Banco de Chile (BCH) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to Banco de Chile's third quarter 2024 results conference call. If you need a copy of the management's financial review, it is available on the company's website. With us today, we have Mr. Rodrigo Aravena, Chief Economist and Institutional Relations Officer; Mr. Pablo Mejia, Head of Investor Relations; and Daniel Galarce, Head of Financial Control and Capital.

下午好，歡迎參加智利銀行 2024 年第三季業績電話會議。如果您需要管理層財務審查的副本，可以在公司網站上找到。今天與我們在一起的有首席經濟學家兼機構關係官羅德里戈·阿拉維納 (Rodrigo Aravena) 先生； Pablo Mejia 先生，投資者關係主管；以及財務控制和資本主管 Daniel Galarce。

Before we begin, I would like to remind you that this call is being recorded, and the information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially. Please refer to the detailed note in the company's press release regarding forward-looking statements. I will now pass the call over to Mr. Rodrigo Aravena. Please go ahead, sir.

在我們開始之前，我想提醒您，本次電話會議正在錄音，今天討論的資訊可能包括有關公司財務和經營業績的前瞻性陳述。所有預測都存在風險和不確定性，實際結果可能存在重大差異。請參閱本公司新聞稿中有關前瞻性陳述的詳細說明。我現在將把電話轉給羅德里戈·阿拉維納先生。請繼續，先生。

Good afternoon, everyone. Thanks for joining this conference call today. We are pleased to present the performance of Banco de Chile during the third quarter of this year.

大家下午好。感謝您參加今天的電話會議。我們很高興向您介紹智利銀行今年第三季的業績。

Once again, our bank demonstrated its unquestionable leadership and consistency over the time. Some of the main achievements of this period includes: we continue leading the industry in profitability after posting a net income of CLP288 billion, equivalent to 21.3% return on average equity in the quarter and 22.8% year-to-date. We also outperformed our peers in terms of NIM, fees and operating margins.

我們銀行再次展現了其無可置疑的領導力和一致性。這段期間的一些主要成就包括：我們在淨利潤方面繼續領先行業，淨利潤達到 2,880 億智利比索，相當於本季度平均股本回報率 21.3%，年初至今平均股本回報率 22.8%。我們在淨利差、費用和營業利潤率方面也優於同業。

In addition, our customer income continues to grow on an annual basis, primarily steered by income from loans on the ground of improved lending spreads. Despite the low industry business growth environment, we grew faster than the market in loans, gaining market share in all the segments, in line with our main long-term strategic goals.

此外，我們的客戶收入每年持續成長，主要是由於貸款利差改善而帶來的貸款收入。儘管行業業務成長低迷，但我們的貸款成長速度快於市場，在所有細分領域都獲得了市場份額，這符合我們的主要長期策略目標。

We also had positive advances on efficiency, posting a cost-to-income ratio of 56.5% year-to-date, outperforming our main peers and our long-term target. On the nonfinancial side, we were distinguished by external entities due to our excellent service quality and corporate reputation. And also, we also continue carrying out several initiatives aligned with our 3 pillars, which will be presented later in this presentation.

我們在效率方面也取得了積極進展，年初至今的成本收入比達到 56.5%，優於我們的主要同業和我們的長期目標。在非財務方面，我們憑藉卓越的服務品質和企業聲譽而受到外部實體的認可。此外，我們也持續實施與我們的三大支柱一致的多項舉措，這些舉措將在本簡報的後面部分介紹。

As usual, we will begin this webcast with a brief analysis of the macro environment. Please go to slide number 3. The Chilean economy continues posting signs of recovery, as you can see in the chart on the left of this slide. In the second quarter, the GDP increased by 1.6% year-on-year following the 2.5% year-on-year expansion, seen in the previous quarter. It's important to mention that in 2023, the economy grew only 0.2%, as a consequence of the normalization after the several imbalances that we had during the pandemic.

像往常一樣，我們將首先對宏觀環境進行簡要分析。請轉到第 3 張投影片。正如您在這張投影片左側的圖表中看到的那樣，智利經濟繼續呈現復甦跡象。第二季國內生產毛額繼上季年增2.5%後，年增1.6%。值得一提的是，2023 年經濟僅成長 0.2%，這是疫情期間出現的幾次失衡之後經濟正常化的結果。

The local recovery has mostly been attributable to the greater contribution in net exports, as the chart on the top right displays. As of June 2024, the trade balance posted in the last 12 months a surplus of $17 billion, a figure 43% higher when compared to the balance seen a year ago. This trend continued in the third quarter, as the last 12 months trade balance surplus improved even more, to $20 billion, increasing 31% year-on-year.

如右上方的圖表所示，當地的復甦主要歸因於淨出口的更大貢獻。截至 2024 年 6 月，過去 12 個月貿易順差達 170 億美元，比一年前增加 43%。這一趨勢在第三季延續，過去12個月的貿易順差進一步改善，達到200億美元，較去年同期成長31%。

In a breakdown of domestic demand, consumption continues showing a slight recovery. In the second quarter, it expanded by 0.8% year-on-year after posting 1.5% growth in the previous 3 months. This trend has been consistent with the behavior seen in the labor market, where the employment rate has been hovering around 8.7% with higher real wages, as you can see in the chart on the bottom right. Nevertheless, gross investment remains subdued, as it has contracted by 6.1% and 4.1% year-on-year in the first quarter and second quarter 2024, respectively.

在內需細分中，消費持續呈現小幅復甦。在前三個月成長 1.5% 後，第二季年增 0.8%。這一趨勢與勞動市場的表現一致，就業率一直徘徊在 8.7% 左右，實質薪資較高，如右下圖所示。儘管如此，總投資仍低迷，2024 年第一季和第二季分別年減 6.1% 和 4.1%。

Available information from the third quarter suggests that the recovery is underway. The GDP expanded by 2.2% year-on-year and 2.1% year-to-date. However, the breakdown from the domestic demand still reflects mix trends, while several consumption-related figures such as retail sales and services continue improving. The main investment indicators, for example, capital goods imports and real estate indicators, continue suggesting a weak investment, at least in the short term.

