Banco Bbva Argentina SA (BBAR) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for waiting.

早安，女士們先生們，感謝您的等待。

At this time, we would like to welcome everyone to BBVA Argentina's fourth-quarter and fiscal year 2023 results conference call.

此時，我們歡迎大家參加 BBVA 阿根廷第四季和 2023 財政年度業績電話會議。

We would like to inform you that this event is being recorded.

我們謹通知您，該事件正在被記錄。

(Operator Instructions)

（操作員說明）

First of all, let me point out that some of the statements made during this conference call may be forward-looking statements within the meaning of the Safe Harbor provisions found in Section 27A of the Securities Act of 1933 under US federal securities law.

首先，我要指出的是，本次電話會議中所做的一些陳述可能屬於美國聯邦證券法1933年《證券法》第27A條中安全港條款含義內的前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述中表達的結果有重大差異。

Additionally, information concerning these factors is contained in BBVA Argentina's annual report on Form 20-F for the fiscal year 2022, filed with the US Securities and Exchange Commission.

此外，有關這些因素的資訊包含在 BBVA 阿根廷向美國證券交易委員會提交的 2022 財政年度 20-F 表格年度報告中。

Today with us, we have Ms. Carmen Morillo Arroyo, CFO; Ms. Inés Lanusse, IRO; and Ms. Belén Fourcade, Investor Relations.

今天和我們在一起的有財務長 Carmen Morillo Arroyo 女士； Inés Lanusse 女士，IRO；以及投資者關係部的 Belén Fourcade 女士。

Ms. Fourcade, you may begin your conference.

Fourcade 女士，您可以開始會議了。

Good morning, and welcome to BBVA Argentina's fourth-quarter and fiscal year 2023 results conference call.

早安，歡迎參加 BBVA 阿根廷第四季和 2023 財年業績電話會議。

Today's webinar will be supported by a slide presentation available on our Investor Relations website on the Financial Information section.

今天的網路研討會將透過我們投資者關係網站的財務資訊部分提供的幻燈片演示進行支援。

Speaking during today's call will be Inés Lanusse, our Investor Relations Officer; and Carmen Morillo Arroyo, our Chief Financial Officer, who will be available for the Q&A session.

我們的投資者關係官 Inés Lanusse 將在今天的電話會議上發言。我們的財務長 Carmen Morillo Arroyo 將出席問答環節。

Please note that starting January 1, 2020, as per Central Bank regulation, we have begun reporting results applying hyperinflation accounting pursuant to IFRS rule IAS 29.

請注意，自 2020 年 1 月 1 日起，根據央行規定，我們已開始根據 IFRS 規則 IAS 29 報告應用惡性通貨膨脹會計的結果。

For ease of comparability, 2022 and 2023 figures have been restated to reflect the accumulated effect of inflation adjustment for each period through December 31, 2023.

為了便於比較，2022年和2023年的數據已重新表述，以反映截至2023年12月31日每個時期通膨調整的累積影響。

Now, let me turn the call over to Inés.

現在，讓我把電話轉給伊內斯。

Thank you, Belén, and thank you all for joining us today. 2023 ends with a new elected governing party, which has announced an adjustment plan to start correcting the strong macroeconomic distortions, which, among others, include a significant reduction of fiscal deficit and the depreciation of the local currency to ease FX restrictions.

謝謝貝倫，也謝謝大家今天加入我們。 2023 年結束時，新當選的執政黨宣布了一項調整計劃，開始糾正嚴重的宏觀經濟扭曲，其中包括大幅削減財政赤字和讓本幣貶值以放鬆外匯限制。

In a context where uncertainty remains high, BBVA Research estimates an annual inflation near 175% by the end of 2024 and expect GDP to fall 4% this year as of the date of this report.

在不確定性仍然很高的背景下，BBVA Research 預計，到 2024 年底，年通膨率將接近 175%，並預計截至本報告發布之日，今年 GDP 將下降 4%。

It is expected that the most intense recession and inflationary acceleration should happen in the first semester, while expectations improve for the second part of the year.

預計最嚴重的衰退和通膨加速將出現在上半年，而下半年預期將有所改善。

In spite of its impact in the short-term and high-associated risk, these adjustments could state the basis for a sustained reduction in inflation and a recovery in the potential growth for the economy from the second half of 2024 onwards.

