Good day, and thank you for standing by. Welcome to the Banca Mediolanum nine month 2024 results conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To enter the queue for questions, please press star one and one at any time. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Alessandra Lanzone, Head of Investor Relations. Please go ahead, madam. Hello everyone, and welcome to the webcast presenting Banca Mediolanum's results for the nine month. Before we start, please remember to ask your question following the language of the line you're calling from. Regardless, answers will be provided in Italian with an English translation. Next, let me introduce you to our CEO, Massimo Doris, who will lead us through the presentation today. Accompanying him is our CFO, Antonio Lietti. Angelo Lietti, I'm sorry. Massimo, the floor is yours. Thank you, Alessandra. Good afternoon, ladies and gentlemen. It's always a pleasure being here with all of you. What I'm about to share today should offer some color to truly outstanding results. In fact, these aren't just numbers on a page. They are a clear reflection of deliberate strategic choices and consistent execution. In short, we've delivered on our strategy, and the results speak for themselves. As we review these nine months, we find ourselves in a strong position, powered by momentum that sparks growth and uncovers new opportunities, even as we manage the complexities of our market environment. One of the most encouraging trends has been our sustained growth in profit levels, fueled by solid commercial strategies and the high responsiveness from our customers. There is no doubt we are seizing the right opportunities at the right time. In fact, our mix of commercial initiatives is effectively bringing in new customers and maintaining both the volume and quality of our net inflows. And let's talk about inflows. The acceleration we've seen, which fostered the AUM growth, showcases the high level of trust our customers give us. And our inflows are gaining strength by leveraging market shifts and providing solutions tailored to changing needs. For example, offering attractive fixed-income funds over the past year, allowing our customers to rebalance a little bit their equity-heavy portfolios. Favorable market conditions have certainly helped out our net inflows into managed assets, which were already strong in H1 and surged in Q3. Thanks to the positive market moves at the end of the quarter, we have reinforced our competitive edge and are entering the remainder of the year with an extremely positive outlook on inflows. This is our top priority, as inflows are core to driving our recurring commission income, which is the foundation and backbone of our revenue stream. So let's walk through the highlights of the period. As you can see in line number four, net inflows reached EUR 674.3 million, exceeding nine months last year by 18%, with Q3 coming in at EUR 224.4. By all accounts, record-breaking financial results driven not only by more than resilient net interest income, but notably by significant double-digit growth in net commission income, up 13% to just over EUR 874 million. As a matter of fact, our recurring fees, combining management and investment management fees, hit the record figure of EUR 1.13 billion, indicating a 14.5% increase over the same period last year. On a pre-IFRS 17 like-for-like basis, the recurring fees on average assets were 213 basis points over the nine months. Very healthy margins indeed, only a couple of basis points lower than H1, precisely because of the higher bond component and the increased level of Intelligent Investment Strategy money market funds compared to before. In fact, with net flows primarily directly into fixed-income funds over the past year, the equity component of our customers' managed assets has likely decreased, yet remains at a notable 59%, as shown on slide number 15. Naturally, net interest income has been a key contributor to our P&L, remaining strong at over EUR 613 million, up 13% versus the same period last year, despite the impact of the initial ECB rate cuts. The slight decrease in Q3 versus Q2 accounts for the weight of all the promotional initiatives, which, by the way, brought in EUR 1 billion in managed inflows in the quarter and a turnaround in the credit book trend. We've highlighted several times that our net interest income would grow in 2024, and this projection is proving accurate as the year unfolds. Our guidance for NII in 2024 is now an increase of some 8%, mainly due to the success of our promotional efforts that have far exceeded expectations, which is great news as we are seeing a significant shift toward managed products even faster than last year's, especially with BTPs no longer acting as a strong competitor. Just look at the EUR 2 billion more of inflows into managed assets above and beyond our initial guidance of EUR 5 billion. This means substantially higher commission income over time since recurring fees are structured to provide sustained revenue streams for years to come. The increased commission income will help offset any gap in NII for 2025 due to the latest market expectations in terms of yield curve. In fact, we anticipate a slight decrease of some 3% compared to 2024. In short, by leveraging higher commission income, we aim to fully compensate for the impact of the anticipated NII reduction, ensuring a healthy top