第三季的現有資訊表明復甦正在進行中。GDP年增2.2%，年初至今成長2.1%。然而，國內需求的細分仍反映出混合趨勢，而零售銷售和服務等一些與消費相關的數據持續改善。主要投資指標，例如資本貨物進口和房地產指標，繼續表明投資疲軟，至少在短期內如此。

I'd like to move to our analysis of prices and rates. Please go to slide number 4. The headline inflation rate in Chile continues hovering around the upper bound of the Central Bank target, as seen on the left chart.

我想談談我們對價格和費率的分析。請轉到第 4 投影片。如左圖所示，智利的整體通膨率持續徘徊在央行目標上限附近。

The annual inflation rate in September was 4.1%, in line with the 4.2% year-on-year posted in June. The persistence of the CPI has mostly been attributable to energy, which increased by 9.6% year-on-year in September due to the adjustment in electricity bills, which according to the Central Bank estimates, could rise the CPI by 150 basis points between mid-2024 and mid-2025. Services have also contributed to higher inflation, as they rose by 4.9% year-on-year in September.

9月份的年通膨率為4.1%，與6月的年通膨率4.2%持平。CPI持續上漲的主要原因是能源，受電費調整影響，9月能源消耗年增9.6%，根據央行測算，預計到中期CPI將上漲150個基點。服務業也導致通膨上升，9 月年增 4.9%。

On a sequential basis, the CPI increased by 1.1% in the third quarter after rising by 0.7% in the previous quarter. The downward trend in inflation has allowed the Central Bank to continue reducing the interest rate. In its latest monetary policy meeting held in October, the Board decided to cut the interest rate by 25 basis points to 5.25%, accumulating a total reduction of 600 basis points since the beginning of the current easing cycle in July of 2023, as seen in the chart on the other right.

從環比看，第三季CPI上漲1.1%，上季上漲0.7%。通貨膨脹的下降趨勢使得央行可以繼續降低利率。在 10 月舉行的最新貨幣政策會議上，央行決定將利率下調 25 個基點至 5.25%，自 2023 年 7 月本輪寬鬆週期開始以來，累計降息 600 個基點。

Chile has been one of the countries with the most aggressive reduction in the interest rate during the last year. In fact, the spread with the upper bound of the Fed fund in the United States has narrowed from 575 basis points 1 year ago to only 25 basis points today. This situation has driven a weakening in the Chilean peso in multilateral terms, as can be seen in the chart on the bottom right.

智利是去年降息幅度最大的國家之一。事實上，與美國聯邦基金上限的利差已從一年前的575個基點收窄至如今的僅25個基點。這種情況導致智利比索在多邊方面走弱，如右下圖所示。

Now I'd like to present our baseline scenario for this year. Please go to the next slide number 5. We expect the economy to continue posting signs of recovery. In this environment, we foresee an increase in GDP growth from 0.2% in 2023 to 2.3% this year. This expansion would be driven by an increase of around 6% in export that should positively be influenced by external factors such as copper prices and the improved dynamism of our trade partners.

現在我想介紹今年的基準情境。請轉到下一張投影片 5。我們預計經濟將持續出現復甦跡象。在此環境下，我們預期GDP成長率將從2023年的0.2%增加到今年的2.3%。這項擴張將由出口成長約 6% 推動，而出口成長應會受到銅價和貿易夥伴活力改善等外部因素的正面影響。

Consumption is also expected to perform better relative to 2023 as a consequence of lower interest rate and the partial recovery in the employment. On the opposite, we expect investment to continue in negative territory this year as uncertainties surrounding the track of reforms in diverse economic fields has continued to drive and delay investment decision, which has coupled with lengthy approval processes in the case of large-scale projects.

由於利率下降和就業部分復甦，預計消費將比 2023 年表現更好。相反，我們預計今年投資將繼續處於負值區間，因為各經濟領域改革進程的不確定性繼續推動和推遲投資決策，再加上大型專案的審批程序冗長。

Inflation expectations have increased this year, mainly due to the unexpected rise in energy bills, as I mentioned earlier in this presentation. Due to this, we expect the CPI to post a 4.5% increase this year in an environment where the Central Bank will likely maintain a contractionary monetary policy stance since the interest rate would end the year at 5%.

正如我在本演講前面提到的，今年的通膨預期有所上升，主要是由於能源費用的意外上漲。因此，我們預計今年 CPI 將上漲 4.5%，而央行可能會維持緊縮貨幣政策立場，因為年底利率將維持在 5%。

In the table of this slide, you can see the summary of our estimates, while the chart on the right clearly shows the upward trend in consensus forecast for both interest rate and inflation. It is worth mentioning that these forecasts are subject to several risks.

在這張投影片的表格中，您可以看到我們的估計摘要，而右側的圖表清楚地顯示了對利率和通膨的共識預測的上升趨勢。值得一提的是，這些預測面臨多種風險。

As we mentioned in previous calls, the evolution of the global environment is extremely important for Chile given its deep integration into the rest of the world, factors such as the GDP growth of China and the US and the potential escalation of armed conflict in the Middle East and Eastern Europe and uncertainty related to the change of government in the United States are worth to paying attention to.

正如我們在先前的電話會議中所提到的，鑑於智利與世界其他地區的深度融合，全球環境的演變對智利極為重要，中美GDP成長以及中東地區武裝衝突可能升級等因素東歐和美國政府更迭相關的不確定性值得關注。

On the local side, it's important to analyze the evolution of inflation, especially considering potential second round effects after the rise in electricity bills, as well as the leading indicators of growth investments since it is the main concern on local growth. Finally, monitoring the discussion in the political agenda is also relevant, considering there are discussions related to pensions and taxes in an environment marked by several elections.

