Banco Santander - Chile ADS

Ladies and gentlemen, thank you for standing by. I'd like to welcome you to the Banco Santander Chires second quarter 2025 earnings conference call on the 5th of August 2025. Please note that at this point all participants and lines are in listen-only mode. After the call there'll be an opportunity to ask questions. So with this I would now like to pass the line to Patricia Perez, the Chief Financial Officer. Please go ahead.

Good morning everyone. Welcome to Banco Santander Chires second quarter 2025 results webcast and conference call. This is Patricia Perez, CFO, and I'm joined today by Cristian Vicuña, head of strategy and IR, and Andres Zanzone, our chief economist. Thank you everyone for joining us today to review of our second quarter performance and results. Today Andres will start with another view of economic environment and then Cristian will go through the key strategy points and the results of the bank in the second quarter of the year. After that we will have a Q&A session where we will be happy to answer your questions. So then hand over to Andres.

Thanks Patricia. On slide four we have our current outlook. Since our last webcast, the Taurus Agenda has seen several developments. After postponing the implementation of new tarros from July 9 to August 1, the US reached trade agreements with multiple economies. This includes trade of around 20% on several Asian countries and 15% on the US. For Chile, the 10% trade will remain in place which corresponds to the new trade agreement. Although there were initial threats of a 50% trade on copper prices, the Trump administration ultimately decided not to apply it to good materials such as concentrate, cathode, anode, and copper scrap, all of which were excluded from the final decision. While market reaction has been relatively new so far, trade and geopolitical uncertainty has increased. During the quarter, the Pesos briefly reached 1,000 Pesos per dollar following the announcement of the on-duration date before returning to the 930-940 wage. However, renewed trade tensions have led to depreciation of the Pesos, currently trading around 970 Pesos per dollar above our model-based estimates of approximately 940. Long-term interest rates in Chilean Peso have declined, narrowing the spread against the US counterpart. On the CBT side, preliminary image figures suggest CBT grew .9% during the year in the second quarter or 3% when excluding mining. While we await the full national account report on August 18, which will also include first quarter revisions, the -than-expected performance in the first half introduced upward bias to our full-year 2025 growth forecast, currently at 2.1%. In terms of inflation, the second quarter inflation surpised on the downside, due to a drop in food prices and counts associated with server-take, with the annual change reaching .1% in June. We expect the inflation process to continue during the -to-demand environment both globally and domestically. Additionally, global trade diversions triggered by tariffs could reduce the prices of imported goods, supporting faster deflation. We maintain our forecast for the US at .6% at the end of 2025 and 3% by year-end in 2026, in line with the CBT's expectation, with risk till the downside. That's why the CBT made its first policy rate cut of the year, reducing the benchmark rate from 5% to .75% and similarly opening to another cut later this year. In our latest scenario, the policy rate will close 2025 at .5% and reach 4% in 2026, which is close to its neutral level. On slide five, we present recent developments in the regulatory framework. In the context of the fiscal pack, the government announced the submission of a proposal to amend the income tax, with a focus on SMEs. The reform extends most SMEs from the first category tax and also includes benefits for the middle class. The estimated cost of the measures is $1 billion annually to be offset by higher personal income tax rates for the upper income package. The proposal does not include changes to the corporate tax rate for large companies. On the housing front, the mortgage subsidy bill was approved on May 20, 2025. The legislation targets individual purchasing new homes valued at up to $4,000. It includes a 60 basis point subsidy on mortgage rates as well as a state guarantee of up to 50% for the long term, covering up to $50,000 in new homes. On June 18, the first auction was held with 12 financial institutions participating and a total of 10 million US awarded. In this initial auction, Santander secured .3% of the total, the highest among our peers and just below our national market share in this fund. Finally, regarding the political landscape, 2025 is the presidential election year in Chile. Elections will be held on November 16, with a potential runoff on December 14. Prime rights took place on June 29, with only the ruling coalition and the Portsillo participating. Their candidate, Jeanette Cara, was elected. Right wing parties choose not to participate in primaries. According to the latest cadet poll, right candidate José Antonio Cas lives the right with 30% support, followed closely by left wing candidate Danez Cara and central right candidate Evelín Matías with 14%. While the presidential race has gained visibility, we must not overlook the parliamentary elections where the entire lower house and nearly half of the Senate will be renewed. Polls show that the Chilean remain highly concerned with crime, security and the business environment. Simulations suggest the right wing candidates may gain ground in Congress driven by local campaigns emphasizing security. This implies that