Hello, everyone, and thank you for joining our second-quarter earnings call. This is Kaan speaking.

I hope you are all well. Let me start with what has changed since our last earning call.

The operating environment has proven more challenging than we had anticipated, with continued geopolitical tensions adding uncertainty to the global and domestic outlook. At home, the disinflation process is progressing more gradually, the expected easing cycle has been pushed back, and macroprudential measures have been tightened further.

At the same time, the continued rebuilding of the central bank's reserves remains an important source of confidence and reinforces the credibility of the broader policy framework. For the banking sector, the implications are clear: higher funding costs are likely to persist for longer, delaying the pace of margin recovery, while asset quality remains a key area of focus in restrictive operating environment.

Taken all together, these developments have also pushed out the timing of sustainable, real return on equity generation for the sector. The direction of travel remains intact, but the path is proving longer and more demanding than previously expected.

Against this backdrop, we have revised our return on equity guidance for this year to 23% to 25% from high-20s. Of course, Ebru will share all the details.

Going forward, disciplined balance sheet management, strong capital, prudent provisioning, and resilient customer franchise have become even more important. Our focus is, therefore, not only on managing the current environment, but also on ensuring that we are well-positioned to capture the opportunities that will emerge as conditions eventually normalize.

One of Akbank's key strengths has always been our ability to adapt. Our adaptability comes from disciplined strategic decision-making rather than reacting to short-term market developments.

As the operating environment evolved, we made deliberate choices to further strengthen our balance sheet and the resilience of our franchise. We continue to reshape our asset mix toward higher-yielding assets while maintaining selective and disciplined loan growth and gradually reducing the share of securities in our balance sheet.

While optimizing our asset mix, we maintained resilient provision buffers and remained prudent in asset quality. Our risk management is reflected in a 380 basis points reduction in our share of private banks' NPLs since the beginning of last year.

This includes a further 130 basis points improvement year-to-date. On the funding side, we continue to capitalize on the strength of our customer franchise.

This enabled us to increase our zero-cost demand deposit market share among private banks on a quarterly basis by 120 basis points through disciplined liability management. The strength of our customer franchise continues to drive resilient fee generation, with quarterly fee income covering all of our quarterly operating expenses and supporting strong operating leverage.

Most importantly, our robust capital position of total capital 16.4% and Tier 1 of 13.3% provides the strategic flexibility to turn today's disciplined decisions into tomorrow's growth opportunities. On that note, before moving to the financials, let me briefly touch on how we are positioning Akbank for the near future.

Our strategy is built around transforming how we serve our customers through a stronger advisory model, next-generation digital capabilities, and a scalable bank-wide approach to AI. We are redesigning our service model by expanding relationship-led coverage where advice creates the most value.

At the same time, we are making digital the primary service channel for our mass consumer and SME customers. This allows us to serve more customers while enhancing customer experience and productivity.

Digital and AI go hand in hand. We are evolving our mobile application into an AI-powered financial companion and building integrated digital platforms that simplify banking for businesses.

Our AI strategy is built to scale, integrated across the bank, and supported by a robust governance framework. Rather than deploying AI in isolated use cases, we are building a common infrastructure that allows us to embed AI across the bank, from customer interactions and relationship management to back-office operations and software development.

This enterprise-wide approach gives us confidence that AI will become a meaningful driver of both productivity and future growth. Finally, we are continuing to strengthen our subsidiaries and ecosystem partnerships, creating additional growth opportunities beyond our core banking franchise.

Taken together, these initiatives reinforce our ability to deliver sustainable growth, strong returns, and long-term shareholder value. I will now pass it over to Ebru to walk you through our results in more detail.

Following that, we will be happy to answer any questions you may have. Ebru, over to you.

Thank you.

Thank you, Kaan Bey. As you have just mentioned, while the long-term direction remains intact, higher funding costs are delaying both margin recovery and the sector's real ROE generation.

