This webcast. Our CEO, Mr. Mahmut Akten, our CFO, Mr. Aydın Güler, and our Investor Relations Director, Ms. Handan Saygın, will be presenting today. As always, there will be a Q&A session following the presentation, and you will be able to ask your questions either via raise hand button or by typing them into the Q&A area. I now leave the floor to our CEO for his initial remarks and to management for the presentation. Hello everyone. Welcome to our third quarter earnings results and call. It's a pleasure for me to be able to meet with you today, especially as we present again another stellar results. I've been part of this organization for 12 and a half years, and moving from the front line of retail banking to corporate and investment banking, and as a part of executive leadership and these 12 and a half years actually deeply shaped my understanding of our institution's strengths and potential. I'm excited to lead us today into a new chapter. While there may be changes in leadership, as you will notice from our results, our successful strategic direction remains unchanged, as you will see from our most recent figures. Now I hand over the presentation to Handan to present our third quarter results. Thank you, Mahmut. Good afternoon, everyone. We're thrilled to be with you on another earnings call, presenting our outstanding performance. Despite the continuing market complexities and even further regulatory pressures, we sustained improvement in our core banking revenues. Before getting into the details, let's quickly go over the macro backdrop we're in. Rebalancing in the Turkish economy continues with a mild slowdown so far. Restrictive monetary policy and expected fiscal consolidation 2025 onwards might keep GDP growth at closer to 3% in the short term. We expect monthly inflation trends to decline to slightly below 2% by end of 2024, resulting in an annualized level of nearly 25% in 2025, with risks tilted to the upside. Depending on the improvement in inflation trend, we maintain our call of a modest first rate cut in December, but define risks as staying high for longer. Uncertainties about the wage and tax adjustments at the start of the year will require this central bank to remain cautious. Driven by weak domestic demand and lower energy prices, current account outlook further improves to below 1% of GDP. Medium-Term Program shows efforts to keep budget deficit to GDP below 5% in 2024 and close to 3% in 2025. Negative fiscal impulse will support the disinflation process, and excluding earthquake spending, budget deficit to GDP will remain below 3%, which would be in line with the Maastricht criteria. Now, time for the financial results. In the third quarter of 2024 as well, Garanti sustained its best-in-class performance with TRY 22.4 billion of net income, bringing the nine months net income to TRY 67 billion. This represents a clean 27% year-on-year earnings growth when adjusted with last year's provision reversal. Even with the rules of the game changing midway through the quarter, causing further pressure on funding costs, we sustained our outstanding performance and ended with a year-to-date return on average assets of 3.5% and a return on average equity of 33%. This best-in-class performance is owed to our highest internal capital generation capability on the back of customer-driven asset mix, high asset quality, closely managed funding costs, and operating expenses. We registered an even higher performance in growing our core banking revenues. The quarterly growth of 12% in core banking revenues carried the cumulative year-on-year growth to 58%. Biggest component this year is net fees and commissions, as expected, with an 18% quarterly and two and a half fold cumulative annual growth. Second biggest component remained to be growth in core net interest income. Despite stabilizing loan yields in the quarter and further tightened macroprudential measures such as much higher reserve requirements, the deposit conversion rules, and minimum interest rate calculation changes in credit cards, still, when we look at our core banking revenues to assets ratio, we have been consistently improving it, and its level compares quite favorably to that of the average peers. For instance, our core banking revenues to assets ratio of 6.7% was 2.9% on average at peers in the first half. In other words, our core banking revenue generation capability remains to be the highest in sector and our inherent strength. This achievement requires a high share of customer-driven asset mix and a relatively lower share of securities. Our performing loans and assets make up the majority with 56%. Securities share, on the other hand, is at its two-year low with 14% share, and it is the lowest among peers. We booked another 8% Turkish lira lending growth in the quarter, bringing the year-to-date Turkish lira loan growth to 38%. This growth is achieved while sticking to the imposed loan growth caps and booking higher growth in the preferred areas such as investment, export, credit cards, and earthquake-affected area loans. In foreign currency lending, we