Core Viewpoint - The call is focused on housekeeping matters related to estimates and expectations ahead of the interim report, without providing new information or guidance [2]. Group 1: Financial Performance - The call discusses the development of Net Interest Income (NII) and highlights that Swedish mortgages have seen a slight pickup, while corporate lending growth remains muted [2]. - Volume growth is gradually increasing in the U.K. and the Netherlands, while remaining muted in Norway [2].

PresentationRune HellandHead of Investor Relations All right. Good afternoon, and welcome to DNB's pre-call close call for the first quarter of 2026. The objective of this call is to remind you of what we already have shared with the market and some relevant public available information that could possibly affect the Q1 results. There will be no new information during this call, and the script for the call will be published on our IR website. I will start with the NII and capital, and Anne will go through ...

Summary of Conference Call Company and Industry - The conference call pertains to a financial institution, likely a bank, discussing its performance and outlook ahead of the interim report. Key Points and Arguments Volume Development - Swedish mortgages experienced a slight pickup, while corporate lending growth remained muted [2] - Gradual increases in lending volumes were noted in the U.K. and the Netherlands, while growth in Norway remained muted [2] Margin Development and NIM Sensitivity - The bank does not provide guidance on margin development due to various influencing factors such as funding and competition [3] - Lower policy rates have negatively impacted transaction account deposit margins, with a full effect expected to take 1-2 quarters to materialize [3] - Policy rates remained unchanged in Sweden, Norway, and the Netherlands during Q3 and Q1, while the Bank of England cut rates by 25 basis points in late December [3] Foreign Exchange (FX) Impact - The Swedish krona strengthened against the euro and sterling but weakened slightly against the Norwegian krona, which may negatively affect sequential NII development [4] Fees and Commissions - Savings-related fees account for approximately two-thirds of total commissions, influenced by daily average stock market indices [4] - Daily average stock market indices increased in Q1 compared to Q4, which may positively impact savings-related fees [5] - The NTF (Net Trading Fees) averaged around SEK 500-600 million per quarter, with fluctuations possible due to market volatility [6] Cost Lines - The strengthening of the Swedish krona may lead to slightly lower costs in foreign markets when converted to Swedish krona [6] Oktogonen Provisions - The bank does not provide guidance on Oktogonen provisions but notes that they typically align with the previous year's average [7] Regulatory Fees - A booking of interest-free deposits at the Central Bank in Q4 will not recur in Q1 [8] - The resolution fund fee is expected to increase slightly due to recalibrated formulas based on total liabilities [8] Capital Ratios - The reported CET1 ratio in Q4 was 17.6%, which is 285 basis points above the SREP, indicating the bank is within its target range [9] Market Rate Sensitivity - The bank refrained from providing explicit sensitivity analysis regarding market rates and their impact on various financial components [10][11] Wholesale Funding - The bank followed its internal funding plan, completing two senior trades in USD and euro, with no deviations from previous quarters [23] Single Resolution Fund Fee - There is uncertainty regarding the timeline for the Single Resolution Fund fee's elimination in Sweden, with no additional insights available [26] Potential Additional Banking Tax - The possibility of an additional banking tax in Sweden due to a change in government remains uncertain [28] Other Important Content - The call was primarily for housekeeping purposes, reminding analysts of publicly communicated matters ahead of the interim report [1] - The bank emphasized that the call would not include new information or guidance [1]

