Grupo Aval Acciones y Valores SA (AVAL) 2024 Q2 法說會逐字稿

Welcome to Grupo Aval's second-quarter 2024 consolidated results conference call. My name is Regina, and I will be your operator for today's call. Grupo Aval Acciones y Valores SA, Grupo Aval is an issuer of securities in Colombia and in the United States SEC.

歡迎參加 Grupo Aval 2024 年第二季合併業績電話會議。我叫雷吉娜，我將擔任您今天通話的接線生。Grupo Aval Acciones y Valores SA, Grupo Aval 是哥倫比亞和美國 SEC 的證券發行人。

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. The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB.

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。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。

Unconsolidated financial information of our subsidiaries and the Colombian banking system are presented in accordance with the Colombian IFRS as reported, the Superintendency of Finance. Details of the calculations of non-IFRS measures, such as ROAA and ROAE, among others are explained when required in this report.

我們子公司和哥倫比亞銀行系統的未合併財務資訊是依照哥倫比亞財政部報告的《國際財務報告準則》提供。本報告中會根據需要解釋 ROAA 和 ROAE 等非 IFRS 指標的計算細節。

This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as may, will, should, expect, 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」、「潛在」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 risks described from time to time in our filings with the Registro Nacional de Valores Emisores and the SEC.

由於一般情況、經濟和商業狀況的變化、利率和匯率的變化以及我們向國家稅務局和國家稅務局提交的文件中不時描述的其他風險，實際結果和事件可能與本文預期的結果和事件存在重大差異。

Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this 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.

本文件的接收者負責評估和使用本文提供的資訊。本簡報中所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而重大的變化，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，並且無意提供任何在我們下一份收益報告之前更新此類重大進展。

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.

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。當適用於本文件時，我們將數十億稱為數億。

(Operator Instructions) With us today are Ms. Maria Gutierrez Botero, Chief Executive Officer; Mr. Diego Solano, Chief Financial Officer; Mrs. Paula Durán, Corporate VP of Sustainability and Strategic Projects; and Mr. Camila Perez, Banco de Bogota Chief Economist.

（操作員指示）今天與我們在一起的是執行長 Maria Gutierrez Botero 女士；迭戈·索拉諾先生，財務長； Paula Durán 女士，永續發展與策略專案公司副總裁；以及波哥大銀行首席經濟學家卡米拉·佩雷斯先生。

I will now turn the call over to Ms. Maria Lorena Gutierrez Botero, Chief Executive Officer. Ms. Maria Lorena Gutierrez Botero, you may begin.

我現在將把電話轉給執行長瑪麗亞·洛雷娜·古鐵雷斯·博特羅女士。Maria Lorena Gutierrez Botero 女士，您可以開始了。

Good morning, everyone and thank you for joining us for our second-quarter 2024 conference call. I am here with Diego Solano, our CFO; Camila Perez, Chief Economist of Banco de Bogota; Paula Durán, our Corporate VP of Sustainability and Strategic Projects and people of the company.

大家早安，感謝您參加我們的 2024 年第二季電話會議。我和我們的財務長迭戈·索拉諾 (Diego Solano) 一起來到這裡。卡米拉‧佩雷斯 (Camila Perez)，波哥大銀行首席經濟學家； Paula Durán，我們的永續發展和策略專案副總裁以及公司員工。

Let me start with some ESG highlight. To better support the execution of our strategy, we are taking actions to renew and strengthen our management teams at the first and second levels, both at our main businesses and our holding company level.

讓我先介紹一些 ESG 亮點。為了更好地支持我們策略的執行，我們正在採取行動更新和加強我們的一級和二級管理團隊，包括我們的主營業務和我們的控股公司層級。

Juan Camilo Angel resigned as CEO of Banco AV Villas after 30 years of service. Gerardo Hernandez was appointed as his successor. Mr. Hernandez is the former Chief Legal Officer of Banco de Bogotá and previously served as part of the Board of Directors of Colombia Central Bank and as Superintendent of Finance.

胡安·卡米洛·安吉爾 (Juan Camilo Angel) 在任職 30 年後辭去 Banco AV Villas 首席執行官的職務。赫拉爾多·埃爾南德斯被任命為他的繼任者。Hernandez 先生是波哥大銀行前首席法務官，此前曾擔任哥倫比亞中央銀行董事會成員和財務總監。

We also appointed Milena López, replacing me as CEO of Corficolombiana. Milena has over 20 years of experience in the private and public sector most recently serving as CFO to Ecopetrol and CENIT. Also in July, we strengthened our structure at the holding level with the creation of two new Corporate Vice Presidents.

我們也任命 Milena López 接替我擔任 Corficolombiana 執行長。Milena 在私營和公共部門擁有 20 多年的經驗，最近擔任 Ecopetrol 和 CENIT 的財務長。同樣在 7 月，我們任命了兩位新的公司副總裁，加強了控股層面的結構。

The VP of Sustainability and Strategic Projects led by Paula Durán, and the Corporate VP of Financial Assets and Efficiency led by Jorge Castaño. Paula is the former VP of Strategy and Sustainability at Corficolombiana and Jorge is the former Financial Superintendent. They both have more than 20 years of experience in the public and private sectors. I am confident that the personal and professional qualities of our team will continue to strengthen our market position and help us achieve our group long-term strategic goals.

永續發展和策略專案副總裁由 Paula Durán 領導，金融資產和效率公司副總裁由 Jorge Castaño 領導。Paula 是 Corficolombiana 的前策略和永續發展副總裁，Jorge 是前財務總監。他們都在公共和私營部門擁有超過 20 年的經驗。我相信，我們團隊的個人和專業素質將繼續加強我們的市場地位，並幫助我們實現集團的長期策略目標。

Now, I will invite Paula to go over additional ESG achievements during this quarter.

現在，我將邀請 Paula 回顧本季的其他 ESG 成就。

Thank you, Maria Lorena and good morning to you all. First of all, I would like to congratulate Banco de Bogotá on its issuance of COP500 billion in sustainable senior bonds. Also, our banks presented their Principles of Responsible Banking report as part of the adherence to UNEPFI. This implies that all our banks will have plans to move towards goals in terms of climate change, gender equality, financial inclusion and sustainable finance, among others.

