Okay then. Hello everybody. Welcome to Nordnet and the presentation of our financial report for the second quarter of 2021. My name is Johan Tidestad, and I'm the Chief Communications Officer at Nordnet. With us here is also our CEO, Lars-Åke Norling, and our CFO, Lennart Krän, who will make a presentation of our business and financial numbers for Q2. That will take around 20 minutes or so, and after that, we'll have a Q&A session. During the presentation itself, all participants are muted, and we'll let Lars-Åke and Lennart run through their slides first. When we come to the Q&A session, we have two alternatives to ask questions. You click on the button at the bottom of the screen that says "Raise Hand," and I will then enable you to talk, and you can ask your question verbally. You can also send in your question in writing if you want to use that alternative. You just use the Q&A function at the bottom of the screen. You write your question, and I will read it out to Lennart and Lars-Åke. We'll come back to that later when it's time for the Q&A session. Of course, as always, the presentation itself will be available on our corporate website together with a recording of this session. Okay. Let's go. Lars-Åke please go ahead. Thank you. You can go click to next, Sonny. Starting with the key highlights. We continued very high customer growth, increased the customer base with 31% in one year, that's more than 400,000 new customers in one year. Savings capital exceeds now SEK 700 billion, reaches a new record both from underlying market growth, also from very high net savings during the first half of the year. We also see a very stable growth in the loan business with the lending volume being on all-time high, SEK 23 billion, see very good growth in both mortgage and the margin lending products. We also see very strong development in the fund business where the fund capital has increased with 65% in one year. We also launched a new tech index fund and ESG-enabled our international index funds. Overall, we have the next best financial result in Nordnet's history with a profit before tax of SEK 536 million with the growth of revenues around 28% and still a very scalable model. Operating expenses for 2021 is estimated to be around SEK 40 million higher than previously communicated level of around SEK 1.1 billion, and this is due to the very strong customer growth of 38% growth in one year compared to the guidance of 10%-15% growth and also partly a higher marketing cost related to marketing to capture the very strong growth trend that we currently see. We will come back with revised medium-term financial targets latest by the quarter four presentation. Can go to next. Just some financial highlights. As I said, customer base increased to 38%. We currently have around 1.5 million customers in Nordnet across the Nordic countries. Savings capital increased to 66% both of course with the market growing but also very high net savings. Number of trades up 13% versus last year where we see a drop in trading activity per customer, that's compensated by that we have so many more customers this year compared to last year. Revenues up 28% from the customer growth and also high net savings and savings capital growth. Operating expenses is up from mainly the big customer growth that puts cost pressure in customer service and back office functions, also that Q2 2020 was also fairly low comparable. Overall, still very strong operating leverage, we increased the profit before tax with 41% to SEK 536 million in Q2 2021. Can go to next. We continue the long-term growth trends on customers and savings capital. Since 2019, we have a growth rate in the customer base of 30% per year and savings capital more than 40% per year. As we talked about before, the reasons for this is one is that we modernized our platform and really improved the customer experience, and that's really appreciated and liked by the customers. Also that we see a very strong digitization trend in the Nordics and a high interest for savings and investments in general. We also reached an inflection point when it comes to growth in all countries also outside of Sweden. Can go to next. Here is the growth in customers by month and also net savings per month versus last year. As you see the development both in customers and net savings has been very strong. We have grown the customer base with 250,000 customers just in the first half of this year, and that's 100,000 more customers compared to same period last year, which was a very good period. Also net savings is almost SEK 50 billion in the first half of the year. Also around SEK 10 billion stronger than last year and on a very good level. Can go to next. We are the leading digital platform for savings and investments in Nordics, and we have a very well-diversified revenue footprint with 40% roughly revenues coming from Sweden, 20% each in Norway and Finland, around 23% in Denmark. As we see also in the middle of the graph and the graph to the right is that our growth, the customer growth, is highest in the countries where we have the highest margins. That overall would support the revenue margin for the company over time. The reason for the high revenue margin outside of Sweden, we also discussed before, is mainly due to cross-border