Good afternoon, everyone, and welcome to Banco de Chile's Fourth Quarter 2024 Results Conference Call. If you need a copy of the management financial review, it is available on the company's website. With us today, we have Mr. Rodrigo Aravena, Chief Economist and Institutional Relations Officer; Mr. Pablo Mejia, Head of Investor Relations; and Daniel Galarce, Head of Financial Controller Capital. Before we begin, I would like to remind you that this call is being recorded, and the information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially. Please refer to the detailed note in the company's press release regarding forward-looking statements. I will now turn the call over to Mr. Rodrigo Aravena. Please go ahead, sir.

Good afternoon. Thank you for attending this conference call. Today, we will present the overall performance of Banco de Chile during the fourth quarter and consequently, the full year 2024. We are proud for the overall performance of Banco de Chile in the last year. The strong financial results and significant advances in several key areas reaffirm the unquestionable leadership that our bank has had over time. As we highlight in slide number 2, in 2024 we managed to outperform our main peers in many dimensions. On the financial side, we led banking industry by posting a net income of CLP 1,207 billion equivalent to a return on average capital of 23.1%, well above the 15.8% active by the local industry. This outstanding result was explained by positive figures for margins asset quality and efficiency. We also have important accomplishments and results in several non-financial aspects. Some of them include further advances retail banking the creation of a new subsidiary that will compete in the acquiring business, while keeping our leading position in key areas contributing to our strategy, such as service quality and motor funds. Our positive performance was recognized by several institutions as can be seen on the right of this slide. In the rest of the webcast, we will present a deep analysis of the performance of our bank during the last quarter and the full year. Before that, I'd like to share a brief analysis of the macroeconomic business environment. Please go to slide number 4. the Chilean an economic growth continues improving, as can you see in the slide on the left. According to monthly GDP index, the economy expanded by 2.5% in 2024, after the weak 0.2 expansion posted 1 year ago. The chart shows a sequential improvement in activity during the last year…

Thank you, Rodrigo. Let's start with an overview of our strategic progress. Please go to Slide number 9. We are successfully executing our strategy that is focused on customer satisfaction, efficiency and sustainability. Our advances are driven by six main priorities shown at the center of the slide and on the right are our midterm targets. Our main priority in this regard to be not only the most profitable, but also the most sustainable bank among our peers. As such, we are aspiring for a long-term return on average capital of around 18%, assuming positively sloped yield curves and inflation returning to the Central Bank target. If yield curves begin to steepened, inflation remains above neutral levels in the short run, and we recover our pre-pandemic mix of loans. This level could possibly be higher. In line with this, our cost to income performance in recent periods has consistently surpassed our long-term targets. For 2024, in particular, this has been attributable to strong top line growth resulting from increased customer revenue and temporary extraordinary effects post pandemic as well as effective cost control initiatives. We are confident that our long-term productivity levels will continue to improve through ongoing and forthcoming operating improvements, which we'll discuss later in the presentation. In terms of market share, our aspiration is to be leading bank in commercial and consumer loans as well as demand deposits in local currency. Throughout the year, we have increased our market share in high-margin lending products, such as consumer installment loans, by maintaining an appropriate risk return balance based on responsible credit risk management practices. Additionally, we have regained leadership in local currency demand deposits, a traditional compared with advantage that has provided us with both competitive funding and a stable source of funds. We are also dedicated in…

Thank you very much for the presentation. We’ll now be moving to the Q&A part of the call. [Operator Instructions] Our first question comes from Mr. Ernesto Gabilondo from Bank of America. Please go ahead sir. Your line is open. Hi, Ernesto just in case your line -- just in case you are muted, please note that your line is open now.

Can you hear me now?

Yes, we can hear you now. Please go ahead.

Sorry. Thank you. Hi, good morning, Rodrigo, Pablo and Daniel. Thanks for the opportunity to ask questions. My first question will be on the political side. Chile has interim elections last year I believe, presidential polls are pointing for center-right candidates. So whom does management believe could be the leading potential candidates. I'm seeing Matthew, Kaiser or Bachelet. Can you give us some color on the background of these candidates? And what are the chances of having them in the last round? And considering this scenario, how should we think about Congress? Should it be with majority divided? What should be your best case scenario? And what do you think are the two key reforms that Chile needs to return to its growth potential? So that that will be my first question. And for my second question is on your non-interest income growth expectations for this year given that fees could experience another cap on the merchandise discount rate, how should we think for the non-interest income growth in 2025? Thank you.