even if the left wing candidate wins the presidency, Congress will remain right, potentially moderating more radical policy initiatives. As such, while some electoral-related volatility is likely in the near term, we believe the longer term market impact will be needed. However, rising political polarization will likely continue to hinder the possibility of reaching meaningful agreements on legislation aimed at boosting long-term unity growth. And with that, I will now hand it over to Cristian. Thanks, Andrés. During the year, we have continued to make important advances in our citizens in 2025, and we are very proud as we can see on this right front. As we mentioned in our last call, we completed the milestone of upgrading our legacy main trend starters to the cloud in the project that we have named Gravity within Santander. So, since the first quarter, we are now operating 100% on the cloud, and we poured on the setting stone for digital hardware technologies to become a digital bandwidth branch, or WorkFest in Chile. In this line, we have launched some interesting initiatives in recent months. Firstly, we have enhanced the functionality of our smart POS, allowing merchants to carry out banking transactional services such as receiving the quantities and trusted draws, pop-ups, and payments of utility bills. In a hidden portal to open a temple, these are found through these points of sale. We have also launched Santander into Gomuna, a small transactional hub near local district authorities where we can offer financial services to the community. These efficient service points are extending our footprint in communities coming even closer to our clients in their -to-day life. With a longer-term view of expanding our client base, we have enabled a simple savings account for children from birth, looking to compete in this product that, up until now, has been mainly centralized through the space bank in Chile. Overall, this initiative aims to increase transactionality and strengthen our planning base going forward. During the first semester of 2025, we have continued to issue debt actively on the local and international markets, issuing in Swiss francs, Japanese yen, and US dollars. We have also been highly recognized on several fronts. We continue to be highly recognized in terms of sustainability with an A grade in the energy and sustainability index and 19.2 points in sustainability with low risk. We are proud to have won the best bank in Chile by EuroMoney and Best Credit Bank, and we also won the top and square certification for the seventh consecutive year. Furthermore, the mutual funds that we broker won over 40 awards in different categories. On slide eight, we can see that, yet again, the bank produced impressive results, reaching a narrowly of 25.1 percent in the first six months of 2025, with a net income of 550 billion pesos and a narrowly of 24.5 in the second quarter of the year, with a net income of 273 billion pesos. This is the fifth consecutive quarter with an ROE above 20 percent. As we will see on the coming slides, this is a result of sustained strong profitability in our main compliance group, cost control, and flow of strategy focused on a digital bank with work On slide nine, we can see how our rapidly expanding client base is leading to higher fee generation. We currently have 4.5 million clients, of which around 60 percent actively engage with us, and some 2.3 million are digital, accessing non-line platforms on a monthly basis. The number of current accounts is increasing 10 percent year on year, driving the 7 percent and 8 percent growth of our active clients and legal clients' productivity. With this increase in the client base, we are seeing a 12 percent yearly increase in credit card transactions and a 19 percent increase in mutual funds that we broker. Overall, our clients maintain high discretion level through the bank and our full offering. Furthermore, we continue to stand our footprint among companies, where we have increased the number of business-based accounts by 25 percent in the last 12 months. This is explained by the simple business accounts we offer to smaller companies, and the integrated payments offered through the Adnet. We now have more than 212,000 general clients, representing an annual increase of 21 percent, and getting them now have a market share of 20 percent in terms of numbers of transactions. As we don't see in the table on the right, the increase in our client base and proud business usage is translating into high fees and results from financial transactions, growing 16.3 percent year on year. Our main products, such as account fees, mutual fund fees, and the Adnet, continue to show strong results in the quarter, while card fees follow similar trends to the first quarter this year. On slide 10, we can see how our net interest margin has improved over the last 12 months to stabilize to the levels of around 4.1 percent. In the last year, our net has improved some hundred days' points. Firstly, when we compare the first six months of 2025 to those of 2024, we have a slightly higher US valuation, which, as you know, directly affects our read-adjustment income. The first half of 2024, our net interest margin was negatively affected by our balance sheet position related to the FDIC, the credit horizon given to us by the central bank. However, after the final payment of debt in July 2024, we have seen a marked improvement, representing 60 basis points of living in the series. Our types of scores of our cost of funds have led to a further 50 basis point improvement in our net interest margin. This has been compensated by a contraction of interest