trading. It's a high share of cross-border trading in those countries, which gives us higher commission revenues, and also we earn on FX spreads. Can go to next. We see also strong development in all countries when it comes to customer growth and savings capital growth. In Sweden, we see increasing growth rates. We have doubled the amount of new customers first half of 2021 versus same period last year. We also see a very strong development then in Norway, Denmark and Finland, where Norway growing customer base is 60% in one year, Denmark 84%, and Finland 32%. Can go to next. Also good development in all revenue streams. The red part here is net interest income. The dark blue part is mainly fund income and the light blue is brokerage. We see that we have the last years' very good growth in net interest income and the fund business of around 25% yearly growth rate and an even higher growth rate than in the brokerage business. If you look down to the right, you also see that the margin development where we have a stable margin in net interest income and in funds, and we see slight drop now in the brokerage margin, and that's due to less trading activity per customer in quarter two compared to quarter one and last year. I will comment that further on the coming slides. We can go to next. If you look at trading specifically, we see that we still have a very high share of customers trading. Around 40% of the customer base is trading and in total, we have 50% more customers trading in quarter two this year compared to quarter two last year. That you see in the graph to the left. What we also see is that the trades per trading customer up to the right there is going down and it's lower than quarter one and it's also slightly lower than quarter two last year. The reasons for this is both that seasonality, where we have very clear V shape and seasonality when it comes to trading activity and also that we've seen lower volatility in the market in quarter two versus quarter one. Down to the right, you see that the cross-border trades, the share of cross-border trades is still high, a little bit down from quarter one, but still on a high level. That's mainly also now supported by the country mix that we're growing in the countries where we have also high share of cross-border trading. Can go to next. A little bit about trading seasonality, and that shows a clear V shape. In the graph to the left, you see that we have the highest trading activity in the beginning of the year and the low point in June, July. That starts picking up again from August, September. The red graph here is the development of 2020. That was of course a little bit special with the corona crisis in March. The light blue is the trading per customer per day in 2021. The dark blue line is the average trading per customer per day 2015-2019. If you see the light blue line, we're lower trades per customer trading days versus 2020, which was exceptional year but higher than the average 2015-2019. Also in the graph to the right, you see the share full year trades per month. Here you also see the effect of the number of trading days and the growing customer base over time, but also a clear V shape. Go to next. Again, overall strong performance on customer satisfaction that we measured through NPS, where we have a clear number one position in Norway, Denmark and Finland and a strong number two position in Sweden. Overall a leading position on that promoter score and customer satisfaction in the Nordics. That's also enabled us to either increase or have stable market share versus last year when it comes to trading on the local exchanges. Can go to next. Also a short comment of costs since we also re-guided on the cost. If you look at the graph to the right, you see the cost development over the last years in absolute terms. Here you can see that we have had a stable cost level now for three and a half years. That's of course improved the cost margin quite a bit from 38 basis points down to 20 basis points currently. The cost initiatives we're working with is to the left here, starting that we have a very stringent cost governance that we follow cost very closely and also on a monthly basis identify new cost initiatives. Our main savings area when it comes to cost is process simplification and automation. Here we have done a lot, both smaller automations and simplifications and larger ones like fully optimized journey for mortgage and also automated part of the credit application processes. We still have a lot to do. We still have manual processes, so that was partly driving the cost now in back office and customer service due to the high customer inflow. We also shift all consultants that we can to employees, especially in tech, and then of course we work very extensively with third-party spend and have a good procurement organization and see that we get the right cost in our contracts going forward. As we said in the beginning, we have re-guided on the cost for 2021 versus what was previously stated. SEK 40 million higher due to that we have then 38% annual growth in customers compared to the financial target of 10%-15%, that put down a cost pressure in customer service and back office, and partly also that we'll have higher cost for digital marketing to capture the strong