在地方方面，分析通貨膨脹的演變非常重要，特別是考慮到電費上漲後潛在的第二輪影響，以及成長投資的先行指標，因為它是地方成長的主要擔憂。最後，考慮到在多次選舉的環境中存在與退休金和稅收相關的討論，監控政治議程的討論也很重要。

Before moving to the bank, I'd like to refer to some trends in the banking sector briefly. Please go to slide number 6. The banking industry profitability remains strong, even though we are in a slow economic environment. As you can see in the chart on the top left, return on average equity reached 15.8% this quarter, above the 12.7% posted the same period last year.

在談銀行之前，我想先簡單介紹一下銀行業的一些趨勢。請轉到第 6 投影片。儘管我們處於經濟放緩的環境中，銀行業的獲利能力仍然強勁。如左上方圖表所示，本季平均股本回報率達到 15.8%，高於去年同期的 12.7%。

This rise was due to greater operating income and lower cost of risk related to the release of additional provisions as well as greater recoveries of loan write-offs. This was partially offset by a rise in operating expenses related to personnel and administrative expenses.

這一增長是由於營業收入增加、與釋放額外準備金相關的風險成本降低以及貸款沖銷回收增加所致。這被與人事和行政費用相關的營運費用的增加部分抵消。

In terms of volumes, as you can see in the chart on the right, the weak economic environment has maintained loan growth at low levels for the industry, expanding only 2% year-on-year. Of this, mortgage has been the main driver of growth, up 6.7% year-on-year, and consumer loans have increased 3% in the same period.

從數量來看，如右圖所示，疲軟的經濟環境使該產業的貸款成長維持在較低水平，較去年同期僅成長2%。其中，抵押貸款是成長的主要動力，年增6.7%，消費貸款同期成長3%。

However, commercial loans have taken a hit, dropping 1.2% year-on-year. This has resulted in a change of mix in the portfolio, as you can see on the chart on the bottom left, where today, mortgage represents 56% of total loans, up from 54% from 1 year ago. Commercial loans had dropped from representing 54% to 52% of the total in the same period, while the consumer portfolio has remained relatively stable.

然而，商業貸款受到打擊，年減1.2%。這導致了投資組合的變化，正如您在左下角的圖表中看到的那樣，如今抵押貸款佔貸款總額的 56%，高於一年前的 54%。同期，商業貸款佔貸款總額的比例從 54% 下降至 52%，而消費貸款組合則保持相對穩定。

Consequently, due to both the weak economy and the normalization due to the more normal levels of liquidity from customers, NPLs have consistently increased to 2.5% and coverage has decreased to 1.5x. Despite these weaker business results, we should begin to see greater activity in line with the expected improvement in GDP and the reduction of interest rate.

因此，由於經濟疲軟以及客戶流動性水準更加正常而導致的正常化，不良貸款率持續上升至 2.5%，覆蓋率下降至 1.5 倍。儘管業務業績疲弱，但我們應該開始看到與 GDP 預期改善和利率下降一致的更多活動。

Now I'd like to pass the call to Pablo, who will go into more detail about Banco de Chile advances and the financial performance.

現在我想將電話轉給巴勃羅，他將詳細介紹智利銀行的預付款和財務表現。

Thank you, Rodrigo. Let's begin by reviewing our strategic progress. Please go to slide number 8. We are steadily achieving strong results in executing our strategy, which emphasizes customer satisfaction, efficiency and long-term sustainability. This strategy is driven by 6 main priorities illustrated at the center of this slide.

謝謝你，羅德里戈。讓我們先回顧一下我們的策略進展。請轉到第 8 投影片。我們在執行強調客戶滿意度、效率和長期永續性的策略方面正在穩步取得強勁成果。該策略由本幻燈片中心所示的 6 個主要優先事項所驅動。

On the right are our midterm targets. Our primary goal is to lead as the most profitable bank among our peers. In summary, this translates into a long-term return on average equity of around 18%, assuming a positively sloped yield curves and Central Bank inflation rate that targets are met.

右邊是我們的中期目標。我們的主要目標是成為同業中獲利能力最強的銀行。總之，假設殖利率曲線呈正斜率且央行通膨率達到目標，這意味著長期平均股本報酬率約為 18%。

Regarding cost to income, our performance continues to exceed our long-term targets. While this is partly due to a robust top line growth that has stemmed up from both increased revenue and extraordinary effects that have temporarily remained after the pandemic, we are confident that our productivity levels will continue to improve through current and upcoming efficiency initiatives, which we'll discuss later in the presentation.

就收入成本而言，我們的業績持續超出我們的長期目標。雖然這在一定程度上是由於收入增加和疫情後暫時存在的非凡影響帶來的強勁收入增長，但我們相信，透過當前和即將推出的效率舉措，我們的生產力水平將繼續提高。在演示中討論。

For market share, our goal is to lead in commercial and consumer loans as well as demand deposits in local currency. In this regard, over the year, we have gained market share in high-margin lending products such as consumer loans by maintaining an adequate risk-return relationship on the grounds of responsible credit risk management practices.

就市場佔有率而言，我們的目標是在商業和消費貸款以及當地貨幣活期存款方面處於領先地位。就此而言，一年來，我們以負責任的信用風險管理實踐為基礎，保持充分的風險收益關係，在消費貸款等高利潤貸款產品中贏得了市場份額。

In addition, we have retaken the leadership in local currency demand deposits, which has been a traditional competitive advantage for us that provides us not only with a competitive funding, but also with a very stable funding source.

此外，我們在本國貨幣活期存款方面重新佔據了領先地位，這一直是我們的傳統競爭優勢，不僅為我們提供了有競爭力的資金，而且為我們提供了非常穩定的資金來源。

Lastly, we remain committed to delivering exceptional customer experience and positively impacting society. This commitment is reflected in our high net promoter scores and the corporate reputation that ranks among top 3 in Chile. These accomplishments are achieved by evaluations from reputable independent firms.

