Q3 2025 Standard Chartered PLC Earnings Call

October 30, 2025

Andy Halford: Good morning and good afternoon everyone. Thank you for joining us today. First I will take you through our third quarter results. After this I will be joined by Bill, who is dialing in from our Dubai office today, and we will be happy to take your questions. In my remarks, I will be comparing the third quarter underlying performance year on year at constant currency. Unless otherwise stated, it has been another strong quarter. We delivered 9% growth in profit before tax on the back of a 5% increase in income. Our growth engines have continued to deliver consistently with a record quarterly performance in Wealth Solutions and Global Banking. As a result, we are upgrading our 2025 income growth guidance to be towards the upper end of the 5% to 7% range at constant currency excluding notable items.

Speaker #2: Good morning and good afternoon , everyone . Thank you for joining us today . First , I will take you through our third quarter results .

Speaker #2: After this , I will be joined by Bill , who is dialing in from our Dubai office today . And we will be happy to take your questions .

Speaker #2: In my remarks , I will be comparing the third quarter underlying performance year on year at constant currency . Unless otherwise stated . It has been another strong quarter .

Speaker #2: We delivered 9% growth in profit before tax on the back of a 5% increase in income. Our growth engines have continued to deliver consistently, with a record quarterly performance in Wealth Solutions and Global Banking.

Diego: As a result, we are upgrading our 2025 income growth guidance to be towards the upper end of the 5% to 7% range at constant currency, excluding notable items. We had previously guided this to be at the lower end of the range. More importantly, we now expect to deliver a return on tangible equity of around 13% in 2025. This exceeds our previous guidance of approaching 13% in 2026 and accelerates our delivery by a year. As Bill set out in the press release this morning, performance has been broad-based and is a testament to our sharper strategic focus on servicing our clients' cross-border and affluent banking needs. Looking now at the numbers for the quarter, the group delivered operating income of $5.1 billion, which was up 5%. This was underpinned by the strong performance in wealth solutions and global banking in the quarter.

Diego De Giorgi: As a result, we are upgrading our 2025 income growth guidance to be towards the upper end of the 5% to 7% range at constant currency, excluding notable items. We had previously guided this to be at the lower end of the range. More importantly, we now expect to deliver a return on tangible equity of around 13% in 2025. This exceeds our previous guidance of approaching 13% in 2026 and accelerates our delivery by a year. As Bill set out in the press release this morning, performance has been broad-based and is a testament to our sharper strategic focus on servicing our clients' cross-border and affluent banking needs. Looking now at the numbers for the quarter, the group delivered operating income of $5.1 billion, which was up 5%. This was underpinned by the strong performance in wealth solutions and global banking in the quarter.

Speaker #2: As a result , we are upgrading our 2025 income growth guidance to be towards the upper end of the 5 to 7% range at constant currency , excluding notable items , we had previously guided this to be at the lower end of the range and more importantly , we now expect to deliver a return on tangible equity of around 13% in 2025 .

Andy Halford: We had previously guided this to be at the lower end of the range and, more importantly, we now expect to deliver a return on tangible equity of around 13% in 2025. This exceeds our previous guidance of approaching 13% in 2026 and accelerates our delivery by a year. As Bill set out in the press release this morning, performance has been broad based and is a testament to our sharper strategic focus on servicing our clients, cross-border and affluent banking needs. Looking now at the numbers for the quarter, the group delivered operating income of $5.1 billion, which was up 5%. This was underpinned by the strong performance in Wealth Solutions and Global Banking. In the quarter, operating expenses were up 4% and credit impairment was $195 million.

Speaker #2: This exceeds our previous guidance of approaching 13% in 2026 , and accelerates our delivery by a year as set out in the press release this morning .

Speaker #2: Performance has been broad-based and is a testament to our sharper strategic focus on servicing our clients' cross-border and affluent banking needs.

Speaker #2: Looking now at the numbers for the quarter, the group delivered operating income of $5.1 billion, which was up 5%. This was underpinned by the strong performance in Wealth Solutions and Global Banking in the quarter.

Diego: Operating expenses were up 4%, and credit impairment was $195 million. As a result, profit before tax was up 9% to $2 billion, and our tangible net asset value per share was up $0.175 year-on-year. Now, let me take you through the performance drivers in details. NII was up 1% on a quarter-on-quarter basis, largely driven by volume growth. Lower rates in Singapore led to a reduction in NII, but this was partly offset by improved WRB pass-through rates in Hong Kong as HIBOR rebounded. We have continued to manage our pass-through rates assertively, and although they remain above our medium-term expectations in CIB, we expect pass-through rates to reduce over time. Putting this all together, we still expect our 2025 NII to be down by a low single-digit percentage year-on-year.

Diego De Giorgi: Operating expenses were up 4%, and credit impairment was $195 million. As a result, profit before tax was up 9% to $2 billion, and our tangible net asset value per share was up $0.175 year-on-year. Now, let me take you through the performance drivers in details. NII was up 1% on a quarter-on-quarter basis, largely driven by volume growth. Lower rates in Singapore led to a reduction in NII, but this was partly offset by improved WRB pass-through rates in Hong Kong as HIBOR rebounded. We have continued to manage our pass-through rates assertively, and although they remain above our medium-term expectations in CIB, we expect pass-through rates to reduce over time. Putting this all together, we still expect our 2025 NII to be down by a low single-digit percentage year-on-year.

Speaker #2: Operating expenses were up 4% and credit impairment was $195 million . As a result , profit before tax was up 9% to $2 billion , and our tangible net asset value per share was up 170 $0.05 year on year .

Andy Halford: As a result, profit before tax was up 9% to $2 billion and our tangible net asset value per share was up $1.75 year on year. Now let me take you through the performance drivers in detail. NII was up 1% on a quarter on quarter basis, largely driven by volume growth. Lower rates in Singapore led to a reduction in NII, but this was partly offset by improved WRB pass through rates in Hong Kong as HYBOR rebounded. We have continued to manage our pass through rates assertively and, although they remain above our medium term expectations in CIB, we expect pass through rates to reduce over time. Putting this all together, we still expect our 2025 NII to be down by a low single digit percentage year on year. As usual, we have updated our currency weighted average interest rate outlook in the appendices to this presentation.

Speaker #2: Now , let me take you through the performance drivers in details . NII was up 1% on a quarter on quarter basis , largely driven by volume growth , lower rates in Singapore led to a reduction in NII , but this was partly offset by improved WRP passthrough rates in Hong Kong as Haibo rebounded .

Speaker #2: We have continued to manage our passthrough rates assertively , and although they remain above our medium term expectations in CIB , we expect pass through rates to reduce over time .

Speaker #2: Putting this all together , we still expect our 2025 NII to be down by a low single digit percentage year on year . As usual , we have updated our currency weighted average interest rate outlook in the appendices to this presentation .

Diego: As usual, we have updated our currency-weighted average interest rate outlook in the appendices to this presentation. This shows that we now expect a 55 basis point headwind in 2026, slightly higher than the 44 basis points when we last reported. Our known NII engines continued to drive strong growth. I will talk to each product driver in the segment section. Now, turning to expenses. Operating expenses remained well controlled and were up 4% year-over-year, mainly driven by business growth initiatives and investments, which were partly funded by Fit for Growth and efficiency saves. We have achieved $566 million of run rate savings from our Fit for Growth program and have taken $454 million of restructuring charges since inception. Our 2026 total expense guidance remains unchanged at below $12.3 billion on a constant currency basis, which would be $12.4 billion at current FX forward rate.

Diego De Giorgi: As usual, we have updated our currency-weighted average interest rate outlook in the appendices to this presentation. This shows that we now expect a 55 basis point headwind in 2026, slightly higher than the 44 basis points when we last reported. Our known NII engines continued to drive strong growth. I will talk to each product driver in the segment section. Now, turning to expenses. Operating expenses remained well controlled and were up 4% year-over-year, mainly driven by business growth initiatives and investments, which were partly funded by Fit for Growth and efficiency saves. We have achieved $566 million of run rate savings from our Fit for Growth program and have taken $454 million of restructuring charges since inception. Our 2026 total expense guidance remains unchanged at below $12.3 billion on a constant currency basis, which would be $12.4 billion at current FX forward rate.

Andy Halford: This shows that we now expect a 55 basis point headwind in 2026, slightly higher than the 44 basis points when we last. Our non NII engines continue to drive strong growth and I will talk to each product driver in the Segment section now. Turning to expenses, operating expenses remained well controlled and were up 4% year on year, mainly driven by business growth initiatives and investments which were partly funded by Fit for Growth and efficiency saves. We have achieved $566 million of run rate savings from our Fit for Growth program and have taken $454 million of restructuring charges since inception. Our 2026 total expense guidance remains unchanged at below $12.3 billion on a constant currency basis, which would be $12.4 billion at current FX forward rate. Credit impairment for the quarter was $195 million with an annualized loan loss rate of 24 basis points.

Speaker #2: This shows that we now expect a 55 basis point headwind in 2026 , slightly higher than the 44 basis points when we last reported our Nonii engines continued to drive strong growth .

Speaker #2: And I will talk to . Each product driver in the segment section . Now turning to expenses . Operating expenses remained well controlled and were up 4% year on year , mainly driven by business growth initiatives and investments , which were partly funded by fit for Growth and efficiency saves .

Speaker #2: We have achieved $566 million of run rate savings from our fit for growth programme , and have taken $454 million of restructuring charges since inception .

Speaker #2: Our 2026 total expense guidance remains unchanged at below $12.3 billion on a constant currency basis , which would be $12.4 billion at current FX forward rates .

Diego: Credit impairment for the quarter was $195 million, with an annualized loan loss rate of 24 basis points. WRB impairment was down in the quarter, largely due to optimization actions in our unsecured portfolios. In CIB, we took an impairment charge of $64 million. Included within this is an additional precautionary $25 million overlay for clients who have exposure to Hong Kong commercial real estate. You will see more details in the appendices as usual, but nothing has materially changed since we last spoke to you. Our high-risk assets were up around $650 million quarter on quarter. This was driven by a sovereign downgrade into early alerts, partly offset by a reduction in the credit grade 12 portfolio. We continue to monitor our credit portfolio closely, and we are not seeing any new significant signs of stress emerging across the group.

Diego De Giorgi: Credit impairment for the quarter was $195 million, with an annualized loan loss rate of 24 basis points. WRB impairment was down in the quarter, largely due to optimization actions in our unsecured portfolios. In CIB, we took an impairment charge of $64 million. Included within this is an additional precautionary $25 million overlay for clients who have exposure to Hong Kong commercial real estate. You will see more details in the appendices as usual, but nothing has materially changed since we last spoke to you. Our high-risk assets were up around $650 million quarter on quarter. This was driven by a sovereign downgrade into early alerts, partly offset by a reduction in the credit grade 12 portfolio. We continue to monitor our credit portfolio closely, and we are not seeing any new significant signs of stress emerging across the group.

Speaker #2: Credit impairment for the quarter was $195 million , with an annualized loan loss rate of 24 basis points . WBE impairment was down in the quarter , largely due to optimization actions in our unsecured portfolios .

Andy Halford: WRB impairment was down in the quarter largely due to optimization actions in our unsecured portfolios. In CIB we took an impairment charge of $64 million. Included within this is an additional precautionary $25 million overlay for clients who have exposure to Hong Kong commercial real estate. You will see more details in the appendices as usual, but nothing has materially changed since we last spoke to you. Our high risk assets were up around $650 million quarter on quarter.

Speaker #2: In CIB , we took an impairment charge of $64 million , including within . This is an additional precautionary $25 million overlay for clients who have exposure to Hong Kong commercial real estate .

Speaker #2: You will see more details in the appendices . As usual , but nothing has materially changed since we last spoke to you . Our high risk assets were up around $650 million quarter on quarter .

Diego De Giorgi: This was driven by a sovereign downgrade.

Speaker #2: This was driven by a sovereign downgrade in two early alerts , partly offset by a reduction in the credit grade 12 portfolio . We continue to monitor our credit portfolio closely , and we are not seeing any new significant signs of stress emerging across the group .

Andy Halford: Into early alerts, partly offset by a reduction in the credit grade 12 portfolio. We continue to monitor our credit portfolio closely, and we are not seeing any new significant signs of stress emerging across the group. Underlying loans and advances to customers were up 1% or $2 billion quarter on quarter, with the increase largely coming from wealth, lending, and mortgages. We have seen 4% underlying growth year to date, driven broadly across Global Banking, wealth, lending, and mortgages. We continue to guide to low single digit % growth in underlying customer loans and advances. Underlying customer deposits were up 2% or $11 billion quarter on quarter, with growth largely from WRB. Turning now to capital.

Diego: Underlying loans and advances to customers were up 1% or $2 billion quarter-on-quarter, with the increase largely coming from wealth lending, and mortgages. We have seen 4% underlying growth year-to-date, driven broadly across global banking, wealth lending, and mortgages. We continue to guide to low single-digit percentage growth in underlying customer loans and advances. Underlying customer deposits were up 2% or $11 billion quarter-on-quarter, with growth largely from WRB. Turning now to capital. Risk-weighted assets were down $1 billion in the quarter. The increase in asset growth and mix was offset by a $1 billion reduction in market risk RWA and another $1 billion impact from FX. I would highlight that the annual operational risk RWA increase, which is mechanically calculated from historical income, will take place in Q4 2025 rather than Q1 2026, bringing us into line with most other UK banks.

Diego De Giorgi: Underlying loans and advances to customers were up 1% or $2 billion quarter-on-quarter, with the increase largely coming from wealth lending, and mortgages. We have seen 4% underlying growth year-to-date, driven broadly across global banking, wealth lending, and mortgages. We continue to guide to low single-digit percentage growth in underlying customer loans and advances. Underlying customer deposits were up 2% or $11 billion quarter-on-quarter, with growth largely from WRB. Turning now to capital. Risk-weighted assets were down $1 billion in the quarter. The increase in asset growth and mix was offset by a $1 billion reduction in market risk RWA and another $1 billion impact from FX. I would highlight that the annual operational risk RWA increase, which is mechanically calculated from historical income, will take place in Q4 2025 rather than Q1 2026, bringing us into line with most other UK banks.

Speaker #2: Underlying loans and advances to customers were up 1% , or $2 billion quarter on quarter , with the increase largely coming from wealth lending and mortgages .

Speaker #2: We have seen 4% underlying growth year to date , driven broadly across global banking , wealth lending and mortgages . We continue to guide to low single digit percentage growth in underlying customer loans and advances underlying customer deposits were up 2% , or $11 billion quarter on quarter , with growth largely from WRP .

Speaker #2: Turning now to capital risk-weighted assets, they were down $1 billion in the quarter. The increase in asset growth and mix was offset by a $1 billion reduction in market risk.

Diego De Giorgi: Risk-weighted assets.

Andy Halford: We're down $1 billion in the quarter. The increase in asset growth and mix was offset by a $1 billion reduction in market risk RWA and another $1 billion impact from FX. I would highlight that the annual operational risk RWA increase, which is mechanically calculated from historical income, will take place in Q4 2025 rather than Q1 2026, bringing us into line with most other UK banks. We closed the quarter with a CET1 ratio of 14.2%, up 32 basis points quarter on quarter, excluding the impact of the $1.3 billion share buyback we announced in July this year. Now let's look at our business segments. CIB income for the quarter was $3 billion, up 2% year on year.

Speaker #2: RWA and another $1 billion impact from FX . I would highlight that the annual operational risk RWA increase , which is mechanically calculated from historical income , will take place in Q4 2025 rather than Q1 2026 , bringing us into line with most other UK banks .

Diego: We closed the quarter with a CET1 ratio of 14.2%, up 32 basis points quarter-on-quarter, excluding the impact of the $1.3 billion share buyback we announced in July this year. Now, let's look at our business segments. CIB income for the quarter was $3 billion, up 2% year-on-year. This was driven by an impressive performance in global banking, with income up 23%, supported by strong origination and distribution volumes and a solid performance in our financing, capital markets, and advisory businesses. Transaction services income was down 6% due to falling rates and margin compression in payment and liquidity, although it was up slightly when compared to the Q2. Within our global markets business, flow income was up 12% as we continued to support clients across the footprint. Episodic income was softer due to a lower level of market volatility relative to Q3 last year.

Diego De Giorgi: We closed the quarter with a CET1 ratio of 14.2%, up 32 basis points quarter-on-quarter, excluding the impact of the $1.3 billion share buyback we announced in July this year. Now, let's look at our business segments. CIB income for the quarter was $3 billion, up 2% year-on-year. This was driven by an impressive performance in global banking, with income up 23%, supported by strong origination and distribution volumes and a solid performance in our financing, capital markets, and advisory businesses. Transaction services income was down 6% due to falling rates and margin compression in payment and liquidity, although it was up slightly when compared to the Q2. Within our global markets business, flow income was up 12% as we continued to support clients across the footprint. Episodic income was softer due to a lower level of market volatility relative to Q3 last year.

Speaker #2: We closed the quarter with a CET1 ratio of 14.2%, up 32 basis points quarter on quarter, excluding the impact of the $1.3 billion share buyback we announced in July this year.

Speaker #2: Now , let's look at our business segments . CIB income for the quarter was $3 billion , up 2% year on year . This was driven by an impressive performance in global banking , with income up 23% , supported by strong origination and distribution volumes and a solid performance in our financing .

Andy Halford: This was driven by an impressive performance in Global Banking with income up 23%, supported by strong origination and distribution volumes and a solid performance in our capital markets and advisory businesses. Transaction services income was down 6% due to falling rates and margin compression in payments and liquidity, although it was up slightly when compared to the second quarter. Within our Global Markets business, flow income was up 12% as we continued to support clients across the footprint. Episodic income was softer due to a lower level of market volatility relative to Q3 last year. On the next page, we have shown a long-term view of our flow and episodic income trend on a 12-month rolling basis since 2019. As a reminder, flow is a larger part of our Global Markets income and primarily relates to client hedging activity. As such, it tends to be recurrent and programmatic.

Speaker #2: Capital markets and advisory businesses . Transaction Services income was down 6% due to falling rates and margin compression in payments and liquidity . Although it was up slightly when compared to the second quarter .

Speaker #2: Within our global markets business . Flow income was up 12% as we continue to support clients across the footprint . Episodic income was softer due to a lower level of market volatility relative to Q3 .

Speaker #2: Last year . On the next page , we have shown a long term view of our flow and episodic income trend on a 12 month rolling basis .

Diego: On the next page, we have shown a long-term view of our flow and episodic income trend on a 12-month rolling basis since 2019. As a reminder, flow is the larger part of our global markets income and primarily relates to client hedging activity. As such, it tends to be recurrent and programmatic. You will see that our flow income is growing consistently at a double-digit CAGR, as we illustrated at our CIB seminar. This growth has been driven by the investment we have made over the years in digitizing and expanding our product and geographical offering in order to drive future opportunities. Episodic income, on the other hand, is less predictable quarter to quarter as it tends to be event-driven. As you can see from the chart, it has been a meaningful contributor to our global markets income over time.