謝謝瑪麗亞·洛雷娜，祝大家早安。首先，我要祝賀波哥大銀行發行5000億比索永續優先債券。此外，我們的銀行也提交了《負責任銀行原則》報告，作為遵守 UNEPFI 的一部分。這意味著我們所有的銀行都將制定計劃，以實現氣候變遷、性別平等、金融包容性和永續金融等方面的目標。

During this quarter, we received several recognitions for our advantages in terms of diversity and inclusion. Grupo Aval ranked sixth in Latin American for its commitment in these areas and Banco de Bogotá ranked first. Corficolombiana was also recognized for its work towards closing the generational gap. And Porvenir successfully launched a job site for employability of senior citizens.

在本季度，我們在多元化和包容性方面的優勢獲得了多項認可。Grupo Aval 因其在這些領域的承諾而在拉丁美洲排名第六，而波哥大銀行排名第一。Corficolombiana 也因其在縮小代溝方面所做的工作而受到認可。Porvenir 成功推出了一個老年人就業網站。

As per recent advances in environmental impact, Banco de Occidente celebrated 30 years of the Planeta Azul prize that recognizes initiatives aimed at water preservation and protection. Also, our road concessions successfully implemented several biodiversity projects in more than 700 hectares, as well as solar energy projects generating significant efficiencies in energy consumption.

根據環境影響的最新進展，西方銀行慶祝了 Planeta Azul 獎 30 週年，該獎項旨在表彰旨在保護水資源的舉措。此外，我們的道路特許權成功實施了 700 多公頃土地上的多個生物多樣性項目，以及太陽能項目，顯著提高了能源消耗效率。

In terms of our social impact, in addition to our programs implemented by our subsidiaries, we continue advancing in the Mision La Guajira program. Up to now, we have benefited more than 340 families that is 3,500 people, with clean drinking water solutions as well as food secured.

就我們的社會影響而言，除了我們的子公司實施的計劃外，我們還繼續推進 Mision La Guajira 計劃。截至目前，我們已為 340 多個家庭、3,500 人帶來清潔飲用水解決方案和食品保障。

Finally, I would just like to highlight that at Grupo Aval sustainability is not just a commitment. It's a core principle that drives our every decision. We've dedicated to building a future where financial strength and social and environment sources go hand in hand, ensuring our positive interest for generations to come. We continue advancing the determination towards our sustainability inputs and goals.

最後，我想強調的是，在 Grupo Aval，永續發展不僅僅是一種承諾。這是推動我們做出每項決定的核心原則。我們致力於建立一個財務實力與社會和環境資源齊頭並進的未來，確保我們子孫後代的積極利益。我們持續堅定實現永續發展投入和目標的決心。

Thanks, Paula. Now on the macro side, let me mention some relevant issues in this quarter. Inflation continues to trend down in July. (inaudible) supporting our view of an over Colombia's Central Bank that could cut rates faster, reducing real interest rates from current levels above 6%, and continuing to improve corporate, the banking sector and economic recovery.

謝謝，保拉。現在宏觀方面，我提一下本季的一些相關問題。7月通貨膨脹持續呈下降趨勢。 （聽不清楚）支持我們的觀點，即哥倫比亞中央銀行可以更快地降息，將實際利率從目前 6% 以上的水平降低，並繼續改善企業、銀行業和經濟復甦。

Economic growth has continued to be slow and investment remains well below historical levels. The country's fiscal accounts remain undisputed, even after spending cut program. The government is working on a second wave of spending costs and considering a tax reform or financial law, including surcharges to additional sectors while lowering the general corporate tax rate.

經濟成長持續緩慢，投資仍遠低於歷史水準。即使在支出削減計劃之後，該國的財政帳戶仍然無可爭議。政府正在研究第二波支出成本，並考慮稅改或金融法，包括對其他部門徵收附加費，同時降低一般企業稅率。

Camila will further comment on this and share our view on the economy.

卡米拉將對此進一步發表評論並分享我們對經濟的看法。

Thank you, Maria Lorena. Good morning to all candidates. Economic activity has turned out better than expected at the beginning of 2024, with an annual growth of 2% so far this year through May, compared with projections between 1.5% and 1.8% for the year. The improvement has been influenced, first by the recovery of the global economy, which has been reflected in a better performance of foreign trade.

謝謝你，瑪麗亞·洛雷娜。所有候選人早安。2024 年初，經濟活動優於預期，今年截至 5 月的年增率為 2%，而全年預測為 1.5% 至 1.8%。好轉首先受到全球經濟復甦的影響，這體現在對外貿易的較好表現。

Secondly in the local context, better dynamics in sectors such as public administration, agriculture, recreation and utilities, especially electricity have also explained the positive surprise in economic performance. In contrast, more traditional sectors of the economy, such as construction, commerce and manufacturing, maintained construction rates at the beginning of the year. This is evidence of the current dispersion impacts our performance.

其次，從當地情況來看，公共管理、農業、娛樂和公用事業，特別是電力等部門的更好動態也解釋了經濟表現的正面驚喜。相較之下，建築業、商業和製造業等較傳統的經濟部門則維持了年初的建築率。這證明當前的分散影響了我們的業績。

Growth in 2024 is likely to exceed the 0.6% of 2023. However, it will remain below that of the long-term. A slow recovery in investment, affected by low levels of confidence for both businesses and households, coupled with still high interest rates, has had a negative impact on the present and has also reduced the outlook for future growth.

2024年的成長可能會超過2023年的0.6%。但長期來看仍將低於該水準。受企業和家庭信心低迷以及利率居高不下的影響，投資復甦緩慢，對當前產生了負面影響，也降低了未來成長的前景。

The 12-month aggregate investment rate as of March 2024 approached its lowest level since the beginning of the series in 2005, that is 13% of GDP, which will have a negative impact on economic growth in the coming years. Thus, potential growth is now estimated to be between 2.5% and 3%, lower than the pre-pandemic estimate of between 3% and 3.5%.

