Financial Data and Key Metrics Changes - The company reported a decline in organic sales growth in North America of nearly 2% in Q2, contrasting with growth in EMEA, LatAm, and APAC, which were within the medium-term guidance of 4% to 6% [3][5][14] - Gross margin improved by 160 basis points, contributing to strong cash flow and organic profit growth [5][15] - A&P (Advertising and Promotion) spending increased by 6.8% to 20.8% in the first half of the year, reflecting a focus on growth drivers [16][19] Business Line Data and Key Metrics Changes - In North America, consumption grew slightly ahead of the market, with a 0.5% increase compared to a market decline of 0.5% [9][10] - Oral health and digestive health brands showed strong growth, with market share gains in brands like Tons and Benefiber [9][10] - Centrum experienced mid-single-digit growth outside the US but saw declines in the US, while Emergency brand continued to perform well [11][12] Market Data and Key Metrics Changes - The US market is facing challenges with low consumer confidence and inventory pressures, impacting overall performance [6][8][14] - EMEA and APAC regions showed positive trends, with volume growth accelerating in Q2 [47][51] - Central Europe reported high single-digit growth, while Western Europe experienced mid-single-digit growth, driven by strong performance in oral health [53][54] Company Strategy and Development Direction - The company remains committed to its medium-term guidance of 4% to 6% organic sales growth despite current challenges in the US market [49][56] - Focus on innovation and premiumization, particularly in key markets like India and Brazil, is part of the strategic plan [39][40] - The company aims to close the incidence treatment gap and expand reach to lower-income consumers while maintaining investment in A&P and R&D [16][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging consumer environment in the US, with expectations of continued inventory pressure and no significant improvement anticipated in the near term [14][22] - Confidence in the medium-term outlook remains strong, with expectations for improved performance in 2026 [49][56] - The company is actively managing its portfolio and focusing on driving market growth despite external challenges [36][41] Other Important Information - The nicotine replacement therapy (NRT) business is a significant part of the portfolio, with a complex ownership structure affecting innovation and growth [73][75] - The company expects a high single-digit growth in operating profit, supported by gross margin improvements and effective cost control [77][78] Q&A Session Summary Question: North America's performance and future growth expectations - Management noted that North America faced challenges due to a difficult consumer environment and inventory pressures, with expectations for a gradual return to growth [3][22][25] Question: A&P spending and areas of reinvestment - A&P spending increased significantly, with a focus on driving growth in key markets and improving ROI [16][19] Question: Share performance and competitive pressures - The decline in the percentage of business gaining or maintaining share was attributed to challenges with brands like Advil and Centrum, with plans in place to stabilize performance [28][30] Question: Impact of nicotine replacement therapy on growth - The NRT business had a significant impact on overall growth, with expectations for less decline in the second half of the year [76][80] Question: Channel shifts and inventory management - Management discussed the impact of channel shifts, particularly towards e-commerce, and the need for effective inventory management across channels [86][90]

Financial Data and Key Metrics Changes - Group revenue increased by 1.8%, adjusted gross profit rose by 3%, and adjusted profit from operations grew by 1.9% [8][24] - Adjusted diluted EPS increased by 1.7% [21] - The company anticipates full-year revenue at the top end of the 1% to 2% guidance [8][24] Business Line Data and Key Metrics Changes - Smokeless products now account for 18.2% of group revenue, up 70 basis points year-over-year, with 1.4 million new smokeless consumers added [3] - New categories revenue increased by 2.4%, driven by modern oral growth of over 40% and heated products growth of more than 3% [9] - Combustibles revenue increased by 0.8%, with volume decline offset by strong pricing [11] Market Data and Key Metrics Changes - In the U.S., combustibles revenue grew by 3.8%, marking a return to revenue and profit growth for the first time since 2022 [13] - The AME region saw revenue rise by 3.5%, with combustibles up nearly 3% [15] - APMEA region experienced a total revenue decline of 4.8%, with combustibles down 7.9% [17] Company Strategy and Development Direction - The company is focused on quality growth and balancing top and bottom line delivery, with a strong emphasis on cash generation [4][6] - A multi-category strategy is being pursued to capitalize on consumer trends towards new categories [26] - The introduction of the "Fit to Win" program aims to simplify operations and enhance agility, targeting £500 million in annualized savings by 2028 [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pathway ahead, highlighting the transformation of the nicotine industry and the company's readiness to benefit from these changes [26] - The company remains optimistic about regulatory developments in the U.S. that could improve the market for smokeless products [40] - Future growth is expected to be driven by continued strength in the U.S. and the rollout of new products [24][45] Other Important Information - The company has increased its 2025 share buyback program by £200 million to £1.1 billion [3][23] - The company has delivered nearly £900 million in productivity savings since 2023 and aims to exceed £1.2 billion by year-end [18] Q&A Session Summary Question: Can you discuss the early performance of the GloHilo launch in Japan? - Feedback from consumers has been positive, with competitive offers tailored for the Japanese market [53][54] Question: What is the momentum for VeloPlus in the U.S.? - VeloPlus is maintaining strong momentum with a high retention rate of 70% and increasing market share [56] Question: Can you clarify the Fit to Win program's costs? - There will be some costs in 2025, but these are included in the guidance, with £500 million in annualized savings targeted by 2028 [60] Question: What is the performance of the vape business in the AME region? - The vape business has faced challenges in Canada due to regulations, but there is potential for growth as the market transitions to closed systems [68] Question: How is the company addressing the illegal vapor market in the U.S.? - The company is seeing a 40% reduction in illicit vapor shipments, and there is optimism about regulatory enforcement improving the market [72][74]

Rentokil Initial (RTO) H1 2025 Earnings Call July 31, 2025 04:15 AM ET Company ParticipantsAndy Ransom - CEO & Executive DirectorPaul Edgecliffe-Johnson - CFO & DirectorAnnelies Vermeulen - Executive DirectorNicole Manion - Director - Equity ResearchWill Kirkness - Managing DirectorJames Beard - Director - Support Services ResearchConference Call ParticipantsSuhasini Varanasi - AnalystOllie Davies - Equities AnalystJames Rose - Equity Research Analyst - European Business ServicesAndy RansomGood morning, lad ...

Financial Data and Key Metrics Changes - Group revenues increased by 3.1% to $3,360 million, with organic growth of 1.6% [2][10] - Group adjusted profit before tax (PBT) was $418 million, with an operating margin of 15.2%, down 120 basis points year-on-year [2][10] - Cash flow conversion was strong at 93%, exceeding the guidance of 80% [10][20] - Net debt to adjusted EBITDA ratio stands at 2.8 times, slightly up from the year-end [10][20] Business Line Data and Key Metrics Changes - North America revenue grew by 2% to $2,106 million, with organic growth of 1.1% [11][12] - Adjusted operating profit in North America decreased by 7.3% to $356 million, with an adjusted operating margin of 16.9% [11][12] - International revenue increased by 5.1% to $1,251 million, with organic growth of 2.7% [14][15] - Pest Control organic growth was strong at 3.8%, while Hygiene and Well-being grew at 1.1% [15][16] Market Data and Key Metrics Changes - The international region accounted for 37% of group revenues, with strong performance in Europe and Asia [31] - North America contributed 63% of group revenues, with pest control making up 81% of that [32] - The pest control market is projected to grow at a CAGR of around 6.2% over the next ten years [29] Company Strategy and Development Direction - The company is focusing on improving customer retention, pricing, and winning new customer contracts to grow its contract portfolio [28][39] - Plans to optimize satellite branches and increase their number to around 150 by year-end [5][44] - The sale of the French workwear business is expected to enhance cash generation and focus on core pest control and hygiene sectors [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the pest control industry, driven by urbanization and increased hygiene standards [29][30] - The company is optimistic about improving lead flow and sales performance in the second half of the year [25][49] - Management acknowledged the challenges in contract revenue growth but emphasized ongoing efforts to address these issues [38][39] Other Important Information - The company acquired eight businesses with combined revenues of approximately $18 million