Banco Itau Chile ADR

Ladies and gentlemen, thank you for standing by and welcome to the Banco Itaú Chile Second Quarter 2024 Financial Resource Conference Hall. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star followed by the number one on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to turn the conference over to your speaker for today. Ms. Claudia Labday, have an investor relations. Please go ahead.

Good morning. Thank you for joining our conference call of our second quarter 2024. I would like to remind you that our remarks may include forward-looking information and our actual results could differ materially from what is discussed in this presentation. I would also like to draw your attention to the financial information included in this management discussion and analysis presentation, which is based on our managerial model in which we adjust for non-recurring events and apply managerial criteria to disclose our income statement. Please remind that since the second quarter 2019, we are presenting our income statement in the same manner as we do internally. This managerial financial model reflects how we measure, analyze, and discuss financial results by segregating commercial performance, financial risk management, credit risk management, and cost efficiency. We believe this form of presenting our results will give you a clearer and better view of our performance from these different perspectives. Please refer to pages 16 to 18 of our report for further details. Now, Mr. Moura will continue with the presentation.

Thank you, Claudia. Good morning, everyone. Thank you for joining us for the second quarter 2024 conference call. As usual, we will update you in our progress in implementing our strategy as well as present the highlights of our second quarter results. On July 2, I would like to recap our strategic levers, which we presented in the last call. They are organized along four pillars. The first pillar is customer relationship, comprising of client satisfaction, principality, and brand. The second pillar is product market faith, containing the growth and digital distribution levers. The third strategic pillar for us is operational efficiency, encompassing efficiency in operating costs, competitive funding, cost of credit, and financial capabilities. The fourth pillar contains our key capabilities, including IT enablers, security, data and artificial intelligence application, culture, and talent. The highlights in development that you will see in the next slides are organized around this framework. On slide three, we present the progress of our investment business, which has sustained the trend of market-leading growth and market share increase. Our growth has been supported by the performance of our funds, which won the Salmon Award for two categories, and by our advisor model, which has achieved an NPS of 78 and continued with triple-digit growth in assets and the match. On slide four, we show some of the investment banking transactions in which we participated this year. We have leveraged our regional presence to serve clients in cross-border transactions, such as the deals between Celulosa Arauco from Chile and Clabinho from Brazil, and the sale of Elab to Cobum. In a short period of time, we have been able to achieve a strong position in investment banking, as you can see by our position in rankings over the last 18 months. In M&A, we participated in five deals totaling $2.2 billion, achieving the third place in the ranking. In equity capital markets, we were ranked number two, with two deals amounting to $179 million. In debt capital markets, we achieved second place in local transactions, which totaled the equivalent of $1 billion, as well as the fifth place in international placements, which amounted to $1.9 billion. Our reputation with clients and investors has also been enhanced by the quality of our macroeconomic analysis and equity research teams, which have been recognized by institutional investors as the best in Chile. On slide five, we show some of our technology initiatives to improve customer relationship management, customer experience, and connectivity, as well as product development. In our Itaú X Lab, we are developing a customer relationship management platform to improve effectiveness in targeting of our offering by using data and NNI to better understand customer needs, as well as to enhance risk management and security. We are also introducing a new digital platform to improve customer experience and facilitate transactions with corporate clients. On the other hand, we are working in partnership with Amazon Web Services to rethink the way that we develop digital products, incorporating the latest technology, and to create a truly game-changing product and experience. We turn now to slide six, where we show some of the key developments and results in our ESG culture and talent strategies. On our sustainable path, we show that we have achieved 100% coverage in measuring our finance carbon emissions on the wholesale portfolio, providing transparency on our climate ambition to be net zero carbon emission bank by 2050. We have adopted the methodology issued by the Partnership for Carbon Accounting Finance, the PCAF, the first global standard for measuring emissions from lows and investments, in order to calculate and disclose the financial emissions in a way that is aligned with the best practices for transparency and data standardization. This core measure is the quality of the information used for the calculation of our finance emissions. The better the availability of the information provided by our clients, the better our score. According to this methodology, our PCAF score improved by 6% in 2023 versus what we have achieved in 2022. In the culture and talent front, our ENPS, the net promoting score of our employees, continue to improve to 81%. We value the diversity of our YouTubers, and we are very proud to have been recognized by the Human Rights Campaign, jointly with Pride Connection and Fundación Iguales in Chile, one of the best places to work for the LGBT plus talent, based on the Corporate Equity Index, which certifies leading companies in LGBTI plus inclusion and equity. We are also proud to have been recognized by First Job as one of the best companies for interns in Chile in 2024, being ranked in the first place among banks and in tenth place in the general ranking. On flight seven, we present the evolution of our macroeconomic environment in Chile, as well as the loan and deposits of our banking system. Inflation rebounded a bit in second quarter, with the variation of the US reaching .3% versus .8% in the prior quarter. The monetary policy rate continued its downward trajectory, reaching .75% after June's 25 basis point rate cuts. The dollar fell back to 943 pesos from the level of 981 pesos observed in the first quarter. Banking industry loan growth remained relatively slow at around 4%, with time deposits grew .9% and demand deposits continue their recovery and grew 3.1%. Now moving on to the highlights of slide eight, you can see that we have maintained consistency in terms of returns, achieving a quarterly return on tangible equity in Chile of 15.2%. At the bottom left side of the page, we show that the share of our income from fees, deposits, and other activities not related to credit and market risk has recovered this quarter to 28.1%. This is an important indicator of our progress in cross-selling and generating income from activities with low capital consumption, which is a key driver for our shareholder value creation. Along the same line, we look at the chart on the top right side of the page, we can see that the ratio between deposits plus assets under management in relation to the total loans has been steadily increasing, which demonstrates our enhanced ability of attracting customer deposits and investments. In terms of efficiency, we