Hello, and welcome to Bank of Georgia Group PLC's fourth quarter and full year preliminary financial results conference call. My name is Nini Arshakuni, and I'm Head of Investor Relations at Bank of Georgia, and I'll be moderating today's call. We'll start with an overview of the group's performance, which will be presented by the CEO, Archil Gachechiladze, and then we will move to Q&A. Please be aware that this call is being recorded. Now I'm handing over to Archil. Archil, you need to unmute yourself.
Hello. Welcome to our fourth quarter and full year results. I hope that regardless I see the number of participants, which is quite impressive given the geopolitical news flow that we are seeing. Seeing so much interest is very, very nice good news for us. We had a very good and strong quarter, as you saw, on number of measures. I think we had a record year and we can dive into it. Until then, I will share the presentation and follow that one. Just one second. A few words on the macro.
A lot of countries are experiencing Omicron virus. We also had a pretty strong wave, which looks like we are on the downside there. From the peak numbers of around 25,000, we are just about at half of it. Most importantly, we see that there's some decelerating trend. I would like to also say here that the Georgian government has chosen to open up, and little by little they're opening up the businesses and taking away the restrictions. It looks like we will see the remaining restrictions lifted soon. Although we are still experiencing high number of Omicron viruses, the hospitals seem to have extra capacity and are coping with the current epidemic pretty well.
The strength of the economic growth in 2021 surprised us on the upside. It all came at 10.6%, which was higher than the high single digit number that we were projecting. It was higher than 2019, which was pre-pandemic levels, which was one of the stronger years in the recent past. We were well above that. As a country, I think we benefited from opening up the or limiting the restrictions pretty early on in the beginning of the year of 2021. Although we had a couple waves, overall, I think the economy did much better.
In terms of what drove the economy, you can see that, in all directions, in terms of the remittances, exports, imports, and the tourism numbers coming up, we had pretty strong performance. As you can see, this is monthly data on the tourism here. It basically shows you that, although throughout the year we generated about 40% of 2019 levels of hard currency income from tourism. Still there's plenty of room to grow there. As you can see, the trajectory was nice, and in December it was 58% versus 2019 pre-pandemic level.
January numbers are suggesting that we should be looking at about 70% of pre-pandemic level income from tourism, and we are estimating that our current economic forecast basically is relying about 75%-80% of the 2019 level. I believe that there's upside obviously in those numbers because the trajectory is very nice. In terms of the environment also, you may have noticed that the inflation number is very high at 13.9%. In fact, December and January were at the same level. Having said that, the core inflation is still 5.6%, and it's on a downtrend.
That downtrend is caused by high monetary policy rate, which has been raised from 8% a number of times over the last year to 10.5%. With that and with strong external flows, we saw Georgian lari getting stronger over the last period of time. In fact, we had a slight depreciation throughout the year, and wide stability overall. The international reserves are at all-time high above $4 billion. Next year, we're expecting growth of 5%. There's plenty of upsides in that number. In terms of the downsides, I think downsides are related to the regional political turbulence that we are all experiencing in this region.
We can talk a bit about this and what our assessment is about it after we talk about the numbers. A few words about our strategic direction and how we are progressing on that. We are the leading payment operator in the country. We have 51% of total POS terminal payments. Of total card payments goes through our POS terminals. We have more than 11 million transaction executions through our mobile app, and we'll talk about our progress there. Offloading from our branches is 96%. We represent 40% of all the retail deposits in the country, and retail loan share is 39%.
We are most trusted bank, and most importantly, I think, we achieved a phenomenal growth in net promoter score number and achieved 55%, which is historic high. Over the four years, we basically doubled our NPS score, which is quite remarkable. We are generating 20+ profitability, and that is pretty consistent other than one quarter when we provided for the full cycle of COVID economic impact. In November 2019, that was a bit more than one year ago, we announced that this was going to be our strategic focus. Strategic focus was to make sure that we have the most frequent interaction with our clients on the financial front with payments, mobile app loyalty.
How would we achieve that would be on which is focused on customer satisfaction and employee empowerment, and through promoting and developing our data capabilities and relying on strengths of the franchise. All of that would be done while still maintaining 20%+ profitability. We are progressing very well on this strategy. Namely, our mobile bank and internet bank stats are presented here. We had a very strong growth of 21% year-on-year in terms of the mobile active users. What made us quite happy was also the daily active users to monthly active users, DAU to MAU was 44%, which progressed in a healthy way, about three percentage points, over the last couple of quarters.