in the year prior to purchase [12][17] - The predictive churn model is being developed to identify at-risk customers and improve retention strategies [75][76] - The door-to-door sales pilot generated approximately $12 million in annualized sales, with plans for full-scale deployment next year [46][78] Q&A Session Summary Question: Discussion on termite provision claims and future changes - Management indicated that the increase in termite provision is based on a mechanistic calculation and future changes will depend on the cost per claim [56][57] Question: Insights on quarterly growth rates and changes in July - Management noted improvements in lead flow but did not provide specific insights on July performance [58] Question: Split between digital and organic leads - Management stated that they are shifting focus from paid search to organic channels, with overall lead performance improving [61][62] Question: Clarification on one-off jobs slowdown - Management acknowledged variability in one-off job revenues and emphasized the focus on improving contract sales [65] Question: Confidence in brand investments and funding - Management expressed confidence in reallocating marketing spend to support brand investments without needing additional funding [84][90] Question: Clarification on cost savings and integration timelines - Management confirmed the path to achieving cost savings and a 20% margin but noted that not all branches may be fully integrated by 2026 [92][93]

Financial Data and Key Metrics Changes - Revenue grew by 4.9% year-on-year, with hospitals up 4.7% and adjusted EBITDA increased by 2.8% to £133 million [7][8] - Adjusted profit before tax declined by 11.2% to £23.8 million, primarily due to the phasing of savings and increased depreciation and finance costs [7][8] - Adjusted free cash flow decreased, attributed to the same phasing impacts, with a cash balance of £20.8 million at the period end [23][24] - Return on capital employed expanded by 50 basis points to 8.1% [7][22] Business Line Data and Key Metrics Changes - Hospital revenue increased by 4.7% to £732.3 million, with adjusted EBITDA rising by 3.3% to £130 million, representing a margin of 17.8% [8][9] - Private business revenue grew just under 1%, with average revenue per case increasing by 5.4% [12][11] - NHS revenue saw strong growth of over 16%, with a 4.2% uplift in average revenue per case [15][16] - Primary Care revenue reached £64.4 million, a 6.5% increase, with adjusted EBITDA at £3.8 million [17][18] Market Data and Key Metrics Changes - The independent sector treated 500,000 patients since the start of the administration, highlighting the government's commitment to reducing waiting lists [45][46] - The market for integrated healthcare is valued at £12 billion, with a focus on preventative care and elective operative care [28][27] - Spire continues to lead in its addressable markets, conducting the largest number of hip and knee procedures across all patient groups [17][16] Company Strategy and Development Direction - The company is focused on a diversified three-payer strategy, transformation, scaling primary care, and maintaining quality and innovation [3][28] - The transformation program aims to enhance efficiency and service delivery, with significant changes in hospital resourcing and administrative functions [19][20][32] - The company is pursuing targeted acquisitions to support growth, including the recent acquisition of Acorn Health and Physiolistic [36][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic environment, with expectations for full-year performance in line with market expectations [4][25] - The government remains focused on reducing waiting lists, which supports the independent sector's role in healthcare delivery [45][46] - Management highlighted the importance of maintaining a disciplined approach to capital expenditure and M&A activities [25][88] Other Important Information - The company has invested £51 million in capital expenditures in the first half, focusing on growth and efficiency projects [21][22] - The company maintains a strong balance sheet, supported by a freehold portfolio valued at over £1.4 billion [22][24] Q&A Session Summary Question: Can you provide insights on budgetary pressures at the ICB level and mitigation opportunities? - Management noted that NHS England is focused on reducing waiting lists and balancing budgets, with ongoing discussions with local commissioners to navigate these pressures [43][45][46] Question: What is the M&A landscape for the Primary Care business? - Management indicated that they are pursuing targeted acquisitions while maintaining a disciplined approach, with a focus on integrating new businesses into their existing operations [49][50] Question: What are the potential impacts of doctor strikes on self-pay and PMI? - Management acknowledged that while strikes are undesirable, they have continued to deliver services and noted that increased waiting lists could support self-pay demand [57][58] Question: What are the expectations for volume growth in PMI in the second half? - Management expressed confidence in leveraging patient service centers to build on existing platforms, although specific volume growth figures were not provided [103][104] Question: Is there a plan to crystallize the value of the property portfolio? - Management highlighted the value of the property portfolio but did not indicate any immediate plans for crystallization, stating that it underpins their valuation [68][69]