Diego De Giorgi: On the next page, we have shown a long-term view of our flow and episodic income trend on a 12-month rolling basis since 2019. As a reminder, flow is the larger part of our global markets income and primarily relates to client hedging activity. As such, it tends to be recurrent and programmatic. You will see that our flow income is growing consistently at a double-digit CAGR, as we illustrated at our CIB seminar. This growth has been driven by the investment we have made over the years in digitizing and expanding our product and geographical offering in order to drive future opportunities. Episodic income, on the other hand, is less predictable quarter to quarter as it tends to be event-driven. As you can see from the chart, it has been a meaningful contributor to our global markets income over time.

Speaker #2: Since 2019 . As a reminder , flow is the larger part of our global markets income and primarily relates to client hedging activity .

Speaker #2: As such, it tends to be recurrent and programmatic. You will see that our flow income is growing consistently at a double-digit CAGR.

Andy Halford: You will see that our flow income is growing consistently at a double-digit CAGR as we illustrated at our CIB seminar. This growth has been driven by the investments we have made over the years in digitizing and expanding our product and geographical offering in order to drive future opportunities. Episodic income, on the other hand, is less predictable quarter to quarter as it tends to be events driven, but as you can see from the chart, it has been a meaningful contributor to our Global Markets income over time. Looking forward, flow income will continue to be a larger contributor to our Global Markets income and we will continue to support our clients episodically as market opportunities present themselves. Moving to WRB, Q3 income was up 7% to $2.3 billion with another record quarter in Wealth Solutions where income was up 27%.

Speaker #2: As we illustrated at our CIB seminar, this growth has been driven by the investments we have made over the years in digitizing and expanding our product.

Speaker #2: And geographical offering in order to drive future opportunities . Episodic income , on the other hand , is less predictable . Quarter to quarter as it tends to be event driven , but as you can see from the chart , it has been a meaningful contributor to our global markets income over time .

Diego: Looking forward, flow income will continue to be a larger contributor to our global markets income, and we will continue to support our clients episodically as market opportunities present themselves. Moving to WRB, Q3 income was up 7% to $2.3 billion, with another record quarter in wealth solutions where income was up 27%. This was largely driven by structured products and managed investments, helping to increase investment products income by 35%. Bank assurance income was up 5%. Our affluent net new money in Q3 was $13 billion, with a higher proportion of wealth sales than in the previous quarter as clients showed a higher propensity to buy wealth solutions given conducive markets. This brings total net new money year to date to $42 billion and puts us well on track to our $200 billion medium-term target for net new money.

Diego De Giorgi: Looking forward, flow income will continue to be a larger contributor to our global markets income, and we will continue to support our clients episodically as market opportunities present themselves. Moving to WRB, Q3 income was up 7% to $2.3 billion, with another record quarter in wealth solutions where income was up 27%. This was largely driven by structured products and managed investments, helping to increase investment products income by 35%. Bank assurance income was up 5%. Our affluent net new money in Q3 was $13 billion, with a higher proportion of wealth sales than in the previous quarter as clients showed a higher propensity to buy wealth solutions given conducive markets. This brings total net new money year to date to $42 billion and puts us well on track to our $200 billion medium-term target for net new money.

Speaker #2: Looking forward , flow income will continue to be a larger contributor to our global markets . Income , and we will continue to support our clients episodically as market opportunities present themselves .

Speaker #2: Moving to WRP , Q3 income was up 7% to $2.3 billion , with another record quarter in Wealth Solutions , where income was up 27% .

Andy Halford: This was largely driven by structured products and managed investments helping to increase investment products income by 35%. Bancassurance income was up 5%. Our affluent net new money in Q3 was $13 billion with a higher proportion of wealth sales than in the previous quarter as clients showed a higher propensity to buy Wealth Solutions given conducive markets. This brings total net new money year to date to $42 billion and puts us well on track to our $200 billion medium term target for net new money. We onboarded 67,000 new affluent clients in the quarter, continuing the trend of onboarding over 60,000 clients each quarter. Our affluent business benefits from our high levels of customer satisfaction as demonstrated by the fact that we now rank number one in net promoter score across eight of our top nine affluent markets as we continue to invest heavily within the affluent space.

Speaker #2: This was largely driven by structured products and managed investments, helping to increase investment products income by 35%. Bank income was up 5%.

Speaker #2: Our affluent net new money in Q3 was $13 billion , with a higher proportion of wealth sales than in the previous quarter . As clients showed a higher propensity to buy wealth solutions .

Speaker #2: Given conducive markets, this brings total net new money year to date to $42 billion and puts us well on track to our $200 billion medium-term target for net new money.

Diego: We onboarded 67,000 new-to-bank affluent clients in the quarter, continuing the trend of onboarding over 60,000 clients each quarter. Our affluent business benefits from our high levels of customer satisfaction, as demonstrated by the fact that we now rank number one in Net Promoter Score across eight of our top nine affluent markets as we continue to invest heavily within the affluent space. To conclude, Q3 was another strong quarter as we continued to deliver consistently. Q4 has also started positively. We are upgrading our 2025 income growth guidance to be towards the upper end of the 5% to 7% range at constant currency, excluding notable items. We continue to track towards the upper end of this range for the 2023 to 2026 income CAGR. We now expect our return on tangible equity in 2025 to be around 13%, reaching our target a year early.

Diego De Giorgi: We onboarded 67,000 new-to-bank affluent clients in the quarter, continuing the trend of onboarding over 60,000 clients each quarter. Our affluent business benefits from our high levels of customer satisfaction, as demonstrated by the fact that we now rank number one in Net Promoter Score across eight of our top nine affluent markets as we continue to invest heavily within the affluent space. To conclude, Q3 was another strong quarter as we continued to deliver consistently. Q4 has also started positively. We are upgrading our 2025 income growth guidance to be towards the upper end of the 5% to 7% range at constant currency, excluding notable items. We continue to track towards the upper end of this range for the 2023 to 2026 income CAGR. We now expect our return on tangible equity in 2025 to be around 13%, reaching our target a year early.

Speaker #2: We onboarded 67,000 new to bank affluent clients in the quarter , continuing the trend of onboarding over 60,000 clients each quarter . Our affluent business benefits from our high levels of customer satisfaction , as demonstrated by the fact that we now rank number one in .

Speaker #2: Net Promoter Score across eight of our top nine affluent markets . As we continue to invest heavily within the affluent space . So , to conclude , Q3 was another strong quarter as we continued to deliver consistently .

Andy Halford: To conclude, Q3 was another strong quarter as we continue to deliver consistently. Q4 has also started positively. We are upgrading our 2025 income growth guidance to be towards the upper end of the 5% to 7% range at constant currency excluding notable items. We continue to track towards the upper end of this range for the 2023-2026 income CAGR. We now expect our return on tangible equity in 2025 to be around 13%, reaching our target a year early. There is still much more to do as we reinvest into our differentiated areas of strength, delivering income growth and, more importantly, improving returns. We will present updated 2026 return on tangible equity guidance at our full year results in February next year and we will provide more details on our medium term financial framework at our Investors seminar in May.

Speaker #2: Q4 has also started positively . We are upgrading our 2025 income growth guidance to be towards the upper end of the 5 to 7% range at constant currency , excluding notable items .

Speaker #2: We continue to track towards the upper end of this range for the 2023 to 2026 income cover . We now expect our return on tangible equity in 2025 to be around 13% , reaching our target a year early , but there is still much more to do as we reinvest into our differentiated areas of strength , delivering income , growth and more importantly , improving returns .

Diego: There is still much more to do as we reinvest into our differentiated areas of strength, delivering income growth, and more importantly, improving returns. We will present updated 2026 return on tangible equity guidance at our full-year results in February next year. We will provide more details on our medium-term financial framework at our investor seminar in May. With that, I will hand over to the operator, Bill and I can take your questions. Thank you.

Diego De Giorgi: There is still much more to do as we reinvest into our differentiated areas of strength, delivering income growth, and more importantly, improving returns. We will present updated 2026 return on tangible equity guidance at our full-year results in February next year. We will provide more details on our medium-term financial framework at our investor seminar in May. With that, I will hand over to the operator, Bill and I can take your questions. Thank you.

Speaker #2: We will present updated 2026 return on tangible equity guidance at our full year results in February next year , and we will provide more details on our medium term financial framework at our investor seminar in May .

Andy Halford: With that, I will hand over to the operator and Bill and I can take your questions. Thank you.

Speaker #2: With that, I will hand over to the operator, and Bill and I can take your questions. Thank you.

Operator: Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press 11 on your telephone keypad and wait for a name to be announced. To withdraw a question, please press star one and one again. Alternatively, you can submit your questions via the webcast. Please turn to compile the Q&A queue. This will take a few moments, and now we're going to take our first question. Just give us a moment, and the question comes to the line of Joseph Dickerson from Jefferies. Your line is open. Please ask your question.

Operator: Thank you so much, dear participants. As a reminder, if you wish to ask a question, please press star 11 on your telephone keypad and wait for a name to be announced. To withdraw a question, please press star 1 and 1 again. Alternatively, you can submit your questions via the webcast. Please tumble compile the Q&A queue. This will take a few moments. Now we're going to take our first question. Just give us a moment. The question comes to line of Joseph Dickerson from Jefferies. Your line is open. Please ask your question.

Speaker #3: Thank you so much . The participants , as a reminder , if you wish to ask a question , please press star one one on your telephone keypad and wait for your name to be announced .

Speaker #3: To withdraw a question , please press star one and one again . Alternatively , you can submit your questions via the webcast . Please stand by .

Speaker #3: Will compile the Q&A . Q this will take a few moments . And now we're going to take our first question . Just give us a moment .

Speaker #3: And the question comes from line of Joseph Dickinson from Jefferies . Your line is open . Please ask your question .

[Analyst 1]: Hi, thank you for taking my question. A great set of results here. Can you just discuss in the wealth business the type of, if you're able to, the type of margin pickup you get on the wealth investments? Because clearly, if you look at the year-on-year attribution of net new money, you're getting about 80% of the year-on-year growth now from wealth. I suppose some of that is, as you say, linked to the markets. Could you discuss the type of margin pickup there? Secondly, on capital, I note the reduction in your capital requirement by 22 basis points. I presume that that's not going to change your operating range number. If you could comment on, still the preference would be to do buybacks or, I guess, how you think about returning excess capital.

Joseph Dickerson: Hi. Thank you for taking my question. A great set of results here. Can you just discuss in the wealth business the type of, if you're able to, the type of margin pickup you get on the wealth investments? Clearly, if you look at the year-on-year attribution of net new money, you're getting about 80% of the year-on-year growth now from wealth. I suppose some of that is, as you say, linked to the markets. Could you discuss the type of margin pickup there? Secondly, on capital, I note the reduction in your capital requirement by 22 basis points. I presume that that's not going to change your operating range number. If you could comment on, still, the preference would be to do buybacks or, I guess, how you think about returning excess capital.

Speaker #4: Hi . Thank you for taking my question . A great set of results here . Can you just discuss in the wealth business , the type of if you're able to the type of margin pickup you get on the wealth investments because clearly that's if you look at the year on year attribution of net new money , you're getting about 80% of the year on year growth .

Speaker #4: Now from wealth , I suppose some of that is , as you say , linked to the markets . But could you could you discuss the type of margin pickup there ?

Speaker #4: And then, secondly, on capital, I note the reduction in your capital requirement by 22 basis points. I presume that that's not going to change your operating range number.

Speaker #4: But if you could comment on , you know , still the preference would be to do buybacks or I guess , you know , how you think about returning excess capital .

[Analyst 1]: On the op risk point, just linked to that, is the op risk point going to have much of an impact on capital in Q4? Thanks.

Joseph Dickerson: On the op risk point, I guess linked to that, is the op risk point going to have much of an impact on capital in Q4? Thanks.

Speaker #4: And then on the OP risk point , I guess linked to that is the is the OP risk point going to have much of an impact on on capital in Q4 ?

Speaker #4: Thanks .

William Winters: That's great, Joe. Thanks very much for the questions. I'm going to turn to Diego for both. Just a couple of high points. First is to note that the wealth business demonstrated that net new money that comes into the bank via deposits is migrating at more or less the pace that we've always suggested would be the case into wealth products, and that's a good thing. Second is that the deposits themselves are profitable for us. Of course, you're asking about the margin picking up, which we can address in a little bit of detail. Third is that the leading indicators continue to be strong, which is new clients who are bringing new money into the bank. As Diego mentioned in his opening comments, the fact that we continue to receive top marks in terms of customer satisfaction is a big driver there.

Bill Winters: That's great, Joe. Thanks very much for the questions. I'm going to turn to Diego for both, but just a couple of high points. First is to note that the wealth business has demonstrated that net new money that comes into the bank via deposits is migrating at more or less the pace that we've always suggested would be the case into wealth products. That's a good thing. Second is that the deposits themselves are profitable for us. Of course, you're asking about the margin pickup, which we can address in a little bit of detail. Third is that the leading indicators continue to be strong, which is new clients who are bringing new money into the bank. As Diego mentioned in his opening comments, the fact that we continue to receive top marks in terms of customer satisfaction is a big driver there.

Speaker #5: That's great . Joe , thanks very much for the question . Questions . I'm going to turn to Diego for both . But just a couple of high points .

Speaker #5: First is is to note that the the wealth business has demonstrated that net new money that comes into the bank by deposits is migrating at more or less the pace that we've always suggested would be the case into wealth , products .

Speaker #5: And that's that's a good thing . Second is that the deposits themselves are profitable for us . But of course , you're asking about the margin pickup , which we can address in a little bit of detail .

Speaker #5: And third is that the leading indicators continue to be strong , which is new clients who are bringing new money into the bank .

Speaker #5: And as Diego mentioned in his opening comments , the fact that that we continue to receive top marks in terms of customer satisfaction is a big driver there .

William Winters: Maybe just quickly before handing to Diego, I'll say I'm in Dubai for, amongst other things, we're hosting what we call a leadership network of about 150 of the wealthiest families in our network. Last year we did it in Hong Kong, this year in Dubai. Dubai is an up and coming booking center for us and wealth coming out of this region is an incremental driver beyond what has been driving wealth so far, which has been a broad range of our client base. Most specifically, as we call that global Indians and global Chinese. The growth opportunities for us ahead are very, very strong and the willingness of people to fly all over the world to spend a couple of days with us is a key indicator of that.

Bill Winters: Maybe just quickly, before handing to Diego, I'll say I'm in Dubai for, amongst other things. We're hosting what we call a leadership network of about 150 of the wealthiest families in our network. Last year, we did it in Hong Kong. This year, in Dubai. Wealth coming out of this region is an incremental driver beyond what has been driving wealth so far, which has been a broad range of our client base. Most specifically, as we've called out, global Indians and global Chinese. The growth opportunities for us ahead are very, very strong. The willingness of people to fly all over the world to spend a couple of days with us is a key indicator of that.

Speaker #5: Maybe just just quickly before before handing to to Diego , I'll say , I'm in Dubai for , amongst other things , we're hosting a what we call a leadership network of about 150 of the wealthiest families in our in our network .

Speaker #5: Last year we did it in Hong Kong . This year in Dubai , Dubai is an up and coming booking center for us and wealth coming out of this region is an incremental driver beyond what has been driving wealth so far , which has been a broad range of our client base , but most specifically , as we've called out , global Indians and global Chinese , the growth opportunities for us ahead are very , very strong .

Speaker #5: And the willingness of people to fly all over the world to spend a couple of days with us is a key indicator of that.

Bill Winters: At the moment, building on some good feelings building up for the past decade or so, feeling very good about this business. Over to Diego to expand on that and also talk to the capital point.

William Winters: I'm just at the moment building on some good feelings building up for the past decade or so, feeling very good about this business. Over to Diego to expand on that and also talk to the capital point.

Speaker #5: So, I am just at the moment building on some good feelings from building up for the past decade or so. I am feeling very good about this business.

Speaker #5: But over to Diego to expand on that, and also to talk about the Capital Point.

Andy Halford: Thank you, Bill.

Diego: Thank you, Bill. On wealth management and margins, Joe, you will have seen that you are right. Our return on assets has picked up a bit this quarter. You will also remember that we had a large conversion from assets under custody to assets under management a few quarters ago in the region of $40 billion. A meaningful number on our total of assets under management. We had signaled at the time that that would reduce the return on assets for some time as they slowly find their way into wealth solutions. That is happening, and hence that pickup. I think that as the business continues to shift towards wealth management and as the situation unfolds with highs and lows in the market, return on assets will continue to fluctuate like on many other metrics. I know, Alessandro, I can broken record.

Diego De Giorgi: Thank you, Bill. On wealth management and margins, Joe, you will have seen that you are right. Our return on assets has picked up a bit this quarter. You will also remember that we had a large conversion from assets under custody to assets under management a few quarters ago in the region of $40 billion. A meaningful number on our total of assets under management. We had signaled at the time that that would reduce the return on assets for some time as they slowly find their way into wealth solutions. That is happening, and hence that pickup. I think that as the business continues to shift towards wealth management and as the situation unfolds with highs and lows in the market, return on assets will continue to fluctuate like on many other metrics. I know, Alessandro, I can broken record.

Speaker #2: Thank you . Bill . So on on wealth management and margins , Joe , you will have seen that you are right . Our return on assets has picked up a bit this quarter .

Diego De Giorgi: On wealth management and margins, Joe, you will have seen that you are right. Our return on assets has picked up a bit this quarter. You will also remember that we had a large conversion from assets under custody to assets under management a few quarters ago in the region of $40 billion, so a meaningful number on our total of assets under management. We had signaled at the time that that would reduce the return on assets for some time as they slowly find their way into Wealth Solutions. That is happening and hence that pickup. I think that as the business continues to shift towards wealth management and as the situation unfolds with highs and lows in the market, return on assets will continue to fluctuate like on many other metrics. I know it sounds like a broken record.

Speaker #2: You will also remember that we had a large conversion from assets under custody to assets under management, a few quarters ago, in the region of $40 billion.

Speaker #2: So a meaningful number on our total assets under management . And we had signaled at the time that that would reduce the return on assets for some time as they slowly find their way into wealth solutions .

Speaker #2: That is happening and hence that pick up . I think that as the as the business continues to shift towards wealth management and as the situation unfolds with highs and lows in the market , return on assets will continue to fluctuate like on many other metrics .

Speaker #2: I know you . Sound like a broken record . I always caution not to look at things too much on a simple quarterly basis , but it's true that that the trend from that point of view is , is good , and it's certainly something that we encourage in terms of our actions as much as we can .

Diego De Giorgi: I always caution not to look at things too much on a simple quarterly basis. It's true that the trend from that point of view is good and it's certainly something that we encourage in terms of our actions as much as we can. 22 basis points on pillar 2A indeed does not change our calculations by itself. The OP risk change in terms of moving it to the fourth quarter of this year, neither does that affect it in any way. It's just to get us more in line with how other UK banks are reporting and the basis for calculation and everything else remains absolutely the same. It's just a matter of timing. It doesn't impact our numbers in any way. Thank you, Joe.