儘管有短期影響和高相關風險，但這些調整可能為 2024 年下半年以來通膨持續下降和經濟潛在成長復甦奠定基礎。

Now moving into business dynamics.

現在進入業務動態。

As you can see on slide 3 of our webcast presentation, our service offering has evolved in such a way that by the end of December 2023, retail digital clients' penetration reached 62%, while retail mobile clients reached 57%.

正如您在我們網路廣播簡報的幻燈片3 中看到的那樣，我們的服務產品不斷發展，截至2023 年12 月底，零售數位客戶的滲透率達到62%，而零售行動客戶的滲透率達到57 %。

The response on the side of the customers has been satisfactory.

客戶方面的反應令人滿意。

And we are convinced this is a path to pursue in the aim of sustaining and expanding our competitive position in the financial system.

我們相信，這是維持和擴大我們在金融體系中的競爭地位的一條必經之路。

Retail digital sales measured in units reached 93.2% in the fourth quarter of 2023 and represents 69.8% of the bank's total sales measured in monetary value.

2023 年第四季，以單位計量的零售數位銷售額達到 93.2%，佔該銀行以貨幣價值計量的總銷售額的 69.8%。

New customers acquisition through digital channels reached 75% in the fourth quarter of 2023, from 72% in the fourth quarter of 2022.

透過數位管道取得的新客戶比例從 2022 年第四季的 72% 增加到 2023 年第四季的 75%。

The bank actively monitors its business, financial conditions, and operating results in the aim of keeping a competitive position to face contextual challenges.

該銀行積極監控其業務、財務狀況和經營業績，以保持競爭地位以應對環境挑戰。

Moving to slide 4, I will now comment on the bank's fourth-quarter 2023 and fiscal year 2023 financial results.

轉到投影片 4，我現在將評論該銀行 2023 年第四季和 2023 財年的財務表現。

BBVA Argentina's inflation-adjusted net income in the fourth quarter of 2023 was ARS48.6 billion, 220.8% higher than the net income in the third quarter of 2023.

BBVA阿根廷2023年第四季經通膨調整後的淨利為486億阿根廷比索，較2023年第三季的淨利成長220.8%。

This implies a quarterly ROE of 15.3% at a quarterly ROA of 3.2%.

這意味著季度 ROE 為 15.3%，季度 ROA 為 3.2%。

BBVA Argentina's inflation-adjusted net income for the 12 months of 2023 totaled ARS164.9 billion, 8.6% lower than the 12 months of 2022.

BBVA 阿根廷 2023 年 12 個月經通膨調整後的淨利總計 1,649 億阿根廷比索，較 2022 年 12 個月下降 8.6%。

In 2023, BBVA Argentina posted an inflation-adjusted ROA of 2.7% and an inflation-adjusted ROE of 13%.

2023 年，BBVA 阿根廷公司公佈的經通膨調整後的 ROA 為 2.7%，經通膨調整後的 ROE 為 13%。

Operating income in the fourth quarter of 2023 was ARS477.9 billion, 86.4% higher than in the third quarter of 2023, while in the year, the accumulated operating income reached ARS1.19 trillion, 86.4% above the one recorded in 2022.

2023年第四季營業收入為4,779億澳元，較2023年第三季成長86.4%，全年累計營業收入達到1.19兆澳元，較2022年成長86.4%。

Quarterly operating results are mainly explained by, one, better foreign exchange income, especially due to a greater position in dual national treasury bonds; two, better net interest income results; three, better net income from write-down of assets at amortized cost and at fair value through OCI, mainly due to the sale of inflation-linked bonds; and four, lower administrative expenses.

第一季經營業績好主要是因為，一是外匯收入較好，特別是雙國債持倉較多；二、淨利息收入業績較好；第三，透過OCI以攤餘成本和公允價值減記資產的淨利潤有所改善，這主要是由於出售了與通膨掛鉤的債券；四是降低管理費用。

Net income for the period was highly impacted by income from net monetary position, as inflation in the third quarter of 2023 was lower than the fourth quarter of 2023, reaching 53.9% in the fourth quarter of 2023 compared to 34.8% in the third quarter of 2023.

該期間的淨利潤受到淨貨幣部位收入的嚴重影響，因為2023年第三季的通膨率低於2023年第四季，2023年第四季達到53.9%，而2023年第三季為34.8%。 2023 年。

On an annual basis, the 86.4% increment in real terms of the bank's operating income is mainly explained by an increase in interest income, mostly due to an increase in the position and yield of Central Bank instruments and CER bonds, as well as interest from loans.

