Good morning, ladies and gentlemen. I'm happy to welcome you to our Performance Presentation of PKO Bank Polski after Q3 of 2025. The bank's results will be presented by the CEO, Szymon Midera, Krzysztof Dresler , the CFO, and Piotr Mazur, and our chief economist, Piotr Bujak. The Chairman, the floor is yours.
Thank you, Darek. So we've accelerated, as you can see. We are much ahead of the peloton, a nd t oday, consistently, step by step, we are achieving our objectives that we presented in the strategy a year ago. I'm very happy to share all the information with you today. Let's start from our most important assets, from our clients, from our customers. We accelerated also in this respect, and I want to draw your attention to the fact that in Q3 we have 127,000 new customers acquired, and what is really important, a lot of young customers. The new acquisition translates into higher volumes.
We have achieved PLN 660 billion of savings, with over 13% dynamic year-on-year, and PLN 315 billion of the loan balance, with 10% year-on-year. That translates into the total balance of PLN 555 billion, and NPL, which is stable at the level of 3.36%. We have still PLN 116.29 billion, and the total asset ratio over 18%, much higher than the standard related to the dividend payment and the regulatory standards. So what is this? How this scale and this acceleration in acquisition of new banking volume translates into our performance?
After three quarters, we have PLN 8 billion of net profit, with a high level of performance PLN 3 billion year to date. Our net profit is PLN 2.8 billion. This is the highest quarterly profit, the highest record in our history, and the high dynamics of 16% year-on-year. Return on equity: 20% after Q3 and 21% in Q1 only. That is evidence of the strength of our business model and of the potential of the entire PKO Bank Polski Group. When it comes to the net interest income, it is stable at the level of 4.86% in Q1, a slight decrease, but not adequately to interest rates, so we have 4.7% in Q3 only.
We keep, and it's a kind of stable trend for long, that we have high cost efficiency, C/I after Q3, 30%, and in Q3 only at the level of 28.8%, and the last element, which is very important, because the cost efficiency and credit risk management give us good results for us, business volume affect our great financial results, the cost of risk at the level of 32 basis points after three quarters and 28 basis points in Q3 only. Thank you very much for this introduction, and now over to Piotr, who will present the economic landscape and will explain the market and this good business cycle for the Polish economy as such.
The macroeconomic landscape is good and favorable. PKO Bank Polski has accelerated together and along with the Polish economy. The economic increase has accelerated to almost 4%, what is really important. It's been visible during Q3, the breakthrough in stagnation in industry and the acceleration for the industrial sector, and the loan activity in the corporate segment. At the same time, the situation of households is good despite reduction in the sector of enterprises. The unemployment rate is at a stable low level. The customer confidence is increasing. The household income has been increasing 4%-5%. The actual rate is not known yet. Of course, in nominal terms, it's enough for us to see a strong growth in consumption for households. That fuels loan activity for households and in the household segments, and that translates into the number of housing loans and consumption loans.
So that allows us to increase our sales and to be successful with our savings facilities and investment facilities. Of course, this low unemployment rate and good situation and good condition of households that translates into higher activity in the segment of households. Another element that is not favorable for the banking sector, and it's quite evident, and that exercises negative pressure. This is the interest rate cuts that have been continued over Q3. We can see that the trend will continue in 2026, but it's visible, and it's in line with our assumptions that decrease of interest rates hurt with a better business cycle, and not as it had been before, that the fiscal policy has been eased, and together with economic slowdown, this situation leads to acceleration and improvement of the loan activity.
It is quite visible in the housing loan segment when we can see that the interest, we see higher activity of the lending, the higher lending activity, and new production of housing loans as a result. According to our forecasts, this favorable situation in the Polish economy, we may say to use our lingo, so-called Goldilocks, higher economic growth, higher than inflation. So the ideal mix and decrease in interest rates, which is favorable for lending activity and for upholding good quality of assets that will be upheld to 2026. So we stick to our assumptions that the lending activity in all three segments will improve in all segments, that will generate increases for the market. So with our ambitions to increase our market share, that may give us more. We see high potential in many segments, high potential for higher growth. So this is our base case scenario. But we think that in case of the housing loans and corporate loans, the actual development and the actual situation will be even better, because we can see that the spread is asymmetrical, but in a positive way. That's all from my side. Thank you very much.