In the first half of this year, our net income was up by 38% year-on-year to 34 billion 333 million and resulting in an ROE of 22.2% and an ROA of 1.9%. During the same period, our revenues increased by 45% year-on-year to 140 billion 320 million.

Net interest income expanded by 95% year-on-year, driven by our agile balance sheet management and relatively lower funding cost environment compared to the same period of last year. Our strong customer franchise continued to drive resilient fee generation, delivering 35% year-on-year fee income growth and fully covering quarterly opex.

However, as the higher-for-longer rate environment proved more persistent than anticipated, we revised our NIM guidance to reflect a slower margin recovery. While resilient fee income, disciplined cost management, and strong asset quality continue to support earnings, the slower margin recovery has translated into a downward revision in our full-year ROE guidance from high-20s to 23% to 25%, as you just mentioned.

Now, let's dive into the quarter's financial performance and key drivers, starting with the balance sheet. As Kaan Bey highlighted, we remained disciplined in our lending strategy, prioritizing risk-adjusted growth while optimizing maturity and enhancing yields in our target segments.

We continue to restructure our asset mix, increasing higher-yielding assets while gradually reducing the weight of TL securities in our balance sheet, a strategic shift that has been underway for the past few years. This strategy has translated into a meaningful shift in our asset mix, with the share of TL loans in total TL assets rising by 7 percentage points to 59% since 2024, while the share of TL securities, excluding corporate bonds, has declined by 3 percentage points in the same period.

Most importantly, we have achieved this without compromising our prudent approach to asset quality while preserving strong coverage ratios. Our selective TL loan growth focus has contributed to the 8% year-to-date growth in TL loans and noteworthy market share gains in business loans among private banks.

As a result, we remain committed to our full-year TL loan growth guidance of over 30% shared at the start of the year. Turning to our loan mix, we maintained a well-balanced and strategically diversified loan book across segments.

Portfolio resilience is underpinned by the strong diversification, with no single sector accounting for more than 8% of our business loans. We continued to proactively monitor sector-specific risks and take early actions where needed, actively managing portfolio concentrations to preserve strong asset quality.

Meanwhile, we continue to grow our FX loan book, delivering 3% year-to-date growth in US dollar terms despite a more restrictive operating environment. While tighter regulatory caps led us to modestly revise our full-year foreign currency loan growth guidance to high single digit, execution remained strong.

We delivered a 30 basis points quarterly market share gain and continued to progress towards our 2028 strategic ambitions. Moving on to securities, we remain dedicated to actively repositioning our securities portfolio, aligning with the evolving macroeconomic environment while enhancing the yields.

On the TL side, we increased the share of TLREF-indexed bonds by 6 percentage points since the end of 2024 while reducing fixed-rate securities by 7 percentage points to improve carry in a higher-for-longer interest rate environment. During the same period, we increased the share of foreign currency securities in total securities by 8 percentage points to 35%, primarily through timely buildup of NIM-accretive Eurobond investments.

As a side note, we maintained our leading position in blue-chip corporate bonds, representing around 8% of our TL securities. Overall, our timely, yield-focused portfolio actions have continued to support margins while positioning us for a resilient performance going forward.

On the funding side, our strong customer franchise has continued to support deposit cost optimization while providing flexibility in meeting Central Bank's ratio requirements. We achieved 130 basis points year-to-date increase in TL demand deposit market share among private banks while maintaining a healthy 55% share in sticky, low-cost TL time deposits, reinforcing the strength and the stability of our funding base.

Looking ahead, our well-structured balance sheet and sound deposit mix are expected to support gradual and sustainable NIM improvement. Let's move on to the wholesale funding side.

Our transactions since the beginning of the year reaffirmed international investors' confidence in our franchise despite heightened geopolitical volatility. During the quarter, we successfully completed a $500 million Tier 2 issuance at an 8.25% yield with an order book exceeding $1.2 billion, demonstrating continued strong investor demand.