年比來看，該行營業收入實質成長86.4%，主要是由於利息收入增加，主要是由於央行工具和CER債券的頭寸和收益率增加，以及利息收入增加。貸款。

In 2023, what also stands out is the increase in the foreign exchange income due to the higher position in dollarized assets and net income from write-down of assets at fair value through OCI, mainly due to the sale of corporate bonds in the third quarter of 2023 and the exercise of a put option on inflation-linked bonds in the fourth quarter of 2023.

2023年，同樣引人注目的是由於美元化資產頭寸較高而導致的外匯收入增加以及透過OCI以公允價值減記資產的淨收入，這主要是由於第三季度出售公司債所致2023 年，並於2023 年第四季行使通膨掛鉤債券的賣權。

Another factor to consider in the annual comparison is the income tax line, which represented only ARS12.2 million loss in 2022, explained by the implication of fiscal inflation adjustment in the determination of payable taxes and tax deferrals.

年度比較中需要考慮的另一個因素是所得稅線，該線在 2022 年僅損失 1,220 萬阿根廷比索，這是由於財政通膨調整對確定應繳稅款和遞延稅款的影響所致。

Last but not least, net income in 2023 is affected by income from net monetary position in a context of higher inflation, which reached 211.4% in 2023 versus 94.8% in 2022.

最後但並非最不重要的一點是，2023年的淨利潤受到通膨較高背景下淨貨幣頭寸收入的影響，2023年淨貨幣頭寸收入達到211.4%，而2022年為94.8%。

Turning into the P&L lines in slide 5, 6, and 7.

轉到投影片 5、6 和 7 中的損益線。

Net interest income for the fourth quarter of 2023 was ARS495.7 million (sic - see slide 5, "ARS495.7 billion"), increasing 19.7% quarter over quarter.

2023 年第四季的淨利息收入為 4.957 億澳元（原文如此 - 參見投影片 5，「4957 億澳元」），季增 19.7%。

In the fourth quarter of 2023, interest income in monetary terms decreased more than interest expenses, mainly due to lower income from government securities.

2023年第四季，貨幣利息收入下降幅度大於利息支出，主要是因為政府證券收入下降。

In the fourth quarter of 2023, the decrease in interest income is mainly driven by the fall in income from government securities, especially LELIQ, which issuance was terminated by the Central Bank in December 2023, reducing its volume on year-end.

2023年第四季度，利息收入下降主要是由於政府債券收入下降，尤其是LELIQ，該債券於2023年12月被央行終止發行，年末發行量減少。

This was partially offset by better income from REPO premiums and more income from inflation-linked bonds and loans.

這被回購溢價的更好收入以及通膨掛鉤債券和貸款的更多收入所部分抵消。

Interest expenses totaled ARS383.9 billion, denoting a 20.9% decrease quarter over quarter.

利息支出總計 3,839 億澳元，季減 20.9%。

Quarterly decline is described by lower time deposits and checking accounts expenses, in particular, interest-bearing checking accounts.

季度下降是因為定期存款和支票帳戶支出（尤其是計息支票帳戶）減少。

Interest from time deposits, including investment accounts, explained 71.2% of interest expenses versus 70.5% in the previous quarter.

包括投資帳戶在內的定期存款利息佔利息支出的 71.2%，而上一季為 70.5%。

Net fee income as of the fourth quarter of 2023 totaled ARS35.6 billion, increasing 36.9%.

截至 2023 年第四季的淨費用收入總計 356 億澳元，成長 36.9%。

In the fourth quarter of 2023, fee income totaled ARS70.7 billion, increasing 18.8% quarter over quarter.

2023年第四季，手續費收入總計707億阿根廷比索，較上季成長18.8%。

The quarterly increase is mainly explained by a 41.9% growth in fee from credit cards, due to lower expenses related to Puntos BBVA loyalty program and higher activity, combined with an increase in prices.

這一季度增長的主要原因是信用卡費用增長了 41.9%，原因是與 Puntos BBVA 忠誠度計劃相關的費用減少和活動增加，再加上價格上漲。

Regarding fee expenses, these totaled ARS35.2 billion, increasing 4.7% quarter over quarter.

費用支出總計 352 億阿根廷比索，較上季成長 4.7%。

Greater expenses are explained by fees paid in foreign exchange related to royalties, affected by the devaluation of the local currency and payroll marketing campaigns.