So let's benefit from this great business cycle. Let's accelerate even more. Let's speed up. Not only we are happy with a higher number of customers that is visible, but we are able to maintain this increase and to get even more of that. Together with Allegro, we will launch our project in a few days, but we see that this increase coincides with high quality and great customer experience. For the first time ever, PKO Bank Polski is ranked as the second in terms of NPS. That shows propensity to recommend our bank among our customers.
With such an increase, with such an offensive, it's not easy to maintain high quality of customer service and customer acquisition. So we are doing everything to maintain this trend of high customer experience. We invest in marketing, because marketing means customer, and marketing means direct support of execution and of our business objectives. Not only to be the most renowned and the most famous bank on the Polish market, because we are a top-of-the-mind brand, but to be the preferred bank. We deeply believe that all emotions related to the bank translate into business decisions. We are appreciated by our customers in terms of the scale of growth of deposits. Deposits in PKO Bank Polski, we are increasing this rate quarter to quarter. We are much above 8%, but thanks to education and implementation of new facilities, we shift deposits towards long-term deposits and investment facilities.
Just have a look at our dynamics: 40% in the accrual of investment assets. It's way above PLN 70 billion. That allows us to strengthen our market position and to shift market share and to push market share towards 20%. So something that makes us really proud, and I'm very grateful for that, to all our customers, to all employees of the group, and employees of our branches. This is the dynamic increase of our balance. Just have a look that we have a balance which is higher by 100%. We are at the level of 20%. In new sales, we are at the level of 40%. So today, as PKO Bank Polski, we capture not only 40% of entire loan sales, but we are quite close to the same level in terms of cash flows, without any easing of our loan policy, without decreasing our prices.
That's a great trend that strengthens our position in terms of key parameters for retail banking. The share of PKO Bank Polski in the cash loan market has increased by 1.5 percentage points, and for mortgage loans, it has increased by a good half percentage point. We stick to this trajectory. We're able to keep it. We are able to show that the strategy that is concentrated on the organic growth here and now translates into some actual and concrete results. When it comes to corporate banking, we see that this market has become more lively. Now we are at the level of 8% of dynamics. In Q1, it was 6%. In Q2, it was 8%. I don't know if you remember 5% dynamics over the last quarter.
So we deeply believe that we are able to maintain this two-digit dynamics, and hopefully, we will be able to stick to that, because that's a good moment to finance all corporate client segments. That causes that also in this area, year-on-year, our market share has been increasing. And traditionally, as every quarter, we present the key transactions in corporate banking, not only to brag about them, but to show that we have a deeply diverse portfolio and high-quality clients, also from the segment of energy transformation and defense. Now over to Krzysztof.
Thank you very much, Szymon. Very good, robust net profit for Q3. And what we actually love very much at this bank is predictability. And I would say that the main dimension of our risk, or related to risk, is always volatility. We try to eliminate volatility by delivering results that are slightly above the consensus. year-on-year, our dynamic is around 15%, which makes us really happy, especially that we're operating in an environment of lower interest rates. Over the last two years, the central bank has lowered interest rates by 150 basis points.
So the result that we're looking at, it still has an impact of extraordinary items over PLN 3 billion this quarter, which means that we have certain write-offs dedicated to Swiss franc denominated loans, but we're not changing our message. We're staying on message. We're going to try to make this year the last one where extraordinary items related to CHF will be encumbering us and our profitability. When it comes to the very basic fundamental point of pride, it is our income. Income growth from our core activity, it's around 7% or even more than 7% on a comparable basis year-on-year. We are again trying to eliminate volatility, so actually, the impact of all other parts of our business, it's less than 1%, so we are, of course, based on such drivers as commissions and interest and fees, of course.
When it comes to interest, last year we declared that we started taking action towards maintaining our interest margin for as long as possible, so our interest margin has changed its trajectory, and it's happening. It's getting there. The peak in margins is over. It's behind us, but actually, the fall, the decrease of our margin is progressing much more slowly than the speed at which interest rates are dropping, and this is a result of our action, action seeking to change our balance sheet structure. We definitely focused on fixed interest mortgage loans. We are also hedged by IRS transactions.
When it comes to our fee and commission income, it is our ambition that the structure of our results on our core activity, well, that we still have that. We have those. We have a good fee and commission index, and we're less dependent on our interest income. Even though Q3 is always the strongest, typically, but we have seen very good dynamics quarter to quarter, like Q2 to Q3, as well as year-on-year. We're talking about 5.4%, 3.6%. That's the dynamics. Just like we said, we're looking at this, and we're looking at our financial results with pride, but we're also looking to see what's happening beneath.
