Hello, welcome to CGD's conference call. This call follows the 2022 full year results release, which took place yesterday. It is possible to follow the results presentation from the CGD website. The CFO, Mrs. Maria João Carioca, the Head of Treasury, Mr. Marco Azevedo, and the Head of IR, Mr. Nuno Pereira, will guide you through the presentation and a Q&A session will follow. Hello, good morning. I'm Nuno Pereira from Investor Relations, welcome to CGD's Full Year 2022 Results Presentation. 2022 has been a year of many achievements for Caixa, with the bank maintaining and even consolidating leadership positions in many core markets. It has had an improved contribution from its international activity, it has won the recognition from many independent sources in terms of its brand reputation as well as risk assessment from the supervisor and rating agencies. To guide you through this year's results, without further ado, I will hand you over to CGD CFO, Mrs. Maria João Carioca. Thank you. Good morning, everybody. Thank you very much for joining. It is a pleasure to be with you today after yesterday's results presentation. I will try to guide us through some of the core highlights of our 2022 results. I'll be using the results presentation that's been made available in the public site. Hopefully you'll be able to follow it along with me, and I'll try to be as quick as possible in these highlights so that we then have ample time for any Q&A and any issues that you choose to raise. As Nuno was just putting it, 2022 was a year of significant achievements for Caixa and, you know, steady and continued improvement in our performance, which is precisely the type of behavior and the type of performance that we expect to continue to deliver. If we jump to page six in the presentation, I think it gives a rather colorful, but synthetic overview of some of the highlights of 2022. It's a year underpinned by EUR 843 million net income. This is a 9.8% ROE, and this is a relevant threshold for us. It's a path towards an adequate capital remuneration that has been one of the hallmarks of our restructuring program and certainly one of the hallmarks of our strategic plan towards 2024. 2022 in particular was a year where, as Nuno also highlighted to an extent, we've had good business dynamics. A number of our leaderships and a number of our targets growth segments have exhibited positive behaviors. This is true not only of some of our more traditional segments, like mortgages credits, and I'll be touching upon that in the coming minutes, but also true of some of our growth intended segments such as consumer credit and more significantly SME's. It's also been, an historical level, certainly a good performance year, particularly taking into consideration the context where international activities are concerned, it's good to see the portfolio delivering in a balanced way. It's certainly good to see our international portfolio growing at a pace that is similar to the mother company like to put it that way, to CGD Portugal. All in all, this is one of the cornerstones that brings us to what is an historical dividend. Here indeed, the largest dividend paid at EUR 350 million. We're also highlighting, of course, the sustainability of these results and the strength of the figures that are underlying our financial performance. It's very solid in terms of capital strength, so our solvency numbers, we'll be touching upon them, are exhibiting very, very solid ratios and a stable and steady positive development. Also moving on to the other highlights. It's also been a year of very solid improvements, and I would like to touch upon those in some more detail in terms of improved balance sheet and asset quality. I think we will be touching to some more details the transaction that took place towards the very end of the year, whereby we liquidated our pension funds and have now a significant improvement in our, in the reduction of our volatility in net income and in balance sheets for the coming years. If I move through all these aspects in a bit more detail, if we jump to page eight, just to highlight on one of the aspects I started by touching upon. Maintaining our solid leaderships with our current customer base, but also being able to go deeper into some of the profit pools that we find to have potential for growth at Caixa. That's been something we've discussed with you throughout the year. It's in our strategic plan for 2021 to 2024. Page eight highlights this exact path as it's been taking shape and as it took shape throughout 2022 concerning our corporate credit. We retained our leadership, and we are pleased to announce some double-digit growth in the SME segment. In context, this was, of course, a challenge. It's been a year of volatility, uncertainty. Our clients are, of course, trying to work through their investment programs and their general activity. It was core for us to assess our ability to sustain the enhanced growth in these segments that we had planned for our strategic development. It was positive to reach this two-digit figure of growth. It was also positive to see the sustained market share leadership in terms of areas where it translates our ability to stay with our corporate customers and support their operational activity, and we illustrate that here with our market share in leasing activities. This is for corporates. The same is true on page nine for our family, our individuals, customer segments. Caixa has a well-known profile of being a safety haven, so to say, in terms of increased volatility. Our