customer growth trend that we currently see. Go to next. We continue to build on our platform to build the best platform for savings and investments, and this is just a few highlights what we've done in quarter two. We relaunched the Finnish site in Swedish. We will have in Finland both Swedish and Finnish language, which is appreciated by the Swedish-speaking customers in Finland. We also ESG-enabled all our international index funds so they're now Article 8 compliant. We've launched a tech index fund that's been very popular with the 40 basis points fee, which is the lowest in the market in the Nordics. We also launched a number of features, of course, in our app and web, like buy and sell dots in the app that you can log in via QR code on the web, etc. Quite a lot of new features. I think I end there and leave it to you, Lennart, to talk a little bit more about the financial performance. Thank you so much, Lars-Åke Norling, good morning, everyone. We can flip to next slide, Sonny. I told you before, the two main drivers for Nordnet is customers, number of customers, and savings capital, and implicitly also the net savings, of course. This is summarized of how the development of those has been during the years throughout 2019 to now. As you can see, 2019, we had a growth rate of customers about 20%-25%, then it increased in 2020 to 25%-30%, now we're up to almost 35%-40% growth on customers. That is, of course, very pleased to see. Also, the savings capital has grown quite a lot, but not just that, it also that the savings capital per customer has grown. With this tremendous growth rate of our number of customers, I would have expected it to at least be the same or might even lower, but it actually has increased from SEK 412,000-SEK 450,000. That is also good. It's also good to see that this is spread over the fund and equity side. Both those two have increased quite significantly. We can go to next slide. This also comes out in the revenue streams. We are now quite diversified in all those four countries, having 20%, 25% in revenue from the different countries, except for Sweden, a little bit more. Also the revenue streams, all of them has increased since 2019. It's not just one as transactions or as funds or something like that, it's within all streams. What we can see here is also that the level is from in 2019, around SEK 400 million, in 2020 around SEK 600 million, and now we have increased it to around SEK 800 million with a giant peak here in first quarter, of course. As you can see here, it is also net interest income is fund and is transaction. What is specific for the Q2 here is actually other income, that is generated by high IPO activity revenues. I would say that yes, there's been a high activity general, but also that we have specifically addressed that market and have a very good market share for the retail part of this one in all four countries. You can go to next. While this increase of customers and the revenue increase as well, we have been able, as Lars-Åke Norling told you before, kept the cost quite stable and here you can see how consistent it is on a quarterly level. Yes, we had lows in 2020, but we are about the same level in 2019 as we are now in 2021. There was a low in 2020. We hadn't had this major increase of customer inflow. We also did not be able to employ that much developers, and that we increased with, which is a cost. We also now in Q2 actually do some marketing efforts to go forward, and that is also why we indicate that the cost will be higher because we are intended to maintain that level. You can go to the next. This actually leads to the operating leverage. With a result for the six first months 2020 of SEK 750 million PBT, and in six months 2021, SEK 1.4 million almost. That is the operating leverage. Yes, we have a small increase in cost, but it's really driven by the revenue side. I'm very pleased to see this one. We can go further on. I've been talking about the revenues and the customer inflow. Also one thing that has grown significantly is the lending portfolio. We have grown it from last year, SEK 16 billion to now SEK 23 billion. As we earlier pointed out, the unsecured part is on a stable level, but relatively it decreases still on SEK 4 billion. The mortgage lending is increasing as the margin lending, both those are generating good revenue at very low risk. Looking at the credit losses, I would say they were in Q1 very low, and all the underlying is the same here, very low. We have increased some reserves, and that is why we end up at the same level as we had last year, same quarter, but still on a low level. It is mainly in the unsecured portfolio, of course, but in respect of IFRS 9 and the growth of those other portfolios, the reserves also increases in those parts as well as with the liquidity portfolio. It's mainly driven by IFRS 9. The underlying credit losses are as low as before or even maybe even a little lower than that. We can continue. In respect of the capital situation that is maintained on a good level. Capital adequacy is very high buffers, and we're not utilizing the capital we have in the risk perspective, but that is due to that we have to have quite a lot of capital due to the leverage ratio. Now the leverage ratio is in effect, and that is the