line. Our overall outlook remains highly positive. Returning to the P&L, what stands out most is our operating margin, which hit a record EUR 848 million, a 16% increase. This significant growth highlights the effectiveness of our diversified, profitable, and scalable business model. On this note, I want to highlight our reduced cost-income ratio now at 38.3%, an improvement over year-end 2023. This reduction is largely attributable to the top-line growth boosted by higher recurring fees. On the other hand, the acquisition costs to gross commission ratio has edged up slightly in Q3, driven by increased bonus provisions linked to exceptionally stronger inflows into managed assets compared to the previous quarter and also year-on-year. Keep in mind that these bonuses on new money don't have an immediate offset in fees. Rather, the fees are earned gradually over the investments. Finally, market effects also contributed to our healthy net income during the period, thanks to overall positive mark-to-market and performance fees, totaling EUR 51 million, compared to a negligible amount in the same period last year. As far as costs are concerned, the 11% increase in G&A we see in slide number eight is largely in line with our indication and is likely to go down to 10% by year-end. Just as a reminder, the contributions to the banking industry line item were impacted by a change in scope. There was no contribution to the Single Resolution Fund in the past nine months, as it was fully funded with no further contributions necessary. The final payment to the Deposit Guarantee Scheme was accounted for in Q1. Additionally, the new contribution requested by IVASS on the insurance reserves was allocated quarterly on a pro-rata basis on a calculation estimate of around EUR 17 million for the year, thus EUR 13 million for the nine months, and while we are on the topic of costs, it's important to note that the increase in provisions for risks and charges is because last year this line item benefited from a significant increase in interest rates, which positively impacted the discount rate. Now, skipping to slide number five, I'd like to briefly comment on the business results for the first nine months that you are already familiar with. Total net inflows, which were already solid in the first quarter, had a major boost in Q2 and an extraordinary performance in Q3, ending up at EUR 7.16 billion for the nine months, a marked increase of 28%. Most notably, managed assets set an exceptionally positive trend, reaching EUR 5.44 billion, almost doubling last year's figure. I'd like to emphasize that each month in the third quarter, July, August, and September, all set new records compared to the same months in previous years. And as you can see in slide number 33, October performed just as strongly, with EUR 703 million in managed asset flows, bringing the year-to-date total to EUR 6.15 billion. Please note that in October, administered asset flows were also extremely robust, bringing total inflows for the month to EUR 1.37 billion, thanks to the significant traction of the latest time deposit promo offer that ended at the end of October. And while we are on the subject, to add further clarity, I'd like to recap the status of the promo offers of the past two years. First, the EUR 1.9 billion from the 6-month time deposit tied to the 2023 4% promo offer generated EUR 1.4 billion in managed assets, 72% of the initial amount. Second, practically all of the EUR 2.2 billion of time deposits from Q1 2024 at 5% promo offer have now matured, and we are actively working on their reinvestment, as reflected in the strong managed inflows you have observed, achieving a 52% conversion rate in just three months. Third, the recently concluded two-month at 5% promo offer this fall is expected to reach a total of EUR 1.5 billion, and will start to mature in March 2025. And not just that, I'd like to highlight that our impressive net inflows into managed assets also showcase the attractiveness of our signature intelligent investment strategy, which actually picked up speed in Q3. Let me reiterate our key point: flows are the backbone of our business and absolutely fundamental to our growth. In slide number 34, you can see that in the first nine months, we maintain our position at the very top of the Assoreti rankings by net inflows, with a substantial lead over the others in the list, and most notably, in managed asset inflows, even considering the new categorization that includes administered assets under advanced advisory, meaning with advisory fees on top. Please note, we hardly have any assets in this category. Consistently leading in these rankings is a clear indicator of our growing market share. That said, it is quite clear that our inflows into managed assets are so resoundingly positive that we are again in the position to adjust our 2024 guidance from EUR 6.5-EUR 7 billion to some EUR 7.5 billion. Driven by these strong net inflows, stable deposits, and favorable market conditions, our total assets surged to an unprecedented EUR 133 billion at the end of September, a notable 13% increase since the start of the year. Also, our credit book is expanding and has reached EUR 17.2 billion, up 1% since the beginning of the year. In fact, in Q3, we observed a turnaround compared to the weaker previous quarters, driven by a significant reduction in early loans payoffs and our initiatives to