deposits base is the hallmark of that trademark for Caixa. What we saw throughout 2022 was an overall growth of a bit over EUR 5 billion, so EUR 5 billion in deposits. This in Portugal alone stood up to EUR 3.9 billion, so EUR 3.9 billion in increased deposits. This is leveled, and this is balanced with also significant activity and significant presence in other off-balance savings opportunities for our clients. In addition to the growth in customer deposits, we also registered an improved market share in investment funds, and the same being true in financial insurance products. Covering a broad range of savings opportunities for our clients, as is the historical performance of Caixa, good to see it happen and happen in a consistent way throughout the instability of 2022. Moving on to page 10, a quick highlight of where we stand in terms of financing to families. Challenging year for families, of course. Mortgage has particularly been the topic of many discussions. As you're well aware, Portugal is fundamentally a variable rate market. We've had a very steady performance in our mortgage loan stock, so we held on to our over 20%, 24% market share and had a slight improvement in our overall stock. On the right side of that page 10, again, a highlight on the delivery towards our strategic plan. Consumer loans is another of those profit pools where we understand their significant value for value generation for Caixa. It's one of our bets for the strategic plan. Again, double digit growth there. 14% growth in our stock from 2021 to 2022. Still, significantly lower stock than what we have in mortgage loans, but that's precisely the type of differential growth that we're trying to achieve. Here on the business highlight, a final note on page 11, concerning our ability to continue to serve clients in a way that's both positive towards our cost of serve and also positive towards our customer experience. We've reached the hallmark of 3 million clients with available debit cards. Caixa was one of the remaining banks in Portugal with alternative transactional instruments, the famous Cadernetas, that we've been replacing for the more flexible and the more modern, if you'd like to call it that way, simple debit cards. This is relevant fundamentally for what it tells in terms of our ability to be with our customer base, even the ones with a more traditional profile and with a less prone to digitize and just electronic banking usage. In any case, our progress in terms of active digital clients also speaks to our ability to be there in those segments that are now looking for a different experience. Again, 18% year-on-year growth in our active mobile customers, again, speaking to that push towards making sure that we are wherever our clients want us to be. This is kind of a quick highlight on where we were business-wise. We move on to page 12, we now go a bit deeper into, you know, what that translated to in terms of net income. It's been an over 40% growth in net income from EUR 583 million in 2021 to EUR 843 million in 2022. Page 13 breaks down for you the components of that result growth. What you'll see in that page is a breakdown of the deltas in the different items of the P&L. It's a pretty, it's a pretty well spread out set of developments taking us to the result of 22. International units contributing, as I mentioned before, the whole developments of the interest rate situation and in terms of just European Central Bank rates has of course, had a significant impact in terms of our income generation in the treasury. Actually one of the most significant contributions, particularly if you take into consideration that back in 21 we were paying for our resources at the European Central Bank. That was no longer the case for the second half of 22. That, given the structure of our balance sheet is of course a major, a major tailwind in our P&L. Domestic income from our retail activities, as I was alluding to before, sustained leadership positions, growth in significant segments and of course, the repricing as interest rates were moving, again, with our current balance sheet structure helping us capture, again, a significant improvement in terms of overall margin. All in all, these three components add up to a healthy growth in terms of our net interest income, and that was certainly one of the pushes in our 2022 results. We sustained our operational efficiency focus. You'll see here relatively contained developments in terms of recurring operating costs. This was achieved under an exchange rate and inflation scenario that was not conducive to very strong performances in terms of cost reduction. I'll be talking a bit more about that in the coming pages. I wanted to highlight also what's happening in terms of provisions and impairments. Here, a significant difference vis-à-vis the 2021 performance driven not by our credit provisions. There you'll see that provision for impairments for credits, it's actually a very small variation of EUR 2.5 million. The figure of much more relevant, EUR 174 million that you see here is actually driven by the fact that back in 2021 we provisioned for restructuring costs, particularly personnel restructuring costs. That of course, has not been repeated in 2022. In 2022 we're running the usual, the intended usage of those provisions. Again, less stress in our 2022 results. This difference of EUR 174 million being explained fundamentally by the figure in 2021. This brings us to the final note I'd like to share with you concerning our net income for 2022. The pension