Thank you, Ernesto. Rodrigo, we'll go ahead. This is Pablo Mejia here with the first part of your question.

Hi, Ernesto, this is Rodrigo Aravena. Thank you very much for the question. I'm going to take the question related with the political environment and the challenge that we have in Chile. First of all, I think it's very important to mention that the elections will be held by November of this year. However, we don't have final candidate yet. So it's very complicated to have a more accurate estimate in terms of the final results for coalitions with the company, et cetera. However, I think it's very important as well to mention that that the main balance for the Chilean economy towards the future is to increase the capacity of growth. During the last year, the average growth in Chile has been around 2%, which is consistent with our potential capacity of growth according to the Central Bank and the Finance Ministry on as well. So I think that it's reasonable to expect a overall growth of around 2% for at least for the next two years. It is also important to be aware about several high engines from the rest of the world. Today, what we've seen is an important increase in geopolitical risk in different countries in the world and also more pressures for global inflation, higher interest rates, et cetera. However, it's also worth mentioning that Chile has very strong fundamentals as to face more challenging environment. For example, Chile remains as a country with the best sovereign rating in Latin America. And also, we have a very a very strong political system based some counter weight and very strong institutions as well. That's why we remain very confident about the ability to Chile as to be the best country in terms of the level of risk, in terms of the capacity to have a more stable growth in the future. With respect to your question about the factors that would increase the capacity to grow in Chile. I think that when there are different casuals related to different initiatives as well with a broken census between different political parties in Chile related to, for example, to reduce the restate, the bureaucracy in the new investment project in Chile. Also important to mention that the country was able to approve a new pension reform was long term would be positive in in the case that Chile could rise the internal saving in order to provide more liquidity and business to the capital market as well. So all in all, we remain confident about both the country and the financial system into the banking system as to face the different challenges because at the end of the day, what we've seen is the existence of important long-term fundamentals in the country beyond the short-term political cycle.

Okay. So in terms of fees, I think one of the things to remind everyone is that one of the key points and the drivers of fee growth for Banco de Chile is customer growth. So the proportion of fees are generated from retail customers is quite high at Banco de Chile and very stable. And customer growth is one of the key drivers. So if we look at the last years, Banco de Chile is growing in the mid-single-digit range, around 6% in current account -- current accounts for retail. So that's the main driver. So looking forward for 2025 and the future. The growth in customers should -- should be the main item -- line item that you be looking at to determine the growth for us. So we're seeing a level around the mid- high single-digit range for 2025 and beyond. And what are the drivers that we're seeing still good growth from mutual fund management, the interest rates have come down. Customers are looking for more attractive rates in their deposits. One of the reasons why we've seen our deposits changing recently from time deposits and a strong growth of mutual funds. Also, current accounts and credit cards are important for this growth. You mentioned the merchant fee discount that was delayed or postponed, suspended for now. There are, as you know three reductions that were going to take place in February 2023, October 2023. And now just recently, October 2024, but that was suspended. So the rates that remain today are the ones in October 2023, which are for debit card 0.5%, credit cards 1.14% and prepaid cards at 0.94%. So there's no news right now on what will happen with that. So that would be one of the key factors that take into consider if something changes this year to take into account. So I think that answers your question.

Yes. Thank you very much, Origo and Pablo. Just a follow up on the political question. So you were mentioning that it will be key to reduce bureaucracy in Chile to probably have a much higher potential economic growth, but as a base case scenario, you continue to see around 2% GDP growth over the next years. And then I don't know if you mentioned a little bit about the color on Congress. How can we expect on Congress to support these structural reforms. Could it have majority or still too soon to tell? Or do you think it could be divided given that maybe the left wing still has a lot of boats?