Core Insights - Bank of Ireland Group reported a strong performance in 2025, with a total shareholder distribution package of €1.2 billion and a focus on growth in Ireland, rising net interest income (NII), and a mid-40s cost-income ratio by 2028 [5] Financial Performance - An ordinary dividend of €0.70 per share was announced, representing an 11% year-over-year increase, pending shareholder approval [1] - The group highlighted total distributions of €3.6 billion over the last cycle, equivalent to 37% of its starting market capitalization [1] - Organic capital generation was reported at 270 basis points in 2025, totaling €5 billion over the cycle, with a reported CET1 ratio of 15.1% after distributions [2] Asset Quality - Asset quality remained robust, with a 2025 impairment charge of €193 million, translating to a cost of risk of 23 basis points, which was better than expected [3] - The non-performing exposure (NPE) ratio ended 2025 at 2.2%, down 40 basis points from June, indicating progress in the second half of the year [3] Revenue and Expenses - Group fee income rose by 7% in 2025, with Wealth and Insurance contributing nearly half of total fee income and growing by 12% [4] - Operating expenses increased by 3%, reflecting wage inflation and ongoing investments in digital capabilities, partially offset by restructuring efficiencies [4] NII Outlook - NII held steady in 2025, supported by balance sheet growth and structural hedging, with expectations for NII to rise to around €3.4 billion in 2026 [6] - Management upgraded NII guidance, projecting it to exceed €4.0 billion after 2028, driven by a stable rate environment and ongoing balance sheet growth [7] Strategic Goals - The strategy through 2028 focuses on growth in Ireland, disciplined cost management, and higher returns, with an average annual growth target of around 4% for lending and 10% for assets under management (AUM) [12][13] - The group aims to maintain its position as Ireland's number one mortgage provider, with a target of approximately 5% average annual mortgage book growth [13] Cost Management - Total costs are expected to remain stable at around €2.2 billion through the strategic cycle, supported by a €250 million cost reduction program [15] - Staff numbers are projected to decline by around 3% per year, primarily through natural attrition, with a portion of savings expected from AI-related initiatives [15] Wealth and Insurance Growth - Record AUM of €60 billion was reported at year-end 2025, with expectations to exceed €75 billion by 2028 and reach €100 billion by 2030 [14]

Agenda 09:00-09:30 30 minutes FY25 Results Presentation 09:30-10:15 45 minutes Progress and Targets Update 10:15-10:30 15 minutes Break 10:30-11:45 75 minutes Q&A Presenters: C.S. Venkatakrishnan and Anna Cross FY 2025 Results Presentation 10th February 2026 Barclays FY25 Results We achieved all 2025 financial guidance 4 February 2026 | Targets | Q425 actuals | FY25 actuals | 2025 guidance | | --- | --- | --- | --- | | Statutory RoTE | 8.5% | 11.3% | >11% (Feb 25 guidance: c.11%) | | Total payout | £1.8bn D ...

Core Viewpoint - Brokerages are divided on the extent of net profit moderation for State Bank of India (SBI), with estimates ranging from a decline of 4% to double-digit declines, indicating a bottom line range of ₹17,190 crore to ₹19,430 crore [1][7][12]. Financial Performance Estimates - **Profit After Tax (PAT)**: - Nuvama expects PAT of ₹17,190 crore, up 2% YoY but down 15% QoQ [6] - YES Securities estimates PAT at ₹17,209 crore, reflecting a 2% YoY rise and a 15% QoQ decline [7] - Emkay Research forecasts PAT of ₹19,430 crore, up 15% YoY but down 4% QoQ [7] - Elara Capital projects PAT at ₹17,853 crore, up 6% YoY and down 11% QoQ [7] - **Net Interest Income (NII)**: - Nuvama estimates NII at ₹44,270 crore, up 7% YoY and 3% QoQ [8] - YES Securities expects NII at ₹44,536 crore, up 7% YoY and 4% QoQ [8] - Emkay Research pegs NII at ₹44,162 crore, up 7% YoY and 2.7% QoQ [8] - Elara Capital forecasts NII of ₹44,599 crore, reflecting 8% YoY and 4% QoQ growth [8] - **Pre-Provision Operating Profit (PPoP)**: - Nuvama sees PPoP at ₹27,640 crore, up 17% YoY but down 13% QoQ [9] - YES Securities estimates PPoP of ₹27,350 crore, up 16% YoY and flat sequentially [9] - Emkay Research expects PPoP at ₹29,756 crore, up 26% YoY and 9% QoQ [9] - Elara Capital pegs PPoP at ₹28,367 crore, up 20% YoY and down 11% QoQ [9] - **Net Interest Margins (NIMs)**: - Nuvama expects NIMs at 2.95%, down 6 bps YoY and 2 bps QoQ [10] - YES Securities anticipates margin pressure due to declining yields on advances [10] - Emkay Research forecasts NIMs at around 3%, down 6 bps YoY and 2 bps QoQ [10] - **Loans and Deposits**: - Nuvama estimates advances at ₹45.58 lakh crore, up 14% YoY and 4.5% QoQ, with deposits at ₹57.59 lakh crore, up 10% YoY and 3% QoQ [11] - YES Securities expects sequential loan growth of around 3.5% [11] - Emkay Research believes overall growth remains strong, supporting operating metrics [11] - **Slippages and Provisions**: - Nuvama expects slippages at ₹4,200 crore, up 1.3% YoY but down 16% QoQ, with provisions at ₹4,510 crore, up sharply YoY but down 17% QoQ [12] - YES Securities anticipates lower sequential slippages due to seasonality [12] - Emkay Research flags a possible sequential uptick in slippages due to seasonal agricultural stress [12]