fund transaction that I've alluded to already had an impact in our results of 2022. The difference between the valuation of pension fund responsibilities versus asset valuations at what were the terms of the agreed transaction versus what would have been the terms of an ongoing performance of the funds. That difference was of approximately EUR 245 million, and it was a reduction in our net income for 2022. We'll be getting into more detail in the coming minutes. It was all in all a transaction that even though it has this significant impact in terms of reduction of net income in 2022. We see it as a very positive transaction for Caixa, particularly as it builds up the quality of our future performance, of our balance sheet, of our P&L, and it significantly reduces volatility that was inherent in the terms of the accounting of our pension fund as it stood before this transaction. All in all, a good picture, and some detail on it. Page 14, just something that remains relevant in the Portuguese banking industry, the high results now, need to be communicated and put into perspective from the fact that back in 2011, we started a cycle of losses that has not yet been fully compensated. Some of the more public discussions on extraordinary income and on excessive returns in the banking sector definitely need to be put into perspective given the historical performance of the sector and given the historical ability of the sector to actually provide adequate returns on equity. I think a picture is sometimes worth 1,000 words, and I certainly hope this in the right context will be worth those 1,000 words. Moving quickly to page 15, just a quick note on fees and commissions also, a normal topic of pressure concerning the nature of the income being generated by the banking sector. We are happy to highlight the fact that our commissions are continuing to grow but are doing so around products that are related either to our customers savings profiles, so investment funds, insurance products, and are also related to the fact that our transactional activity with our customer base has registered significant growth. Still on the aftermath of what were the major reductions throughout the COVID period. We experienced a 20% increase in the volume of purchases with Caixa's cards, debit and credit cards. That, of course drives, much of the growth in commissions here, so it's not a repricing driven growth, it's significantly more driven through enhanced activity and additional engagement with clients. Now, on the flip side of the P&L, the cost base on page 16, heavily influenced by the pension funds transaction. Otherwise continuing to register our focus on contained developments in the cost base, both on personnel costs and on other administrative expenses. This is true both on the domestic side, certainly also true on the international activity, hence on the consolidated figures. I think, nevertheless it is important to take into consideration that throughout 2022, exchange rates were an additional pressure point towards cost raises, cost increases in our overall cost base, and that is to a large extent behind the growth figures that you see on the consolidated basis. Nevertheless, moving towards page 17, what we see is that in terms of recurrent cost to income, what we see is, you know, a significant improvement in the ratio. Of course, the significant growth in income is driving part of this performance. The difference between recurrent and non-recurrent should also highlight the impact that the pension fund transaction had here. Should we not have had that impact, our cost discipline would is more visible and again, is delivering on track with what were our ambitions for this, for this respect. Now, quick additional notes on the international activity, just to let you know that throughout our different operations in Mozambique, Macau, Angola and France. Our key international activities, those contributed approximately EUR 200 million to our total income. Very different macroeconomic context across these economies. It's very different drivers also sustaining their respective results. Certainly good improvement in terms of net or credit activity and net interest income generation in Mozambique. Macau being able to offset some of the constraints in terms of actual business in the context of COVID zero, but being able to offset that with some additional cost reductions, to make sure that they were still delivering at par with their size. Angola benefiting to some extent from the improvements in the sovereign debt at the country and again, general macroeconomic conditions stabilizing. France with a one-off in the sale of our headquarters. Again, it's a consistent move towards a more efficient operation. A one-off, but in any case, bringing their contribution up to the EUR 30 million mark. Balanced and steady and again, a 44% growth at par with what was the growth of the Portuguese business, and that's speaking to our goal of sustaining a balanced portfolio. Page 19, just to highlight the fact that this is actually the highest ever result for this set for our international portfolio as it stands now. Relevant in terms of cheering up and cheering onwards our operations towards sustained growth and performance. Page 20 brings us to, you know, the actual outcome of all of this. What are we giving back to investors and the shareholder? We map it out for you what is happening in terms of distribution of dividends and repayments. Towards the right side of the chart, you see the EUR 352 million expected dividend. This