最後，我們仍然致力於提供卓越的客戶體驗並積極影響社會。這項承諾體現在我們的高淨推薦值和在智利排名前三的企業聲譽上。這些成就是透過信譽良好的獨立公司的評估而取得的。

In the next slide, we will go over some advances in digital banking, efficiency and ESG. In order to keep our leading position, we continue implementing new innovations in digital banking. This quarter, we added new functionalities in our main banking app, including notifications about benefits, transaction blocking and profile updates, providing users a greater control and real-time information about their accounts and transactions.

在下一張投影片中，我們將回顧數位銀行、效率和 ESG 的一些進展。為了保持領先地位，我們繼續在數位銀行領域實施新的創新。本季度，我們在主要銀行應用程式中添加了新功能，包括有關福利、交易封鎖和個人資料更新的通知，為用戶提供了有關其帳戶和交易的更好的控制和即時資訊。

We also introduced a mortgage loan credit simulator on our website to simplify the home loan process and launched a digital account with a credit card option tailored for university students. Finally, we implemented tools to enhance the digital experience for companies, ensuring that they can seamlessly, manage their finances through our apps and web pages.

我們還在網站上推出了抵押貸款信用模擬器，以簡化房屋貸款流程，並推出了為大學生量身定制的帶有信用卡選項的數位帳戶。最後，我們實施了工具來增強公司的數位體驗，確保他們可以透過我們的應用程式和網頁無縫地管理財務。

Our constant efforts in digital banking have contributed to a substantial increase in our digital client base that grew 36% year-on-year, reflecting the positive impact of our strategy.

我們在數位銀行領域的持續努力，數位客戶規模大幅成長，年增36%，反映了我們策略的正面影響。

Regarding efficiency and productivity, we continue the efforts to optimize our branch footprint, closing 5 locations this quarter, reducing 10% of the total network in the last 12 months. Also, the higher adoption of digital processes allowed us to reach important efficiencies in investment and commercial support functions.

在效率和生產力方面，我們繼續努力優化分支機構佈局，本季度關閉了 5 個分支機構，在過去 12 個月內減少了總網路的 10%。此外，數位化流程的廣泛採用使我們能夠在投資和商業支援職能方面實現重要的效率。

It's important to note that the gradual approach is a key element to ensuring that efficiency actions do not impact customer satisfaction. We have also made significant progress in transforming our retail service models, increasing technology adoption at branches.

值得注意的是，漸進的方法是確保效率行動不會影響顧客滿意度的關鍵要素。我們在零售服務模式轉型、提高分公司的技術採用率方面也取得了重大進展。

Additionally, during the quarter, support areas have streamlined layers and dependencies, enabling synergies and agility, including optimizations at subsidiaries. By executing these initiatives and leveraging IT CapEx, we are confident that we are well positioned to maintain our leadership in the financial sector.

此外，在本季度，支援領域簡化了層級和依賴關係，實現了協同效應和敏捷性，包括子公司的最佳化。透過執行這些措施並利用 IT 資本支出，我們有信心維持在金融領域的領先地位。

In terms of ESG matters, we have been active in volunteer programs, including beach and river cleanups, removing over 6 tonnes of waste to help preserve the environment. Aligned with our commitment to the entrepreneurship, we continued supporting SMEs, maintaining our market-leading position in the Fogape Chile Apoya Program. We also launched the ninth edition of entrepreneurial challenge to encourage businesses that create positive and innovative impact on society.

在 ESG 事務方面，我們一直積極參與志工計劃，包括海灘和河流清理，清除了超過 6 噸廢物，以幫助保護環境。根據我們對創業的承諾，我們繼續支持中小企業，保持我們在 Fogape Chile Apoya 計劃中的市場領先地位。我們也推出了第九屆創業挑戰賽，鼓勵企業為社會創造正面和創新的影響力。

Finally, thanks to our dedicated team, strong reputation and best practices in talent management, we were recognized by Merco as the best bank in attracting and retaining talent for the 11th consecutive year.

最後，憑藉我們敬業的團隊、良好的聲譽和人才管理方面的最佳實踐，我們連續 11 年被 Merco 評為吸引和留住人才的最佳銀行。

Please turn to Slide 11 so we can begin discussing the key highlights of our financial results for the quarter. I am pleased to report that we delivered another quarter of solid results, thus continuing our strong performance track record.

請參閱投影片 11，以便我們開始討論本季財務表現的主要亮點。我很高興地報告，我們又一個季度取得了穩健的業績，從而延續了我們強勁的業績記錄。

Our net income reached an impressive CLP288 billion, up 11% when compared to the same period last year. This translates into a return on average equity of 21.3%, a clear indicator of our efficient use of capital. Moreover, when we benchmark our results against our peers, we continue to outperform across the board.

我們的淨利潤達到令人印象深刻的 2,880 億智利比索，比去年同期成長 11%。這意味著平均股本回報率為 21.3%，這是我們有效利用資本的明確指標。此外，當我們將我們的業績與同行進行比較時，我們繼續全面超越。

As demonstrated in the charts to the right, we have not only maintained a wide margin year-to-date in net income, but we have also sustained a superior return on average equity, further reinforcing our competitive advantage in the market. These metrics illustrate our ongoing leadership in the sector and the consistent execution of our strategic initiatives.

如右圖所示，我們不僅在年初至今保持了較高的淨利潤率，而且還保持了較高的平均股本回報率，進一步增強了我們在市場上的競爭優勢。這些指標體現了我們在該行業的持續領先地位以及我們戰略舉措的持續執行。

Please turn to Slide 12. In terms of operating revenues, we continue posting excellent results, growing 6% year-on-year, fueled by an 8% rise in customer income. This was partially offset by a 3% reduction in noncustomer income, which was mostly driven by the end of the FCIC program at the industry level that represented a low-cost funding source.

