00:00If you look at the results, it's basically all engines are firing on alt, are basically firing.
00:06If you look at it, I mean, all the growth, all of the lines are basically double digit.
00:11So top line is up 12 percent, gross operating income, so revenues minus cost, minus cost of risk, up 16
00:16percent.
00:17Bottom line, given a capital gain, up 33 percent.
00:21And again, it is CIB which is doing fine, but it's also the retail activities which are doing fine,
00:26and also the IPS, so the asset management and insurance activities which are doing very fine.
00:33And moreover, our common equity tier one is solid, 13 percent.
00:36We are there 18 months ahead of business.
00:38So we are really firing on all cylinders and ready to continue to support the economy.
00:44So we are not that one trick pony.
00:48It is really the three divisions that are working collectively and that are boosting the result.
00:55Okay, let's just kind of absorb all of that, but talk a little bit about what is happening in equities.
01:02The equity numbers are strong and are well ahead of expectations.
01:06Q2, equity and prime services revenue, 1.41.
01:09That's plus 43 percent year on year.
01:13Can you just give me a bit of detail, though?
01:14I'm curious as to how this breaks down.
01:16Equity and prime services.
01:19Lars, what are you getting on the prime services side of things?
01:22What are hedge funds doing?
01:23Where are you seeing the expansion when it comes to the hedge funds?
01:26Some of the Wall Street banks, like Goldman Sachs, we're talking about a really strong demand for leverage coming out
01:32of Asia.
01:33Where are you seeing the prime services business doing well,
01:37and how does it compare with the rest of the equities business within that portfolio?
01:43Well, if you look at our equity and prime services, we are one of the few banks in Europe that
01:48have the full scale.
01:49So we have cash equities, derivatives, and prime brokers, as you said.
01:53And that basically having a reach all around the world.
01:56And if you look at the demand, the demand probably related to the super cycle that we see has been
02:02stronger, both in the U.S. and in Asia, but it has been strong overall.
02:08And as we are present in all of those domains, and we have the capital, the liquidity, the leverage to
02:13do so, we are there to accompany that demand.
02:16And so that's what we've been seeing.
02:18And so we're very pleased to have that complete setup and to be able to follow our clients all around
02:24the world, actually.
02:24Thank you, everyone.
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