We also exercised the call of the outstanding Tier 2, maintaining our consistent track record. Our diversified funding strategy continues to provide us with reliable access to international funding markets across different market environments.

Moving on to profitability, let's start with the net interest margin. Heightened geopolitical uncertainty and tighter funding conditions continued to weigh on margins during the quarter.

However, our proactive and disciplined balance sheet management helped contain the pressure to some extent. As a result, swap-adjusted NIM declined by a moderate 25 basis points to 3%, primarily reflecting higher TL funding costs.

Looking ahead, we expect a more gradual margin recovery as monetary conditions are likely to remain tighter for longer. We believe our disciplined balance sheet management and strong deposit franchise position us well to navigate this environment.

Still, taking all into consideration, we have revised our year-end swap-adjusted NIM guidance to 3.2% to 3.5% range from around 4% levels. As a side note, during the quarter, we valued our CPI linkers at 30%, and every 1% change in CPI has 6 bps NIM and 40 basis point ROE impact on a full-year basis.

Our fee income increased by a robust 35% year-on-year in first half, keeping us well on track with our full-year guidance of above 30%. Our diversified fee income base, supported by broad product offerings, continues to strengthen earnings resilience and visibility.

We remain focused on expanding recurring fee streams through customer-centric innovations and deeper client engagement. Looking ahead, we will continue to leverage our digital capabilities and AI-driven hyper-personalization to further expand our fee income base.

Strong fee generation and disciplined cost management have driven our fee-to-opex ratio back above 100%, with cumulative ratio reaching 94% for the first half of the year. Opex growth was at 37% year-on-year in the first half and expected to moderate toward the full-year guidance of low-30s thanks to our continued focus on cost control and operational efficiency.

Accordingly, we remain confident in achieving our full-year fee-to-opex ambition of around 100%. However, net interest income dynamics continue to be key determinant for our cost-to-income ratio, which remained around 52%, leading us to revise our full-year cost-to-income ratio guidance to high-40s from low-40s.

Looking ahead, we remain focused on disciplined cost management while leveraging AI to further improve scalability and efficiency. Moving on to asset quality, as expected, early signs of asset quality deterioration have become more visible across the sector, reflecting the broader macro environment.

Against this backdrop, we further strengthened our relative positioning, reducing our NPL market share among private banks by 130 basis points year-to-date, building on the significant improvement we achieved last year. Our loan book is a reflection of our disciplined underwriting standards and well-diversified portfolio, with Stage 2 plus Stage 3 loans contained at 11.5% of gross loans and restructured loans remaining limited at 4%.

At the same time, we continue to strengthen our reserve buffers, with total provisions reaching nearly 85 billion Turkish liras. Accordingly, our coverage ratios remain solid, with gross coverage at 3.8% and Stage 2 plus Stage 3 coverage at 28.1%, reinforcing balance sheet resilience.

Excluding currency impact, net cost of credit stood at 220 basis points during the first half of the year, broadly in line with our full-year guidance, while NPL ratio remained stable at around 3.5%. We continue to enhance our collection capabilities through AI-powered voice agents, which was just launched during second quarter.

Early signals indicate improving customer engagement and increased our promise-to-pay rate significantly. This supports a more proactive, scalable, and data-driven collection model, reinforcing our disciplined approach to asset quality management.

Looking ahead, we remain confident in our ability to navigate the evolving macro environment, with cost of credit and NPL dynamics remaining well manageable within our full-year guidance. Moving on to capital, our strong capital base remains a key strategic advantage, providing the flexibility to navigate cycles while continuing to pursue disciplined growth.

Our total capital, Tier 1, and core equity Tier 1 ratios have improved to 16.4%, 13.3%, and 11.3% in second quarter, respectively. These were supported by risk-return-focused loan growth, continued RWA optimization, and the gradual easing of the quarter-specific adverse effects in the first quarter, including operational risk adjustment and dividend payment.