booked a strong 8% growth in the quarter, taking the year-to-date to a double-digit growth, suggesting an upside in our foreign currency loan growth projection. On the securities front, we're typically opportunistic and grow for either hedging purpose or regulatory driven. In the quarter, we did replace our redeeming Turkish lira securities and added a bit more to our fixed-rate portfolio. Combined with the securities purchased in the first half, year-to-date growth registered in Turkish lira securities reached 32%. Drivers of our Turkish lira loan growth were mainly consumer loans such as mortgages and general purpose loans with preferably longer maturity and credit cards. We gained market share in Turkish lira across the board, except for a slight market share loss in business loans due to low demand and current short-term preference of companies waiting for the rate cuts. Our Turkish lira loan portfolio at the end of third quarter surpassed one trillion liras mark on the back of a year-to-date growth of 49% in credit cards, 40% in consumer loans, and 28% in business loans. Our market share in consumer general purpose loans among private banks neared 20%. In mortgages, it exceeded 26%, and in credit cards, it's almost 23%. Also, in business banking, we still have 20% market share. In total, we have the largest Turkish lira loan book among private banks. Moving on to the quality of the total loan book of TRY 1.7 trillion, 88% is in Stage 1. 10.4% or TRY 176 billion is in Stage 2. Now, isolating the currency impact, which has affected largely the restructured portion of Stage two, Stage 2 increase was predominantly due to the increase in the SICR portion, namely those expected small ticket size retail and credit card loans. Since the coverage of the SICR is relatively low, it did not pressure the Stage 2 provisions much, while the recovery of a highly provisioned wholesale book in Stage 2 diluted the foreign currency coverage portion of Stage two. About one third of our Stage 2 is foreign currency loans related, and their coverage, even after this recovery, remains at a strong 38%, while the Turkish lira loans coverage is at 8%. For the NPL evolution, let's see on the next slide. The net NPL inflows in the quarter suggest deterioration, we all expected, after last year's exceptional low base and robust retail growth. New NPLs doubled quarter on quarter, and 90% of them related to the retail book. Half alone was from the credit cards portfolio, while NPL inflow from commercial side was almost nil. The ratio post-NPL sale and write-downs went up to 2.1% from 1.9% in the first half. It was also supported by the still strong-performing collection performance on the wholesale side. We sold a total of TL 5.9 billion of NPLs for TL 2.3 billion, as they were feasible with positive spread in NPL sale price and the legal process time cost in this inflationary period. Our total provisions on balance sheet, including the written-down portion, went up by another TL 6 billion and reached TL 76.5 billion. This is the highest provision level among the private banks and represents a 4.5% total cash coverage. On the next slide, we'll see the translation of this into cost of risk. Even though net provisions, excluding currency and earthquake-related provisions of last year, spiked almost fivefold year on year and doubled quarter on quarter, collections from the wholesale book continue to support the year-to-date net cost of risk. Cumulative net cost of risk went up to 90 basis points from 66 basis points in the first half. This increase is very much parallel to our anticipated deterioration in the year. For that reason, we stick to our whole year guidance of 125 basis points of net cost of risk by year-end. On the funding side, customer deposits dominate the funding of assets. The high share of demand deposits funding assets, in spite of the high interest rate environment, remains to be the key financial differentiation supporting margin outperformance. Borrowing share in funding assets remains low at under 6.5%. Total external debt as of the nine months was $4.6 billion, with some increase in the MGTN program in the quarter. Of this, 41% relates to securitizations, 27% to sub-debts, and 19% to syndications. $1.5 billion of the external debt is due within a year, and against that, we have a $5.1 billion dollar buffer in foreign currency liquidity. The quarterly drop in foreign currency liquidity buffer is due to the significant increase in the total required reserve amount and decrease in bank deposit placement. Overall, our leverage remained to be the lowest among peers at 8.5 times the equity. Conversion to standard Turkish lira deposits continued in line with the regulation targets given. As of the third quarter end, we grew another 6% in Turkish lira deposits, bringing the year-to-date Turkish lira deposit growth to 29%. Turkish lira deposits now make up 56% of the total. On the foreign currency deposit side, even though there seems to be higher growth in dollar terms, 11% in the quarter versus 6% growth year-to-date, this growth, though, largely