This presentation will be in Swedish. Today, I am pleased to present the CEO, Nils Carlsson. Thank you very much, and welcome everyone and good morning to the Q4 presentation from Resurs Holding. Switching instantly to the next slide. You heard, my name is Nils Carlsson. I'm the CEO of Resurs Bank, and together with my CFO, Sofie Tarring Lindell, we're here to present our development during the fourth quarter. Moving on to slide three, which is a quick summary of the quarter with some numbers. During the quarter, we've seen that we've distributed and listed Solid Insurance. The numbers in this presentation, just as, you will have seen in the report we released this morning, we see the remaining, operations within Resurs Holding presented. We've chosen to display the information in the presentation, exclusive of non-recurring items for the year and the previous year to ensure that we present the underlying development more transparently. Sofie will go through the numbers and the non-recurring items and the one-time effect more in detail in a few moments. During the fourth quarter, we saw good growth in all our segments and all in our loan book growth compared to the previous year by 8% to SEK 33.3 billion, i.e., in a better pace than we've seen during previous quarters. The operating income was down for the quarter to the tune of 8%, amounting to SEK 753 million. The relatively lower revenue compared to last year is mainly explained by a drop in the loan book and in the margin in Norway, lower interest rate income in Denmark, and a mix impact in Payment Solutions. The credit loss level continued to see an improvement as a result of a good underlying credit quality in the lending portfolio, and the payment patterns of our customers remained very stable. All in all, the operating profit was down by 17%, mainly due to the lower revenue. However, if we take into account the non-recurring items during the previous year, the operating profit was up in the fourth quarter by 9%. We have a strong total capital ratio, 16.3%, and the board of directors intends to propose a further payment of a dividend of SEK 1.31 per share for 2021 to be proposed at the next AGM. All in all, cash dividend combined with the payment in the autumn will add up to SEK 4.31 per share. Moving on to the next slide, a summary of Q4 2021. More operationally then, this is how we would sum up Q4. As I mentioned, we've successfully distributed and listed Solid Försäkring, Solid Insurance, on Nasdaq Stockholm. This was an initiative which came to enhance shareholder value, both in the short and long term. There was a difference we noted in the valuation between insurance and niche banking, and at the same time, this initiative creates the preconditions for both companies to operate in a more focused manner and develop their respective areas. Despite the fact that Solid is no longer part of our group, they remain a very important collaboration partner, and it's part of our business model to offer insurance solutions to our customers. The agreement with Solid has not changed during the listing process, but it has been extended further into the future, however. We see positive growth now, and as of the end of September, our total loan book is up by 4%. We've seen a positive growth in all our geographic markets. That is something we have not seen for quite some time, so it's very gratifying, and it's testament to the fact that we work in a very focused manner. This is then combined with the recovery we've seen in the market in light of the development when it comes to restrictions linked to the pandemic. In Payment Solutions, we've had a positive sales development as more and more countries are recovering and countries are opening up after the lockdowns. Even Black Week, which saw greater net sales than ever for us, contributed, also, in fact, to a sales increase in all of the Nordics. We see that some industries and larger partners of ours continue to grow in a very strong manner. This has had, however, a negative impact on our margin developments. In consumer loans, we've seen a continued growth that's been positive in all markets. The loan book growth in the Norwegian market has been stabilized during the third quarter, turning upwards during Q4. This is something we haven't seen for the past three years, so that's very gratifying indeed. Since the end of June, early July, we see a growth in total in Norway of 8% and is the strongest performer in Payment Solutions, but also growing in loans, in fact. We continue the work on implementing our new core banking system, which we've presented before. It continues according to plan and during the most recent period, focus has been mainly on ensuring that we work together with our global cloud platform supplier Intellect Design Arena, one of the world's foremost suppliers of financial core banking systems, to those of you who are not familiar with them. The implementation is not just a unique milestone for Resurs. We will also be the first in the Nordics with a core banking system in the cloud. This system will guarantee faster and more rapid development processes of our services to customers and partners, and it will strengthen the customer experience even further. Implementation will be carried out country by country, and the plan is for the first market to be Norway more than likely. Next step is to begin the development efforts for the Norwegian implementation, and as we communicated previously, this will