earned on our act which related to the decrease in our available portfolio due to the payment of the FDIC, and a stable long-booth year on year. In the quarter, our net interest margin remains stable, following the score of funds of the first quarter of the year. On slide 11, we can see how our recovery of income generation and tax cost control have improved our income performance metric. Our efficiency ratio reached 35.3%, the best in the student industry in 2025 so far, and our reference ratio reached 62%, meaning that over 60% of our expenses were financed by our FDIC generation. During the first half of 2025, we have seen an increase in our operating expenses related to the integration of our main-frame server to the cloud, leading to an increase in administrative expenses mainly in the first quarter of the year. However, overall, our cost will be no inflation in the year to come. In the quarter, we continue to look for efficiencies in our branch network, hoping some significant advances while we remodel and refurbish to ensure a more efficient usage of space while upgrading the static appearance in line with our work at LHC. It is thanks to these adjustments to our contact points with clients along with the evolution of our deep group platforms that we have been able to achieve these impressive levels of operating expense performance. On slide 12, we show an overview of our cost of risk and other As we have seen in previous quarters, our cost of trade has been higher than our historical levels due to an increase in non-performing loans in recent quarters. Also, it is important to note that in June 2025, similar to the previous year, we adjusted the valuation of guarantees in the commercial loan portfolio as part of our review of the provisioning model. This year, we immediately this impact by using 20 billion pesos of voluntary provisioned standards in previous years. From the graph on the right, you can see that our NTL and in her portfolio shows a reduction in absolute value and also a ratio in terms of total loans despite stable loans, demonstrating tangible improvements in our asset quality and early signs of asset quality recovery. On slide 13, we can follow the improvements by far. Firstly, in our mortgage loan book, we can see that in absolute value, the non-performing loans have now stabilized while the impaired loans increased marginally as more than income clients renegotiated their mortgage. Overall, we have seen fewer signs of stabilization of the asset quality of this portfolio. Regarding commercial loans, the bank's target reports on improving the portfolio with several renegotiation initiatives and writing up some individual clients. With this, we have seen an absolute value of non-performing loans and impaired loans fall relevantly and our NTL ratio is now at 3.6%. On the other hand, our consumer loans have remained healthy during this cycle thanks to our positioning of consumer lending to the mid to high income sectors. On slide 14, we can see the CEC1 ratio reached .9% in June 2025, far above from our minimum requirement of .08% all December 2025 and demonstrating some steady basis points of capital creation in the last 12 months. This was driven by our income generation in 2024 and 25 and compensated by the 70% dividend payment of our 2024 profits and the current 60% dividend provision of our 2025 profits accumulated so far. As we mentioned in our last call, we have a 25 basis on filler to charge of which we have fulfilled the 50% required by our regulators in June 2025. Recently at the beginning of July, the CMS published the definitive guidelines for filler to ensure the regulation adapts the metrics related to a market risk in the banking group and the definition of when a bank qualifies to be a prioritized bank. According to the CMS report, 10 banks could be classified as priority banks. This is the same number of banks who currently have a filler to charge. Banks will have to start reporting the new metrics related to the market risk of the banking group in December 2025 and the other assets will be implemented starting with the self-assessment of regulatory capital report to be submitted in April 2027. So let's start, let's look at our outlook for the rest of 2025 on strike 16. Firstly, we are considering a micro scenario of GDP growth of around 2.1 with a U.N. variation of .6% and average monetary country rate of 4.9%. Given the demand dynamics that we have seen this year so far, we are lowering our expectations for loan book growth to low single digits. At the beginning of the year, we were expecting a re-activation of the commercial loan book with stronger trans-time from the consumer loan book too. However, now we are starting August and we continue to see this demand and given the upcoming elections and the global uncertainty in the market, we expect our loan book to grow low single digits. On the other hand, our net interest margin should remain within guidance with the third quarter impacted by the lower expected inflation. We expect our non-NII guidance to grow high single digits with further interchange fee regulation not expected until the end of the year. Our efficiency levels should remain around the current levels so near 30s. Considering that we now see better current trends in terms of asset quality, but the cost of risk was .39% yesterday, we expect the cost of risk to improve slightly during the second semester to see the year around the .35% error. Overall, we continue to see solid profitability in what remains of the year, so we are expecting a narrowly of 21% to 23% range. With this, I finish the presentation, so now we can start the Q&A session.