Core Insights - Deutsche Bank achieved its revenue target of approximately €32 billion for 2025, reflecting a 7% year-over-year growth and a 26% increase since 2021 [2][6] - The bank reported a post-tax return on tangible equity (RoTE) of 10.3% in 2025, meeting its target of above 10% and setting a goal for over 13% by 2028 [3][6] - Significant operating leverage was noted, with a pre-provision profit of €11.4 billion, which has tripled since 2021 [1] Financial Performance - Non-interest expenses were reduced to €20.7 billion, down 10% year-over-year, contributing to improved cost-income ratios across all operating divisions [2][6] - The bank's net interest income (NII) for the full year was €13.3 billion, with a target of approximately €14 billion for 2026, driven by structural hedge rollovers and growth in deposits and loans [5][10] - Deposits increased by €29 billion in Q4, primarily in the Corporate Bank, indicating strong client engagement [12] Business Segments - The Corporate Bank experienced over 40% revenue growth since 2021, while the Investment Bank saw an 11% increase in client activity in 2025 [9] - The Private Bank improved its cost-income ratio to 70% and achieved returns above 10% in 2025 [9] - DWS, the asset management division, attracted €85 billion in net new assets since 2021, surpassing €1 trillion in assets under management in 2025 [9] Balance Sheet and Liquidity - The bank's CET1 ratio was 14.2%, with a liquidity coverage ratio of 144% and high-quality liquid assets (HQLA) of €260 billion [13][14] - Loans grew by €5 billion in Q4, with a focus on asset-backed financing and corporate lending [11] Funding and Ratings Strategy - Deutsche Bank plans to reduce senior non-preferred issuance and has set a target of €10–15 billion for 2026 issuance [5][19] - The bank received upgrades from major rating agencies, reflecting improving earnings and resilience [18] Future Outlook - Management aims to lower the cost-income ratio below 60% from 64% in 2025, driven by focused growth and capital discipline [7][21] - The bank's strategy includes becoming an "AI-powered" institution and enhancing its market position in key segments [21]