support mortgage customers. Loans granted are still lower year-on-year, however strongly recovering since the first half. The NPE ratio of 0.8% reflects the health of our loan portfolio, while the 12-month rolling cost of risk at 21 basis points aligns with our expectations. General insurance premiums also improved, marking a more solid increase of 6%, coming in at EUR 143 million. This includes a 17% growth in the standalone premiums, effectively offsetting an obvious decline in loan protection policies, which, however, have shown a good recovery since the first half, along with the trend in mortgages. Shifting focus to the further growth drivers, they are all trending strongly upward, as clearly demonstrated on slide number six, reinforcing our positive momentum. One of the standout achievements this year is our record-breaking acquisition of 149,000 new bank customers by the end of September, a 7% increase over an already substantial number in 2023. This growth reflects the success of our focused marketing efforts to attract primary customers. Additionally, our digital channel Selfy contributed significantly by bringing in 21,200 new customers, a 5% increase over last year. This accomplishment underscored the effectiveness of our digital strategy in expanding our customer base. This growth brought our total bank customer base to over 1,888,000, a significant 5% increase since the close of last year. The network has shown steady organic growth, underpinned by the ongoing recruitment and development of professionals from diverse fields and the gradual integration of the new banking consultants into the franchise. This deliberate approach brought the total number of Family Bankers at the group level to 6,352, a 2% increase since the start of the year. With this total, 332 banking consultants joined through the Project Next, actively supporting senior private bankers as of the end of September, which reflects our commitment to building a strong foundation for sustained growth. By the end of October, this figure rose to 354, with an additional 178 banking consultants currently enrolled in the Executive Master at Mediolanum Corporate University, as they progress toward active roles. At this point, we expect to approach 400 banking consultants by the end of the year, and it's clear we'll reach 500 relatively quickly, based on our current numbers. In closing, I'd like to highlight our automatic investment services, which play a crucial role in fueling our growth and are key to the steady reliability of our net inflows into managed assets. As of the end of September, assets in the money market funds of the Intelligent Investment Strategy service and in the Double Chance deposit accounts reached approximately EUR 3.4 billion, showing a prominent increase of nearly 16% since the beginning of the year. This growth was driven primarily by the resurgence of IIS, Intelligent Investment Strategy, as investors, after the rush of BTPs, are now increasingly looking toward long-term equity investments in a declining rate environment. As you well know, all these assets are scheduled for systematic monthly transfer into equity funds under IIS, and primarily into equity funds for Double Chance over the upcoming years. This unique approach of ours establishes a dependable foundation for continuous inflows, ensuring the steady growth of recurring fees over time. Unlike more volatile alternative strategies, it offers a reliable source of support that remains resilient, even amidst shifting external conditions. Additionally, our installment plans by now contribute EUR 1.64 billion annually in automatic investments into mutual funds, providing further consistent inflows that support long-term growth and recurring revenue, and you know, as they say, small streams make great rivers over time. Now, addressing another important aspect, let's move on to the balance sheet ratios. In slide number seven, our bank holds an exceptionally strong capital base, providing a solid platform for future growth and a reliable cushion against economic and regulatory changes. This financial strength reinforces our standing as a safe institution for both our customers and investors. Our CET1 ratio remains extremely high at 23.4%, with a leverage ratio of 7.3%, providing substantial capacity for organic growth and allowing the board plenty of flexibility to continue increasing our attractive dividend distributions. In line with this, the board of directors has resolved to pay a higher interim dividend this year, namely EUR 0.37 per share, compared to EUR 0.28 last year, to be paid November 20 and corresponding to a total of EUR 273 million. Having said that, as already discussed, the implementation of the final Basel III regulations next year is projected to reduce our CET1 ratio by around 2 percentage points, based on our preliminary assessments. Shifting our focus to Spain, let's take a look at our progress in this key market, as we can see in slide number 31. Spain registered an operating margin of EUR 65.3 million, growing in the period by 2%, while net income had a substantial gain of 10% compared to the nine months last year, reaching EUR 54.4 million. Total assets grew by 15% since the beginning of the year, hitting EUR 12.2 billion, of which nearly EUR 8.9 billion are in managed assets, an increase of as much as 22%. Net inflows total EUR 918 million, 46% higher than the same period last