In terms of number of transactions through our mobile app, as you can see, we are up 72% year-on-year to a very impressive number of 35 million transactions in one quarter. Growth here is quite phenomenal, I believe, and so far we are seeing those numbers going up significantly. Similar trends we see in the overall transactions, but as you can see, the mobile is growing about twice as fast as the other channels. Namely, so we have 34% growth of all transactions in our banking franchise. That does not include the card payments in POS terminals, which we'll talk soon, right after. Year-on-year, we have 34% growth of transactions, and the...
As you can see here, the share of mobile transactions, mobile and internet bank, but it's mainly mobile, was about 40% and it is more than 50% now. Mobile and the mobile and internet bank, as well as the Express Pay terminals plus ATMs basically represent what we call the offloading, which is 96%. In terms of the in branches, what we are seeing that, let's say two years ago, our number of transactions was 3.4 million and we have 2.8 million here. There's a on a seasonality adjusted where there's a slight decline, but there's more and more focus being done on selling of products and less on transactions. They are true objectively.
We have an objective to switch to more sales on our mobile phone, and there's significant progress there. More specifically, about more than a year ago, we said that in mid-2022, we would achieve offloading of product sales at 36%, and that target still remains. By the end of the year we achieved 30%. Mid-year we will be pretty comfortable that we will be achieving our 36% target. Actually I think the mind shift really happens when we are above 50% there. That should happen relatively soon. Let's say, I would say 1-2 years.
One of the products which demonstrates progress in that was the remittances, which used to be cashed in our branches and our physical network, basically, almost fully two years ago. By making it easier and integrated with our accounts and so forth, we have achieved a number which is about 50% of all the transactions now are cashed into our mobile phone, and we would like to see 100 there. People have their habits, and we are encouraging and incentivizing them to switch to mobile. The progress is quite evident.
Now in terms of the card transactions or POS transactions, which are relatively separate business. The progress there is significant, and the growth rates are very good. We've been focused on this business quite a lot. Our market share there, we achieved 51% in numbers and 49% in share of volume on our transactions. As you can see, although the number of transactions has gone up by 50% on an annual basis, if you compare year-on-year, the last quarter the progress is 62.9%.
In terms of volume, because transaction ticket has gone up as well, you can see that the progress here is more than 86% growth on an annual basis year- on- year, and that we are quite happy about this, these numbers. We believe that this business has still way forward for, you know, in terms of growth. Our mobile bank, which is built for businesses, is progressing nicely as well. In terms of the number of active users, we have year- on- year of 32% growth, achieving 48,000, and number of transactions is growing nicely as well by 44%. We still believe that there's plenty of room for this mobile application to grow, especially for the MSME clients.
This one I mentioned, and I'm very, very proud of our team achievement of 55% NPS score. As you can see, about four years ago, we had a low point of 27%. Since then, we have been progressing nicely. Over the last few years, we've built a lot of systems internally within the organization to focus on customer satisfaction, and 55% really demonstrates our strength. Then that translates into different numbers, which we already covered in terms of the payments, in terms of the mobile app, and we pick up there in terms of transactions. People are choosing Bank of Georgia more often, and they're choosing to interact with us more often through different channels.
I think this really represents the strength of our franchise and what it takes to really achieve such good growth. A lot of systems, a lot of things have to work well, and I think the team has really come together to deliver improvement in the franchise quality. The employee engagement, which we measure through Kincentric's methodology basically suggests that we are more comparable to what they call high-performing organizations, which are similar to technology-driven organizations, basically, that are focused on innovation. Our eNPS score is also all-time high at 61%. We are increasing our focus on data, investing there a lot. Now I would like to say a few words about our numbers, which you may have seen already.
The fourth quarter profit came to GEL 201 million, with return on equity of 26.4% for the quarter. For the full year was 25.8%, which is well above our guidance of 20%+, but we also enjoyed some extraordinary year there as well. Our net fee and commission income has grown by 36.5% year-on-year. Interestingly, on an annual basis, if you look at that was about more than 40% growth. In terms of the operating income, fourth quarter was up 26.4%, and for the full year was 25.2%.
