Marta Sanchez Romero: My first question, do you expect positive jaws in the U.S. in 2024? And then I guess you are in 2025, I’m interested on 2024. And then second, following up on your strategy in the UK, you’re shrinking you’re saying that you’re going to be shrinking your loan book and your deposits, but you expect group platforms it’s going to rise to the revenue line over time. I’m struggling to reconcile what the strategy and what the endpoint in the UK is because you got a plan that need a bank. You gather deposits. You give mortgages in a very challenging in a very competitive environment. So unless you throw money into your UK business, you’re not going to do anything. So what is the plan? Thank you.
Ana Botin: So, the answer in the U.S., yes, absolutely, we’re expecting positive jaws in the U.S. So we are basically growing the top line in revenues. More or less flat fees, efficiency ratio improving, cost flat to flattish, I would say, and adjusted RoTE, there is actually a 12% going up in quite a significant way so yes, absolutely positive jaws in the U.S. In terms of the UK strategy, and let me just very briefly say that there’s two countries, and these are the UK and the U.S., where U.S., we call it it’s in retail because we have current accounts on mortgages, but I would say it’s a much more narrow banking model than we have in Portugal, Spain, Mexico and Brazil. And that is really the strategy. So, Hector is working very hard on streamlining that business with the teams, making sure they get the benefit of the global platform so we can actually focus on profitability.
So we are not, as you say, I think you use the word throwing. We never throw capital around with total respect, we are super efficient and we focused on profitability not just in the UK, but across. And we are putting, as you can see, more capital at work in the more profitable global businesses and the more profitable markets. Very important, this is a very granular work that is led by Hector and Jose, where we were not so much focusing on market share in certain countries and certain businesses as on profitability. UK is one of them. So again, full focus on profitability. You can see that in the volumes in the UK and Spain, for example. You can see that in the front book that Hector showed, the front book this year is above 2%, 2.3% rollaway.
If I remember correctly, we are being very disciplined, again, not just by countries and global businesses, even by portfolios. And this is something which we intend to remain as focused or even more if possible in the next few years.
Begona Morenes: All right. So, we’re going to take the last question now. We do realize that there are a couple of others in the queue, but the Investor Relations team will be at your disposal for any questions that you may have. So can we take the last question please?
Unidentified Analyst: Yes, first of all. Thanks for still disclosing the country reporting which is very useful to us as analysts. Thanks for that. My question relates to the customer growth, which was one of the KPIs to drive scale effects. You’ve added 5 million customers 265 million, the target is 200 million until 2025. To what extent is this dependent on the rollout of the fully digital offering? And, to what extent will that then back load some of the revenue growth that you expected to see until 2025?
Ana Botin: So yes, absolutely, in our consumer bank especially, the deployment of the platforms, including senior and Europe, drive a much faster customer growth in the next few years. But very important, sometimes, I mean our definition of customers is net customers. So some of our peers give gross customer, we give net customers. And so again, as we improve and Hector mentioned that several times, as we improve our service, our experience and become the number one bank. Customer rotation should be less. On the retail side, we should accelerate the consumer growth. But in any case, the revenues we are very confident we can deliver those revenues, whether and again, think that the revenues are coming with the active customers, more than total customers.
So, total customer drives revenues but is much more direct correlation between active customers being the number one bank. And that’s where we are also focusing a lot in the next few years. So I think there’s a few more if you don’t mind Begona and the team will address those. Again, thank you all very much. I just want to reiterate Hector and I and all the team remain incredibly confident about continued delivery on our targets, and we see an even better ’24 for Santander. Thank you very much.