is according to our dividend policy. We're maintaining our course in terms of proposing to our shareholder a dividend distribution. That's even though our solvency ratios and our general quality and asset quality and funding and liquidity position is certainly very solid, we see continued value in sustaining our dividend policy there. On top of that, 2022 was indeed a very long year. It seems like an eternity since we called our AT1. We are now preparing and gathering the necessary authorizations to be in a position to call our Tier 2 when it reaches that point in June of 2023. Additionally, and again related to the pension fund transaction, the terms of the transaction will also allow us to free up additional space for an additional dividend payment, this time in kind. We expect our headquarters building to be paid over to the shareholder as dividends. That transaction is still... That part of the transaction is still pending the necessary valuations and the necessary assessments. There's not a set value to the transaction. We expect the building to be of a value. It currently is in our books at around EUR 270 million. We expect it to be reexamined and the neighborhood of EUR 300 million is within our expectations, but again, no set figure for that right now. All in all, a total repayment of EUR 2.3 billion, and we keep looking into 2017. That's the total value of the recapitalization. Still ongoing progress, making sure that we continue providing adequate returns. Page 21, moving on to what we see one of the good, one of the highlights of 2022, the sustained improvements both in our reputation and in our capital, in our capital base. Reputation, I'll go quickly through. It's fundamental for us as we see that the size of our customer base and the nature of our relationship with our customer base makes it particularly relevant that we remain a trustworthy, reliable, and top of mind bank for the Portuguese market. That's precisely what page 22 and page 23 give evidence of, a very broad positive acceptance in a sector that's all in all challenged in terms of reputation. That continues to be the case. Caixa is above its peers, and that is of course relevant where business generation is concerned. Page 24, a note, even though a brief one, concerning the fact that part of our leadership and our, you know, our positioning, is also that we have a leadership position for the Portuguese markets in sustainability. You've seen us come to market with ESG and green issuances. That's part of what's been driving our ability to read the actual requirements for this push towards sustainability. Of course, we've also been very active in what brings us close to our Scope 3 targets, so very active in terms of sustainable finance and making sure that we're present in relevant deals and are financing our clients with relevant amounts in terms of the ESG operations. Now moving onto capital, page 25, reaching a total capital ratio of 20.2%. Significant buffer of 9.6 percentage points where Core Equity Tier 1 is concerned. This is fully loaded ratio. 2022 stands at 18.7 Core Equity Tier 1. Page 26, kind of bringing the outcome of this solid performance and solid solvency. Again, one of those aspects where we were talking to you earlier on in the year when we got the upgrade from Fitch to investment grade. That return to investment grade was, of course, one of the hallmarks of 2022 for Caixa. Lost during the crisis, recovered at cost throughout a heavy restructuring program, but a significant achievement for us. Also the positive signaling that comes with the positive outlooks throughout May and early this year already on January. Given our current performance and given our current funding, this is good performance, and this is the type of continued positive outlook that we wanna sustain and that we believe deeply reflects the current performance of our bank. I'd say that the same reading is on page 27, shared by our supervisor. We've had another drop in our P2R requirements, a drop that brings us below European average, and that is, of course, for a bank of our size in a market such as the Portuguese market, something that we cherish and value. It's a challenging situation to sustain. Continued reductions are of course hard to come by, but it's a solid performance, and I think it reflects the fundamentals of the bank, and it reflects those fundamentals after a heavy scrutiny. Positive, positive there. Page 28 gives you some additional detail on where we stand vis-à-vis the requirements and our actual capital ratios. I'm glad to take questions on this going forward. No particular highlights here. I would move on to page 29. Again, 2022 was a year of tough decisions concerning the funding of our expected MREL requirements. Tight windows, a lot of uncertainty as to whether pre-funding was the right way to go about this. We opted for making sure that we reach the end of the year precisely as where it got us. Organic capital generation plus a relatively extensive pre-funding strategy got us to a very comfortable position in terms of MREL. Our value at the end of 2022 stood at 27.82%. That's a significant difference versus our 25.95% target for completion in 2024. Additional detail on page 30 as precisely what I was mentioning in terms of how has our capital formation been taking place. Healthy organic capital generation, a steady dividend distribution policy. All in all, still resulting in a positive impact on Core Equity Tier 1. This is a 6.7 performance and improvement vis-à-vis what was our situation at the