year, with managed assets inflows actually contributing EUR 930 million, marking an impressive 131% increase, largely driven by the success of the Double Chance service. In this regard, you may have noticed that net inflows into managed assets in Spain reached a record of EUR 143 million in October, pushing year-to-date managed flows to over EUR 1 billion, more than the same period in 2022 and 2023 together. This incredible growth was further supported by a record high customer acquisition, which surged to 32,000 in the first 10 months. The credit book gained momentum over the past 9 months, exceeding EUR 1.42 billion, a 6% increase since the start of the year, driven largely by a consistent volume of mortgages granted. The number of family bankers held relatively steady, showing a slight dip of 2% since the beginning of the year to a total of EUR 1,610. It's worth noting that our recent strategy has shifted toward improving the quality and productivity of our family bankers, aiming to increase average assets per advisor, a similar approach to what we successfully implemented in the domestic market over the past decade. We are especially focused on helping those who've joined us in recent years grow and develop individually. To wrap up, our customer base in Spain has grown to EUR 248,000, a strong 7% increase from the start of the year. Now, there is something very important I'd like to acknowledge. As we celebrate the growth and success of our operations in Spain, we are also profoundly devastated by the heartbreaking tragedy that has struck the Valencia region, and our thoughts are with those affected, their families, and the entire community. True to our tradition, Banca Mediolanum has taken immediate action to support our customers in the area by suspending (this is Banco Mediolanum, sorry) by suspending mortgage payments and other obligations for the time being, on top of providing immediate assistance to guarantee continuity of service, also by implementing dedicated solutions to address payment challenges. Once there is more clarity on the extent of the damage, we will set aside funds to assist our customers and family bankers who have suffered losses, whether to property or, more tragically, family members. In the meantime, we have created an emergency aid donation fund for the community, open to contribution from the general public. Banca Mediolanum will match the amount collected, effectively doubling the total contribution. Shifting focus and looking ahead, I'd like to recap our guidance for 2024. Net inflows into managed assets around EUR 7.5 billion. In 2025, flows are expected to remain equally strong. Net interest income to grow by about 8% compared to 2023. Based on current interest rate curves, a decrease of approximately 3% is expected in 2025. Cost-to-income ratio for 2024 below 40%, cost of risks or risk at some 20 basis points, dividend to increase compared to the previous year. Please note that as of November 5th, performance fees accrued but not yet crystallized amounted to EUR 230 million. In closing, I want to convey how proud we are of our nine-month results. Let me reiterate a point I consider essential. Our achievements go far beyond mere figures since they reflect the strength of our strategic choices and disciplined follow-through. Simply put, we've been doing exactly what we set out to do, laying down the foundation for what we believe will be our best year yet. Thank you for your engagement and support today, and Alessandra, I pass it back to you. Thank you, Massimo. And we can now start the Q&A session. Thank you. If you want to ask a question, press star one one on your telephone keypad. You will hear an automatic message that will confirm your request. If you want to withdraw your question, press again star one one. We can now move on to the first question from Elena Perini in Intesa Sanpaolo. Hello everyone. I have a question concerning the banking sector in general. We have seen Banco BPM takeover bid for Anima, and I would like to know what your considerations, what your views are. Do you think this may have some potential impact on the sector? And also, do you think that in addition to product factories, maybe other banking groups may be interested mainly in sales networking, taking over sales network? So I'd just like to have an idea of what you think in general on this subject. Then I was reflecting on your guidance concerning inflows into managed assets, which is really quite robust. So you think that in 2025, you think you can achieve EUR 7.5 billion once again, I guess, by converting or switching all of the assets you have gathered thanks to deposits? Okay, first question first, Banco BPM Anima. It's a beautiful deal, but we all know that vertical integration generates positive business impact, positive impact in terms of performance, and does not damage customers in any way. We are already vertically integrated, and we are not the only one in the market. So I really think that this is an absolutely excellent deal by Banco BPM. I really don't see any impact on us, really zero impact on us. This deal may induce some traditional bank to acquire a network of consultants. Well, I really don't know. We know how many sales networks are there in the market. The only thing we heard talking so far was Mediobanca and Banca Generali. That is the only rumor that was circulating. If something happens and materializes, I