In addition, improved market sentiment and better bond pricing enabled a partial reversal of mark-to-market losses in second quarter. As for sensitivities, a 10% depreciation in TL results to around 25 basis point decline in our capital ratios, while the impact diminishes for larger foreign currency movements.

Similarly, 100 basis point increase in TL interest rates has around 5 basis point impact, highlighting the limited sensitivity and strength of our capital. Overall, our solid capital buffers provide competitive advantage and a strong foundation to deliver sustainable, profitable growth going forward.

On this slide, you may find the summary of our first-half performance as well as our revised guidance, which I did share with you in detail throughout the presentation. As previously highlighted, headwinds related with geopolitical developments, which resulted in the rate cycle to pause, has shifted NIM expansion to second half of the year with a more gradual pace than initially expected.

While resilient fee income, disciplined cost management, and strong asset quality continue to support earnings, the slower margin recovery has translated into a downward revision in our ROE guidance. As reflected in our first-half performance, we continue to make solid progress towards our 2028 strategic targets, which we shared at the beginning of this year.

Last but not least, before moving on to Q&A, I'd like to share that we are extremely proud to have surpassed our 800 billion sustainable financing target for 2030 ahead of schedule, reaching 841 billion by the end of the second quarter. Looking ahead, we will continue to raise our ambition and set new targets in sustainable finance later this year.

This concludes our presentation. Now moving on to Q&A session.

Please raise your hand or type your question in the Q&A box. For those of you who are joining us by telephone, please send your questions by email to [email protected].

The first question comes from Ashwath. Ashwath, please go ahead.

We have unmuted you.

Hi, can you hear me?

Yes, we can hear you loud and clear.

Thank you very much for the presentation. I just have three questions.

The first is on the NIMs. I guess the exit rate is around slightly lower than your full-year revised guidance on your NIM.

When do you first expect some of the rate cuts or potentially normalization in the policy rate to begin? That would be my first question.

The second question is around the cost side. Are there any initiatives in place beyond the ones you mentioned in terms of AI, etc., in order to rein in some of that cost growth or opex growth, especially if, for example, the top-line growth does not pan out to be as positive as anticipated with the rate cuts into the back end of this year?

The last question is on asset quality. Currently, I understand it's slightly ahead or above your full-year guidance of around 200 basis points.

How confident is the bank in being able to maintain that 200 basis points net cost of risk, excluding currency, especially if, for example, rate cuts or the normalization in policy rate does not happen sometime this year? Thank you.

Hi, Ashwath. This is Türker.

Thank you very much for your questions. To start with the net interest margin side, as you rightly mentioned, like the the second quarter was like the exit from second quarter was like in peak terms close to 3%, and still we are in July preserving our cumulative NIM at around 3%.

When can we expect a like a a gradual improvement in the net interest margin to meet our guidance? Definitely it will go hand in hand with central bank's decisions.

After central bank has skipped the last MPC meeting and kept 40% unchanged, probably the next tick date would be like the next MPC meeting in September, where we can expect that central bank again returns turns back into one-week repo funding like in in effective terms of 37%. If the global environment also allows, maybe it's also possible that they make this move before September.

Apart from this this move like equalizing the weighted average cost of funding to the policy rate of 37%, I think there will be limited room for further rate cuts towards the end of the year. Anyway, with this expected normalization in the central bank funding rates and which we're also some extent also observing some like easing on the deposits pricing side, we expect that we make expect gradual improvement in the net interest margin towards the end of third quarter and maybe mainly in the fourth quarter, so that we can reach this guidance revised guidance we've shared, and hopefully like if this environment allows more to the 3.5% side.

That's how we see the NIM trajectory for time being. With regard to costs, Akbank has has always this strong muscle like to like maintaining cost discipline whenever needed, and so we are always looking at all areas in our opex where we can like make some savings, also take into consideration efficiency, and also without hurting our like customer business.

