Grupo Aval Acciones y Valores SA (AVAL) 2023 Q4 法說會逐字稿

Welcome to Grupo Aval's 4Q 2023 consolidated results conference call. My name is Mandeep, and I will be your operator for today's call.

歡迎參加 Grupo Aval 2023 年第四季合併業績電話會議。我叫曼迪普，我將擔任您今天通話的接線生。

Grupo Aval Acciones y Valores S.A. is an issuer of securities in Colombia and in the United States. As such, it is subject to compliance with securities regulation in Colombia and applicable US securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate.

Grupo Aval Acciones y Valores S.A. 是哥倫比亞和美國的證券發行人。因此，它須遵守哥倫比亞的證券監管和適用的美國證券監管。Grupo Aval 作為 Aval 金融集團的控股公司，也接受財政部的檢查和監管。

The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-IFRS measures, such as ROAA and ROAE, among others, are explained when required in this report.

本文件中所包含的綜合財務資訊是根據 IASB 目前發布的 IFRS 列報的。本報告中會根據需要解釋 ROAA 和 ROAE 等非 IFRS 指標的計算細節。

Banco de Bogotá executed a spin-off of a 75% equity stake in BAC Holding International Corp to its shareholders, and Grupo Aval subsequently spun-off its equity interest to its shareholders on March 29, 2022. On December 19, 2022, Banco de Bogotá sold 20.89% of the outstanding investment of BHI through a tender offer.

波哥大銀行將 BAC Holding International Corp 75% 的股權分拆給股東，Grupo Aval 隨後於 2022 年 3 月 29 日將股權分拆給股東。2022年12月19日，波哥大銀行透過要約收購出售了BHI已發行投資的20.89%。

As of December 31, 2022, Banco de Bogotá held a 4.11% of BHI. This investment is reflected as an investment at fair value through other comprehensive income. Following the sale, the equity method recognized under the share of profit of equity accounted investees, net of tax, between April and November was reclassified to discontinued operations.

截至2022年12月31日，波哥大銀行持有BHI 4.11%的股份。該投資反映為以公允價值計量且其變動計入其他綜合收益的投資。出售後，4 月至 11 月期間根據權益法核算的被投資方的稅後利潤份額確認的權益法被重新分類為終止經營業務。

For comparability purposes of this presentation, we have reclassified BHI's equity method for the second and third quarter of 2022 to net income from discontinued operations. Banco de Bogotá's remaining 4.11% interest in BHI was disposed of in March 2023.

出於本簡報的可比性目的，我們將 BHI 2022 年第二季和第三季的權益法重新分類為來自終止經營業務的淨利。波哥大銀行持有的 BHI 剩餘 4.11% 權益於 2023 年 3 月出售。

This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as may, will, should, expects, plans, anticipates, believes, estimates, predicts, potential, or continue, or the negative of these and other comparable words.

本報告包含前瞻性陳述。在某些情況下，您可以透過「可能」、「將」、「應該」、「期望」、「計劃」、「預期」、「相信」、「估計」、「預測」、「潛力」或“繼續”等詞語或這些詞語和其他類似詞語的否定詞來識別這些前瞻性陳述。

Actual results and events may differ materially from those anticipated herein as a consequence of changes in general, economic, and business conditions; changes in interest and currency rates; and other risk described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC. Recipients of this document are responsible for the assessment and use of the information provided herein.

由於總體、經濟和商業條件的變化，實際結果和事件可能與本文預期的結果和事件有重大差異；利率和匯率的變動；以及我們向國家價值登記機構和美國證券交易委員會提交的文件中不時描述的其他風險。本文件的接收者負責評估和使用本文提供的資訊。

Matters described in the presentation and our knowledge of them may change extensively and materially over time. But we expressly disclaim any obligation to review, update, or correct the information provided in this report, including any forward-looking statements, and do not intend to provide any update for such material developments prior to our next earnings report.

簡報中所描述的事項以及我們對它們的了解可能會隨著時間的推移而發生廣泛和實質的變化。但我們明確表示不承擔審查、更新或更正本報告中提供的資訊（包括任何前瞻性陳述）的義務，並且不打算在下一份收益報告之前提供此類重大進展的任何更新。

The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description. When applicable, in this document, we refer to billions as thousands of millions. (Operator Instructions)

本文檔的內容和本文中包含的附圖旨在提供所討論主題的總結而不是全面描述。在適用的情況下，在本文件中，我們將數十億稱為數億。（操作員說明）

I will now turn the call over to Mr. Luis Carlos Sarmiento Gutiérrez, Chief Executive Officer. Mr. Luis Carlos Sarmiento Gutiérrez, you may begin.

我現在將把電話轉給執行長路易斯·卡洛斯·薩米恩托·古鐵雷斯先生。路易斯·卡洛斯·薩米恩托·古鐵雷斯先生，您可以開始了。

Good morning, and thank you all for joining our fourth-quarter 2023 conference call. Before Diego provides a detailed look at our numbers, I will provide an overview of Colombia's macro scenario and of our digital initiatives and our ESG efforts. I will finish with some highlights of our financial performance and our overall view for 2024.

早安，感謝大家參加我們的 2023 年第四季電話會議。在迭戈詳細介紹我們的數據之前，我將概述哥倫比亞的宏觀情景以及我們的數位計畫和 ESG 工作。最後，我將介紹我們財務表現的一些亮點以及我們對 2024 年的整體看法。

Although the global context surpassed positively 2023, this was not the case for Colombia. In fact, during 2023, the global economy surpassed expectations with an expected growth rate of 3.1%, exceeding the initial forecast of 2.7%. This growth was largely driven by the robust performance of the US economy.

儘管 2023 年全球局勢樂觀，但哥倫比亞的情況並非如此。事實上，2023年全球經濟超出預期，預期成長率為3.1%，超過最初預測的2.7%。這一成長主要是由美國經濟的強勁表現所推動的。

US GDP growth during 2023, which outperformed analysts' projections, is estimated at 2.5% versus 1.9% during 2022. US inflation, as measured by the consumer price index, came in at 3.4% during 2023, a material drop when compared to 2022 but still somewhat distant to the 2% target. This led the Federal Reserve to prolong its hawkish stance, maintaining higher interest rates.

美國 2023 年 GDP 成長率預估為 2.5%，優於分析師預測，而 2022 年為 1.9%。以消費者物價指數衡量的美國通膨率在 2023 年為 3.4%，與 2022 年相比大幅下降，但距離 2% 的目標仍有一段距離。這導緻聯準會延長其強硬立場，維持較高的利率。

In Europe, the European Central Bank has kept its rates unchanged since August of last year and will probably move towards reducing its marginal lending rate before the Federal Reserve, considering that even though two years have passed since Russia invaded Ukraine, European natural gas futures are trading at their lowest levels since 2021, supported on mild weather, high storage volumes, and ample LNG supplies, also to reactivate the relatively weak economic outlook.

在歐洲，歐洲央行自去年8月以來一直維持利率不變，並可能在美聯儲之前降低邊際貸款利率，考慮到儘管俄羅斯入侵烏克蘭已經過去了兩年，但歐洲天然氣期貨仍處於低迷狀態。受到溫和天氣、高儲存量和充足液化天然氣供應的支撐，交易量處於2021 年以來的最低水平，也重振了相對疲軟的經濟前景。

Moving to the local context. As you will probably remember, at the end of 2022, we called your attention to unabated inflation in Colombia with no foreseeable regions to subside. What preoccupied us even more was that high inflation was occurring while GDP growth was materially slowing down.

轉向當地環境。您可能還記得，2022 年底，我們提請您注意哥倫比亞的通貨膨脹有增無減，且沒有可預見的地區會消退。更讓我們擔心的是，通貨膨脹率居高不下，而GDP成長卻大幅放緩。

The Central Bank consequently responded with a rapid unprecedented series of repo rate hikes, which increased rates by more than a 1,000 basis points in approximately 12 months. Obviously, marginal costs of funds followed the same trend but were affected beyond the Central Bank's increases as new liquidity regulation was introduced, which led banks to scramble for certificates of deposits of longer tenures. Asset repricing, on the other hand, did not keep up with cost of funds, especially so in banks with lending portfolios skewed towards consumer lending.

因此，央行採取了前所未有的一系列快速回購利率上調措施，在大約 12 個月內將利率提高了 1,000 多個基點。顯然，資金邊際成本也遵循同樣的趨勢，但隨著新的流動性監管的出台，受到的影響超出了央行的升息，這導致銀行爭相購買期限較長的存單。另一方面，資產重新定價並沒有跟上資金成本的步伐，尤其是在貸款組合偏向消費貸款的銀行中。

As a by-product of this situation, 2023 was the most challenging year in recent history for the Colombian economy. GDP grew an underwhelming 0.6% when compared to growth of 7.3% during 2022 as the fourth-quarter GDP grew only 0.3% when compared to the fourth quarter of 2022. This result was the weakest since the beginning of this century, excluding contraction in 2020 during the COVID-19 pandemic.

這種情況的副產品是，2023 年是哥倫比亞經濟近代史上最具挑戰性的一年。與 2022 年 7.3% 的成長率相比，GDP 成長 0.6%，表現平平，因為第四季 GDP 與 2022 年第四季相比僅成長 0.3%。這項結果是本世紀初以來最弱的，不包括 2020 年 COVID-19 大流行期間的收縮。

Economic slowdown during 2023 was mainly driven by moderation of household demand and a collapse of investment. According to experts, the absence of a rebound in investment levels will compromise the country's potential future growth, jeopardizing fiscal sustainability.