relates to gold deposits that went up in value and the parity move during the quarter rather than dollarization. Actually, half of the increase in foreign currency deposits in our bank. Only foreign currency deposit growth relates to the appreciation in the gold value. Quarter of the impact comes from the change in euro-dollar parity in the quarter. On a consolidated basis, the reason behind the increase that looks much bigger is because of the non-retail foreign currency deposit volume growth at our foreign subsidiaries. Even though we manage the most sizable Turkish lira deposit portfolio in a high interest rate environment, we continue to lead in customer demand deposits share in total. That is 40% at Garanti versus the average of private peers of 34%. Also, within the time deposits, even though the conversion to standard Turkish lira deposits has picked up significant pace, we still have the highest share of foreign currency protected deposits in Turkish lira time deposits with relatively lower funding costs. So clearly, these provide significant funding advantage and continue to support our superior margin performance. Accordingly, our margins remained resilient despite the continuing tight stance in monetary policy and additional macroprudential measures. Quarterly margin improvement of 50 basis points largely stemmed from the CPI book, and our CPI estimate increased to 45% from 40% that we have used in the first half. On the other hand, the regulatory changes introduced midway through the quarter exerted additional pressure on our core net interest margin and limited the expected quarterly expansion. In the quarter, our core margin went up by a mere 8 basis points to 2%. Nominally speaking, our net interest income, including swap costs in the quarter, ended TRY 25 billion. Stripping out the CPI income of TRY 13 billion in the quarter meant another TRY 1.6 billion increase of core net interest income to TRY 12.2 billion. Even though the core net interest income growth is lower than our projections in the beginning of the year, the level of core net interest income and the margin are by far the highest among peers. This strength proved to be our legacy. Please note that if we had not had the rules of the game change midway through the year, our cumulative net interest margin would have been 60 basis points higher, and quarterly net interest margin expansion would have been 70 basis points rather than 51 basis points. And with that, we would have been perfectly on track to meet our flat margin guidance for the year, taking into account the further spreads and thus margin improvement we expect in the last quarter. As for net fees and commissions, there is 18% Q on Q and 2.5 fold year-on-year growth driven largely by the payment systems business. Accordingly, of the TRY 68 billion liras of net fees and commissions booked in the first nine months, two-thirds relate to the payment systems business, owing to our number one rank in that business. Also, our number one rank in Turkish lira cash loans, non-cash loans, as well as money transfer fees, non-life, and life insurance were all supportive in our net fees and commissions growth. Key reasons behind our robust fee performance are the strength in relationship banking and the digital empowerment contributing to not only growth in our active customer base, but also penetrate further the existing customers. Our digital active customers now reached 16.3 million, and digital sales in total is 89%. As for the operating expenses performance, quarterly growth was 18%, and the annual growth pointed to 71% post the currency adjustment. Even though the salary adjustment hit the quarterly operating expense base, our efficiencies remained best in class, such that our cost-to-income ratio with 42%, well, 43%, sorry, suggests the highest efficiency among peers in this period. Fees coverage of operating expenses remained at a strong 93%, and operating expenses in average assets were 3.8%. As per capital, consolidated Capital Adequacy Ratio without the BRSA's forbearance went up to 15.8% and Core Equity Tier 1 to 13.4%. Net income generation in the quarter continued to support the solvency and became more visible, especially upon the normalization of risk weights assigned to consumer loans in the quarter for the regulator. If further normalization of risk weights on commercial loans gets realized, it will take the Capital Adequacy Ratio level 95 basis points higher than the current one. The foreign currency sensitivity on our capital adequacy ratio is a low 21.6 basis points negative for every 10 percentage points depreciation, owing to our 500 million Tier 2 issuance in the first quarter this year. Now, in summary, we hold the Olympic gold medal in the financial pentathlon. In the nine months into 2024, we recorded the highest net income via sustained increase in core banking revenues. The year-on-year growth in the core banking revenues was 58%, reaching TRY 128 billion in the nine-month period. On the fee side, our diversified fee-generating businesses, along with the extraordinarily