mainly be activated in the balance sheet, which means that only limited impact on the results can be expected during the implementation phase. Furthermore, in October, we saw the publication of the ranking of Sweden's most sustainable listed company in Hållbara Bolag 2021 by Dagens Industri, Aktuell Hållbarhet and Lund University. Resurs Bank ranks as number one amongst niche banks in this respect. It's a positive sign showing that we are moving in the right direction in our sustainability efforts and a lot will happen during 2022 as well, of course, with several concrete investments within Resurs sustainability, as we explained during the autumn. Moving on to page 5, Resurs Consumer Report 2021. We want to strengthen the sustainable customer experience. That's extremely important to us. Against this backdrop, during the fourth quarter, we published what we have chosen to call the Resurs Consumer Report 2021. Kantar Sifo received the commission from us to carry out 1,000 interviews in every country in the Nordics, and we have produced a report for each country. Here is a selection of the numbers for Sweden that we see here. The report outlines how consumers in society experience and avail themselves of consumer loans and credits using installment payment options and payment via invoice and Resurs Consumer Report 2021 shows that 4 out of every 10 private loans are used for long-term investments, such as financing an education, getting a driver's license, buying your own home, or renovate or invest in your home. The report also shows that 9 out of 10 consumers see clear benefits with the possibility of using installment payment options. You can purchase at a higher quality, which is more sustainable in the long term, or you're in a better situation when it comes to managing an unexpected cost. The report shows that installment payment is an important option for payment, both for consumers and society, and it can contribute to a greater extent to a well-founded consumption pattern and a more sustainable everyday life for more individuals. Moving on to the next slide. To have a look at the situation in our markets and our loan book trend over time. We see that it is gratifying that the negative trend in the Norwegian market has stabilized during the quarter. We see some continued challenges and a certain ratio of our customers end their loans in advance of their own choosing. During Q1, we intend to continue to focus on this. We want to step up the level of customer activities and selling against our database. In the Danish market, as you can see on this slide, we've had a challenge ever since the start of the pandemic, but now we see improvements during the past quarter, mainly due to the fact that we launched the possibility of loan consolidation within consumer loans. If we gaze forward into the future, during January of 2022, so this year, we've received a decision, a ruling from the Danish Financial Supervisory Authority, which has meant that we will now be making a correction in the process for data information in the calculation, which is called the left to live on calculation. Kvart-levepå [Foreign language]. We expect that this will impact the Danish new lending mainly during the first quarter until we've been able to speed up the automation in this new process. I should also add that we do not perhaps share the views of the Danish FSA, and we intend to appeal this decision. Moving on to have a look at the Finnish market. We've had a challenging situation in terms of growth since the temporary act was introduced in Q2 2020, but it's been abolished as of the 30th of September 2021, and we have seen a positive pace of growth ever since in the Finnish market. The Swedish market sees excellent and strong growth. It's developed greatly also throughout the pandemic, in fact, mainly due to our large partners who've been winners during the pandemic period. All in all, for the first time in all our markets, for the first time in several years, we have a growth situation in all our markets. The loan book trend is moving upward, and according to our own market share data, we're gaining market shares. Slide seven. Let's have a look at our business area, starting with Payment Solutions, with a growth during the past quarter of 4% compared to the previous year. During the quarter, it's worth mentioning that we launched a new collaboration with Albi. We want to make it easier to make sustainable choices and choose electricity over fossil fuels, for example. We want to open up this possibility for all our customers, and we've started up a collaboration therefore with Albi. They provide their customers with car charging boxes so that you can charge your electric or hybrid car at home. This is one example of how Resurs provides opportunities to many people to make larger purchases that are more climate smart and distribute the cost over time so that it is in line with what suits the private finances. As we've previously announced, through our Partner Success Program, we've been able to improve the margins in different cluster, and we've worked to develop our existing partner collaborations and also activate smaller partners. This is, of course, ongoing continuous work within this program, the Resurs Partner Success Program. During the past quarter, we've launched new digital training courses and webinars, for example. We see that the work to activate independent partners and, partners who were previously perhaps more inactive