2023年經濟放緩的主要原因是家庭需求放緩和投資崩潰。專家表示，投資水準缺乏反彈將損害該國未來的潛在成長，從而危及財政可持續性。

On the production side, the manufacturing and commerce sectors completed three consecutive quarters of year-on-year contraction, while construction completed five consecutive quarters of contraction. These sectors generate high levels of employment.

生產方面，製造業和商業業完成連續三個季度同比收縮，建築業完成連續五個季度收縮。這些部門創造了高水準的就業機會。

Conversely, the financial and insurance activity sector recorded a 7.9% annual growth, driven by the strong results of asset managers, such as pension fund and trust managers. Domestic demand decreased 3.8% in 2023 as gross capital formation contracted 24.8%, while household consumption and government spending modestly increased 1.1% and 0.9%, respectively.

相反，在退休基金和信託管理公司等資產管理公司強勁業績的推動下，金融和保險活動產業錄得 7.9% 的年增長率。2023 年，由於資本形成總額收縮 24.8%，國內需求下降 3.8%，而家庭消費和政府支出分別小幅增加 1.1% 和 0.9%。

The trade balance benefited from a 14.7% drop in imports, well above the 3.1% increase in exports. We expect that the road ahead will remain challenging in 2024 as we anticipate GDP growth to be in the 0.75% to 1.25% range, reflecting sluggish consumption and investment dynamics and less favorable external contributions.

貿易平衡受惠於進口下降 14.7%，遠高於出口 3.1% 的增幅。我們預計 2024 年的前景仍將充滿挑戰，因為我們預計 GDP 成長率將在 0.75% 至 1.25% 範圍內，反映出消費和投資動態低迷以及外部貢獻較差。

A softer labor market consistent with low economic growth can be expected to constrain household consumption. Investment levels are expected to remain below pre-pandemic levels. Regulatory uncertainties, the government's urge to get several reforms through Congress, and high capital costs further complicate the economic landscape.

勞動力市場疲軟與經濟低成長一致，預計將限製家庭消費。預計投資水準仍低於大流行前的水準。監管的不確定性、政府迫切希望國會通過多項改革以及高昂的資本成本使經濟狀況更加複雜。

Inflation trended downward steadily since March 2023, decreasing from its peak of 13.34% to 9.28% in December 2023 and 8.35% in January 2024. Notwithstanding, inflation remains high, still doubling the average seen across Latin America and well above the Central Bank's target range of 2% to 4%. The deceleration in inflation has been driven by lower food inflation and by a softer demand for goods. However, the indexation processes and the desubsidizing of local gasoline prices pressed the services and regulated components. Our estimates now point to a 5.75% to 6% annual inflation during 2024.

自2023年3月以來，通膨呈現穩定下降趨勢，從高峰13.34%降至2023年12月的9.28%和2024年1月的8.35%。儘管如此，通貨膨脹率仍然很高，仍然是拉丁美洲平均水平的兩倍，遠高於央行 2% 至 4% 的目標範圍。通膨放緩是由食品通膨下降和商品需求疲軟所推動的。然而，指數化進程和當地汽油價格的去補貼給服務和監管部門帶來了壓力。我們目前的預測是 2024 年的年通膨率為 5.75% 至 6%。

Moving on to monetary policy. The current high inflation environment limits the speed at which the Central Bank intervention rate will return to historic levels. In the meantime, higher borrowing rates impose financial burdens on consumers and firms, particularly those with higher financial leverage.

轉向貨幣政策。目前的高通膨環境限制了央行幹預利率回歸歷史水準的速度。同時，較高的借貸利率給消費者和企業帶來了財務負擔，特別是那些財務槓桿較高的企業。

In any case, the central bank shyly reduced its intervention rate by 25 basis points in December 2023, and again in January 2024, taking the rate from 13.25% to 12.75%. These cuts fell short of those expected by economic analysts and capital market participants.

無論如何，央行在 2023 年 12 月和 2024 年 1 月再次羞澀地將幹預利率降低了 25 個基點，將利率從 13.25% 降至 12.75%。這些削減幅度低於經濟分析師和資本市場參與者的預期。

Given the downward trend in inflation, which has largely exceeded the repo rate decrease, real interest rates are becoming increasingly contractionary, which does not bode well for GDP growth. To reach the end of 2024 with real interest rates of less than 2.5%, the magnitude of rate cuts needs to increase over the course of the following monetary policy meetings. Our estimations continue to point to a rate of approximately 8% by year end as the central bank continues its monetary policy normalization through 2024 and extend it into 2025.

鑑於通貨膨脹的下降趨勢，很大程度上超過了回購利率的下降，實際利率變得越來越緊縮，這對GDP成長來說不是一個好兆頭。為了在 2024 年底實現實際利率低於 2.5%，在接下來的貨幣政策會議期間需要增加降息幅度。隨著央行將貨幣政策正常化持續到 2024 年並將其延續到 2025 年，我們的估計繼續表明到年底利率將達到約 8%。

Although unemployment continued to improve during 2023, sustained by employment generated through government spending, we saw initial signs of deterioration in job formations in January. The average 2023 unemployment rate fell to 10.2%, improving from 11.2% in 2022. We expect average annual unemployment to deteriorate to 11% in 2024.

儘管在政府支出創造的就業的支撐下，2023 年失業率繼續改善，但我們在 1 月看到了就業機會惡化的初步跡象。2023年平均失業率降至10.2%，較2022年的11.2%有改善。我們預計 2024 年平均年失業率將惡化至 11%。

Regarding the exchange rate, a 20.5% yearly appreciation took the exchange rate at year end down to COP3,822 per dollar, its lowest level during 2023, correcting the distortion of the Colombian peso relative to Latin American currencies. This performance was driven by a weaker dollar, the correction of the Colombia's external imbalance, and a lower risk perception of the country as evidenced by its CDS.

匯率方面，年升值20.5%，年末匯率跌至1美元兌換3,822哥倫比亞比索，為2023年最低水平，修正了哥倫比亞比索相對拉美貨幣的扭曲。這一業績的推動因素包括美元疲軟、哥倫比亞外部失衡的糾正以及該國風險認知的降低（CDS 證明了這一點）。

In the last few weeks, we have seen depreciation of the peso as the exchange rate has fluctuated between COP3,900 and COP4,000 pesos per dollar. Our view incorporates further depreciation of the peso in the coming months, resulting from a strengthening of the dollar, which will add to lower interest carry opportunities, as Colombia will cut rates faster than the US. Current account deficit ended the year at 2.7% of GDP, a marked improvement versus the 6.2% deficit during 2022 due to lower domestic demand and continued correction of the trade balance.

過去幾週，我們看到比索貶值，匯率在 COP3,900 到 COP4,000 比索兌美元之間波動。我們的觀點包括，由於美元走強，未來幾個月比索將進一步貶值，這將增加降低利息套利的機會，因為哥倫比亞的降息速度將快於美國。由於國內需求下降和貿易平衡持續調整，經常帳赤字截至年底佔 GDP 的 2.7%，較 2022 年的 6.2% 赤字明顯改善。

Finally, on the fiscal front, the 2023 fiscal deficit is estimated to be close to 4.2% of GDP, an improvement versus the 5.3% recorded in 2022. However, the fiscal deficit for 2024 is projected at 5.3% of GDP, nearing the limit stipulated by the fiscal rule and ranking among the highest in the region.

最後，在財政方面，預計 2023 年財政赤字將接近 GDP 的 4.2%，較 2022 年的 5.3% 有所改善。然而，2024年財政赤字預計為GDP的5.3%，接近財政規則規定的上限，位居地區最高之列。

Government revenues are expected to fall short of the targets set in the medium-term fiscal framework. And government spending is foreseeing to have an even greater lag as the government continues to show a marked inability to execute the nation's budget. In fact, public spending is anticipated to increase only slightly versus 2023 to 1.1% of GDP in 2024.

預計政府收入將達不到中期財政框架所設定的目標。由於政府繼續顯示出執行國家預算的明顯無能，預計政府支出將出現更大的延遲。事實上，公共支出預計與 2023 年相比僅略有增加，到 2024 年將佔 GDP 的 1.1%。

And now, let me share some figures regarding Aval's digital strategy during 2023. Digital customers of Aval's bank now exceed 6.1 million. Our banks sold 1.9 million digital products, reaching a 31.5% compounded annual growth rate since 2020.

現在，讓我分享一些有關 Aval 2023 年數位化策略的數據。Aval 銀行的數位客戶現已超過 610 萬人。我們的銀行銷售了 190 萬件數位產品，自 2020 年以來複合年增長率達到 31.5%。

dale!, our digital wallet, now has over 2 million users and 253,000 affiliated merchant establishments. dale! continues to be an integral piece of our payments ecosystem. dale!'s mission is to not only focus on customer acquisition, but also to design and pursue deeper usage and customer relationships.

我們的數位錢包 dale! 目前擁有超過 200 萬用戶和 253,000 家附屬商家。戴爾！仍然是我們支付生態系統不可或缺的一部分。戴爾！的使命不僅是專注於客戶獲取，而且是設計和追求更深層的使用和客戶關係。

Digital transactions represented almost 83.7% of total transactions and increased by 15.6% over the year. Transactions conducted in our branches decreased approximately 3.8% over the same period.

數位交易佔總交易量的近83.7%，年增15.6%。同期，我們分行的交易量下降了約 3.8%。

Metrocuadrado, our housing ecosystem, generated more than 5.5 million average monthly visits in the fourth quarter of 2023 with more than 2.3 million users per month. Through this platform, in 2023, we received more than COP446 billion in credit applications for home purchases.