請翻到投影片 12。在營業收入方面，我們持續取得優異的業績，在客戶收入成長 8% 的推動下，年增 6%。這被非客戶收入減少 3% 所部分抵消，這主要是由於代表低成本資金來源的產業層級 FCIC 計畫的結束所致。

In turn, improved income from trading investment portfolio due to favorable shifts in interest rates allowed us to partly mitigate this impact. The annual rise in customer income is explained by the expansion in revenues from loans equal to CLP20 billion on an annual basis, a rise in the contribution of deposits by CLP11 billion, as well as an increase in fees by CLP13 billion.

反過來，由於利率的有利變化，交易投資組合的收入增加，使我們能夠部分減輕這種影響。客戶收入的年度成長是由於貸款收入每年增加200億比索、存款貢獻增加110億比索以及費用增加130億比索。

In terms of income from loans, the consumer portfolio was the main driver of growth. Specifically, our focus on profitable growth has gradually allowed us to increase average lending spreads during the period by 13 basis points overall and 128 basis points in consumer loans due to both the maturity of former Fogape operations and improved consumer originations.

從貸款收入來看，消費組合是成長的主要動力。具體來說，由於前Fogape 業務的成熟和消費者來源的改善，我們對盈利增長的關注逐漸使我們在此期間將平均貸款利差提高了13 個基點，將消費貸款利差提高了128 個基點。

This was further boosted by a rise of 4.3% year-on-year in average consumer loan volumes. And in terms of funding, we have also seen a higher contribution for deposits due to an expansion in margins from time deposits, thanks to a proactive and targeted pricing strategy as well as a moderate increase in demand deposit volumes.

平均消費貸款金額年增 4.3% 進一步推動了這一成長。在資金方面，由於積極主動的定向定價策略以及活期存款規模的適度增長，定期存款利潤率擴大，存款貢獻率也有所提高。

Finally, the yearly rise of 10% in net fees was mainly driven by 2 business areas. First, revenues from mutual funds and investment funds, management grew by 23% year-on-year. This was driven by a significant expansion in assets under management that rose 37% year-on-year.

最後，淨費用年增10%主要是由2個業務領域推動的。首先，共同基金和投資基金管理收入較去年同期成長23%。這是由於管理資產大幅擴張，年增 37%。

Second, fees from transactional services posted an annual rise of 15%. This was primarily due to a positive effect in the appreciation of the Chilean peso against the dollar on our credit card loyalty program and to a lesser extent, a rise in usage rates from both credit and debit cards, thanks to campaigns and attractive benefits that incentivize customers to actively use our cards.

其次，交易服務費用每年上漲 15%。這主要是由於智利比索兌美元升值對我們的信用卡忠誠度計劃產生了積極影響，並且在較小程度上，由於激勵活動和有吸引力的福利，信用卡和借記卡的使用率有所上升。客戶積極使用我們的卡。

This allowed us to reduce the impact of the effect of lower interchange fees that the industry experienced due to new regulations. Finally, fees from cash management services were also positively influenced for us due to revised fares associated with commissions for interbank transfers carried out at the industry level.

這使我們能夠減少行業因新法規而經歷的較低交換費的影響。最後，由於與產業層級進行的銀行間轉帳佣金相關的票價調整，現金管理服務的費用也對我們產生了正面影響。

The charts to the right show how we performed compared to our competitors. This quarter, we continued outperforming all of our peers in the main profitability ratios. Net interest margin reached a notable 4.6% in the third quarter of 2024.

右圖顯示了我們與競爭對手相比的表現。本季度，我們在主要盈利能力方面繼續跑贏所有同業。2024 年第三季淨利差達到顯著的 4.6%。

Fee margins posted 1.3%, and total operating margin also remained ahead of the pack with a level of 6.4% for the quarter. This performance is a result of our well-executed business strategy and our commitment to offering an enhanced value proposition to customers across lending and non-lending products and services. This has proven effective, allowing us to adapt to changing market dynamics.

本季的費用利潤率為 1.3%，總營業利潤率也保持領先，達到 6.4%。這一業績得益於我們執行良好的業務策略以及我們致力於透過貸款和非貸款產品和服務向客戶提供增強價值主張的結果。事實證明這是有效的，使我們能夠適應不斷變化的市場動態。

Please turn to Slide 13. The breakdown of our loan portfolio is strategically balanced across economic sectors, giving us stability in our revenue-generating capacity. Our total retail loan portfolio represents 65% of the total loan book, while wholesale commercial loans reached 35% of the total loan portfolio.

請翻到投影片 13。我們的貸款組合細分在各個經濟部門之間實現了戰略平衡，使我們的創收能力保持穩定。我們的零售貸款組合總額佔貸款總額的 65%，而批發商業貸款則佔貸款組合總額的 35%。

Also, as you can see on the chart on the bottom right, total commercial loans by economic sector are well diversified. The weak dynamism in the Chilean economy has affected loan growth for the industry as a whole. Lack of investment, as well as low business and consumer confidence, has impacted growth. As a result, we see a moderate improvement in total loan growth with an expansion of 3.9% year-on-year and 1.6% quarter-on-quarter.

此外，如右下圖所示，按經濟部門劃分的商業貸款總額非常多元化。智利經濟活力疲軟影響了整個產業的貸款成長。投資缺乏以及企業和消費者信心低迷影響了成長。因此，我們認為貸款總額成長略有改善，較去年同期成長 3.9%，較上季成長 1.6%。

As you can see on the chart on the bottom left, we compare well against the figure posted by the industry of 1.7%. Most of this growth has come from the mortgage loan book and more recently from consumer lending. However, it's also noteworthy, taking into consideration the recovery of the commercial loan portfolio, which 1 year ago posted a yearly contraction of minus 3%.

正如您在左下角的圖表中看到的，我們與行業發布的 1.7% 的數字進行了很好的比較。這一增長大部分來自抵押貸款，最近也來自消費貸款。然而，考慮到商業貸款組合的復甦，這一點也值得注意，一年前商業貸款組合的年收縮率為-3%。

If we go into greater detail, consumer loans have been growing 4.1% during the last 12 months, gaining 20 basis points in market share. This expansion continued to be mainly steered by growth in the credit card loans, up 7% when compared to September 2023.