minimum requirement, 3.0%. We are still awaiting the buffer level that we will be required to hold, and we expect that decision to come in late September to us. That is specific for each bank, so we can't say anything, and I don't want to speculate in where that will end up in. You can turn next one. Thereby, I hand over to you again, Lars-Åke. You are on mute, I think. Yeah, I saw that. Yeah, a little bit short on the financial performance versus medium-term targets. Yeah, customer satisfaction we talked about strong. Customer growth was very strong compared to the guidance, 38% currently versus guidance of 10%-15%. Like Lennart talked about also, what we're especially happy with is that despite of the strong customer growth, we have a very high income per customer since new customers normally come in with lower capital. Still last but not least a good income margin and operating expenses we talked about and the dividend policy of 7% of the net profit per year. Like I said in the beginning also, we will come back to the revision of the medium-term targets latest by the quarter four reporting. Can go to next. Again just a recap of our key focus areas, starting with the customer side. Here the most important is to continue to build on our best platform for savings and investments. That's what we do every day. Of course, to achieve then that we have the best customer satisfaction and overall a low churn. We also know to have happy customers, you need happy employees. We work a lot with our employees and we target to have an upward trend on the eNPS and also that we are able, in a good way, to attract and retain top talent. As I did it, the profit centers investments governance is key. We are in a trust business and we need to earn that trust every day. That means that we need to have full control of our risks, both compliance risks and other risks, and overall be a trusted and liked brand. When it comes to the profitable growth, it's really to capture the Nordic growth potential. We currently have a market share of 5% in the Nordics. We have ample room to grow for many years. Of course, to do that still, we continue good scalability in the business. With that we end this presentation and we move to Q&A. Great. Thanks a lot, guys. Time to open up for questions. Like I said before, you just raise your hand digitally and I will enable you to speak. I will announce you by name, and you need to accept to be unmuted. It will show up a request on the screen. Of course, it is nice if you just briefly introduce yourself before you ask your question. You can also send in your questions in writing by using the Q&A button, and I will read them out loud to Lars-Åke and Lennart. First question comes from Patrik Brattelius. You with us, Patrik? Can you hear me? Yes, Patrik. Now we can, yeah. Please go ahead. Great. Yes. Hi, Patrik Brattelius from ABG. Thank you. A couple of questions from my part. If we just start on the costs. Just to be crystal clear here, if we look further out in 2022 and 2023, i s this the new cost base that we should think about? Do you expect the cost drivers of reducing third-party spend and simplification automation that will reduce the cost base back to the 2019 level? Should we even expect that the cost base can increase in 2022 and 2023 with SEK 40 million annually? How should we think? Yeah. Should we start with that? Did you have more questions or should we start with that one? I had more questions, but we can start with that one. Yeah. As we said, we will do a full re-guidance of all the medium-term targets no later than quarter four reporting. The cost in 2022 is also a little bit function of the customer growth in the coming years versus how fast we can automate what's all the processes. It's a big noise in the background, so I don't know if it's you, Patrik. Sorry. No. Sorry about it. In any case, we see limited cost increase in years to come, but it will be functional a bit about the growth and how fast we can automate. How fast we can automate is also a little bit dependent on tech resources. Okay. If the growth rate were to be higher than your target of growing annually 10%-15%, that could lead to a cost increase? Yeah. The cost we know is a function a little bit about the growth and also how fast we can automate. That's, again, dependent on how many tech resources we have. It might be that we want to scale up slightly on the tech resources to manage automation faster. We come back with re-guidance fully latest by quarter four. Okay. Thank you. As you showed in this presentation you show a clear trading seasonality pattern. In that graph you show that the trading generally picks up during the later part of the year. Given that backdrop do you expect you will be able to grow transaction-related income in the second half from the base we now see in Q2? The graph shows clearly the low point you have in June, July, and then it picks up again from August, September, and onwards. Of course, the first week at least in August is normally calm. That's a normal pattern that we've seen for many years. Again, of course, it's dependent also on the overall volatility in the market as we know. We have fairly long-term trends as you see on this. Yeah. Okay. Got it. Thank you. My last question then what surprised