Hello, and welcome to the DNB Q3 Conference Call. My name is George, I will be your coordinator for today's event. Please note this conference is being recorded, and for the duration of the call, your lines will be in the listen only mode. However, you have the opportunity to ask questions towards the end of the presentation, and this can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator.
I would like to hand the call over to your host, Ms. Mitra Hagen, Head of IR, to begin this conference. Please go ahead, Mitra.
Thank you. Hi, everyone, and welcome to our third quarter 2026 analyst call. I am Mitra Hagen Negård, Head of Investor Relations. With me today I have our CEO, Kjerstin Braathen; CFO, Rasmus Figenschou; EVP of Personal Banking, Maria Løvold; EVP of DNB Carnegie, Alexander Opstad; EVP of Risk Management, Eline Skramstad; and my colleague in IR, Anne Engebretsen. We will begin with a brief recap from Kjerstin on the key highlights of today's results before opening the floor for Q&A.
Thank you, Mitra, and thanks for spending an hour with us today. I will repeat a couple of the highlights from this morning's webcast and start with a few words on the Norwegian economy, which continues to show its resilience this quarter. As you may remember, we had a rate hike in the springtime where we repriced towards our customers, and most of the impact of this repricing you can see in today's numbers. Then again, there was an additional rate hike by the central bank in September with an additional announced repricing, which will take effect sometime towards the end of November. That is on the backdrop of an inflation that has come down but is proving stickier than expected to get down completely to the 2% level, which is targeted by the central bank. The key policy rate in Norway is now 4.5%.
Beyond that, nothing really changes to report in the economy. It is still resilient. Growth of 1.1% this year. Unemployment around the 2% level, and households and industries that show resilience and strong performance. This plays into our numbers, and we believe that we put down a strong set of results today for our third quarter earnings. Return on equity comes in at 14.5%, which is above our minimum targeted return of 14%. We feel it makes sense also to show you the adjusted number if we take out our share of profits from the Luminor transaction, which was announced this quarter, which leaves then the return at 15.5% for the quarter. This is the result of profitable growth across the business areas. NII is up compared to the previous quarter by 2.5%.
A strong point this quarter is net commission and fees, which is up by 14.6% from the same quarter in previous years, where again, we highlight investment banking and asset management as the two strong growth drivers in the fee and commission category. Investment banking is up by 38% compared to the same quarter last year, and asset management 11.5 percentage points. Third quarter is usually a somewhat slower quarter on the fee side, so it is worth pointing out that the numbers are also impacted by certain larger transactions that were more or less done in the second quarter, but very much towards the end, and closed early into the third quarter and reflected in these numbers. Portfolio is well diversified. Costs are down NOK 355 million, both reflecting a reduction in fixed salaries as well as variable salaries.
But again, a higher level of variable salaries compared to the same quarter last year, reflecting that this has been an active third quarter for us. Portfolio is robust. Impairments come in at NOK 529 million. Nothing to report of in terms of industry, sector specific news, nor migration in the portfolio. It remains robust and well diversified. Then lastly, maybe reiterate our capital, which is very strong, 17.3%, 100 basis points above the required expected level of the FSA. This core equity is also after deducting the 30 basis points that has been deducted to account for the share buyback of 75 basis points of the share that were announced earlier today.
With that, I think we are ready to open up for your questions.
Thank you very much. Ladies and gentlemen, once again, if you wish to ask any audio questions, please press star one on your telephone keypad and also just ensure your line is not muted to allow your signal to reach our equipment. Our very first question today is coming from Gulnara Saitkulova, calling from Morgan Stanley. Please go ahead.
Hi. Good afternoon. Thank you for presentation and taking my questions. At the press conference, you highlighted that the competitive pressure had a more limited impact on margins this quarter, providing some support to NII. Could you help us better understand the underlying drivers of this improvement and how sustainable you believe it is going forward? More specifically, if you were to decompose the Q3 spread contribution, how much of the impact was attributable to competitive dynamics versus the rate effects, portfolio mix, and any other effects? Looking ahead, how should we think about the relative contribution of these factors to NII, and the trajectory of their customer spreads over the coming quarters? Thank you.