如果我們更詳細地了解，消費貸款在過去 12 個月中成長了 4.1%，市佔率增加了 20 個基點。這一擴張繼續主要受到信用卡貸款成長的推動，與 2023 年 9 月相比增長了 7%。

To a lesser degree, installment loans grew 2% on an annual basis. The good news, however, is that originations of installment loans have grown 9% year-on-year as of September 2024. Based on value offerings, we have continued to personalize in order to meet customers' needs through their life cycle, as well as lower the disposable income among individuals when compared to last year.

分期貸款的年增率為 2%，程度較輕。然而好消息是，截至 2024 年 9 月，分期貸款發放量年增 9%。在價值產品的基礎上，我們繼續個人化，以滿足客戶全生命週期的需求，並與去年相比降低個人可支配收入。

On the other hand, notwithstanding the robust year-on-year growth, credit card loans have seamlessly reached a plateau of around CLP1.8 trillion, which is reasonable after a nonrecurrent very strong ride between 2021 and 2023, when this product grew about 60%, in line with trends of noncash payments.

另一方面，儘管同比增長強勁，但信用卡貸款已順利達到約1.8 兆智利比索的平台期，這是合理的，因為該產品在2021 年至2023 年期間經歷了非經常性非常強勁的增長，當時該產品成長了約60% %，與非現金支付的趨勢一致。

As for residential mortgage loans, these grew 7.4% year-on-year in the third quarter. Even though it's important to note that a large part of this growth is due to inflation as these loans are primarily denominated in UF, Unidad de Fomento, and inflation index currency in real terms, mortgage loans managed to grow around 3%.

至於住宅抵押貸款，第三季年增7.4%。儘管值得注意的是，這一增長的很大一部分是由於通貨膨脹，因為這些貸款主要以 UF、Unidad de Fomento 和實際通膨指數貨幣計價，但抵押貸款仍成功增長了 3% 左右。

The weaker growth of this product for us and the industry compared to the past decade is due to the low demand from customers that is mainly explained by the increase in both home prices and the prevalent scenario of high long-term interest rates. This, together with lower levels of liquidity among individuals, has reduced the universe of target segments with appropriate risk-return equation across the board.

與過去十年相比，我們和整個行業的該產品增長較弱，這是由於客戶需求較低，這主要是由於房價上漲和長期高利率的普遍情況造成的。再加上個人流動性水準較低，全面縮小了具有適當風險回報方程式的目標細分市場的範圍。

Commercial loans are dragging down growth, posting a rise of only 1.8% year-on-year. Nevertheless, this is significantly higher than the figure of minus 1.2% that was posted by the industry. Both business activity from the SME and the wholesale banking segments have remained subdued, growing below historical levels.

商業貸款拖累成長，年比僅成長1.8%。儘管如此，這仍明顯高於業界公佈的-1.2%的數字。中小企業和批發銀行業務的業務活動仍然低迷，成長低於歷史水準。

Although our commercial loan balances have, to some degree, been positively affected by the Chilean peso depreciation, specifically the wholesale banking segment, we are also evidencing the SME banking, which have certain scheduled maturities of Fogape-related loans, is actually growing steadily in non-Fogape loans on a year-on-year basis.

儘管我們的商業貸款餘額在某種程度上受到智利比索貶值的積極影響，特別是批發銀行業務，但我們也證明中小企業銀行業務（其與Fogape 相關的貸款有一定的預定期限）實際上在穩步成長。

Likewise, our corporate banking unit has completed 2 quarters in a row with positive annual growth, which on top of the exchange rate effect, has been possible on the grounds of specific lending operations in the concessions and the infrastructure industries, as well as improved value offering for trade finance and factoring loans. All these trends in wholesale banking have allowed us to partially offset the lower dynamism in the real estate and construction sector.

同樣，我們的企業銀行部門已連續兩個季度實現年度正增長，這除了匯率影響之外，還得益於特許權和基礎設施行業的特定貸款業務以及價值的提高提供貿易融資和保理貸款。批發銀行業務的所有這些趨勢使我們能夠部分抵消房地產和建築行業活力較低的影響。

For the rest of 2024 and 2025, we expect loan growth to gain momentum, mainly in consumer and commercial loans. This trend should be driven by both lower cost of borrowing due to an environment of easing policy undertaken by the Central Bank and better perspectives for the local economy in terms of household consumption and private investment. In this environment, we expect to grow faster than the industry during the rest of 2024 and 2025.

在 2024 年剩餘時間和 2025 年，我們預計貸款成長將獲得動力，主要是消費和商業貸款。這一趨勢應受到央行寬鬆政策環境導致的借貸成本下降以及家庭消費和私人投資方面對當地經濟更好前景的推動。在這種環境下，我們預計 2024 年剩餘時間和 2025 年的成長速度將快於產業。

Let's move to Slide 14 to review the structure of our balance sheet. As shown on this slide, we are shifting back to pre-pandemic balance sheet composition. On the asset side, government-backed low interest loans extended to SMEs during the pandemic have mostly matured.

讓我們轉到投影片 14 來回顧我們的資產負債表的結構。如這張投影片所示，我們正在回到大流行前的資產負債表組成。資產方面，疫情期間向中小企業發放的政府低利率貸款大部分已到期。

Also, the ratio of total loans to total assets has returned to levels above 70%, in line with the reduction of financial securities that were used to fully repay the Central Bank FCIC funding in April and July of this year. The reduction in the FCIC becomes clear in the item Financial Institutions and Central Bank in the chart on the top left.