截至2024年3月的12個月總投資率接近2005年該系列開始以來的最低水平，即GDP的13%，這將對未來幾年的經濟成長產生負面影響。因此，目前潛在成長估計在 2.5% 至 3% 之間，低於疫情前 3% 至 3.5% 的估計。

Nevertheless, some modest signs from the consumer suggest that the worst is behind. The national employment rate shows annual increase of just 0.2 percentage-points in the first half of 2024 to 11.1%, benefiting from higher public and services hiring, which has compensated to some extent for job losses in sectors that were traditionally the engine of the labor market.

然而，消費者的一些溫和跡象表明，最糟糕的時期已經過去。2024年上半年，全國就業率年僅成長0.2個百分點，達到11.1%，受益於公共和服務業招聘的增加，這在一定程度上彌補了傳統勞動力引擎部門的失業市場。

In addition, we expect lower rates also higher purchasing powers as wages increase more than inflation and the exchange rate has revalued and a reduction in the financial burden will allow for a change in the consumption cycle. This has been evident in the positive presence of imports of consumer goods in the first half of the year. We have upgraded our estimate for growth for 2024 to around 1.75%, against a consensus just below that level. We will have the efficient numbers for growth in the second quarter later on today. In July, inflation with its downward trend falling below 7% after being stuck just above this level during the second quarter.

此外，我們預期較低的利率也會提高購買力，因為薪資成長超過通貨膨脹，匯率已經重估，財務負擔的減輕將允許消費週期發生變化。這從上半年消費品進口的正面表現就可以看出。我們將 2024 年的成長預期上調至 1.75% 左右，而共識略低於該水準。今天稍後我們將獲得第二季的有效成長數據。7 月份，通膨率呈下降趨勢，在第二季略高於 7% 後，已跌至 7% 以下。

Also, inflationary pathway continues indexation of services, especially rents, the potential depreciation of the Colombian peso and the increase in default prices will only allow inflation to represent the next crisis between 2% and 4% until mid-2025. For the year, our forecast is for inflation to trend towards 5.6%. The aforementioned macroeconomic balance has explained Banco de la Bogota political discussion in its process of easing monetary policy, where in July it completed four meetings with negative 50 basis points rate cuts. However, given the improvements in inflation and the convergence of expectations to those markets, the pace of rate cuts is set to accelerate to 75 basis points soon.

此外，通膨路徑繼續對服務（尤其是租金）進行指數化，哥倫比亞比索的潛在貶值和違約價格的增加只會讓通膨在 2025 年中期之前達到 2% 至 4% 之間的下一次危機。今年，我們預測通膨率將達到 5.6%。上述宏觀經濟平衡解釋了波哥大銀行在寬鬆貨幣政策過程中的政治討論，7月完成了四次負降息50個基點的會議。然而，鑑於通膨改善以及對這些市場的預期趨同，降息步伐將很快加快至75個基點。

Furthermore, the forecast of lower rates at a global level reinforces the above. For the year-end, we expect the Central Bank's rate to reach 8.75%. In terms of external accounts, the country has seen a significant adjustment, with a reduction in the current account deficit to levels close to 2% of GDP.

此外，全球利率下降的預測也強化了上述觀點。年底，我們預期央行利率將達到8.75%。在外部帳戶方面，國家進行了重大調整，經常項目赤字已降至接近GDP的2%。

This can be explained by a combination of lower demand for goods produced abroad, especially inputs and capital goods, while the country has seen a greater inflow of dollars from remittances and tourism. In net terms, this situation has resulted in a lower need for dollars, which has provided some support to the exchange rate.

造成這種情況的原因是，對國外生產的商品（尤其是投入品和資本貨物）的需求下降，而來自匯款和旅遊業的美元流入增加。從淨值來看，這種情況導致對美元的需求下降，這為匯率提供了一定的支撐。

The other factors that play into the currency behavior are potential interest rate cuts by the Federal Reserve, the United States elections, the fiscal situation and local uncertainty. If rate cuts are delayed, the Republican does not convince the presidency, the fiscal situation deteriorates further and local political market returns, the exchange rate would tend to devalue.

影響貨幣走勢的其他因素包括聯準會可能降息、美國大選、財政狀況和當地不確定性。如果降息被推遲，共和黨無法說服總統，財政狀況進一步惡化以及當地政治市場回歸，匯率將傾向於貶值。

For the time being, the aforementioned forces have found a fragile balance that favors a flat exchange rate with an average balance, in the midst of recession period in the United States. On the fiscal front, even though the government has straightened out its accounts with a significant spending cut, risks are still present and compliance with the fiscal rule departed as indicated by the autonomous committee of the fiscal rule.

目前，在美國經濟衰退期間，上述力量找到了一種脆弱的平衡，有利於平均平衡的扁平匯率。在財政方面，儘管政府已透過大幅削減支出來理順帳目，但正如財政規則自治委員會所表明的那樣，風險仍然存在，並且對財政規則的遵守情況也已偏離。

For the remainder of the year, it is necessary for tax collection to meet the established targets and for the government to restrain its spending in order to ease concerns about the sustainability of public finances. In any case, rating agencies are alert to any new developments, while the markets are already pricing at a lower level for the foreign trading.

今年剩餘時間裡，稅收有必要達到既​​定目標，政府有必要限制支出，以緩解對公共財政可持續性的擔憂。無論如何，評級機構對任何新的發展都保持警惕，而市場的對外交易定價已經較低。

Fiscal risks remain for 2025 due to potential budget financing issues, with the need for the approval in Congress of a financing law and an earlier end to the transition period of the fiscal rule. As of today, details regarding the financing law are still limited. That sums up our economic view.

由於潛在的預算融資問題，2025 年財政風險仍然存在，需要國會批准融資法並提前結束財政規則的過渡期。截至目前，有關融資法的細節仍然有限。這總結了我們的經濟觀點。

Thank you. Back to you Maria.

謝謝。回到你，瑪麗亞。

Thank you, Camila. We strongly believe that the country's recovery needs to be driven by government policies that lead to a stronger investment, effective execution and confidence on the legal environment and physical security.

謝謝你，卡米拉。我們堅信，國家的復甦需要政府政策的推動，從而帶來更強有力的投資、有效的執行以及對法律環境和人身安全的信心。

However, we believe that in addition to these forwarding efforts, private sector initiatives will add to recovery. We have set ourselves to contribute and support the country's economic recovery by launching a group-wide plan to contribute to sustainable growth and employment generation in key sectors such as, SMEs, housing, energy transition, agriculture and the popular solidarity economy. These sectors have immediate effects on economic activity and employment.