is paying off in terms of growing sales. In the cluster investments in Payment Solutions, it's clear that both car workshops and dentists have performed well during the year. Even if they are not perhaps directly linked to the Q4 for Christmas shopping, they've shown a good conclusion to the year in this last quarter. We have new customers mentioned in our year-end report, such as Oral Care and Tandea. Credit cards. As the pandemic restrictions gradually have been lifted, the number of transactions in credit cards has gone up. The growth in lending in credit cards remains negative compared to the previous year still. This has impacted the total margin negatively, of course. During the quarter, we've made a name change to Resurs Cards. We've also upgraded the look and feel of our card. This is an initiative to further strengthen Resurs as a brand in all markets in the Nordic countries. Moving on to the next slide, consumer loans, to have a look at that segment. If we look at this business area, we have a continued positive growth throughout the Nordics. During the fourth quarter, consumer loans showed a growth of 10% compared to the previous year, and in local currencies, 8%. Compared to the third quarter 2021, the growth was 4% and lending growth was positive in all Nordic countries. The challenges experienced by this segment in the declining Norwegian market since the implementation of the debt register and the new legal requirements back in 2019 is something which has now stabilized. Looking at the development one country at a time, the Swedish market continued to grow in a stable manner, both in internal and external sales channels, and the work to digitize and automate our operations continues. During the fourth quarter, among other things, we launched a new functionality in our app, which gives our existing customers the possibility in Sweden to increase their loans via the app instead of perhaps using the website or dialing into our customer service. This is entirely in line with the Nordic strategy, which was presented on the Capital Market Day back in the autumn, you'll remember, and all these improvements will be implemented in all of our markets. It's also gratifying to note that the previously negative trend in consumer loans in Norway has stabilized, and we're beginning to see a positive development. Even with a growth of new lending, there's still a segment of our customers who choose to end their loans ahead of time. Moving forward, we'll focus on growing sales through internal channels and strengthen customer loyalty by enhancing the customer experience and implementing various market activities. During the fourth quarter, a new product has been rolled out, the Priority Loan, Prioritetslånet, and this product offers customers the use of, for example, their home as collateral to offer secure lending. As a first step, we offer lending with collateral up to a maximum of NOK 600,000. Having a look at the Danish market then, it's showing a continued positive trend after the introduction of loan consolidation to customers rolled out during Q2 2021, and this in turn has contributed to higher lending volume with lower risk during this quarter. Then the Finnish market. Here, demand has gone up as the temporary restrictions on interest caps and marketing were canceled as of the 30th of September 2021. We expect this to continue, and it has created preconditions for an increase in the pace of sales during Q4, both internally and externally. With those words, I'm now going to hand over to Sofie, who's going to tell us a little bit more about the numbers. Go ahead. Thank you, Nils. As Nils has already said, the distribution and the listing of Solid has carried with them some changes in our reporting. Just like Nils, in my presentation, I'm going to focus on the development of the continuing operations. If you're interested in the continuing operations and what has happened on a quarterly basis since Q1 2020, that has been published on our website this morning. The presentation has been made excluding the one-offs that we've had in 2020 and 2021, but I will be commenting on those one-offs during the presentation. Towards the end of my presentation, we're also going to look at the results of the discontinued operations as well, and also looking at the listing costs and the capital gains. That being said, let's take a look at the numbers. Let's move to the next slide. Loan book, as has been said, increased with 8% compared to last year and amounts to SEK 33.3 billion. We've had nice growth in Finland and Sweden. They're up 11% respectively compared to last year. Denmark is up 4% and Norway was down 8%. What is positive is that we have a trend with growth in all markets that started during the second half of the year last year and has continued in fourth quarter compared to Q3. Loan book was up 4% and both segments have good growth, and the Finnish market was up most in percentage terms, and the Swedish market was up most in absolute numbers. We continue with the income. Next page. Income were down 8% and amounted to SEK 753 million for the quarter, and total for the year, they were down 10%. The lower income compared to last year is mainly due to a lower loan book and lower margins in Norway, but also due to lower margin in Denmark and mixed effects within Payment Solutions. The fourth quarter 2021 is negatively impacted by two extraordinary items affecting comparability, where we have SEK 9 million linked