Diego: I always caution not to look at things too much on a simple quarterly basis. It's true that the trend from that point of view is good, and it's certainly something that we encourage in terms of our actions as much as we can. 22 basis points on Pillar 2A, indeed, does not change our calculations in and by itself. The op risk change in terms of moving it to Q4 of this year, neither does that affect it in any way. It's just to get us more in line with how other UK banks are reporting. The basis for calculation and everything else remains absolutely the same. It's just a matter of timing. It doesn't impact our numbers in any way. Thank you, Joe.

Diego De Giorgi: I always caution not to look at things too much on a simple quarterly basis. It's true that the trend from that point of view is good, and it's certainly something that we encourage in terms of our actions as much as we can. 22 basis points on Pillar 2A, indeed, does not change our calculations in and by itself. The op risk change in terms of moving it to Q4 of this year, neither does that affect it in any way. It's just to get us more in line with how other UK banks are reporting. The basis for calculation and everything else remains absolutely the same. It's just a matter of timing. It doesn't impact our numbers in any way. Thank you, Joe.

Speaker #2: 22 basis points on Pillar Two, A indeed does not change our calculations in and by itself. And the risk change in terms of moving it to the fourth quarter of this year.

Speaker #2: Neither does that affect it in any way . It's just to get us more in line with how other UK banks are reporting .

Speaker #2: And the basis for calculation and everything else remains . Absolutely the same . So it's just a matter of timing . It doesn't impact our numbers in any in any way .

Speaker #2: Thank you Joe .

[Analyst 1]: Great, thanks. Thanks.

Joseph Dickerson: Great. Thanks. Thanks.

Speaker #4: Great , thanks . Thanks .

Diego De Giorgi: Thank you, Joe. Operator, next question please.

Diego: Thank you, Joe. Operator, next question, please.

Diego De Giorgi: Thank you, Joe. Operator, next question, please.

Speaker #2: Thank you Joe . Operator . Next question please .

Operator: Yes, of course. Just give us a moment. We are going to take our next question. It comes to the line of Kunpeng Ma from China Securities. Your line is open. Please ask your question.

Operator: Yes, of course. Just give us a moment. Now we're going to take our next question, and it comes to line of Kunpeng Ma from China Securities. Your line is open. Please ask your question.

Speaker #3: Yes, of course. Just give us a moment. And now we're going to take our next question, and it comes from the line of company.

Speaker #3: Emma from China Securities . Your line is open . Please ask your question .

[Analyst 2]: Thank you. Thank you for taking the question. Congratulations to this very strong quarter. I have a relatively long-term question for Bill. You know, when we're looking for the next five, 10 years, I think it's going to be quite different than the past five to 10 years. A lot of things have changed and will continue to change. I think in my mind, the current momentum will continue to be strong. The extreme volatilities will be both geopolitical and in terms of business development. Bill, could you please give us some of your observations or your thinking about the future development or trends, the Standard Chartered wealth management business, you know, in a five or 10 years' work? I know it's hard to make the final conclusion, but any color on the future. Thank you.

Andrew Coombs: Thank you. Thank you for taking that question. Congratulations. Just very strong quarter. I have a relatively long-term question for Bill. When we're looking for the next 5, 10 years, I think it's going to be quite different than the past 5 to 10 years. A lot of things have changed, and will continue to change. I think in my mind, the current momentum will continue to be strong. The extreme volatilities will be less, both geopolitically and in terms of business development. Bill, could you please give us some of your observations or your thinking about the future development or trends with the CIB wealth management business in a 5 or 10 years network? I know it's hard to make the final conclusion, but any color on kind of future trends will be quite helpful. Thank you.

Kunpeng Ma: Thank you. Thank you for taking that question. Congratulations. Just very strong quarter. I have a relatively long-term question for Bill. When we're looking for the next 5, 10 years, I think it's going to be quite different than the past 5 to 10 years. A lot of things have changed, and will continue to change. I think in my mind, the current momentum will continue to be strong. The extreme volatilities will be less, both geopolitically and in terms of business development. Bill, could you please give us some of your observations or your thinking about the future development or trends with the CIB wealth management business in a 5 or 10 years network? I know it's hard to make the final conclusion, but any color on kind of future trends will be quite helpful. Thank you.

Speaker #6: Thank you . Thank you for taking the question . Congratulations . It's very strong quarter . I have a relatively long term question for Fabio .

Speaker #6: You know , when we're looking for the next five , ten years , I think it's going to be quite different than the different with the past five , ten years .

Speaker #6: A lot of things have changed and will continue to change . I think . I think in my mind , you know , the current momentum will continue to be strong , but the extreme volatility will be less .

Speaker #6: Both geopolitically and in terms of business development . So could you please give us some of your observations or your thinking about the future development or trends that CRB wealth management business , you know , in 5 or 10 years work ?

Speaker #6: I know it's hard to to make the final conclusion , but any kind of future trends that will be quite helpful . Thank you .

Bill Winters: Kunpeng Ma, thanks very much for the question. You were cutting in and out a bit, but I think we got the gist of it. You're looking for the crystal ball on 5 to 10 years for our bank, China in particular, and wealth within China more specifically. It's not an inappropriate question at all because that's actually the kind of stuff that Diego and I and the board talk about all the time, although we don't get much of a chance to talk about it in earnings calls. We will be talking about exactly that when we get together in May, and we're getting together in May in Greater China, Hong Kong specifically, with exactly those questions in mind. What I can say broadly is that, of course, the world's going to change a lot.

Speaker #5: So, thanks very much for the question. You were cutting in and out a bit, but I think we got the gist of it.

William Winters: Thanks very much for the question. You were cutting in and out a bit, but I think we got the gist of it. You're looking for the crystal ball on five to 10 years for our bank, China in particular, and wealth within China more specifically. It's not an inappropriate question at all because that's actually the kind of stuff that Diego and I and the board talk about all the time, although we don't get much of a chance to talk about it in earnings calls. We will be talking about exactly that when we get together in May, where we and we're getting together in May in Greater China, Hong Kong specifically, with exactly those questions in mind. What I can say broadly is that of course the world's going to change a lot.

Speaker #5: You're looking for the crystal ball on 5 to 10 years for our bank, China in particular, and wealth within China, more specifically.

Speaker #5: So the and it's not an inappropriate question at all because that's actually the kind of stuff that Diego and I and the board talk about all the time .

Speaker #5: Although we don't get much of a chance to talk about it in , in earnings calls , we will be talking about exactly that when we get together in May , where we and we're getting together in May in Greater China , Hong Kong specifically with exactly those questions in mind .

Speaker #5: So what I can say broadly is that , of course , the world is going to change a lot . There are going to be a few defining .

William Winters: There are going to be a few defining, I think, trends and transitions over a five to 10 year period. First, and probably most relevant for us, is the full implementation and incorporation of AI and advanced machine learning into business models at a very structural level, and I think Standard Chartered is very well prepared for that. We are very early in that game, and there's much to be won and lost. We, as is everyone else, are investing heavily and I think we're on the right track. Second, and more obliquely, is the digitization of money. The digitization of money will become pervasive, if not ubiquitous, and it will completely redefine the infrastructure supporting finance. This is not something that businesses or individuals are necessarily going to see or be aware of.

Bill Winters: There are going to be a few defining, I think, trends and transitions over a 5 to 10-year period. First, and probably most relevant for us, is the full implementation and incorporation of AI and advanced machine learning into business models at a very structural level. I think Standard Chartered is very well prepared for that, but we have very early in that game. There's much to be won and lost. We, as everyone else, but we're investing heavily, and I think we're on the right track. Second, and more obliquely, is the digitization of money. The digitization of money will become pervasive, if not ubiquitous, and it will completely redefine the infrastructure supporting finance.

Speaker #5: I think , trends and transitions over a 5 to 10 year period . First , and probably most relevant for us is the full implementation .

Speaker #5: And incorporation of of AI and advanced machine learning into business models at a very structural level . And I think Standard Chartered is very well prepared for that .

Speaker #5: But we have very early early in that game . And , you know , there's much to be won and lost . But we as as everyone else , but we're investing heavily and and I think we've I think we're on the right track .

Speaker #5: Second and more obliquely is the digitization of money . The digitization of money will become pervasive , if not ubiquitous . And it will completely redefine the infrastructure , supporting , supporting finance .

Bill Winters: If this is not something that businesses or individuals are necessarily going to see or be aware of, they're going to be relying on their intermediaries to help them navigate through the changes that are associated with the digitization of finance. Standard Chartered is at the front, the leading edge in the digitization of money, and we intend to continue to be at the leading edge of the digitization of money. Third is adapting to a multipolar world. We had the benefit this morning of having former Secretary of State Kerry address our family office network, and he spoke to this at some length. My question to him was, is this a good thing or a bad thing for those of us in business? Of course, we could argue it either way.

Speaker #5: If this is not something that that that businesses or individuals are necessarily going to see or be aware of , they're going to be relying on their intermediaries to help them navigate through the the changes that are associated with digitization of finance .

William Winters: They're going to be relying on their intermediaries to help them navigate through the changes that are associated with the digitization of finance. Standard Chartered is at the front, the leading edge in the digitization of money, and we intend to continue to be at the leading edge of the digitization of money. Third is adapting to a multipolar world. We had the benefit this morning of having former Secretary of State Kerry address our family office network, and he spoke to this at some length. My question to him was, is this a good thing or a bad thing for those of us in business? Of course, we could argue it either way.

Speaker #5: San is at the front, the leading edge in the digitization of money, and we intend to continue to be at the leading edge of the digitization of money.

Speaker #5: Third is is adapting to a multi-polar world and we had the the benefit this morning of having former Secretary of State Kerry address our our family office network , and he spoke to this at some length .

Speaker #5: My question to him was , is this a good thing or a bad thing for those of us in business ? And of course , we could argue it either way , but I think it would appear to us that as a bank whose fundamental role is to connect people and markets in through periods of change and through periods of growth , that that the incremental complexity of a multi-polar world , but also the incremental opportunity is a huge opportunity for a network bank , which does not have the same degree of home market that many of our competitor banks do .

William Winters: I think it would appear to us that as a bank whose fundamental role is to connect people and markets through periods of change and through periods of growth, the incremental complexity of a multipolar world, but also the incremental opportunity, is a huge opportunity for a network bank which does not have the same degree of home market that many of our competitor banks do. We do have a real edge in that home market, which is our own, which is the globe, and which is the network. I'm feeling really, really good about Standard Chartered's positioning for the next five to ten years now. All sorts of things could happen in the world that we could hypothesize about that could be wonderful. We could have a prolonged period of global peace. Right now we're sitting in the most peaceful time in human history.

Bill Winters: I think it would appear to us that as a bank whose fundamental role is to connect people and markets through periods of change and through periods of growth, that the incremental complexity of a multipolar world, but also the incremental opportunity, is a huge opportunity for a network bank, which does not have the same degree of home market that many of our competitor banks do. We do have a real edge in that home market, which is our own, which is the globe and which is the network. I'm feeling really, really good about Standard Chartered's positioning for the next 5 to 10 years. Now, all sorts of things could happen in the world that we could hypothesize about that could be wonderful. We could have a prolonged period of global peace. Right now, we're sitting in the most peaceful time in human history.

Speaker #5: But we do have a real edge in that home market , which is our own , which is the globe and which is the network .

Speaker #5: So I'm feeling really , really good about standard chartered's positioning for the next 5 to 10 years now . All sorts of things could happen in the world that we could hypothesize about .

Speaker #5: That could be wonderful . You know , we could have a prolonged period of global peace . And right now we're sitting in the most peaceful time in human history .

William Winters: It doesn't feel that way when we're thinking about wars in the Middle East and Ukraine, etc. Broadly, we're sitting at a time of extraordinary peace, and we have the possibility that that could become pervasive. How wonderful would that be? That's really good for business. The power of the technology tools that we're developing could be fundamentally transformative. We suspect they will be, and that that'll be a support for our business. Then, as I mentioned, the ongoing reconfiguring of finance. We're trying to put ourselves at the leading edge there. I think that we are and we're certainly intending to continue to invest to be there. China is an integral part of that. We have a strong position in China. Chinese wealth will accumulate substantially. We intend to manage an increasing proportion of that off of a good base. All in all it's a good story.

Bill Winters: It doesn't feel that way when we're thinking about wars in the Middle East and Ukraine, etc. Just broadly, we're sitting at a time of extraordinary peace, and we have the possibility that that could become pervasive. How wonderful would that be? That's really good for business, right? Second is the power of the technology tools that we're developing could be fundamentally transformative. We suspect they will be, and that'll be a support for our business. Third, as I mentioned, the ongoing reconfiguring of finance. We're trying to put ourselves at the leading edge there. I think that we are, and we're certainly intending to continue to invest to be there. China is an integral part of that. We have a strong position in China. Chinese wealth will accumulate substantially. We intend to manage an increasing proportion of that off of a good base.

Speaker #5: It doesn't feel that way when we're thinking about wars in the Middle East and Ukraine , etc. , but just broadly , we're sitting at a time of extraordinary peace , and we have the possibility that that could become pervasive .

Speaker #5: How wonderful would that be ? That that's really good for business , right ? Second is the power of of the technology tools that we're developing could be fundamentally transformative .

Speaker #5: We suspect they will be . And and that that'll be a support for our business . And then third , as I mentioned , the the ongoing reconfiguring of finance , we're trying to put ourselves at the leading edge there .

Speaker #5: I think that we are, and we're certainly intending to continue to invest to be there. So, China is an integral part of that.

Speaker #5: We have a strong position in China . Chinese wealth will accumulate substantially . We intend to to manage an increasing proportion of that to off of a good base .

Bill Winters: All in all, it's a good story. I'd welcome any additional thoughts from Diego.

Speaker #5: So all in all, it’s a good story. But I’d welcome any additional thoughts from Diego.

William Winters: I'd welcome any additional thoughts from Diego.

Diego De Giorgi: No, I think this is terrific. Thank you.

Diego: No, I think this is terrific. Thank you.

Diego De Giorgi: No, I think this is terrific. Thank you.

Speaker #2: No , I think I think this is this is terrific . Thank you .

William Winters: Thanks for the question.

Bill Winters: Thanks for the question.

Speaker #5: Thanks for the question .

Operator: Thank you. Now we're going to take our next question and it comes to the line of Aman Rakkar from Barclays. Your line is open. Please ask your question.

Operator: Thank you.

Speaker #3: Thank you .

Bill Winters: Next question, please.

Speaker #5: Next question please .

Operator: Now we're going to take our next question. It comes to line of Aman Rakkar from Barclays. Your line is open. Please ask your question.

Speaker #3: Now we're going to take our next question . And it comes line of Aman Rakha from Barclays . Your line is open . Please ask a question .

[Analyst 1]: Good morning, Bill. Good morning, Diego. Thanks very much for the chance to ask some questions. I had two, please. I just wanted to interrogate net interest income if I could, please. Your low single digit expectation for the full year leaves a wide range of potential outcomes for Q4. I think it could be anywhere, kind of from down 4% Q on Q to kind of up 1% Q on Q. I don't know if you could help us there in terms of what a more realistic outturn is for Q4 and as part of that drivers, please.

Joseph Dickerson: Good morning, Bill. Good morning, Diego. Thanks very much for the chance to ask some questions. I had 2, please. I just wanted to interrogate net interest income, if I could, please. Your low single-digit expectation for the full year leaves a wide range of potential outcomes for Q4. I think it could be anywhere kind of from down 4% Q on Q to kind of up 1% Q on Q. I don't know if you could help us there in terms of what a more realistic outturn is for Q4. As part of that drivers, please, I'm interested.

Aman Rakkar: Good morning, Bill. Good morning, Diego. Thanks very much for the chance to ask some questions. I had 2, please. I just wanted to interrogate net interest income, if I could, please. Your low single-digit expectation for the full year leaves a wide range of potential outcomes for Q4. I think it could be anywhere kind of from down 4% Q on Q to kind of up 1% Q on Q. I don't know if you could help us there in terms of what a more realistic outturn is for Q4. As part of that drivers, please, I'm interested.

Speaker #7: Good morning Bill . Good morning Diego . Thanks very much . For the chance to ask some questions . I had two please .

Speaker #7: I just wanted to interrogate net interest income . If I could please your low single digit expectation for the full year . Leaves a wide range of potential outcomes for Q4 .

Speaker #7: I think at it could be anywhere from down 4% . Q and Q to up 1% Q on Q . So I don't know if you could help us there in terms of .

Speaker #7: You know , what what a more realistic outturn is for Q4 . And as part of that , drivers , please , you know , I'm interested , I suspect you're not going to give us a guide on 26 , but I just interested in what you see as the kind of moving parts on net interest income , you know , particularly the balance of .

[Analyst 1]: I'm interested, I suspect you're not going to give us a guide in 2026, but I'm just interested in what you see as the kind of moving parts on net interest income, particularly the balance of deposit and volume momentum versus things like interest rates and pass throughs, which might be a headway. The second question was just around Wealth Solutions, again a really, really impressive print. Not the first quarter, the investment products line. I just wondered what element of brokerage sits within that revenue. Clearly the performance in Q3 in terms of brokerage revenues would have been supported by things like the Hang Seng turnover levels that were elevated. Could you just give us a sense of that element of the kind of revenue print in Q3? It's just to kind of get a clean read on wealth from here, X the kind of transactional element of it.

Joseph Dickerson: I suspect you're not going to give us a guide in 2026, but I'm just interested in what you see as the kind of moving parts on net interest income, particularly the balance of deposit and volume momentum versus things like interest rates and path threes, which might be a headwind. The second question was just around wealth solutions. Again, a really, really impressive print for not the Q1. The investment products line, I just wondered what element of brokerage sits within that revenue. Clearly, the performance in Q3 in terms of brokerage revenues would have been supported by things like the Hang Seng turnover levels that were elevated. Could you just give us a sense of that element of the kind of revenue print in Q3?

Aman Rakkar: I suspect you're not going to give us a guide in 2026, but I'm just interested in what you see as the kind of moving parts on net interest income, particularly the balance of deposit and volume momentum versus things like interest rates and path threes, which might be a headwind. The second question was just around wealth solutions. Again, a really, really impressive print for not the Q1. The investment products line, I just wondered what element of brokerage sits within that revenue. Clearly, the performance in Q3 in terms of brokerage revenues would have been supported by things like the Hang Seng turnover levels that were elevated. Could you just give us a sense of that element of the kind of revenue print in Q3?

Speaker #7: Deposit and volume momentum versus , you know , things like interest rates and pass through , which might be a headwind . And then the second question was just around wealth solutions .

Speaker #7: Again , a really , really impressive print for not the first quarter . The investment products line , I just wondered what element of brokerage sits within that revenue .