Financial Data and Key Metrics Changes - The bank reported a net profit of PLN 1,035 million, representing an 18% year-on-year growth for Q2 2025, and a 10% growth year-on-year for the first six months [26] - The cost of risk decreased by 39% year-on-year, indicating improved risk management and lower provisions [27][39] - The cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000, while corporate customers grew by 20,000, totaling an annual increase of 155,000 clients [3][4] - Mortgage loans reached a total value of €5 billion in Q2, with a market share of 21% for new production [5] - Cash loans saw a 13% year-on-year increase, marking one of the best quarters in the bank's history [6] - Corporate loans grew by only 1.3% quarter-on-quarter and 3% year-on-year, with SMEs showing faster growth compared to larger corporations [7] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors like Romania and Hungary [10][11] - Household savings rates are solid, higher than pre-pandemic levels, which supports the bank's business model [12] - Investment in the construction sector is expected to rise slowly, with public investment beginning to increase [14][15] Company Strategy and Development Direction - The bank is focusing on increasing market share through active customer growth and digitization of processes [4][5] - A revision of the bank's strategy is underway, with plans to present it on November 19, emphasizing improved customer service and reduced reliance on physical branches [51][52] - The bank aims to enhance private banking services and mutual fund sales while maintaining a conservative approach to risk [54] Management's Comments on Operating Environment and Future Outlook - Management noted that while corporate lending is facing challenges, there is optimism for a rebound in the second half of the year [63] - The bank is prepared for potential impacts from interest rate changes, with a belief that their sensitivity to these changes is low due to effective risk management [46][47] - The outlook for mortgage lending remains positive, despite demographic challenges, with a significant demand for residential properties still expected [60][61] Other Important Information - The bank's interest margin is stable despite fluctuations in interest rates, supported by effective management of interest rate risk [34][33] - The bank is actively participating in discussions for a model mortgage loan contract to enhance consumer protection and simplify processes [69][71] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking data but acknowledged that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - Expected impact on the banking sector is between PLN 1.5 billion and PLN 2 billion, proportional to each bank's market share [48] Question: Interest in fixed-rate mortgage loans - The share of fixed-rate loans has decreased from 80% to 60%, as customers prefer floating rates amid declining interest expectations [49][50] Question: Strategic priorities for the near future - A revised strategy will be presented on November 19, focusing on customer service improvements and operational efficiency [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to market volatility and effective trading management [56] Question: Cost of hedging remaining flat - The impact of hedging on financial performance should be analyzed over a longer time perspective rather than quarterly [57] Question: Mortgage loans as a fundamental product - The bank views mortgage loans as essential and plans to continue offering them despite market challenges [59][60]

Banco Bilbao Vizcaya Argentaria (BBVA) Q2 2025 Earnings Call July 31, 2025 03:30 AM ET Company ParticipantsPatricia Bueno Olalla - Global Head - Shareholder & Investor RelationsOnur Genç - CEO & Executive DirectorLuisa Gómez Bravo - Global Head of FinanceBenjamin Toms - Director - EquitiesMaksym Mishyn - Managing Director & Co-head of Equity ResearchFrancisco Riquel - Partner & Head - Equity ResearchHugo Cruz - DirectorConference Call ParticipantsCarlos Peixoto - Equity Research AnalystCecilia Romero - Dire ...