to higher fees for the deposit guarantee scheme and SEK 8 million linked to a compensation to a bigger partner due to correction in historic commission calculations. Excluding these one-offs, the income in absolute numbers were stable compared to Q3 2021. The NBI margin is lower, and that is due to the lower margins in absolute numbers in Norway and Denmark and mixed effects within Payment Solutions. I'm going to talk more about that later on when talking about the segments. Let's continue to start with the credit losses. As you know, since we started our more restrictive credit assessment beginning of the pandemic in 2021, we do see a positive development underlying credit quality in our portfolios. In Q4, credit losses amounted to 2.1%, i.e., an improvement with 0.4 percentage points compared to Q4 2020. The positive development can also be seen in both banking segments and in all Nordic markets. If we look at the full year 2021 compared to 2020, we see that the underlying credit cost of risk ratio was improved and amounted to 12.3%. In September, we dissolved the extra credit provision that was made in beginning of 2020, which means that the reported cost of risk 2021 was 2.0% compared to 2.7% in 2020. Let's continue with the segments on page 13. In Payment Solutions, as has been said, loan book compared to last year was up 4%, and this is the first time since the beginning of the pandemic that we see a positive growth compared to the previous year. Normally, Payment Solutions' growth is strong in Q4 due to Black Week and the Christmas trade, and we saw the same thing this year. Compared to Q3 2021, growth in this segment was 5%. This continues to be the fact that our biggest partners are doing really well, and our smaller partners, mainly in sectors that have been impacted by the pandemic, they're down compared to last year. As Nils has already said, this is an important focus area for us to continue the efforts to activate these clusters of smaller partners and sectors where we have a higher margin. We see that the margin development is improving. We also continue to see that it's difficult with the credit cards, and that has an impact, because credit cards have a higher margin than other parts of Payment Solutions, and therefore that has an impact on the total margin. This is another important area for us where we want to get growth going. Credit cards historically have been used mainly for travels and other one-off items, for example, restaurant visits, and those things have been limited during the pandemic. Therefore, it's very positive that we see in different countries that countries are opening up again. In Q4, income was down and the NBI margin was down as well due to the mix effects that have been described and also because of items affecting comparability and higher compensations, SEK 8 million for the deposit guarantee scheme. The lower margin has been compensated to a certain extent by lower credit losses improving and now being 1.1%. We continue with page 14. Consumer loans were up loan book 10% and we saw growth in all markets without the Norwegian one that was down 10% in this segment compared to last year. Growth compared to Q3 was 4% and we have growth in all markets compared to Q3. However, Norway has a lower growth rate than the other markets. The lower income in absolute numbers compared to last year has to do with the lower loan book and the margin in Norway, where new sales is being done at lower interest rates compared to the existing portfolio. We also have a number of customers that decide to end their loans in advance, and that has an impact on the margin development. The NBI margin was down with 1% compared to last year, and that gives us this effect with a lower margin in Norway. We also have the effect of a lower risk in the portfolio, and also the fact that we increased ticket size mainly in Denmark, where we have started the loan consolidation. Compared to Q3, the NBI margin was stable, and we also had the higher fee for the deposit scheme. Credit losses were improved amounting to 2.7%, and that is due to better underlying credit quality. Let's continue with next page and look at the expenses. Operating expenses amounted to SEK 337 million in the quarter. The increase of 2% in the quarter is mainly due to higher IT costs linked to the ongoing transformation journey and the efforts we make to improve our digital interfaces. Q4 compared to last year was charged with one-off of SEK 60 million having to do with write-downs of previously activated IT costs and restructuring costs due to the reduction in personnel. These costs have been excluded in the presentation from Q4 2020 and also from the year 2020. C/I ratio was 44.7% in the quarter, and the increase compared to the previous year is mainly due to lower income. For the entire year, expenses were down 2%, and the C/I ratio has gone up to 42.0% due to lower income. We want to stress that we're not happy with the C/I ratio at this level, and the objective to increase effectiveness and reach a C/I ratio of 35% in 3-5 years, that is an important guiding star for us in our transformation journey. Many of our costs are scalable, which means that it is important to get growth going again. In parallel, we're also working with making operations more efficient, and we're trying to reduce fixed and movable costs alike. We continue with page 16. To conclude, operating profit excluding one-offs was down 17% compared to the previous year