Speaker #7: So clearly the performance in Q3 , in terms of brokerage revenues will have been supported by things like the Hang Seng turnover levels that were elevated .

Speaker #7: So could you just give us a sense of of of that element of the kind of revenue print in Q3 ? It's just it's just to kind of get a clean read on wealth from here .

Joseph Dickerson: It's just to kind of get a clean read on wealth from here, X the kind of transactional element of it. Thank you so much.

Aman Rakkar: It's just to kind of get a clean read on wealth from here, X the kind of transactional element of it. Thank you so much.

Speaker #7: X the kind of transactional element of it . Thank you so much .

[Analyst 1]: Thank you so much.

William Winters: Thanks very much for the question, Aman. Diego was really hoping you were going to ask the question on NII, so I'm going to go straight to him and he can carry through on the wealth question as well.

Bill Winters: Thanks very much for the question, Aman. Diego was really hoping you were going to ask the question on NAI. I'm going to go straight to him, and then he can carry through on the wealth question as well.

Speaker #5: Thanks very much for the question , Aman Diego was really hoping you were going to ask the question on NII . So I'm going to go straight to him and then he can he can carry through on the wealth question as well .

Andy Halford: Well, splendid.

Diego: Splendid. Thank you, Aman. Let me help you unpack the near term and the slightly longer term into 2026. First of all, on 2025, we get to the end of Q3, and we enter Q4 clearly in a better position on NAI than we were expecting only 3 months ago, right? A number of things. We never take forecasts on rates, etc., but we had indicated on the forwards, HIBOR ended up performing a little bit better than what the forwards were indicating. We get here in a slightly better place. I appreciate your point that depending on where you put yourself in that low single-digit guidance range, you get a substantially different result for your quarter-on-quarter NAI number.

Diego De Giorgi: Splendid. Thank you, Aman. Let me help you unpack the near term and the slightly longer term into 2026. First of all, on 2025, we get to the end of Q3, and we enter Q4 clearly in a better position on NAI than we were expecting only 3 months ago, right? A number of things. We never take forecasts on rates, etc., but we had indicated on the forwards, HIBOR ended up performing a little bit better than what the forwards were indicating. We get here in a slightly better place. I appreciate your point that depending on where you put yourself in that low single-digit guidance range, you get a substantially different result for your quarter-on-quarter NAI number.

Speaker #2: Splendid . Thank you Aman . So let me let me help you unpack the the near term and the slightly longer term into 2026 .

Diego De Giorgi: Thank you, Aman. Let me help you unpack the near term and slightly longer term into 2026. First of all, on 2025, we get to the end of Q3 and enter Q4 clearly in a better position on NII than we were expecting only three months ago.

Speaker #2: First of all , on 2025 . So we get we get to the end of Q3 and we enter Q4 clearly in a better position on NII than we were expecting .

Speaker #2: Only three months ago . Right . Number of things we never take forecasts on rates , etc. , but we had indicated on the forwards Highbaugh ended up performing a little bit better than what the forwards were indicating .

Andy Halford: Right.

Diego De Giorgi: Number of things. We never take forecasts on rates, etc. We had indicated on the forwards, HIBOR ended up performing a little bit better than what the forwards were indicating. We get here in a slightly better place. I appreciate your point that depending on where you put yourself in that low single digit guidance range, you get to a substantially different result for your quarter on quarter NII number. What I would tell you is that Bill and I are optimistic about the way that the quarter looks and optimistic about the way that net interest rate is developing. We're optimistic because we are managing it well. I'll come more to it when I talk to you about 2026 in a second.

Speaker #2: So we get here in a slightly better place , and I appreciate your point that depending on where you put yourself in , that low single digit guidance range , you get to a different , different result for your quarter on quarter NII number .

Diego: What I would tell you is that Bill and I are optimistic about the way that the quarter looks and optimistic about the way that net interest rate is developing. We're optimistic because we are managing it well. I'll come more to it when I talk to you about 2026 in a second. We're managing it well from a point of view of PTRs because we are focused on it and because the quality of our liabilities matters to us a lot. It's working well because the world post-2 April became a more liquid world, more generally. It is not just us. It's our clients that tend to keep more liquidity, that liquidity is both in dollars and in local currencies.

Diego De Giorgi: What I would tell you is that Bill and I are optimistic about the way that the quarter looks and optimistic about the way that net interest rate is developing. We're optimistic because we are managing it well. I'll come more to it when I talk to you about 2026 in a second. We're managing it well from a point of view of PTRs because we are focused on it and because the quality of our liabilities matters to us a lot. It's working well because the world post-2 April became a more liquid world, more generally. It is not just us. It's our clients that tend to keep more liquidity, that liquidity is both in dollars and in local currencies.

Speaker #2: What I would tell you is that Bill and I are optimistic about the way that the quarter looks, and optimistic about the way that net interest rate is developing.

Speaker #2: We're optimistic because we are managing it . Well , I'll come more to it . When I talk to you about 2026 , in a second .

Diego De Giorgi: We're managing it well from a point of view of PTRs because we are focused on it and because the quality of our liabilities matters to us a lot. It's working well because the world post April 2 became a more liquid world. More generally, it is not just us, it's our clients that tend to keep more liquidity. That liquidity is both in dollars and in local currencies. In a market where liquidity is high, we can be more discriminating in terms of what deposits we take and what we don't and how we manage our PTRs. Generally speaking, a lot of optimism for Q4 of 2025, but still within our guidance that we are giving you.

Speaker #2: But we're managing it well from a point of view of Peters , because we are focused on it and because the quality of our liabilities matters to us .

Speaker #2: A lot . And we are it's working well because the world post-april the second became a more liquid world , more generally . It is not just us , it's our clients that tend to keep more liquidity .

Speaker #2: That liquidity is both in dollars and in local currencies, and in a market where liquidity is high. We can be more discriminating in terms of what deposits we take and what we don't, and how we manage our Peters.

Diego: In a market where liquidity is high, we can be more discriminating in terms of what deposits we take and what we don't and how we manage our PTRs. Generally speaking, a lot of optimism for Q4 of 2025, still within our guidance that we are giving. If we unpack 2026, let's start from the top. First and foremost, if you look at page 17 on our currency-weighted forward curves, as always, you will see that the rate impact that we are expecting now is a little bit worse than what we were expecting only a quarter ago. Not a lot, but 11 basis points. Overall, we have some rate headwinds. This particular quarter, you have seen that our volume performance has been better than the negative impact of our rates and margin, as you see on page 4 of our presentation.

Diego De Giorgi: In a market where liquidity is high, we can be more discriminating in terms of what deposits we take and what we don't and how we manage our PTRs. Generally speaking, a lot of optimism for Q4 of 2025, still within our guidance that we are giving. If we unpack 2026, let's start from the top. First and foremost, if you look at page 17 on our currency-weighted forward curves, as always, you will see that the rate impact that we are expecting now is a little bit worse than what we were expecting only a quarter ago. Not a lot, but 11 basis points. Overall, we have some rate headwinds. This particular quarter, you have seen that our volume performance has been better than the negative impact of our rates and margin, as you see on page 4 of our presentation.

Speaker #2: So , generally speaking , a note of optimism for us , Q4 of 2025 . Well , still within our guidance that we're giving you , if we unpack 2026 that start from the top .

Diego De Giorgi: If we unpack 2026, start from the top first and foremost, if you look at page 17 on our currency weighted forward curves, as always, you will see that the rate impact that we are expecting now is a little bit worse than what we were expecting only a quarter ago. Not a lot, but 11 basis points. Overall, we have some rate headwind this particular quarter. You have seen that our volume performance has been better than the negative impact of our rates and margin as you see on page four of our presentation. The question is what will happen in 2026? We will have undoubtedly as rates continue to decrease, a positive impact in terms of volumes. We are up 4% year to date in terms of customer loans and advances. We are somewhat ahead of what we would have expected. Will that continue in 2026?

Speaker #2: First and foremost , if you look at page 17 on our currency weighted forward curves , as always , you will see that the rates impact that we are expecting now is a little bit worse than what we were expecting .

Speaker #2: Only a quarter ago . Not a lot , but 11 basis points . So overall , we have some rates headwinds . This particular quarter .

Speaker #2: You have seen that our volume performance has has been better than the negative impact of our rates . And margin . As you see on page four of our presentation .

Diego: The question is, what will happen in 2026? We will have undoubtedly, as rates continue to decrease, we will have a positive impact in terms of volumes. We are up 4% year to date in terms of customer loans and advances. We are somewhat ahead of what we would have expected. Will that continue in 2026? No crystal ball, but so far, things look relatively good from that point of view. Will we continue to manage PTR assertively? For sure. As interest rates go down, managing them more assertively becomes more difficult. We'll see also what happens to the general levels of liquidity in the market. Fourth impact, so rates, PTRs, volumes, fourth impact mix, we continue to remain focused. We are focused on high-quality liabilities. We are focused on high-quality liabilities coming from WRB over liabilities coming from CIB.

Diego De Giorgi: The question is, what will happen in 2026? We will have undoubtedly, as rates continue to decrease, we will have a positive impact in terms of volumes. We are up 4% year to date in terms of customer loans and advances. We are somewhat ahead of what we would have expected. Will that continue in 2026? No crystal ball, but so far, things look relatively good from that point of view. Will we continue to manage PTR assertively? For sure. As interest rates go down, managing them more assertively becomes more difficult. We'll see also what happens to the general levels of liquidity in the market. Fourth impact, so rates, PTRs, volumes, fourth impact mix, we continue to remain focused. We are focused on high-quality liabilities. We are focused on high-quality liabilities coming from WRB over liabilities coming from CIB.

Speaker #2: And the question is what will happen in 2026 ? We will have undoubtedly as rates continue to decrease , we will have a positive impact in terms of volumes .

Speaker #2: We are up 4% year to date in terms of customer loans and advances . So we are somewhat ahead of what we would have expected .

Speaker #2: Will that continue in 2026 ? No . Crystal ball , but so far things look relatively good from that point of view . Will we continue to manage to assertively for sure .

Diego De Giorgi: No crystal ball, but so far things look relatively good from that point of view. Will we continue to manage PTR assertively?

Andy Halford: For sure.

Diego De Giorgi: As interest rates go down, managing them more assertively becomes more difficult, and we'll see also what happens to the general levels of liquidity in the market. Fourth impact: so rates, PTRs, volumes. Fourth impact: mix. We continue to remain focused. If we are focused on high quality liabilities, we are focused on high quality liabilities coming from WRB over liabilities coming from CIB. We are very focused on making sure that within those we are focused on CASA rather than TDs. Although, as always, I will caution you, we like TDs in wealth management because, as Bill Winters said before, they are just the first step in then converting them into net new sales of Wealth Solutions products. In general, of course, we will continue to privilege deployment into client assets versus deployment in Treasury.

Speaker #2: But as interest rates go down , managing them more assertively becomes more difficult and and so we'll and we'll see also what happens to the general levels of liquidity in the market .

Speaker #2: Third , fourth impact . So rates Peters volumes . Fourth impact mix . We continue to remain focused . If we are focused on high quality liabilities , we're focused on high quality liabilities coming from other liabilities , coming from CIB .

Diego: We are very focused on making sure that within those, we are focused on CASA rather than TDs. Although, as always, I will caution you, we like TDs in wealth management because, as Bill said before, they are just the first step in then converting them into net new sales of wealth solution products. In general, of course, we will continue to privilege deployment into client assets versus deployment in treasury. Last, more minor point, remember the impact of our WRB market exits that we had indicated to you as $100 million, roughly, between now and the end of between when we announced them and the end of 2026. These are the moving pieces for 2026. We will see, and we will continue to update you as the year starts and progresses. On wealth solutions, yes, it was an impressive print, undoubtedly.

Diego De Giorgi: We are very focused on making sure that within those, we are focused on CASA rather than TDs. Although, as always, I will caution you, we like TDs in wealth management because, as Bill said before, they are just the first step in then converting them into net new sales of wealth solution products. In general, of course, we will continue to privilege deployment into client assets versus deployment in treasury. Last, more minor point, remember the impact of our WRB market exits that we had indicated to you as $100 million, roughly, between now and the end of between when we announced them and the end of 2026. These are the moving pieces for 2026. We will see, and we will continue to update you as the year starts and progresses. On wealth solutions, yes, it was an impressive print, undoubtedly.

Speaker #2: And we are very focused on making sure that within those we are focused on Casa rather than TDs . Although as always , I will caution you , we like TD's in wealth management because as Bill said before , they are just the first step in .

Speaker #2: Then converting them into net new sales of wealth . Solution products . And in general , of course , we will continue to privilege deployment into into client assets versus deployment in Treasury .

Diego De Giorgi: Last, more minor point: remember the impact of our WRB market exits that we had indicated to you as $100 million roughly between now and the end of, between when we announced them and the end of 2020. These are the moving pieces for 2026, and we will continue to update you as the.

Speaker #2: Last , my more minor point remember the impact of our WRP market exits that we had indicated to you as $100 million , roughly between now and the end of between when we announced them and the end of 2026 .

Speaker #2: So these are the moving pieces for 2026 . And we will , we will , we will see and we will continue to update you as the year starts .

Andy Halford: Year starts and progresses on Wealth Solutions.

Speaker #2: And progresses on wealth solutions . Yes , it was an impressive print . Undoubtedly . It was very good to see that as we had signaled in Q2 , as Bill said before , money moved from deposits into wealth solution products .

Diego De Giorgi: Yes, it was an impressive print. Undoubtedly it was very good to see that as we had signaled in Q2, as Bill said before, money moved from deposits into Wealth Solutions products. I would tell you it was a pretty broad move. It's true that equity was important, but when you think about equity, don't think that much about equity brokerage. We have mentioned it many times. There is no doubt there is a component of equity brokerage. Remember that we are laser focused on affluent customers and particularly the globally minded affluent customers. Those customers are long term savers. They have mortgages with us, they have life insurance with us, and they have investments with us. Those investments tend to be sticky. Yes, we benefit from a little bit of volatility and from optimism in the market for sure.

Diego: It was very good to see that as we had signaled in Q2, as Bill said before, money moved from deposits into wealth solution products. I would tell you, it was a pretty broad move. It is true that equity was important. When you think about equity, don't think that much about equity brokerage. We have mentioned it many times. There is no doubt that there is a component of equity brokerage. Remember that we are laser-focused on affluent customers, and particularly the globally minded affluent customers. Those customers are long-term savers. They have mortgages with us. They have life insurance with us. They have investments with us. Those investments tend to be stickier. Yes, we benefit from a little bit of volatility and from optimism in the market, for sure. You can see in those trends a large component of structural trends.

Diego De Giorgi: It was very good to see that as we had signaled in Q2, as Bill said before, money moved from deposits into wealth solution products. I would tell you, it was a pretty broad move. It is true that equity was important. When you think about equity, don't think that much about equity brokerage. We have mentioned it many times. There is no doubt that there is a component of equity brokerage. Remember that we are laser-focused on affluent customers, and particularly the globally minded affluent customers. Those customers are long-term savers. They have mortgages with us. They have life insurance with us. They have investments with us. Those investments tend to be stickier. Yes, we benefit from a little bit of volatility and from optimism in the market, for sure. You can see in those trends a large component of structural trends.

Speaker #2: I would tell you it is . It was a pretty broad move . It's true that equity was important , but when you think about equity , don't think that much about equity brokerage .

Speaker #2: We've mentioned it many times . There is no doubt that there is a component of equity brokerage . But remember that we are laser focused on affluent customers and particularly the globally minded , affluent customers .

Speaker #2: And those customers are long term savers . They have mortgages with us . They have life insurance with us , and they have investments with us .

Speaker #2: Those investments tend to be stickier . And so , yes , we benefit from a little bit of volatility and from optimism in the market for sure .

Diego De Giorgi: You can see in those trends a large component of structural trends.

Speaker #2: But you can see in those trends a large component of structural trends . Hope it's helpful . Thank you so much . Next question .

Andy Halford: Hope it's helpful.

Diego: Hope it's helpful.

Diego De Giorgi: Hope it's helpful.

[Analyst 1]: Thank you.

Joseph Dickerson: Thank you so much.

Aman Rakkar: Thank you so much.

Diego: Thank you, Aman. Next question, operator, please.

Diego De Giorgi: Thank you, Aman. Next question, operator, please.

Diego De Giorgi: Next question. Operator, please.

Speaker #2: Operator please .

Operator: Yes, of course. Now we're going to take our next question and it comes to the line of Andrew Coombs from Citi. Your line is open. Please ask a question.

Operator: Yes, of course. Now we're going to take our next question. It comes to line of Andrew Coombs from Citi. Your line is open. Please ask your question.

Speaker #3: Yes , of course . Now we're going to take our next question . And it comes to line of Andrew Coombs from city .

Speaker #3: Your line is open. Please ask a question.

Andrew Coombs: Morning. If I could have a follow-up on NAI, please, and then one on costs. On the net interest income, as you say, better than expected result in Q3. You've specifically called out the assertive pass-through management on your deposit book. At the same time, you reiterated the medium-term range of 60% to 75% in CIB and 35% to 50% in WRB. Can you just provide us some context? What was the pass-through percentage in Q3? Do you then expect that to slightly reverse out in Q4 in 2026? Kind of what are the moving parts here and your thoughts on deposit pricing? That's the first question. Second question, Fit for Growth. We're almost 2 years into the plan now. You've done 0.6 of the 1.3 that you're guiding to by end 2026, 1.5 total.

[Analyst 2]: Morning.

[Analyst 3]: If I could have a follow up on NII please, and then one on costs. On the net interest income, as you say, better than expected result in the third quarter. You specifically called out the assertive pass through management on your deposit book. At the same time, you reiterated the medium term range of 60 to 75% in Tibet and 35 to 50% in WRB. Can you just provide us some context? What was the pass through percentage in Q3? Do you then expect that to slightly reverse out in Q4 and 2026, and what are the moving parts here in your thoughts on deposit pricing?

Speaker #8: Morning . If I could have a follow up on NII , please . And then one on costs . So on the net interest income , as you say , better than expected result in the third quarter .

Speaker #8: And you specifically called out the assertive pass through management on your deposit book at the same time you reiterated the medium term range of 60 to 75% in CIB and 35 to 50% in WRP .

Speaker #8: So can you just provide us some context ? What was the pass through percentage in Q3 ? Do you then expect that to slightly reverse out in Q4 in 2026 ?

Speaker #8: What are the moving parts here in your thoughts on deposit pricing ? The first question , second question , fit for growth . We're almost two years into the plan now .

Andy Halford: That's the first question.

[Analyst 3]: Second question, Fit for Growth. We're almost two years into the plan now. Now you've done $0.6 billion of the $1.3 billion that you're guiding to by 2026, $1.5 billion total, you've taken almost $0.5 billion in restructuring charges. A lot of the Fit for Growth is really happening next year, a lot of the additional cost saves, a lot of the additional restructuring charges. Can you just give us a feel for what's the step change between the last two years and next year in terms of deriving those Fit for Growth costs?