start of our restructuring program. I know this has been a long time back in 2017. Sounds like a very long time ago. Those were stressful years, we continue to go back to that reference. Moving on to page 31, sharing with you some of the additional ratios that talk back to the same story of very solid position. Leverage ratios, access ratios, and our risk-weighted density still exhibiting the solid position of our bank. I would move quickly onwards towards the final part of our conversation. This has to do with one of the definitely differential aspects of 2022. This was a year with a number of cumulative events towards a significant improvement in the quality of our balance sheet and then in our overall asset quality. A significant reduction in restructuring funds. We've been discussing with you, one of the transactions that we had underway, precisely with the reduction of exposure to one of the largest restructuring funds that we were invested on. That transaction finally took place towards the end of the year, and that is precisely in the direction that we were aiming for. A significant reduction in non-productive assets. Also supported, of course, by continued reductions in our non-performing loans, the ratio evidencing precisely that performance. All in all, and I'll be talking some more about that, a cost of credit risk that towards the end of the year, consolidated at marginally negative, I'd say. Fundamentally, 1 basis point negative cost of credit risk reflecting the favorable evolution of our portfolios. I'll also be talking a bit more about the follow-up that we've been making there. On page 33, the depiction of the improvement I was just alluding to. It's a consistent improvement across all non-performing asset classes. Both on NPLs, also on foreclosed assets and on corporate restructuring funds, as I mentioned before, totaling at EUR 624 million reduction, and leaving us with a total value of just under 2.5 million EUR thousand million EUR for this set of assets. I think here the highlight is precisely on the continued reduction, with all that reduction entails in terms of balance sheet productivity. Page 24, additional detail on our non-performing loans evolution. The ratio, we've mentioned it before, it now stands at 2.4%, and we'll be talking some more about how to put that ratio into perspective vis-à-vis coverage levels. I wanted to highlight here the fact that a lot of our NPL evolution continues to take place through cures and recoveries. All in all, continued inflows, of course. The macroeconomic context is conducive to that. Recovering and curing credit at a faster pace and at faster amounts than inflows. That's a positive hallmark again of our performance in 2022. Page 35, a complicated chart. Apologies for that. Still the best way to give visibility to the tracking we're making of our credit portfolio. The breakdown by stages. Here, the familiar notation, Stage 1 is credit and compliance. Stage 3 is credit and default. What we see here in terms of the development of the portfolio, both at consolidated level on the left side and then in Portugal on the two center and right side charts, is Stage 1 still growing relative to the remaining stages. Of course, the loans that have had a moratoria back in the COVID context are the ones facing more difficulty. These are the ones where we see a slight increase in terms of growth vis-à-vis the previous year, but still only 10.6% of the total portfolio that had a moratoria back in COVID. A very contained risk segment and one that is being followed up with particular care and proactiveness. Page 36, additional data on not just our NPL, but also our NPE ratio, now standing at 2.1% on the right side of the exhibit. Page 37 to go into coverage levels as I was mentioning before. Standing at 139.6 overall NPL coverage by impairment from collateral at the center of the page. I think also very important to highlight, it's a, it's a sort of a specific, idiosyncratic, I'd say, retail banking characteristic for the Portuguese sector. We do have a 2.4 NPL ratio, and we'll see in a couple of pages that that still stands above European averages, or at least European benchmarks. We do have a significantly higher specific impairment coverage of 74.9 vis-à-vis the 44.1 that we see for European banks average. I should highlight here that the European banks number is for September as end of year figures are not yet available. Page 38, cost of credit risk. The natural outcome of the positive recovery and NPL performance, we come to end of year of minus 1 basis point cost of risk. Positive performance still on a cautionary note, continuing to make sure that we are adequately prepared for what may be a tougher 2023 ahead of us. In any case, 2022 was definitely turned out to be more benevolent than what we had initially expected on this, on this front. It's good to see it land at a figure that leaves us some room to face 2023 on a more positive note. Now coming to page 39 and the pension funds transfer transaction. Let me spend a couple of minutes here. Well, the transaction took place between Caixa and the Portuguese state. Fundamentally, it is the continuation of a first stage of that transaction that took place back in 2004. Caixa was originally had an original pension fund set up that was the equivalent to all publicly held companies in Portugal. The Portuguese government has been steadily moving towards making sure that publicly held companies have pension fund and retirement arrangements that are equivalent to those in the remaining