My name is Marcus Lindberg. I am the Head of Investor Relations at Nordnet. With me today, I have our CEO, Lars-Åke Norling, and our CFO, Lennart Krän. Lars-Åke and Lennart will start off by presenting the results. Then we'll have a Q&A session. During the presentation, all participants will be on mute. When we come to the Q&A session, you have two alternatives to ask questions. You can click the Raise Hand button. I'll then unmute you and call your name, or you can also submit a question in writing through the Q&A button. Write your question, then I will read it out loud. I'll go through this again when we start the Q&A session. Presentation itself is available on our corporate website, nordnetab.com. Let's start the presentation. Lars-Åke, please go ahead. Thank you. We can go to the next slide. Let's start with highlights. We had a very strong Q4 with the second highest revenue profit in Nordnet's history, and good growth in both customers and net savings in spite of challenging macro. Strong cost control with operating expenses in line with the financial targets, both for the quarter and for the year. We see that uncertain macro environment remains an overhang on trading activity. That's well compensated by a large increase in net interest income from high interest rates. We also see a positive interest rate sensitivity and expect to grow net interest income significantly in 2023. More about that later. Was a very productive quarter when it comes to product launches, where we launched a dividend tracker, watchlist, improved login and instant transfer function of capital from one bank to Nordnet with cooperation with Trustly. We also have a proposed dividend of 4.6 SEK per share. We also received a number of awards during the quarter. We were awarded Bank of the Year in Sweden from Privata Affärer. We also got a award for the savings profile or savings economist of the year, and that was Frida Bratt in Sweden that received that award. We also got a recommendation from one of the consumer organizations in Denmark, Tænk. Go to the next slide. Little bit on the financial highlights. We grow the customer base underlying at 10%, savings capital down 11%. The market has been down, more, but that's compensated also by, net savings during the year. Trades are considerably down compared to Q4 last year due to a negative market sentiment and uncertainty among the customers, when it comes to trading. Looking at revenues, it was up 7% YoY. A decrease in trading revenues was more than compensated by the increase in net interest income. Again, the second-highest revenue for Nordnet ever. We also had a one-time adjustment of 20 million SEK during the quarter related to correction of fund revenues for the years 2021 and 2022. Operating expenses grew in line with the targets of 5%, and where we grow is product and tech and not in operational units to deliver them faster on our exciting roadmap. Profit before tax was up 8% and also second highest profit for a quarter ever. Can go to next. Highlights for the full year of 2022 is much of the same story, of course, where we see a drop in trading. For the full year, we see a slight decline in revenue of 7%, where the dropping in the trading revenue is not fully compensated by net interest income over the full year. Operating expenses again aligned with the target and a slight drop down in profit before tax compared to last year. Still, considering that we had a very challenging year in the markets last year, I'm still proud of, delivering a strong result of SEK 2.1 billion in 2022. Go to next. We also see a good continued growth in customers and net saving despite negative markets. 2022 was one of the worst years in many, many years in the markets. In spite of that, we grow the customer base with 160,000 new customers. We had a net savings of total SEK 36 billion. That I would say is a sign of strength. We can go to the next slide. Here is the net savings developments, both inflow and outflow. We see that inflow continues now in the quarter on a good level. We see also a slight reduction in the outflow from also now offering interest rates on our savings accounts. In November, December, we turned net savings back into positive territory. Go to next. Our geographical diversification, the risk, the business model that we have, we see that Sweden has had the largest impact last year with the largest drop in the market of 25%, but also highest impact of inflation and increasing interest rates. If you look at development in Norway, for example, the mark was slightly up during the year and trading has been quite okay. All in all, we see a smaller drop in savings capital and also a higher customer growth outside of Sweden. Go to next. We have a diversified revenue stream, and that's bolstering our revenues in total. If you look at the graph down to the left, you see that the red part now, which is net interest income, is really starting to pick up due to high interest rates. We see a drop in fund revenues and trading revenues. Still, if you look at average return per year on both fund revenues and trading revenues since 2019, they're still on good levels. If you look at the chart down to the right, you see the margin for starting with deposits on top, which is increasing now considerably due to increasing interest rates, while the margin on the brokerage, on the trading is going down due to less trades per customer. We