Speaker #8: You've done point six of the 1.3 that you're guiding to by end 26 , one and a half total , you've taken almost half a billion of restructuring charges .

Andrew Coombs: You've taken almost half a billion in restructuring charges. A lot of the Fit for Growth is really happening next year, a lot of the additional cost saves, a lot of the additional restructuring charges. Can you just give us a feel for what's the step change between the last two years and next year in terms of deriving those Fit for Growth cost saves?

Speaker #8: But a lot of the fit for growth is really happening next year. You know, a lot of the additional cost savings, a lot of the additional restructuring charges.

Speaker #8: So can you just give us a feel for what's the step change between the last two years and next year in terms of deriving those fit for growth costs ?

William Winters: Thanks, Andy. Straight to Diego.

Bill Winters: Thanks, Andy. Straight to Diego.

Speaker #5: Thanks , Andy . Street to Diego .

Andy Halford: Thank you, Bill.

Diego: Thank you, Bill. From the top, on NAI, I'll give you a little bit more. But I think in the answer to Aman, I gave you already a lot of the moving pieces. Where is our pass-through rate today for CIB? Above our range, undoubtedly. It's inside our range for WRB, by the way. The impact per percentage point of pass-through rates, roughly speaking, is in the region of $30 million, okay, in terms of the impact if you're trying to model it in some way. Where do we go? I think we're reverting to the range is the answer. I did specify before that it's partially our own assertive management of it. It's partially the market conditions and the flash liquidity, USD and otherwise, that currently is pervasive around our footprint. Does that continue into 2026? I don't know.

Diego De Giorgi: Thank you, Bill. From the top, on NAI, I'll give you a little bit more. But I think in the answer to Aman, I gave you already a lot of the moving pieces. Where is our pass-through rate today for CIB? Above our range, undoubtedly. It's inside our range for WRB, by the way. The impact per percentage point of pass-through rates, roughly speaking, is in the region of $30 million, okay, in terms of the impact if you're trying to model it in some way. Where do we go? I think we're reverting to the range is the answer. I did specify before that it's partially our own assertive management of it. It's partially the market conditions and the flash liquidity, USD and otherwise, that currently is pervasive around our footprint. Does that continue into 2026? I don't know.

Speaker #2: Thank you Bill . So from from the top on NII , I'll give you a little bit more . But I think in the in the answer to a man I gave you already a lot of the moving pieces .

Diego De Giorgi: From the top on NII, I'll give you a little bit more, but I think in the answer to Aman, I gave you already a lot of the moving pieces. Where is our pass-through rate today for CIB? Above our range, undoubtedly. It's inside our range for WRB, by the way. The impact per percentage point of pass-through rates, roughly speaking, is in the region of $30 million. In terms of the impact, if you're trying to model it in some way, where do we go? I think we revert into the range is the answer. I did specify before that it's partially our own assertive management of it. It's partially the market conditions and the liquidity doll that currently is pervasive around our footprint. Does that continue into 2026? I don't know. I don't think that.

Speaker #2: So where is our pass through rate today for CIB above our range ? Undoubtedly . Do we do we ? And it's inside our range for WRP .

Speaker #2: By the way the the impact per percentage point of pass through rates , roughly speaking , is in the region of $30 million .

Speaker #2: Okay . In terms of the impact , if you're trying to model it in some way , where do we go ? I think we're reverting to the range is is the answer ?

Speaker #2: I do . I did specify before that . It's partially our own assertive management of it . It's partially the market conditions and the flush liquidity dollars and otherwise that currently is pervasive around the around our footprint .

Speaker #2: Does that continue into 2026 ? I don't know , I don't think that I hope that Bill's long term views about a better world do come , do come to pass .

Diego: I don't think that I hope that Bill's long-term views about a better world do come to pass. In the near term, I do think that we remain in a relatively fragmented and complicated world. It's possible that that elevated liquidity remains. I think if you have to take some assumptions, my assumptions are, as always, look at our long-term trends and think of a reversion to mean because deviations don't last forever. You have some sense in terms of the sensitivity per point of PTR. On costs, so on Fit for Growth, same guidance as before, really. We are happy with where we are for 2025. We will get to the objectives that we have set ourselves for 2025. We will not spend money in Fit for Growth beyond 2026. There will be no CTA beyond 2026. We are mindful of how we spend.

Diego De Giorgi: I don't think that I hope that Bill's long-term views about a better world do come to pass. In the near term, I do think that we remain in a relatively fragmented and complicated world. It's possible that that elevated liquidity remains. I think if you have to take some assumptions, my assumptions are, as always, look at our long-term trends and think of a reversion to mean because deviations don't last forever. You have some sense in terms of the sensitivity per point of PTR. On costs, so on Fit for Growth, same guidance as before, really. We are happy with where we are for 2025. We will get to the objectives that we have set ourselves for 2025. We will not spend money in Fit for Growth beyond 2026. There will be no CTA beyond 2026. We are mindful of how we spend.

Diego De Giorgi: I hope that these long-term views about a better world do come to pass. In the near term, I do think that we remain in a relatively fragmented and complicated world, so it's possible that that elevated liquidity remains. If you have to take some assumptions, my assumption as always is look at our long-term trends and think of our inversion to mean because deviations don't last forever and you have some sense in terms of the sensitivity per point of PTR on cost. On Fit for Growth, same guidance as before. We are happy with where we are for 2025. We will get to the objectives that we have set ourselves for 2025. We will not spend money in Fit for Growth beyond 2026. There will be no CTA beyond 2026.

Speaker #2: But in the near term , I do think that we remain in a relatively fragmented and complicated world . So it's possible that that that that elevated liquidity remains .

Speaker #2: I think if you have to take some assumptions , my assumptions are , as always , look at our long term trends and think of a reversion to mean because because the deviations don't last forever .

Speaker #2: And you have some sense in terms of the sensitivity per point of BTR on costs . So on fit for growth , same guidance as before , really .

Speaker #2: We are happy with where we are for 2025 . We will get to the to the objectives that we had set ourselves for 2025 .

Speaker #2: We will not spend money in fit for growth beyond 2026 . There will be no CTA beyond 2026 . We are mindful of how we spend and the bulk .

Diego De Giorgi: We are mindful of how we spend and the bulk, indeed the bulk of the results, will be in 2026, like we've always expected. One year fundamentally to get the program going, one year to get it running, and then results accelerate. Some of the impact, as you mentioned, will be felt beyond 2026. If I take the question from FFG to the first word you mentioned, that is cost, the cost cap will remain exactly the same: $12.3 billion at constant currency or $12.4 billion at current FX.

Diego: Indeed, the bulk of the results will be in 2026, like we've always expected, 1 year fundamentally to get the program going, 1 year to get it running, and then results accelerate. Some of the impacts, as you mentioned, will be felt beyond 2026. If I take the question from FFG to the first word you mentioned, i.e., costs, the cost cap will remain exactly the same, $12.3 billion at costs on currency or $12.4 billion at current effects. Thank you, Andy.

Diego De Giorgi: Indeed, the bulk of the results will be in 2026, like we've always expected, 1 year fundamentally to get the program going, 1 year to get it running, and then results accelerate. Some of the impacts, as you mentioned, will be felt beyond 2026. If I take the question from FFG to the first word you mentioned, i.e., costs, the cost cap will remain exactly the same, $12.3 billion at costs on currency or $12.4 billion at current effects. Thank you, Andy.

Speaker #2: Indeed , the bulk of the results will be in 2026 . Like we've always expected one year fundamentally to get the program going , one year to get it running , and then results .

Speaker #2: Results accelerate . Some of the impacts . As you mentioned , will be felt beyond 2026 . And if I take the question from FFG to the first world , you mentioned , costs the cost cap will remain exactly the same .

Speaker #2: $12.3 billion at constant currency , or $12.4 billion at current effects . Thank you . Andy .

Andy Halford: Thank you, Andy.

[Analyst 3]: If I word it a different way, why have you felt the need to wait two years to implement these big restructuring charges now, given that the Fit for Growth program was introduced a couple of years ago?

Andrew Coombs: I guess if I were to do it a different way, why have you felt the need to wait two years to implement these big restructuring charges now, given that the Fit for Growth program was introduced a couple of years back?

Speaker #9: I guess if I were at a different way, why.

Speaker #8: Have you felt the need to wait two years to implement these big restructuring charges ? Now , given that the fit for growth program was introduced a couple of years back ?

Diego: I think we've told you before that the phasing of the spend is far from linear. Some of the bigger although the program is very well spread out over many different subprograms, it's clear that the bigger rocks take more time to be mobilized and more time for the money to be deployed. Nothing in particular there other than an irregular phasing of the spend. Thank you, Andy. Operator, next question.

Diego De Giorgi: I think we've told you before that the phasing of the spend is far from linear. Some of the bigger although the program is very well spread out over many different subprograms, it's clear that the bigger rocks take more time to be mobilized and more time for the money to be deployed. Nothing in particular there other than an irregular phasing of the spend. Thank you, Andy. Operator, next question.

Diego De Giorgi: I think we've told you before that the phasing of the spend is far from linear, and although the program is very well spread out over many different sub programs, it's clear that the bigger rocks take more time to be mobilized and more time for the money to be deployed. Nothing in particular there other than an irregular phasing of the spend.

Speaker #2: So I think we've we've told you before that the phasing of the spend is far from linear , and some of the bigger , although the program is very well spread out over many different , many different subprograms , it's clear that the bigger rocks take more time to be mobilized and more time for the money to be deployed .

Speaker #2: Nothing in particular . There other than an irregular phasing of the spend . Thank you . Andy . Operator . Next question .

Andy Halford: Thank you, Andy. Operator, next question.

Operator: Yes, of course. Now we're going to take our next question and it comes to the line of Kendra Yan from CICC. Your line is open. Please ask a question. Thanks for taking my question. My first question is regarding to CASA ratio. We've seen the CASA ratio of other major banks in Hong Kong actually increased while due to falling interest rate and ample liquidity. However, Standard Chartered CASA ratio appears relatively stable. May I ask the reason for that? Do you have a strategy to increase the CASA ratio amid the medium to high interest rate environment nowadays to lower our future cost of liabilities? My second question is regarding to the credit impairment. I see that on the presentation page six. It mentions high risk assets up from sovereign related exposures.

Operator: Yes, of course. Now we're going to take our next question. It comes to line of Yanfang Jiang from CICC. Your line is open. Please ask a question.

Speaker #3: Yes, of course. Now we're going to take our next question. And it comes from the line of Henry Yan from SICO.

Speaker #3: Your line is open . Please ask your question .

Yanfang Jiang: Thanks for taking my question. My first question is regarding the CASA ratio. We've seen the CASA ratio of other major banks in Hong Kong actually increase worldwide due to falling interest rates and ample liquidity. However, Standard Chartered CASA ratio appears relatively stable. May I ask the reason for that? Do you have a strategy to increase the CASA ratio amid the medium to high interest rate environment nowadays to lower our future cost of liabilities? My second question is regarding the credit impairment. I see that on the presentation, page 6, it mentions high-risk assets up from sovereign-related exposures. Could you please elaborate on which regions are primarily experiencing these risks? Are there any potential risks behind this change that we should pay special attention to? Thanks.

Speaker #10: Thanks for taking my question . My first question is regarding to Casa ratio . We've seen the Casa ratio of other major banks in Hong Kong actually increased worldwide due to falling interest rates and ample liquidity .

Speaker #10: However , Standard Chartered Commercial Casa ratio appears relatively stable . May I ask the reason for that ? And do you have a strategy to increase the cost ratio amid the medium to high interest rate environment ?

Speaker #10: Nowadays to lower our future cost of liabilities ? And my second question is regarding to the credit impairment , I see that on the presentation page six , it mentions high risk assets , up from sovereign related exposures .

Operator: Could you please elaborate on which regions are primarily experiencing these risks and are there any potential risks behind this change that we should pay special attention to? Thanks.

Speaker #10: Could you please elaborate on which regions are primarily experiencing these risks? And are there any potential risks behind this change that we should pay special attention to?

Speaker #10: Thanks .

William Winters: Great. Thanks, Kendra. Just a quick comment from me, then I'll hand to Diego. Keep in mind that our Hong Kong business is relatively weighted to affluent customers. The affluent customers, as we've discussed a couple of times in the context of our wealth business, are moving their money out of deposits into investment products, which is net, net, a good thing. We're very liquid in Hong Kong. We've been quite disciplined in terms of our deployment of those deposits into the assets out of our balance sheet, including into mortgages. We're not concerned about the quantum of CASA or proportion in our book, but it's something that we're actively managing. Diego will have more color on both, I'm sure.

Bill Winters: Great. Thanks, Kendra. Just a quick comment from me, and then I'll hand to Diego. Keep in mind that our Hong Kong business is relatively weighted to affluent customers. The affluent customers, as we've discussed a couple of times in the context of our wealth business, are moving their money out of deposits into investment products, which is net a good thing. We're very liquid in Hong Kong. We've been quite disciplined in terms of our deployment of those deposits into the assets out of our balance sheet, including into mortgages. Not only are we not concerned about the quantum of CASA or proportion in our book, but it's something that we're actively managing. Diego will have more color on both, I'm sure.

Speaker #5: Great . Thanks . Kendra , just a quick comment from me and I'll hand to Diego the keep in mind that our our Hong Kong business is relatively weighted to to affluent customers and the affluent customers as we've discussed a couple of times in the context of our wealth business , are moving their money out of deposits into investment products , which is net net net , a good thing .

Speaker #5: We're very liquid in Hong Kong . We have we've been quite disciplined in terms of our deployment of those deposits into into the asset side of our balance sheet , including into mortgages .

Speaker #5: And so we're not not only we're not concerned about the the quantum of Casa or proportion in our book , but but it's something that we're actively managing .

Speaker #5: But Diego will have more color on both. I'm sure.

Diego De Giorgi: Yeah, so definitely two considerations there. First of all, we always have the ambition to reduce the cost of our liabilities. CASA in Hong Kong plays an important role. Remember that even though deposits in Hong Kong have gone up this quarter, when we attract deposits in Hong Kong, there is a large component of it that is wealth management deposits. The fact that we continue to increase deposits and that we like the time deposits that we get from our customers before they get converted into Wealth Solutions is the reason why as long as they continue to grow and in general, they are good sources of funding for us with the overall objective of increasing CASA.

Diego: Yeah. Definitely two considerations there. First of all, we always have the ambition to reduce the cost of our liabilities. CASA in Hong Kong plays an important role. Remember that even though deposits in Hong Kong have gone up this quarter, when we attract deposits in Hong Kong, there is a large component of it that is wealth management deposits. The fact that we continue to increase deposits and that we like the time deposits that we get from our customers before they get converted into wealth solutions is the reason why, as long as they continue to grow and, in general, they are good sources of funding for us, with the overall objective of increasing CASA, we are very happy with what we have achieved in Hong Kong this quarter and over the course of this year.

Diego De Giorgi: Yeah. Definitely two considerations there. First of all, we always have the ambition to reduce the cost of our liabilities. CASA in Hong Kong plays an important role. Remember that even though deposits in Hong Kong have gone up this quarter, when we attract deposits in Hong Kong, there is a large component of it that is wealth management deposits. The fact that we continue to increase deposits and that we like the time deposits that we get from our customers before they get converted into wealth solutions is the reason why, as long as they continue to grow and, in general, they are good sources of funding for us, with the overall objective of increasing CASA, we are very happy with what we have achieved in Hong Kong this quarter and over the course of this year.

Speaker #2: Yeah . So so definitely to two considerations . There . First of all , we we always have the ambition to reduce the cost of our liabilities in Casa and Hong Kong plays an important role .

Speaker #2: Remember, remember that even though deposits in Hong Kong have gone up this quarter, when we attract deposits in Hong Kong, there is a large component of it that is wealth management deposits.

Speaker #2: So the fact that we continue to increase deposits and that we like the the time deposits that we get from our customers before they get converted into wealth solutions , is the reason why , as long as they continue to grow and in general , they are good sources of funding for us with the overall objective of increasing Casa , we are very happy with what we have achieved in Hong Kong this quarter and over the course of this year .

Diego De Giorgi: We are very happy with what we have achieved in Hong Kong this quarter and over the course of this year, by the way, it's been an excellent year for our business in Hong Kong, up 16% in terms of revenues this year. All very good from that point of view. On your questions on sovereigns, they are obviously sovereigns in our footprint. I would really not read too much into it because we have had sovereign upgrades and we had sovereign downgrades during this quarter that end up ending in different buckets. Neither of the two are particularly large or overwhelming. By the way, they don't compound each other, but they offset each other.

Diego: By the way, it's been an excellent year for our business in Hong Kong, up 16% in terms of revenues this year. All very good from that point of view. On your questions on sovereigns, they are obviously sovereigns in our footprint. I would really not read too much into it because we have had sovereign upgrades, and we had sovereign downgrades during this quarter that end up ending in different buckets. Neither of the two are particularly large or overwhelming. By the way, they don't compound each other, but they offset each other.

Diego De Giorgi: By the way, it's been an excellent year for our business in Hong Kong, up 16% in terms of revenues this year. All very good from that point of view. On your questions on sovereigns, they are obviously sovereigns in our footprint. I would really not read too much into it because we have had sovereign upgrades, and we had sovereign downgrades during this quarter that end up ending in different buckets. Neither of the two are particularly large or overwhelming. By the way, they don't compound each other, but they offset each other.

Speaker #2: By the way , it's been an excellent year for our business in Kong , up 16% in terms of revenues this year . So all all very good .

Speaker #2: From that point of view on your questions about sovereigns, they are obviously sovereigns in our footprint. I would really not read too much into it because we have had sovereign upgrades and we have had sovereign downgrades during this quarter that end up in different buckets.

Speaker #2: Neither of the two are particularly large or overwhelming . And by the way , they they they they they don't compound each other , but they offset each other .

Diego De Giorgi: I would also tell you, which I think is probably more helpful in terms of broader thinking about sovereign exposures, that sovereign exposures at a time when the dollar is not exactly strong, where interest rate in dollars are trending down and where liquidity in dollars is absolutely flush in the financial system, these are all indicators that go against stress in sovereign credit. In fact, we haven't seen any particular signs of stress in sovereign credit. To your point, to your final question, is this something that is warranted of special attention? The answer is definitely not.

Diego: I would also tell you, which I think is probably more helpful in terms of broader thinking about sovereign exposures, that sovereign exposures at a time when the dollar is not exactly strong, where interest rate in dollars are trending down, and where liquidity in dollars is absolutely flush in the financial system, these are all indicators that go against stress in sovereign credit. In fact, we haven't seen any particular signs of stress in sovereign credit. To your point, to your final question, is this something that is warranted of special attention? The answer is definitely not. Thank you. Operator, next question, please.