high payment systems fees, almost tripled year-on-year and brought the fees coverage of OpEx to 93%. On the asset quality front, we remain committed to robust provisioning. Total provisions on balance sheet reached TRY 61 billion. Including the written-down portion, it is actually TRY 77 billion, suggesting a total coverage of 4.5%, a level that is highest among the peers. With the rise in credit cards and retail NPL inflows and normalizing collections from the wholesale business, our net cost of risk is well on track to be within the guided level by year-end. On the capital front, we remain solid. We had TRY 81 billion of excess capital as of the nine months end when calculating without the BRSA's forbearance. Our progress in business growth continues. Today, every one out of two bank customers has an account with Garanti BBVA, and our digital active customers with 16.3 million is the highest in the sector. In conclusion, our agility and financial resilience once again validated our unmatched leadership. Looking forward, we maintain our full-year profitability guidance. Even though there is now a visible downside risk to our margin guidance due to the additional regulation changes in the second half, we are well on track to compensate that downside with better growth in fees and commissions and trading income. Therefore, we stick to our mid-30s return on average equity guidance for full year 2024. Now, with this, I end my presentation, and we can now start to take your questions. Thank you for listening. Hello again for the Q&A session. Just a quick reminder, you can ask your questions by either typing into the Q&A area or by using the raise your hand button. Once your name is announced, you are welcome to ask your question. One minute for the first question. The first question comes from Cihan Saraoğlu. Hi, Cihan, please go ahead. Hi, Cihan. Okay. Now we can hear you. Please ask your question. Hello. Thank you very much for the presentation. I have three quick questions, actually. First one is about your non-HR operating expenses, which have grown almost 17% Q on Q. If you could give us some granularity about that growth? I mean, I understand the HR growth because of salary adjustments, but I mean, 17% in a quarter for non-HR is also a significant growth. Then the second question is, obviously, there is some increase in NPL formation. So if you could give us your preliminary thoughts about the 2025 cost of risk, where could it be? And then lastly, you have benefited significantly from the balance sheet positioning in 2024 as rates have increased, but obviously in 2025, we are going to discuss lower rates. So is there any change that you're planning in balance sheet mix to benefit more from falling interest rates in the coming year? Thank you. First of all, our non-HR cost includes promotions we pay to retirees as well as salaries. And that is, as you might know, amortized in income statement. When you compare to our peers, likely we'll have the lowest increase quarter over quarter. As you can imagine, the customer acquisition cost goes up with the campaigns; that's mainly driving the cost. Regarding your second question, is cost of risk? Yeah, last few months show that the last three months with a higher interest rate as normal. There is a bit of a creep up in overall cost of risk related to consumer side because credit growth, which was not capped, credit card growth has been growing significantly to 100% year- over- year. And that translates into with a delay to NPL and an increasing cost of risk. But if you go back four or five years, the cost of risk we had recently has been very low compared to historicals. As such, it's an early prediction, but we could expect 2025 cost of risk to go up to 200-250 basis points based on the cost of consumer loans primarily. Otherwise, our commercial and corporate provisions have been relatively stable and commercial one has been negative. On balance sheet, as you can imagine, we manage our balance sheet with significant agility. As we saw that higher interest rate coming in, we had reduced our duration very much over the last year in 2023. And then we start to increase our duration again to position ourselves better to leverage decreasing interest rates in the coming months and in the coming year. And so we will continue to be customer-driven, although we have been building a bit of securities, but that was partially related to regulation. So there hasn't been any significant change. When you compare our results with peers, we have lowest securities ratio that actually positively impact our overall results. I hope these answer your question. Yes, thank you very much. Sure. Our second question comes from Mehmet Sevim. Hello, Mehmet, please go ahead. Hi, Mehmet, can you hear us? You have to unmute yourself if there's a problem. I think now we will be able to hear you. Thank you. Thank you. Hi, Mahmut Bey. Hi, Handan. Thanks very much for your time. Mahmut Bey, congratulations on your new role and all the very best. I just was wondering if you could give a sense of your very near strategic