also see a drop in margin on the fund revenues due to a shift from active to passive funds, and also that we lowered the platform fee in Norway for index funds, and also slight decrease in purchase of foreign funds as well, where we have an FX component. You can go to next. Now we come to net interest incomes. We're gonna talk both about the liquidity portfolio, the lending portfolio, and also our interest rates we give on deposits for the customers. But starting with the liquidity portfolio, we expect that to generate SEK 1.8 billion in 2023, but that's assuming that Q4 2022 volumes, and also the currency allocation, credit spreads, and market consensus that you see below here on interest rates. We currently have SEK 58 billion in our limited liquidity portfolio, and the liquidity portfolio overall generated SEK 400 million, give or take, last year. It's expected that increased to around SEK 1.8 billion through the full impact of the interest rates hikes in 2022 and additional hikes in 2023. Of course, this is dependent on the deposit volumes overall that we have. Go to next. Talking about the loan portfolio, we expect that to generate around SEK 1.1 billion in 2023, assuming in Q4 2022 volumes and interest rates as per 1 stJanuary. We have in total SEK 27 billion in our lending portfolio now. On the top here, you see the light blue is our secured loans portfolio. That's stable on SEK 4.1 billion. You see a good growth than in mortgage, the dark blue, up to SEK 11 billion, and also stable margin lending at the bottom there, in spite of negative markets. It's been quite resilient. The lending portfolio last year generated around SEK 800 million, and we expect that to generate SEK 1.1 billion in 2023. This might, of course, be slightly higher because we likely have more interest rate hikes and also more volume in our lending products. If you look at the pass-through of the interest rate, we have a pass-through rate of interest rate hikes of 90% on unsecured, 30% to 70% on margin lending, depending on country, and 80% to 90% on mortgage. Overall, we have a low-risk lending portfolio, loan-to-value margin lending and mortgage around 40%. The credit losses, the only real credit losses we have is on our unsecured portfolio, and that's still on a low level. You can go to next. We estimate then the interest we will pay out to the customers during 2023 is gonna be around SEK 200 million, again, here assuming Q4 2022 volumes on our savings account and other accounts with interest rates. The interest rates also we see on 1 January this year. Right now, a total of 22% of deposits are on accounts with interest rates. The interest cost on total deposits are around two to three bps, and interest cost on deposits bearing interest are around 104 bps. This might also be slightly higher if you see more volumes into the savings accounts and of course, high interest rates during 2023. Can go to next. Coming to trading, we see on the graph to the left here that the number of trading customers is going down due to the negative markets and challenging macro. Still, if you compare to 2019, so before COVID, we have considerably much more trading customers due to strong growth, of course, in the customer base. Trades per trading customer is also down due to negative sentiment. We see the share of cross-border trades is stable on a high level due to the country mix with a higher share of cross-border trading outside of Sweden. Go to next. If you look at the full then trades per customer per trading day for the full customer base, and that's the dark red line at the bottom, you see that's considerably lower than what we saw in 2020 and 2021, but it's also lower than the light blue line, which is average 2018 to 2019. We expect this activity to come back more to what we saw in the period 18 to 19 before COVID, when the market stabilizes on the positive side. We can go to next. Looking at it holistically, I mean, we see lower trades per customer, but still we have double amount of trades per day in 2022 compared to 2019. Th at's due to basically double the customer base during the same periods. We also see a higher income per trade. You see that in the graph to the right. The margin is up 24% and that's due to higher share across border trading. Go to next. Just round off a few also product highlights. As I said, it was a very productive quarter. And we delivered on a very demanded service from our customers, and that's to see a dividend overview. We delivered that both on the web, on the app. We also had over 20 new versions of our app during the quarter with a lot of new nice features. We also extended our Securities Lending Program with also international shares with U.S. and Canadian shares. With that, I hand off to you Lennart to talk a little bit more about the financials. Thank you very much Lars-Åke. Please go to the next slide. As Lars-Åke already said, I mean this was the second-best quarter ever with SEK 950 million in revenue. That is very close to Q1, only superseded by Q1, 2021. The composition of the revenue is however different with the NII much higher. That is also the result of a resilient and diversified revenue streams to offset that. We have those stable commissions anyhow on the non-transaction and also on the transaction revenues. We can go to the next slide. We also maintain the very good cost control with stable cost throughout time. That is handled by