This is an ongoing process, it's not like a one-time action. Therefore, actually with all these actions, we believe that we can meet the low-30% year-on-year growth guidance for full year.

With regard to cost of risk, yes, as of today, we are slightly above 2%, which we've guided for full year. Also, we're always revisiting our like lending lending processes whenever needed.

We make this changes in the lending criteria. Also, in the first six months of the year, we have also kept our provisioning also quite strong, which may also give some like flexibility to us in the second half of the year.

Therefore, actually as of today, we feel confident meeting this revised unchanged guidance, sorry, for cost of risk. As I said, to repeat myself, we are always revisiting the our like decision criteria, like maturity profile profile, collateralization, etc., etc.

That's how we are responding to this uncertain environment. Thank you very much.

Thank you.

You're welcome, Ashwath. Next question comes from David Taranto.

Please, David, go ahead and ask your question.

Good afternoon. Thank you for the presentation.

My colleague has already covered most of my questions. I just have one on capital.

Capital has become a bigger investor focus again, I think. Could you update us on the IRB process and the potential CET1 benefit?

Given the slower pace of capital generation, would you consider to lower payout this year to preserve capital? Thank you.

Thank you very much, David. Yes, we are in the process of our IRB application.

Probably maybe somewhere next year. This also depends on the BRSA permission and the process on their side as well.

We can expect around 2% uplift to our capital adequacy ratio, both Tier 1, CET1 as well as capital adequacy ratio, all of them will be similarly impacted. Having said that, when you look at the capital adequacy evolution of Akbank in the second quarter, despite the moderate profitability and internal profit generation, still we were able to slightly improve our capital adequacy ratio.

Just to recall, in the first quarter, we had all these one-time impacts like dividend payout, op risk adjustment, mark-to-market losses. Op risk and dividend payout was one-time, and there has been some reversal on the mark-to-market side.

Also the ongoing optimization of RWA has helped us to slightly improve our capital adequacy ratio. With the profitability projections we have and also the growth projections within the growth caps of the central bank, I think we can preserve this capital adequacy ratio at these levels.

Probably it's too early to talk about the dividend payout and the stance of BRSA. Just to recall, the impact of payout on capital for full year is quite limited considering limited payout ratios.

Therefore, but we can maybe discuss more detail towards the end of the year or maybe beginning of the year, next year.

Thank you.

You're welcome.

Next question comes from Mehmet Sevim. Mehmet, please unmute yourself and ask your question.

Hi, good evening. Thanks very much for your time.

I had one question on the NPL balances. It seems the collection performance was very strong in the second quarter, effectively offsetting most of the increase in gross inflows.

I was just wondering what's driving this and whether you see this as sustainable going forward. My second question is on the fee outlook.

You've kept the guidance at above 30%. Technically, you are within the guidance, but I was wondering if there is realistically upside to that number, whether you're expecting some maybe easing or slowdown in the second half.

Thanks very much.

Hi, Mehmet Bey. For NPL side, actually there was a big-ticket collection the second quarter, for which also we had to make some interest accrual and some interest collection, which has also to some extent also increased both sides of the NPL movement for the second quarter.

In net NPL formation terms, it's actually similar to the first quarter. This big-ticket collection is also impacting maybe some synthetic increase on both sides of the NPL, collection as well as new NPL formation.

With regard to fee outlook, hopefully we can do better than that, maintain the 34% or maybe even grow higher than that. That will also depend on the growth in the sector, considering all the growth caps, loan growth strategies, also lending is also a significant driver of the commission income generation.

Definitely, you know our strength. We will do our best to further improve the fee income and also meet this 100% fee-to-opex ratio targets we have by the end of the year.

That's very clear. Thank you.

With regard to payment systems side, maybe the potential downside risk like the caps on the payment systems side, but I think considering the almost no change in the interest rate environment, we can skip it for time being.

Super. Thanks, Türker Bey.

You're welcome.

Thank you, Mehmet. Next question comes from Cemal Demirtaş.