我們的住房生態系統 Metrocuadrado 在 2023 年第四季平均每月訪問量超過 550 萬次，每月用戶數量超過 230 萬。透過這個平台，2023 年，我們收到了超過 4,460 億哥倫比亞比索的購屋信貸申請。

Carroyá, our mobility ecosystem, generated more than 300,000 leads to Aval banks, which, even in the difficult context of the automotive sector in Colombia, managed a conversion to disbursement close to 1%. In 2023, Carroyá acquired FacilPass, a provider of payment services through tag devices installed in vehicles. During 2023, we integrated more than 40% of the country's tolls to FacilPass.

我們的行動生態系統 Carroyá 為 Aval 銀行帶來了超過 30 萬條線索，即使在哥倫比亞汽車行業困難的背景下，該銀行也成功實現了接近 1% 的支付轉換。2023 年，Carroyá 收購了 FacilPass，這是一家透過安裝在車輛上的標籤設備提供支付服務的供應商。2023 年，我們將全國 40% 以上的通行費整合至 FacilPass。

Now let's move on to ESG. During 2023, we continued strengthening our strategy in line with our conviction that compassion towards the environment, social relevance, and strong governance standards, are paramount to a successful business. To further reflect this, we recently updated our mission, vision, and strategic pillars with a deeper focus on ESG.

現在讓我們繼續討論 ESG。2023 年，我們持續強化我們的策略，堅信對環境的同情心、社會相關性和強而有力的治理標準對於企業的成功至關重要。為了進一步反映這一點，我們最近更新了我們的使命、願景和策略支柱，並更加關注 ESG。

These are a few of our ESG milestones during the year. We obtained a rating of 49 points in the Dow Jones Sustainability Index, DJSI, improving 6 points compared to the previous year, making progress in all dimensions. Banco de Bogotá and Corficolombiana were once again included in the yearbook.

這些是我們今年的一些 ESG 里程碑。道瓊永續發展指數 DJSI 評級為 49 點，較前一年提高 6 點，各方面都有進步。波哥大銀行和 Corficolombiana 銀行再次被列入年鑑。

We reaffirmed our adhesion to the United Nations Global Pact. And along with our banks, we remain members of the financial initiative UNEP FI.

我們重申遵守聯合國全球公約。我們與我們的銀行一樣，仍然是環境署金融倡議金融倡議的成員。

We launched an ambitious project, which has been baptized Misión La Guajira. La Guajira is Colombia's most vulnerable department with the highest neonatal mortality rate, the highest death rate due to malnutrition, the lowest rate of access to drinking water, and one of the highest poverty indices. We are working together with several of government agencies and ministries to find structural solutions to Guajira's lack of access to energy solutions, portable water supply, and food security and to design solutions that are sustainable in time.

我們啟動了一個雄心勃勃的項目，該項目被命名為「Misión La Guajira」。拉瓜希拉省是哥倫比亞最脆弱的省份，新生兒死亡率最高，營養不良死亡率最高，飲用水取得率最低，也是貧窮指數最高的省份之一。我們正在與多個政府機構和部會合作，為瓜希拉缺乏能源解決方案、飲用水供應和糧食安全的問題尋找結構性解決方案，並設計及時且可持續的解決方案。

So far, we are the only economic group in the country that has tried to work hand-in-hand in a philanthropic project with Colombia's public sector and to prove that as long as we agree on the objectives, it is possible to work with any form of government. We are very hopeful that very soon, our efforts will start to bear fruit and that other economic groups in the country will follow suit with regard to other forgotten regions in Colombia.

到目前為止，我們是全國唯一嘗試與哥倫比亞公共部門在慈善項目中攜手合作的經濟團體，並證明只要我們就目標達成一致，就可以與任何人合作。政體。我們非常希望，我們的努力很快就會開始取得成果，而該國的其他經濟團體也將效仿哥倫比亞其他被遺忘的地區。

In 2023, the holding company saw a reduction of 49% in our carbon footprint when compared to 2019. Aval and its subsidiaries established road maps to adopt the recommendations of the task force on climate-related financial disclosures and of the sustainability accounting standards board.

與 2019 年相比，2023 年控股公司的碳足跡減少了 49%。Aval 及其子公司製定了路線圖，以採納氣候相關財務揭露工作小組和永續發展會計準則委員會的建議。

Banco de Bogotá issued Colombia's first international sustainable subordinated bond and is one of the country's largest lenders to renewable energy projects. Finally, in 2023, the CTIC Cancer Treatment and Research Center began operations and attended approximately 7,500 patients.

波哥大銀行發行了哥倫比亞首個國際永續次級債券，是該國再生能源計畫最大的貸款機構之一。最終，CTIC 癌症治療和研究中心於 2023 年開始運營，為約 7,500 名患者提供服務。

Regarding our financial results, Diego will refer next in detail to our financial performance during 2023. However, I would highlight the following.

關於我們的財務業績，Diego 接下來將詳細介紹我們 2023 年的財務表現。不過，我要強調以下幾點。

As I mentioned at the beginning of today's call, a steep contractionary monetary policy exacerbated by changes in regulations related to banks' liquidity positions and specifically to the net stable funding ratio resulted in an increase of marginal costs of funds, well in excess of the repo rate increase of more than 1,100 basis points in the span of a year and a half.

正如我在今天的電話會議開始時提到的，與銀行流動性頭寸、特別是淨穩定融資比率相關的法規變化加劇了急劇緊縮的貨幣政策，導致資金邊際成本增加，遠遠超過回購協議一年半內升息超過1,100個基點。

Furthermore, banks that specialize in consumer lending, as is the case with our own Banco Popular and Banco AV Villas, suffered larger net interest rate margin compressions than banks that concentrated their lending portfolios in commercial loans. The sharp slowdown of the economy has not helped either.

此外，專門從事消費貸款的銀行（如我們自己的 Banco Pop 和 Banco AV Villas 的情況）比那些將貸款組合集中於商業貸款的銀行遭受了更大的淨利差壓縮。經濟急劇放緩也無濟於事。

Consequently, 2023 was a subpar year in terms of attributable net income, which amounted to COP739 billion with a return on average assets of 0.7% and a return on average equity of 4.5%, down from a last 2022 attributable net income of continuing operations of COP1.9 trillion.

因此，2023 年的歸屬淨利為低於標準的一年，為 7,390 億披索，平均資產回報率為 0.7%，平均股本回報率為 4.5%，低於 2022 年持續經營業務的歸屬淨利潤1.9 萬億菲律賓比索。

Despite the challenging environment for our banking activity, we did, however, achieved a 61 basis points market share gain in total loans. We advanced our market share in 86 basis points in commercial loans, 102 basis points in consumer loans and 24 basis points in mortgages. This performance was achieved despite stricter credit origination policies than those in effect a year ago.

儘管我們的銀行活動面臨充滿挑戰的環境，但我們的貸款總額市場佔有率確實實現了 61 個基點的成長。我們的商業貸款市佔率提高了 86 個基點，消費貸款市佔率提高了 102 個基點，抵押貸款市佔率提高了 24 個基點。儘管信貸發放政策比一年前更加嚴格，但仍取得了這一業績。

Another good news is that we fared better than the banking system in the negative quality credit cycle experienced during 2023, particularly in consumer loans, mostly due to the structure of our credit portfolio. Specifically, our focus on payroll lending allowed us to better weather this situation, thus, experiencing a milder deterioration of PDLs in our own consumer portfolios.

另一個好消息是，在 2023 年經歷的負面品質信貸週期中，我們的表現優於銀行體系，特別是在消費貸款方面，這主要是由於我們信貸組合的結構。具體來說，我們對薪資貸款的關注使我們能夠更好地應對這種情況，因此，我們自己的消費者投資組合中的 PDL 惡化程度較輕。

As we anticipated through guidance, the contribution of our non-financial sector to our net income decreased versus 2022, albeit less than we had forecasted, consistent with our toll road concessions approaching the end of their construction phase. This was driven by the completion of the construction of the Andina concession, Bogotá-Villavicencio, and the slower construction pace of the Conexión Pacifico 1 and the Oriente concessions. This was partially mitigated by the energy and gas companies, which experienced stable performances versus 2022.

正如我們透過指導所預期的那樣，我們的非金融部門對淨利潤的貢獻與2022 年相比有所下降，儘管低於我們的預測，這與我們的收費公路特許經營權接近建設階段結束的情況一致。這是由於安迪納特許權、波哥大-維拉維森西奧的建設完成以及 Conexión Pacifico 1 和 Oriente 特許權的建設步伐放緩所推動的。能源和天然氣公司在一定程度上緩解了這個問題，這些公司的業績與 2022 年相比保持穩定。

Finally, the profits from our hotel operations increased by 19%, achieving a record performance. [Indiscernible] also accomplish its highest net income ever driven by record high AUMs, commissions for mandatory pension contributions, and the strong performance of its stabilization reserve. The pension fund sector remains very attentive to the proposals filed before Congress to reform the industry.

最後，我們的酒店業務利潤成長了19%，創下了歷史新高。 [音頻不清晰]在創紀錄的資產管理規模、強制性養老金繳款佣金以及穩定儲備的強勁表現的推動下，還實現了有史以來最高的淨利潤。退休基金產業仍然非常關注向國會提交的產業改革提案。

For 2024, we expect to see the results of many revenue enhancing initiatives and the other cost cutting initiatives, which will focus on reducing operating costs but not at the expense of reducing sales forces. Additionally, we have begun to see a recovery of the margin on loans and expect this to continue as the Central Bank maintains its rate cut cycle throughout this year.

