Welcome to CGD's conference call. This call follows the first quarter 2024 consolidated results release, which took place yesterday. It is possible to follow the results presentation from the CGD website. The CFO, Ms. Paula Geada, and the Head of IR, Mr. Nuno Pereira, will guide you through the presentation and a Q&A session will follow. Hello, good morning, and welcome to CGD's first quarter results presentation. Here to guide you through the presentation is our CFO, Ms. Paula Geada. Good morning, and thank you for accepting the call. I think we can start on Page seven. We can see the breakdown of the net income. CGD achieved a net income of EUR 394 million in first quarter of 2024, at 38% growth compared to the same quarter last year. The CGD benefited from the positive evolution of the net interest income, the reduction of the regulatory costs, as well as improved credit recovery and a lower cost of risk. The domestic activity contributed to EUR 344 million to consolidated results, and the international activity with EUR 51 million. The consolidated net interest income increased by EUR 105 million, reaching EUR 716 million, mainly due to the contributions of the activity in Portugal. Going to Page eight, next page. The year-on-year growth in net income is justified by the growth of the net interest income, domestic treasury of EUR 84 million, Tier 2 issuance settlement in June 2023, reduced interest paid, while liquidity remuneration benefits from the market development deposits in central bank. There is also real event impact in provisions and impairments for credit risk, and I want to highlight the improvement in credit recovery contributes with EUR 25 million to net income. We had also a reinforcement of the provisions for the compensation mechanism and the Decree-Law that transfers the liabilities of pension funds to the Portuguese state. On Page nine, we can see the evolution of net interest income. The net interest income margin in 2024, first quarter, was 2.7%, with a growth of 0.5 percentage points compared to the same period of last year. In domestic activity, the impact of rising interest rates on the operations of segments of individual and corporate, customers and other CGD customers contribute thirty million to the increase in net interest income. Also, the treasury contributes with eighty-eight million to the net interest income. The interest paid growth by 60%, while interest receipts growth by 7.8%, and peak margin recorded in October 2023. Going to the next page, to Page 10, we want to highlight that capital generated since twenty seventeen exceeds by 1.3 x the public investment of the recapitalization plan. The increase in results enabled CGD to achieve EUR 9.9 in equity capital and to generate, since the recapitalization, organic capital of EUR 5.2 billion, exceeding the recapitalization plan three point nine billion euros. CGD paid the total amount of EUR 2.2 billion and retained capital of EUR 3 billion. On the next page, on Page 11, and as you know, CGD has had a dividend of EUR 525 million referring to the last year. After this dividend payment, the public cash recapitalization will be repaid at 90%. The outstanding amount to achieve full refund is EUR 600 million. Going to the next page, Page 12. CGD maintains leadership in the market share. CGD is recognized by its customers, as can be seen from its leading positions in different products and services. CGD Group maintains the leadership on deposits, on credit, service, and investment. And, I think in the next slide, we can see this with more detail. Moving on to Page 13. Digital business is growing strongly and CGD is market leader in Portugal. Digital continues to occupy a central position in CGD strategy in first quarter of 2024, as reflects an increase in the number of active digital clients and online sales. In the right-hand graphic, the number of financial transactions up more than 9% year on year, and the number of active digital clients reached 3.1 million, and this represents 68% of total clients. The mobile channel reported 3% growth. Moving to Page 14, CGD actively contributes to sustainable development, and this is another key pillar of our strategy. In 2024, Caixa held the sixth edition of its Caixa Mais Mundo Award, in which it once again distinguished the best Portuguese student in the 2023/2024 academic year. As regards the environment, Caixa was distinguished on the European level as one of the 600 companies leading in the fight against climate change, according to the Europe's Climate Leaders 2024 ranking produced by Financial Times. Caixa has been developing several projects contributing to its recognition as a climate leader. And I think it's important to distinguish the fund managed by Caixa is now classified under Article 9 and now assuming an explicit objective of sustainable investment. On Page 15, in terms of governance, Caixa published its sustainability report regarding 2023, and implemented measures points in ECB Guide. As part of implementation, in the implementations of ESG corporate strategy, the international entities of CGD Group has been reinforcing their operations. On