然而，我們相信，除了這些轉發努力之外，私部門的措施也將促進復甦。我們決心透過啟動一項全集團計劃，為中小企業、住房、能源轉型、農業和大眾團結經濟等關鍵領域的可持續增長和創造就業做出貢獻，從而為國家的經濟復甦做出貢獻和支持。這些部門對經濟活動和就業有直接影響。

We have committed to provide funds at preferential rates to these key growth sectors, ensuring strong risk management processes. We will also continue our ambitious plan of more than COP1.9 trillion in priority sectors such as infrastructure, gas, agribusiness and tourism.

我們致力於以優惠利率向這些關鍵成長領域提供資金，確保強而有力的風險管理流程。我們也將繼續在基礎設施、天然氣、農業綜合企業和旅遊業等優先領域實施超過 1.9 兆COP 的雄心勃勃的計畫。

Before Diego gives the details of our results, let me go over the highlights of our financial results. The second quarter showed stronger loan and deposit growth that allowed us to continue increasing our market share.

在迭戈詳細介紹我們的業績之前，讓我先回顧一下我們財務表現的亮點。第二季貸款和存款成長強勁，使我們能夠繼續增加市場份額。

Over the quarter, our bank combined gross loans grew 1.8%, reaching a 25% market share by March of this year. Cost of risk and asset quality improved relative to the previous quarter and operating expenses remained under control. Regarding asset quality, it seems we have finally reached the peak in cost of risk and delinquency for consumer loans.

本季，我行貸款總額成長 1.8%，截至今年 3 月，市佔率達 25%。風險成本和資產品質較上季有所改善，營運費用仍處於控制之中。就資產品質而言，消費貸款的風險成本和拖欠率似乎終於達到了頂峰。

On commercial loans, the increase in delinquency has been milder, what could be expected in this cycle. We remain vigilant for potential climate signals or weaker sectors. We are currently designing an ambitious corporate synergies and efficiency plan, which we will launch over the coming months. I expect to provide you details on our following calls.

在商業貸款方面，拖欠率的增加較為溫和，這是本週期的預期。我們對潛在的氣候訊號或較弱的產業保持警惕。我們目前正在設計一項雄心勃勃的企業協同效應和效率計劃，我們將在未來幾個月內推出。我希望在接下來的通話中向您提供詳細資訊。

Finally, the Central Bank continues to be reluctant to speed up interest rate reductions. We maintain our view that the Central Bank can cut rates faster, reducing historical high real interest rates, which have resulted in a lower net interest margin than our initial forecast.

最後，央行仍不願加速降息。我們維持央行可以更快降息的觀點，降低歷史高點的實際利率，導致淨利差低於我們最初的預測。

Net interest margin on retained loans have benefited for the pricing process of loan. However, the adjustments made by the Superintendency of Finance to the formula used to determine interest rate cuts has forced a steeper decline in credit cards, personal loans and other target rate consumer lending growth. On the other hand, net interest margin for commercial loans has been affected by competition, which puts pressure in place, mainly in the higher credit quality corporate segment. As a result, net income to our shareholders was COP204 billion and return on average equity was 4.9%.

留存貸款淨利差有利於貸款定價過程。然而，金融監理局對降息公式的調整迫使信用卡、個人貸款和其他目標利率消費貸款成長大幅下滑。另一方面，商業貸款的淨利差受到競爭的影響，這帶來了壓力，主要是在信用品質較高的企業部門。結果，我們股東的淨利潤為 2,040 億哥倫比亞比索，平均股本回報率為 4.9%。

This result was obtained in the Colombian context of 10 banks out of a total of 28, incurring cumulative net losses as of May, the worst figure since 2009. We expect the end of the credit cycle on consumer loans and the recovery of net interest margin will enable the banking sector to return to the profitability over the next months. To position our banks for upcoming growth and replenish capital in two of our banks with weak performance in the cycle, we are strengthening the capital structure of Banco de Occidente, Banco Popular and Banco AV Villas.

這一結果是在哥倫比亞 28 家銀行中的 10 家銀行中得出的，截至 5 月份，累計淨虧損為 2009 年以來最糟糕的數字。我們預計消費貸款信貸週期的結束和淨利差的恢復將使銀行業在未來幾個月恢復盈利。為了讓我們的銀行適應即將到來的成長，並為週期中表現疲弱的兩家銀行補充資本，我們正在加強 Banco de Occidente、Banco Pop 和 Banco AV Villas 的資本結構。

Now, I would like to pass the call to Diego, who will give the details of our results.

現在，我想將電話轉給迭戈，他將提供我們結果的詳細資訊。

Thank you, Maria Lorena. I will start on pages 8 and 9 with a few charts regarding the growth rate and quality of our loan portfolio relative to the rest of the Colombian banking system. For comparability reasons, these figures are unconsolidated under Colombian IFRS published by the Superintendency of Finance. We continued to outgrow our competitors in all loan categories. This yielded by end of May, year-on-year market share gains of 83 basis points in total loans, 108 basis points in commercial loans, 125 basis points in consumer loans and 57 basis points in mortgages.

謝謝你，瑪麗亞·洛雷娜。我將從第 8 頁和第 9 頁開始，提供一些圖表，介紹我們的貸款組合相對於哥倫比亞銀行系統其他部分的成長率和品質。基於可比性的原因，這些數字並未根據財政部發布的哥倫比亞國際財務報告準則進行合併。我們在所有貸款類別上繼續超越競爭對手。截至 5 月底，總貸款市佔率年增 83 個基點，商業貸款市佔率年增 108 個基點，消費貸款市佔率年增 125 個基點，抵押貸款市佔率年增 57 個基點。

On Page 9, the quality of consumer loans appears to have begun to improve in the Colombian banking system, while commercial loans and mortgages slightly deteriorated. As mentioned in the past, Aval's portfolio composition is skewed towards lower consumer risk products resulting in a better credit quality than the system average.