Okay. There is a blue consensus in Chile about the main balance to increase investment in the future. In fact, when we take the breakdown, the supply potential GDP growth in Chile, we can see that the highest contribution to the potential growth in Chile has been because of the labor force than capital. But unfortunately, we haven't had important advances in terms of the aggregate productivity. So that's why in Chile, we've been discussing across different proposals in Spanish, in Chile is called Permisologia. That's the name of the main proposal which basically aims to review different rates to improve of the mechanism, the system of different environmental licenses approvals, et cetera. So we need to build a country a new deal with political support, but there is -- probably it will be discussed in the next government. In Chile, as you mentioned, we have different coalitions, different parties. But at the same time, we can see that the acceptance of important counterweight from the Congress to the -- with respect to the press event, they are the center government, it’s a positive aspects in the long-term because when you have different PPPAs, when you have different have coalitions, the main counterweight from the central government, it is positive in terms of need to build consensus and long-term view as it was the case, for example -- and actually, as it's been the case during in the last government in Chile. So, we think that we have the conditions to improve productivity in the future. This will be likely the main challenges to be addressed in the next government. But again, we don't have -- so far, information related to the names of the final candidates to run the presidential election in the country. And also it's not clear how will be the coalition between the left and the right party. So, we need more information. Probably in the next quarter, we are going to have more conformation. But I think that so far, given the current fundamentals, it's reasonable to suspect a growth between 2% and 2.5%. It could be higher in the future, probably, if we improve the [indiscernible] in Chile. But it will be discussed probably in the next government.

Terrific. Thank you very much Rodrigo.

You're welcome.

Thank you very much. Our next question comes from Tito Labarta from Goldman Sachs. Please go ahead, sir you line is open.

Hi Pablo, Rodrigo, thanks for the call and taking my question. My question is on your ROE guidance of 18%. Do you expect to sort of get to your sustainable level this year? I know you expect lower inflation. But just to understand, it seems a little conservative. I mean, for us to get to that number, you'd probably have to be at the low end of your margin guidance and at the high end of your cost of risk guidance. Is that sort of how we should think about it? And I ask you mentioned your -- one of your goals is to be the most profitable bank in Chile. Your main peer is guiding for ROE above 20%. And I know this difference from a capital perspective because your ROE is much higher, but you also have a much higher capital base. So, I guess my second question related to that is you increased the payout this year above 80%. Could you continue to pay 80% or even more? I mean, as you showed, you have a very strong capital base, very strong ROE. So, what's the right capital level given that your peers' capital seems so much lower could you try to reduce that capital to deliver perhaps a higher ROE? Just want to understand how you think about that. Thank you.

Hi Tito. Yes, in terms of our guidance that we've been giving in terms of return on average capital, it's around the 18% level. This takes into consideration the levels of capital that we had at the end of 2024. So, you have to take into consideration at that level. We also paid out higher than whether a dividend policy or what we pay or provision in the balance sheet of 60%. So that would [Technical Difficulty] also, it's important to take into consideration that the guidance is around and a lot of those figures around the 18% around 1.2 -- to 1.0% 1.2% cost of risk. So it's a conservative level of ROE, which has upside risks. Today, there's discussions in terms of where the interest rates could be in Chile is inflation returning because of global market factors in terms inflation rates. So that will all play into effect in ROE going forward. Today, with our current levels of expectations for the economy or how we close the end of the year of capital, it's 18%. But we have to take into consideration that we paid out higher than the 60%. So that adjusts that number a little bit. Sorry. And Daniel lets take your second question on capital.

Thank you, Pablo. Well, regarding capital, as you said, we have a very strong capital base probably the strongest among the main peers of the Chilean industry. And well, the payout this year has to do basically with the result we have seen over the last year. But also we want to be prepared for the taking of the economy in the future and in order to have enough capital to grow as well and to address the final stages of Basel III implementation. So we want to be prepared for that. And in order to do that, we need to have enough capital in order to cope with that.

Okay. But I guess in terms of -- to cope with that, I mean, there's 14% core Tier 1. Do you think -- is that the right level? Is that -- I mean, it still seems pretty high compared to your peers. So just to understand what do you think is that right level just to deal with potential challenges.

We basically went to be above, of course, the regulatory limits and our internal limit as well. So in the long run, basically, we want to be flowed in 2 or 3 percentage points over the regulatory limits in order to have enough capital to grow as long as the economy continues to grow.

Okay. Great. Thanks, Daniel.

Okay, Thank you very much. Our next question comes from Mr. Yuri Fernandes from JPMorgan. Please go ahead. Sir, your line is open.