positively on the income side against my numbers at least was the other income driven by the IPO revenues, I guess. How does that look in the second half? How does the pipe look for IPO revenues? Is it coming down? There is still a fairly strong pipeline for sure. Like Lennart said also, we've moved forward our positions when it comes to retail distribution for IPOs. We're selected partner for many of those both in Sweden and also definitely in the other countries. Okay. Thank you. That was all for me. Thank you, Patrik. Thank you, Patrik. Next person up is Maths Liljedahl. Hello, Maths. Maths? I think you can speak now, Maths, if you want to. Strange. Yeah. Maths. He's muted. He's on the line two different. Yeah. Two Maths. Two Maths. All right, we'll see if we can get Maths back later. Ermin, are you with us? Can you hear me here? Yeah, Maths. Now, yeah. Yeah. Okay. Give me one second. Sure. That's interesting. It ended up with my colleague. You can hear me now? Okay, Maths. Yes, please. Okay. Thank you. I'm just interested a little bit in the client mix and profit per trade depending on countries here. I see that operating profit per trade goes a little bit in different directions in different countries. What is the main reason for that? It looks stronger in Sweden actually than it does in some of the other countries. Also if you have the client mix of the income generation, if you look at the second quarter here, is it a lot on new clients maybe more in savings capital or is it back to more active traders that generate the higher share of income, if that's something you can share with us? Thirdly, perhaps on FX income is, how much higher? Is that something you could share with us? Is it for Nordic clients trading stocks in the U.S. rather than Norwegians and Danes trading stocks on the Stockholm exchange? Is that something you have data for? Thanks. Yeah. I think client mix overall, I think a little bit more trading from heavy traders versus retail if you look at the total mix, and that of course impacted margin a little bit I would say in Sweden and Norway specifically. In the other countries, I think it's just a function also that we have a little bit less cross-border trading in Denmark and Finland compared to quarter one, and of course, that impacts the margin. When it comes to FX Nordic versus US, I don't have the full breakdown, but I would say I don't think it's major differences, perhaps US a little bit down in quarter two versus quarter one, while Nordic then mix wise is a little bit up. I don't have the exact numbers of that. Okay. Operating profit per trade, I did see that it is up in Sweden, I would say unchanged Norway, down Denmark, Finland. That is due to that they trade cross border. Yes. Okay. Thank you. Still at high levels, but less from Q1. Yeah. It's much higher than 2020, but definitely down Q on Q. Yes. Okay. Thank you. Thank you, Maths. I think we have Ermin Keric now. Hello, Ermin. Yes, good morning. Can you hear me? Yes, we can. Please go ahead, Ermin from Carnegie, I think. That's correct. Thank you. The first question would be on the midterm targets. Should we expect that to mainly be an update on the cost side, or is there any reason we expect that you would need to alter your long-term customer profile from the current base, the 10%-15% from the current base going forward? Yeah. We will revise in total. I can't comment much more than that, of course, but we look at all the targets when we make the revision. Okay, got it. You started to do a little bit more marketing you said now in Q2. I think previously it's been predominantly word of mouth. Is it that you're seeing a better return on marketing spend or that you're seeing some saturation in the natural customer inflows? It's more since there is such a big interest in savings and investments and a strong growth trend. We want to see if we can leverage that further by digital marketing. Of course, we put very close look at the customer acquisition cost by that initiative that it corresponds to where we want it to be. If it doesn't, we'll pull back. So far what we've seen it's been good. We've taken in good customers to reasonable CAC. It's something we really monitor very closely and if it's favorable, we continue. If it's not, we pull back. We really want to see if we can boost the trend that we have. I think part of the effect we see in Sweden with the stronger growth now in first half versus first half last year is partly due to that we are more visible. That's very helpful. Thank you. Just one last question, Lars-Åke. You talked about these quality efficiency measures on the cost side with digitalizing the mortgage process and so on. Yeah. Could you share any additional ones that you have going forward that are more material? Yeah. We look especially now the transfer of securities, so transfer of funds and other securities from other banks to our platform that we look at, and that's a lot of manual steps in there. We also look when it comes to [Movar] pension in Sweden and Denmark we've done a few things, but we have a lot more to do, and that's we're also doing focusing on right now. We also see what we can do on different onboarding processes, especially when it comes to onboarding of minors and onboarding of enterprises that's very manual