both planning ahead, continuously, to know what we are negotiating contracts, suppliers and everything, and also plan what we are gonna do with development, because we still have a very high speed of development within the tech section and our offerings to the customers. It's very pleased to see that we anyhow can maintain this good cost control. We can take the next one. With that said, we still have this operating leverage, with a high revenue, with a stable cost. We have this, adjusted, profit before tax on SEK 2.1 billion, for 2022, which was a very strange year with different effects on especially the transaction rate commission. Giving this operating leverage, I'm very pleased to present that. We can take the next one. Oops, sorry. This gives us the opportunity to maintain with a 7% dividend, which is SEK 4.6 per share. Even though maintaining a good capital ratio both on the risk-weighted side and on the leverage side, we have 20.9 with a requirement of 18.2. The increase of the requirement is mainly due to the countercyclical buffer that was reinstated during 2022. The leverage ratio dropped from 4.8 to 4.6, which is a small change though, but all due to increased the volumes of deposits actually the balance sheet grew by that. With that 4.6% in leverage ratio, we have the capacity to take on further SEK 45 billion in deposits, so very strong in that respect as well. By thereby, I hand over to you again Lars-Åke. Thank you Lennart. A little bit on the strategic long term focus. We can go to the next slide. You've seen this before, I just wanna touch on it on a key strategic ambitions. We're starting of course to have a really happy customers by providing a one-stop shop for savings and investments with a great customer experience. We reach out through building on our platform for savings and investments every day. We wanna continue to strengthen our number one best position and also secure that we have low churn also going forward. We also know we will never have happy customers unless we have passionate and engaged employees. Of course, we wanna see an upward trend on e-employee satisfaction and also that we can attract and retain top talent. Sustainable business at the bottom. We are a trust business. We need to earn that trust every day, and we need to manage our risks in a good way, not least on the compliance risks, and that we overall are a trusted and liked brand. There's profitable growth that we now capture the fantastic growth potential we have in Nordics and continue to take market share in a growing savings market. Also ensure scalability and good cost control going forward, both through automation but also by our tech platform. We go to next. We have a very strong long-term growth in customers and savings capital, which has even been accelerating the last years. Two main factors is that every day improve customer experience through building on our platform for savings and investments. The other one is that the critical mass in all countries that drives also word of mouth growth. Can go to next. Nordnet is taking market share in a growing savings market. We have 6% market share of the addressable population. We also have 6% market share of the addressable capital, savings capital, and that's SEK 13 trillion up from 3% in 2016. We basically double the market share in five years. We expect the addressable market to grow both from underlying market growth, but also to be launched on new products like the Danish Livrente pension product and endowment wrapper in Finland. To the right you see where we have highest market share in trades or equities. We have low market share in funds and pension, and where we have a very big growth potential and where we also put a lot of effort. You can go to next. Looking at the cost side, I mean, we have had stable costs now for five years. We have a very scalable business model, but also very good cost control. The main levers for that is our scalable cloud power tech platform. We can onboard a lot of new customers without driving cost. We also work heavily with process simplification automation, and this is a win-win. When we automate it works better for the customer, but at the same time we scale better. Also, highly efficient customer growth, mainly derived based on word of mouth and PR, allowing for low customer acquisition cost. Also that we engage heavily with our third parties, our suppliers, not least now to renegotiate all the inflation clauses that we have in agreements. Go to next. We also update another medium term financial targets, and that's adjusted for the new interest rate environment that we see and also the big dip we saw in the stock markets in 2022. We assume then over the midterm an average interest rate of 2% and an average annual stock market performance of +5%. The adjustment is the customer growth was boosted 15%, now 10% to 15%, depend a little bit on the market climate, average savings capital per customers from SEK 450 to SEK 420 due to the big decrease in the markets in 2022. The income margin is going up from 45 bps to 55 bps due to then the high interest rate environment that we are in. Adjusted operating expenses, we see that on a midterm a growth of around 5%, but we also say now in 2023 it's going to be slightly higher of around 7% due to the high inflation rate that we currently see. The dividend pay is unchanged, 70% of the profit after tax. Go to next. Where