Financial Data and Key Metrics Changes - The bank reported a net profit of PLN 1,035 million, representing an 18% year-on-year growth for Q2 2025, and a 10% growth year-on-year for the first six months [26] - The cost of risk decreased by 39% year-on-year, indicating improved risk management and lower provisions [27][39] - The total assets and liabilities showed consistent growth across all segments, contributing positively to the net result [27] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000 in Q2, with a total annual increase of 155,000 clients [3][4] - Mortgage loans reached a total value of €5 billion in Q2, with a market share of 21% for new production [5][6] - Cash loans grew by 13% year-on-year, marking one of the best quarters in the bank's history [6] - Corporate loans saw a modest growth of 1.3% quarter-on-quarter and 3% year-on-year, with a notable increase in loans to SMEs [7][8] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors [10][11] - Household savings rates in Poland are solid, higher than pre-pandemic levels, which supports the bank's business model [12][13] - The bank's market share in mortgage loans is strong, but competition from alternative funding sources is impacting corporate lending margins [8][25] Company Strategy and Development Direction - The bank is focused on increasing market share through real growth based on active customers, emphasizing the importance of customer engagement [4] - A revision of the bank's strategy is underway, with plans to enhance customer service and reduce reliance on physical branches [52][53] - The bank aims to improve its private banking services and mutual fund offerings, reflecting a cautious yet optimistic approach to growth [54][55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the retail segment, despite challenges in corporate lending due to competitive pressures [25][66] - The bank anticipates a rebound in corporate lending, supported by public sector investments and lower interest rates [22][25] - Inflation is expected to stabilize around 2.8%, which may influence interest rate sensitivity and profitability [19][20] Other Important Information - The bank's cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] - The non-performing loan (NPL) ratio remains stable at 3.9%, below the sector average, indicating strong asset quality [41][42] - Capital adequacy ratio stands at 15.66%, reflecting a solid financial position despite recent loan sales [44] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking profitability but noted that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - The expected impact on the banking sector is between PLN 1.5 billion and PLN 2 billion, proportional to each bank's market share [48] Question: Interest in fixed-rate mortgage loans - The share of fixed-rate loans has decreased from 80% to 60%, as customers prefer floating rates amid declining interest expectations [49][50] Question: Strategic priorities for the near future - A revised strategy will be presented on November 19, focusing on customer service improvements and private banking initiatives [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to effective management and market volatility, leading to a 95% increase [56] Question: Cost of hedging and its impact - The cost of hedging remained flat despite rate reductions, with a focus on long-term analysis rather than short-term quarterly impacts [57][58] Question: Mortgage loans as a fundamental product - Management affirmed the importance of mortgage loans, citing ongoing demand despite demographic challenges [60][61] Question: Corporate lending margins and future expectations - Management expressed hope for a pickup in corporate lending in the second half of the year, influenced by regulatory factors and market conditions [62][66]

Financial Data and Key Metrics Changes - The tangible book value per share plus dividends increased by 14.6% year over year and 2.9% quarter over quarter [4] - Return on tangible equity reached 20.4% and return on equity was 19.5% for the first half of 2025 [4] - Net attributable profit for the quarter was EUR 2,749 million, maintaining record profit levels despite falling rates and currency headwinds [5][7] - CET1 capital ratio improved by 25 basis points to 13.34% [8] Business Line Data and Key Metrics Changes - Core revenues showed robust growth with net interest income and fees increasing by 11% and 18% year over year, respectively [10] - Loan growth at the group level was 16% year over year, with Spain at 6.3% and Mexico at 11.7% [14][15] - Efficiency ratio improved to 37.6%, with costs growing at 10% below the average inflation rate [16] Market Data and Key Metrics Changes - In Spain, net profit reached EUR 1,100 million, supported by positive dynamics in net interest income and lower operating expenses [24] - BBVA Mexico reported a net profit of nearly EUR 1,300 million, driven by strong lending activity [28] - Turkey's net profit increased by over 17% year over year, driven by higher core revenues [30] - South America achieved a net profit of EUR 421 million, representing a 33% year-on-year increase [33] Company Strategy and Development Direction - The company aims to strengthen its leadership position through customer service excellence and sustainable growth [38] - Focus on increasing contributions from sustainability and enterprise segments, with a target of channeling EUR 700 billion in sustainable finance by 2029 [23] - Plans to improve profitability and efficiency, targeting a cost-to-income ratio of around 35% by 2028 [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong profitability despite macroeconomic challenges [36] - Expectations for stable interest rates in the coming years, which will help improve margins and profitability [44] - Anticipated gradual decline in inflation and interest rates in Turkey and Argentina, with a focus on improving asset quality [42] Other Important Information - The company plans to distribute approximately EUR 36 billion of capital, with a maximum of EUR 24 billion allocated for regular payouts [56][80] - The integration of Banco Sabadell is expected to enhance earnings generation, with further details to be provided in September [86] Q&A Session Summary Question: What would your RoTE and CET1 available for distribution look like using current forward FX rates? - The company uses forward rates in every country except Turkey, where a range of depreciations is applied due to uncertainty [63][65] Question: Can you clarify the 40 to 50 basis points benefit from capital simplification? - The ECB has formally approved the simplification, which will reduce RWA density and positively impact capital ratios [66][68] Question: How much were the VAT gross impacts and the recognition of DTAs? - The total impact from VAT and tax rate adjustments was around EUR 250 million, with half attributed to VAT and half to tax rate impacts [75] Question: Is there a chance to start the buyback before launching the offer for Sabadell? - The buyback will likely occur after the completion of the Sabadell integration process [91] Question: What are the prospects for lending growth in Mexico? - Lending growth is expected to remain strong, supported by investments and improved banking penetration [92]

Financial Data and Key Metrics Changes - Q2 2025 income increased by 15% year-on-year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [2][3] - Operating income for the group was $5.5 billion, up 14% or 15% excluding notable items [4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [5][14] - Earnings per share for the first half was up 41% year-on-year, with a tangible net asset value (TNAV) per share of $16.8, up 16% year-on-year [14][15] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [15] - Wealth and Retail Banking (WRB) income was up 4% to $2.1 billion, with Wealth Solutions income up 20% [17][18] - Non-interest income (Non NII) grew by 31% year-on-year, driven by strong performance in Global Markets and Wealth Solutions [7][8] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [12] - Risk-weighted assets (RWA) increased by $6 billion in the quarter, with over half attributed to foreign exchange impacts [13][14] - The overall credit portfolio remained resilient, with a loan loss rate of 12 basis points in Q2, benefiting from net recoveries in CIB [11][12] Company Strategy and Development Direction - The company announced a new share buyback of $1.3 billion, aiming to exceed $8 billion in capital returns from 2024 to 2026 [3][14] - The strategy focuses on supporting clients through a diversified network and enhancing digital asset offerings [22][28] - The company is committed to sustainable finance, targeting to mobilize $300 billion by 2030 [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite external uncertainties [38] - The outlook for net interest income (NII) is expected to decline by a low single-digit percentage year-on-year, with a recovery in HIBOR anticipated later in the year [7][21] - Management remains optimistic about the growth of Wealth Solutions and the transition of deposits into assets under management [52][70] Other Important Information - The Fit for Growth program has achieved $500 million in run-rate savings, with a revised phasing of spending expected to be between 35% to 45% in 2025 [9][10] - The company is actively engaging in digital asset solutions, including a joint venture to issue a Hong Kong dollar-backed stablecoin [29][64] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposits may transition into assets under management as uncertainty decreases [34][36][46] Question: Wealth Solutions and revenue guidance - Management acknowledged the current reliance on deposits but expressed confidence in the eventual shift towards higher-margin products as clients mature [50][52] Question: SC Ventures monetization and capital distribution - Management emphasized the strategic nature of SC Ventures and the focus on exceeding capital distribution targets, highlighting strong capital generation capabilities [73][84]