today. We have a rather large number of things we look at currently that we can definitely improve productivity a lot by automating that. Great. Thanks for providing some color. That's all for me. Thanks a lot, Ermin. Next person up is Maria Semikhatova. Hello, Maria. Hi. Yes. Hello. Can you hear me well? Yes, we can. Please go ahead, Maria. Yeah, great. A couple of questions. First on the cost, I appreciate that you are now revising the targets, but with regards to 2021, this SEK 40 million increase, what is your assumption on the customer growth for the rest of the year? You assume that we are staying at this 38% that we've seen as of June, or you expect some deceleration potentially would have another cost revision if customer growth exceeds your assumptions? Moving on the growth drivers, can you share with us how much savings capital you were able to get to the platform from the Norwegian EPK and also Swedish pension reform? Is there anything you can share with us on your ambition, how much you can capture in both countries? Finally, you mentioned that there is a discussion of potential introduction of a ceiling on ISK accounts in Sweden. How concerned are you with this if it happens, and maybe what percentage of your savings capital is coming from accounts above this mentioned threshold? We can look at the cost for 2021 versus the customer growth. Of course, Q1 was exceptionally high growth, Q2 is still very good. I don't think we will reach the Q1 levels for the rest of the year. I think the cost or the staffing we have now in customer service and operations should be quite enough to handle the customer growth through fall. You will not see another revision of cost this year. When it comes to savings capital from EPK and Sweden's transfer, I think EPK is slightly north of SEK 3 billion now. When it comes to Sweden, we've increased the number of transfers with 50% compared to the same period last year. It takes time to transfer the money, three to six months, so we haven't really seen the impact yet of savings capital, but that will come over time. We need in Sweden to also work on the process side because in Norway, as you know, it's fully automated and it's an external transfer hub, so you basically push a button and the transfer is done. In Sweden, it's a lot of parties involved, very manual processes, and it takes a very long time, and of course, incumbents try to make these processes as cumbersome as possible. We also going to work lobby-wise to see if we can have a similar process that we have in Norway, and actually in Denmark also, which is also a transfer hub. When it comes to ISK, it's not a big impact for us if it would happen to be capped. It's less than 10% of our account and less than 10% of our savings capital. Here, we are benefiting from being in four countries, being less sensitive to local changes in taxation. That said, we lobby very hard for the customers here when it comes to ISK because savings should be benefited and not punished, and you should know what the requirements on the savings on a stable basis. You can't go in and change the requirements or taxation. We've lobbied very successfully now versus the government on this to maintain the current ISK set up without any changes. Let's see what's happening. Thank you. This is very clear. Are there any discussions across other Nordic countries with changes to investment accounts? No, actually, on the contrary, I would say in Denmark they look at increasing the amount that you can have in that account. In Finland, they discuss to include more securities and even funds in their tax efficient wrapper. It's only Sweden, and Norway is no changes either. It's only in Sweden we've heard this wish to put a cap. Okay, thank you. Thanks a lot, Maria. Then we have Carl-Oscar Green Bredengen from Berenberg. Hello, Carl- Oscar. Hello. Can you hear me now? Hello. Yes, we can. Yes. Okay. Thank you. I think most of my questions on the brokerage and capacity have been answered, but I just wanted to touch upon the main driver for the somewhat softer revenue per customer. It is only mostly related to a variation in cross-border trading and somewhat lower activity. This is not as a result of marketing campaigns, introductory offers, or something like that, just in terms of how we're looking at this going forward. You're correct. It's only trading activity and cross border. No change in commissions or start offers or anything like that. Okay, that's clear. Just lastly, are there any news in the market with regard to the possible change in regulation regarding fund retributions and kickbacks? We haven't heard much since the debate in quarter one in Sweden. The FI said they will investigate this and will come with a new proposal. Of course, we monitor and see what's happening, but we have a lot of experience from moving to platform fee model in Norway that we managed quite successfully, a little bit drop in margin, but a large increase in volume. Overall, the fund business in Norway has been performing very well. Would you, in a worst case scenario that you would need to abandon the distribution in Sweden, is the IT infrastructure there as you already have this in Norway and operating successfully on that model, or would that typically then entail an additional