kept our efficiency ratio at .7% in the quarter, which is better than the average of the industry in the period and in line with the average of the prior quarters, as you can see on the bottom right side of the page. Now moving forward to slide nine, we present our financial highlights for the second quarter of 2024. In the second quarter of the year, recurring net income totaled $99.4 billion Chilean pesos, a decrease of .7% compared to the previous quarter due to a reduction in financial margins with the market, mainly in Chile, and an increase in cost of credit. Compared to the same period in 2023, a decrease of .8% was observed relative to the high base of the second quarter of 2023, which has been positively influenced by the upfront income fee received because of our alliance with the insurance company Cardiff. Net income in Chile was $99.1 billion Chilean pesos, decreasing by .8% quarter on quarter and .6% year over year, again relative to the high base that we have experienced last year on the second quarter. The consolidated return on tangible equity reached 11.9%, showing a reduction of 0.7 percentage points quarter on quarter and a reduction of 8.4 percentage points year over year, influenced by the low regeneration of revenues in margins with the market observed in the second quarter of 2024, and again the effects of the alliance with Cardiff recognized in the same quarter of 2023. However, it remains consistent with our average profitability observed since the second half of 2023. In Chile, the return on tangible equity has shown resilience, maintaining our expected level of 15.2%. Consolidated financial margin with clients reached 344.9 billion Chilean pesos, a .8% increase year over year, mainly driven by growth of the liability portfolio, demands and time deposits, and improved in our clients derivative activity in Chile, which partially offset the decrease observed in Colombia resulting from the our loan portfolio there. Consolidated commissions and fees income totaled 51.6 billion Chilean pesos in the second quarter on quarter, showing an increase of 6% compared to the previous quarter and a decrease of .4% year over year. As noted, the sharp decrease in year over year comparison is mainly due to the results of the alliance with Cardiff that we recognize on the second quarter of last year. Isolating for this effect, consolidated commissions and fees in the second quarter of 2024 grew by .3% relative to the second quarter of 2023. The bank's known interest expenses presented a decrease of .5% compared to the previous quarter, and an expansion of .1% compared to the same period of 2023. The increase is mainly explained by the appreciation of the Colombian peso as well as some cost growth in Colombia, as the year over year increase in Chile was only 0.7%. The consolidated efficiency ratio was 48% in the second quarter of with no significant variation compared to the index of the previous quarter and a .4% percentage point increase year over year, again negatively affected by the income of our insurance alliance in the second quarter of 2023. In terms of cost of credit, in the second quarter of the year, an increase of .9% was observed, reaching 102 billion Chilean pesos, mainly due to higher recoveries of reading of loans and income from the materialization of sales of goods received as payments registered in Colombia in the previous quarter. However, I would like to note that the ratio of cost of credit to loans in Chile remains stable and within the range that we presented as our guidance. When we look at our credit portfolio at the end of the second quarter of 2024, the Chilean loan portfolio totaled 22.9 billion Chilean pesos, presenting a nominal increase of .7% compared to the previous quarter due to low activity in commercial and consumer loans. Compared to the same quarter of 2023, loans grew 3% driven by the retail portfolio, mainly in mortgage loans. As for Colombia, excluding the effect of the exchange rate variation at the end of the quarter of 2024, Colombia's loan portfolio grew by .2% compared to the previous quarter and had a 6% reduction in the 12-month comparison, reaching 4.74 trillion Chilean pesos. Moving on to slide 10, we can see the financial margins with clients in Chile grew by .4% compared to the previous quarter, driven by a good performance of the liability portfolio, the growth in demand and time deposits, and the improvement in client derivatives activity, which offset a decrease in capital margins caused by the reduction in interest rates. Compared to the same quarter of 2023, financial margins with clients grew 5.6%, driven again by the improvement in the spread of the loan portfolio, mainly in retail, and greater activity in derivatives and effect transactions with clients, together with growth in the portfolio of demand and time deposits. On slide 11, we can see that in the second quarter of the year, financial margins with the market in Chile fell significantly relative to the previous quarter, caused by the lower gains from fixed income instruments, which are related to the repayment of the FCEIC central bank lines, partially offset by greater gains of US readjustments. Compared to the second quarter of 2023, the financial margins with markets totaled a decrease of 34.1%, again mainly driven by the repayment of FCEIC lines. Let's now look at slide 12 in commissions and fees in Chile. In the second quarter of the year, commissions and fees totaled 43 billion Chilean pesos, exceeding by .6% those observed in the previous quarter. The increase is mainly due to the financial advisory and others, which include credit card receipts and payments. There was also an increase in income related to our collection service. The .8% increase in assets under management fees in the quarter also stood out, resulting from the 8% growth in assets under management in the period. It's also important to note, as mentioned before, that the comparison with the same period of 2023, we can see the of the recognition of one-off results derived from commercial alliance with Cardiff, in the decrease of .8% observed in commission fees. Isolating this effect, fees in the second quarter of 2024 exceeded those recorded in the same days in 2023 by 17.6%. As a result of improvement in credit card fees mentioned before, greater activity in instruction services, growth in the average assets under management portfolio, and greater activity in ITAU corporate operations related to guarantees and letters of credit, movements that have offset the 35% decrease in current account services and overdraft fees. On slide 13, we see the evolution of cost of credit. In the second quarter, the cost of credit totaled 78.4 billion Chilean pesos, .3% lower than the expense observed in the previous quarter due to the higher recovery of loans reading off as losses related to commercial portfolio operations associated with ITAU corporate and consumer portfolios managed by retail banking. On the other hand, the .2% increase in gross expense of provisions for credit losses observed in the last quarter is mainly explained by rating adjustments applied to the ITAU corporate portfolio during the first quarter of 2024. Compared to the second quarter of the previous year, the cost of credit rose by 36.6%. This increases the three-fold to one-time reduction in provision expenses that occurred in the second quarter of 2023, driven by changes in the commercial portfolio, such as loan maturities in early repayments, as well as a decline in consumer loan defaults. Similarly, when we look at the same period, there was a notable .2% increase in the recovery of loans previously reading off as losses. This improvement reflects a heightened emphasis on collections, which has become more significant given the prevailing trend of the liquidities affecting the loan industry. Our coverage ratio has been drifting back towards the pre-pandemic