Hi, everybody. Congrats for another good year in 2024. I have just a follow-up on Tito's question on your ROE. Actually, your return on capital guidance 18%. Can you repeat like what would be divested on the new capital base and a very simple calculation here? You paid 82% payouts, right? And if you assume you are retaining, I don't know, 18% of your capital your average book -- your average equity should increase a little bit, right, like on 2025 versus 2024 on average. For us to have your return on average capital coming from 23% this year to 18% if you don't do any adjustment here, it implies a big earnings decrease. So just trying to understand if that's right, like if we should expect an earnings decrease for you in 2025 versus 2024. And have to hear what will drive the FC or inflation, like what is behind? Or if there something wrong in my calculation because -- just with the drop from -- again, from 2023 return on average capital to 18%, it seems that, that should be some early special for you. Thank you.

Hi, Yuri. Well, you have to take into consideration as well, but our guidance is based on our expectations for the economy, which may be a little bit different from yours, growth of 2%, CPI inflation, 3.8%. Some peers have higher than those levels and an overnight rate of 4.5%. So that obviously will have an effect in terms of these market factors in terms of our bottom line. Of these levels are being discussed today in the economy, Rodrigo can maybe so over that, what's occurring in terms of inflation and rate?

Yeah. Hi. Yuri, this is Rodrigo Aravena. When we build that base scenario, we consider some part assumptions. One of them was related with the level of an rate, right? We are expecting strengthening of the Chilean peso, which, of course, it has an impact on inflation. And just to have an idea, there is a 10% depreciation of the exchange can rate the expected impact on inflation is between 120 basis points of inflation. So that's why given the recent development during the last month, we acknowledge that our bias in the -- in our forecast of CBI. In fact, if you analyze the recent evolution of the breakdown the breakdown in the financial market today, according to the financial prices, the interest rate, the breakdown, I mean, in the -- in interest rates. Markets today expects an inflation rate place higher than the 4%. And the same in terms of economic growth in the last quarter, the economy has an important surprise because there was an important acceleration in the economy. In fact, we were expecting a 2.2% growth in the last year, but the final number was 2.5%. So what I'm trying to say is that today, we've seen a higher-than-expected dynamism in different kit numbers, especially in domestic demand. And the same for inflation. What does this mean that we can rule out of the final average inflation for this year and the same for interest rate would be a bit higher compared to our expectations. So at the end of the day, we knowledge that the -- that we would be higher than our -- we acknowledge that that bias, sorry. Pablo?

So maybe to add, in that number, you have to take into consideration as well that last year was the end of the FCIC program from the Central Bank that provided us with a very good source of funding for the banking industry, the low cost that ended all in the first half, basically of last year, we don't have that. Rates are lower this year than last year, inflation expectations on their budget is lower. Also, in terms of risk, we ended the year at a very good level of just over 1%. And the expectation is a range between 1% and 1.2%, which can also push that number a little bit down. But the most important thing, I think, to take into consideration that there's some market factors which could change like Rodrigo mentioned. But the core of the business is also growing. So you look on Slide 13, you can see how the core of the business is growing, where customer income is growing by 9%. Our net interest margins are very strong. We expect the net interest margins because if we look at where the rates were prior to the pandemic, where we see the rates after the pandemic, they should be higher, probably steeper. Maybe there'll be a little bit more inflation to net interest margins in the medium and long-term. There's good reasons to believe that net interest margin should be similar to what we're guiding for this year and the medium-term. So there's good news in that figure. And also the ROE in the long-term, our idea is to be our return on average capital, which is a level that we discussed internally to be more precise and more consistent with internal documents, but it's around the same. Nothing has changed in terms of our long-term view of Banco de Chile's profitability should be around 18% or could even be higher based on market factors of inflation if rates are higher, the steeper -- all these factors are very important for us, digitalization. This is all important to take into consideration the future and to have a capital that grows in line with the level of loan growth. So obviously, you can't have capital growing forever, reaching very, very high levels. It has to be in the payout will always take this into consideration the growth of the business.

Clear. I guess, like bottom line is that you have some conservative assumptions here. I was asking this, Pablo, because just in the math here, 23% ROE going to 18%, it was implying, I don't know, mid-teens earnings decrease for you. This year was at 3%. And when I look to your guidance, as you said, like loan growth above the industry margins, some pressure, but minimal pressure on margins, cost of risk a little bit higher. So I think when I look to the ROE versus the order inputs, I don't have any impression that your earnings will decrease, I don't know. 10%, 15% whatever, maybe even our earnings growth. So I guess, correct me if I'm wrong, maybe the guidance was a little bit more conservative on the ROE. That's the bottom line, right, like.