really ha ve no idea. Guidance as to 2025 net inflows into managed assets. Providing such a guidance is always difficult because it is really dependent on market performance. For instance, in 2023, we had provided a guidance for inflows into managed assets of about EUR 6 billion, and instead, we achieved EUR 4 billion only. So actually, you may think that was a disappointing result. Actually, we managed to gather EUR 4 billion in an Italian banking sector that reported EUR 22 billion outflows as per Assoreti report, and Banca Mediolanum managed to account for 51% of all inflows into managed assets in the Italian banking industry, once again as per Assoreti report. So those EUR 4 billion were an extraordinary result. In 2024, we expected EUR 5 billion inflows, 25% more over 2023, and we will probably achieve EUR 7.5 billion, that's to say 50% more than expected. Why? Because the market behaved in a given way and moved in a given direction. So once again, in absolute terms, in the market of sales networks, we are still the number one. In 2025, will we make the same kind? Will we report the same kind of inflows? Well, if markets are stable, you know, please consider that rates may go up. BTP may be hyper-competitive once again. Well, if those are the conditions that materialize in 2025, it will be difficult to achieve EUR 7.5 billion inflows. If the conditions are more, I would say, lenient, if they are more positive and the markets permitting, we should actually achieve EUR 7.5 billion. We will see that for this year as well, of course, but we have the potential to achieve that target. Well, thank you. And if I may, something came to mind right now. Speaking about the budget law, the stamp duty payment, the stamp duty will have to be prepaid most likely. What kind of impact may this cause? What's your view? Well, let me remind you that the impact would just be financial because, like I said, we would simply have to bring forward to prepay a duty that would have to be paid anyway. As far as the bank is concerned, the impact on DTAs, it's really ridiculous. It's really negligible. But we have to consider the insurance branch where the request, let me remind you that there is a stamp duty of 0.2% a year, and this is a stamp duty that must be paid by customers. Funds would normally, investment funds would normally debit customers annually, while for unit-linked, for unit-linked business and class three business, essentially, when a customer redeems, so at redemption, or if a claim happens, then you have to pay that 0.2% duty. So the insurance company knows that every year this 0.2% will have to be accrued, and at redemption, the customer would pay the stamp duty entirely. Now the government is asking us to prepay the overall amount right now, and once the customer redeems his policy, his unit-linked policy, will pay that duty back to the bank. What has not been established yet is the percent of this stamp duty that insurance companies will have to prepay. Out of the current stock we have, we have accrued stamps that customers, not the insurance company, should pay if they redeem everything today worth EUR 220 million approximately. So what kind of impact will the company receive in terms of prepayment? It really depends on the percentage that the government will ask to prepay on the accrued stock. If it's EUR 22 million, we'll have to pay, if it's 10%, we'll have to pay EUR 22 million. If it's 20%, we'll have to pay EUR 44 million. So we'll see how much we'll have to prepay. For sure, as far as the insurance portion is concerned, financially, the impact is really significant. I mean, is sizable. In terms of the bank instead, that is really negligible. Thank you, but let me also remind you that this is just a financial impact that is not going to impact our P&L. Next question, Giovanni Razzoli, Deutsche Bank. Go ahead, sir. Good evening. I have a number of questions, actually. The first one relates to performance fees, EUR 200 million. If I remember correctly, in August, they were EUR 140 million, so this was a net improvement. I would like to know which percentage of funds is above the high watermark, just to understand whether from now to the end of the year, everything else remaining the same, whether we still have room to see a further improvement of the performance fees that still have to be booked and to income. Then you announced an interim dividend of EUR 0.37 and a growth guidance based on the 2023 data that was EUR 0.70. I was wondering whether, considering this potential reserve that is tied to performance fees, should they materialize? Would the board or you consider a further extraordinary pickup of the dividend as it occurred in the past? Last question. I would like to ask about Spain operations. You highlighted that you had a very strong increase in inflows. So in 2025, it's likely that Spain's contribution to group inflows should be much higher. Thirty three percent of funds have a 6.4% advantage. 