到 2024 年，我們預計將看到許多增加收入的措施和其他成本削減措施的結果，這些措施將側重於降低營運成本，但不會以減少銷售人員為代價。此外，我們已經開始看到貸款利潤率的回升，並預計隨著央行今年維持降息週期，這種情況將持續下去。

Finally, we expect that during 2024, we will almost double our 2023 return on equity and that, by 2025, we will return to acceptable profitability metrics. I thank you for your attention. And now, I'll pass on the presentation to Diego, who will explain in detail our business results and provide guidance for 2024.

最後，我們預計到 2024 年，我們的股本回報率將幾乎是 2023 年的兩倍，到 2025 年，我們將恢復到可接受的獲利指標。我感謝您的關注。現在，我將把演示轉交給迭戈，他將詳細解釋我們的業務成果並提供 2024 年的指導。

Thank you, Luis Carlos. I will now move to the consolidated results of Groupo Aval under IFRS.

謝謝你，路易斯卡洛斯。我現在將討論 Groupo Aval 在 IFRS 下的綜合表現。

Starting on page 8, assets grew 1.9% in 2023 and 0.8% in the quarter to COP301 trillion. The year marked a 20.5% year-on-year and 5.7% quarter-on-quarter appreciation of the Colombian peso that had a negative effect on year-end growth metrics, particularly of net loans and leases. This partially explains a slight shift in mix of our assets over the year, in favor of fixed income investments and other assets that are predominantly peso denominated.

從第 8 頁開始，資產在 2023 年成長 1.9%，本季成長 0.8%，達到 301 兆哥倫比亞比索。哥倫比亞比索今年同比升值 20.5%，環比升值 5.7%，對年終成長指標（尤其是淨貸款和租賃）產生了負面影響。這在一定程度上解釋了我們的資產組合在過去一年中發生的輕微變化，有利於固定收益投資和其他主要以比索計價的資產。

Moving to page 9. Loans grew 1.9% over the year and contracted 0.4% during the quarter. Our peso-denominated loans increased 5.6% and 0.1% respectively, while US dollar-denominated loans grew 8.7% and 3.1%, respectively, in dollar terms. Despite having tightened our origination policies, we outgrew our peers in all loan categories, resulting in year-on-year market share gains of 61 basis points in total loans, 86 basis points in commercial, 102 basis points in consumer and 24 basis points in mortgages.

移至第 9 頁。貸款全年成長 1.9%，本季收縮 0.4%。我們的比索計價貸款分別成長 5.6% 和 0.1%，而美元計價貸款則分別成長 8.7% 和 3.1%。儘管我們收緊了發放政策，但我們在所有貸款類別上的增長都超過了同行，導致貸款總額的市場份額同比增長了61 個基點，商業貸款增長了86 個基點，消費者貸款增長了102 個基點，貸款增加了24 個基點。抵押貸款。

Commercial loans grew 2.2% year on year and contracted 0.4% over the quarter. Peso-denominated commercial loans grew 7.2% and 0.1% year on year and quarter on quarter, while US dollar-denominated commercial loans grew 10.6% and 3.9% in dollar terms, respectively.

商業貸款年增 2.2%，季減 0.4%。以比索計價的商業貸款較去年同期成長7.2%和0.1%，以美元計價的商業貸款分別成長10.6%和3.9%。

Consumer loans grew 1% year on year and fell 1% over the quarter. Peso-denominated consumer loans grew 2.3% and contracted 0.9% year on year and quarter on quarter, while US dollar-denominated consumer loans grew 4.6% and 1.9% in dollar terms, respectively. The high interest rate environment, slow economic activity, and softer macro outlook continued to underpin the sluggish dynamics of consumer loans.

消費貸款較去年同期成長1%，較上季下降1%。以披索計價的消費貸款年增 2.3%，季減 0.9%；以美元計價的消費貸款分別成長 4.6% 和 1.9%。高利率環境、經濟活動放緩和宏觀前景疲軟繼續支撐消費貸款的低迷勢頭。

Moving in to different sorts of consumer loans. Payroll loans account for 55% of our consumer portfolio, followed by personal loans, credit cards, and auto loans that account for 24%, 13%, and 9%, respectively.

轉向不同類型的消費貸款。薪資貸款占我們消費組合的 55%，其次是個人貸款、信用卡和汽車貸款，分別佔 24%、13% 和 9%。

Payroll loans contracted 2.1% over the quarter and year on year. Demand for this product was softer, as interest rates and new disbursements peaked during the last quarter of 2023. We're now seeing recovery in demand as rates have begun to trend downward.

薪資貸款本季和年減 2.1%。由於利率和新支出在 2023 年最後一個季度達到頂峰，對該產品的需求趨於疲軟。隨著利率開始下降，我們現在看到需求復甦。

Credit cards grew 8.2% year on year and 1.5% quarter on quarter, while automobile loans increased 1.6% year on year and grew 0.2% quarter on quarter. Personal loans increased 6% over the year and contracted 0.5% during the quarter.

信用卡年增8.2%，季增1.5%；汽車貸款年增1.6%，季增0.2%。個人貸款年增 6%，本季下降 0.5%。

Finally, mortgages grew 3.4% year on year and 2% over the quarter. Peso-denominated loans grew 10.2% and 4%, respectively, while US dollar-denominated mortgage loans grew 0.2% and decreased 0.1%, respectively, in dollar terms.

最後，抵押貸款年增 3.4%，環比成長 2%。以美元計價的比索貸款分別成長 10.2% 和 4%，而以美元計價的抵押貸款分別成長 0.2% 和下降 0.1%。

We expect our 2024 loan growth to exceed that of the banking system albeit remaining soft across products and segments. This will fall largely in line with the sluggish domestic demand and investment dynamics. Loan volumes will evolve accordingly with the normalization of monetary policy and positive effect on GDP growth.

我們預計 2024 年的貸款成長將超過銀行系統，儘管各產品和細分市場仍然疲軟。這將在很大程度上與國內需求和投資活力低迷有關。貸款規模將隨著貨幣政策正常化和對GDP成長的正面影響而相應變化。

On pages 10 and 11, we present several loan portfolio quality ratios. The quality of our loan portfolios improved year on year, measured by stages, and slightly deteriorated over the quarter. 30-day PDLs closed at 5.5%, a 20 basis points deterioration over three months and 112 basis points over the year, while 90-day PDLs closed at 3.98% and 19 basis points deterioration over three months and 73 basis points over 12 months.

在第 10 頁和第 11 頁，我們介紹了幾種貸款組合品質比率。以階段衡量，我們的貸款組合品質較去年同期有所改善，但本季略有惡化。 30 天 PDL 收在 5.5%，三個月內惡化 20 個基點，一年內惡化 112 個基點；90 天 PDL 收於 3.98%，三個月內惡化 19 個基點，12 個月內惡化 73 個基點。

After an improvement in 30 day PDLs formation during the second third quarters, we experienced an uptick in delinquency during October and November, especially, some consumer lending products deteriorated. This demanded an additional timing of our underwriting process and additional provision expenses during fourth quarter. We have since observed an improvement in new [vintages].

在第二個第三季 30 天 PDL 形成有所改善之後，我們在 10 月和 11 月經歷了拖欠率上升，特別是一些消費貸款產品的情況惡化。這要求我們在第四季增加承保流程的時間和額外的撥備費用。此後我們觀察到新的改進[復古]。

The 30-day PDL formations for the second half of the year was 20% lower than for the first half of the year, following the progressive tightening of our origination policies. The higher 30-day PDL formation during this quarter was driven by two main effects.

隨著我們的發起政策逐步收緊，下半年的 30 天 PDL 形成量比上半年下降了 20%。本季 30 天 PDL 形成較高是由兩個主要因素推動的。

First, a more challenging than anticipated macro environment that continues to underpin our consumers' payment capacity. Second, on October 10, 2023, Law 2300 of 2023 became effective, limiting the bank's ability to execute traditional collecting procedures. This new law prohibits repetitive calls and short messages to clients justified by its promoters and a consumer rights protection argument.

首先，比預期更具挑戰性的宏觀環境持續支撐著我們消費者的支付能力。其次，2023年10月10日，2023年第2300號法律生效，限制了銀行執行傳統收款程序的能力。這項新法律禁止以其發起人和消費者權益保護為由向客戶重複撥打電話和發送簡訊。

Unfortunately, the law failed to differentiate between collections of delinquent clients and outbound calls. This well-intended but ill-conceived law reduced our ability to lend at better prices to some riskier customer buckets.

不幸的是，法律未能區分拖欠客戶的催收和外撥電話。這項用意良好但考慮不周的法律降低了我們以更優惠的價格向一些風險較高的客戶群提供貸款的能力。

Cost of risk, net of recoveries for the year, was 2.3%, up from 1.5% a year earlier. Our quarterly cost of risk, net of recoveries, increased 13 basis points quarter on quarter to 2.7%. We expect that our product mix which are in lower risk products and segments will continue to support our lower cost of risk than that of our main peers.

扣除當年回收金額後的風險成本為 2.3%，高於去年同期的 1.5%。我們的季度風險成本（扣除回收金額）較上季上升 13 個基點，達到 2.7%。我們預計，我們的產品組合屬於較低風險的產品和細分市場，將繼續支持我們比主要同業更低的風險成本。

However, we expect our cost of risk to remain high during the following quarters, as the weaker vintages in personal loans and credit cards complete their deterioration, are fully impaired, and ultimately charged off. Finally, the ratio of charge offs to average 90-day PDLs was 0.67 times for the quarter and 0.63 times for 2023.

然而，我們預計在接下來的幾個季度中，我們的風險成本將保持在較高水平，因為個人貸款和信用卡的疲軟年份將徹底惡化，完全減值，並最終被沖銷。最後，本季的沖銷與平均 90 天 PDL 的比率為 0.67 倍，2023 年為 0.63 倍。

On page 12, we present funding and deposit evolution. Funding increased 0.8% year on year and contracted 0.5% during the quarter. As a result, our deposit to net loans ratio remained high at 103%. Peso-denominated funding grew 11.3% year on year and 1.3% during the quarter.