And beneath, we have our customers and their activity, because we're getting more fee and commission income on their accounts, on their card transactions, insurance as well, investment funds, just like the CEO mentioned, our brokerage. And it's a full comprehensive ecosystem. That's why we've been doing this. That's why we're perfecting and seeking to make our products excellent. We're automating services. We're introducing remote channels so that customers are doing more and more, so that customers perform more and more operations, so that they use their cards more, even currency exchange as well. Because if someone goes abroad and they choose to prefer to pay with our card compared to a card from another bank, that's always something that makes us happy, and that's always something that increases our fee and commission income.
But of course, a good financial result would never be possible if not for our really tight cost discipline. C/I, after nine months, at the level of around 30% cost to income. This is a very good local result. This is something that we represent in this country, and it's really big. If we compared ourselves to selected European banks, I would say we are top. We are absolutely among top players. I mean, we have slightly higher interest rates. That's why maybe we're getting even better performance, because they have lower interest rates and they have lower margins. But still, we are simply well prepared. We are increasing our cost efficiencies and our cost effectiveness. We are very disciplined, and that's a key enabler for our strategy, the one that we adopted last year. So my last slide is our issuance activity.
As you know, ladies and gentlemen, well, in February, we already told you that Moody's increased our rating for our bonds, and actually, we issued Tier 2 debt, which of course increased our credit assessment, so actually, we had two increases of rating by Moody's while operating in a difficult environment, because in many cases, Moody's actually downgraded other companies' ratings, and we are increasing our geographical expansion in terms of issuance. I know that the European market is quite competitive, but given our scale, we do have to be more and more present across Asia, for example, and we will continue to increase our presence. We are now entering a point in time where we will start refinancing our historical issuances, and we will, of course, be dealing with higher scale of our business operations.
We want to have a good asset structure and asset structure that will make us feel comfortable about our ratings. You can expect us to be pretty active in this area, and you can expect results from us. Right. When we're talking about risk, stability is always important. Long-term stability, low write-offs, and low impairment levels. Actually, for years, we've exhibited one of the lowest cost of risk, and we can show you at the same time that we are increasing our market share, which is impressive. I think that today, given this competitive environment, it's not so easy to experience growth. It's actually very difficult to experience growth and increase market share at the same time. I would say real mastery is to increase market share, keeping curbing your cost of risk. Actually, we are a case in point.
It's happening for us for three reasons. First of all, our customer base. We have a good, loyal customer base that is growing all the time. Secondly, our analytical capabilities, our technology, our data. I wouldn't like to brag, but I think we're quite good in this area. Of course, thirdly, and most importantly, I guess, our colleagues in the corporate division, in the retail division, because our employees, they know local markets. They know how to reach customers. They know how to attract customers to get very good customers who have very good credit, very good financial standing. It's happening for us, and Stage 2 is dropping. Stage 3 receivables are dropping, which shows that our portfolio is really very, very decent. Now let's talk about CHF loans. I'm dreaming of a day where we present, and we don't have those slides anymore.
I do believe that next year we'll have just one slide with CHF mortgage loans, and you will not even pay much attention to it, because I think that most of the difficulties, most of the challenges are actually behind us. We have provisions, and we have 12,000 active cases that haven't been addressed otherwise. What makes us really happy is that it's the best quarter, because the number of motions pending is dropping for the first time. What's important, as we extend to international markets, we see that our scale, our strength really matters. We can get into deals where smaller banks simply cannot make a move, and we are participants of those deals. The surplus that we have really allows us to increase our lending. Thank you very much.
Ladies and gentlemen, right now I can tell you that we are the most omnichannel bank there is. We have the largest sales structure, and we're investing, and we're talking about really historic investments, investments in technology, in conversion, in automation. We're trying to convert customers from offline to online. We have very strong digital channels that we are still boosting and bolstering. We have President Paweł with us, and he's very much focused on our digital know-how, our digital capabilities, competencies, because we want to serve as many customers as possible in the digital world, and we are executing a project with the largest digital marketplace. We are the most stable and predictable bank in financial terms, in terms of performance, but at the same time, we're developing, we're growing the fastest in the market.