companies in the sectors operating there. This is a transaction intended to bring Caixa to an operating setup that's at par with its Portuguese banking peers. Liquidating the pension funds and bringing its corresponding assets and liabilities to the Portuguese state. The transaction was conducted according to market conditions as required. Of course, these are related parties. We considered a conservative discount rate, and this was evaluated by our auditors, our actuaries, and the pension fund supervisory authority in Portugal, as well as the state auditing unit, to make sure that all parties were comfortable and agreed to terms that can be positioned as market terms. On the chart, you see the valuations on the center column for what would have been the continued reality for the pension fund had the transaction not taken place, so going concern. On the rightmost column, you see the values that were actually the settlement scenario values agreed for the transaction. Let me note here the transaction also entailed a compensation mechanism. For the next five years, this mechanism will be active and should the terms of the transaction in terms of discount rates, salary and pension growth, so the detailed financial terms for the transaction, should there be any deviations from those, there is a buffer of EUR 320 million entailed in the transaction that may actually come into play for the next coming years. It's a capped value, so maximum EUR 320 million at stake as additional compensation for a period of five years. The impact of the transaction in our P&L, as I mentioned before, in 2022 was of EUR 245 million-EUR 246 million additional staff costs. This was precisely the difference between the ongoing scenario for the going concern versus the settlement scenarios. All in all, the transaction is expected to have a positive impact in terms of capital ratio and REL ratios. This will be a 24 basis points impact in total capital and a 22 basis points impact in REL ratios. Moving on to page 40, additional information on our funding structure. Familiar to you, we continue to have a relatively low loan-to-deposit ratio, a liability structure heavily loaded towards customer deposits. Our liquidity situation is, as you know, well within our regulatory requirements, well above. I think that's transversal to the industry these days. Our Net Stable Funding Ratio now stands at 183%, so an increase versus last year. Page 41. We've liquidated our TLTRO. We've reimbursed it, as you well know. It's 5.8 billion difference versus 2021. We now have no remaining amounts of TLTRO. Our balances as a central bank and eligible assets continue to stand at comfortable levels above EUR 336 billion, with 1/3, 2/3 split between eligible assets and just cash and equivalents at central banks. This is for the Portuguese operations. Page 42, also some additional information on our securities portfolio. We've shared with you throughout the year and, even previously, what was the intended strategy for our portfolio. It was fundamentally a volatility. A P&L volatility reduction strategy. We saw the interest rates in the market context as one that would be beneficial to insulate from. We geared our portfolios towards amortized costs. You see now that these are portfolios heavily geared towards that same amortized cost at the center of the page. We've also rebalanced our exposure to our sovereign. On the left side of the page, you see Portuguese sovereign debt now standing at 41% of our portfolio. Sovereign and supranational debt accounts for 93% of our total debt securities. Part of the insulation movement, making sure that we retain only adequate proportions of interest rates, also geared us towards a relatively short duration in our portfolios, let's put it that way. You see here on the right side of the page that 37% of our financial assets at fair value now have a tenor of under one year. Page 43. To finalize, it's kind of a wrap up of where 2022 landed us at. Again, a very solid year in terms of profitability, solvency, asset quality, funding and liquidity throughout. Landing at what we see as a good solid position vis-à-vis our Portuguese peers and certainly vis-à-vis also the European average. Both on operational efficiency with cost income, also on solvency, returns on equity with a 9.8 figure being reached by the end of 2022. Then, asset quality, positive indications with our non-performing and coverage ratios also standing, in particularly if you take those two in combination, also standing at a favorable position in the sector. I would wrap up here. Thank you very much for your attention. I would hand the floor over to Nuno to guide us through the Q&A session, should there be any additional questions. Thank you. Yes, please. If you do have a question, we would be glad to take it and provide detailed explanation on your point. At this time, if you would like to ask a question, please press star one on your touch tone phone. You may withdraw your question at any time by pressing the pound key. Once again, to ask a question, that's star one. We'll pause a moment to allow any questions to queue. It does appear that we have no questions at this time. I'll turn the floor back over to Nuno Pereira for closing remarks. Okay. Well, thank you for taking time out for our presentation today. As always, the Investor Relations team remains available to take your questions should there be more any other queries at any other point in time. Thank you again, and have a nice day. The audio webcast will be available on the CGD website.