Page 16, in terms of awards, CGD continues to be distinguished by its performance, both in digital, in customer service, and ESG. And now, and moving to the results and balance sheet, and going to Page 18, CGD continues to lead in business volume in domestic markets. Moving on to Page 19, Caixa continues to be a trust brand for Portuguese, and maintains its leading position in total customer deposits, with a 22.7% market share. In domestic markets, the customer deposits increased 2% year-on-year. In these three months, Caixa has highest value of customer resource compared to the other Portuguese banks. Skipping to Page 20, in Portugal, the loans and advance to customer grew EUR 382 million in the quarter. Corporate and public sector loan portfolio grew 1.7%, with a market share of sixteen point nine percent. Loans and advance to SME market share improved to 15.9%, consistent with our strategy of economic support. Again, very positive performance, also on specialized credit. Moving on to Page 21, when you look at stock of the mortgage loan in Portugal, there was a slight decrease. This performance resulting from the increase in interest rates in an uncertain scenario regarding the economic development and the stationary trend. However, CGD maintains a leadership with a 23.3% of market share. In the first quarter of 2024, new mortgage loans presents a value of EUR 708 million, 22% more compared to the same period of the previous year. This was only possible due to a competitive offer of products, and by the promotions of new fixed and mixed rate campaign. The rate of fixed and mixed rate loans increased to 89% of new loans. In addition to the new two-year fixed rate offer, Caixa has made a new three and five -year fixed rate offer this year. Caixa maintains proactive support for families in first quarter by reducing the spread of mortgage loan operations and switching contracts to a fixed and mixed rate. Additionally, continues to implement the government's decree-laws. Skipping to Page 22, we want to highlight that CGD maintains prudent lending grant criteria, reinforcing the ability to absorb potential adverse shocks in the future. These criteria are all the more important with the length of time these assets remains on balance sheet of the bank. The LTV measured by weighted average mortgage loans of portfolio and new contracts in the last year decreased both 50 and 12 basis points. CGD has high quality mortgage book, with only 10% of the loans having LTV above 80%. Moving on to Page 23, the consumer credit grew 9% in this quarter, above the banking system growth 0.8%. The new loans market share is 6.2%, and CGD wants to reach higher. On Page 24, commission decreased 5% in consolidated and 7% in domestic, compared to the same period of 2023. As you can see in the right-hand graphic, credit and other commissions decreased 11%. This evolution is mainly justified by the application of exceptions and by lower processing fees, lower commissions of interbank service, and lower fees in transactions of financial instruments. On Page 25, the recurrent operating costs increased EUR 5 million, which represents an increase of 2.3% year-over-year. There was an increase in employee costs at 4.8% and general administrative expense at 0.7%. The increase in employee costs reflects an average adjustment of 3.25 in wage, including non-recurrent effects, the operating costs increased also in the working costs. Overall, the costs are growing at a very controlled level. The cost-to-income has a significant reduction and continues to show us an improvement of efficiency. On the next Page, 26, in Portugal, we have an improvement of the domestic activity efficiency. The recurrent cost-to-income is lowest on the national banking sector. On the next page, Page 27, the international activity was responsible to EUR 51 million. International activity was negatively impacted by exchange rate variations, particularly in the activity in Angola. Excluding the impact of exchange rate variations, the contribution of international activity will be EUR 55 million. Among the international entities, Macau and Mozambique were the ones that made the largest contributions to CGD Group net income, with EUR 18 million and EUR 17 million respectively. Moving to Page 28, in terms of asset quality, the volume of non-performing loans decreased of EUR 24 million, as a result of combined effects of the evolutions of components of cure, and recovery, write-off against inflows. The NPL net of specific impairment is below the European average. Moving to Page 29, the NPL ratio reached 1.6 2%, compared to 1.65% in December 2023, the lowest value in national bank and below European average. In March 2024, the coverage ratio increased to 175.2%, total coverage of 196.6%, including allocated collateral. The NPL net of impairment remains at zero. Skip to Page 30. NPE ratio also decreased. The cost of risk in this period was -0.29%, and this reflects improvement in the macroeconomic scenario and positive evolution of credit quality. On the next page, Page 31, when you look at the breakdown and the evolution by stage of our credit, both