在第 12 頁，我們介紹了資金和存款的演變。本季資金年增 0.8%，收縮 0.5%。因此，我們的存貸比仍維持在103%的高點。以比索計價的資金年增 11.3%，本季成長 1.3%。

US-denominated funding decreased 2.9% and 0.2% in dollar terms during this periods. Contraction in US denominated funding was driven by the maturity of Banco de Bogotá's 2023 $0.5 billion subordinated bond that was partially replaced with a $230 million sustainability subordinated bond.

在此期間，以美元計價的資金分別下降 2.9% 和 0.2%。以美元計價的資金收縮是由於波哥大銀行 2023 年發行的 5 億美元次級債券到期，該債券被 2.3 億美元的可持續發展次級債券部分取代。

The share of deposits in our funding mix increased to 273.5%, partially explained by the appreciation of the Colombian peso. In addition, our banks have issued long-term time deposits as a substitute for some peso bond maturities.

存款在我們融資組合中的份額增加至 273.5%，部分原因是哥倫比亞比索升值。此外，我們的銀行也發行了長期定期存款作為某些比索債券到期的替代品。

Deposits grew 5% year on year and 0.9% during the quarter. Time deposits increased weight in our mix, triggered by the changes in net stable funding ratio that had started to recede by then. Peso-denominated deposits increased 9% year on year and 1.6% quarter on quarter. US-denominated deposits increased 9% and 3.2%, respectively, in dollar terms.

存款年增 5%，本季成長 0.9%。定期存款在我們的投資組合中所佔的比重有所增加，這是由當時開始下降的淨穩定資金比率的變化引發的。披索存款年增9%，季增1.6%。以美元計價的美元存款分別成長 9% 和 3.2%。

On page 13, we present the evolution of our total capitalization, our attributable shareholders equity, and the capital adequacy ratios of our banks. Our total equity increased 2.3% over the year and 2.5% over the quarter. Our attributable equity increased 1.9% and 2.4%, respectively.

在第 13 頁，我們介紹了我們的總資本、股東權益和銀行資本充足率的演變。我們的總股本年增 2.3%，比本季成長 2.5%。我們的權益權益分別成長 1.9% 及 2.4%。

On November 22, 2023, Grupo Aval, Banco de Bogotá, Banco de Occidente, and Banco Popular, entered into a shareholders' agreement that designated Banco Popular as a controlling entity of Corporación Financiera Corficolombiana CORFICOLCF under the terms of Articles 260 and 261 of the Colombian Commerce Code.

2023 年11 月22 日，Grupo Aval、Banco de Bogotá、Banco de Occidente 和Banco Pop 簽訂了股東協議，根據《銀行業法》第260 條和第261 條的條款，指定Banco Pop 為Corporación Financiera Corficolombiana控股實體。哥倫比亞商業法。

Some adjustments to our governance and control model were triggered by this agreement. This change had a positive effect on regulatory capital and the solvency ratios of Banco Popular during this quarter. In addition, it allowed Banco de Bogotá, Banco de Occidente to improve their regulatory capital and solvency ratios as well.

該協議引發了我們對治理和控制模式的一些調整。這項變化對本季大眾銀行的監管資本和償付能力比率產生了積極影響。此外，它還允許波哥大銀行和西方銀行提高監管資本和償付能力比率。

On page 14, we present our yield and loans, cost of funds, spreads, and NIM. The year-end benchmark in Colombia peaked at 13.25% in May, falling to 13% late in December 2023. This implied a hefty [583] basis points annual increase in average intervention rate to 13.03%.

在第 14 頁，我們介紹了我們的收益率和貸款、資金成本、利差和淨利差。哥倫比亞年終基準在 5 月達到高峰 13.25%，2023 年 12 月下旬降至 13%。這意味著平均幹預率每年大幅增加 [583] 個基點，達到 13.03%。

The sharp increase in the reference rate hurt our retail banking portfolios that carried predominantly fixed rates and thus repriced slowly in a falling interest rate environment. In contrast, commercial banking portfolios that are mainly priced using floating rates based on IVR benefit in this environment.

參考利率的急劇上升損害了我們主要採用固定利率的零售銀行投資組合，因此在利率下降的環境下重新定價緩慢。相較之下，主要使用基於 IVR 的浮動利率定價的商業銀行投資組合在這種環境下受益。

The overall pressure on margins was exacerbated by changes in the net stable funding ratio that has supported deposit rates during most of the year, widening the spread between deposit costs and sovereign rates. In addition, our merchant banking segment, which mainly uses funding to generate non-financial income rather than interest income further pressed our interest expense and our total NIM.

淨穩定融資比率的變化加劇了利潤率的整體壓力，該比率在今年大部分時間支撐了存款利率，擴大了存款成本與主權利率之間的利差。此外，我們的商業銀行業務主要利用資金產生非財務收入而不是利息收入，這進一步壓低了我們的利息支出和淨利差總額。

Total full-year NIM ended at 3.44%, down from 3.68% in 2022. This resulted from a 67 basis points decrease in our NIM on loans to 4% and 131 basis points increase in our NIM on investments to 1.2%. The quarterly improvement was driven by a favorable result of our NIM and investments.

全年淨利差總計為 3.44%，低於 2022 年的 3.68%。這是由於我們的貸款淨利差下降 67 個基點至 4%，投資淨利差上升 131 個基點至 1.2%。季度改善是由我們的淨利差和投資的良好結果所推動的。

Our full-year total NIM and loans was 4%, down from 4.7% for 2022. The NIM on commercial loans increased 42 basis points to 3.9%, while the NIM on retail loans contracted 214 basis points to 4.21%.

我們的全年淨利差和貸款總額為 4%，低於 2022 年的 4.7%。商業貸款淨利差上升 42 個基點至 3.9%，零售貸款淨利差下降 214 個基點至 4.21%。

The full-year total NIM of our banking segment contracted 30 basis points to 4.2%, with NIM on loans contracting 44 basis points to 4.8% and NIM on investments increasing 44 basis points to 0.9%. Fourth-quarter NIM on loans was 4.99%, 3 basis points higher than the quarter earlier and 52 basis points higher than the lowest point in the year in first quarter 2023.

我們銀行業務的全年總淨利差下降 30 個基點至 4.2%，其中貸款淨利差下降 44 個基點至 4.8%，投資淨利差上升 44 個基點至 0.9%。第四季貸款淨利差為4.99%，比上一季上升3個基點，比2023年第一季的年內最低點高出52個基點。

We have seen the cost of funds come down since mid-December as the Central Bank rate cut cycle became imminent. The spreads between time deposits and sovereign rates started to turn back to their historic levels.

自12月中旬以來，隨著央行降息週期的臨近，我們看到資金成本下降。定期存款和主權利率之間的利差開始回到歷史水準。

On page 15, we present net fees and other income. Annual gross fees and net fees income grew 12.4% and 15.5% respectively. Gross and net fee income for the quarter increased 7.9% and 2.3% year on year and fell 2.6% and 10.8%, respectively, quarter-on-quarter.

在第 15 頁，我們列出了淨費用和其他收入。全年總費用和淨費用收入分別成長12.4%和15.5%。本季總費用收入和淨費用收入較去年同期分別成長 7.9% 和 2.3%，季減 2.6% 和 10.8%。

Fee income reflects a substantial annual improvement in banking, trust and pension, and severance fees. Banking fees for the year reflect a recovery of bank assurance, merchant acquiring, debit and credit card fees.

手續費收入反映了銀行、信託和退休金以及遣散費的年度大幅改善。本年度的銀行費用反映了銀行擔保、商家收單、金融卡和信用卡費用的恢復。

Annual net pension and severance fees grew 26.3%, mainly due to higher performance-based fees in line with favorable capital market conditions. The expectation of a normalization in the level of global interest and an improvement in Colombia's country risk premium drove strong valuations in the global and local fixed income and equity markets. This boosted the profitability of assets under management and, therefore, performance-based fees.

年度淨退休金和遣散費成長了 26.3%，主要是由於在有利的資本市場條件下基於績效的費用提高。全球利率水準正常化和哥倫比亞國家風險溢價改善的預期推動了全球和當地固定收益和股票市場的強勁估值。這提高了管理資產的獲利能力，從而提高了基於績效的費用。

In addition, a historically high increasing minimum wage in 2023 led to higher fees for collection of mandatory pension contributions. Income from the non-financial sector was strong during 2023 despite an anticipated decrease of 29.2% relative to 2022.

此外，2023年最低工資漲幅創歷史新高，導致強制性退休金繳費徵收費用上漲。儘管預計較 2022 年下降 29.2%，但 2023 年非金融部門營收依然強勁。

As mentioned in past calls, our infrastructure sector, that is the largest contributor to our non-financial income, entered the final stages of construction of its current toll road concessions. Consequently, its non-financial income fell 33.9%.

正如過去的電話中所提到的，我們的基礎設施部門是我們非金融收入的最大貢獻者，目前的收費公路特許經營權已進入建設的最後階段。受此影響，其非金融收入下降了33.9%。

Energy and gas companies slightly increased their contribution by 5.2% in comparison to particularly strong construction progress of Promigas projects in Peru during 2022. Strong gas distribution volumes of industrial and residential clients helped mitigate this effect.

與 2022 年秘魯 Promigas 專案建設進度特別強勁相比，能源和天然氣公司的貢獻略有增加 5.2%。工業和住宅客戶的強勁天然氣配送量有助於減輕這種影響。

Hospitality business had a record high performance as room and food prices benefited from inflation and strong occupancy rates.

