized, but you should not expect a huge, like, I would say, savings. That's super helpful. Thank you very much. Thanks very much, Rahim. I don't think we have any more questions on the web. Harry, are there any more on the phone line? We currently have no further questions on the phone line or on Zoom. We have just had a written question submitted via Zoom here. Oh, okay. Hold on. Do you have any short-term plans to acquire the Uzbekistan bank minorities? No. On this question is, shortly no, because we, as we explained during our call, that we see a lot of opportunities for our two businesses, Payme and the Uzbek bank, for digital bank to continue the growth. And as you see on this slide, by the way, we are forecasting minimum 80%+ growth, but probably it will be much higher than the 80%+. So, we, our strong position, it's better to go deeper and to continue building very strong growth in Payme, in our payment business, and Uzbek digital bank, than to go to buy minorities in other banks and to lose the time for integration. I think also the question also touches upon the minorities, EBRD and IFC, and- Mm. whether we have any plans there in terms of buying them out, et cetera. No. IFC and EBRD are our long-term partners already beginning of TBC Bank Georgia operations, more 20 years, 25 years, and we will continue with them, minimum medium-term partnership in Uzbekistan operations. So minimum, minimum 5 years, we are not planning anything. Thanks very much, Vakhtang. Okay, I think that's all the questions we have. Just to say thank you very much, everybody, for joining this call. We hope you found it useful. Enjoy the rest of your summers, and we'll catch up with you again in the autumn with our third quarter numbers. Thank you very much. Goodbye. Thank you. Thank you. Bye. Ladies and gentlemen, this concludes today's webinar. You may now disconnect from the call.