Cost of risk was negative in the fourth quarter by 0.2%, and for the full year that came to 0%. Now obviously, that is a result of a very strong recovery in 2021 after a very strong provisioning in 2020, as you may remember. Even given the strong recovery, I think the result of 0% cost of risk for this year was a very positive surprise, and we're happy about that. SME growth was also quite strong. On a constant currency basis, it was 19.8%. Because lari got appreciated on a nominal basis, that was 13.9%.
On deposit growth, we had similar trends of not much growth this year. On a constant currency basis, we still had strong growth there as well. I think it was 12%. All of this is being achieved on the back of very strong capital ratios. Our Core Tier 1 ratio grew to 13.2%, and we'll talk about it a bit later, and a very strong profitability. As I said, we have a very good record of delivering 20%+ return on equity. That is historically the case, other than obviously the provisioning that we did for COVID. Operating income we touched on 25% year-on-year growth.
On a quarterly basis, that was 26%. When you look at the core revenue, which is the net interest income and net non-interest income, so basically everything excluding the other income, that grew more than 35%, which demonstrates the strength of our franchise in terms of the ongoing growth. Quarterly, net interest income grew 34% and net fee and commission income grew by 36.5%. Net FX also grew by 3.4%. Overall, I think very strong growth in our revenue numbers, in core revenue numbers, and net other income declined slightly, not significantly on a year-on-year basis, but overall, the numbers came to 26.4% growth there.
Part of the reason we were able to achieve that was working and focusing on making sure that our margins stayed healthy. As you can see, we have achieved 5.3% Net Interest Income, which was mainly a result of our growth in loan yields and slight decrease in cost of client deposits, as well as deploying some of the extra liquidity that we had. All in all, I'll say that going forward, we expect to be in this range, let's say between 5% and 5.5%, so broad stability in margins.
In terms of the costs, we had growth on an annual basis of 17.4%, although on a quarterly basis was slightly shy of 27%. That was partly due to the fact that in the fourth quarter last year, we had a relatively low base, so it was a result of major cost cutting last two quarters of 2020. It was a slightly low base, but also we have experienced some inflationary pressures broadly, but more specifically on IT services that we are buying either through software or on digital stuff. That plus some of the marketing expenses, et cetera, relatively large growth in the fourth quarter OpEx. Overall, I think our bottom line was very good.
We touched on cost of risk, which was 0% after 1.8% last year. Something to highlight here is that our NPL ratio declined to a very healthy level of 2.4%. Our NPL coverage was slightly higher than 95%, with NPL coverage adjusted for collateral value almost 150%. Very healthy book, and our assessment of it is critical. Basically, the strong recovery has helped our books throughout its entirety. Growth, as we said, was stronger than we expected initially. It was just shy of 20% in terms of the constant currency, and nominal was 13.9%.
Deposits, as I mentioned, was 12.5%, but in terms of the nominal basis, it was 0.1%. The liquidity was strong, with Liquidity Coverage Ratio of 124, and Net Stable Funding Ratio of 132. All in all, I think very strong liquidity, and we have a lot of different lines that we have access to, and in case we need more liquidity or more growth, we're happy to access those. In terms of the capital ratios, we achieved 13.2%, 15%, and 19% Core Tier 1, Tier 1, and total capital ratios. That is well above the minimum requirement.
As you know, the Basel III loading is going on, and by December 2023, we expect based on the current assessment that we have, that we will be looking at the capital requirements of 12.2%, 14.6%, and 17.8. With even with the fully loaded ratios, we are above that and have plenty of time to build up buffers that will make us even more comfortable about those ratios. Oh, here they are. This is the numbers that I was referring to. Besides this, something that we ought to remember is that these numbers are based on the local standard, which is stricter than the IFRS, and the local regulator has committed to switch to the IFRS numbers.
Having said that, they have indicated that we shouldn't expect capital release for that, but rather introduction of extra buffer, which will absorb exactly that for the full sector. I think investors will be more comforted to see that our Core Tier 1 ratio of, let's say, 13.2%, will look more like 15.5%, which basically demonstrates how much equity there is in the system and that basically indicates that the risks have been reduced significantly over the last number of years, given the regulators' focus on de-risking the system. There's more capital and less cost of risk in the whole system. That basically summarizes overall our results.