此外，貸款總額與總資產的比率已恢復至70%以上的水平，與今年4月和7月用於全額償還央行FCIC資金的金融證券的減少一致。FCIC 的減少在左上角圖表中的「金融機構和中央銀行」項目中顯而易見。

In the table on the bottom left, you'll notice that despite repaying the Central Bank debt primarily with financial instruments, our liquidity stands at very strong levels and well above regulatory requirements. As of September 2024, our liquidity coverage ratio reached 201%, surpassing the regulatory minimum by 101 basis points, while our net stable funding ratio stood at 121%, exceeding the required level by 41 basis points.

在左下角的表格中，您會注意到，儘管主要透過金融工具償還央行債務，但我們的流動性仍處於非常強勁的水平，遠高於監管要求。截至2024年9月，流動性覆蓋率達201%，超出監管最低標準101個基點；淨穩定資金比率為121%，超出監管要求41個基點。

It's also worth discussing the evolution of our deposits, which, as mentioned in prior calls, remain as a primary funding source by representing 52% of total assets.

我們的存款的演變也值得討論，正如先前的電話會議中所提到的，存款仍然是主要資金來源，佔總資產的 52%。

As shown in the chart on the top right and in the table in the middle of the slide, demand deposits have returned to their pre-pandemic levels by currently representing 47.5% of total deposits and 35% of total loans, both in line with our historic average.

如右上角的圖表和投影片中間的表格所示，活期存款已恢復至疫情前的水平，目前佔存款總額的 47.5%，佔貸款總額的 35%，均符合我們的預測。

We've also recently begun to see a slight decrease in the portion of time deposits as a percentage of both total deposits and total loans, which is consistent with our experience in the past as well. Normally, inflows and outflows of time deposits follow the overnight rate and inflation. Consequently, the substantial decrease experienced by the overnight rate over the last year has led deposits to seek higher returns elsewhere, such as mutual funds, where we have seen a significant rise in AUM that has benefited our fee income.

我們最近也開始看到定期存款佔存款總額和貸款總額的比例略有下降，這也與我們過去的經驗一致。通常，定期存款的流入和流出遵循隔夜利率和通貨膨脹。因此，去年隔夜利率的大幅下降導致存款轉向其他地方尋求更高的回報，例如共同基金，我們發現共同基金的資產管理規模大幅上升，這使我們的費用收入受益。

Finally, on the bottom right, we can see the progression of our UF GAAP relative to inflation. This position reflects our proactive management of assets and liability mismatches, but primarily a strategic UF position that protects the real value of shareholders' equity. Through careful management, we've been able to capitalize on fluctuations in the inflation effectively over the last years. Currently, our position amounts to CLP8.5 trillion, indicating that as of September 2024, our sensitivity to a 1% change in inflation is approximately CLP85 billion.

最後，在右下角，我們可以看到 UF GAAP 相對於通貨膨脹的進展。這個立場反映了我們對資產和負債錯配的主動管理，但主要是保護股東權益實際價值的策略性用友立場。透過精心管理，我們在過去幾年中能夠有效地利用通貨膨脹的波動。目前，我們的部位金額為8.5兆智利比索，這顯示截至2024年9月，我們對通膨1%變化的敏感度約為850億智利比索。

Please turn to Slide 15. We remain a leader in capitalization among our peers. As illustrated in the chart on the top left, our CET1 ratio reached 14.3% in September 2024. This has consistently outperformed all of our peers. A similar situation occurs when we compare our total capital adequacy ratio, as shown on the chart on the bottom left. These levels position us positively for the last stages of the Basel III implementation.

請翻到投影片 15。我們在同業中仍然處於資本化領先地位。如左上圖所示，我們的 CET1 比率在 2024 年 9 月達到 14.3%。這一直優於我們所有的同行。當我們比較總資本適足率時，也會出現類似的情況，如左下圖所示。這些水準為我們巴塞爾協議 III 實施的最後階段奠定了積極的基礎。

It should be also noted that the CMF has proposed modifications to the current Basel III regulations in Chile, with particular emphasis on changes related to the capital requirements regarding Pillar 2 risks, but particularly associated with interest rate risk in the banking book and the definition of outlier banks. The proposed ruling is available for public comment until November 8.

還應該指出的是，CMF 已提議對智利現行的巴塞爾 III 法規進行修改，特別強調與第二支柱風險資本要求相關的變化，特別是與銀行帳簿中的利率風險和定義相關的變化。 。擬議裁決將於 11 月 8 日之前徵求公眾意見。

Please turn to the next slide, 16. Expected credit losses reached CLP80 billion in the third quarter, up 32% from a year earlier as the third quarter 2023 was a low comparison base. Nevertheless, this is the fourth consecutive quarter of lower levels of cost of risk. This evolution reflects our prudent risk management approach that seeks an adequate level of risk and return. Through this approach, despite the less dynamic economy, we have been able to control and even lower expected credit losses, posting 0.84% for the third quarter.

請翻到下一張投影片，16。由於 2023 年第三季的比較基數較低，預計第三季信貸損失達 800 億智利比索，年增 32%。儘管如此，這已是風險成本水準連續第四個季度下降。這種演變反映了我們尋求適當程度的風險和回報的審慎風險管理方法。透過這種方法，儘管經濟活力減弱，我們仍然能夠控制甚至降低預期信用損失，第三季信用損失為 0.84%。

As of September 2024, our total NPLs reached 1.5%, remaining relatively stable when compared to prior quarters, as illustrated on the top right chart. Our delinquency and consumer loans has returned to pre-pandemic levels of 1.9%, as shown in the chart on the bottom right.

截至 2024 年 9 月，我們的不良貸款總額達到 1.5%，與前幾季相比保持相對穩定，如右上圖所示。我們的拖欠率和消費貸款已恢復到疫情前 1.9% 的水平，如右下圖所示。

We have also observed a slight uptick in NPLs for both commercial and mortgage loans during this period, which aligns with broader industry trends and the weaker economy. However, we anticipate that with the gradual economic improvement that is expected, NPLs should stabilize and potentially begin to show improvements at some point in the coming quarters.