Thank you so much for your question. We did point out that there was a lower impact to our NII this quarter from competitive pressure compared to what we stated for our second quarter number. We also iterated and underlined, when asked, that this was not signaling a lower competitive pressure in general in the market. I think across the business, we would assess that as rather the same level of competition as we reported in the second quarter. This also has to do, of course, with how we manage the portfolio, how disciplined we are in terms of allocation of capital. We continue to focus on profitable growth across the business. This has year-on-year resulted in a growth of 5% for the group as a whole, which we are quite happy with. So competition continues to be fierce.
I would reiterate also that we have no reason to believe that the market has changed. We reiterate that the market is rational and all the large players active in this market have a specific return on equity as their most important financial target. I think we have probably also said earlier that the most intense pressure is in the personal customer area as well as the lower end of businesses and also medium sized enterprises is where we see the highest intensity and competitive pressure. So no relief, but no increased intensity either. I think that would be a good way to describe it.
But do you have approximate breakdown of what exactly the competition erosion was for NII this quarter? Because in the previous quarter it was roughly 1%. For this quarter, how are you thinking about it? Do you have a rough breakdown?
I do not recognize the 1%. I think last quarter we talked about a third of the spread movement being reflective of competition. This quarter, we have not broken down the details any further.
Thank you.
Thank you very much, ma'am. Next we will go to Shrey Srivastava of Citi. Shrey, please go ahead. Your line is open.
Hi, and thank you very much for taking my questions. My first one is actually on the strategic change you announced with some redundancies in technology and services. When you think about the potential of AI to transform your business, is this largely from headcount perspective, just non-client facing functions being reduced and to be replaced by client facing functions as some other banks have talked about? Internally, when you review the success of your AI initiatives, is it absolute cost reduction, is it operating gains, or is it something else?
My second question is just related to the competitive dynamic in Norway. Is there anything you can help us with on, for example, the products per customer that you have relative to some of your smaller competitors and thereby the strength of your deposit franchise? Thank you.
Thank you, Shrey. With regards to the strategic change related to AI, we think there is a broad potential in AI spanning anywhere from the ability to increase efficiency of our operations, to improve our processes, and to enhance customer value substantially. In addition to this, there is also areas where AI is creating new jobs and new opportunities. It is a little bit all of the above. The changes that we have done so far, the areas where we have seen the most impact is definitely related both to real operational gains. That means cost reduction through lower number of FTEs, but also enhanced customer values. I will shortly develop on a couple of examples. One of them is not related to the recently announced restructuring, but is related to our customer services activity.
There we see that our chatbots for both our brands is increasingly handling more requests without people being involved, and our customers are increasingly happy with the services that they get. They actually prefer the chatbot to our people answering on chat because they think the people are too slow. The people that we have in the call centers are also better advisors and more efficient. They have automatic transcripts of all their conversations with their customers. We are able to pass that information around so we have a fully updated picture of our dialogue with the customer at all times. This has also led to the need for fewer people in the call center.
Another process that we have talked about is Know Your Customer, where this is an internal process, but it is also customer-facing, I would argue, because we ask our customers a lot of questions. I think sometimes we may have asked them to give us information we already have, but we were not historically good enough to extract all the information we have. With now the automatic processes, it is a better experience for customers and certainly a more efficient process for us.
With regards to the number of products and our deposit position, I will hand it over to Maria.
Thank you, Kjerstin. I could speak to the retail banking area, and we can see an increase in number of products per customer from 4.7 to 4.8. I do not have the numbers from other banks, but I know that DNB customers at large, they have less than 1.7 relationships with other banks. If you compare with a digital-only brand, for example, they usually have around 2.5. So you can say that a DNB customer, they have fewer banking relationships and at least 4.8 products per customer as of today.
Thank you very much. I can ask a final one if that is all right. How much of that improvement is driven by Sbanken customers being onboarded to the broader DNB platform over the past few years? Thank you.
It's difficult to say, but for example, when it comes to saving agreements, we see that our mortgage customers, they are increasing their investment in mutual funds. For me, it's all about being able to selling more products to our existing customers, but I don't have that number efficiently.
Thank you very much. Really helpful.
Thank you much, sir. Our next question will be coming from Sofie Peterzens of Goldman Sachs. Please go ahead.
Yeah. Hi, here is Sofie from Goldman Sachs. Thanks a lot for taking my question. My first question is on the share buyback. It was 0.75% this quarter. At the press conference, you mentioned that the share buybacks will be a bit faster going forward. Could you maybe just elaborate on this, like how much faster will they be, and should we expect intra-quarter share buyback announcements going forward? If you could kind of comment on this. My second question is [audio distortion] regarding the personal customer division net interest income is exceptionally strong this quarter. Is that a sustainable level, and how should we think about the internal transfer pricing within this division? Is that kind of a good run rate going forward? Thank you.