we are right now, then customer growth 10%, which is still very good, considering the very challenging year in the markets in 2022. Savings capital per customer is going down now, but still a little bit higher than targets. Income margin is bps, so it's lower than 55, but when we get the full impact of interest rate increases during next year, it's gonna move up to around 55 bps. The cost increase so far is around 5%, but slightly down, it will be slightly higher in 2023 of 7%, but then back to mid-single digit growth again. Can go to next. It just some key priorities for 2023. We of course have a very long list of things we're gonna achieve in 2023, but some of the more important things is that we're gonna launch the Finnish endowment wrapper to address a quite big market for high net worth individuals in Finland. We expect to launch that in Q2, Q3 timeframe. We also gonna lay the foundation to be able to launch a Danish livrente product in 2024. We're gonna work extensively then in integrating Shareville in our app and web, and we're well on our way here, but we wanna conclude that work in 2023. We're also gonna expand our Nordnet branded fund offering in our fund company, and of course, we have a lot of focus also going forward on cost control and further automation initiatives. With that, I think I hand over to you, Ross, Marcus, to do Q&A. Great. Thank you, Lars-Åke and Lennart. Now we'll open up for questions. Like I said before, you can click the Raise Your Hand button, and then I'll unmute you. I'll announce your name, and then you need to accept to be unmuted. You can also submit a question in writing or just shoot me an email. First question comes from Ermin Keric from Carnegie. Please go ahead. Thank you, and good morning. Thanks for the presentation. The first one would be on the NII. So, maybe two small questions there. First off, is there any additional lending rate hikes that haven't been included in the guidance that's coming into effect now during January? Not. I mean, the rate hikes we saw last year is now in the numbers, what we presented, but of course there might be additional rate hikes during 2023. Okay. Then on the deposit side, how are you thinking about having to share future rate hikes with your depositors? I mean, it depends a little bit on the competition and also customer behavior. We've of course gonna follow that closely. Do you see any pressure to share at all? I mean, more on the liquidity on the different tax wrappers in the countries outside of Sweden? Not outside of Sweden as we so see now. We don't see tax wrappers as tax efficient to for saving deposits in any cases. That's why we also have a savings account now in all countries, and we offer interest rates now in three out of four countries on savings accounts. Then moving over to the brokerage. In Norway we saw a larger drop in the brokerage now in Q4. Is there anything that can be done there to? Maintained activity or was that simply market-driven? Maybe also on a broader perspective, you talked about the trades per customer now being lower than, let's say, in 2018, 2019. Yeah You expect it to return to that level. Given that you've added more broad retail-based customer base now, which maybe save more in funds, et cetera, do you still expect it to return to that historical level? Or is there anything structurally that's being with adding new customers that maybe aren't as interested in trading, but more interested in other savings products? Yeah. Starting with the first, in Norway, I think that's just dependent on the market. I mean, Norway was strong, very strong in the first half of the year. It got more negative in the second half, and I think it has impacted the Norwegian trading. You saw also perhaps a little bit, is less share of cross-border trading as Norway as well. Overall, the full year for Norway has been quite good when it comes to trading. I mean, if the market turns a little bit positive again, we see that should pick up. When it comes to trades per customer in the full customer base, I mean, as you know, we follow the cohorts quite extensively, and we see the customers coming in in 2020, 2021, and also 2022. The basic behaviors, the average customer if in the older base, if you deduct the heavier traders. If you look at the general customers, it's about the same behavior. We expect trading to turn back a bit based on that when the market stabilizes on the positive side. I think markets are more positive now, but it's still a lot of uncertainty if this will last or we'll see a new downturn. Perfect. Then one last question if I may. Just on the 7% costs guidance you have for next year. You also said you're working actively on renegotiationing supplier contracts. Yeah ... sort of inflation links, et cetera. What success have you included in your guidance there with regards to renegotiating those contracts? Most contracts we've already been through, we're quite certain that we will reach the 7%. It's been a lot of heavy negotiations, a little bit giving and taking. We're trying to find win-wins also with the suppliers. It's been quite fruitful discussions. Superb. Thank you very much. Thank you. Thank you. Next question comes from Jakob Hellström, from SEB. Please go ahead. I think you're on mute, Jakob. Can you hear me now? Yeah. Yeah. Now we hear you. All right. Perfect. Good morning. Hi. I continue on the NII and Ermin's questions. Looking