費用增加的原因是與特許權使用費相關的外匯費用，受到當地貨幣貶值和薪資行銷活動的影響。

In the fourth quarter of 2023, loan loss allowances increased 74.9%.

2023年第四季，貸款損失準備金增加74.9%。

The increase is explained by the accounting re-expression of loan loss allowances in the foreign currency portfolio.

增加的原因是外幣投資組合中貸款損失準備金的會計重新表述。

During fourth quarter of 2023, total operating expenses were ARS211.7 billion, increasing 0.6% quarter over quarter, of which 32% were personnel benefit costs.

2023 年第四季度，總營運費用為 2,117 億阿根廷比索，較上季成長 0.6%，其中 32% 為人員福利成本。

Personnel benefits increased 2.6% quarter over quarter.

人員福利季增 2.6%。

The quarterly change is mainly explained by the inflation adjustment of vacation stock provisions and variable compensations.

季度變化主要是由於假期股票準備金和可變薪酬的通貨膨脹調整。

This adjustment is applied retroactively to the last 12 months.

此調整追溯至過去 12 個月。

As of the fourth quarter of 2023, administrative expenses fell 29.5% quarter over quarter.

截至2023年第四季度，管理費用較上季下降29.5%。

These were explained by an increase in the amount of services contracted with the parent company, offset by the update of the provision of these expenses in line with the FX rate depreciation estimated at the quarter-end.

這是因為與母公司簽訂的服務合約數量增加，但被根據季度末估計的匯率貶值更新這些費用的規定所抵消。

Being this said, the quarterly efficiency ratio as of the fourth quarter of 2023 was 46.4%, improving compared to the 82.4% reported in the third quarter of 2023.

話雖如此，截至 2023 年第四季的季度效率為 46.4%，較 2023 年第三季的 82.4% 有所改善。

The quarterly decrease is explained by a decrease in expenses and an increase in net income, especially due to an increase in results from income, from foreign exchange, as well as income from write-down of assets at amortized cost and OCI.

季度下降的原因是費用減少和淨利潤增加，特別是由於外匯收入以及按攤銷成本和其他綜合收益沖減資產的收入增加。

The accumulated efficiency ratio as of the fourth quarter of 2023 was 58.6%, improving compared to the 63.8% reported in the third quarter of 2023.

截至 2023 年第四季的累計效率為 58.6%，較 2023 年第三季的 63.8% 有所改善。

The improvement in this ratio is due to a lower increase in expenses versus net income.

此比率的改善是由於費用相對於淨利潤的增幅較低。

This positive variation in the ratio is also due mainly to better income from write-down of assets at amortized cost and OCI, and income from foreign exchange.

此比率的這種積極變化也主要是由於按攤餘成本和其他綜合收益計的資產減記收入以及外匯收入的增加。

In terms of activity, on slide 8, private sector loans as of the fourth quarter of 2023 totaled ARS2 trillion, decreasing 5.7% quarter over quarter and 12.3% year over year.

就活動而言，投影片 8 中顯示，截至 2023 年第四季度，私部門貸款總額為 2 兆阿根廷披索，季減 5.7%，年減 12.3%。

Loans to the private sector in pesos fell 9% in the fourth quarter of 2023.

2023 年第四季度，以比索計價的私部門貸款下降了 9%。

During the quarter, the decrease was especially driven by a general decline in loans.

本季度，下降的主要原因是貸款普遍下降。

The decrease was partially offset by a 1.6% increase in overdrafts, driven by greater activity.

這一下降被活動增加推動的透支增加 1.6% 部分抵消。

Loans to the private sector denominated in foreign currency increased 41.1% quarter over quarter.

對外幣私部門貸款較上季成長41.1%。

Quarterly increase is mainly explained by a 54.7% growth in financial and prefinancing of exports.

季度成長主要是由於出口金融和預融資成長 54.7%。

Loans to the private sector in foreign currency measured in US dollars decreased 6.1% quarter over quarter.

以美元計價的私部門貸款較上季下降 6.1%。

During the quarter, the retail portfolio fell 11.7%, and the commercial portfolio increased 0.9%.

本季，零售投資組合下降 11.7%，商業投資組合成長 0.9%。

As observed in the previous quarters, loans portfolio were impacted by the effect of inflation during the fourth quarter of 2023, which reached 53.3%.