Thank you, Sofie. I'll quickly do your second one. The improvement in NII and personal customers is related to the first customer repricing that took close to a full effect in this quarter. As I stated in the beginning, there is one more repricing that has been announced that will start to take effect towards the end of November. I think Rasmus can answer the buyback.
Yeah. There's no change to our capital allocation strategy. We continue to allocate excess capital and announce share buyback programs when we are comfortable with our buffer to FSA expectations. Relating to the question this morning, I felt it more of a technical issue, so to speak, that the 0.75% share buyback program will be executed quicker, obviously, than a 1% share buyback program. We will continue to make these assessments and announce new programs when we see fit.
Okay. That's very clear. Just on the personal customer division, is it just fair to assume that when you have a rate hike, then most of the benefit just comes in the personal customer segment, and we should expect less NII benefits in the other segments? Or maybe if you could just walk us through how we should think about the NII improvement that we will see again in Q4 from the repricing.
Yeah. What we can walk you through, Sofie, is the structure of our portfolio. Of course, it's primarily the personal customers that have the floating rate priced loans, namely the mortgages, where I think more than 95% of the mortgages are based on the floating rate basis. Here is where we adjust the prices. Then you have, excluding the real estate book in Corporate Customers Norway, I believe it's 30% of the loans towards SMEs that are also based on the floating rate basis. The loans in large corporates are priced on a reference rate plus a margin. So a rate change will not impact them. Of course, it's also the impact on the deposit side, which is primarily also personal customers and Corporate Customers Norway.
On the NII effect, this would impact the numbers. As for internal pricing, there is no transfer pricing as such, but of course, there is an element of funding cost for the business areas. Personal customers is charged the money market rate when we look at their margins on the loans, and also then the NII. The additional element to keep in mind is that higher rates leads to an improved revenue for the equity that they deploy in the funding. So in such a manner, there would be a share of interest on equity in large corporates.
That is very clear. Thank you.
Thank you, ma'am. Next question will be coming from Riccardo Rovere of Mediobanca. Please go ahead. The line is open, sir.
Thanks. Thanks a lot for taking my questions. A couple, if I may. The first one is on loan growth. Q2 was-- In your fact book, you show the average lending volumes by division, which is helpful, I have to say. In Q2, it was stagnant more or less in all the various three divisions. In Q3, it seems to have picked up again. The question is, was Q2 the anomaly, or is Q3 the anomaly? The second question I have is, I know you will never, ever provide any guidance on this, but just as a qualitative statement. Three months, well, a little less than three months after the first rate hike, do you see any big difference in respect of the previous tightening cycle when it comes to passing rate hikes onto the customer base? Thank you.
On your question on loan growth, Riccardo, we invite you to think a bit differently with regards to the growth in personal customers versus Corporate Customers Norway and large corporates. Personal customers, there is more of a gradual growth. I believe the growth in the second quarter was 0.3%, this quarter it is 0.4%, and year-over-year it is 1.4%, so slightly less than the market. Again, we are very pleased to see a growth of that level in such a competitive market. Keep in mind that our customers are amortizing, so a number like that actually means quite a lot of customers coming into the bank as new customers. Corporate Customers Norway now also contains the portfolio on commercial real estate. That portfolio is somewhat down, and it can vary from quarter to quarter.
If we look at the broader SME portfolio, that reflects the level of activity in the Norwegian market. The growth has been more in the area of between 3% and 4% if we look over time. This is a bit low in a longer-term historical context because one of the important elements of this portfolio used to be the construction finance, and that has been very slow now for several years. This used to add approximately 3% volume in terms of short-term borrowings onto this portfolio. You can say adjusting for that, it reflects a level of activity across SMEs of 6%, which is a very healthy growth level. We do expect the construction market to come back. We have been expecting it for some time. It is still too early to say actually when it will start to materialize.
Large corporates can be a much more bigger variation from quarter to quarter. This depends on the actual deals that are being done. There is a rapid turnover of capital in the portfolio. The duration of that capital is approximately two years, which gives you an idea of actually how quickly that portfolio is turned around. The growth this quarter was 3.4% if we do not adjust for the currency, and growth year-on-year is 10.8%. Altogether, across the platform, we deliver a 5% growth year-on-year. This is exactly how we think about our platform and talk about it, that we can balance across the different parts of the business in order to grow profitably.