amounting to SEK 244 million. The reduction has to do with lower income throughout the year and also during Q4. If we include the non-recurring items for 2020 and 2021, then the operating profit in reported numbers was up 9%. Let's continue and look at the reported net income after tax. If we exclude the non-recurring items, then net income for continuing operations in Q4 was down with 22% for Q4 and for the entire year 16%. In addition to the one-offs that we have talked about that have an impact on net profit in Q4, we have also changed methods as to how to calculate foreign tax in our branches, and that has led to deductions that have been made in taxes paid to these foreign branches, and that has had a positive effect in Q4 of SEK 49 million. If we include all these non-recurring items that we have mentioned, then the net income after tax for continuing operations was up at 33% in Q4 and 8% for the entire year 2021. We have the item net profit discontinued business, where we see the result of Solid up until November 30, 2021, i.e., Q4 2021. There we only had two months included, and for the entire year we only had eleven months included. You can see that Solid has had a positive development throughout the year. If you're interested in hearing more about the Solid development, I would recommend you to listen to their first quarterly presentation today at 11:00 A.M. We also have had a one-off effect when it comes to distribution of Solid that amounted to in total SEK 471 million for the entire year and SEK 482 million for Q4 2020. On this item, we have listing costs for the entire year 2021. We see that it's different from Q4 because we had costs for the listing in Q3 2021. We also have the capital gains amounting to SEK 496 million due to the difference between the Solid market value and the contribution of Solid to equity in the consolidated situation. We also have capital gains SEK 492 million, but that does not have impact on the capital base because that market value of Solid has been distributed to shareholders. Totally, we have the income for 2021, as you see, SEK 1 billion five hundred and sixteen million, and we'll continue with page 18. Our capital position continues to be strong with a total capital ratio of 16.3% and a CET1 ratio of 14.8%, which means that we have a good margin above regulatory requirements and our objectives. The reason for the CR ratio being lower than last year is partly the increased growth, but also that we in January 2021 repaid subordinated loans SEK 300 million that were issued in 2017. When you have an okay from the financial supervisory authority to make such a repayment, it is immediately removed from the capital base, and that is why we had this impact on the capital ratio of 0.6 points. These numbers include the proposal to the AGM 2022 and for dividend of SEK 1.31 together with a dividend during fall 2021. That will be a total dividend of SEK 4.31, and out of that SEK 2.27 is 50% of continuing operations and SEK 0.24 is 50% of the net result for the discontinued operations, deducting the listing costs that we have had and also the dividend that relates to 2020. We have talked about this before, that our evaluation is that the capital requirements will go up in future. We do not know when, but Sweden, Norway, and Denmark have announced that they intend to introduce the countercyclical buffer requirement starting Q2 2022. Let's continue with funding, page 19. Here to conclude, you see an image of our funding, and we continue to have a well-diversified funding. In the quarter, we issued bonds in Sweden, SEK 750 million, in Norway NOK 150 million, and we saw strong interest in these bonds. We continue to have a long-term, well-diversified funding and liquidity is strong and LCR is 240% in the quarter. With that being said, I hand back over to Nils. Thank you very much, Sofie. It's also always a didactical challenge when you choose to list part of your operations and divest it. I hope that you had the opportunity to follow along in the presentation by Sofie there as well. If we have a look at the upcoming period, we intend to continue our work to stabilize margins and increase our growth when we are not satisfied with the current situation. We will also build on the momentum we're beginning to see in operations in Norway. Furthermore, as we outlined on our Capital Market Day, we have a number of initiatives. We presented them in the autumn. We're going to strengthen our customer interfaces with everything from apps to e-commerce solutions to be even more competitive in the market. We're going to focus more on activating smaller partners and sectors of industry which have had a tough situation during the pandemic. Travel industry, for example, where we believe that there is a pent-up demand for new travels again, and this is confirmed when you follow along in general news. We also look at new partnerships and how we can develop our existing business model and use the full potential of our existing database. Of course, it is also a very strategic focus that we have ahead of us to now begin the development of the new core banking system, which we've mentioned several times already in our reports. We have a strong and stable financial position all in all. We feel secure in that situation and on the twentieth of April, we'll have the AGM with the resolution on a dividend which we've presented to you here. Now that concludes Sofie's and my presentation, and we're happy to answer