priorities and what changes we may see at Garanti under your leadership, if at all. Do you foresee to do any strategic changes in the coming year relative to your peers, given obviously as we're entering hopefully a more normalized environment with more growth, etc.? So if you could give us any sense of if we may see any changes or not, that would be very helpful under your leadership. And also, as we're approaching the rate cutting cycle, hopefully for 2025 in a more normal environment, do you have any views of when we may see the relaxation of the macroprudential measures in terms of the timing and what levels of growth we may see in 2025? Thank you, Mehmet. First of all, in terms of strategy, I've been part of the executive team and for many years, I think our focus on execution has been there and will continue to do so, especially with focusing on capital-generative growth. And so our focus on managing the balance sheet prudently will continue to exist. I think as we have had really four or five years, including COVID and monetary policy normalization, has been tough years. And the prior CEO, Recep, has done an outstanding job throughout those years. Now we are coming into the time where, as you mentioned, there will be more relaxation on monetary policy in the coming year, hopefully, and adjustments. So we will focus, we'll continue to focus on customer experience. That's both BBVA's and Garanti BBVA's focus to be always number one, but also focus on all the customer journeys and experience. That makes a significant difference and that includes digitalization of all the segments, not just retail. That will continue to be focused. As you know, in the mid to long term, the impact of AI will be crucial and pivotal in customer experience as well, so we'll continue to focus and invest in the mid to long term while we focus in the short term our execution capabilities, and third one is our focus on winning team and talent, and we'll continue to invest in talent. That's the third part of our strategy, and that's also BBVA's strategy. We are a global bank, and globally working together with BBVA gives us strength not only in Turkey, but also for companies outside of Turkey, healthcare businesses in trade finance, healthcare businesses when they expand beyond our borders. So it's important to continue to support and leverage BBVA's 20+ countries' existing presence. That is more cross-border work. So in summary, capital-generating growth is number one, and that is how we generate the numbers. Radical customer experience, number two, including digital AI and leveraging more of those in any segment. And number three is continue to build our global presence and strength through better talent across the globe. In terms of your second question is related to relaxation of monetary policy as well as the loan growth related to that. As you hear also, our minister, as well as head of central bank, they follow the data as we follow as well. There is a very tight stance, and inflation is the most important data. As we see, there will be a decrease in interest rate in the coming months, but the timing is not predictable, as you can imagine, but toward the end of the year, we are hoping that the inflation comes down below 2% and we start to see some further decrease in interest rate, and I think given any inflation experience in countries, including Turkey, but you have seen over the last few years in the U.S. as well, inflation is a very tricky metric, and from month to month, it could fluctuate very easily based on many parameters, so I would expect, but this is my personal view, we may not see every month a reduction in interest rate because there will be different factors coming in, but we see that clearly a very successful monetary tightening process will yield lower interest rate. In a good scenario, we can expect finishing the year next year somewhere around 25%, +- 5%, maybe more on the upside, close to 30%. There is clearly an indication of decreasing interest rate. What it means for us beyond extending duration, also it affects our loan growth. I would suspect again when certain months when there is no interest rate decrease, there might be some relaxation on credit limits. Credit limits is a very important also factor or regulation to limit the consumption and demand and therefore affect inflation reduction very effectively. Our loan growth right now is capped around 2% for most of the loan types. You can expect us to hit those numbers every month because we believe there is sufficient demand in many fronts, including renewables, including the country's investment and corporate investment in many fronts. So we expect to hit those 2% on capped loan products, but credit card as well as more importantly for those loans that are not capped. What I mean is investment as well as exports and agriculture. We continue to focus on those to grow beyond 2%. So overall, we expect to have reasonably good growth close or above inflation for next year, maybe between 35%-40% at minimum for next year. That will give us a very good balance sheet and income