We are saying 3%- 4%, but also, of course, we are showing you that if we can grow a little bit faster and we can do so profitably, we are more than happy to do so. As for your question on difference in terms of passing on rates, I am not sure I can actually give you any more color than we already gave when we announced the price increases, where we said we have adjusted prices by up to 25 basis points, both on loans and deposits. Again, I refer to Rasmus' comments earlier today on the press conference, where he invites you to look at both the changes on the spreads as well as the interest on equity to gauge a picture of the repricing effect on the net interest income.
Thanks a lot, Kjerstin. Just to get back one second to the first question. From what I understand from your wording, I understand that the 3%-4% loan growth in your mind, that number is still valid. Do I get it right?
Yes. Still valid.
Okay. Thank you.
Thank you much for your question, sir. Next, we will be going to Namita Samtani of Barclays. Please go ahead, Namita, your line is open. Thank you.
Good afternoon, and thanks for taking my questions. My first one, thanks for your comments on products per customer at DNB. I just wondered how do you see competition to deposits just more broadly as AI makes more of an impact, which could make the more highly remunerated deposits across different competitors more transparent to customers? I just wondered if you are taking any initiatives there to protect your deposits. Secondly, just on expenses, I noticed the line employers' national insurance contributions, that is up 15% year-on-year. So I just wondered what is driving that or if there is any reclassification there.
Lastly, rates in Norway are at 4.5%. How do you see corporates responding to that in terms of their appetite to borrow, with rates being quite elevated? Thank you.
Thank you, Namita. I will try on the first and third, and I will leave the second one to Rasmus. I think a relevant question on AI. We have been talking about Muse as the most successful, I would say, AI agent so far to consumers. We are preparing for a changed competitive environment through investing into our platform, building loyalty. We see that, and we have been doing so for years. We have half the Norwegian population actually actively using our banking app while only having a fourth of the population having mortgages with us. So the loyalty and brand value is important, and Maria is also working on launching AI features directly towards customers. This is a scenario that we are preparing for. We will have to see how this plays out in terms of regulatory environment.
I think that is yet to be seen, and also authorizations through BankID and other verification. I would say that we see that this is a trend. It is still uncertain how large the impact will be and how fast it can possibly go. But we are also preparing to compete and to continue to earn the customer's trust and have their loyalty. Would you like to add, Maria, something?
No, I think you covered it.
I covered. Okay, good. I am learning from Maria. 4.5, I would not say it is restraining appetite for corporates to lend. But we can see in the market that some businesses decide to postpone investment decisions. I would more lay that on the broader uncertainty in the global environment, if this is related to companies involved in export activities and actually to the interest rate level as such.
Relating to the cost question on employers' national insurance contributions, this is a technical adjustment in Q3, and it is done for the year-to-date figures. We are expecting a negative delta in Q4 on this figure.
Thank you.
Thank you, ma'am. Next, we will be going to Isobel Hettrick of Autonomous Research. Please go ahead.
Hi. Thank you. It is Isobel Hettrick from Autonomous Research. I have two questions, please. My first, we can see group asset management net inflows have clearly taken a large step up in the last two quarters. Could you just provide some more color here about what has driven that change, what customer segments and markets, and are there any internal actions you have taken that you think have influenced this, whether that is new product launches, cross-selling initiatives, any big mandate wins? My second question is on investment banking fees. I note your comments at the start of the presentation that you saw some slippage from 2Q.
Could you provide some color as to what the pipeline looks like into year-end? How do you think recent market volatility and maybe fears over fiscal sustainability AI bubble is influencing market behavior here? Thank you.
Thank you, Isobel. In AUM, we are very pleased with the development, not only in the past two quarters, I would say, but also now for a series of five, six, seven quarters in a row. I think I would like to say that we have worked with a series of initiatives over time that is now paying off. First of all, in relation to this quarter and the previous quarter, I should highlight that there is one big mandate win in these numbers. So a single institutional investor that provided a flow of NOK 30 billion in the third quarter and NOK 30 billion in the second quarter. But even without that, the flow has been positive with more than NOK 20 billion.