any questions. Thank you. Our first question comes from the line of Emil Johnsen of DNB. Please go ahead. Hey, good morning. Good morning. I have a question. I'd like to know your expectations when it comes to interest rate margins in Norway for 2022. Thank you. If you mean the customer growth we see currently, which I think you are perhaps referring to the situation we've had in our Norwegian operations, it's been sort of a customer swap really. We have some customers who pay off their loans completely ahead of time, and then we bring in new customers at a lower interest rate to some extent. There's a gap in between there, and it's difficult to make an assessment. We see that the customers that we bring into consumer loans in Norway come in at a lower interest rate level than the previous ones. I don't know if that's an answer to your question. Okay. Can I also then ask about the Swedish Finansinspektionen? They said the other week that during 2022, they're going to start looking at consumer credit entities so that they can ensure that all those players are not Are you doing sufficiently to avoid offering loans to people who have difficulties with paying back? Can you tell us about the ratio of customers who have problems who would impact you on a loan loss level, who are sent to debt collection or? We are quite positive to a situation where the financial supervisory authority gets involved to assist those who would otherwise and those consumers who would otherwise end up in financial difficulties. We see that the authorities generally in the Nordics have been quite active in that respect. We have strengthened our credit processes, our models throughout our various markets in the Nordics, and you see this at our credit loss levels. They've dropped considerably. If you compare this with other banks, you can see it very clearly, in fact. I think that's how I'd like to comment on that question. Okay. Thank you. One final question. I wonder if you would be able to tell us a little bit more about this decision from the Danish Financial Supervisory Authority on information and data gathering for the calculations required, and that they need to be corrected. Yes. The Danish authorities would like us to use a number of additional parameters in addition to the ones we are using in our calculations. That's really what it all boils down to. This is not anything that's unique in any way. It's not unique and specific to Denmark. They're active in all markets. But we're not entirely in agreement with them. We have a good calculation assessment process for those who apply for loans from us. It's a decision that has been handed to us. We will of course abide by it. We'll comply with it. We're in the process of doing this as we speak. We believe that it will have some degree of an impact on new lending for us, and we intend to ensure that we have a more automated process, when we gather this data through open banking as required by the Danish authorities. There's nothing dramatic in all this, but I still want to underline that this is in fact the case and our approach. Okay. Excellent. Thank you. Those were all my questions. Thank you very much. Bye. Yes. Good morning. Well, good morning. Interest rate margins continue to be negative, and you say that you are going to continue to focus on stabilizing it. Is there any hope that this will actually expand from the numbers that you're at, or is it about trying to counter a continued downturn so that you use all tools available to stabilize the interest rate margins? Well, it is what you're saying, that we're focusing on stabilizing the situation. That would be a first step. Okay. We're not to hope for higher margins then? Well, our ambition is for us to get to a higher level, but that is not the next step that we're going for. Okay. Looking at the lending, we have in Payment Solutions where you have bigger partners, where you have the lower margins. Is that something that goes hand in hand with the lower risk? Or is it that you're giving up when it comes to the higher margins and you have the same level of risk? Well, we have a risk-based method also for the bigger partners, but we have a lower income margin when it comes to the bigger partners. Everything else, like the risk is the same, but you have a lower margin. Yes. Okay. A final question might be more general in its character, but talking about credit cards and the fact that margins have suffered due to that business being lower, and also thinking about the sustainability perspective, is credit cards really a type of a business that is in your future for Resurs sustainable credit granting? If you make money from credit cards, it is, well, sort of the gray zone whether people will end up in difficulties when it comes to repaying or not. What is your thinking there? Well, I do understand your perspective, and credit cards are important to us. It's a significant part of our loan book, and it's also something that our customers in our surveys, they say that they appreciate our credit cards. It's not that we're saying that this is something we shouldn't be doing. We will continue working with credit cards, and then we'll also have technology and that development that will change how credit cards are being used and also maybe the way they look. But we'll have some type of credit card activity also in the future, definitely. Okay. Thank you. I stop there. Thank you. I have three questions. If we look at your profit for the