Cemal, please unmute yourself and ask your question.

Thank you for the presentation. My question is regarding the guidance side.

Firstly, in your macroeconomic assumptions, what is the major risk you are taking regarding the oil prices? In your base scenario, is high oil price a reason for this cautious stance related to inflation, or do you see other factors that would affect the economy in the second half of the year?

The other question is about your TL growth, loan growth, and FX loan growth. You didn't change it.

You maintained TL loan growth at higher than 30%, and loan growth also maintained almost the same. Is it consistent with the macro outlook you're assuming?

Could you further elaborate that? Thank you.

Hi, Cemal Bey. With regard to macro assumptions, actually since six months have passed, and we have more visibility in front of us.

Yes, maybe oil prices may change, but on average, I think also in the system, there is some visibility. Therefore, we expect the volatility with regard to inflation outlook maybe, okay, it may be 29% or 31%, but really maybe plus/minus 30% is, I think, is a reasonable assumption for time being and considering the positive real rates policy of central bank.

This is also why we've kept the policy rate at 37% by the end of the year. Your second question was TL loan growth and FX loan growth.

Already we are at 8%, and maybe just to recall the growth caps on the SME side, in eight-week terms, SME side the cap is at 4.5%, GPL 3%, and also considering some business we are generating in exempt areas, I think achieving 30%, 30%-plus is, I think, shouldn't be an issue. With regard to FX loan growth, yes, the growth caps are much tighter there, but since the notional is so low and even maybe a single ticket which is exempt from growth cap may support create some further growth.

Therefore, actually 3% first-half realization, high single digit, maybe 8%, something like that. Therefore, actually again, probably we will be ending the year around these levels, I can say.

Thank you. As a follow-up regarding the NPL, you keep your NPL guidance at 3.5%.

Based on your scenario, your cautious scenario, do you see any upside risk to that factor rather than a downside considering the very tight conditions in real sector overall? I just like to hear about that.

Thank you.

Thank you very much. I think maybe we should more focus on the cost of risk side, because NPL is also driven by the notional volume as by the loan growth, exchange rate, TL equivalent terms of total loan book.

Therefore, actually we feel confident with regard to the cost of risk of 200% [200 bps?] , and probably we can also manage the NPL side at 3.5%.

Depending on the appetite and our preferences, we may also utilize NPL sales, which we've done in the first half of this year as well. Therefore, actually the focus is more really on the cost of risk side.

Thank you.

You're welcome.

Thank you, Cemal. The next question comes from Simon Nellis.

Simon, please unmute yourself and ask your question.

Hi, thanks very much. Just another follow-up on the NPL.

We've seen some large restructuring defaults in the sector. Just wondering if you've had exposure and if not, how have you avoided these?

Do you see more stress? It doesn't seem like you expect much more stress going forward, and just curious why that's the case.

Do you think these recent events are kind of more specific to those corporates? Thanks.

Hi, Simon. Again, this is Türker.

Yes, our restructured portfolio is at a very similar level. With regard to sector dynamics, I don't have that much of insight to that, but in our portfolio, we didn't experience something like that because the rule set is quite clear which we have to apply.

Actually, we will be managing the portfolio with a similar philosophy for the remaining part of the year as well.

Maybe if I could ask about a specific client, I don't know if you'll be able to respond, but just on Vestel, are you involved in that restructuring, and is there anything you can share on that?

No. No, we are not.

We don't have this exposure. No, no.

We are not a part of structuring.

Thank you. Thank you very much.

You're welcome.

Thank you, Simon. We have a written question basically from Mustafa Kemal Karaköse: How do you expect the recent loan growth caps to affect the pace of loan book repricing?

Definitely it's putting some limitation, but since the global change in the fourth quarter of this year, the focus of the bank is growing the loan book more on the short-term side, in order to not to increase the duration mismatch. Actually, when I look the back book of yield of our loan book, we were able to increase it by around 30 basis points till the end of the second quarter while we were also able to some extent also improve the deposit cost as well.