Plus, we have this additional engine that we have launched, and quarter to quarter, we are increasing both in terms of retail customers, in terms of corporate customers. And I could say it borders on boring that we're continuously demonstrating to you how good we are at increasing and fostering our market position. We're doing this with absolute consistency and absolute discipline. We've been showing you, as I said, consistently how we are strengthening our position. We're investing in technology. We're investing in people. We're investing in marketing. I talked about it before. Marketing is really important, because today we are in a very elite top group of banks that can communicate with the market, with customers, with all customer segments very effectively across all channels. We have higher volumes. Our volumes grow faster than those of our competitors. At the same time, we're keeping control of our costs.
We're keeping control of our credit risk. Great results. This gives us great results. PLN 8 billion after three quarters, PLN 2.8 billion in just Q3. Very high profitability, very high ROE, 20%, and full control over our cost of risk, and very, very high cost efficiency, and in the coming quarters, we will continue to be equally predictable and equally boring in the sense that we will continue to show you higher dynamics and increasing results. Thank you very much, and now we are ready to take your questions.
Kamil Stolarski , Santander Bank. My congratulations on your loans. I have three questions. First and foremost, I'd like to ask about the external growth and M&A. That is the most popular topic. I would like to ask how do you balance the two elements that potentially some assets can be acquired, but on the other hand, the bank is increasing its assets. Do you have appetite only for acquisition in Poland or also abroad, and the second question concerns the balance, because year-on-year, deposits are going up. The portfolio of bonds grows by PLN 24 billion, and the loan portfolio by PLN 28 billion. So what about this over PLN 20 billion portfolio of bonds?
Is it any problem, or you would like to support the further increase and expansion of this portfolio? When it comes to the strategy, we can see that the cost of risk is at the level of 30%, not 70% or 80%. Cost to income here, the growth dynamic has decreased. I don't know whether this 30-something process was not too cautionary, but 15 million customers, why not, and this two-digit increase in loans a year after the strategy was published. Would you like to review any of these strategic objectives, or you're going to stick to all these strategic objectives, and they will stay as they are?
Maybe let me be first. When it comes to the approach to M&A, we are indeed one year after the publication of our strategy, after a few quarters, and we've been sharing the information with you over this period. When it comes to the assumptions, nothing has changed. We are very opportunistic, but this very fast growth in some segments, in some business lines, it amounts to 30% of new production of new volume, and that encourages us to take a more active approach to potential M&A, not only in Poland, but also within the region that would allow us to arrive at our goals even faster.
So we are still opportunistic, but we create a kind of framework because we're encouraged by the results, by our performance after one year, after the publication of our strategy, to actively pursue our objectives, our targets, and we're doing so. Anything above that would be speculation. So just give us a second, give us a while to be able to present the results of our higher activity in this respect. Szymon has presented the ads, and with Bartek Topa, you could read from the slides, you can have it. And from the perspective of our bond portfolio, yes, you can have it, as Bartek Topa says. So this is the natural reservoir of our liquidity.
This question, if we rephrase it, so whether we have the same appetite in every tenure, whether ten-year bonds will be at the same level as two-year bonds, this answer would become more complex because we would need to manage that. This is the reservoir of our liquidity. As the lending activity accelerates, we will utilize that. But from the perspective of collateral and of securing our net interest margin, because if we take a look at our net interest income, the contribution from bonds is positive year-on-year. We can see that it's a strong support, and this margin has been decreasing a bit slower also because we have as many fixed interest rate bonds. 24, I'm sorry, that was my mistake, because we had PLN 28 billion more in loans and PLN 24 billion in loans.
When it comes to the balance, there's no problem because you can have them, you can have the bonds. When it comes to our strategic objectives, cost to income ratio, C/I, when it comes to C/I, naturally, in our strategy, we did not present that we want to arrive at 35%. We want to have less than 35%. That's our objective. Of course, we can deep dive into whether this number is a result of cost or a result of our revenue. For sure, we are entering into a more difficult phase because of the interest rate landscape. We want to generate net interest income from new volumes, and we will do everything to use the volume and to benefit from the volume dynamics. That's a long march, and Piotr has said that we don't function in sprints.
This bank is over 100 years old, and we have a three-year strategy. That is our time to translate the decrease of net interest margin into net interest income. But of course, we also have competitors. We need to admit that. What cost of risk? Piotr, would you like to refer to the topic?
In our strategy, we assumed that we are going to acquire a lot of new customers. For the time being, we're increasing in terms of our market share, but we mostly sell our loans to our loyal customers. Szymon has already announced our activity in e-commerce. It's something new for PKO Bank Polski, and we expect a high number, maybe of smaller transactions, but with a higher risk burden. So the cost of risk has increased, and we have that in mind all the time. It seems, judging by the current performance, that we can arrive at a little bit lower level, but this new energy will surely translate into an increase.