consolidate and domestic, domestic, it is pretty stable. Stage one loans represent 87.7% of the loans portfolio. The evolution of stage one reflects a better quality portfolio growing.... Regarding stage two, there was a decrease as a result of the improvement of the risk profile of the clients and the reductions of the amount in debt. Stage three remains at very low level and decreasing this period as a result of non-performing credit sales and costs. On the next page, going to Page 32, non-core assets continues to decline, and we are committed to lower this asset, these assets. Skipping to Page 33, funding structure growth in retail. With regard to CGD group funding structure, customer deposits assume a fundamental rate, representing 90% of total consolidated liabilities, excluding non-current liabilities as per case. The loan to deposit ratio remains at 63%. On Page 34, this part, the robust and sustainable liquidity position, CGD has an ample capacity to access funds. At the end of first quarter, the total value of CGD group assets available as collateral for the Eurosystem amount is around EUR 17 billion. The liquidity coverage ratio stood at 344%, a value much higher than the current regulatory liquidity coverage requirement of 100%. On the next page, on Page 35, capital ratio exceeded by far regulatory requirement to CET1 and total capital ratio, even after dividend payment. So through every requirement meets with ample margin. On the next page, on Page 36, according to decisions of the Single Resolution Board, as of January 2024, the requirements for own funds and eligible liabilities held by CGD is 26.33% of total risk-weighted assets. The MREL ratio as of March 2024, was 27.35% of total risk-weighted assets, and exceeding the target level determined by the resolution authority for mandatorily complying with the applicable minimum prudential requirements. We have another ratio that shows the solvency of CGD, with the CET1 ratio below 20%. Last but not least, on Page 37, just the comparison with the Portuguese and European average. CGD compares very well with all players in this period, but in terms of profitability, asset quality, efficiency, and capital. And thank you very much. Okay, we'll be glad to take your questions now, if you have them. At this time, if you'd like to ask a question, please press the star and one keys on your telephone keypad. Keep in mind, you may remove yourself from the question queue at any time by pressing the pound key. Again, to ask a question, please press star and one on your touchtone telephone keypad. We can pause for a moment to allow questions to queue. We'll take our first question from Rosalie Pinkney with Columbia Threadneedle. Please go ahead. Your line is open. Good morning. Thank you very much for the call. I just wanted to ask a little bit about how you see net interest income evolving over the rest of the year. Also, with the right backing cost of risk, how do you see cost of risk for full year 2024 as well, please? Okay. About the net interest income, we expect to be lower in 2024, compared to 2023, as a consequence of lower market rates and more demand for credit. And we expect a decrease in the interest rate all over the year. And in the first half of the year, there will be a great impact from cost of deposits, but also a positive contributions from available liquidity with the Euro system. In fact, the treasuries and the security portfolio management contribute to the year-on-year net interest income increase in first quarter 2024, more than twice the retail effect. Nevertheless, the higher cost of deposits being compensated by the greater stability. Also, there has been a recent increase in demand for fixed rate mortgage, which will make a positive contribution to Net Interest Income. And the next question is the cost of risk- Sorry, sorry, just... Can I just ask quickly, so how would it compare with full year 2022 net interest income? ... But I think, okay, we think that the Net Interest Income this year will be lower than the Net Interest Income in last year. I don't know if you- The interest rate? Okay, yes, but just compared with two years ago. But, but, but- 2023 was the peak year. Yes, 2023 is the peak of net interest income. So in comparison to 2022, of course, we expect to be higher than the net interest income in 2022, of course. Thank you. Okay. And in terms of cost of risk, we think that we can benefit more of the positive macro environment. So, we expect that the cost of risk is negative in all, in the year. And we expect that the lower unemployment in Portugal could help CGD and clients to and to improve the results. Lower interest rates, just nothing to become the human benefit. Yes. Mm-hmm. Mm-hmm. Once again, if you would like to ask a question, please press the star and one keys on your telephone keypad. There are no further questions on the line at this time. I'll turn the program back to our speakers. Okay. Thank you. Just want to thank everyone for attending the call today, and should there be any more questions, please feel free to contact the investor relations team. Thank you, and have a nice day.