at the rate hikes in February and then March from ECB and from Riksbank, you did say competition is limited outside of Sweden, but do you expect to be less generous in the upcoming hike compared to when you introduced your rates in November? I mean, we follow both the market, but also, of course, the customer behavior if we see large outflows or not, and of course, how big the rate hikes will be. We follow this very closely on a almost daily basis, of course. All right. Follow up then on that. You said you follow it closely on customer behavior. Have you seen any change in customer behavior since you introduced the deposit rate in Sweden then? I mean, I think we see a slightly less outflows, both in Sweden and Norway, where we have the highest rates on savings account. Yeah, some changes, and let's see how this plays out during this year. I think the actions we took with introducing it and interest rates on savings account has been very appreciated, much more so than having interest rates on the KF and ISK, which are not optimal for savings and deposits for tax reasons. All right. Thank you. Lastly, just a clarification regarding your expense increase of 7% for 2023. Do you expect expenses to grow by 5% in 2024 based on 2023's cost level? Or is the 5% annual cost growth an average of the years? Yeah. Good question. I mean, it's mid-single digits. It's 4% to 6%. It's over the period it's 5%. I don't think 7% sticks out that much. I think you need to look at as mid-single digit over the period. All right. Thank you. Thank you. Next question comes from Enrico Bolzoni from JP Morgan. Please go ahead. Hi, good morning. Thanks for taking my questions. My first question, there has been some discussion at the European level to ban retrocession on funds. I believe that only in Denmark at the moment this is already active, but not in Sweden, Norway and Finland. My first question is how would you react to that? Could you potentially be proactive and maybe change the way you charge and introduce a platform fee in this country? That's my first question. The second question is related to the potential cash sorting. One of your competitors say that there is a risk that more and more clients might continue to move money out of the deposits and into money market funds. Your guidance on, have you factored that at all into your guidance? What kind of behavior are you seeing from your clients in this regards? Then again, one of your competitor has been mentioning the possibility to expand inorganically. I mean, in your case, you're already across the Nordic region, but what are your thoughts on M&A in terms of potential bolt-on deals that can expand your capabilities or simply help you to grow in scale and size? Thank you. Okay, starting with the platform fee, it's true. I mean, in Denmark we don't have a platform fee, but we give back retrocession over a certain level, but we do have a platform fee in Norway where we basically have a retrocession ban. We've had that I think more than one and a half years now. We know how to play this game and we went down a little bit in margin, but we went up in volume as a consequence. Of course if it will have retrocession ban also in Finland and Sweden, we are prepared. We have all the technical solutions in place, but we also know also how to play this a little bit in the markets. When it comes to the guidance of, especially on the liquidity portfolio, we said, I mean, the SEK 1.8 billion is based on the Q4 volumes of deposits. If you see large flows outside of deposits, from deposits out, of course, that's gonna have an impact on the SEK 1.8. We also know before, I mean, deposit versus savings capital on the platform for a very long time, and we are on around the 10% level that's been the historic level. We, of course, if the market is super strong, it might be some outflows, but, we are basically on a little bit on the average level on deposit to savings capital in general. When it comes to inorganic growth, through M&A, I mean, our plan going forward is organic plan. We are taking market share in a growing savings market, and we have a very long term growth potential ahead of us with only 6% market share. That said, I mean, we've done a lot of M&A through the years. Last one was to acquire the one competitor in Norway, Netfonds. We know how to integrate acquisitions in an efficient way. You know, we only have one platform for across all markets in spite of buying companies, so we know how to migrate in efficient way. Of course, if there is something in the Nordics, we look at it, but it also boils down to how much you need to pay per customer or for the savings capital. Of course, if there are interesting opportunities, we'll look at it, but our plan is not based on that, so it's gonna be purely opportunistic. Thanks. Okay, great. Next question comes from Nicolas McBeath from DNB. Please go ahead. Thank you. First a question on the adjustment you made to your targeted average savings capital per customer. I was just wondering, is this purely an effect of adjusting for stock market values, or have you also made some changes to your assumptions regarding savings behavior and net inflows? No, it's mainly based on the big drop we saw in the markets in 2022, and then assuming a 5% growth in the markets from there. You have the normal mix of new customers diluting a little bit versus all customers and aggregating savings