In-scope operating revenue topped $43bn, 10% ahead of 1Q24. NII declined held up better than expected, and fees – recurrent and transactional – jumped 14-20%. Amid the market turmoil, there has been a marked increase in demand for structured investments, defensive yields and hedging activities, especially for exposure to US$. Regionally, APAC and AMER outperformed. Operating costs also grew, but at a much slower pace; the resulting aggregate pre-tax profit exceeded $10bn, +13% y/y, with strongest increase seen in LatAm and APAC. Net new money inflows totalled $365bn, nearly doubling from 1Q24. However, negative market movements and/or FX impact significantly