67% of funds have a 7.3% disadvantage. This is the situation that gave rise to the performance data you saw in the handout. With respect to the dividend, we expect to pay more than EUR 0.70 per share. Now, whether if we have a gross EUR 230 million revenues based on the performance fees, and you're asking whether we might have a special dividend as we actually did in 2021 and 2019, well, yes, possibly or potentially this could happen, but we're going to see this when we close the year and we have all the data at hand. But as I said, potentially this might happen. This might well happen. As far as Spain's net inflows, if we take a look at today's situation, we have EUR 5.4 billion net inflows into managed assets. Spain accounts for EUR 1 billion, EUR 930 million. It's really performing well and consider that it's actually doubling the last year's performance, and we hope this is going to be a repeat next year. Let me talk again about performance. 33% of funds corresponds to 56% of assets under management. So 44% of assets under management is below 7.3%. The remaining is about 6.4%. Considering what you just said, this means that potentially, and of course, touching wood, if markets are going to grow from now to year-end, there is still a strong upside with respect to performance fees because if you have 44%, if you ask the marketing director, he's going to say yes. If you ask the CFO, he's going to be more cautious. One month ago, we were talking about plus EUR 50 million. Maybe in recent days, it might have picked up a bit because there's a lot of volatility with respect to this figure. Thank you. Thank you, Giovanni. Next question, please. Next question, Marco Nicolai, Jefferies. Good afternoon. A question about your NII guidance. What made you change it? I was actually more amazed, surprised by the previous guidance compared to the new one. I'd like to know what changed in the meantime. And again, about NII, what do you expect in terms of deposit costs? I see that this quarter it's gone down slightly. What do you expect by the end of 2025? As far as assets under management, what kind of margins do you expect? And I'd like to know whether margins generated by Spain are more or less in line with Italy's or if there are differences. So NII guidance, the very first guidance we provided for 2024 was plus 10%. Currently, we revised it down to plus 8%, but it's really a slight revision, which originates from higher than expected inflows due to the 5% promo. We have gathered much more than expected, so the cost of funding turned out to be slightly higher than expected, which inevitably led to an increase in NII, which is slightly less high than before. But this is positive news, you know, considering our ability of turning inflows into deposits, into managed assets. Had we gathered EUR 3 billion rather than EUR 1.5 billion, the increase in NII maybe would have been lower instead of 8%, 6%, but that would have also meant that in the future, we could have turned even more money into managed assets. As I said earlier, when the funding we gathered during the time deposits in 2023, the first quarter of 2023, well, we managed to convert 72% of the assets gathered in the first quarter of 2023 in 18 months only into managed assets. And this year, in the first quarter of 2024, we turned EUR 3 million more. We turned 52% of the money we gathered into managed assets, and I think that the transformation is going to be the next one in line with the one we reported in the first quarter, so we have gathered more money via these promos and these deposits, and so the cost of funding has grown slightly, but even though NII grew slightly less, we will have EUR 2.5 billion managed assets more than expected. If we could go back to January 1st, 2024, I would have immediately signed off a lower NII growth, say a couple of billion less, eight rather than 10, provided I can receive EUR 2.5 billion assets into managed assets. NII could be sort of flat, maybe plus 1%, and that flattish NII is due to the fact that the Euribor curve lowered compared to the forecasts we worked out in August, so it used to be 2.55, and it's 2.37 now, so this delta of EUR 0.20 that are missing are the cause of this new lower forecast, but once again, it's a forecast, then the average Euribor next year maybe won't be 2.37, maybe goes back to 2.55, or maybe 2.17. As a consequence, interest income will move in tandem with these shifts. The cost of funding, we expect 20 basis points less on retail funding and 50% less in total funding. These are the data that led us to that guidance. Let me also say that the CEO has clearly explained how we provide these guidances because if you look at the curve in July and today's curve, the reduction, the lowering of the Euribor curve is really significant. It all depends also on the length of the period you take into account. As far as margins concerning managed assets, margins generated by Spain is identical to Italy's because the vast majority of products are identical to ours. That's to say they sell Mediolanum International Funds products. Then we in Italy sell also Mediolanum Gestione Fondi, which are not sold in Spain, but in Spain we sell Mediolanum Gestión, which is the Spanish version. But let me also remind you that the margin is slightly thinner or it's slightly declining due, number one, to the fact that we sold mainly, almost exclusively, I would say, bond funds this year, whose recurring commissions are slightly lower than equity funds. But of course, you cannot just sell equity funds exclusively so as to have more fees, you know, because the objective is retaining customers. So for many years, bonds and bond funds were difficult to sell and were not efficient, were not profitable for customers. But now fixed income is once again an attractive asset class. So we have started selling