This quarter, the flow from retail investors was NOK 6.5 billion, and I think not too far from that also in the second quarter. This has been a clear strategy on our side to prioritize the more sticky and higher margin volumes under asset management. One area that we have pointed to is the savings agreements with our personal customers. This is at an all-time high. They are now saving in their savings agreements more than NOK 1 billion a month. We also have a market-leading position in defined contribution that we have built over time, and of course, there, the companies are paying down more money into these funds for their employees on a monthly basis.
We have scaled the pace of innovation, I would say, onto our digital platforms, both the savings specific platform that we have, but now also increasingly integrating the savings products into the mobile banking platform now that the position has been built. Beyond that, we are continuing to advise on an individual basis, but also on a collective basis. This quarter, we've had a lot of conferences under the umbrella She Invests across the country to talk about savings. There's a lot of young women mostly, but young people that are coming to these conferences, and this has also created a community in social media where people are increasingly engaging in savings.
As such, we are actually working on the big potential we've talked about that Norwegians, while more active than most Europeans, they're still not as active as the Swedish people in terms of savings into mutual funds. This is a series of activities that has led to increased inflows in funds, but also stable margins despite the trend from active to index and also the trend with pressure of margins from certain reforms in the past. Whereas we have seen very stable margins over time in our assets under management business.
In terms of investment banking, I will start and hand over to Alex also to talk about the sentiment in the market given what we see today. Third quarter, again, I reiterate a very strong quarter with many large deals. I also made the comment with some of these deals being done towards the end of the second quarter and booked in the third quarter because it is true it is an exceptional quarter being a third quarter, which is usually a bit slower. This was an all-time high revenue in terms of bonds for DNB Markets.
I would describe the pipeline as strong and invite Alex to put his comments on it. But of course, we had a very strong fourth quarter last year, so I'm a little bit also alluding to the pace of growth from third quarter to fourth quarter, that you should bear this in mind that the third quarter was exceptionally strong when you think about how this goes forward.
Thanks, Kjerstin. I can provide some extra color. It is about the, if I start with the third quarter, as you point to, Kjerstin, a few transactions closed in July. That was, for the majority, executed throughout the second quarter. That being said, it is still quite broad based. No sort of single fee event is more than still single digit of overall fees within investment banking. I maybe also point out that so far this year, about half of our, say, top 10 mandates are Nordic mandates, and most are really outside of our traditional stronghold market of Norway. If we look into the fourth quarter, clearly with the market volatility, we do see the IPO pipeline being pushed out somewhat, and a bit slower market sentiment on the more risky credit side.
Pipeline remains strong, and it is more of a timing question than any type of mandates being canceled.
Thank you. Very clear.
Thank you very much, ma'am. Ladies and gentlemen, once again, if you have any questions or follow-up questions, please press star one at this time. Our next question will be coming from Rebecca Qin of Bank of America. Please go ahead.
Hi, this is Rebecca Qin from Bank of America. I have two questions. One is regarding your Norwegian retail business. You mentioned about competitive landscape not worsening in Q3 versus Q2. If I just read the spreads, deposit spread was down and so was more pressure than lending spread, I think. Given we saw another rate hike in late September, if this competitive situation does not change in Q4, should we expect a similar direction of travel for both lending spread and deposit spread in Q4, therefore, further compression in your personal banking in Norway? That is my first question.
Okay. It is a little bit difficult to. Oh, yeah. Okay. Go ahead if you want to do the second.
Yeah. Sorry. My second question is also related to corporate finance. You mentioned there was some delays from Q2, but if we exclude that impact, have you observed any structural changes in terms of consolidating Carnegie and therefore further penetration across Nordics, where just more deals in Finland and Denmark where cultural activities have picked up? Thanks.
Thank you, Rebecca. I will answer the first one and introduce slightly the second one and leave that one to Alex. But with the subject of it being slightly difficult to hear what you asked in the first one, I will try to answer as best I can, and then you follow up if you do not feel that we are hitting what you were talking about. Again, with regards to the competitive landscape, I reiterate that the competitive landscape is unchanged largely and as fierce as we have commented upon before. The comment that was made during our press conference today was that the impact on our numbers as such were slightly less than what we saw in the second quarter.
In other words, it's more a comment as to how we are managing the environment and our ability to continue to grow in all the sectors across the business, while also being mindful and disciplined about how we allocate capital. There is a meaningful impact on our NII and thus margins then from the repricing that took effect mid-July. We haven't specifically commented as to the size of the impact of this beyond referring to historical rate hikes, where the impact from a 25 basis point rate hike or rate cut has been in the area between NOK 800 million and NOK 1.2 billion.