As you can see in 2021, we are back to good profitability levels well above the target of 20%. Our loan book grew faster than we expected, but our expectations are based on normal growth for the country, which is around 5%. As the country had a strong growth and high inflation, I think the nominal growth was good, and that allowed us to grow on a constant currency basis at roughly 20%, but on a nominal basis at about 13.9%. Last but not least, on dividends and buybacks.
Last year, as a result of the first two quarters, first half of 2021, we announced interim dividend, which was paid in November 2021, and we will be following up with that. As we have announced, the capital distribution policy will be targeting 25% payout in terms of dividends. Then that will be increased by buybacks, which will bring the total capital distribution to 35%-40% this year, and then going back to the medium-term guidance of 30%-50% in the future. With dividend of GEL 2.33, which will be paying late in a few months. That's pretty much it. Thank you very much. We should go to Q&A. Nini?
Yeah. Just a quick technical note. If you've joined the webinar through the Zoom application, please use the Raise Hand button or feature at the end of your screen. If you're calling from the phone, please press star nine to raise hand. We also have a Q&A chat here in case you prefer to type your questions. We have the first question from Robert Sage.
Yes. Hi there. Can you hear me?
Yes, Robert.
Yeah.
Hi.
Yes, thanks very much for that. I've got two questions, if I may. One of which is obviously very topical, looking at the Russian troops going into the Ukraine today. I was just wondering whether that makes any difference to the comments that you've made. I noticed the GDP expectations for the current year are around 5%. Was that sort of factoring that in? Will there be particular elements of sensitivity, for example, tourism? I think sort of related to that, are there any sort of particular exposures you see on your balance sheet that you would tend to be more concerned about in particular lending sectors, which could basically sort of take your, either sort of being guidance in your commentary as is?
The second question, entirely unrelated, is just looking at the cost trend through the course of last year. I entirely accept your commentary about why the costs have gone up, and I also appreciate that the revenue growth was significantly in excess of cost growth. I was wondering whether we should see the Q4 level as a sort of a base from which to extrapolate into 2022, and whether you confirm that positive operating jaws, high revenue growth more than the cost growth, is the central case for the coming year.
Robert, you asked two most anticipated questions. You basically stole a lot of other people's question with that, I believe. On Ukraine, the number 5% does not assume or base our base case basically does not assume a military conflict. 5% GDP growth is without that. If military conflict happens, then there's some sensitivity there on the downside. We believe that the impact will be anywhere between 0.5% and up to 2% on the growth, real growth in Georgia. There's some trading obviously going on with Russia in terms of some remittances as well as Ukraine.
We don't believe that all of it will stop, but with some sensitivities that we run, basically this, you know, could be anywhere between 0.5%-2%. Having said that, on the portfolio, we run different scenarios, and short of a disaster scenario, which also exists, but you know, is less likely. We don't believe it will have any significant impact on our book. There are a couple borrowers that could experience some drop in sales, especially to Ukraine, but these borrowers are relatively, you know, underlevered or have alternative ways of dealing with their leverage. We don't believe that it will have any significant impact.
You know, 10, 20 basis points in terms of cost of risk, which is something, but it will not really change the overall situation or overall guidances, let's say. In terms of the costs, the fourth quarter usually, you know, has its seasonality effect, so, you know, you have to keep that in mind. Having said that, for next year, you know, we will be looking at higher than usual cost increases for next year. You have to also keep in mind that we are investing in the franchise in this business, while at the same time maintaining the full network, physical network. Now we can't really touch it unless the offloading of product sales becomes significant in our digital channels.
I think our progress there in terms of transactions offloading is evident. As we go forward in the next one or two years, we should have ability to revisit our physical presence in a major way. You know, next year or this year, in fact 2022, we will keep our cost-to-income ratios well under 40%. In terms of what to expect exactly, I wouldn't be able to provide the guidance right now on that.
Thank you.
We have the next question from Ronak Gadhia.
Good afternoon, Archil and team. Congratulations on the great results, and thanks for taking the time today. Just maybe as a follow-up on the Russia question, you highlighted maybe the potential impact on asset quality. Could you maybe also highlight the potential impact on your deposits because of the risk. Is there a scenario where maybe you might see deposits flighting from the region, in particular, Russia, and flowing to sort of more safer haven countries? That's first one. The second one is on your NIMs. I think I saw in your press release you had indicated one of the positive drivers for NIMs last year was your cost of funding decline because of declining LIBOR rates.