statement for next year. So we are relatively positive overall. It's just the trend month to month will be different. And we should expect very sound, continue to see very sound policies around both interest rate as well as these regulations that support and the fight against inflation. So those are my quick answers. I hope it answers your questions. Yes, that's great. Thank you. All the very best. Thank you, Mehmet. Thank you for that. We have a written question from Valentina Stoikova, Barclays. She asks, "Can you please explain a bit more how you managed to expand core net interest income and net interest margin in third quarter? And how do you see net interest income and net interest margin trajectory going forward into fourth quarter and the next year?" First of all, thanks for the question, Valentina. Number one, in this quarter and going forward, the most critical item in new management is managing the funding cost. As you can imagine, with the expectation of lower interest rate, we start to be able to manage more on funding costs as we continue to keep our loan yields almost at the highest level. We still maintain those levels. And to an extent, having caps also helps to maintain those levels given our large customer base. In fourth quarter, with that and with slightly higher CPI revenues, we expect to have 1.5% higher NIM in fourth quarter. And our cumulative NIM will be slightly lower than 2023, even though we earlier declared that we will keep it flat, but the increase in reserve requirement actually deviated us from hitting that number. In terms of 2025, it's hard to guess at what level we will be, but we will definitely be significantly higher than today, given that every day we are able to manage our cost of funding further. We thought actually even seeing an interest rate cut yet. So with that coming and with higher duration in our loans, we are confident that we will see very good NIMs. All I can say, we'll probably see again the best NIMs in the sector and we'll continue to execute on that. Thank you. We have a question on the line from Mikhail Butkov. Hello, Mikhail, please unmute yourself and ask your question. I have a follow-up question on asset quality. I think you mentioned that there was nearly zero formation on the corporate side. Was that a net zero formation or also from the gross formation perspective, gross NPL formation, it was low in the quarter? Basically, I'm asking if there do you still see recoveries in the corporate segment which support your cost of risk and NPL and for how long do you think it can continue? And then also a question on inflation accounting in the TL accounts. So do you expect it from the beginning of the next year? What's your outlook on this? Thank you. Let me start with the first one. In terms of corporate and commercial NPL formation, actually, we have almost no corporate NPL, very little commercial NPL that has been offset by continuing collection, actually. Without going into further detail of the companies, but as you see, the Turkish corporate Eurobond market is quite open and the companies are going to that market. There are different opportunities for financing the growth of commercial customers, and that has a positive result on our collection performance. On net, we had zero NPL for September. We expect the same thing in October and going forward for the last two months as well. So overall story is good. And then corporate and commercial customers have very strong actually balance sheets coming out of the low interest and COVID environment. The ones who had issues or challenges, those are coming even from the time before that. Right now, they are also able to manage their NPL. We are lucky there. Then the second question regarding inflation accounting. For us, regardless whether it's applied next year to banks or not, we continue to do that for BBVA. I don't have any impact on tax regime, but the numbers you might see differently if we all switch to inflation accounting for local reporting. But from BBVA perspective, for us, it doesn't matter. We are calculating our numbers based on that. Earnings per share growth will be higher, but we'll see with the inflation versus without inflation. Thank you very much. Just to follow up on the first question, as you see collections from the past NPL vintages on the commercial side, do you expect these collections to continue into the next year and maybe later, or the scope of collections is gradually coming down on that front? It will gradually come down. We had four or five important files that come from the past, and we have been collecting on those. I think there will be some more in the first quarter of next year. But overall, we don't see new gross NPL in commercial and corporate. Where we see the challenges, where also regulators took action, was, as I mentioned, in the consumer side, especially related to credit card and available in GPL or general loan. There, as you know, there has been a restructuring program that has been provided to us that we can actually structure the loans up to five years, which gives quite