第 9 頁顯示，哥倫比亞銀行系統的消費貸款品質似乎已開始改善，而商業貸款和抵押貸款則略有惡化。如同過去所提到的，Aval 的投資組合構成偏向消費者風險較低的產品，導致信用品質優於系統平均值。

I will now move to the consolidated results of Grupo Aval under IFRS. Starting on Page 10. Assets grew 3.2% over the quarter to COP317 trillion accumulating a 6.2% increase year-on-year. Gross loans, our main asset reached COP193 trillion, growing 2.4% during the quarter and 4.8% year-on-year.

我現在將討論 Grupo Aval 根據 IFRS 的綜合表現。從第 10 頁開始。本季資產成長 3.2%，達到 317 兆哥倫比亞比索，年增 6.2%。我們的主要資產貸款總額達到 193 兆披索，本季成長 2.4%，年增 4.8%。

An 8% depreciation of the Colombian peso during the quarter had a positive effect on quarter-on-quarter metrics, contributing 1.3 percentage-points to quarterly growth. Over the year, the peso appreciated 0.7% having no material impact on growth metrics.

本季哥倫比亞比索貶值 8%，對季度環比指標產生了正面影響，為季度成長貢獻了 1.3 個百分點。一年來，比索升值了 0.7%，對成長指標沒有重大影響。

Commercial loans and mortgages continue driving our nominal growth, while consumer loans resumed growth following two consecutive quarters of contraction. Commercial loans expanded 2.9% in the quarter and 5.9% year-on-year, with peso depreciation contributing 1.8 percentage-points to quarterly growth. Consumer loan growth, even though still at a soft 0.9%, improved during the quarter. Payroll loans and auto loans grew 1.6% and 2.6% respectively during the quarter, while personal loans and credit cards continue contracting 0.3% and 1.7% respectively during the quarter.

商業貸款和抵押貸款繼續推動我們的名義成長，而消費貸款在連續兩個季度收縮後恢復成長。本季商業貸款成長 2.9%，年增 5.9%，比索貶值對季度成長貢獻 1.8 個百分點。消費貸款成長儘管仍為 0.9%，但在本季有所改善。本季薪資貸款和汽車貸款分別成長 1.6% 和 2.6%，而個人貸款和信用卡繼續分別收縮 0.3% 和 1.7%。

Finally, mortgages grew 4.3% over the quarter and 10.8% year-on-year. We anticipate loan growth rates to rise later this year and into 2025 due to the normalization of monetary policy, stronger GDP growth and improvement in consumer loan quality. We expect our 2024 loan growth to continue outpacing the banking system.

最後，抵押貸款季度成長 4.3%，年增 10.8%。由於貨幣政策正常化、GDP 成長強勁以及消費貸款品質改善，我們預計今年稍後至 2025 年貸款成長率將上升。我們預計 2024 年貸款成長將持續超過銀行系統。

On Page 11 we present funding and deposits evolution. Total funding increased 3.4% during the quarter accumulating 6.8% year-on-year. Deposits account for 75.2% of our funding, growing 4.8% quarter-on-quarter and 10.1% year-on year. Saving deposits grew 7.3% during the quarter and 14.8% year-on-year, increased their share of our deposit mix by 169 basis points and 94 basis points respectively for these periods. Our deposit to net loans ratio increased to 108%.

在第 11 頁，我們介紹了資金和存款的演變。本季總資金成長 3.4%，年增 6.8%。存款占我們資金的75.2%，季增4.8%，年增10.1%。儲蓄存款本季成長 7.3%，年成長 14.8%，在我們的存款組合中的份額在此期間分別增加了 169 個基點和 94 個基點。存貸比增至108%。

On Page 12, we present the evolution of our total capitalization, our attributable shareholders equity and the capital adequacy ratios of our banks. Our total equity grew 1.9% over the quarter and 3% year-on-year, while our attributable equity increased 1.6% over the quarter and 1.5% year-on-year. We are in the process of strengthening the capitalization of our banks to position them for stronger growth.

在第 12 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。我們的總股本環比成長 1.9%，年增 3%，權益股本環比成長 1.6%，年增 1.5%。我們正在加強銀行的資本，以使其實現更強勁的成長。

Banco de Occidente's second quarter ratios reflect a $175 million and a quarterly 145 Tier 2 notes issued on May 7 that added 145 basis points to its solvency. In addition, we recently announced issuances of COP100 billion in equity and COP100 billion in subordinated bond at Banco Popular to strengthen its capital position. Banco Popular's unconsolidated solvency ratios were 12.3% for total solvency and 10.6% for core equity Tier1. These issuances will add approximately 1 percentage point to unconsolidated solvency. Finally, we are also considering a subordinated bond issuance for Banco AV Villas.

Banco de Occidente第二季的比率反映了1.75億美元和5月7日發行的145張季度二級票據，其償付能力增加了145個基點。此外，我們最近宣佈在大眾銀行發行 1000 億比索的股票和 1000 億比索的次級債券，以增強其資本狀況。Banco Pop 的未合併償付能力比率（總償付能力為 12.3%），核心權益一級為 10.6%。這些發行將使未合併償付能力增加約 1 個百分點。最後，我們也正在考慮為 Banco AV Villas 發行次級債券。

On Page 13, we present our yield on loans, cost of funds, spreads and NIM. Total NIM increased 5 basis points quarter-on-quarter to 3.4%. Our consolidated NIM on loans was stable at 4.3%. NIM on retail loans predominantly priced at fixed rates, expanded 21 basis points to 5.1%, while NIM on commercial loans predominantly floated over IBR, fell 18 basis points to 3.7%. The expansion of NIM on loans continues to be slow due to higher funding costs in line with a shy Central Bank intervention rate reduction pace.

在第 13 頁，我們介紹了貸款收益率、資金成本、利差和淨利差。淨利差總額較上季上升 5 個基點至 3.4%。我們的綜合貸款淨利差穩定在 4.3%。主要以固定利率定價的零售貸款淨利差擴大 21 個基點至 5.1%，而主要以 IBR 浮動的商業貸款淨利差下降 18 個基點至 3.7%。由於融資成本上升以及央行幹預降息步伐謹慎，淨利差貸款擴張持續緩慢。

In addition, loan rates have been pressed by a concentration of growth in higher quality lower rate assets and by changes made by the Superintendency of Finance in the formula used to determine interest rate cuts affecting some credit cards and personal loans.