capital. We know also for sure the market growth is never gonna be 5%. It might be more, it might be less. We to have a number, we need to assume a growth rate, and we assume 5% on top of the 2022 closing. Could you say something about what you assume in terms of net savings? I mean, we foresee of course, net savings to pick up if the market again turns more positive. I won't guide exactly on the numbers, but of course, considerable up from what we saw at the end of 2022. Okay. Then, I'd just like to come back a bit to the topic of the customer activity and where we are currently relative to what can be considered a kind of a normalized level. What makes you confident that the current activity level is actually below normalized? I mean, would just be interesting to hear how you reason about where normalized level is and why you think so. I'm just looking a little bit about the course that I touched upon before. We see the core behavior. If you exclude, they have traders that live their own lives basically. If you look at the course of 2020, 2021, 2022 versus the old course, the behavior now in this market is very similar. There's been a tough market, we assume when the market moves back to more normal, we assume the old cohort to move back to more normal trading, and thereby we also assume that the new cohort will also move in the same direction. Of course, let's see how this plays out. We also have, I mean, a market with interest rates now. There, there also for some customer is an incentive to also saving in fixed income products. Okay. Thank you. Thank you. Next question comes from Piero Novello from Morgan Stanley. Please go ahead. Yeah, hi. Just maybe comment on the trends in Norway you have seen. I mean, deposits have declined quarter on quarter, you have also seen net outflows in the quarter. Despite increasing the interest on the savings account in November, so in the guidance you gave on interest on deposits, do you assume no interest on investment accounts in Norway? Do you assume any change in the interest on the savings account? Look, in Norway, I mean, we don't see interest rates on the tax accounts. When it comes to the savings account where we have interest rate, I mean, that depends if the interest rate is increased or not going forward. In Norway we're gonna look, of course, what happens with competition and also customer behavior if that happens. Based on the current rate we have now, we don't expect it to increase. Okay. Then in terms of the customer growth, guidance for the medium term, the 10% to 15%- Mm. If we were to split it by country, Which one do you see as the biggest opportunity, if I may ask? I think you should look a little bit on the trends. We have highest growth in Denmark, followed by a mix, yeah, between Finland and Norway and then Sweden. L et's see. You know, we will not see the same differences between the countries as we saw in 2020 and 2021, I think still some of the new markets like the Denmark is perhaps growing a little bit more. Thank you. Thanks. Okay. Next question comes from Jakob Kruse from Autonomous. Please go ahead. Hi. Thank you. Just two questions, I guess. First, on the net interest income, the guidance you give all these numbers, the SEK 1.8, the SEK 1.1, and the SEK 200 billion. Mm. Is the way to read these that you're making SEK 2.9 billion minus SEK 200 billion, so SEK 2.7 billion of guidance for 2023? Is there any other effects that come in addition to those three? Yeah. development. That's a good question because, I mean, we have to remember that those numbers are based on Q4 volumes and Q4, or beginning of quarter one, interest rates. There will be movements, of course, on. Look, in liquidity portfolio, then maybe estimate some interest rate hikes. If that's different, of course, that will impact. Also if the deposit volume is increasing or decreasing, that will of course impact that number as well during the year. If you look at lending, that's, I mean, that's based on the Q4 volumes and also Jan interest rates. Also here, I mean, we expect, I mean, we, of course, a continued inflow in lending volumes and also slightly higher interest rates. You, that number might be a bit higher. The same as deposit to customers or interest rate to customers is also based on Q4, what we see Q4 volumes on savings accounts and interest rates, and that might also be a bit higher if the interest rates continue to increase, and also more money goes into savings accounts. You have a little bit different dynamics. It's not a full 23-year guiding. It's what we see based on the Q4 and interest rate today, basically. Yeah. Then just to follow up on the question on M&A, do I get it right that if there are add-on deals, the focus is very much Nordic? You don't have any interest in- No, no. It's Nordic. Nordic. Yes. Yeah. Good that you clarified that. Okay. Great. Thank you very much. Thanks. Thank you. Next question comes from Alex Medhurst, from Barclays. Please go ahead. You're on the phone. Hi, everybody. I hope you can hear me. Yeah. Yep. I hope you can hear me all right here on my line. Yeah, most of my high-level questions have been answered, maybe just a couple of clarifications, if that's all right. Yeah. On the fund commissions, is there any sort of step change in revenue margins on funds going forward after the sort of retroactive repayment this quarter? I don't know if that means that some of the revenue