Financial Data and Key Metrics Changes - The company reported an annual net income of $833 million, an increase of $219 million or 36% compared to 2024 [5] - The Common Equity Tier 1 (CET1) ratio ended the year at 15.7%, and tangible book value per share increased by 21% year-over-year to $82.65 [6] - Net interest income (NII) for Q4 was $658 million, an increase of $11 million, while for the year, NII increased by $259 million or 11% [15][16] - The effective tax rate for Q4 was 16%, compared to approximately 15% in Q3, and for the year, it was 17%, down from 23% the previous year [20] Business Line Data and Key Metrics Changes - Loan growth for the year reached $2.2 billion, a 6% increase, with commercial loans leading the growth [5] - In Q4, loan growth was strong at $641 million, with $497 million from BPPR and $144 million from Popular Bank [16] - Non-interest income was $166 million, a decrease of $5 million compared to Q3, but aligned with guidance [19] Market Data and Key Metrics Changes - The unemployment rate in Puerto Rico remained stable at 5.7%, and consumer spending showed healthy trends with a 5% increase in credit and debit card sales [9] - Airport passenger traffic reached a record of 13.6 million in 2025, a 3% increase from 2024, and hotel demand grew by 11% year-over-year [10] Company Strategy and Development Direction - The company aims to be the number one bank for customers by enhancing relationships and providing exceptional service [10] - Focus on improving productivity while reducing costs, with ongoing investments in technology and physical retail networks [11] - The company is executing a transformation program while remaining open to M&A opportunities that align with its strategic goals [47][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of the Puerto Rican economy and the potential for continued loan growth, particularly in commercial lending [9][37] - Concerns were raised about affordability and the pending bankruptcy of the Electric Power Authority (PREPA) as potential risks to economic growth [89][90] - The company anticipates continued investment in Puerto Rico due to reshoring trends, with significant capital investments expected to create jobs [92][95] Other Important Information - The company repurchased approximately $500 million in common stock during 2025 and plans to continue buybacks subject to market conditions [6][21] - The allowance for credit losses increased by $22 million, reflecting higher reserves for the commercial portfolio [25] Q&A Session Summary Question: Guidance on NII and ROTCE - Management indicated that NII growth is expected to slow slightly in 2026, with a target of 5%-7% growth, and ROTCE is aimed to remain above 14% sustainably [33][34] Question: Loan Growth Expectations - Loan growth is expected to moderate in 2026, with commercial lending leading, while consumer lending may soften [36][37] Question: Fee Growth Outlook - Management noted that unusual items in 2025 would impact fee growth guidance for the following year [46] Question: M&A Opportunities - The company remains open to M&A opportunities that align with its strategic goals but emphasizes a high threshold for any potential transactions [47][49] Question: Deposit Competition - Management acknowledged competition in the deposit market but stated that they would not engage in irrational pricing [78] Question: Economic Impact of Military Presence - Increased military activity in the Caribbean is viewed as a net positive for the Puerto Rican economy, with potential benefits for local businesses [81] Question: Risks to Economic Outlook - Management highlighted affordability and the PREPA situation as key risks to the economic outlook [89][90]

Financial Data and Key Metrics Changes - The company reported an annual net income of $833 million, an increase of $219 million or 36% compared to 2024 [5] - The Common Equity Tier 1 (CET1) ratio ended the year at 15.7%, with tangible book value per share increasing by 21% year-over-year to $82.65 [6] - Quarterly net income was $234 million, with earnings per share (EPS) of $3.53, reflecting an increase of $23 million and $0.38 per share respectively [8][13] - Net interest income (NII) for the quarter was $658 million, up $11 million, and for the year, NII increased by $259 million or 11% [15][16] Business Line Data and Key Metrics Changes - Loan growth for the year reached $2.2 billion, a 6% increase, with commercial loans leading the growth [5] - In the fourth quarter, loan growth was strong at $641 million, with $497 million from BBPR and $144 million from Popular Bank [16] - Non-interest income was $166 million, a decrease of $5 million compared to Q3, but aligned with guidance [19] Market Data and Key Metrics Changes - The unemployment rate in Puerto Rico remained stable at 5.7%, with consumer spending healthy and credit/debit card sales increasing by approximately 5% [9] - Airport passenger traffic reached a record of 13.6 million in 2025, a 3% increase from 2024, indicating strong tourism activity [10] Company Strategy and Development Direction - The company aims to be the number one bank for customers by enhancing relationships and providing exceptional service [10] - Focus on delivering solutions faster and improving productivity while reducing costs is a key strategic initiative [10] - The company is executing a series of sustainable efficiency initiatives, including exiting the U.S. mortgage business and optimizing its mortgage servicing business in Puerto Rico [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of the Puerto Rican economy and the potential for continued loan growth driven by commercial lending [9][27] - The company anticipates a consolidated loan growth of 3%-4% for 2026, with a focus on maintaining a sustainable return on capital (ROC) above 14% [15][16] - Concerns about affordability and the PREPA situation were highlighted as potential risks to the economic outlook [89][90] Other Important Information - The company repurchased approximately $500 million in common stock during 2025, with a total of $720 million repurchased since resuming buybacks [6][21] - The effective tax rate for 2025 was 17%, down from 23% the previous year, with expectations for 2026 to be in the range of 15%-17% [20] Q&A Session Summary Question: Guidance on NII and ROC - Management indicated that NII growth is expected to slow slightly in 2026, with a target of 5%-7% growth and continued margin expansion [33][34] Question: Loan Growth Expectations - Loan growth is expected to moderate in 2026, particularly in consumer lending, while commercial lending remains strong [36][37] Question: Fee Growth Outlook - Management noted that unusual items in 2025 would impact fee growth guidance for the upcoming year [46] Question: M&A Opportunities - The company remains open to evaluating M&A opportunities that align with its strategic goals, focusing on enhancing shareholder value [47][49] Question: Deposit Competition - Management acknowledged competition in the deposit market but emphasized a steady pricing environment [78] Question: Economic Risks - Concerns about affordability and the PREPA situation were highlighted as key risks to monitor [89][90]