levels, as NPLs that we have had provision had materialized. The ratio of net provisions remained at 1.4%. It's stable related to the last quarter. We expect to close the year around that level, which is within the target range that we provided as guidance in the beginning of the year. On slide 14, we can see that the second quarter of 2024 non-interest expenses in Chile reached 133.5 billion pesos, an increase of 4% quarter on quarter and .7% year on year. Personal expenses grew by .5% compared to the previous quarter, just due to seasonal effects that result in lower use of vacation provisions recorded in the -under-analysis. Compared to the same quarter of 2023, personal expenses decreased by 2.8%, as a result of the .2% increase in banks' headcount level in 2023. Adminstrate expenses totaled 57.8 billion Chilean pesos in the second quarter of 2024, exceeding the .7% the expenses recognized in the previous quarter, due to the increase in expenses related to leases. That increase is due to the timing effect that happens when the lease is treated under IFRS-16 are renewed. Compared to the second quarter of 2023, administrative expenses showed a slightly increase of 1.4%, explained by higher commercial expenses and an increase in marketing associated with rebranding and campaign sponsorship carried out in that context. Depreciation, amortization, impairment expenses totaled 14.6 billion Chilean pesos in the second quarter of 2024, with no significant variation compared to the previous quarter. Depreciation, amortization, and impairment expenses increased by 15% compared to the same period of the previous year, which is consistent with the growth in technology investments made in recent years. All in all, our efficiency ratio was .7% in the second quarter, remaining better than industry average in the quarter and in line with the average level of previous quarters. On slide 15, we show a recap of our volume growth during this period. The loan portfolio grew .9% in the last 12 months, while the industry grew by 4%, mainly as a result of slower growth than the market in the commercial portfolio, where due to low demand spreads have been compressed, and we chose to be selective rather than aggressive in this environment. The demand deposits grew 5%, slightly faster than the growth of .9% in the last 12 months. When we look at demand deposits for companies and individuals, which are thicker than those of institutionals, we grew a lot faster on that market. In terms of demand deposits, we have significantly higher growth of .2% when compared to the industry .1% growth rate. Finally, as already mentioned in this presentation, we had an .1% growth in assets under management in the last 12 months as June of 2023, which is twice as fast as the industry .3% growth. That is to say, we continue to grow assets under management faster than the market. Moving to slide 16, we showed that we have increased our SEP 1 ratio during the last quarter, maintaining our capital levels within our peer group. During this period, we start the activation of the counter-cyclical buffer and Pillar 2 charges. As a result of the capital assessment conducted by the Chilean regulator, we do not have regulatory charges in Pillar 2, while some other peers do. Our liquidity ratios are also well positioned among peers and significantly above regulatory limits in line with our risk appetite and funding strategy. The decrease in the LCR ratio in the last quarter is mainly due to the normalization of this indicator once the total repayment of the FTCC lines has been completed. Let's move on to slide 17 to take a look at Colombia. The economic backdrop of Colombia is challenging. However, after moderate growth in the first quarter of the year, activity improved at the beginning of the second quarter of 2024. Labor market dynamics also showed a surprising improvement with national employment rates falling by .2% at points year over year and employment rising by 1% from April. Annual headline inflation stood at .18% in June, while annual core inflation decreased to 6.59%. So headline inflation remains high and the disinflationary process is gradual. In this context, the Bank of Republic maintained the pace of cuts at 50 basis points in June. An increase in countries risk premium and consequent depreciation of the currency were observed in the quarter. On the other hand, the pressure of fiscal accounts derived from weakness of revenues persists. Regarding the financial markets in Colombia, credit activity totaled 558.8 billion Chilean, uh, Colombia pesos, I'm sorry, and the end of the May 20th, uh, 24 growing .6% compared to December 2023 and .1% compared to the same date in 2023. Reviewing the composition of the portfolio, the lower dynamism in consumer activity that decreased 1% compared to December 23 is maintained. The commercial and mortgage loan portfolios had modest growth compared to the same months in previous years, 0.4 and 1.1, respectively. All in, credit demand has been low in a context of high interest rates. On slide 19, we can see that the Bank of Colombia continues to maintain a positive return on equity and a robust capital and liquidity ratio in comparison to its peers, despite the challenging environment. In terms of loan loss provisions, consumer credit has stabilized, but consumer credit has started to have impacts related mainly to the construction sector. The latest signs point to a slightly improved profitability in Colombia, but the environment remains difficult. Lastly, as we know, Mr. Andre Gaili has been the new Chief Executive Officer for the Bank. Mr. Gaili has worked at Itaú for more than 20 years and currently serves as a regional CEO for Argentina, Uruguay, and Paraguay. Previously, Andre led the wholesale banking products area in Brazil, the client desk, and wholesale banking plan. Andre Gaili also has a law degree from the University of São Paulo and a master in law and finance from the Stanford University and an executive MBA from Infer in São Paulo. Andre will commence his duties as the CEO of the Bank effective on October 1, 2024. Until September 30, I will continue to serve my role as Chief Executive Officer for the Bank. Then I will join the Executive Committee of Itaú e Banco in the position of CFO of the group, as I mentioned before. Gaili has a strong background in commercial side of the business and has a strong track record as the CEO of Itaú operations in other countries. So we are confident that he is the right person to lead the Bank in this new cycle of growth. We will have a smooth transition and now we will remain involved with the Bank in Itaú as a board member once it's formalized. In this last slide, I would like to recap the key messages for this presentation that sums up the performance that we had on the second quarter. We maintain returns within our target range of 14 to 16 percent in Chile despite the repayment of the FTC lines and the level of cost of credit that was high relative to our long-run expectations. We saw progress in our principality strategy, mainly in the form of growth in assets, munder management and deposits. We continue to navigate the NPL cycles with levels of cost of credit and coverage within the expected ranges and with significant improvements in recovery. We announced the transition to a new CEO that we continue the work that we've been developing in Chile for this operation to reach its full potential. As this is my last conference call, I will take the opportunity to thank you for your attention, support and constructive criticism over the years. I believe we made a lot of progress over the last years, things like overrides before the pandemic, and I'm sure that we will continue with Andrea and our team going forward with the strategy for the bank. With that, we conclude the presentation that we have for you today and we'll gladly take any questions that you might have.