We support the growth. We want to maintain it. We want to serve 15 million retail customers at the end of 2027, and as you know, and as you see, we have increased our acquisition in the traditional model. It's over 120,000 new customers quarterly and a large component of a young customer, and soon, we will launch a powerful offensive with regard to the most powerful financial ecosystem in this part of Europe, and we have committed to millions of customers that we're going to acquire due to the new proposal that we've been preparing for the last year. That's not going to be easy, because every large bank wants to grow dynamically, organically, and they want to acquire new customers.
But the difference is that we have many assets, and other banks don't have the same assets. And the second thing is that we are very much focused on benefits, on the value proposition, and on development of a friendly, favorite bank, PKO Bank Polski. That requires a lot of effort of people. That requires a lot of investment. It's about a new offer, about a redefinition of processes. It's about digitization of our processes, and of course, communication. And hopefully, you have already seen our communication.
Good morning. Please join me. Please let me congratulate you once again on this wonderful performance with regard to what was said about competitors in corporate loans. Certain competitors indicate PKO Bank Polski as the one who is supposed to offer low spreads in corporate lending with low possibility of cross-sell. Could you refer to that, and could you refer to these market opinions? How do you perceive your competition, whether it's going to intensify its activity or not, or not necessarily?
Of course, it's not a true information. I don't know which bank could offer lower spreads, but you can find it. It's not our strategy. We're observing that part of our customers, they visit our clients, and banks visit our clients offering their facilities, their products, so not only in corporate banking, but also in retail, we are consolidating products which our customers have in our competition. When it comes to the fixed rate, it won't be 10% all in all, but it doesn't add up. We consolidate some customers from the market, so we finance the flat rate more. We refinance flat rate loans more than in the reverse direction, so the balance is positive for us.
It's not only about new sales, but about the fact that we are stronger in consolidation. The question is, can we just give away our customers without fighting? No, we won't agree for that, never. And if you ask us whether we're dumping the prices, we dump the prices, no. What for? There is no motivation. There's no such motivation. We're not going to do so. Everything we do stems from the strategy.
From all the strategies announced that every bank wants to grow. Of course, when it comes to legal risk in the retail segment, we see that the shift in attention. We have the National Recovery Plan that is also affecting the situation, and the development bank, they should fill the gap, and they should fulfill their role and not interfere with commercial banks. So in the mid and long perspective, we think that these waves to be financed are high enough. So we see the challenge of compression ahead of us, but we expect it to disappear.
Krzysztof, it's worth drawing attention to the factors that come to the Polish market. They're not subject to the banking tax, and they are real competition. So I think that this place is somewhere else. It's not in our strategy. We can see this pressure upon our margin, but in every segment, we try to give a comprehensive offer that starts from simple onboarding processes and fast-track lending processes, loan processes. We can brag about fast-track implementations. For example, we offer fast-track loan up to five million. We have a new onboarding procedure for new customers that have been acquired via digital channel, 8,000 new micro-businesses per month. This is our current result, and we're improving. So, competition is competing with price is not our strategy. And that is the strength of our capital group. That is our strength on the market. Thank you very much.
And now, detailed questions. The first one, regarding net interest income and the component coming from hedging. This result on hedging has been decreasing, but it's still negative. When exactly do you expect it to turn into a positive result?
And when it comes to hedging and net interest income, we see compensation of new IRS cohorts of IRSs that were made last year when the fixed rate is higher. With regard to Cohort 21, 21 interest rates were lower, and the fixed interest rate was much lower. So it's not because of the pricing, it's because of the coupon. So if you extinguish an instrument, it disappears. So you cannot accelerate through for us this year has been very important, and we expect that the next year we will not be asked such complicated questions.
We need to remember that all issuance expressed in euro are collateralized with swaps. So we switch euro to PLN, and we incur the cost of the conversion. It is a cost. And in this respect, this compensation is much more complex. But if you ask about pure IRSs to secure the interest rate, I think that next year there will be no such questions.
My last question, well, it may be even more detailed. Could you more or less tell us what kind of your personal or staff costs are? Costs of IT personnel?
Well, you could get that information from me. It's a low two-digit share, let's say. Right. This question sort of repeats or tends to repeat at our results conferences. So here you go. Thank you.