Diego De Giorgi: I would also tell you, which I think is probably more helpful in terms of broader thinking about sovereign exposures, that sovereign exposures at a time when the dollar is not exactly strong, where interest rate in dollars are trending down, and where liquidity in dollars is absolutely flush in the financial system, these are all indicators that go against stress in sovereign credit. In fact, we haven't seen any particular signs of stress in sovereign credit. To your point, to your final question, is this something that is warranted of special attention? The answer is definitely not. Thank you. Operator, next question, please.

Speaker #2: I would also tell you which I think is probably more helpful in terms of broader thinking about sovereign exposures , that sovereign exposures at a time when the dollar is not exactly strong , where interest rates in dollars are trending down , and where liquidity in dollars is absolutely flush in the financial system , this these are all indicators that go against stress in sovereign credit .

Speaker #2: And in fact , we haven't seen any particular signs of stress in sovereign credit to your so to your point , to your final question , is this something that is warranted of special attention ?

Speaker #2: The answer is definitely not . Thank you . Operator . Next question please .

Andy Halford: Thank you, operator.

Diego De Giorgi: Next question, please.

Operator: Thank you so much. Now we're going to take our next question. It comes to the line of Amit Goel from Mediobanca. Your line is open. Please ask your question.

Operator: Thank you so much. Now we're going to take our next question. It comes to line of Amit Goel from Mediobanca. Your line is open. Please ask your question.

Speaker #3: Thank you so much . And now we're going to take our next question , and it comes line of Amit Goyal from Mediobanca .

Speaker #3: Your line is open . Please ask a question .

Diego De Giorgi: Hi.

Bill Winters: Hi. Thank you. 2 questions from me. One, I thought it was good, the reiteration of the positive cost income draws each year, for next year too, when I'm looking at the kind of the 12.4%, it implies 2 percent of potential cost growth. I guess basically the message there that off of the very strong revenue print and obviously even notwithstanding the net interest income headwinds, you expect revenue growth next year, at least in the kind of low single digits, off of this base. I just wanted to check that. Obviously, it implies pretty good non-net interest income revenue growth. Secondly, just on the Fit for Growth, I guess, I mean, it's still running in terms of actual kind of integration cost or, sorry, implementation cost a bit below the guide.

Amit Goel: Hi. Thank you. 2 questions from me. One, I thought it was good, the reiteration of the positive cost income draws each year, for next year too, when I'm looking at the kind of the 12.4%, it implies 2 percent of potential cost growth. I guess basically the message there that off of the very strong revenue print and obviously even notwithstanding the net interest income headwinds, you expect revenue growth next year, at least in the kind of low single digits, off of this base. I just wanted to check that. Obviously, it implies pretty good non-net interest income revenue growth. Secondly, just on the Fit for Growth, I guess, I mean, it's still running in terms of actual kind of integration cost or, sorry, implementation cost a bit below the guide.

[Analyst 2]: Thank you. Two questions from me. One, I thought it was good, the reiteration of the positive operating jaws each year. For next year too, when I'm looking at the 12.4, it implies a couple of % of potential cost growth. I guess basically the message there is that off of the very strong revenue print, and obviously even notwithstanding the net interest income headwinds, you expect revenue growth next year at least in the low single digits off of this base. I just wanted to check that, and obviously it implies pretty good non-net interest income revenue growth. Secondly, just on the Fit for Growth, I guess, I mean it's still.

Speaker #11: Hi . Thank you . Two questions from me . So one , I thought it was good . The reiteration of the positive cost income jaws each year for for next year to when I'm looking at the kind of the 12.4 .

Speaker #11: So it implies a couple of percent of potential cost growth . So so I guess basically the message there that , you know , off of the , you know , very strong revenue prints and obviously even with the notwithstanding the , the net interest income headwinds , you expect , you know , revenue growth next year , at least in the kind of low single digits off of this base .

Speaker #11: So I just wanted to to check that . And so obviously it implies pretty good non net interest income revenue growth . And then secondly just on the on the fit for growth .

Speaker #11: So I guess I mean it's still running in terms of actual kind of integration cost or sorry implementation cost a bit below the guide .

Diego De Giorgi: Running in terms of actual.

[Analyst 2]: Implementation cost a bit below the guide. I mean, is there a bit of a pickup then into Q4, and the 2026 cost guide seems to then be fairly independent of that spend. I just wanted to again just to probe that a little bit more. Thank you, that's great.

Bill Winters: I mean, is there a bit of a pickup then into Q4? The 2026 cost guide, it seems to then be fairly independent of that spend. Just wanted to, again, just to probe that a little bit more. Thank you.

Amit Goel: I mean, is there a bit of a pickup then into Q4? The 2026 cost guide, it seems to then be fairly independent of that spend. Just wanted to, again, just to probe that a little bit more. Thank you.

Speaker #11: So, I mean, is there a bit of a pickup then in Q4? And you know, the '26 cost guide seems to then be fairly independent of that spend.

Speaker #11: So so just wanted to again , just to probe that a little bit more . Thank you .

Bill Winters: That's great. Thanks, Amit. Maybe to repeat a little bit, I'll head over to Diego. Yeah, we've got four key pillars of our earnings growth and earnings driver, which are banking and financial markets, transaction banking. All of these are performing well. As Diego mentioned earlier, the momentum is good. In each case, obviously, the transaction banking is affected by the interest rate trends. When we look at the underlying operating trends, they're also good. Banking has been stellar this year. Financial markets have been very strong. Wealth, which obviously continues to be strong. With a good base and good momentum in each of those that we think can carry through to next year, we feel obviously in a good position to reiterate our positive jaws.

Speaker #5: That's great . Thanks . Amit . And maybe to to to repeat a little bit . But then I'll head over to to to Diego .

William Winters: Thanks Amit. Maybe to repeat a little bit, but then I'll head over to Diego. We've got four key pillars of our earnings growth and earnings driver, which are banking and financial markets, transaction banking, and all of these are performing well. As Diego mentioned earlier, the momentum is good in each case. Obviously, the transaction banking is affected by the interest rate trends, but when we look at the underlying operating trends, they're also good. Banking has been stellar this year. Financial markets has been very strong, and wealth, which obviously continues to be strong. With a good base and good momentum in each of those that we think can carry through to next year, we feel obviously in a good position to reiterate our positive jaws. I think we've been cautious as well in terms of some of the guidance that we've offered.

Speaker #5: We've got four key pillars of our earnings growth and earnings driver which are banking and financial markets transaction banking and all of these are performing well as Diego mentioned earlier , the momentum is good in each case .

Speaker #5: Obviously the transaction banking is affected by by the interest rate trends . But when we look at the underlying underlying operating trends , they're also good .

Speaker #5: And banking has has been stellar . This year . Financial markets has been has been very strong . And then well , which obviously continues to be strong .

Speaker #5: So with a good base and and good momentum in each of those that we think can carry through to next year , we feel obviously in a good position to to reiterate our positive jaws .

Bill Winters: I think we've been cautious as well in terms of some of the guidance that we've offered. I can tell you, Diego and I, the rest of the team, we're completely focused on meeting and then if we can, if it's possible for us, to exceed that guidance. For now, we focus on what we can do and focus on performance. Diego?

Speaker #5: I think we've been cautious as well in terms of of some of the guidance and that that we've offered . But I can tell you , Diego and I , the rest of the team were completely focused on on meeting .

William Winters: I can tell you, Diego and I, the rest of the team, we're completely focused on meeting and then if we can, if it's possible for us to exceed that guidance. For now, we focus on what we can do and focus on performance.

Speaker #5: And then if we can , if it's possible for us to exceed that guidance . But , but but for now , we focus on what we can do and focus on on performance .

Diego De Giorgi: Diego, very little to add to that between what Bill said and the picture you painted, Amit, it's exactly the right picture. It's all within our guidance. Yes, we are committed to both the cost cap and to positive jaws. You are right that if we flag that with the fact that we have no guidance for 2026 NII and that we have pointed out already the five moving parts in the discussion that we had before with Aman, it is true that non net interest income will grow faster than net interest income. Those are powerful engines of growth as Bill has just expanded on. No need to say more there. Yes, you're right. By indicating that we are going to be fine for our targets on Fit for Growth in 2025, we are implying that there is a pickup in Q4.

Speaker #5: But Diego .

Diego: Very little to add to that. Between what Bill said and the picture you painted, Amit, it's exactly the right picture. It's all within our guidance. Yes, we are committed to both the cost cap and to positive jaws. You are right that if we flag that with the fact that we have no guidance for 2026 NII and that we have pointed out all of the five moving parts in the discussion that we had before with Aman, it is true that non-net interest income will grow faster than net interest income. Those are powerful engines of growth, as Bill has just expanded on. No need to say more there. Yes, you're right. By indicating that we are going to be fine for our targets on Fit for Growth in 2025, we are implying that there is a pickup in Q4.

Diego De Giorgi: Very little to add to that. Between what Bill said and the picture you painted, Amit, it's exactly the right picture. It's all within our guidance. Yes, we are committed to both the cost cap and to positive jaws. You are right that if we flag that with the fact that we have no guidance for 2026 NII and that we have pointed out all of the five moving parts in the discussion that we had before with Aman, it is true that non-net interest income will grow faster than net interest income. Those are powerful engines of growth, as Bill has just expanded on. No need to say more there. Yes, you're right. By indicating that we are going to be fine for our targets on Fit for Growth in 2025, we are implying that there is a pickup in Q4.

Speaker #2: So very little , very little to add to that . You between what Bill said and the picture you painted , Amit , it's exactly it's exactly the right picture .

Speaker #2: It's all within within our guidance . And yes , we we are committed to both the cost cap and to positive jaws . And you are right that if we flag that with with the fact that I , that we have no guidance for 2026 and II and that we have pointed out all of the five moving parts in the discussion that we had before with Aman .

Speaker #2: It is true that the net interest , non net interest income will grow faster than net interest income . Those those are powerful engines of growth as Bill has just expanded on .

Speaker #2: So no need to say more . There . Yes you're right . We we by indicating that we that we are going to be fine for our targets on fit for growth in 2025 .

Speaker #2: We are implying that there is a pick up in Q4 and in terms of the independence of our commitment for 2026 , I mean , it's difficult to say that they are completely uncorrelated , but it is true that the cost cap is is a key commitment , and we are committed to the cost cap at 12.3 on cost and currency 12.4 at current currency .

Diego De Giorgi: In terms of the independence of our commitment for 2026, it's difficult to say that they are completely uncorrelated, but it is true that the cost cap is a key commitment and we are committed to the cost cap at $12.3 billion on constant currency, $12.4 billion at current currency. Undoubtedly. Thank you. Thank you very much. Operator or online questions.

Diego: In terms of the independence of our commitment for 2026, I mean, it's difficult to say that they are completely uncorrelated. It is true that the cost cap is a key commitment. We are committed to the cost cap at 12.3 on cost at currency, 12.4 at current currency, so undoubtedly. Thank you very much. Operator, or online questions?

Diego De Giorgi: In terms of the independence of our commitment for 2026, I mean, it's difficult to say that they are completely uncorrelated. It is true that the cost cap is a key commitment. We are committed to the cost cap at 12.3 on cost at currency, 12.4 at current currency, so undoubtedly. Thank you very much. Operator, or online questions?

Speaker #2: So undoubtedly thank you . Thank you very much . Operator . Or online questions .

Operator: Now I would like to hand over to Manus Castello for any written questions.

Operator: Now I would like to hand over to Manus Costello for any written questions.

Speaker #3: Now would like to hand over to Manus Costello for any written questions .

Diego De Giorgi: Thank you. We have a couple of questions on ROTE online. The first comes from Rob Noble. Rob asks, your guidance is for around a 13% ROTE and to progress thereafter. Should we expect an increase in ROTE specifically in 2026, or is the procedure a more general comment?

Alastair Warr: Thank you. We have a couple of questions on RoTE online. The first comes from Rob Noble. Rob asks, Your guidance is for around a 13% RoTE and to progress thereafter. Should we expect an increase in RoTE specifically in 2026, or is the progress a more general comment?

Manus Costello: Thank you. We have a couple of questions on RoTE online. The first comes from Rob Noble. Rob asks, Your guidance is for around a 13% RoTE and to progress thereafter. Should we expect an increase in RoTE specifically in 2026, or is the progress a more general comment?

Speaker #12: Thank you . We have a couple of questions on roti online . The first comes from Rob noble . Rob asks your guidance is for around a 13% roti and to progress thereafter .

Speaker #12: Should we expect an increase in roti specifically in 2026 ? Or is the progress a more general comment ?

William Winters: Just quickly before I hand to Diego, it's a general comment but one in which we have high conviction. Diego, you can give the breakdown on minute by minute on the ROTE.

Speaker #5: It just quickly before I hand to Diego , it's a general comment , but one in which we have high conviction . But Diego , you can give the the breakdown on minute by minute on the progression .

Bill Winters: Just quickly, before I hand to Diego, it's a general comment, but one in which we have high conviction. Diego, you can give the breakdown minute by minute on the ROT progression.

Diego: We have strong conviction. We are going to give you a return on tangible equity target specifically for 2026 when we give you full-year results. The way to look at it's a medium-term comment, but trends remain positive. Stay positive.

Diego De Giorgi: We have strong conviction. We are going to give you a return on tangible equity target specifically for 2026 when we give you full-year results. The way to look at it's a medium-term comment, but trends remain positive. Stay positive.

Speaker #2: We we have we have strong conviction that we are going to give you a return on tangible equity , target specifically for 2026 , when we give you full year results and the way to look at it , it's a medium term comment .

Diego De Giorgi: We have strong conviction. We are going to give you a return on tangible equity target specifically for 2020 when we give you full year results, and the way to look at it, it's a medium term comment, but trends remain positive. Stay positive. Thanks. The second question on ROTE comes from Gary Greenwood. Gary says you've guided to a ROTE of around 13% for the full year and have delivered an annualized ROTE of 16.5% in the first nine months, which implies you think the Q4 ROTE will be around 3%. Why do you expect such a big reduction in performance in the final quarter?

Speaker #2: But trends remain positive . So stay positive .

Alastair Warr: Thanks. The second question on RoTE comes from Gary Greenwood. Gary says, you've guided to a RoTE of around 13% for the full year and have delivered an annualized RoTE of 16.5% in the 9 months, which implies you think the Q4 RoTE will be around 3%. Why do you expect such a big reduction in performance in Q4?

Manus Costello: Thanks. The second question on RoTE comes from Gary Greenwood. Gary says, you've guided to a RoTE of around 13% for the full year and have delivered an annualized RoTE of 16.5% in the 9 months, which implies you think the Q4 RoTE will be around 3%. Why do you expect such a big reduction in performance in Q4?

Speaker #12: Thanks . The second question on roti comes from Gary Greenwood . Gary says you've guided to a roti of around 13% for the full year and have delivered an annualized roti of 16.5% in the first nine months , which implies you think the Q4 roti will be around 3% .

Speaker #12: So why do you expect such a big reduction in performance in the final quarter ?

William Winters: Thanks, Gary. We are singularly focused on building on the momentum coming out of Q3 and that we've indicated a couple times through the early part of Q4. To the extent that we can continue to capitalize on that momentum, market allowing and our own performance line, we would hope to be able to better, and I can tell you that's a singular focus. Our guidance is our guidance, and I think we want to be cautious in terms of how we adjust our guidance through time. I'm really looking forward to stepping back in February and giving some fully refreshed guidance on 2026 and then a lot more context for the broader business in our May session. Diego, any additional thoughts? Most welcome.

Bill Winters: Thanks, Gary. We are singularly focused on building on the momentum coming out of Q3 and that we've indicated a couple of times through the early part of Q4. To the extent that we can continue to capitalize on that momentum, market allowing and our own performance allowing, then we would hope to be able to do better. I can tell you that's a singular focus. Our guidance is our guidance. I think we want to be cautious in terms of how we adjust our guidance through time. Really looking forward to stepping back in February and giving some fully refreshed guidance on 2026 and then a lot more context for the broader business in our May session. Diego, any additional thoughts? Most welcome as always.

Speaker #5: Thanks , Gary . We are singularly focused on building on the momentum coming out of Q3 and that we've indicated a couple of times through the early part of Q4 and to the extent that we can continue to capitalize on that momentum market , allowing and our own performance allowing , then we would hope to be able to to do better .

Speaker #5: And I can tell you that's a singular focus . But , you our guidance is is our guidance . And I think we want to be be cautious in terms of how we adjust our guidance through time and really looking forward to stepping back in in February and giving some some fully refreshed guidance on 2026 and then a lot more context for for the broader business in our in our session .

Speaker #5: But , Diego , any any additional thoughts ? Most welcome . As always .

Diego De Giorgi: As always, nothing to add. I'm the cautious CFO and we are cautious on guidance and it's all going to.

Diego: Nothing to add. I'm the cautious CFO. We are cautious on guidance. It's all going well. Thank you.

Diego De Giorgi: Nothing to add. I'm the cautious CFO. We are cautious on guidance. It's all going well. Thank you.

Speaker #2: Nothing to add . I'm the cautious CFO and we are cautious on guidance . And it's all going well . Thank you .

Andy Halford: Thank you.

Diego De Giorgi: We'll go back to phone questions, please.

Alastair Warr: We'll go back to phone questions, please.

Manus Costello: We'll go back to phone questions, please.

Speaker #12: We'll go back to phone questions please .

Operator: Yes, of course. Now we're going to take our next question and the question comes from the line of Perlie Mong from Bank of America. Your line is open. Please ask your question. Hello, good morning. Can I just ask about ventures? I think your guidance for cumulative loss for 2025 and 2026 is less than $200 million, but this quarter alone is over $110 million if I'm looking at the numbers correctly. This year so far is already running at $117 million, including the gain on sale last quarter. I guess it implies a very large step up in profitability in ventures going forward. Just wondering where that's going to come from. Is it going to come from costs or is it going to come from maybe some disposals that you have in mind? That's number one.

Operator: Yes, of course. Now we're going to take our next question. The question comes to line of Perlie Mong from Bank of America. Your line is open. Please ask your question.

Speaker #3: Yes of course . And now we're going to take our next question . And the question comes line of Perlman from Bank of America .

Speaker #3: Your line is open . Please ask your question .

Perlie Mong: Hello. Good morning. Can I just ask about ventures? I think your guidance for cumulative loss for 2025 and 2026 is less than $200 million. This quarter alone is over $110 million, if I'm looking at the numbers correctly. This year so far is already running at $70 million, including the gain on sale last quarter. I guess it implies a very large step up in profitability in ventures going forward. Just wondering where that's going to come from. Is it going to come from costs, or is it going to come from maybe some disposals that you have in mind? That's number 1. Number 2 is I've just noticed that tax rate has been very low this quarter as well, I think running at about maybe 26%. Q1 was also in the mid-20s.

Speaker #13: Hello . Good morning . Can I just ask about ventures ? I think your guidance for cumulative loss for 25 and 26 is less than 200 million for this quarter alone , is over 110 .

Speaker #13: If I'm looking at the numbers correctly, this year so far is already running at $70 million, including the gain on sale last quarter.