a bit of relaxation and helps us in the collection side. Then on top of that, the minimum payments level for 20% payment has been increased. That also helped the consumers. We haven't seen much on SME yet, on NPL, gross NPL yet. As I said, commercial corporate, we feel very comfortable. We still have some more files that we can collect on in the next four-to-five months. In SME, we don't see much yet. the consumer side, there has been an increase, I think, for all of our peers as well in the third quarter, but that has been stabilized, and we expect to see some even improvement over that level with these restructuring programs that have been permitted by the BRSA. All right. Yeah, thank you very much for these answers. Very, very helpful. Thank you. Thank you. Our next question comes from David Taranto. Hello, David. Please go ahead. I have two questions, please. How should we think about the fee growth into 2025, particularly on the payment side, given this inflation trend and anticipated rate cuts? How much of a deceleration should we expect there? Fees over assets or fees over revenues have been hovering well above the historical levels. What should be the normalized level there in the aftermath of the macroprudential measures? Secondly, shall we expect a change in the payout policy given the uncertainty around the inflation accounting? Would you expect any change there from a regulator's point of view? Thank you. Yeah, I mean, fee growth may not be as strong as you can imagine this year with the interest rate coming down. That will impact at some point what we can charge in terms of commission to our merchants, so we expect a reduction at some point. We are still not there. There needs to be more than a few cuts to see lower fee generation. Therefore, I don't have a very good prediction because we don't know how quickly interest rates will come down, but we expect a fee growth regardless, slightly above inflation for next year. In terms of dividend payout, if this is applied, as you know, BRSA sets every year the maximum dividend payout ratio by looking at the solvency ratios. For sure, hyperinflation account lowers the current year net income with no negative impact on regulatory capital, in fact. BRSA may allow banks to distribute cash dividend over hyperinflation adjusted net income of 2025, therefore with a higher payout ratio if no deterioration of capital ratios is observed. It's too early to make an estimation or assumption of BRSA approaching regarding 2025 dividend payout of the banks. On top of these, there might be additional option to pay dividends out of the retained earnings as well, but we'll see as we approach. I mean, this is one of the potential discussions with BRSA as we go into the next year. As you know, it has very little impact on us because we are still applying the tax on the nominal terms. I hope we still report on nominal terms maybe. We'll see in the coming days. Thank you, David. Thank you. We have a written question from Valentina. Just one second. Do you see market conditions conducive currently for Eurobond issuance, and can we expect a higher appetite for issuance from Garanti going forward, both in senior and capital instruments? Any color on this will be very helpful. Sure. First of all, we don't need senior issuance as our FX liquidity is really high, and there is a cap already on swaps. Therefore, additional liquidity sits with us, and we cannot grow above regulatory caps on FX loans. As such, we cannot utilize really more FX. Whenever the CDS goes lower, we might consider it. It depends on the cost. We are looking into investing in five- to ten-year bonds if you have extra liquidity, but the yields are not there for our appetite. So from senior issuance standpoint, we are not there in thinking. We don't really need AT1 issuance, but maybe we will consider Tier 2 in the coming months. Currently, we are observing the market, and we'll be opportunistic for the possible issuance in the coming months. Thank you. Seems like we don't have any more questions, so this concludes the Q&A session. I'll leave the floor to our CEO for closing remarks. Thank you all for your participation. In concluding this quarter's calls, I would like to emphasize once again our commitment on capital-generative, responsible, and sustainable growth strategy that has guided us so far successfully in the past and will continue always prepared in any environment to succeed and exceed expectations and as well as the sector, and I think our third-quarter results and market positions as Turkey's most valuable company are clear evidence of this capability. Consumer-focused and agile business model will remain at the heart of everything we do, and we'll continue to transform our process, as I mentioned the questions, invest in the future, not just the next year or next quarter, in expecting and meeting the evolving needs and expectations of our customers and the sector and the shareholders. Thanks again for your time, and hope to meet you in person in Istanbul or anywhere, and have a great evening. Thank you for listening.