cost? No extra costs for that. Okay. That's very clear. Thank you so much. That's all from me. Thank you. Thank you, Carl-Oscar. That was all for the verbal questions. We have some questions also, something in writing. First batch of questions come from Nicolas McBeath from DNB. Three questions. Could you please comment on, one, the sequential decline in net brokerage income per trade? Also, if adjusting for FX revenues, it seems that there was a meaningful decline quarter-on-quarter. Question number two, the outlook for the lending growth in the next few quarters. Is the loan growth we have seen in the past few quarters sustainable some time ahead? Number three, please update us on the current mutual fund margin and if you see anything impacting this in the next few quarters that you think we should keep in mind. Net brokerage income per trade, lending growth, and mutual fund margin. I think when it comes to income per trade, the main reason is still less cross-border. It's also a little bit of mixed impact, heavy traded versus retail with higher commissions on retail overall. I don't know if you have any additional favor to that, Lennart. No, you can see it sometimes, but in general terms, I think that is what we would say, really. Of course, it's a little bit also the country mix where Sweden's dropped a little bit less than the other countries. We see that from time to time that you have the little bit different trading patterns in different countries, and this quarter was a little bit lower outside of Sweden. As you know, we have higher margins overall outside of Sweden, so that's probably most impacting a bit. When it comes to lending growth, I would say definitely mortgage, very strong development, and we see that will continue. Margin lending is, of course, still very strong. As we also know, it's a little bit also correlated to how the market moves. If you have a big drop in the market, you also drop the margin lending. We see very good correlation and a very high interest from our customers in this product. While personal loans we keep at a stable level of around SEK 4 billion according to uptrends. I think you can add on that margin lending side that it is not just new customers, not just customers that already have a high level of margin lending. It is actually old customers that are opening up margin lending accounts. My suspicion is that, yes, this will be more sustainable than it has been before. It is still on a low loan-to-value rate. When it comes to fund margin we see that stable, of course, is the potential platform fee in Sweden that might impact this going forward, but it's too early to tell yet. Like I said, what we also saw in Norway when that happened, we got a lot higher volume, so that compensated well for the drop. Okay, guys, thanks a lot. Next question, you've touched upon this, Lars-Åke, before, but I'll read it out anyway. Could you elaborate a little bit more on the reason behind the lower number of trades per customer this quarter? Yeah, it's two main reasons I would say. One is seasonality that we show that seasonality is V-shaped. You have highest trades per customer in the beginning of the year, it drops down to low point June, July, it starts picking up again from August, September. We've followed this for many years, we see that pattern clearly now that we showed on the slide. That's one. The other part which is of course impacting trading is the volatility, where we've had a fairly high volatility. You can look at the VIX index in quarter one in 2020, it's been definitely lower in quarter two. Still, the interest in trading is there, like I said also, we have now 600,000 customers that trade on a quarterly basis, that's up 50% versus last year where we had 400,000 quarterly trading customers. It's just that they trade a little bit less per customer. Yes. Good. Next question is about dividend. Can we expect any additional dividend this year? Do you have any forecast what the annual dividend will be going forward when the restrictions, recommendations are removed? You had that in the presentation as well, but please comment. Yes, I can have that one. We're still having the dividend policy of 70% of net profit on a yearly basis. In respect of 2021 or extra dividend here, we have a strong capital position, and we have capacity to do the dividend in respect of capital adequacy. However, we are waiting, as it says, requirement regarding the buffer on leverage ratio. That is why I do not want to speculate on this topic at the moment. Okay, good. Thanks. Last question today is from a customer point of view. Any plans to open up new interesting markets for your customers, such as Euronext, for instance? Lars-Åke, how could you comment on that? Yeah. We look at opening new markets, probably starting with additional markets in Europe. We come back to you when that happens. That's definitely in the pipeline. Good. Thanks a lot. I thank all of you who participated. There were no more questions as of now. Before we close, I can say that the next thing that happens when it comes to financial reporting for Nordnet is that we publish our monthly statistics for July in about one and a half weeks' time on the 3rd of August. All the information about us is available at nordnetab.com. Okay. Thanks a lot.