Speaker #13: So I guess it implies a very large step up in profitability in ventures going forward . Just wondering where that's going to come from .

Speaker #13: Is it going to come from costs , or is it going to come from maybe some disposals that you you have , you have in mind ?

Speaker #13: So that's number one . And number two is I've just noticed that tax rate has been very low this quarter as well . I think running at about maybe 26% .

Operator: Number two is I've just noticed that tax rate has been very low this quarter as well, I think running at about maybe 26%. Half one was also in the mid-20% and that seems to be quite a bit below where you previously talked about, maybe in the high 20%. Just wondering how you should think about that going forward.

Speaker #13: Half one was also in the mid 20s . And that seems to be quite a bit below where you previously talked about maybe in the high 20s .

Perlie Mong: That seems to be quite a bit below where you previously talked about maybe in the high 20s. Just wondering how you should think about that going forward.

Speaker #13: So just wondering how should you think about that going forward ?

Bill Winters: Thanks for the questions, Perle. On ventures, we've seen continually improving operating performance in our digital banks. Of course, we're still in the investment phase. We're rolling out new products and services, including in wealth and digital assets and other things, which are going quite well. We would expect to see, just in terms of the narrowing of the gap and the generation of returns from all the things that you mentioned. Yes, I'm going to add income growth to the top of the line. We'll have ongoing expense management as we've had. While lumpy and less predictable in terms of the timing, we'll see gains on sale as well. We remain committed to our cumulative loss target in ventures over the planning period. Diego, why don't you add any color you'd like to that one and then pick up the tax rate question?

Speaker #5: Thanks for the thanks for the questions on ventures . The we've seen continually improving operating performance in our digital banks . And of course , we're still in the investment phase .

William Winters: Thanks for the questions, Bradley. On Ventures, we've seen continually improving operating performance in our digital banks and of course we're still in the investment phase. We're rolling out new products and services, including wealth and digital assets and other things which are going quite well. We would expect to see just in terms of the narrowing of the gap in the generation of returns from all the things you mentioned. Yes, I'm going to add income growth to the top of the line. We'll have ongoing expense management as we've had, and while lumpy and less predictable in terms of the timing, we'll see gains on sale as well. We remain committed to our cumulative loss target in Ventures over the planning period. Diego, why don't you add any color you'd like to that one and then pick up the tax rate question.

Speaker #5: We're rolling out new products and services , including in wealth and digital assets and other things which are going quite well . But we would expect to see just in terms of the narrowing of the gap in the generation of returns from all the things you mentioned .

Speaker #5: Yes , I'm going to add income growth to the top of the line . We'll have ongoing expense management as we've had and while lumpy and less less predictable in terms of the timing , we'll see gains on sale as well .

Speaker #5: So we remain committed to our cumulative loss target in ventures over the planning period . But Diego , why don't you add any color you'd like to that one and then pick up the tax rate question ?

Andy Halford: Sure.

Diego: Sure. Nothing to add other than I remind you, Perle, that Mox and Trust do turn profitable during the course of in 2026. That is an important part, an important component. On ETR, look, on ETR, 1st little caveat. Don't look at things too much on a quarter-by-quarter basis. It's right that we are on a good path. We are on a good path for a good reason, which is we are driving for a lower ETR. We just can't drive for a lower ETR on a specific quarter-by-quarter basis. This particular Q, a number of moving pieces, beneficial mix in terms of where we recognized where we had profits, lower unrecognized UK tax losses, lower non-deductibles, some US tax adjustments, lots of different small pieces that end up driving to a lower ETR.

Diego De Giorgi: Sure. Nothing to add other than I remind you, Perle, that Mox and Trust do turn profitable during the course of in 2026. That is an important part, an important component. On ETR, look, on ETR, 1st little caveat. Don't look at things too much on a quarter-by-quarter basis. It's right that we are on a good path. We are on a good path for a good reason, which is we are driving for a lower ETR. We just can't drive for a lower ETR on a specific quarter-by-quarter basis. This particular Q, a number of moving pieces, beneficial mix in terms of where we recognized where we had profits, lower unrecognized UK tax losses, lower non-deductibles, some US tax adjustments, lots of different small pieces that end up driving to a lower ETR.

Speaker #2: Sure . Nothing to add other than I remind you , firstly , that SunTrust do turn do turn profitable during the course of in 2026 .

Diego De Giorgi: Nothing to add other than I remind you fairly that MOX and Trust do turn profitable during the course of 2026. That is an important part, an important component on ETR. Look on ETR, first little caveat. Don't look at things too much on a quarter by quarter basis. It's right that we are on a good path and we are on a good path for a good reason, which is we are driving for a lower ETR. We just can't drive for a lower ETR on a specific quarter by quarter basis. This particular quarter, a number of moving pieces, beneficial mix in terms of where we recognized, where we had profit, lower unrecognized UK tax losses, lower non-deductibles, some U.S. tax adjustments, lots of different small pieces that end up driving to a lower ETR.

Speaker #2: So that that is and that is an important part , an important component on ETR . Look ETR one first little caveat . Don't look at things too much on a quarter by quarter basis , but it's right that we are on a good path and we are on a good path for a good reason , which is we are driving for a lower ETR .

Speaker #2: We just can't can't drive for a lower ETR on a specific quarter by quarter basis . This particular quarter , a number of moving pieces beneficial mix in terms of where we recognize where we had profits , a lower unrecognized UK tax losses , lower non deductibles , some US tax adjustments , lots of lots of different small pieces that end up driving to a lower ETR .

Diego: Yes, if I think of the ETR for this year, given we sit already at the end of Q3, does one think that within our long-term guidance that we are trying to lower ETRs to the high 20s, we are probably going to be in a good position within that context? The answer is yes. What you have to take from us is that it's an important priority of ours. It's something where whenever something is under our control, we do something about it. Sometimes, unfortunately, it's not completely under our control. That's what introduces quarterly volatility, why I suggest to look at it on a relatively slightly longer-term basis. Thank you. Thank you for the questions, Perle. Operator?

Diego De Giorgi: Yes, if I think of the ETR for this year, given we sit already at the end of Q3, does one think that within our long-term guidance that we are trying to lower ETRs to the high 20s, we are probably going to be in a good position within that context? The answer is yes. What you have to take from us is that it's an important priority of ours. It's something where whenever something is under our control, we do something about it. Sometimes, unfortunately, it's not completely under our control. That's what introduces quarterly volatility, why I suggest to look at it on a relatively slightly longer-term basis. Thank you. Thank you for the questions, Perle. Operator?

Diego De Giorgi: Yes, if I think of the ETR for this year, given we sit already at the end of the third quarter, does one think that within our long term guidance that we are trying to lower ETRs to the high 20s, we are probably going to be in a good position within that context? The answer is yes. What you have to take from us is that it's an important priority of ours. It's something where whenever something is under our control, we do something about it. Sometimes unfortunately it's not completely under our control and that's what introduces quarterly volatility. That's why I suggest to look at it on a relatively slightly longer term basis. Thank you. Thank you for the questions.

Speaker #2: And yes , if I think of the ETR for this year , given we sit already at the end of the third quarter , does one think that within our long term guidance that we are trying to lower etters to the high 20s , we are probably going to be in a , in a in a good position within that context , the answer is yes .

Speaker #2: What you have to take from us is that it's an important priority of ours . It's something where whenever something is under our control , we do something about it , and sometimes , unfortunately , it's not completely under our control .

Speaker #2: And that's what introduces quarterly volatility . Why ? I suggest to look at it on a relatively slightly longer term basis . Thank you .

Speaker #2: Thank you for the questions , pearly . Operator .

Andy Halford: Burly operator.

Operator: Yes, of course. We are going to take our next question. It comes through the line of James Invine from Redburn Atlantic. Your line is open. Please ask your question.

Operator: Yes, of course. Now we're going to take our next question. It comes to line of James Invine from Rothschild & Co. Your line is open. Please ask your question.

Speaker #3: Yes , of course . And now we're going to take our next question . And it comes from line of James Invin from Rothschilds and Redburn .

Speaker #3: Your your line is open . Please ask your question .

[Analyst 1]: Good morning, Bill.

Bill Winters: Good morning, Bill. Good morning, Diego. I wanted to ask about growth in the affluent business, please, specifically net new money. You've done over $40 billion so far this year. You're kind of tracking ahead of your $200 billion target over 5 years. You've got this big target to increase the relationship manager numbers by 50% or so. I presume that most of those people aren't even in the door yet. Why is your $200 billion target still the right one? Why isn't the net new money collection going to steadily increase as all these new relationship managers and the new wealth centers come online? Well, that's a great question because we're certainly optimistic that we can continue to drive in this direction. We also know that the environment at the moment is extremely attractive.

James Invine: Good morning, Bill. Good morning, Diego. I wanted to ask about growth in the affluent business, please, specifically net new money. You've done over $40 billion so far this year. You're kind of tracking ahead of your $200 billion target over 5 years. You've got this big target to increase the relationship manager numbers by 50% or so. I presume that most of those people aren't even in the door yet. Why is your $200 billion target still the right one? Why isn't the net new money collection going to steadily increase as all these new relationship managers and the new wealth centers come online?

Speaker #14: Good morning Bill . Good morning Diego . I wanted to ask about growth in the affluent business . Please specifically net new money .

Andy Halford: Good morning, Diego. I wanted to ask you about growth in the affluent business, please. Specifically net new money. You've done over $40 billion so far this year. You're kind of tracking ahead of your $200 billion target over five years. You've got this big target to increase the relationship manager numbers by 50% or so. I presume that most of those people aren't even in the door yet. Why is your $200 billion target still the right one? Why isn't the net new money collection going to steadily increase, increase as all these new relationship managers and the new wealth centers come online?

Speaker #14: So you've done over 40 billion so far this year . So you're kind of tracking ahead of your 200 billion target over five years .

Speaker #14: But you know , you've got this big target to increase the relationship manager numbers by 50% or so . I presume that most of those people aren't even in the door yet .

Speaker #14: So so why is your $200 billion target still the right one ? Why isn't the net new money collection going to steadily increase as all these new relationship managers and the new wealth centers come online ?

Bill Winters: Well, that's a great question because we're certainly optimistic that we can continue to drive in this direction. We also know that the environment at the moment is extremely attractive.

William Winters: That's a great question because we're certainly optimistic that we can continue to drive in this direction. We also know that the environment at the moment is extremely attractive. We know that the wealth business, like other businesses that we're in, has an element of cyclicality. This cyclicality is linked, amongst other things, to optimism about the investment markets. The optimism in investment markets is very high at the moment. That's a cyclical trend, but the underlying trends, you're absolutely correct, and we've had a good run this year. We are, as we're finding, as we try to hire and are succeeding in hiring these relationship managers, an extremely attractive destination for RMs.

Speaker #5: Well , that's a great question because yeah , we're certainly optimistic that we can continue to drive in this direction . We also know that the environment at the moment is is extremely attractive .

Bill Winters: We know that the wealth business, like other businesses that we're in, has an element of cyclicality. This cyclicality is linked, amongst other things, to optimism about the investment markets. The optimism in investment markets is very high at the moment. That's a cyclical trend. The underlying trends, you're absolutely correct. We've had a good run this year. As we're finding, as we try to hire and are succeeding in hiring these relationship managers, that we're an extremely attractive destination for RMs. It's not because we pay a premium. We don't. We pay a fair wage. We give them a better platform off of which to deal, which obviously means that their math is that they're going to make more money for themselves if they perform well off a platform that's easier to deliver strong results.

Speaker #5: We know that that the wealth business , like other businesses that we're in , has an element of cyclicality . And , and cyclicality is linked , amongst other things .

Speaker #5: To optimism about the the investment markets and the optimism in investment markets is very high at the moment . So that's a that's a cyclical trend .

Speaker #5: But the underlying trends you're absolutely correct . And we've had a good run this year . We are as we're finding as we try to hire and are succeeding in hiring these relationship managers that we're an extremely attractive destination for .

Speaker #5: Ms. . It's not because we pay a premium . We don't . We pay a fair wage , but we give them a better platform off of which to deal , which obviously means that their masses that they're going to make more money for themselves if they if they perform well off the platform , that's easier to deliver strong results .

William Winters: It's not because we pay a premium, we don't, we pay a fair wage, but we give them a better platform off of which to deal, which obviously means that their masses, that they're going to make more money for themselves if they perform well off a platform that's easier to deliver strong results. As Diego De Giorgi mentioned early on, the strong net promoter score, the full breadth of products that we offer, the fact that we're an extremely attractive distributor for the world's best manufacturers, asset managers, insurance companies, etc., is a huge advantage. We don't compete with them because of our open architecture. These are all things that are supportive of our ability to achieve the target that we've set out. It's not a target, actually, it's guidance that we've given. Let's make the distinction between the two. Is there upside? Yeah, absolutely.

Bill Winters: As Diego mentioned early on, the strong Net Promoter Score, the full breadth of products that we offer, the fact that we're an extremely attractive distributor for the world's best manufacturers, asset managers, insurance companies, etc., is a huge advantage. We don't compete with them because of our open architecture. These are all things that are supportive of our ability to achieve the target that we've set out. It's not a target, actually. It's guidance that we've given. Let's make the distinction between the two. Is there upside? Yeah, absolutely. It'll depend on a lot of things. The execution part of that is going quite well. The market part of that, we can't control.

Speaker #5: And as Diego mentioned early on , the strong Net Promoter score , the full breadth of products that we that we offer , the fact that we're an extremely attractive distributor for the world's best manufacturers , asset managers , insurance companies , etc.

Speaker #5: is a huge advantage. We don't compete with them because of our open architecture. So these are all things that are supportive of our ability to achieve the target that we set out, and it's not a target actually.

Speaker #5: It's it's guidance that we've given . Let's make the distinction between the two and the is there upside ? Yeah , absolutely . It will depend on a lot of things .

William Winters: It'll depend on a lot of things, but the execution part of that is going quite well. The market part of that we can't control. Maybe a final note on that is that the diversity of products that we offer and the fact that we're targeting, of course, at the private bank segment, which is growing very well and has generated nice returns for us, our sweet spot is the one notch below the ultra high net worth. The affluent, still substantial AUM, but they tend to be less competitive in terms of the number of banks that they have that they're dealing with. Our products and our advice are highly suited to that client segment, and our deployment of technology, AI and otherwise, is also highly suited to that cohort and is higher margin than the ultra high net worth segment, which is also attractive.

Speaker #5: But the execution part of of that is going quite well . The market part of that we can't control . But I mean maybe final , final note on that is that the diversity of products that we offer and the fact that we're , we're targeted , of course , at the private bank segment , which is growing very well and has has generated nice returns for us .

Bill Winters: Maybe final note on that is that the diversity of products that we offer, and the fact that we're targeted, of course, at the private bank segment, which is growing very well and has generated nice returns for us, our sweet spot is the 1 notch below, the ultra-high net worth, so the affluent, still substantial AUM. They tend to be less competitive in terms of the number of banks that they have that they're dealing with. Our products and our advice is highly suited to that client segment. Our deployment of technology, AI, and otherwise, is also highly suited to that cohort and is higher margin than the ultra-high net worth segment, which is also attractive, right? Yeah, I'm kind of answering your question by saying I agree with your proposition. Our guidance is our guidance.

Speaker #5: Our sweet spot is the the one notch below the ultra high net worth . So the affluent still substantial AUM , but they tend to be less competitive in terms of of the number of banks that they have that they're dealing with .

Speaker #5: And our products and our advice is highly suited to that client segment . And our deployment of technology , AI and otherwise , is also highly suited to that cohort .

Speaker #5: And it's higher margin than the ultra high net worth segment , which is also attractive . Right . So yeah , I'm kind of answering your question by saying I agree with your proposition , but our guidance is our guidance .

[Analyst 2]: Right.

William Winters: I'm kind of answering your question by saying I agree with your proposition, but our guidance is our guidance, and it seems like an appropriate target at the time that we made it. If we ever choose to update it, you'll be the first to know.

Bill Winters: It seems like an appropriate target at the time that we made it. If we ever choose to update it, you'll be the first to know. Lovely. Look forward to it. Thanks, Bill.

Bill Winters: It seems like an appropriate target at the time that we made it. If we ever choose to update it, you'll be the first to know.

Speaker #5: And it seems like an appropriate target at the time that we made it . And if we ever choose to update it , you'll be the first to know .

James Invine: Lovely. Look forward to it. Thanks, Bill.

Andy Halford: Lovely.

[Analyst 1]: Look forward to it.

Speaker #14: Lovely . Look forward to it . Thanks , Bill .

Andy Halford: Thanks, Bill.

Operator: Thank you so much.

Speaker #3: Thank you so much .

Andy Halford: Next question, operator.

Operator: Next question, Operator.

Bill Winters: Next question, Operator.

Speaker #2: Next question . Operator .

Operator: Yes, of course. We are going to take our next question. The question comes from the line of Alastair Charles Warr from Autonomous Research. Your line is open. Please ask your question.

Operator: Yes, of course. Now we're going to take our next question. The question comes to line of Alastair Warr from Autonomous Research. Your line is open. Please ask your question.

Speaker #3: Yes , of course . And now we're going to take our next question . And the question comes the line of Alastair from Autonomous Research .

Speaker #3: Your line is open. Please ask your question.

William Winters: Good morning, Bill. Morning, Diego. I've got two questions, please. One on retail and one on the CIB side. In retail, the ECL charge is down quite a bit on the run rate from really the last year or two. Could you just give a little bit of color there on whether there's something improving on an underlying business basis that we can extrapolate from, or if there's anything that's one off in the quarter in there? Just on the CIB side, could you give a little bit of color on what the pipeline is looking at on the originate to distribute business? Yeah, real quick. I know Diego will have color as well. We have changed the structure of our bank. We've sold a number of our mass market consumer credit businesses.

Alastair Warr: Good morning, Bill. Good morning, Diego. I've got 2 questions, please, 1 on retail and 1 on the CIB site. In retail, the ECL charge is down quite a bit on the run rate from really the last year or 2. Could you just give a little bit of color there on whether there's something improving on an underlying business basis that we can extrapolate from or if there's anything that's 1-off in the quarter in there? Just on the CIB side, could you give a little bit of color on what the pipeline is looking at on the originate-to-distribute business?

Speaker #14: Good morning .

Speaker #15: Good morning Diego , I've got two questions , please . One on retail and one on on the CIB side in retail . The ECL charge is down quite a bit on the run rate from really the last year or two .

Speaker #15: So could you just give a little bit of color there on whether there's something improving on an underlying business basis that we can extrapolate from , or if there's anything that's one off in the quarter in there and just on the CIB side , could you give a little bit of color on what the pipeline is looking at on the on the originator business ?