The ROE as well -- or return on average capital ROE. It also takes into consideration the 60% payout. So that will rise. Also, you have to take into consideration that CIC is about 100 – CLP 90 billion, CLP 100 billion, which we don't have anymore. The 20 basis point rise, if you take in to consideration, 20 basis point rise in cost of risk is also a level that's very important around those levels as well, around CLP 80 billion. If you also look at the level of inflation that was projected is 4.6% versus – 4.5% versus 3.8%. So you have another there you have around CLP 50 billion or so. So there's a lot of market factors. But the important part is that the rest of operations are growing, and as Rodrigo mentioned, there's improvements. And another area that's important to mention is efficiency or our costs are relatively flat. We have efficiency ratio guidance of 40%. But, obviously, these other market factors change that will have to adjust as well. So it's true, it's on the conservative side as these are around these levels, around 18%. But we have to take into consideration that this is based on a 60% payout, not the 83% payout that we did, 82% or 83%.

No, super clear. Thank you. And I guess you have the same in 2023, I think the ROEs were also the guidance was lower than the final numbers you had. If I may, just a second one here guys on margins. It has been super resilient and you comment on mix and better loan yields, offsetting some of the pressure you see. When we go back to 2018, 2019, the Chilean banks, they had much lower margins than what you have. Should we think about this 45, 46, 47 the new normal? Or should we see lower margins going forward for you?

So it's important to mention that if we look at prior to the pandemic in 2010 to 2020, there is a strong mix in the loan portfolio. There is very strong growth and mortgage loans, for instance, and there was a period of globally of very low interest rates and flatter yield curves. So those pressures, continuous pressures in terms of NIMs during that period. But today, what we have is much higher NIMs, no, sorry, much higher interest rates versus prior to the pandemic and probably will stay higher than prior to the pandemic. This should probably be steeper. So that's why we're saying that in the medium-term, longer term, it's reasonable to assume net interest margins in line with our guidance for this year, for the longer term as well. So with these market factors, it's much more attractive for the banking industry then prior to the pandemic when rates were very low, which is more challenging to be a more profitable bank. And also very important is that we're leaders in terms of demand deposits, and this is a very good source of funding. It caused us to give a very good customer service, but our brand, the quality of our service brings customers to Banco de Chile, and we manage a very high level of demand deposits. So that also gives us a lead in terms of other banks, in terms of our net interest margins because of this low-cost – interest low-cost funding base.

So super clear, Pablo. Thank you. I'm not sure Rodrigo wants to complement. Sorry for interrupting.

No, we're now. So I think that -- just let me reinforce one idea that Palo already mentioned. The main source of uncertainty related with the evolution of margins and return in the future is related with macro factors. So as Pablo said, the strategy of the bank fundamentals remain same, very strong, that is not clear, for example, what will be the terminal interest rate in Chile in the current Asian cycle, in monetary policy, the Central Bank said, for example, in the last monetary policy report that the new interest rate was a number between 3.5% and 4.5%. But given the current discussion the highest than expected persistent inflation we can rule out -- but the final terminal rate in Chile would be a bit higher than, for example, also, we've seen a very important correlation between industrial and grade, with U.S. rates and more recently, so we can roll out that overseas the final -- the long-term interest rate will be a bit higher as well. So, in terms of inflation, for example, reflection rate will be both the other bonds of the monitor policy range over the last two years. So, that's why, at the end of day, the key source of uncertainty for the evolution of the margins return is related with macro factors. So, that's why most of the changes in our guidance and forecast are related and based in a different view of the economy rather than different things in the bank. That is a matter of macro factors.

Yes. So, this will also influence the ROE, return on average capital for the future. The market factors. They're higher, the industry will be higher.

Well, perfect. Thank you very much.

Perfect. Thank you very much. Our final question for today is from Ms. Neha Agarwala from HSBC. Please go ahead ma'am, your line is open.

Hi, thank you so much for taking my question. A quick one on costs. So, you had very good cost control this year. What should we expect for 2025 going in line with inflation, above inflation? I mean efficiency ratio obviously depends upon how the revenues also evolve that will be good to understand how do you expect the cost growth to be? And what would be the main drivers for an increase or decrease in terms of cost? And sorry to go back again on capital. I mean, you want to be 200 basis points above the regulatory minimum, but even with the dividend payout, you remain -- your core equity Tier 1 is about 14%. Your total Tier 1 is above 18%. You remain around 18%, so you remain quite well above your peers. Why not consistently pay for a year or two, a higher dividend -- commit to a higher dividend payout? Or is that something you will only evaluate as you get closer to the end of this year? Thank you so much.

