Financial Data and Key Metrics Changes - The lending book grew by EUR 57 billion in 2025, representing an 8% increase compared to the previous year, which was double the growth rate of 2024 [2] - Total deposits increased by EUR 38 billion, a growth of 6% in 2025, with total balances to clients (deposits and lending) growing by an average of 7% [2] - Net profit for the year was EUR 6.3 billion, with a return on equity of 13.2% and a capital ratio of 30.1% [6] Business Line Data and Key Metrics Changes - Interest income remained stable despite headwinds from lower replication volumes, with a 5% growth in Q4 lending [4] - Fee income increased by 15%, reaching EUR 4.6 billion, driven by investment products and wholesale banking activities [5] - Asset management and e-brokerage grew significantly, with a total of EUR 278 billion, marking a 60% increase compared to 2024 [3] Market Data and Key Metrics Changes - The company reported over 1 million primary customers in 2025, with a total of 15 million primary customers out of 41 million total customers [1] - The company is recognized as a top three mortgage provider in Europe, with EUR 376 billion in mortgages [2] Company Strategy and Development Direction - The company aims to diversify its business profile beyond traditional lending, focusing on asset management and e-brokerage to enhance customer engagement [3] - There is a strategic emphasis on becoming a primary bank for customers, moving from a secondary bank model to a more impactful presence in various markets [34] - The company is also focusing on digital transformation and improving customer experience to compete with neobanks and traditional banks [44][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, highlighting the need to deepen and broaden customer relationships [66] - The company acknowledges the competitive landscape, particularly from digital innovators and neobanks, and is committed to closing the gap in customer experience [68] - There is a recognition of the importance of balancing risk and return, especially in the context of changing regulatory environments and market conditions [24][94] Other Important Information - The company is transitioning from expert-based to data-driven risk models in response to ECB supervision, which is expected to enhance capital management [12][19] - The management emphasized the importance of diversification in risk management, including the use of various financial instruments to mitigate potential market disruptions [24] Q&A Session All Questions and Answers Question: What can we expect from your SRT strategy and growth? - Management indicated that they expect a bit more growth in SRTs, having started this strategy recently and improving their models to be more data-driven [11][13] Question: How do you view the competition from neobanks like Revolut? - Management acknowledged the competition from neobanks and emphasized the need to enhance customer experience and tailor services to specific customer segments [43][70] Question: What is the company's approach to SME banking? - Management stated that they are developing a digital SME bank in Germany, focusing on current accounts and payments for self-employed individuals and SMEs [78]