Bill Winters: Yeah, real quick. I know Diego will have color as well. We have changed the structure of our bank. We've sold a number of our mass market consumer credit businesses. We've also refined our underwriting standards, especially in markets that have experienced some periods of stress, Hong Kong and China, for example. Part of this is a deliberate shifting in the nature of the business. That comes from a basic business model call, which is that, frankly, we've got too much good stuff going on to feel the need to bet on black or bet on red in terms of the overall consumer credit sentiment. We don't want to play beta in these markets. We want to play alpha in everything that we do. We found it hard to generate alpha in unsecured consumer credit.

Speaker #5: Yeah , real quick . And I know Diego will have have color as well . We have changed the structure of of our bank .

Speaker #5: We've we've sold a number of our mass market consumer credit businesses . We've also refined our underwriting standards . So especially in that have experienced some periods of stress , Hong Kong and China , for example .

William Winters: We've also refined our underwriting standards, especially in markets that have experienced some periods of stress, Hong Kong and China, for example. Part of this is a deliberate shifting in the nature of the business and that comes from a basic business model call, which is that frankly we've got too much good stuff going on to feel the need to bet on black or bet on red. In terms of the overall consumer credit sentiment, we don't want to play beta in these markets. We want to play alpha in everything that we do. Found it hard to generate alpha in unsecured consumer credit. As I say, we would rather liberate the beta capital and deploy it into things where we can play alpha. There's an element of structural to it for sure, which reflects the decisions that we've taken in terms of where we position our business.

Speaker #5: So part of this is a deliberate shifting in the nature of the business . And that comes from a basic business model call , which is that we really frankly , we've got too much good stuff going on to feel the need to bet on black or bet on red in terms of the overall consumer credit sentiment .

Speaker #5: We don't want to play beta in these markets. We want to play alpha in everything that we do, and we found it hard to generate alpha in unsecured consumer credit.

Bill Winters: As I say, we would rather liberate the beta capital and deploy it into things where we can play alpha. There's an element of structural to it, for sure, which reflects the decisions that we've taken in terms of where we position our business. We're seeing, I say, a slight improvement across our markets in terms of the market-wide credit losses, i.e., beta, in the markets where we operate. Diego, feel free to you can contradict me on this one because we've not had that specific discussion in the last 16 hours.

Speaker #5: And and as I say , we would rather liberate the beta capital and deploy it into things where we can play alpha . So there's an element of structural to it for sure , which reflects the the decisions that we've taken in terms of where we position our business and but we've also we're seeing a I say a slight improvement across our markets in terms of the , the market wide credit losses , I beta in the markets where we operate .

William Winters: We're also seeing, I'd say, a slight improvement across our markets in terms of the market wide credit losses. Beta in the markets where we operate. That's. Diego, feel free to. You can contradict me on this one because we don't have that specific discussion in the last 16 hours.

Speaker #5: But but that's Diego . Feel free to you can contradict me on this one because we don't have a specific discussion in the in the last 16 hours .

Diego: No contradiction at all. It's deliberate management actions. You see it quarter by quarter. You see it also across our network. It's the tuning some of the CCPL ventures in China, for example, at times, selling a portfolio of credit cards in India. It's deliberate. It's in action.

Diego De Giorgi: No contradiction at all. It's deliberate management actions. You see it quarter by quarter. You see it also across our network. It's the tuning some of the CCPL ventures in China, for example, at times, selling a portfolio of credit cards in India. It's deliberate. It's in action.

Speaker #16: So no , no , no contradiction .

Diego De Giorgi: No contradiction, no contradiction at all. It's deliberate management actions, and you see it quarter by quarter. You see it also across our network. It's the tuning, some of the CCPL ventures in China, for example, at times selling a portfolio of credit cards in India. It's deliberate, and it's in action.

Speaker #2: No contradiction at all . It's it's deliberate . It's deliberate management actions and and you see it quarter by quarter . You see it .

Speaker #2: You see it also across our network . It's the tuning . Some of the CCP ventures in China , for example , at times selling a portfolio of credit cards in in India , it's it's deliberate and it's in action .

William Winters: The CIP pipeline is looking really good. We've said for several years now that we intend to significantly increase our pace of origination and we have that. We intend to distribute the bulk of that and we have, hence the very active RWA management. You've seen the results in banking in the first three quarters of this year, which are very strong and the pipeline continues very strong. That is public capital markets, it's private capital markets, it's O2D. It's very important partnerships we've got in private credit, which we're continuing to expand on. It's the ongoing growth in our sustainable finance business, which is setting new records every quarter. Despite the shift in sentiment in some parts of the world, the bulk of the markets where we operate continue to be very focused on financing a transition to a low carbon economy.

Bill Winters: The CIB pipeline is looking really good. We've said for several years now that we intend to significantly increase our pace of origination. We have. That we intend to distribute the bulk of that. We have, hence, the very active RWA management. You've seen the results in banking in the first three quarters of this year, which are very strong. The pipeline continues very strong. That's public capital markets. It's private capital markets. It's O2D. It's very important partnerships we've got in private credit, which we're continuing to expand on. It's the ongoing growth in our sustainable finance business, which is setting new records every quarter, despite the shift in sentiment in some parts of the world that the bulk of the markets where we operate continue to be very focused on financing a transition to a low-carbon economy.

Speaker #5: And the the CB pipeline . The pipeline is looking really good . You know , we've said for several years now that we intend to significantly increase our pace of origination , and we have that .

Speaker #5: We intend to distribute the bulk of that . And we have hence the the the very active RWA management . You've seen the results in banking in the first three quarters of this year , which are very strong , and the pipeline continues very strong .

Speaker #5: So that's public capital markets . It's private capital markets . It's O2 , it's a very important partnerships . We've got in private credit , which we're continuing to expand on .

Speaker #5: It's the ongoing growth in our sustainable finance business , which is , you setting new records every quarter despite the the the shift in sentiment in some parts of the world that the bulk of the markets where we operate continue to be very focused on financing the transition to a low carbon economy .

William Winters: They see us as a very natural place to turn to for that kind of business. The pipeline is good. In short, answer to your question.

Bill Winters: They see us as a very natural place to turn to for that kind of business. Pipeline is good, in short answer to your question.

Speaker #5: And they see us as a very natural place to turn to for that kind of business . So pipeline is good . In short answer to your question .

Diego: Thank you, Operator. Next question.

Diego De Giorgi: Thank you, Operator. Next question.

Diego De Giorgi: Thank you, operator.

Speaker #16: Thank you all for your attention.

Operator: Thank you so much. We are going to take our next question. It comes from the line of Ed Fes from KBW. Your line is open. Please ask your question.

Operator: Thank you so much. Now we're going to take our next question. It comes to line of Edward Firth from KBW. Your line is open. Please ask your question.

Speaker #3: So much . And now we're going to take our next question . And it comes to line of advisors from KB . Your line is open .

Speaker #3: Please ask your question .

[Analyst 2]: Good morning everybody. Thanks for taking my question. I just had two also. The first one was just about revenue guidance for this year because if I take your, I think you said towards the upper end, but actually if I just take the upper end at 7%, then unless my math is wrong, that's about $20.7 billion, which would imply, I mean you've done $16 billion already, that would imply sub $5 billion for Q4, which, I think I have to go back to 2023 to see a quarter as poor as that. Yet all your talk on the call is about a strong start, great pipeline, everything going well. I'm just checking, should we just broadly ignore that as a guidance? It doesn't seem to really fit with anything else you're saying. That would be my first question. The second question in terms of RWAs.

Edward Firth: Yeah, morning, everybody. Thanks for taking my question. I just had two also. The first one was just about revenue guidance for this year because if I take your I think you said towards the upper end. Actually, if I just take the upper end at 7%, unless my math is wrong, that's about $20.7 billion, which would imply I mean, you've done $16 billion already. That would imply sub-$5 billion for Q4, which I mean, I think you'd have to go back to 2023 to see a quarter as poor as that. Yet, all your talk on the call is about a strong start, great pipeline, everything going well. I'm just checking. Should we just broadly ignore that as a guidance because it doesn't seem to really fit with anything else you're saying? That would be my first question.

Speaker #17: Good morning everybody and thanks for taking my questions . I just had two . Also . The first one was just about revenue guidance for this year because if I take your I think you said towards the upper end , but actually if I just take the upper end at 7% , then unless my math is wrong , that's about 20.7 billion , which would which would imply , I mean , you've done 16 billion already .

Speaker #17: So that would imply sub $5 billion for Q4, which I mean, I think I'd have to go back to '23 to see a quarter as poor as that.

Speaker #17: And yet all your talk on the call is about a strong start. Great pipeline. Everything going well. So I'm just checking: should we just broadly ignore that as guidance? Because it doesn't seem to really fit with anything else you're saying.

Speaker #17: So, that would be my first question. And then the second question, in terms of RW. So, I get that right. It's too early in the morning.

Edward Firth: The second question, in terms of RWAs. Sorry, I get that right, it's too early in the morning. I think you're saying, again, single-digit growth for this year. I think you're already up 5%. I think you said op risk is going to come into Q4 as well. Is that sort of like an ex-op risk? Are we going to get a big reduction in market risk weighted assets in Q4 as we've had in the past? Is that the way we should think of it? Those are 2 questions. If that's all right, thanks.

[Analyst 2]: I get that right. Too early in the morning, I think you're thinking again, single digit growth for this year. I think you're already up 5% and I think you said OP risk is going to come into Q4 as well. Is that like an ex OP risk or are we going to get a big reduction in market risk weighted assets in Q4 as we've had in the past? Is that the way we should think of it? Those are two questions. That's all right. Thanks.

Speaker #17: I think you're saying again , single digit growth for this year , but I think you're already up 5% . And I think you said OP risk is going to come into Q4 as well .

Speaker #17: So are we . Is that sort of like an xop risk or are we going to get a big reduction in market risk , risk weighted assets in Q4 , as we've had in the past , is that the way we should think of it ?

Speaker #17: So those are two questions. That's all right. Thanks.

William Winters: Thank you, Ed. You're quite sharp for such an early time in the morning, so you should never ignore Diego. You can listen to me as well, which is to say that we feel very good about the momentum in our business. We've had a good start to Q4. Our guidance is our guidance, and I think we've tended to err on the side of caution. I can tell you when we exit this call and go back to work, we're not focused on the guidance we've given or the corporate plan or the budget or what's implied in our share price. We're focusing on how to take a really good business with a really good pipeline and make a lot more money, and we feel quite good about that.

Bill Winters: Thank you, Ed. You're quite sharp for such an early time in the morning. You should never ignore Diego. You can listen to me as well, which is to say that we feel very good about the momentum in our business. We've had a good start to Q4. Our guidance is our guidance. I think we've tended to err on the side of caution. I can tell you, when we exit this call and go back to work, we're not focused on the guidance we've given or the corporate plan or the budget or what's implied in our share price. We're focusing on how to take a really good business with a really good pipeline and make a lot more money. We feel quite good about that.

Speaker #5: Thank you . And and you're quite sharp for such an early time in the morning . So you should never ignore Diego . But you can you can listen to me as well .

Speaker #5: Which is to say that we feel very good about the momentum in our business . We've had a good start to Q4 . Our guidance is our guidance , and I think we've tended to to on the side of caution .

Speaker #5: But I can tell you when we when we exit this call and go back to work , we're not focused on the guidance we've given or the corporate plan or the budget or what's implied in our share price .

Speaker #5: We're focusing on how to take a really good business with a really good pipeline and make a lot more money. And we feel quite good about that.

Bill Winters: You'll put that into the pipe and decide which parts of it you want to smoke and which parts you want to leave in the ashtray. I'll just turn over to Diego since you laid into him directly. We'll pick it up from there.

William Winters: You'll put that into the pipe and decide which parts of it you want to smoke and which parts you want to leave in the ashtray. I'll just turn over to Diego since you laid into him directly, and we'll pick it up from there.

Speaker #5: So you'll , you'll put that into the pipe and decide which parts of it you want to smoke and which parts you want to leave in the ashtray on , on .

Speaker #5: I'll just turn it over to Diego, since you laid into him directly, and we'll pick it up from there.

Diego De Giorgi: I'm going to say nothing else because my CEO has come to my help and I am grateful for that. On the first question, nothing else to say there. On RWAs, let me say it's something that I think is important. Once again, guidance is guidance. Do not read and do not exaggerate the reading into what it moves, but do take care of the fact of two factors. One, we will deploy risk weighted assets in the place where it makes us the highest return on tangible equity on a matter that we think of reducing market risk weighted assets in the next quarter or we think this is a very organic management. We have accelerated the velocity of capital in the bank and we continue to do that and we manage that very actively.

Diego: I'm going to say nothing else because my CEO has come to my help. I am grateful for that on the first question. Nothing else to say there. On RWAs, let me say it's something that I think is important. Once again, no, guidance is guidance. Do not exaggerate the reading into what it moves. Do take care of the fact of 2 factors. 1, we will deploy risk-weighted assets in the place where it makes us the highest return on tangible equity. It's not a matter that we think of reducing market risk-weighted assets in the next quarter. We think this is a very organic management. We have accelerated the velocity of capital in the bank. We continue to do that. We manage that very actively, so actively that at times and you've seen this in Q1 and Q2.

Diego De Giorgi: I'm going to say nothing else because my CEO has come to my help. I am grateful for that on the first question. Nothing else to say there. On RWAs, let me say it's something that I think is important. Once again, no, guidance is guidance. Do not exaggerate the reading into what it moves. Do take care of the fact of 2 factors. 1, we will deploy risk-weighted assets in the place where it makes us the highest return on tangible equity. It's not a matter that we think of reducing market risk-weighted assets in the next quarter. We think this is a very organic management. We have accelerated the velocity of capital in the bank. We continue to do that. We manage that very actively, so actively that at times and you've seen this in Q1 and Q2.

Speaker #16: So .

Speaker #2: I'm going to say nothing else , because my CEO has come to my help , and I am grateful for that . On the first question , nothing else , nothing else to say there .

Speaker #2: On Ross . Let me say something that is that I think is important . Once again , not the guidance is guidance , but do not read , do not exaggerate the reading into what it moves , but do take care of the fact of two factors one .

Speaker #2: We will deploy risk weighted assets in the place where it makes us the highest return on tangible equity . Not a matter that we think of reducing market risk weighted assets in the next quarter , or we think this is a very organic management .

Speaker #2: We have accelerated the velocity of capital in the bank, and we continue to do that. We manage that very actively.

Diego De Giorgi: So actively that at times, and you've seen this in Q1 and Q2 and you're seeing it again in Q3, there are quarters where we deploy risk weighted assets in order to propel our business and there are quarters in which we don't need it and instead we deploy leverage or we do it in other ways or we do it through fees. It's difficult to forecast. Where do we go? I think that low single digits remained a good guidance for the course of this year. If I can only put in one very minor cautionary point in all of this while maintaining the sunny outlook that Bill has so eloquently put out, I do point out that Q4 is seasonally the weakest quarter of any bank and it's a weaker quarter for us. Again, not much to read into that other than history upward.

Speaker #2: So actively that at times . And you've seen this in Q1 and Q2 , and you're seeing it again in Q3 . There are quarters where we deploy weighted assets in order to propel our business , and there are quarters in which we don't need it , and instead we deploy leverage or we do it in other ways , or we do it through fees .

Diego: You're seeing it again in Q3. There are quarters where we deploy risk-weighted assets in order to propel our business. There are quarters in which we don't need it. Instead, we deploy leverage. We do it in other ways. We do it through fees. It's difficult to forecast where do we go. I think that low single digits remain a good guidance for the course of this year. If I can only put in one very minor cautionary point in all of this while maintaining the sunny outlook that Bill has so eloquently put out, I would point out that Q4 is seasonally the weakest quarter of any bank. It's a weaker quarter for us. Again, not much to read into that other than history at work. Thank you for the questions, Ed. Next question.

Diego De Giorgi: You're seeing it again in Q3. There are quarters where we deploy risk-weighted assets in order to propel our business. There are quarters in which we don't need it. Instead, we deploy leverage. We do it in other ways. We do it through fees. It's difficult to forecast where do we go. I think that low single digits remain a good guidance for the course of this year. If I can only put in one very minor cautionary point in all of this while maintaining the sunny outlook that Bill has so eloquently put out, I would point out that Q4 is seasonally the weakest quarter of any bank. It's a weaker quarter for us. Again, not much to read into that other than history at work. Thank you for the questions, Ed. Next question.

Speaker #2: So it's difficult to forecast. Where do we go? I think that low single digits remain a good guidance for the course of this year.

Speaker #2: And if I can only put in one very minor cautionary point in all of this , while maintaining the sunny outlook that that bill has so eloquently put out , I would I would point out that Q4 seasonally the weakest quarter of any bank , and it's a weaker quarter for us .

Speaker #2: Again , not much to read into that other than history at work . Thank you for the question . Next question .

Diego De Giorgi: Thank you for the questions, Ed.

Andy Halford: Next question.

Bill Winters: Thank you.

Speaker #5: I'm .

Operator: There are no further questions for today. I would now like to hand the conference over to your speaker, Bill Winters, for any closing remarks.

Operator: Dear speaker, turning over the questions for today. I would now like to hand the conference over to your speaker, Bill Winters, for any closing remarks.

Speaker #3: The speaker for the questions for today . I would now like to hand the conference over to your speaker , Bill winters , for any closing remarks .

[Analyst 2]: Great.

Bill Winters: Great. Thanks very much, everybody, as well. I know it's a super busy day. Thank you for both preparing for the call but then asking some very good and helpful questions. Thanks for the ongoing support. I think we'll wrap it up 1 hour in on time, on budget. Look forward to seeing you next time.

Speaker #5: Great . Thanks very much , everybody as well . I know it's a super busy day , and thank you for both preparing for the call , but then asking some very good and helpful questions .

William Winters: Thanks very much everybody as well. I know it's a super busy day, and thank you for both preparing for the call and asking some very good and helpful questions. Thanks for the ongoing support. I think we'll wrap it up one hour in, on time, on budget, and look forward to seeing you next time.

Speaker #5: Thanks for the ongoing support. I think we'll wrap it up one hour in, on time and on budget, and I look forward to seeing you next time.

Diego De Giorgi: Thank you all.

Diego: Thank you all.

Diego De Giorgi: Thank you all.

Speaker #18: Thank you all . .

Operator: This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day. Dear speakers, I just place you back into the private room.

Speaker #3: This concludes today's conference call . Thank you for participating . You may now all disconnect . Have a nice day . The speakers I just placed you back into the private room .

Bill Winters: Yeah, feel free to talk now. Yeah, feel free to talk. Thanks.

William Winters: Yeah, you're free to talk.

Speaker #19: Yeah , you're free to talk . Thanks .

[Analyst 2]: Thanks.

William Winters: Okay, well done, guys. Excellent prep as always.

Diego: Okay. Hey, well done, guys. Excellent prep, as always.

Bill Winters: Okay. Hey, well done, guys. Excellent prep, as always.

Speaker #5: Okay. Hey. Well done guys. Excellent prep as always.

Speaker #12: We .

Operator: It.

Q3 2025 Standard Chartered PLC Earnings Call

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