Ladies and gentlemen, we will now begin our question and answer session. If you are in and would like to ask a question, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. We will pause for a moment to compile the Q&A roster. Thank you. The first question comes from Ignacio Llanos. Can you explain the long-term strategy on Colombia?

Hi, Ignacio. Yes, what we've been doing in Colombia is focusing the bank that we have there. As you know, we have a subscale bank in Colombia and throughout time, we changed the strategy into being focused more on the corporate investment banking side of the business. I think that we have a wholesale business in Colombia that is profitable. We have a lot of money, a lot of good returns and with a lot of potential in the market. We also have a treasury business, sales and trading business that we can lend regionally from what we have in Brazil, what we have in Chile and with other countries in Latam for our clients that operate regionally within the region. The last, I think that the most challenge that we had was exactly on the retail part. At a certain point, we tried to gain scale with the bank in Colombia in our retail operations. What we saw is with the change in digital, the level of effort that we had to put to change all the operations in retail to gain that scale would be longer than we wanted in terms of market in Colombia where I think that the assets that we now have within the bank can be competitive for that offer. I think that the long-term strategy for us in Colombia is nowadays we have a banking that is subscale, that has difficulties in return. I'm pretty sure that in the last few years, we have a better bank than we had before but with a more challenging market. That's why we cannot see the translation of the efforts that we put into the numbers so far. But I think that if we continue to leverage our corporate investment business, our sales and trading business and focus our strategy within the affluent market in the retail in Colombia, I think that we can be better off than we are today and continue to develop the bank that we have. It's always challenging to enter new markets, especially within the economic cycle that we have. But I'm pretty positive with all the effort that we've put in with the team in Colombia in order to improve results. I don't think that it would be something that is overnight. We've been working for a few years and I think there is a couple of years in front of us in terms of adding to the returns that we expect from the business. But I think that we are positive with the efforts that we're