此外，由於高品質、低利率資產的集中增長，以及財政部對用於確定影響某些信用卡和個人貸款的降息的公式進行的修改，貸款利率受到了壓力。

We expect that the Central Bank will have room to accelerate its pace in rate cuts as the year progresses, given the positive evolution of inflation, the current high forward-looking real interest rate level and the recent reduction in the outlook for US rate levels. This scenario supports our view of NIM expansion over the following quarters. Finally, contributing to total NIM expansion, our NIM on investments improved to 0.2% during the quarter.

鑑於通膨的積極演變、當前較高的前瞻性實際利率水準以及近期美國利率水準前景的下調，我們預計隨著時間的推移，央行將有加快降息步伐的空間。這種情況支持了我們對未來幾季淨利差擴張的看法。最後，本季我們的投資淨利差改善至 0.2%，這對總淨利差擴張做出了貢獻。

Regarding our banking segment, its NIM on loans contracted 11 basis points quarter-on-quarter to 5%, still far below historic levels. This incorporates a NIM on retail loans that expanded 14 basis points to 5.7% and a NIM on commercial loans that decreased 29 basis points to 4.4%. The total NIM of our banking segment expanded 3 basis points to 4.3%, driven by the same trends impacting our consolidated NIM.

銀行業務方面，貸款淨利差較上季下降11個基點至5%，仍遠低於歷史水準。其中零售貸款的淨利差擴大 14 個基點至 5.7%，商業貸款的淨利差下降 29 個基點至 4.4%。在影響我們綜合淨利差的相同趨勢的推動下，我們銀行業務的總淨利差擴大了 3 個基點，達到 4.3%。

On pages 14 to 16, we present several loan portfolio quality ratios. Starting on Page 14, the evolution of asset quality points to the end of the credit cycle for consumer loans, with PDL ratios and PDL formation peaking during first quarter of 2024 across all products. PDL formation for credit cards and personal loans was the lowest in seventh quarters.

在第 14 至 16 頁，我們提出了幾種貸款組合品質比率。從第 14 頁開始，資產品質的演變顯示消費貸款信貸週期的結束，所有產品的 PDL 比率和 PDL 形成將於 2024 年第一季達到高峰。信用卡和個人貸款的 PDL 形成是第七季度最低的。

30-day PDLs decreased to 5.8% while 90-day PDLs increased to 4.2%. Consumer loans PDL formation improved on a 30-day and 90-day basis was reduced. Commercial loans and mortgages showed mild deteriorations over the quarter. PDL formation reflects an improvement in the 30-days horizon and the roll-forward to 90-days of a portion of commercial loans than became delinquent since last quarter. Finally, the annualized ratio of charge-offs to average 90-day PDLs was 0.64x.

30 天 PDL 下降至 5.8%，而 90 天 PDL 則上升至 4.2%。消費貸款 PDL 形成在 30 天和 90 天基礎上有所改善。本季商業貸款和抵押貸款略有惡化。PDL 的形成反映了自上季度以來拖欠的部分商業貸款的 30 天期限有所改善，並且已展期至 90 天。最後，沖銷與平均 90 天 PDL 的年化比率為 0.64 倍。

On Page 15, the share of our loan portfolio classified as Stage 1 portfolio improved slightly over the quarter, mostly driven by a better performance in consumer loans. Coverage measured as the allowance for Stage 2 and 3 loans as a percentage of Stage 2 and 3 loans, slightly fell during the quarter to 37.4%, with coverage for consumer and commercial loans of 45.9% and 35.4%, respectively.

在第 15 頁，我們歸類為第一階段投資組合的貸款組合份額本季略有改善，這主要是由於消費貸款表現較好。以第二階段和第三階段貸款準備金佔第二階段和第三階段貸款的百分比來衡量的覆蓋率在本季度略有下降至37.4%，其中消費者和商業貸款的覆蓋率分別為45.9%和35.4%。

On Page 16, as anticipated, the cost of risk improved during the quarter. We expect a positive trend over the following quarters, building on a more favorable local macro scenario. Cost of risk, net for consumer loans improved 194 basis points to 5.56%. The cost of risk of credit cards and personal loans substantially improved quarter-on-quarter falling 563 basis points to 9.6% and 253 basis points to 12.9%, respectively.

在第 16 頁，正如預期的那樣，本季風險成本有所改善。我們預計，在更有利的當地宏觀情況的基礎上，接下來的幾季將出現積極的趨勢。消費貸款淨風險成本改善 194 個基點至 5.56%。信用卡和個人貸款的風險成本較上季大幅改善，分別下降563個基點至9.6%和253個基點至12.9%。

The lower cost of risk in commercial loans incorporates an improvement in credit ratings of previously deteriorated corporate clients that have had overtime a consistent good payment behavior. This explains improvements of 36 basis points in total cost of risk and 68 basis points for commercial loans during the quarter.

商業貸款風險成本的降低包括先前惡化的企業客戶信用評級的提高，這些客戶長期以來一直保持良好的付款行為。這解釋了本季總風險成本改善了 36 個基點，商業貸款改善了 68 個基點。

On Page 17, we present net fees and other income. Gross fee income grew 2.3% quarter-on-quarter and 4% year-on-year. Net fee income increased 0.9% and 1.9%, respectively during these periods. Net pension and severance fees grew 2.7% quarter-on-quarter and 7.3% year-on-year, due to higher mandatory pension fund management fees. Gross banking fees increased 3.1% quarter-on-quarter and 3.6% year-on-year due to higher transactional volume.

在第 17 頁，我們列出了淨費用和其他收入。總費用收入較上季成長2.3%，較去年同期成長4%。在此期間，淨費用收入分別成長 0.9% 和 1.9%。由於強制性退休基金管理費上漲，退休金和遣散費淨額季增 2.7%，年增 7.3%。由於交易量增加，銀行手續費總額較上季成長 3.1%，較去年同期成長 3.6%。

Income from the non-financial sector contracted 24.5% during the quarter driven by some concessions that are transition from the construction phase to operation.