margins historically were sort of overstated. Secondly, you mentioned you've expanded your stock lending offering. Is there any revenue impact from that move? Thank you. Yeah. The adjustment now was maybe we cleared all that out. We don't expect any other adjustments. The correction we did was basically it was 1 million sector months during the period 2021 and 2022. We foresee a fairly stable margin on the funds. I mean, what we've seen is a mix shift then from active to passive. We've seen we also reduced platform fee for index funds in Norway and a little bit shift that you buy more local versus international funds. I think that's very much baked into the margin that we see today. When it comes to stock lending from U.S. and Canada, it's a bit too early. We phased that in, so let's see how that plays out during 2023. Just maybe a follow-up, if you can hear me, still. It just maybe following on from Enrico's question. Have you seen any sort of mix in the types of asset classes that customers are holding within their funds? You know, you clearly mentioned the shift to passive, but more kind of fixed income or money market instruments instead of or funds, sorry, instead of equity products? No, no big change yet. I think the customer is still waiting to see the, the real effects of interest rates also on the fixed income funds, which has not really been there to date. They might become a bit more popular in 2023 and 2024. Let's see. It's not been any major movements to money market products. Awesome. Thank you very much. Thank you. Thank you. Next question comes from Maria Semikhatova from Citi. Please go ahead. Yes. Thank you. A couple of questions. First, on your NII guidance, just can you provide what amount of deposits were on a savings account at the end of the fourth quarter and what is the current rates you offer? Also if there is a, let's say, certain level of rates, because we expect further ECB hikes, that you will offer positive rates in Finland. Maybe kind of more generally, outside of Sweden, are there any limitations to move your, let's say your liquidity from investment to savings accounts? I would just expect some shift within different deposits, or there is tax consequences or any other, let's say- Mm-hmm ... regulatory limitations. Yeah For customers to kind of take advantage of the higher Yeah ... on savings. On the customer growth, we are 10% underlying right now. Mm. You kind of revised to 10, 15. Have you made any estimate of the, let's say, accelerated customer growth from your new product offering, this Finnish endowment wrap or livrente in Denmark, or is it more kind of a reflection over expectation over some improvement just in market sentiment overall? Yeah, starting at the deposits, we currently have SEK 4.5 billion on the savings accounts, and the increase is mainly in Sweden, little bit in Norway, but mainly in Sweden. The actual interest rates we offer varies between the countries, as you know, and Marcus can provide you with that if you need that breakdown. When it comes to new rates in Finland, again, depending on competition and customer behavior, of course if ECB continues to hike the rate, we might have also some rate on savings account in Finland. When it comes to the moving from the tax wrappers outside of Sweden into the savings account, tax effects. If you re-take out money from the tax wrapper, then there's a tax event, so the profits you had on that money, you need to then tax when you take it out. It's a little bit different in Sweden, where you tax every year basically, but here you tax it when you, on the profit when you take the money out. Customer growth, 10% to 15%, I think is a lot related of course to market sentiment and market share. We have on the population of 6%, so we see still a strong growth potential, but we know also it's very market sentiment driven. That's why we have a range. Of course some of the new products, like, endowment wrap and livrente will also help over time to drive a little bit additional growth even though we start marketing those products to our own customer base. Okay. Thank you very much. Thanks. Thank you. We have a written question here. Similar to what we just got, what are the different assumptions around the different ranges of customer growth? What do you expect for 2023? Yeah. I mean, I think that's why we have a range. It, it depends very much on the market sentiment. Of course, if we have a very strong year, it might be slightly higher, but I think it's still a lot of. In 2023, even though we see some more positive markets now, it's a lot of uncertainty. A lot of customers are wondering if this is now stabilization or if we'll have a big downturn again. There's still a lot of uncertainty out there in 2023. I think you need to have a little bit longer period in a positive territory before the sentiment really shifts. I think the assumption between the growth is both of course, of course looking at historic growth, but also that, market share of 6% we have today and the growth potential we have in the years to come. Okay. Don't see any more questions, I think we'll wrap up for today. Thanks, all, for attending the presentation. Our next quarter report is out on 25 April. Please visit our website, nordnetab.com, or reach out to me if you have any questions. Thanks, all, for your interest in Nordnet and have a nice day and goodbye. Thank you. Bye. Thank you, all.