By calculating return on equity, we're assessing the profit the bank is generating for every dollar invested by shareholders. If you think about how net income is calculated, it's the bottom line profit after the deduction of all expenses, including interest. It's the profit number that could flow to shareholders having satisfied debt holders. And this makes lots of sense. We're comparing this to the book value of equity, which has been provided by shareholders. So there's a real consistency in the numerator and the denominator here. It's worth noting that the book value of equity can be tweaked by deducting the value of intangibles. Price to tangible net asset value is a widely used alternative to price-to-book for banks, as tangible net asset value is closer to regulatory capital, which excludes intangible assets from tier one.