由於從建設階段過渡到營運階段的一些優惠措施，本季度非金融部門的收入收縮了 24.5%。

Finally, on the bottom of the page, the quarterly decrease in other operating income is explained by: one, derivatives and FX losses that are negatively correlated with the higher returns from the non-financial sector. Two; net losses on sale of investments and OCI realization associated with fixed income portfolio management. And three, the comparison with our seasonally high dividends received by our subsidiaries during the first quarter.

最後，在頁面底部，其他營業收入季度下降的原因是：一是衍生性商品和外匯損失與非金融部門的較高回報呈負相關。二;與固定收益投資組合管理相關的投資出售和 OCI 實現的淨損失。第三，與我們子公司第一季收到的季節性高股息進行比較。

On Page 18, we present some efficiency ratios. In line with our cost control efforts, total other expenses increased 0.9% quarter-on-quarter and 1.2% year-on-year. General and administrative expenses grew 3% quarter-on-quarter and 3.1% year-on-year. General expenses continued to be driven by operating taxes and deposit insurance that account for 38% of total G&A expenses.

在第 18 頁，我們介紹了一些效率比。與我們的成本控制努力一致，其他費用總額較上季成長 0.9%，年增 1.2%。一般及管理費用較上季成長3%，較去年同期成長3.1%。一般支出持續受到營業稅和存款保險的推動，佔一般管理費用總額的 38%。

Cost to assets for the quarter was 2.7%, improving 4 basis points quarter-on quarter and 9 basis points year-on-year. Our quarterly cost to income increased to 54.7%, mainly due to lower power operating income described on the previous chart.

本季資產成本為 2.7%，季增 4 個基點，年增 9 個基點。我們的季度成本與收入增加至 54.7%，主要是由於上圖所述的電​​力營運收入較低。

Finally, on Page 18, we present our net income and profitability ratios. Attributable net income for the quarter was COP204 billion or COP8.6 per share. Return on average assets and return on average equity for the quarter were 0.6% and 4.9%, respectively.

最後，在第 18 頁，我們介紹了我們的淨利潤和利潤。本季歸屬淨利為 2,040 億比索或每股 8.6 比索。本季平均資產回報率和平均股本回報率分別為 0.6% 和 4.9%。

Before passing to the fact to Maria Lorena, I will now summarize our general guidance for 2024. We expect loan growth between 7.5% and 8% with commercial loans growing between 9% and 9.5% and retail loans growing between 5% and 6%. NIM in the 4% area, with NIM on loans in the 4.5% area. NIM of our banking segment in the 4.5% area, with NIM on loans in the 5.25 area. Cost of risk, net of recoveries in the 2.2% area. Cost to assets in the 2.7% area.

在向 Maria Lorena 介紹這一事實之前，我現在將總結我們 2024 年的整體指導。我們預計貸款成長在 7.5% 至 8% 之間，其中商業貸款成長在 9% 至 9.5% 之間，零售貸款成長在 5% 至 6% 之間。淨利差在 4% 範圍內，貸款淨利差在 4.5% 範圍內。我們銀行部門的淨利差在 4.5% 的範圍內，貸款的淨利差在 5.25% 的範圍內。風險成本，扣除 2.2% 區域的回收率。資產成本在 2.7% 範圍內。

Income from the non-financial sector of 80% of that for 2023. A fee income ratio between 20% and 25%. And finally, we expect our 2024 return on average equity to be between 6% and 6.5%.

2023年來自非金融部門的收入達80%。手續費收入比例在20%至25%之間。最後，我們預計 2024 年的平均股本回報率將在 6% 至 6.5% 之間。

I pass it back to Maria Lorena.

我把它傳回給瑪麗亞·洛雷娜。

Thank you, Diego. Finally, let me mention that we are focused on sustainable growth and expect that a better macroeconomic scenario in the second half of the year will support better profitability going into 2025. So may we have questions.

謝謝你，迭戈。最後，我要提一下，我們專注於永續成長，並預計下半年更好的宏觀經濟狀況將支持 2025 年更好的獲利能力。那我們可能有疑問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Julian Ausique, Davivienda Corredores

朱利安·奧西克、達維維安達·科雷多雷斯

Hi, everyone, and thank you for taking my questions. First of all, I would like to confirm the guidance.

大家好，感謝您回答我的問題。首先，我想確認一下指導意見。

We cannot understand what you were saying. Could you speak a little higher, please?

我們無法理解你在說什麼。請你說得高一點好嗎？

Okay. Can you hear me now? Is it better?

好的。現在你能聽到我說話嗎？是不是更好了？

Go ahead, but it's still difficult to understand.

繼續吧，但還是很難理解。

Okay. So first of all, I would like to confirm the guidance in terms of demand ROE. And my second question is regarding the impact of Banco Popular, due to the equity issuance that was announced yesterday. And why will the participation that Grupo Aval would have to take in that sense? And the third question is regarding if you already have any view about 2025 results, a little bit of what is the call or what are the expectations for 2025?

好的。首先，我想確認需求股本報酬率的指導。我的第二個問題是關於大眾銀行昨天宣布的股票發行的影響。為什麼 Grupo Aval 必須在這個意義上參與？第三個問題是，您是否已經對 2025 年的結果有任何看法，有什麼呼籲或對 2025 年的期望是什麼？

Could you please repeat your first question?

您能重複一下您的第一個問題嗎？

Yes. Could you confirm the ROE guidance?

是的。您能否確認 ROE 指導？

Yeah. ROE guidance is 6.5%. As you might remember, we give out two different sets of guidance for the banking segment and growth for our full year numbers and also consolidated interest expense and in internal engine.

是的。ROE 指引為 6.5%。您可能還記得，我們​​為銀行部門和全年數據成長以及綜合利息支出和內部引擎提供了兩套不同的指導。

So NIM of our banking segment is a 4.5% area with minimum loans of the banking segment in the 4.25% area. That implies of the remaining of 3.75% area, with retail loans in the 4.5% area, that's your first one.

因此，我們銀行部門的淨利差為 4.5%，銀行部門的最低貸款率為 4.25%。這意味著剩餘的 3.75% 區域，以及 4.5% 區域的零售貸款，這是您的第一個區域。

Then regarding Banco Popular, the issuance are supported by Grupo Aval as we financed in the past. So that's what we expect to see. We will be answering those. And finally, on the year 2025, here we can only be directional as Maria Lorena mentioned and Paula Durán emphasized a positive trend NIM and cost or risk and are returned to normal numbers from Central Bank somewhere at the middle of next year. If we had a positive result, we have given out quantitative guidance.