more bond funds to rebalance our customers' portfolios. But we still sell a lot of equities. As you can see, we have a 59% equity portfolio. A few years ago, equity went below 50% because of the market conditions. We had an average commission of 203 basis points. There was a diminution of or decline of two basis points, and that was partly due to the fact that we started selling more bond funds. Equity funds used to account for 61% went down by two percentage points to 59%. What is really impactful in terms of average fees is the money market funds that are combined to the intelligent investment strategy. At the end of 2023, we used to have EUR 1.67 billion in money market funds tied to IIS. Currently, it is EUR 2.24 billion, so plus 36%. This money market fund has a current commission or fees of 25 basis points. Every million that goes into that basket has a significant impact on average management fees. And one of the reasons why we passed from 203, 204 average basis point fee to 214 or 215 basis point was the year 2022 when the markets collapsed. And so due to Intelligent Investment Strategy, many more assets were switched from money market funds to other types of funds, specifically equity funds, because this money is moved on a monthly basis. But depending on how deep the decline is, this transfer can be doubled, tripled, or quadrupled. And in 2022, there was a very strong passage from money market funds to equity funds. So money market funds that would pay a recurring fee of 25 basis points was transferred into funds that were paying 250 basis points in terms of fees. So that was a change of step quite significant. Next year, we expect, depending on how IIS performs, we expect a couple of cents decline again. But what I really want to underscore is this: we have a level of average fee which is clearly higher than the rest of the market. And please compare these performances, these results to other retail products, not to products for institutional investors. So this high margin isn't really due to our products' pricing, but rather the asset mix. Fifty nine percent equity is something that no one else has the ability to sell. And as you know, equity funds have recurring fees that are much higher than bond funds. Thank you, Marco. Next question. Luigi De Bellis, Equita SIM. I have two very quick questions. First of all, can you give us an update as to bond funds in your clients' portfolios that are going to come due in 2025? Which are the funds that are going to come due in the same time period? What is the shift to assets under management and whether you have detected greater risk propensity among your clients? Second question. Can you explain what are the drivers of the dynamic that we have seen? There has been no further capitalization between the second and the third quarter. So RWAs increased and the ratio declined. EUR 159 million worth of earnings of net income remained within the capital. So once the final dividend is going to be distributed, we are going to have a more linear distribution of this value. As to the first question, we have about EUR 1.5 billion worth of six months' deposits that are going to come due in 2025. And of course, we are going to work on them in order to transform them into assets under management. Then we have EUR 2.2 billion. Let me rephrase this. We still have a portion of the six-month deposits' inflows in the first quarter. Fifty to 52% has already been turned into managed assets. At a certain point, we are going to reach the 70% by the end of the year. So there will be little that can be turned into assets under management in 2025. But between September and October, this slot is going to come due in 2025, and we're going to work on them. As to BTPs, EUR 500 million are going to come due, are going to expire by now and the end of the year. These are BTPs held by clients. And a big portion is going to be turned into managed assets in 2025. I do not have the 2025 maturities of bonds held by clients available now, but I will certainly come back to you with this information. Thank you, Luigi. Or, by the way, sorry. Generally, in order to turn them into managed assets, we go through the IIS or Double Chance. Of course, this most of the time, but then we also have certificates and other ways to turn them into managed assets. Next questions. There are no other questions on the Italian line. I switch to the English line for questions. Thank you. As a reminder to ask a question, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, please press star one and one on your telephone and wait for your name to be announced. Thank you. Once again, please press star one and one on your telephone and wait for your name to be announced. We have no questions on the English call. I'm now going to hand back to the Italian call. Thank you. Thank you. Let me remind you that in order to ask a question, you have to press star one and one and wait for your name to be called. There are no other questions on the Italian line. I hand it over to Mrs. Lanzone. Let me thank you all for your time and spending your time with us at the end of the day. I know this was a very, very busy day for all of us. We'll come back in February and we'll let you know the exact date as soon as possible. But in the meanwhile, let me say good evening to everybody and thank you. Ladies and gentlemen, the conference call is now concluded. Thank you for your.