putting. The next question comes from the line of Clemente Hedera. For this year, what is the expected growth for the loans for the whole bank? May you disagree them between segments,

please? Hi Clemente. I think that the discussion of growth has been a challenging one, I think, for the industry in Chile. I have mentioned this before, especially because I think that in different segments you're having different impacts on the aggregate demand and also in risk appetite. What we see in consumer loans is all the impacts after the pandemic where we see NPLs going down. So NPLs are normalizing, in some cases a little bit higher than what we see in pre-pandemic levels. So I think that offer and demand will be especially low compared to million trends before because of high interest rates and especially because we're still stabilizing what is the credit cycle in consumer loans. I think that when we take a look at mortgages, they've been more resilient in terms of growth, especially those are portfolios that are also very indexed to inflation. So in higher inflation, they had a higher carry. So adjusting for that, I think they have the same cycle of what we are seeing in other types of credit, especially as we have still high interest rates within the world. I think that we are normalizing this in Chile, but I think that demand will still be lower than the average that we had before. In commercial side, I think that in terms of consumer and mortgages, this lower demand was within our expectations for the year. I think that what we've been seeing in commercial, I think it's a little bit different. I think demand has been lower than we expected for the markets. I think that the investments are lower from the companies than we expected. And also because of growth, the demand for loans as company need for their cashflow management has also been lower. As a result, we saw lower spread in the market. And at this point, we have decided to focus on having a more sustainable relationship of risk and not growing at prices that don't make sense for us. Moving forward, I think that we are more optimistic with the market. We have a guidance for growth that we expect to achieve. I think that the second semester will be better than the first semester. And because of the investment cycles that we see for the next year, we are more positive also what we are seeing for 2025 in terms of growth compared to 2024. So it is a long answer because it's a complex discussion around growth because there are too many parts right now. But I think that we're still taking a look at what is the guidance that we have.