With LIBOR rates now reversing and maybe continuing to increase, what impact should we expect on your NIMs in the short term, maybe in the medium term as well?
Yeah. Thank you. On the Russia side, you know, the deposits side. We don't expect basically any flight there. The Georgian banking system overall, I don't think is widely dependent on non-resident deposits, because the policy is such that liquidity requirements there are significant. Having said that, we don't see any negative movement there. We don't see any dollarization of deposits going on. Overall, I think pretty healthy environment. We don't expect a major deposit outflow. Having said that, you know, expecting good results is not a reason not to be prepared, and we are prepared in terms of the very large hundreds of millions of dollars of unutilized lines that we have.
In case there's anything, you know, we're very well prepared, and liquidity overall in the system is very strong. We don't expect it, quite frankly, but, you know, if there's anything, then we should be prepared. Having said that, even if there's military conflict in Georgia, it doesn't feel like we are in the middle of it. Let's say we are on the sidelines. We have experienced something similar in 2008. It was very painful. Right now it's a very neutral position that the Georgian government has chosen. Not provoking basically. Probably because of that, you know, we don't feel our depositors being nervous at all. What was the second question, Ronak?
That was NIMs, with the increasing LIBOR rates.
On the NIMs side, a lot of our U.S. dollar and euro exposure is variable. So we should be able to pass that through as it comes in. And while we have that, we expect our national bank reducing the refinancing rate, which also provides, you know, which should be good as well. Because as it comes down, you know, loans will take some time to reprice, so we should be benefiting from it in the short term. So, you know, you'll have these two countermovements. So we don't expect significant impact overall on NIM. Sure. For sure.
Okay. Just one last one from me. On your capital redistribution, your payout ratio for last year translates to about 25%. The guidance was 35%-40%. You indicated that you know, the payout will be complemented by some share buybacks. I was just wondering if there's any particular reason why, you know, the payout ratio wasn't increased to 35% and, you know, why management feel that they should complement it with a buyback.
Yes. Well, that is a question about our overall capital distribution structure. You will see that going forward as well. There will be some dividends and some share buybacks, about 2/3, 1/3 distribution. Because we think that is the best way to distribute capital and this is not just the management, it's the overall management of the bank thinking that given some preferences for some people to see more dividends and others to see share buyback for different reasons, including taxes, is the best way to return capital. Overall, I think that is in line with our capital distribution policy that we implemented one year ago.
Okay. Now, listen, doesn't that create a negative impact on the liquidity of the shares on the stock exchange given that, you know, it's quite illiquid already?
We don't believe it's gonna be significant. I think overall, as we continue delivering good results and we hopefully increase overall market capitalization, that should solve the liquidity issue sooner than later.
Understood. Thank you.
I guess we have. We may have another question from Robert Sage, because I think his hand. Oh.
Maybe he forgot to put it down. That can also be.
Yeah.
I'm just sort of quite interested in terms of the fee income trajectory, obviously immensely strong moving into, sort of through the course of 2021. I think one of your competitors has suggested there's gonna be another 20%+ growth in their fees for 2022. Is that the sort of level that you think would be achievable? Or, do you think that you've seen more of that sort of pull forward into the 2021?
Well, 2021 was extraordinary in many ways. I mean, there was a low base, and inflation was high. Overall, I think we had a situation where the nominal growth of the economy was about 20%. Having said that, 40% growth demonstration that we had for the full year was impressive by any measure. 20% seems like a, like a decent number, and, you know, we'll see. We don't provide specific guidance on that, on that line, but it seems reasonable.
Thank you.
Okay.
Next question is from Andrew Keeley.
Hi, Archil. Thanks for the call. I guess I just have a kind of couple of follow-up questions on, in terms of maybe some thoughts on the cost of risk kind of outlook for this year. Obviously, you know, the last few years it's jumped about a fair bit for obvious reasons. I'm just wondering, you know, if you can give us any more, a bit more color in terms of how you see that for this year, kind of within the context of your kind of broadly kind of upbeat macro outlook. I guess connected to that, you know, you've painted a pretty kind of benign picture for the outlook for this year if we obviously step aside from Ukraine and any potential implications there.
Do you see any other kind of possible risks maybe on the macro or the regulatory front that you think are worth flagging or not really? Thank you.