由於房價和食品價格受益於通貨膨脹和強勁的入住率，酒店業務的業績創下歷史新高。

Finally, on the bottom of the page, other income in 2023 was higher than a year earlier. Profit taking on fixed income investments valued at fair value to OCI implied COP244 billion increase net gain on sales of investments and OCI realization. Better optimization of property, plant and equipment resulted in higher income through other income operations of COP219 billion.

最後，在頁面底部，2023 年的其他收入高於一年前。以 OCI 公允價值估值的固定收益投資利潤意味著投資銷售和 OCI 變現的淨收益將增加 2,440 億比索。財產、廠房和設備的更好優化透過其他收入業務帶來了 2,190 億哥倫比亞比索的更高收入。

On page 16, we present some efficiency ratios. All of our business units continued implementing cost contention initiatives during 2023. Total OpEx grew 12.6% in 2023, well below the 16% increase in minimum wage and the price indexation based on 2022 inflation of 13.12%.

在第 16 頁，我們介紹了一些效率比。我們所有的業務部門在 2023 年繼續實施成本競爭計畫。2023 年總營運支出成長 12.6%，遠低於最低工資 16% 的增幅以及基於 2022 年通貨膨脹率 13.12% 的價格指數。

Personnel, depreciation and amortization, and general and administrative expenses grew year on year 7.8%, 3.8%, and 17.9%, respectively. Of the steep increase in general and administrative expenses, 9.3 percentage points are explained by a 39.4% increase in operating taxes, and 2.5 percentage points are explained by a 23.3% increase in deposit insurance. These two items constitute 39% of total general and administrative expenses in 2023.

人員費用、折舊及攤提、一般及管理費用較去年同期分別增加7.8%、3.8%及17.9%。在一般和管理費用的急劇增長中，營業稅增長39.4%解釋了9.3個百分點，存款保險增長23.3%解釋了2.5個百分點。這兩項費用佔 2023 年一般及行政費用總額的 39%。

In Colombia, the industry and tax commerce, called ICA, is based on gross income. As such, the base for tax increased significantly in a high interest rate environment where interest income is higher. In addition, this tax is set by regional administration, some of which enacted substantial rate increases during the year.

在哥倫比亞，工業和稅務商業（稱為 ICA）以總收入為基礎。因此，在利息收入較高的高利率環境下，稅基顯著增加。此外，該稅由地區政府制定，其中一些地區在年內大幅提高了稅率。

Quarterly OpEx grew 3.6% year on year, of which 3.3 percentage points are driven by taxes and deposit insurance. Quarter-on-quarter growth was 8.7%, of which 3.1 percentage points are driven by marketing expenses and other seasonal expenses.

季度營運支出較去年同期成長 3.6%，其中 3.3 個百分點由稅收和存款保險推動。環比成長8.7%，其中3.1個百分點是由行銷費用和其他季節性費用推動的。

Cost to assets for 2023 was 2.8%, up from 2.7% in 2022. Cost to income was 52.1%, up from 45.8% a year earlier. The deterioration in cost to income was mainly driven by the contraction and the increased income from the non-financial sector.

2023 年的資產成本為 2.8%，高於 2022 年的 2.7%。成本佔收入比例為 52.1%，高於去年同期的 45.8%。成本對收入的惡化主要是由於非金融部門的收縮和收入的增加所致。

Finally, on page 17, we present our net income and profitability ratios. Attributable net income for 2023 was COP739 billion or COP31.1 per share. During the quarter, attributable net income was COP83 billion. Finally, our return on average assets and return on average equity for the year were 0.7% and 4.5% respectively. These ratios were 0.5% and 2% for the quarter.

最後，在第 17 頁，我們介紹了我們的淨利潤和獲利能力比率。2023 年歸屬淨利為 7,390 億比索或每股 31.1 比索。本季度，歸屬淨利為 830 億哥倫比亞比索。最後，我們今年的平均資產報酬率和平均股本報酬率分別為0.7%和4.5%。該季度的比率分別為 0.5% 和 2%。

Before moving into questions-and-answers, I will now summarize our general guidance for 2024. We expect loan growth between 8% and 8.5%, with commercial loans growing between 8.5% and 10% and retail loans growing between 6.5% and 7%; NIM in the 4% area with NIM on loans in the 4.75 area; NIM of our banking segment in the 4.75% area, with NIM on loans between 5.25% and 5.5%; cost of risk, net of recoveries, in the 2.1% area; cost to assets in the 2.7% area; income from the non-financial sector, of 70% of that portfolio for 2023; our fee income ratio between 20% and 25%. Finally, we expect our 2024 return on average equity to be in the 8% and 8.5% range.

在進入問答環節之前，我現在將總結 2024 年的整體指導。我們預期貸款成長8%至8.5%，其中商業貸款成長8.5%至10%，零售貸款成長6.5%至7%；淨利差在 4% 範圍內，貸款淨利差在 4.75 範圍內；我們銀行業務的淨利差在 4.75% 範圍內，貸款淨利差在 5.25% 至 5.5% 之間；扣除回收率後的風險成本在 2.1% 範圍內； 2.7% 區域的資產成本； 2023 年，來自非金融部門的收入佔該投資組合的 70%；我們的手續費收入比例在20%到25%之間。最後，我們預計 2024 年平均股本回報率將在 8% 至 8.5% 範圍內。

We are now available to address your questions.

我們現在可以解答您的問題。

Thank you. (Operator Instructions) Julián Ausique, Corredores.

謝謝。（操作說明）Julian Ausique，Corredores。

Hi, everyone, and thank you for having my question. My first question is just -- because I didn't get it. What is the expectation of cost of risk for 2024?

大家好，感謝您提出我的問題。我的第一個問題是──因為我不明白。2024 年的風險成本預期是多少？

And my other two questions is regarding the expectation of the non-financial sector. So for example, Corficolombiana, due to the regulatory changes that Colombia has had during this year. So what are the expectation of growth for Corficolombiana and also for the energy sector?

我的另外兩個問題是關於非金融部門的預期。例如，Corficolombiana，由於哥倫比亞今年的監管變化。那麼 Corficolombiana 以及能源產業的成長預期是什麼？

And then finally, what are the expectations that you have for the 2024 regarding the cost of funds for the banks? I know that you are expecting a better NIM for the year, but it doesn't look like such like performance during 2024. So I would like to understand why the NIM for 2024 just 4% and not something a little bit more close to 4.5% or something like that? Thank you.

最後，您對 2024 年銀行資金成本有何期望？我知道您預計今年的淨利差會更好，但 2024 年的表現看起來沒那麼好。所以我想了解為什麼 2024 年的淨利差只有 4%，而不是更接近 4.5% 或類似的數字？謝謝。

Okay. Regarding cost of risk, we're guiding net of recoveries somewhere in the 2.1% area for next year. And then regarding the cost of funds, we have -- or rather than cost of funds, we prefer to guide to NIM because it captures also what might change in monetary policy.

好的。關於風險成本，我們預計明年的淨回收率將在 2.1% 左右。然後，關於資金成本，我們更願意引導 NIM，因為它也反映了貨幣政策可能發生的變化，而不是資金成本。

We have already begun to see the benefits on our numbers. The rationale in reverse, but we have experienced over the past couple years. And it says we have a relevant portion of our portfolio based on fixed rate loans. And as the cost of funds has begun to come down, as we have experienced in Colombia since mid-December, we have started to see that portion of NIM improve.

我們已經開始看到我們的數字帶來的好處。道理是相反的，但我們在過去幾年經歷過。它說我們的投資組合中有一部分是基於固定利率貸款的。隨著資金成本開始下降，正如我們自 12 月中旬以來在哥倫比亞所經歷的那樣，我們開始看到淨利差的這一部分有所改善。

According to our calculations that should continue throughout the year. We expect to see the Central Bank somewhere in the 2% real terms intervention rate. And in that kind of scenario, there's a substantial improvement in our NIM, particularly on the consumer portfolio side and the mortgages side.

根據我們的計算，這種情況應該會持續一整年。我們預計央行實際幹預利率將達 2%。在這種情況下，我們的淨利差有顯著改善，特別是在消費者投資組合方面和抵押貸款方面。

For the corporate side, we should see something in line with where we were (inaudible) this couple of years, and it says we might be seeing some compression in margins as the Central Bank rate comes down, given that most of the loans are floated based on IDR that is related to Central Bank. We also have a non-financial question.

對於企業方面，我們應該會看到一些與我們這幾年的情況（聽不清楚）一致的情況，並且它表示，鑑於大部分貸款都是浮動的，隨著央行利率的下降，我們可能會看到利潤率有所壓縮是基於與中央銀行相關的IDR。我們還有一個非財務問題。

All right. Regarding your question about Corficolumbiana and our expectations, there's a whole lot of dynamics going on in Corficolumbiana. On the one hand, we are building up a pipeline of new projects. And honestly, it's about 50% outside Colombia and 50% in Colombia. And we have to explore them further, because we have nothing to report yet. But obviously, we're building up a pipeline.

好的。關於您關於 Corficolumbiana 的問題和我們的期望，Corficolumbiana 正在發生很多動態。一方面，我們正在建造一系列新項目。老實說，大約 50% 位於哥倫比亞境外，50% 位於哥倫比亞。我們必須進一步探索它們，因為我們還沒有什麼可報告的。但顯然，我們正在建立一條管道。

Why are we building up a pipeline? Because as we said, most of our concessions are -- have been built or about to be built, and then we move on to the operation phase, which might be another 20 to 25 years of operation. But according to IFRS 15, as you know, the net profits coming from concession, from toll road concessions, once the construction phase are over, are much less. And that's why we're guiding our non-financial sector income or contribution to our attributable net income next year during 2024 to be about 70% of what it represented during 2023.