Thank you very much. We'll now be moving to the Q&A part of this call. If you'd like to ask a question, please press star 2 on your phone, that is star 2, and it will be dialed in by the web. You can also request to ask a voice question, we'll wait a few moments for the questions to come in. Okay, so our first question is from Ernesto Gabilondo from Bank of America. Your lines are open, please go ahead.

Thank you, hi, good morning everyone, Patricia, Les and Christian, and thanks for the opportunity to ask questions. I know a couple of from our side, the first one will be on the cost of risk. So, as of the second quarter, consumer loans are present, 15% of the total loan group. So, what do you see as the contribution in the future, and how would you see the sustainable cost of risk for some of your children? And my second question is on your long-term sustainable ROI, as you've guided, is to be between -23% for this year, but how should we think about it in the medium term, and what would be the common equity tier one ratio that you will be assuming on the gap scenario? Thank you.

Hi Ernesto, thank you for your questions. So, regarding the cost of risk and the consumer part of the portfolio, so we are seeing some healthy growth demands from credit cards that will concentrate to consumer loans in the in the medium horizon. So, we expect that the consumer lending demands continue to be a little bit above our average growth of loans, right? So, with that in mind, we are seeing very healthy metrics from our cost of risk of the consumer lending portfolio, and this is what makes us believe that we will be in the 1.35 range, so a very improvement in the second half of the and we expect to increase slightly the contribution of the consumer portfolio within the solo loans. So, regarding your long-term ROI, so we reviewed our long-term ROI recently, a couple of quarters ago, from a rate of -19% to about 20%. So, what we have seen after the pandemic period and the high interest rate environment is that most of the transformation decisions that we have implemented in terms of our pressure and the evolution of our digital tech are allowing us now to deliver very, very efficient levels for our retail and universal banks, so these 30. With having that in mind and allowing us our our our fees and non-NII income to grow handsomely as we are expanding our customer base, we are confident we are going to be above 20% ROI for the long term.

Thank you very much. Just a follow-up in terms of the cost of risk. I understand 1.35 that area for this year, but we're looking maybe to the next year, I suspect integration to remain relatively at that level considering this highly higher contribution in consumer loans or how should we think about this ratio in

the medium term? I've been listening to call, we are going slightly above our loan price, so we should have a normalization. It's not going to be a fast normalization as if it's the issues we're having from the consumer lending portfolio. Those issues tend to slow faster, issues in the mortgage portfolio tend to digest more slowly, so we're going to gradually go back to levels closer to .2% of the risk. So that's what I'm trying to say. And this is part of your QC1 question, so that should be closer to 11% area, so where we are now, we feel comfortable.

Okay, thank you very much.

Thank you, Hento. Thank you very much. Our next question is from Kito Labacta from Goldman Sachs. Your line is now open, please go ahead.

Hi, good morning. Thank you for the call and taking my question. A couple questions also. Again, first on your loan growth as mentioned, it seems mostly weakness in the commercial book, maybe partly going into the elections as well. So I mean, do you think going into next year, once you pass the elections, you expect the loan growth to potentially accelerate? And if so, how much? And you know, the consumer, you mentioned the auto credit card is doing fairly well, but should the rest of the consumer portfolio also accelerate sort of after elections? Just to think about what kind of loan growth we can think about for age 2026. And then second question, on fees, you know, did performance there continue to grow at a fairly healthy pace? Yeah, also kind of thinking more beyond 2025, since you have your guidance for this year, but is this high single digit growth that you're seeing? Do you think that can sustain as well into next year? I mean, there shouldn't be any impact, I guess, on fees until year end, but do you expect some new regulation to essentially impact 2026 as well? Just to think about longer term fee growth. Thank you.