正如前幾季所觀察到的，2023 年第四季貸款組合受到通膨影響，達到 53.3%。

In nominal terms, BBVA Argentina managed to increase the retail, commercial, and total loan portfolio by 35.3%, 54.7%, and 45.2%, respectively, only surpassing quarterly inflation levels in the case of commercial loans.

以名目價值計算，BBVA 阿根廷銀行的零售、商業和總貸款組合分別增加了 35.3%、54.7% 和 45.2%，僅超過商業貸款的季度通膨水準。

BBVA Argentina's consolidated market share of private sector loans reached 9.85% as of the fourth quarter of 2023, improving from 9.10% a year ago.

截至 2023 年第四季度，BBVA 阿根廷私部門貸款綜合市佔率達到 9.85%，高於一年前的 9.10%。

As of the fourth quarter of 2023, asset quality ratio keeps a very good performance at 1.29%, in line with the group behavior of both retail and commercial portfolios.

截至2023年第四季度，資產品質比率維持在1.29%的良好表現，與零售和商業投資組合的群體行為一致。

The lower decrease of the total loan portfolio versus that of the nonperforming portfolio is explained by a growth in commercial loans, driven by a devaluation of the FX rate, without significantly affecting client's credit behavior.

總貸款組合相對於不良投資組合的降幅較小，是因為外匯匯率貶值推動商業貸款成長，但並未顯著影響客戶的信貸行為。

On the funding side, as seen on slide 9, private nonfinancial sector deposits in the fourth quarter of 2023 totaled ARS3.1 trillion (sic - see slide 9, "ARS3.6 trillion"), decreasing 8.6% quarter over quarter.

在資金方面，如投影片 9 所示，2023 年第四季私人非金融部門存款總額為 3.1 兆ARS（原文如此 - 請參閱投影片 9，「3.6 兆ARS」），季減 8.6%。

The bank's consolidated market share of private deposits reached 6.79% as of the fourth quarter of 2023.

截至2023年第四季度，該行私人存款綜合市佔率達6.79%。

Private nonfinancial sector deposits in pesos decreased 26.1% compared to the third quarter of 2023.

與 2023 年第三季相比，以比索計的私人非金融部門存款下降了 26.1%。

The quarterly change is mainly affected by a 40.9% decline in term deposits, a 37.1% fall in investment accounts, and a 22% fall in checking accounts, the latter driven by the bank's strategy of reducing interest-bearing checking accounts.

季度變化主要受到定期存款下降40.9%、投資帳戶下降37.1%以及支票帳戶下降22%的影響，後者是由銀行減少計息支票帳戶策略推動的。

Private nonfinancial sector deposits in foreign currency expressed in pesos increased 63.4% quarter over quarter.

以比索表示的私人非金融部門外幣存款較上季成長 63.4%。

This is mainly explained by seasonal factors.

這主要是季節性因素造成的。

In terms of capitalization, BBVA Argentina continues to show strong solvency indicators on the fourth quarter of 2023.

就資本總額而言，2023 年第四季 BBVA 阿根廷持續顯示強勁的償付能力指標。

Capital ratio reached 32.8%.

資本適足率達32.8%。

Growth in the ratio was mainly driven by an increase in capital, mainly due to better OCI results in the fourth quarter of 2023.

此比率的成長主要是由資本增加推動的，這主要是由於 2023 年第四季 OCI 業績更好。

Exposure to the public sector in the fourth quarter of 2023, excluding Central Bank instruments, represented 15.9% of total assets, above the 12.7% in the third quarter of 2023 and below the 22.4% reported by the system as of December 2023.

2023 年第四季公共部門的曝險（不包括央行工具）佔總資產的 15.9%，高於 2023 年第三季的 12.7%，低於系統截至 2023 年 12 月報告的 22.4%。

The bank's total liquidity ratio remained healthy at 91.2% of total deposits as of December 31, 2023.

截至2023年12月31日，該銀行的總流動性比率維持在總存款的91.2%的健康水準。

This concludes our prepared remarks.

我們準備好的演講到此結束。

We will now take your questions.

我們現在將回答您的問題。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Walter Chiarvesio, Santander.

（操作員說明）Walter Chiarvesio，桑坦德銀行。

Hi, good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

I would like to understand what you are envisioning for the dynamics in the next 12 months or probably beyond that.