然後，對於大眾銀行來說，這次發行是由我們過去融資的 Grupo Aval 所支持的。這就是我們期望看到的。我們將回答這些問題。最後，到2025 年，我們只能像瑪麗亞·洛雷娜(Maria Lorena) 提到的那樣和保拉·杜蘭(Paula Durán) 強調的淨息差和成本或風險呈積極趨勢，並在明年年中某個時候從央行恢復到正常數字。如果我們有正面的結果，我們就會給出定量指引。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作員說明）

Nik Dimitrov, Morgan Stanley.

尼克·季米特洛夫，摩根士丹利。

I have a couple of questions, and apologies, the connection seems to be pretty bad. So I don't know you might have already answered this, but I have a question about your capital allocation decisions. So it became clear that Banco Popular shareholders have agreed to raise COP100 billion yesterday. Can you walk me through the rationale for that?

我有幾個問題，抱歉，連接似乎很糟糕。所以我不知道你可能已經回答了這個問題，但我有一個關於你的資本配置決策的問題。因此，很明顯，大眾銀行的股東昨天同意籌集 1000 億哥倫比亞比索。你能告訴我這樣做的理由嗎？

Because I know that the entity has been struggling for 1.5 years. But when I look at capital, it's 18.2% to be exact. At the same time, this is the strongest or the best capitalized subsidiary within the group. At the same time, there's banks such as Banco Occidente's, whose capital is significantly lower.

因為我知道實體已經奮鬥1.5年了。但當我看資本時，準確地說是18.2%。同時，這是集團內實力最強或資本最好的子公司。同時，西方銀行等銀行的資本卻明顯較低。

So I was just kind of wondering about the rationale to raise equity for Banco Popular when it's the strongest capitalized entity within the group and why not Banco de Occidente? So that is the first question.

因此，我只是想知道，當大眾銀行是集團內資本實力最強的實體時，為它籌集股本的理由是什麼，為什麼西方銀行不呢？這是第一個問題。

And the second one is, I understand that there is also a decision to raise COP100 billion of Tier 2 capital, again for Banco Popular. So I was looking to get an update in terms of where you are in the process of raising the Tier 2 money?

第二個是，據我了解，也決定為大眾銀行籌集 1,000 億比索的二級資本。所以我想了解你們在籌集二級資金的過程中進展如何？

Could you go over the first question just to make sure I got it right?

您能否檢查第一個問題以確保我答對了？

I'm sorry, say that again?

對不起，你再說一次？

Could you repeat your first question just to make sure I got it right?

您能否重複您的第一個問題以確保我答對了？

Yes. So the first question is the rationale for Banco Popular to raise money when optically it looks that it's well capitalized.

是的。因此，第一個問題是，大眾銀行從表面上看資本充足的情況下籌集資金的理由是什麼。

Sorry. Number two. Let me answer the first two and then you can repeat the third one. The decision to strengthen Banco Popular is two sided. Number one, we look not only at a consolidated number, but also the unconsolidated numbers and the only bank that's there is a material difference between those numbers, in fact, when I went through the numbers, I will point out for Banco Popular. Then Banco Popular has a combination of two things happening with cycle.

對不起。第二。讓我回答前兩個，然後你可以重複第三個。加強大眾銀行的決定是兩個方面的。第一，我們不僅關注合併數字，還關注未合併數字以及這些數字之間存在重大差異的唯一銀行，事實上，當我查看這些數字時，我會指出大眾銀行。然後，大眾銀行結合了週期中發生的兩件事。

Number one, it's ha been losing money therefore, it's been destroying capital over several periods. And then we see a very strong potential for growth moving forward. So we're also capitalizing as because refinishing part of what was lost in the process. And also we expect the management of the bank to be able to execute a much more aggressive growth strategy, that we'll be requiring that sort of capitalization.

第一，它一直在虧損，因此，它在幾個時期內都在摧毀資本。然後我們看到了非常強大的成長潛力。因此，我們也利用了這一點，因為修復了過程中失去的部分內容。我們也預期銀行管理層能夠執行更積極的成長策略，我們將需要這種資本化。

Then moving into an Banco de Occidente. The Banco de Occidente is somehow different than Banco Popular because they've been quite topical throughout the cycle. We will continue strengthening the bank before the required is demanded by growth. At this point, the use of capital seems to be the right amount. But as we said in the past, if we see our bank enable to outflow our expectations, we can build and review that plan.

然後搬進西方銀行。西方銀行與大眾銀行在某種程度上有所不同，因為它們在整個週期中一直備受關注。在成長滿足要求之前，我們將繼續加強銀行的實力。此時，資金的使用似乎恰到好處。但正如我們過去所說，如果我們看到我們的銀行能夠超出我們的預期，我們可以製定並審查該計劃。

And then could you repeat your question?

然後你能重複一下你的問題嗎？

Yes, the second question is regarding the COP100 billion of Tier 2 capital for Banco Popular, where are you in process of raising the money?

是的，第二個問題是關於大眾銀行1000億比索的二級資本，你們在哪裡籌集資金？

Okay. I think that was the previous question. I would say we are ready to support it from the group. So we do not see a market execution risk in that essence.

好的。我認為這是上一個問題。我想說我們已經準備好從集團那裡支持它。因此，我們本質上看不到市場執行風險。

Okay. Thank you.

好的。謝謝。

There are no further questions at this time. Ms. Maria Lorena Gutierrez Botero, I turn the call back over to you.

目前沒有其他問題。Maria Lorena Gutierrez Botero 女士，我將電話轉回給您。

Thank you to you all, to be with us in this call. And as you know, if you have question comment in the coming months, you can call us. And see you in the next call. Have a good day.

感謝大家參與這次電話會議。如您所知，如果您在未來幾個月內有問題評論，可以致電我們。下次通話再見。祝你有美好的一天。

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

謝謝女士們、先生們，今天的會議到此結束。感謝您的加入。您現在可以斷開連線。