Let me take the key question and I'll pass the words to Patricia for the loan books back expansion. First, it's a little too early for us to start into the 2026 guidance, but let me try to give you some clues of what to expect. So this year, performance have been driven by the increasing fees explained by the expansion of our customer base. So that dynamic should continue and that's why we are aiming as part of our course probably to grow the non-NII lines humbly and above our asset growth. So that's something that should be expected. There are a couple of moving parts that we are seeing for next year. And the first one, namely the most important one, is the impact that can come from further interchange fee limits on prices that we might suffer in the final quarter of this year. So there are some studies being done by the Ministry of Finance and the Commission that is assigned for this decision and we expect that to come to our ruling by year end. So if you remember our initial assessment of these two movement interchange fee caps, it was about 50 billion pesos of total impact and we only have seen half of that. So that's one thing to consider moving on to 2026. Having said that, we are still expecting that our non-NII income growth faster than the loan growth.

Thanks Cesar for your question. Regarding the loan growth, we are seeing like on the retail part of our portfolio, as Cristian already mentioned, quite healthy growth on the consumer loans. Consumer lending shows already upheld signs of a big rise with credit card loans growing around 10% year in year and this should lead to more demand for installment loans. And regarding enemies, we continue to grow strongly. On the mortgage portfolio, we are seeing that this activity bill that was passed on May should help to activate the real estate market and mortgage loans as well going forward. And as you already mentioned, large corporate has been growing lower than we were expecting at the beginning of the year. And this is our big question mark. We think that it's too early to say something regarding loan growth for next year, but obviously the political landscape could help to reactivate and all the investment projects and demand from the target marketer.

Okay, that's very clear. Thanks Cristian.

Thanks Patricia. Thank you very much. Our next question is from Pietro Nobili-Rus from BTG. Your line is all open. Please go ahead.

Hi, thank you all for the presentation. My question is very related to the last one, but I would like to know, given that the relation, economic situation in the last year, your total loan portfolio changed structure and the structure. What are your initiatives to change this and for example come back to 17% in the commercial, no sorry, consumer portfolio? How long can take this to come back to the numbers of ACOC funding?

Thanks for the question Pietro. So, organically we will try to grow our consumer lending books but without rushing it because nothing good comes from rushing growth in those portfolios. You have to be a very smart and conservative lender in that area. So that's what we're trying to do. We're trying to achieve growth with a good deployment of our cash book there. There are some other initiatives that we might have to, like we might try to rotate some rates or try to securitize some part of the portfolio if some changes in regulation are implemented that we are currently discussing with the relevant players and regulators in order to reignite the securitization system within the country. So, not a good help but it's going to take a while. It's not going to be a fast movement that we're going to convert in 24 months to that ratio. It's something that's going to be gradual but we're taking the steps one by one.

Okay, thank you.

Thank you. Our next question is from Neha Agarwala from HSBC. Your line is not open. Please go ahead.

Hi, congratulations on the results. Very quickly, what are the main risks that you see around the business with the upcoming elections? We are definitely seeing new loan growth but beyond that, do you see any other risks from the macro side or from any other risk on the asset quality that we should be mindful of for the rest of the year? Thank you so much.

Thanks for the question, Neha. Miriam, do you have to answer something first? From the macro perspective, the main risk to see the outlook continue to seem from abroad, particularly in the US and trade dynamics. In that sense, a sharper than expected global slowdown, especially in the US, could have a meaningful negative impact on domestic economic momentum. So, as I mentioned, most of our risks are currently being assessed from abroad. We are seeing a relatively positive scenario for the political elections, given the surveys that we are seeing that suggest a more market friendly environment. But having said that, the results from the primary loan collection actually increase the central scenario but also increase the tail of the market. So, a more extreme probability. That is also something to

monitor. Okay, thank you. Our

next question is from Daniel Mora Ardila from Credit Corp.