我想了解您對未來 12 個月或更長時間的動態的設想。

Still a large part of the profitability of the banks in Argentina comes from this position to the exposure to the public sector, particularly, treasury bonds now.

阿根廷銀行的獲利能力的很大一部分仍然來自於對公共部門的曝險，特別是現在的國債。

But if the economic plan is successful, probably, we will see low inflation rates towards the second part of the year.

但如果經濟計畫成功，我們可能會在今年下半年看到低通膨率。

And banks will start to shift their portfolios from the public sector to the private sector lending.

銀行將開始將其投資組合從公共部門貸款轉向私部門貸款。

How do you envision that?

您對此有何看法？

How do you think that -- or what is your strategy?

您對此有何看法—或者您的策略是什麼？

What is the role of the Central Bank with this puts that you have to sell the bonds to the Central Bank in order to shift the portfolio to the private sector loans?

中央銀行在這種看跌期權中扮演什麼角色，你必須將債券出售給中央銀行才能將投資組合轉移到私部門貸款？

What is the dynamic that you envision for the rest of the year?

您預計今年剩餘時間的動態是什麼？

Thank you.

謝謝。

Hi, Walter.

嗨，沃特。

How are you doing?

你好嗎？

Okay.

好的。

Let me start by the first part of your question.

讓我從你問題的第一部分開始。

I would highlight from the results we presented for 2023, that despite the scenario you have been describing -- high inflation around 211%, and still being high, although a little bit smaller for -- lower for 2024.

我想從我們為 2023 年提供的結果中強調，儘管您一直在描述這種情況，即 211% 左右的高通膨，但仍然很高，儘管 2024 年的通膨率略低一些。

We are projecting 175% inflation year-end, with what happened with the monetary policy rate that went up and then went down with the devaluation.

我們預期年底通膨率為 175%，貨幣政策利率隨著貶值先上升後下降。

And as you mentioned, with banks mainly lending -- acquiring bonds because of the lack of demand, BBVA, in particular, has been able to keep lending and increasing our market share.

正如您所提到的，由於銀行主要放款——由於需求不足而購買債券，BBVA 尤其能夠繼續放款並增加我們的市場份額。

Our market share during 2023 increased 75 basis points.

2023 年我們的市佔率增加了 75 個基點。

And that is something that I would like to highlight because we believe what the bank needs to do is, despite the context, keep lending.

這是我想強調的一點，因為我們相信銀行需要做的是，不管背景如何，繼續放款。

Going forward, we still see or we still project a contraction in real terms of the loan growth for the system.

展望未來，我們仍然看到或仍預期該系統的貸款成長實際上會出現收縮。

We are projecting a 24% decrease in real terms.

我們預計實際下降 24%。

But the bank should be decreasing less, around 11%.

但銀行的降幅應該較小，約 11%。

So we still are aiming to keep increasing our market share and also, in parallel, increase our active clients that, as you've seen in our presentation, have increased 10% from the figures of last year.

因此，我們的目標仍然是繼續增加我們的市場份額，同時增加我們的活躍客戶，正如您在我們的演示中看到的，這些客戶比去年增加了 10%。

So moving forward, we believe there are still a lot of moving parts to be able to define when this pickup in lending will start.

因此，展望未來，我們相信仍有許多變化因素可以確定貸款回升何時開始。

But the bank is committed to keep lending and increasing market share and start switching our positions in bonds and Central Bank instruments that we have in our assets by loans.

但該銀行致力於繼續放款並增加市場份額，並開始透過貸款轉換我們在資產中所擁有的債券和央行工具的部位。

That is the commitment and where we are aiming for the next years.

這是我們的承諾，也是我們未來幾年的目標。

But we need the macroeconomic scenario to start changing.

但我們需要宏觀經濟情勢開始改變。

Okay, perfect.

好的，完美。

Thank you very much, Inés.

非常感謝你，伊內斯。

(Operator Instructions) This concludes our question-and-answer session.

（操作員說明）我們的問答環節到此結束。

At this time, I would like to turn the floor back to Ms. Lanusse for any closing remarks.

現在，我想請拉努斯女士發表結束語。

Okay.

好的。

Thank you very much for your time, and let us know if you have further questions.

非常感謝您抽出寶貴的時間，如果您還有其他問題，請告訴我們。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

This concludes today's presentation.

今天的演講到此結束。

You may now disconnect your line at this time, and have a nice day.

現在您可以斷開線路，祝您有美好的一天。