With regards to future margins, we are not commenting or guiding specifically, but of course we can talk about what we know, and we know that we have announced a repricing towards our customers on the floating parts of our portfolio, that we have repriced loans and deposits by up to 25 basis points, and that will take effect in the end of November. So everything else equal, this will have a positive impact on our NII. Then, of course, there are other impacts such as market development, growth potential, portfolio mix effects, and also FX, which are the typical elements that you follow and think about in order to assess the future developments.
With regards to corporate finance, I will hand directly over to Alex.
Thanks, Kjerstin. If I heard the question correctly, there's no structural changes in the market that I would point to. But in terms of the combined DNB Carnegie platform, we do feel that we have a very competitive offering in the marketplace, and we feel that we are more relevant to clients than ever. Are we performing at potential yet? I would say that there's still upside ahead. We've only operated together for five full quarters. But we're also then communicating now that on the investment banking advisory side, all integration is complete. We're entering a phase where we are less internally focused, and that's contributing to good client dialogues.
Thank you. Very helpful.
Thank you much, Rebecca. Our next question will be coming from Riccardo Rovere calling from Mediobanca. Please go ahead.
Well, thanks again for taking my questions. A couple if I may. The first one is on risk-weighted assets, pretty flattish quarter-on-quarter. Just wanted to be sure that, is there anything with regard to models approval, recalibration, reassessment that we should be aware of when it comes to your IRB models? Given that this has been a pretty hot topic over the past week or so. The other question I have is the amount of bonds or in general, medium long-term funding on your balance sheet has gone up quite significantly in the quarter. Was wondering if there has been any kind of pre-funding activity in the quarter, expecting higher rates in the coming quarters.
Then maybe just a quick follow-up. In my understanding from all the comments that have been made on investment banking point to a sort of, I don't know how to say, maybe a little bit super normal this quarter, if I understand it correctly. But I'm not sure this is the message you want to convey. But if this is the message you want to convey, has this affected more fee income or trading or both of them? Thank you.
Thank you, Riccardo. Our RWA is fairly flat. There is some capital being reinvested into the business for the growth that we are delivering in the quarter, but nothing in particular to highlight with regards to structural changes or migration or shifts in the portfolio to speak of. I hear that you also refer to discussions we know have taken place around other institutions during these earning seasons, and the message from us is that we have nothing in particular new to highlight this quarter with regards to our dialogues or models or other with the FSA, other than to say what we would say every quarter, that there is a continuous and ongoing dialogue with the FSA on these and other elements. You know there are moving bits and pieces in the capital stack, such as the Pillar 2 and SREP process that we often refer to.
On the investment banking, there was no intention from my side to talk about a super normal quarter. I just highlighted the fact that the third quarter usually is a somewhat quieter quarter, and that the results are very strong this quarter. Again, to reiterate what Alex said, the revenue is diversified across products, across customers, and across geographies. There is a sound distribution of revenue, and my comment was more to point to a direction in the future where, yes, we say that the pipeline is strong. But given the nature of this business, there shouldn't be sort of an automatic extrapolation either. I think that is all that we tried to nuance without signaling strongly that there was anything unnormal about what we saw this quarter.
Rasmus on the funding.
Yes. DNB is fulfilling all MREL requirements with good margin. With a stronger NOK currency in Q2, we reduced the value of our outstanding MREL debt in currency. As a result, we had to accelerate some transaction planned for the second half to secure sufficient MREL buffer. It did influence long-term funding costs somewhat negatively in Q3.
Rasmus, these transactions have been put in place at the beginning of the quarter or end of the quarter?
I am not quite sure.
Or throughout the quarter?
Sorry?
T hroughout the quarter.
There is no one specific. I would say throughout the quarter, if anything.
Right. Okay. Fair enough. Thank you.
Thank you very much for your question, sir. We do not appear to have any further questions at this time. I turn the call back over to Mitra for any additional or closing remarks. Thank you.
Everyone, thank you for joining today's call and for your questions. Should you have any further questions, please don't hesitate to contact Anne or myself. Have a good day.
Thank you very much. Ladies and gentlemen, that concludes today's call. We thank you very much for your attendance. You may now disconnect. Have a good day and goodbye.