Therefore, actually maybe in this way, I can also touch the spread side. Loan-to-deposit spreads on TL side, we've seen some improvements in the last one or two weeks with this repricing initiative of the bank.

Definitely the growth cap is putting a pressure, and also it may also time impact the market dynamics as well on the exempt loans so that the banks are acting more competitively. We take part when the pricing makes sense or refrain to compete if we see the price is not adequately enough.

Okay. The last question comes from Tomasz Noetzel.

Tomasz, please unmute yourself and ask your question.

Yes, hello. Hopefully, you can hear me.

Lots of questions have been addressed by my colleagues, and appreciate all your input and insight and guidance. I just have one follow-up or two follow-up questions.

One is on NPL, and I understand that the new NPLs are driven mainly by retail sector. Correct me if I'm wrong.

If it is driven by corporate, do you see any specific industry sector that are more vulnerable in current environment, and do you see any more stresses within the sector? The second one maybe is more medium term, because I think everybody understand that 2026 is not the time when Turkish banks will return to real ROEs, and this is deferred to 2027 and beyond, possibly.

Would you be able to discuss your inflation expectation for 2027-2028, possibly, at the very much high level, especially in terms of the expected elections in Turkey in two years' time, more or less, or maybe earlier, and there's a potential fiscal loosening to boost GDP ahead of, and how this would impact inflation and ROEs as well? Thank you.

Hi, Tomasz. With regard to NPL formation, yes, actually since last year actually or maybe since the end of '24, NPL formation is mainly happening on the retail side: consumer, credit cards, unsecured lending, as well as S part of SME, to some extent maybe M part of SME.

On the corporate side, we haven't seen a widespread NPL formation or stress. As with regard to Akbank, as you can also see on the screen, we have a really diversified portfolio, and just also to recall, in every sector, there are good companies and bad companies, and not-so-good companies, let's say.

This is actually an art in a way that you, as I said, play around with your duration profile, collateralization, etc., etc., when making business with your customers. I can't really specify one single sector, oh, there is something really stress building up.

This is with regard to your first question. With regard to second question, definitely all what has happened in the last three, four months of the year has delayed the macro expectations we had.

Maybe it's a bit too early to talk about '27 and '28. It may also depend on the timing of the elections.

Definitely we're expecting further disinflation process to evolve in the country. The pace will be important.

Maybe, as I said, we can discuss in about more detail towards the end of the year, also when we have also a more visibility in the Gulf region, which will also impact especially the oil price. Definitely this real ROE generation has been postponed into '27 at least for banking.

Thank you very much, appreciate that. You're

welcome.

Thank you. I believe this ends all the questions that have been asked, and I leave the floor to you, Kaan Bey, for closing remarks.

Thank you. Thanks a lot again.

Before we close, let me leave you with one final thought, actually. As we look ahead, I can tell that our top three priorities remain clear.

The first one is supporting our customers. Secondly, managing our balance sheet with discipline.

The last one is delivering sustainable profitability. The decisions we are making today from our balance sheet strategy to our investments in our service model, digital capabilities, and AI are not about the next quarter.

They are about building an even stronger Akbank for the years ahead. We will continue to grow selectively, preserve the resilience of our balance sheet, and build on momentum of our customer franchise.

At the same time, we are taking a scalable enterprise-wide approach to AI because we believe it will fundamentally enhance how we serve our customers and operate as a bank. Before we finish, I really would like to thank all my colleagues across Akbank.

Their commitment, energy, and a focus on our customers are what make our progress possible every day. Finally, thank you for joining us today, as always, and for your continued interest and trust in Akbank.

We look forward to keeping in touch. Have a great day.

Thank you very much.

Thank you, Kaan Bey, and thank you, everyone, for joining us. Please do reach out to investor relations team.

We're here at your disposal and look forward to seeing you all soon. Have a wonderful summer.

Bye-bye.