The next is a follow-up from Clementa Hedera. With this new CPI levels in Chile and having in mind the low growth for loans and the MPR that we have and will have for the next months, what is your expected or target ROE for the bank as a whole for this and next year?

We are not clementing issuing ROE targets from year in year. We have established one thing that we believe that the bank should operate with return on the Chile operation between 14 and 16%. That's the guidance that we have. That's the potential that we have always discussed for the bank. When we take a look at all the conversations we have the market in the past, they always, when we were much higher than this, I always said that I expected the bank to be between 14 and 16%, especially after the capital increase that we did and the capital that we now have. I continue to see the case that the bank has the potential to maintain returns between those levels. Of course, depending on the year, depending on the process, it's still, as you mentioned, the bank is affected for many macroeconomic variables. But we see the possibility of maintaining as a target the return of the bank within those levels that I mentioned.

This question comes from the line. Mr. Andres Soto from Santander. Please go ahead.

Good morning, Gabriel. Thank you for the presentation and the opportunity to ask questions. My question is related to the current environment in Chile. We saw the central bank yesterday surprising us, not cutting rates any further on the basis of higher, prolonged inflation. Typically, Chile has one of the banks that has not benefited from high inflation. How do you see the current balance sheet structure in this context in which Chile apparently is going to have high inflation, high interest rates for longer?

I think, first, I think that we have been benefited by inflation. I don't see us within our benchmark as being one of the banks that were most positively affected by inflation. What I see in the microeconomic environment, of course, there is a cycle of convergence to monetary policy in many countries. Of course, I think that the central bank in Chile is answering to a few factors. One of them, and it has been affected in many other countries, is the monetary cycle in the United States. All the indications that the Fed has at the end of the day create ceilings and floors in terms of how different countries and how open different companies with open economies can react on their own monetary policy. With the second effect, as we know, there is an open discussion about the effects of energy tariffs in Chile and what is the effect of that in inflation. That creates some uncertainty around the scenario. The second one is economic activity. As we saw, the IMACEC today, activity was lower than expected. There are many variables in play here that led to the decision that the central bank took. Within those environments, I think that we have prepared the bank in order to transition into a more normal macroeconomic scenario as we are living right now. When I take a look at the bank, or take a look at the scenario in the future, we are going to see a couple of things. I think that we are going to see inflation converging to the goals that the central bank has. We are going to see nominal interest rates going a little bit lower in Chile and in other countries. On the flip side of that, if your point is that generates a lower impact on financial margins with the market, I agree with you. The flip side to that discussion is also when I take a look at loan growth that I have and also cost of credit that I have, the loan growth should be higher and cost of credit should be lower. I think that we are still comfortable with the range targets that we have for return on equity based on different scenarios that we see going forward normalizing what were former impacts of inflation of interest rates and as the world becomes more normal in terms of its impact after the macro effect on pandemic.

Thank you Gabriel. That's very helpful and congratulations on your new responsibilities and on the job that you have done with Itaúl Chiles. Fantastic. Thank you so much for the feedback.

Again, if you would like to ask a question and you are on the line, please press star followed by the number one on your telephone keypad. Thank you. As there are no further questions at this time, this concludes the Q&A session. I would like to turn the floor back over to Mr. Gabriel Mora for closing remarks. Please go ahead.

Well, thank you so much for the conference call as I mentioned within the call. Thank you for the support, for the feedback. I'm pretty positive with the team that we have in Chile, with the work that we still need to do in Chile and Colombia to consolidate the strategy that we have. I'm confident with the leadership that André will bring to this team and with our execution capabilities. I will continue to follow the bank and the board and thank you so much for the support that I had and the team had in the past few years and we see you next time. Take care.

Thank you. Gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.