continuing operations, you're saying that it's down by 16% on an annual basis and 22% for the quarter. Comparing this to your colleagues, they're all showing a positive development. My question, I presume it's for you, Nils, is it sufficient with what you're doing to stabilize and get back to your index profit index target? Is it sufficient? Is your portfolio different enough, as it were, with old loans which will raise the margin for the entire book compared to all your peers? That's probably my first question. It's quite general, but I think it's important. Thank you. We're entirely convinced that we're doing good things, that we have a list of activities to impact both in terms of increased revenue margins, et cetera. As we've stated throughout the past year, we're in a transformation where we have to change the way the entire bank provides its offering, e-commerce solutions, the app, et cetera. We've been very strong in the physical retail context, and we remain strong there. One of our major challenges is to really sharpen our offering in e-commerce. Now, whether or not our portfolio differs significantly to that of our peers, I am not the right person to make that assessment. You might be in a better position than I am. We're convinced that we're doing the right things, but it will and may take time to impact. Perhaps we have a different starting point than some other, peer, industry peers. We have a customer mix which perhaps looks somewhat different. I don't know. My assessment is nevertheless that the industries we've dealt with, throughout the pandemic, which have performed, very well indeed, might be different to some of the other industry peers. That's my perspective. Okay. Thank you. If you go via the marginal impact on lending, if you look at volumes, we see a positive trend, and that's gratifying. On the margins then, if the target in short term is to try and stabilize the margin situation, and if costs don't come down during 2022, is a 10% growth in profit for 2022 realistic? Yes. Okay. If I'm trying to do the math here, if the margins from Q4, if I were to apply that to 2022 with not a lot of top line growth, the only other variable is on the cost side. How do you expect this to develop in 2022 compared to 2021? Well, as Sophie touched upon earlier, when it comes to our C/I ratio, for example, we're not satisfied with the development. It's not the trend we'd like to see at all. We need to make efficiency improvements of our operations much more than we've been able to so far. This is a challenge for us when you transform to the extent we do when you swap out the entire technical platform, for example, but it remains our ambition. We believe in a 10% growth in profits. We believe we can bring down the C/I ratio, and we know that we have excellent activities to allow us to succeed. That's still our plan. Okay. Just to ensure that I've understood you correctly, on the cost side, do you see that there's a potential to reduce it in kroner, in money in 2022, or is the focus on the C/I ratio to work with the investments and the efforts that you're making? It's perhaps not the drop in cost that will reduce the C/I ratio. The best option is to improve the revenue side, the income. That's obviously what we prefer. Thank you. Then one question on Solid, where you've extended the agreement just to make sure that we have the right starting point here. Commissions, what about income? The commission on insurance you sell for Solid, can they be found in Q4? These are clean numbers that we have in Q4 for 2022. Yes, Sophie. They're reported in net fees and commissions. Excellent. Thank you. Oh, I did have one final question as well. Just quickly on Denmark, and new rules that happen quite often these days. What's going to make volume growth suffer? What is going to have this impact on volume? Is it that is going to take longer time for you to make your assessments, your calculations, or is it the data gathering as such, which will then mean that you will refuse more loans? What is the impact? Well, there are several. There's a number of parameters. The Danish FSA would like a more in-depth calculation for the Danish calculations, and this more in-depth process is one we assess that we're already doing, in fact. We're going to adapt the solution based on the decisions we've received in an open banking solution, but it really is up to what the customers require. Open banking has as a prerequisite that you accept the gathering of the required amount of data as required by the FSA. Some customers might find this awkward or tiring when you apply for a loan that you have to give away so much personal information as to meet what's required by the FSA requirements, and others don't see this as a major problem. If we look in parallel to the Swedish market, we see and we believe that the Swedish customers perhaps don't have any major issues with this point. They're quite open with that, information provision, but it remains to be seen how the customers will react. We simply do not know, and that's why we're presenting it the way we are. Okay. I see. That was all for me. Thank you. I remind you that if you wish to ask a question, please press 01 on your telephone keypads. There are no further questions at this time. Please go ahead, speakers. Well then, Sofie and I say thank you. Thank you for participating, listening to our presentation of Q4, and we'll see each other again another time. Have a nice continued day. Thank you.