On cost of risk. You're absolutely right. We believe that we expect other than obviously the Ukraine story, and let's see how that plays out. You know, short of a major military conflict, overall we are very positive on 2022 and 2023. Political stability in the country overall, we don't see much noise. Although we're not the best predictors of politics overall, we still believe that plus currency stability and government's focus on promoting investment, increased focus, I would say. We believe that 2022 and 2023 have a lot of reasons to surprise the investors on the upside.
In terms of cost of risk, you know, this year, short of Ukraine, we should be just below our medium-term guidance and then, you know, we'll see in the future. In terms of the risks, the regulator has provided guidance that we were experiencing a lot of changes to the regulatory environment. The regulator has provided more transparency, what to expect over the next few years. We will see if, you know, if there are any surprises there. I don't believe there will be, but, you know, there's always that, you know, if there's anything then that may have an impact. Otherwise, you know, we don't expect anything major.
We believe that most of the reforms have been put through already, and that is reflected in the lower risk environment and higher capital requirements, which we already see. That's pretty much it. We are very positive, especially on the-
Great. Thanks very much.
2022. We saw a lot of our corporate clients enjoying strong profitability, especially on basically strong currency. Our corporates got used to currency volatility over the last few years. I think their margins were larger counting that risk in. While they enjoyed a pretty strong and stable currency, they are sitting on a lot of equity. Plus, I think banks are in position with plenty of capital and lines to really provide a lot of financing. If there's stability overall, I believe it could be very strong year for growth for the especially SME and corporates.
We have a question in the Q&A chat from Donatas from LGM Investments. Any updates on Belarus given the situation, and would BOG see any impact on remittances if sanctions are imposed on banks in Russia?
On Belarus, basically we have a small bank there. Most people don't remember, in fact, it is about 3%-4% of our balance sheet. What we are doing there is it's an SME bank, and we are seeing what we can do there in terms of our digital offering, digital retail offering, and there are a number of initiatives there. In terms of the sanctions, we are, you know, doing a super conservative approach. In terms of remittances from Belarus, we don't see that as a big business, so we don't know if there will be a reduction. There will be a reduction, but it's not a major number.
I don't see any questions at the moment.
Number of attendees are at record levels, but the number of questions are not. That may indicate one thing, that our storytelling is getting better, and we are covering all the things that our conference participants are interested in. Please do not hesitate if there are any questions. Let's give a couple more minutes and I see. Sulkhan is saying remittances from Russia was meant, I think. I don't know how that was linked with Belarus. Maybe it was two separate questions. If that was the case, then I would say that with remittances from Russia, we believe that if there's a military conflict, you know, there could be some reduction, but it shouldn't be a major reduction.
If there are any sanctions in terms of the foreign currency, transmissions, et cetera, remittances have shown a characteristic that they find a way get into the country. People send money to their families, to their parents or to their kids, regardless of the restrictions. We saw that in the complete lockdown in Europe, in Georgia, in first quarter of 2020 and the second quarter of 2020. Remittances, although on official levels we saw some drop overall, they found ways of coming to the country. I think if there are that kind of very strict restrictions on Russia, I still believe that the remittances will find a way. We don't think there will be significant.
Could be 10% drop, something similar, but not a major one.
I don't see any questions at this moment.
No more questions? Well, I can definitely maybe we can summarize it and basically say that we had a record year by many different measures in terms of the revenue, in terms of the net profitability. Our revenue growth was very strong with 25%. On a fourth quarter, we demonstrated a significant growth in our payments franchise as well as our mobile bank franchise. Not franchise, a channel I would say. So on all the strategic levels, strategic directions as well as the financial directions or measures, we have demonstrated a very strong quarter and a very strong year.
I would like to thank our Georgia staff, all staff I would say, and whole management as well for really coming together to deliver superior experience for our customers, which little by little is expressed in significantly increased Net Promoter Score and a record level of 54.6, which is almost double what we had few years ago. That basically highlights how our franchise is stronger, healthier, and on a front foot, and developing. That's why we see very good growth in payments, in our mobile users, in overall active clients.
We will consider and see where the different growth areas may be, and we have some good ideas, as well as see what we can test in terms of our digital capabilities elsewhere. With that, I would like to wrap it up. Thank you very much for your time, especially in this very volatile markets, given the geopolitical issues. I would wish to all of us.