Hi, good morning. Thank you for your presentation. I have just one question regarding to the MPLs. I would like to understand where should the MPL normalize in the coming quarters or years because if you compare to the industry levels, the MPL is quite high. And due to this situation, I would like to understand what exactly are the reasons behind having a commercial MPL well above the industry level and also a mortgage MPL well above also the industry level. I would like to understand if this was related to the bank's strategy or their loan needs. I would like to clarify that situation. Thank you so much. Thank you, Daniel. So, let's take this part by part. So, regarding our MPLs in our consumer lending portfolio, actually those MPLs are really above the average of our peers and show a very healthy performance. This is the most acid part of the portfolio. So, if you're interested, what impact the MPLs also the CML the most. Then regarding why our commercial portfolio shows some structural higher MPLs compared to the sheer of an industry, this is mostly because we have a higher penetration of S&E lending within our total commercial loan book. So, a lot of spurs of our total loan book is concentrated on S&E lending. And this is something that is very related to our strategy to become a universal bank. We cater to the regional customer. That's our specialization and that's expected to continue structurally, right? To having a higher MPL ratio, but that's mostly explained by how we view ourselves as a more risk-oriented operation. And finally, regarding the situation on the mortgage portfolio, we have explained this in the past, but we have about 30% of our mortgage group that live prices on a variable rate. And this is higher than the average of the industry, right? So, the typical lending mortgage will be originated on a 20-25 year fixed US product. And we have about 30% that is lent on a yearly US rate portfolio. That's the part that suffers the most during 2023 and early 2024 where real rates in US were high and not repricing damage the payment capability of some of our customer base. And that's reflected in the .7% of the MPL that we are seeing up to now. The good news is that that real rate scenario of US is now below 2%. So, the repricing program is not happening anymore and we are now focused on providing solutions for our customers so they can renegotiate and start paying again. So, what we are doing is we are looking at the names table at levels of .7% and you can see that in absolute terms it has remained for the last six months pretty much stable. And that's what we expect to start improving on the next quarters and that's going to be a very gradual recovery. All in all, we are still expecting some better improvement of the total MPL for the portfolio in the second half of the year. Most of the improvement will come from the commercial portfolio of further improvements that we are expecting. But we are at the home, we should still be slightly higher than the average of the industry especially because of our composition of the commercial notebook and our STV orientation. I don't know if this is enough. No, perfect. Very very clear. Just to understand, so the normal level of MPL will be very close to the industry level. Just to understand how far are we from a normalized level of MPL. I think it's a little too soon to tell for ourselves where we are seeing the long term but there are still some improvements to the core levels. We should be below 3% by early 2026. And then that depends on how the evolution of the mortgage and general micro scenario environment evolves, right?

Perfect, thank you so much.

Thank you. Our next question is from Andrew from Morgan family. Your line is not open, please go ahead.

Thank you for the opportunity to ask questions here. I wanted to drill down on the net interest margin a bit more and I realize this isn't an easy exercise to do but can you try to walk us through how you're thinking about the path of NIN at least directionally considering your macro expectations for inflation rates, you know possible loan mix shifts and then obviously your deposit beta. I know you said during the call 3Q will be impacted again by lower expected inflation but how are you thinking about 3Q versus 4Q this year and then 2026 in terms of the direction of thank you.

Hi Andrew. So let's first review our general sensitivities of our balance sheets. So we're still carrying a long inflation 8.5 billion dollars on our NIN sensitivity to inflation and regarding our inflation to, so this translates to something about 12 basic points of inflation per 100 percentage points of US valuation and we have about 4 to 5 basic points of sensitivity per 100 percentage points of average monetary policy rate variations on the sensitivity to interest rates. So with that in mind we in the third quarter saw a negative 0.4 US and we see a US in July and that's going to impact the July performances in the quarter. The rest of the quarter looks more normal so in the end we should be a very high risk of NIN for the quarter and then we expect to come back to levels of above 4.0 percent NIN in the final quarter of the year as the inflation suggests for the market expectations for year end. So with that we will be very close to 4.1 percent for the year so around above 4 percent for the year. And we expect something similar for next year as there are between one to two interest rate tasks to be performed by the Indian Central Bank in the second half of the year additional to the one that we saw recently and we are expecting a monetary policy target reaching 4 percent by the final part of 2026. So with that and inflation converging to 3 percent we should be able to sustain NINs in the current area.

Okay that's very helpful thank you so much.

Thank you so we have some some feedback questions that we would like for you to answer after the final questions I don't know if we have any other questions?

Okay yeah we have no further questions so we just shared the survey on your screen and your feedback would be greatly appreciated. The question and answer section is still open so just as a reminder if you would like to ask a question please press call 2 on your phone and if you're dialed in by the web you can also request to ask a voice question wait a few moments for

the questions to connect.

Okay it looks like we have no further questions so I'll now hand it back to the sentenced team for the closing remarks.

Thank you all very much for taking the time to participate in this call. We thank you also for the answers to utilize for our five question survey and we look forward to speaking with you soon have a great day.

That concludes the call for today please note that the survey will remain open for a few minutes after the call closes thank you and have a nice day.