我們為什麼要建設管道？因為正如我們所說，我們的大部分特許權已經建成或即將建成，然後我們進入營運階段，這可能還需要 20 到 25 年的營運。但根據 IFRS 15，如您所知，一旦建設階段結束，來自收費公路特許權的淨利潤就會少得多。這就是為什麼我們將 2024 年非金融部門收入或對明年歸屬淨利潤的貢獻引導至 2023 年的 70% 左右。

You also mentioned regulatory changes, and we are obviously very expectant to see what happens with commission on energy regulations and how things might change, for example, for Promigas. But for now, Promigas is bound to have a very good year once again. And unless something happens, we should be okay with that.

您還提到了監管變化，我們顯然非常期待看到能源監管委員會會發生什麼以及事情可能會如何變化，例如，對於 Promigas 而言。但就目前而言，Promigas 必將再次迎來美好的一年。除非發生什麼事情，否則我們應該對此表示同意。

There are also obviously a lot going on within Colombia, what they call vigencias futuras, which is basically the money that toll road concessions receive once they're built basically to repay the loans they took to build up the roads. And the good news is that from what the government has said, those roads where we are expecting to receive vigencias futuras will not be affected.

哥倫比亞境內顯然也發生了很多事情，他們稱之為“vigencias futuras”，這基本上是收費公路特許經營權一旦建成後收到的資金，基本上是為了償還修建道路的貸款。好消息是，根據政府的說法，我們預計將獲得 vigencias futuras 的道路不會受到影響。

And more so, one of the roads that does not depend on vigencias futuras, which is our road between Bogotá and Villavicencio, with the announcement that government -- the decree that the government published just about two weeks ago, about COP0.5 trillion has been assigned to that road to fix existing problems with the road and make it, again, to the shape that it was about a year ago.

更重要的是，其中一條不依賴 vigencias futuras 的道路，就是我們在波哥大和比亞維森西奧之間的道路，政府宣布，大約兩週前政府發布了約 5 萬億哥倫比亞比索的法令已被分配到該道路，以解決該道路現有的問題，並使其再次恢復到大約一年前的形狀。

So all in all, on the energy side, we don't see any big fronts opening. Promigas is slated to have a good year. On the concession side, we are not being -- we will not be affected by the decree. Regarding vigencias futuras that the government published about two weeks ago, some money has been assigned to the Bogotá-Villavicencio road, which is good news. And just to recap, we are building a pipeline, and hopefully, we'll have some news on that in the next two or three months.

總而言之，在能源方面，我們沒有看到任何大的前沿開放。Promigas 預計將度過美好的一年。在讓步方面，我們不會－我們不會受到該法令的影響。關於政府大約兩週前發布的未來計劃，一些資金已分配給波哥大-比亞維森西奧公路，這是個好消息。回顧一下，我們正在建造一條管道，希望我們能在接下來的兩三個月內得到一些相關消息。

(Operator Instructions) Daniel Mora, East Credicorp Capital.

（操作員指示）Daniel Mora，East Credicorp Capital。

Hi. Good morning, and thank you for the presentation. I have a couple of questions. The first one is regarding margins. I would like to confirm that the NIM guidance for 2024 is placed at 4%, and this is considering the net traded income? That's the first question.

你好。早安，謝謝你的演講。我有一些問題。第一個是關於利潤。我想確認一下，2024 年的 NIM 指導值為 4%，這是否考慮了淨交易收入？這是第一個問題。

I would like to understand what will be the path of this NIM recovery through 2024? It will start the first quarter close to this level and then improve and have in the four quarter in -- closer or above the overall guidance for the year. I would like to understand that.

我想了解到 2024 年 NIM 復甦的路徑是什麼？第一季開始時將接近這一水平，然後有所改善，並在第四季度接近或高於今年的整體指導水平。我想了解這一點。

And also, with the negative performance in 2023, do you expect to make any changes to the loan mix structure or the funding structure of those bands most impacted by the inclusion in interest rates? That will be the first part regarding NIM.

此外，鑑於 2023 年的負面表現，您是否預計會對受利率納入影響最大的貸款組合結構或融資結構做出任何改變？這將是關於 NIM 的第一部分。

And the second question is regarding provision expenses. It was stated in the third quarter of 2023 that the peak in provisions will be experienced during 2023. I would like to understand, do you expect to see more quarters with new heights of cost of risk or we should be comfortable that the four quarter was already the peak in provisions? And also when do you expect to see the peak in asset quality indicators considering the improvement of vintages but also the recent data of unemployment? Thank you so much.

第二個問題是關於供給費用。2023年第三季表示，2023年撥備將達到高峰。我想了解一下，您是否期望看到更多季度的風險成本達到新的高度，或者我們應該對第四季度已經是準備金的峰值感到滿意？另外，考慮到年份的改善以及最近的失業數據，您預計何時會看到資產品質指標的高峰？太感謝了。

Well, regarding the NIM guidance, bear with me, I'm going to go into some details here. When you think of NIM for Grupo Aval, you have to break it into two separate pieces to try to compare it with the rest of the market. You have to have the NIM from the banking segment and then you have Corficolombiana, where we take interest-bearing liabilities, but we invest those to get returns from the profits from the -- income from the non-financial sector. Therefore, we keep guidance broken down in two.

好吧，關於 NIM 的指導，請耐心等待，我將在這裡詳細介紹一些細節。當您想到 Grupo Aval 的 NIM 時，您必須將其分成兩個單獨的部分，以便嘗試將其與市場的其他產品進行比較。你必須有銀行部門的淨利差，然後你有 Corficolombiana，我們承擔有息負債，但我們投資這些負債是為了從非金融部門的收入中獲得回報。因此，我們將指導意見分為兩部分。

The NIM of our banking segment, we expect it to be in the 4.75% this year, with NIM on loans between 5.25% and 5.5%. Then when you add to that what is coming from Corficolombiana, where you have the expense side but you do not have any substantial income size, that brings down the total NIM to the 4% area, because you have higher cost of funds and a larger amount of interest-bearing liabilities.

我們銀行部門的淨利差，我們預計今年將在 4.75%，其中貸款淨利差在 5.25% 至 5.5% 之間。然後，當你添加來自Corficolombiana 的內容時，你有支出方面，但你沒有任何實質性的收入規模，這會將總NIM 降低到4% 區域，因為你的資金成本更高，而且資金成本更大。有息負債金額。

And then when you calculate it taking into consideration that cost the NIM on loans would be in the 4.75%. Therefore, the 4% of total NIM compares with the 4.75% for the banking segment, and the 4.75% for the total NIM on loans compares when you only look at the banking segment with 5.25% and 5.5%. It does include net trading income, and we are expecting something similar to what we are getting this year. That is barely above 1% NIM in investments.

然後，當您計算時考慮到貸款成本，NIM 將為 4.75%。因此，總淨利差的 4% 與銀行業的 4.75% 進行比較，而貸款總淨利差的 4.75% 與銀行業的 5.25% 和 5.5% 進行比較。它確實包括淨交易收入，我們預計與今年的情況類似。投資淨利差僅略高於 1%。

Then you had a second part the valuation for the year. You are absolutely right, we expect to see a first quarter that is basically trending from last year, evolving throughout the year as the rates start to fall from the Central Bank or continue falling, where we will start to approach double-digit ROE by year end. So you will see a progression happening driven mainly by NIM expanding.

然後你就得到了當年估值的第二部分。你說得完全正確，我們預計第一季的趨勢與去年基本一致，隨著央行利率開始下降或繼續下降，全年都會發生變化，我們將開始逐年接近兩位數的淨資產收益率結尾。因此，您將看到主要由 NIM 擴張驅動的進展。

Something else to bear in mind and ties with your next question is provision expenses. When you break down how our portfolio looks like, you pretty much understand why our cost of risk is much lower structurally than our peers. Roughly, 55% of our consumer portfolio is payroll loans that runs barely above 1% cost of risk, something in that sort of range. Then from our exposure to companies, we have large concentration into larger companies that also bear very small or very low cost of risk and are not expected to deteriorate through the cycle.

另一件需要記住並與您的下一個問題相關的事情是供應費用。當您詳細分析我們的投資組合時，您會很清楚為什麼我們的風險成本在結構上比同行低得多。粗略地說，我們的消費投資組合中有 55% 是薪資貸款，其風險成本僅略高於 1%，處於這個範圍內。然後，從我們對公司的投資來看，我們主要關注規模較大的公司，這些公司的風險成本也非常小或非常低，並且預計不會在整個週期中惡化。

Finally, you fall into the two riskier categories in the Colombian sector, and it is moving into the unsecured consumer loans, the personal loans, where numbers have been substantial in Colombia over the past cycles; and SMEs that are more exposed to a lower rate of economy. So when you look at each one of those categories, we look pretty much as the rest of the system looks. But given that we have a different mix, we end up with this much lower cost of risk.

最後，哥倫比亞行業屬於兩個風險較高的類別，它正在進入無擔保消費貸款和個人貸款，在過去的周期中，哥倫比亞的此類貸款數量一直很大；以及更容易受到較低經濟成長影響的中小企業。因此，當您查看這些類別中的每一個類別時，我們看起來與系統的其他部分幾乎沒有什麼不同。但考慮到我們有不同的組合，我們最終的風險成本要低得多。

Perhaps what I missed was you asked, what are we thinking of loan mix and funding mix? Obviously, we've been very demanding on understanding why we were hit by this cycle as we were, and we're actively working into improving our mix. There's not something strategic to comment at this point. But obviously, we're looking into improvements in our funding mix. That's our primary focus at this point.