Financial Data and Key Metrics Changes - The company reported an annual net income of $833 million, an increase of $219 million, or 36% compared to 2024 [4] - The Common Equity Tier 1 ratio ended the year at 15.7%, and tangible book value per share increased by 21% year-over-year to $82.65 [5] - Net interest income for the fourth quarter was $658 million, an increase of $11 million, while for the year, it increased by $259 million, or 11% [12][13] - The effective tax rate for the fourth quarter was 16%, compared to approximately 15% in Q3, and for 2025, it was 17%, down from 23% the previous year [18] Business Line Data and Key Metrics Changes - Loan growth for the year reached $2.2 billion, a 6% increase, with commercial loans leading the growth [4] - In the fourth quarter, loan growth was strong at $641 million, with Banco Popular contributing $497 million primarily from commercial and mortgage lending [13] - Non-interest income was $166 million, a decrease of $5 million compared to Q3, but aligned with guidance [17] Market Data and Key Metrics Changes - The unemployment rate in Puerto Rico remained stable at 5.7%, and consumer spending increased by approximately 5% compared to the fourth quarter of 2024 [6][7] - Airport passenger traffic reached a record of 13.6 million in 2025, a 3% increase from 2024, and hotel demand grew by 11% year-over-year [8] Company Strategy and Development Direction - The company aims to be the number one bank for customers by enhancing relationships and providing exceptional service [8] - A focus on improving productivity while reducing costs is emphasized, alongside the rollout of new digital platforms for loan origination [9][10] - The company is also pursuing sustainable efficiency initiatives, including exiting the U.S. mortgage business and optimizing its mortgage servicing business in Puerto Rico [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of the Puerto Rican economy, citing solid business activity and healthy demand for homes [6][7] - The company anticipates continued loan growth of 3%-4% for 2026, with a focus on commercial lending [13][36] - Concerns about affordability and the ongoing PREPA bankruptcy were noted as potential risks to the economic outlook [90][91] Other Important Information - The company repurchased approximately $500 million in common stock during 2025 and increased its quarterly dividend by $0.05 to $0.75 per share [5][19] - The allowance for credit losses increased by $22 million to $108 million, primarily due to higher reserves for the commercial portfolio [24] Q&A Session Summary Question: Guidance on NII and ROC - Management indicated that NII growth is expected to slow slightly in 2026, with a margin expansion of 5%-7% anticipated [30][32] - The ROC goal remains above 14%, with a focus on sustainable performance and net income improvement [33] Question: Loan Growth Expectations - Loan growth is expected to be led by commercial lending, with a potential softening in consumer demand, particularly in auto loans [36][37] Question: Fee Growth and Capital Management - Management noted that some unusual items in 2025 would impact fee growth expectations for the following year [46] - The company remains open to M&A opportunities that align with its strategic goals, focusing on enhancing shareholder value [47][49] Question: Economic Conditions and Risks - Management highlighted affordability and the PREPA situation as key risks to monitor in the economic landscape [90][91] - The reshoring trend is expected to benefit Puerto Rico, with significant investments announced in the past year [92][96]