Hi Neha. The first question I'll take. This is Pablo Mejia here. So, in terms of operating expenses and efficiency, we're seeing levels in the guidance around 40%, flattish expense growth. Obviously, the efficiency ratio is -- you have to take into consideration operating income. And there's some, as we mentioned, market factors, which could be changing, which could influence the top line growth. So, that will influence the operating efficiency level. So, some of the things that we've been doing and the bank has been very proactive in terms of cost management across the bank. So, we've been streamlining the business and searching for different operational improvements, there are incremental changes, improvements across different areas. We have a specialized area, which is looking at improving the efficiency, how we use our resources better using different platforms in order to reduce those costs even more. We're continually implementing new products and tools to automate processes and provide digital solutions to customers, which is twofold. It's better for the customer to have a better operating experience. And also, we also have a more efficient productive bank. We've also optimized our branch network and resource allocation. So we've actually closed 31 brands -- around 31 branches in the last year, 226 branches we're at today. So the banking industry globally is changing towards industry, which is more digital customers are growing more -- are going less and less the branches. So we have to offer the same solutions that we had before. And digitally, this again gives a better experience to the customer, but it also provides us with a more productive bank, and we've been doing other things such as improving the marketing, changing how we do marketing, using other online platforms, which have improved the expenses there also software licensing, looking at ways to improve on how we're managing our licensing. So there's a lot of incremental changes across the bank, which are managing to control expenses and maintain our cost base relatively flat. So, with the top line growing more, if it grows more, obviously, they will change the efficiency ratio, but the goal or the target of the bank is a relatively flat cost base for this year 2025. And going forward is the 42% and obviously, market factors, et cetera. Obviously, that can change the efficiency ratio. But I think the goal at a level below 42%.

I mean that's quite commendable.

Sorry.

Sorry. Just continuing on the cost part. First, it's quite commendable. I mean you had almost no growth in 2024 and you expect another year of almost no growth in terms of cost. Do you see more branch closed this year as well?

It's a process that we're looking at optimizing the footprint above the Chile and where we need to have those resources allocated. So -- but if we look back, we reached a level of 450 branches. So most of the reduction or the optimization of the branch network has been done. So it's a continual process to see where that number will be in the future. In terms of capital, Daniel Galarce will take that question.

Hi, Neha. As I mentioned earlier, we have today a 14% CET1 ratio. That's true. And basically, in the future, we want to have enough capital buffers in order to address and afford potential growth of our balance sheet. As long as -- we believe that as long as the economy retake some momentum in the -- over the next two years, three years, we will need capital in in order to afford that and order to address the final stages of Basel III implementation as well Basel III implementation is still in progress. It's finalizing in [indiscernible]. However, we are a prudent bank in terms of how we face the future and in this case, how we face the growth of our business, particularly in terms of loans as long as the economy we take some momentum, as I said before.

Do you have any estimate on what could be the potential impact of the final stages of Basel III implementation?

I'm sorry, can you repeat the final one?

Do you have an estimate on what could be the potential impact in terms of basis points of capital from the final stages of Basel III implementation that you are mentioning?

Well, there are still -- there are some things that need to be clear. Today, we have a Pillar 2 to charge that has been decreased in the recent months. However, in the future, we don't know what kind of charges can be imposed by the Chilean regulator. And since it's a regulation that is still in progress. And since there are some things that need to be cleared by the regulator, we need to afford some possible charges such as Pillar 2 charges or also more requirements associated with countercyclical buffers. So in order to address that and in order to face that, of course, we need to have enough capital buffers in the future. But more importantly, I would say that we want to have enough capital in order to grow in the future since -- over the last three years, basically the commercial business has been quite decelerated, and we expect to have more dynamism in the future as long as the economy, we take some growth.

Perfect. Thank you so much for the answers. Congratulations on the results.

You’re welcome.

Thank you very much for the question. We have no further questions at this point. I'll be passing the line back to the management team for the concluding remarks.

Well, thanks for listening to our conference call, and we'll be happy to host you again in the next year. Bye.

Thank you very much. This concludes today's conference call. We'll now be closing all the lines. Thank you, and goodbye.