If you have no more questions, we do have some. If there are no questions from the room, we do have some from people watching us online. The first question is about the number of cases for unauthorized transactions or possibly fraudulent transactions.
579 such cases pending. Value-wise, it's around PLN 29 million. Quarterly, we have a few to a dozen or so on a quarterly basis. The value is around PLN 2 million. And there's no hiding that we are very invested in protecting our customers from phishing and similar fraud attempts. And we do have a number of ideas together with the rest of the banking sector how to tighten the system, how to make sure that our customers are protected. In the coming months and quarters, we'll give you more about this. We'll give you more information.
I think we have discussed CHF loans. Let's talk about taxes. Right now, there are proposed changes to corporate income tax and deferred tax. What's the situation?
Our situation is quite complicated because we have an asset. We'll be working in, let's say, two directions. We're running our calculations. We're looking at different scenarios. That's it.
What about refinancing of mortgage loans? I think we've talked about it. There's another question about our sensitivity of our margin. Because if interest rates from the central bank go down to 3.5%, how would it impact non-interest margin next year, for example, assuming that other things stay the same?
It's a very nice assumption that you'll assume that other things stay the same. Everyone who is an economist by training, you know that there is a world where one variable changes and everything stays the same. It's simply non-existent, so we have to look at things that our CEO started with. The fact that we have savings, it's not by coincidence. It's a deliberate policy. We are also increasing the number of long-term products. We are adding long-term components to our savings portfolio, so bonds, trying to diversify savings products and sort of abandoning or putting less focus on three-month deposits. Of course, our interest cost will increase because we are adding more expensive instruments, but at the same time, we can still change certain things.
So far, we haven't fully transferred the effect of lower interest rates because we are getting more liquidity ready for potential increase in lending, which in the context of falling interest rates is something that's already visible. Szymon, Piotr talked about it, so from our point of view, we're not changing much, and as I told you, we want to increase our margin. We have to look at the competitive environment and match or adjust our prices accordingly, and we want to increase our interest performance. Interest margin could be a result of the existing situation in the margin market, but it's an increment from existing current production. You can see that our competitors change certain things, tweak certain things in cash loans, in mortgage loans, so indeed, it may fluctuate.
But if the macroeconomic landscape doesn't change drastically compared to our outlook, I don't think we'll find ourselves in a very dramatic fight over margin or interest results. We showed you that adjusting our margin and looking at what's happening with interest rates, you can see how much space we have because we have decent hedging. So we have enough time to take any necessary action so that the contribution or share of our interest performance is getting higher and higher, better and better.
Another question about costs in Q4. Can we expect costs to grow in Q4?
Well, Q4 is very sort of seasonal as we speak. Projects sometimes come to an end. Certain initiatives come to an end, and well, costs may be higher. Let me quote Piotr. We are not doing it as a sprint, right? It's not like we're finishing this conference and we're getting into Q4. No, we've been looking at it long term. We're looking at where we are. So our cost discipline is not just about Q4, not just about Q3, not just about Q2. We're looking at drivers. What drives cost? And that's what we're working with. So this pillar, when it comes to increased cost efficiency, it's something long term.
We want to increase our cost efficiency long term. That's how we look at this reality. And of course, Q4, whatever you do, whatever you want to look at it, costs are a little bit higher. But we don't want to have such a situation where next year we see double-digit dynamics on costs. Hopefully, we will not explain ourselves on the defense and so on and so on. No, there is disinflation. There is a certain base level of inflation. There's core inflation, and we have to respond, right? So I wouldn't like to be in a position where I explain myself to you next year looking at two-digit dynamic in terms of costs. I would consider it a failure, but on the other hand, we are growing. We are developing. So if we're looking at something that could allow us to grow, we will consider it.
Last question. Can we expect in 2026 write-offs related to your repayment of CHF capital? Could it be at the level of this year, maybe at a different level?
It was quite a complex question. It also depends on court verdicts and jurisprudence because depending on where it goes, such write-offs can exist or not. If courts choose to, and if they choose to continue their line, then those provisions may have to be maintained. As you noticed, we've done quite a lot to stop this increase. We've changed our processes. We've modified our processes accordingly. But on the other hand, customers, they fail to understand certain things because right now we're expecting them to give us. We expect for them to repay the capital when we give them back interest. So we do create write-offs, and sometimes customers fail to understand certain things. Right.
These were all the questions. Thank you for your participation. Thank you for your attention, and see you at our next conference early next year. Thank you very much.