也許我錯過的是你問的問題，我們對貸款組合和融資組合有何看法？顯然，我們一直非常要求了解為什麼我們會受到這個週期的打擊，我們正在積極努力改進我們的組合。目前沒有什麼策略性的評論。但顯然，我們正在研究改進我們的資金組合。這是我們目前的主要關注點。

And then as we have been evolving throughout the years, we're moving much more into retail as a whole in our balance sheets, trying to move into these much more profitable areas. Obviously, as always in the past, that sort of a transformation is very careful. We are not rushing into very substantial growth above the system. Obviously, we've been gaining market share skill that we're starting from a stronger point in quality, but we will continue to be careful.

然後，隨著這些年來我們的不斷發展，我們在資產負債表中更多地轉向零售業，試圖進入這些利潤更高的領域。顯然，和過去一樣，這種轉變是非常謹慎的。我們不會急於在系統之上進行大幅成長。顯然，我們一直在獲得市場份額，我們是從更高的品質起點開始的，但我們將繼續保持謹慎。

Alonso Aramburu, BTG.

阿隆索·阿蘭布魯，BTG。

Yes, hi. Good morning, and thank you for the call. I wanted to follow up on the cost of risk comments. Just wondering, with your guidance of 2.1, which is a big improvement from the roughly 2.6 you've had the last couple of quarters, is that something -- I assume that it should be gradual throughout the year. Or do you expect that more of a sudden change in the next couple of quarters, closer to that figure?

是的，嗨。早安，感謝您的來電。我想跟進風險評論的成本。只是想知道，在 2.1 的指導下，這比過去幾個季度的大約 2.6 有了很大的進步，我認為這應該在全年中逐步進行。或者您預計未來幾季會出現更突然的變化，更接近這個數字？

And also, on my second question, I wanted to ask you about dale!, your digital wallet. Maybe you can share with us some of the targets that you have there, some of the strategy, maybe targets on users, and targets for monetization over the next few quarters. Thank you.

另外，關於第二個問題，我想向您詢問有關您的數位錢包 dale! 的問題。也許您可以與我們分享您的一些目標、一些策略、用戶目標以及未來幾季的獲利目標。謝謝。

Well, starting with cost of risk. One of the things that we have in IFRS is IFRS starts to anticipate the cycle much more than what the low cap does. And that's the reason why we had a higher cost of risk in the last quarter of 2023.

好吧，先從風險成本開始。我們在《國際財務報告準則》中擁有的一件事是，《國際財務報告準則》開始比低上限更預測週期。這就是我們在 2023 年最後一個季度風險成本較高的原因。

In fact, what we have been seeing had been improvement since the second quarter, so we have had two continuous quarters where we have seen improvement in quality, second versus first and third versus second. And then during the fourth quarter, around October and November, we saw an uptick in delinquency, particularly the unsecured consumer lending, even though it was wider than that. But pretty much, that was what drove provisions. And that's why we ended up having to increase our provisions during the last quarter.

事實上，自第二季度以來我們已經看到了改進，因此我們連續兩個季度都看到了品質的改進，第二季度與第一季度相比，第三季度與第二季度相比。然後在第四季度，即 10 月和 11 月左右，我們看到拖欠率上升，特別是無擔保消費貸款，儘管拖欠率比這更廣泛。但很大程度上，這就是推動供應的原因。這就是為什麼我們最終不得不在上個季度增加撥備的原因。

So what we've seen, hence, is the quality of the vintages -- and I think I didn't answer that before -- has been slightly improving. Slightly improving means we are starting to see a reversal in the process. However, in absolute terms, those are still pretty high vintages, and that's the reason why we are guiding into a 2.1.

因此，我們看到的是年份酒的品質——我想我之前沒有回答這個問題——已經略有改善。略有改善意味著我們開始看到這一過程出現逆轉。然而，從絕對值來看，這些年份仍然相當高，這就是我們引導 2.1 年份的原因。

If you want to think of what looks like a stable level of cost of risk, that would be much more in the one and two quarters or perhaps south of that in a regular cycle. So this is still a high fear of cost of risk that we're looking into consistent, a very low GDP growth, and also carrying that the vintages that we've seen recently are not where they should be long term.

如果你想考慮風險成本的穩定水平，那麼在一兩個季度或在正常週期的南部可能會更高。因此，這仍然是對風險成本的高度擔憂，我們正在研究持續的、非常低的 GDP 成長，而我們最近看到的年份並不是長期應有的水平。

Let me take the dale! question. First, when you speak about dale! -- and this, in our case, dale! is just a part of our digital strategy. And our digital strategy, if you recall and we've said it before, basically did not start with the digital wallet.

讓我來拿下戴爾吧！問題。首先，當你談論戴爾時！ ——在我們的例子中，戴爾！只是我們數位戰略的一部分。如果您還記得的話，我們之前說過，我們的數位策略基本上不是從數位錢包開始的。

We started first with digitalizing our legacy products, and we were actually first to market with digital products. Then, we started digitalizing our operations because that really -- what that afforded us was a decrease in operation costs. And then, we're now concentrating on a whole payment ecosystem, which includes the mobility platform, the mortgage platform, and dale!, and some with our QR codes and portals.

我們首先將傳統產品數位化，實際上我們是第一個將數位產品推向市場的人。然後，我們開始將我們的營運數位化，因為這確實為我們帶來了營運成本的降低。然後，我們現在專注於整個支付生態系統，其中包括行動平台、抵押平台和 dale!，以及一些帶有我們的二維碼和門戶的平台。

But then that's how we come down to dale! from the overall strategy. In dale!, we now have about 2.5 million customers, and we've reached and activated about 260,000 retailers. And obviously, we have to keep growing. We will participate, and we're working on that, in being a digital wallet to distribute some of the government subsidies, which was the way that Nequi and Daviplata really acquired a tremendous amount of customers, especially during the pandemic.

但我們就是這樣下來的！從整體策略來看。在 dale!，我們現在擁有大約 250 萬客戶，我們已經接觸並激活了大約 260,000 家零售商。顯然，我們必須不斷成長。我們將參與並且正在努力成為一個數位錢包來分配一些政府補貼，這是 Nequi 和 Daviplata 真正獲得大量客戶的方式，特別是在大流行期間。

And we, in all honesty, were not present when that happened. But the government is about to activate a whole bunch of subsidies. And as long as your digital wallet participates in that, you'll acquire, in that form, a couple other million customers. And we're going to participate in that.

老實說，事情發生時我們並不在場。但政府即將啟動大量補貼。只要您的數位錢包參與其中，您就會以這種形式獲得另外幾百萬客戶。我們將參與其中。

And then the last thing with dale! is, as I've said I think in my presentation, we're trying not to maximize, per se, the number of customers. What we're trying to do is make sure those customers are active customers and transact. And then we have to see how we make them profitable for the group. And that is if we're able to fit dale! with our overall payment ecosystem. I think that's what's going to make that possible.

然後是戴爾的最後一件事！正如我在演講中所說的那樣，我們試圖不最大化客戶數量本身。我們正在努力做的是確保這些客戶是活躍客戶並進行交易。然後我們必須看看如何讓他們為集團獲利。那就是我們是否能夠適應戴爾！與我們的整體支付生態系統。我認為這將使這一切成為可能。

So again, to recap, dale! is just a component of our overall digital strategy and, more specifically, of our payment ecosystem. And so, that's what we're paying a lot of attention to it. We'll keep growing number of customers. We'll keep growing number of retailers as a way to make the platform profitable.

再回顧一下，戴爾！只是我們整體數位策略的一部分，更具體地說，是我們支付生態系統的一部分。所以，這就是我們非常關注的。我們將持續增加客戶數量。我們將繼續增加零售商數量，作為使平台獲利的一種方式。

And the other thing is that we're in the brink of open finance in Colombia. And also, the Central Bank is working on establishing sort of a big strategy, like in Brazil, where there will probably be open finance and open data for all the digital wallets. And honestly, for the smaller digital wallets, that's going to be a great opportunity. So we're waiting on -- and very, very attentive to what happens with the Central Bank's new digital wallet.

另一件事是，哥倫比亞正處於開放金融的邊緣。此外，央行正在努力製定一項重大策略，就像在巴西一樣，那裡可能會為所有數位錢包提供開放金融和開放資料。老實說，對於較小的數位錢包來說，這將是一個很好的機會。因此，我們正在等待，並且非常非常關注央行的新數位錢包會發生什麼。

Thank you.

謝謝。

There are no further questions at this time. Mr. Luis Carlos Sarmiento Gutierrez, I turn the call back over to you.

目前沒有其他問題。路易斯·卡洛斯·薩米恩托·古鐵雷斯先生，我將電話轉回給您。

Thank you so much. And thank you again for everybody that signed up for this call. We have about a hundred people, and mostly web. And we appreciate having you in every one of our calls. Appreciate you having you all over all these years. And hopefully, we'll bring better news after, as I said, a subpar year in 2023. We expect 2024, as Diego said, to -- the final quarter of maybe double-digit return on equity, and then moving on to 2025 with, again, acceptable profitable margin. So once again, thank you so much and we'll see you next time.

太感謝了。再次感謝所有報名參加本次電話會議的人。我們大約有一百人，大部分都是網路人員。我們非常感謝您參與我們的每一次通話。感恩這些年來有你。正如我所說，在 2023 年表現不佳之後，希望我們能帶來更好的消息。正如迭戈所說，我們預計 2024 年最後一個季度的股本回報率可能達到兩位數，然後進入 2025 年，利潤率再次可以接受。再次非常感謝您，我們下次再見。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝你們，女士們、先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。