我們還觀察到，在此期間商業貸款和抵押貸款的不良貸款略有上升，這與更廣泛的行業趨勢和經濟疲軟相一致。然而，我們預計，隨著預期的經濟逐步改善，不良貸款應該會趨於穩定，並可能在未來幾季的某個時候開始出現改善。

As shown on the chart on the bottom left, we hold the highest quality loan portfolio and lead the industry with a coverage ratio of 2.6x, supported by additional provisions totaling CLP700 billion as of September 2024. This is substantially above all of our peers. This strong position enables us to effectively manage potential risk deterioration or face regulatory changes in risk provisioning models such as the CMF new standard model for consumer loan provisioning, which will go into effect in January 2025.

如左下圖所示，我們擁有最高品質的貸款組合，並以 2.6 倍的覆蓋率領先於行業，並得到截至 2024 年 9 月總計 7,000 億智利比索的額外準備金的支持。這遠高於我們所有同行。這一強勢地位使我們能夠有效管理潛在的風險惡化或面臨風險撥備模型的監管變化，例如將於 2025 年 1 月生效的 CMF 消費貸款撥備新標準模型。

As reported earlier this year, we plan to utilize a portion of our additional provisions to deal with the impact of this model. We estimate that the implementation of this new regulation will cost around CLP60 billion.

正如今年早些時候報導的那樣，我們計劃利用部分附加條款來應對這種模式的影響。我們估計實施這項新規定將花費約600億智利比索。

Please turn to slide number 17. Regarding operating expenses, this quarter, they totaled CLP273 billion, reflecting a year-on-year increase of only 1.3%. This rise was mainly due to inflation, which grew 4.7% in the last 12 months, affecting most expense items. In turn, this reflects our firm cost control policies for the rest of the line items, which posted real contractions over the last 12 months.

請翻到第17張投影片。營運支出方面，本季總計2,730億智利比索，較去年同期僅成長1.3%。這一增長主要是由於通貨膨脹，過去 12 個月通貨膨脹率增長了 4.7%，影響了大多數支出項目。反過來，這反映了我們對其餘項目的嚴格成本控制政策，這些項目在過去 12 個月中出現了實際收縮。

As shown on the chart on the top right, the slight growth was mainly driven by higher personnel expenses resulting from inflation adjustments and changes introduced in the collective agreements by the end of 2023. This rise was partially offset by a reduction in headcount achieved through our ongoing efficiency and productivity initiatives, as well as the development of digital banking commented a few minutes ago in this call.

如右上圖所示，小幅成長主要是由於通貨膨脹調整和 2023 年底集體協議中引入的變化導致人員費用增加所致。這一增長被我們持續的效率和生產力舉措所實現的人員減少以及幾分鐘前在本次電話會議中評論的數位銀行的發展所部分抵消。

Furthermore, depreciation and amortization expenses increased due to the amortization of software licenses, while admin expenses remained almost flat. The latter is mainly explained by a rise in IT-related costs due to enhancements in digital infrastructure, partially offset by a reduction in marketing expenses.

此外，由於軟體許可證攤銷，折舊和攤提費用增加，而管理費用幾乎持平。後者的主要原因是數位基礎設施的增強導致 IT 相關成本上升，但行銷費用的減少部分抵消了這一影響。

In terms of efficiency, we reached a ratio of 36.5% year-to-date, below our peers, as shown on the chart on the bottom of the slide. We are confident that the progress we have made will help us ensure that our long-term efficiency levels continue to be below 42% when noncustomer income stabilizes.

就效率而言，今年迄今為止，我們的比率達到了 36.5%，低於同行，如幻燈片底部的圖表所示。我們相信，我們所取得的進展將幫助我們確保當非客戶收入穩定時，我們的長期效率水準持續低於 42%。

Please turn to Slide 18. Before opening the floor for questions, I'd like to highlight a few key points from this presentation. First, expectations for GDP and the overnight rate in 2024 have decreased to 2.3% and 5%, respectively, while the inflation forecast has increased to 4.5% due to the significant impact of the rise in energy prices in Chile.

請翻到幻燈片 18。在開始提問之前，我想先強調一下本次演講的幾個要點。首先，由於智利能源價格上漲的顯著影響，對2024年GDP和隔夜利率的預期分別下調至2.3%和5%，而通膨預期則上調至4.5%。

Considering these economic factors, we are confident that our consistent long-term strategy and strong risk culture will continue to allow us to lead the industry in all major profitability and asset quality indicators. We also believe that we should be able to post the highest sustainable long-term return on average equity of around 18%, which could even be higher if market factors such as inflation and the overnight rate remain above historical levels.

考慮到這些經濟因素，我們相信，我們一貫的長期策略和強大的風險文化將繼續使我們在所有主要獲利能力和資產品質指標上處於行業領先地位。我們還認為，我們應該能夠實現 18% 左右的最高可持續長期平均股本回報率，如果通膨和隔夜利率等市場因素保持在歷史水平之上，這一回報率甚至可能更高。

Finally, we are in a unique position in which we consistently outpace our peers in profitability and net income with lower risk, as you can see on the chart on the left. Thanks for taking the time to listen to our presentation. If you have any questions, we'd be glad to answer them.

最後，我們處於獨特的地位，我們在盈利能力和淨利潤方面始終領先於同行，風險較低，如左圖所示。感謝您抽出寶貴時間來聽我們的演講。如果您有任何疑問，我們很樂意回答。

Thank you very much for the presentation. (Operator Instructions)

非常感謝您的介紹。（操作員說明）

Mr. Tito Labarta, Goldman Sachs.

蒂托·拉巴塔先生，高盛。

My question is on your capital ratio. You show -- you're about 14%. You showed the implementation of Basel III, you're well above that. Profitability remains above expectations. So how do you think about that capital ratio? Is there room for additional dividend payments? And just given how well capitalized you are.

我的問題是關於你們的資本比率。你表明——你大約是 14%。您展示了巴塞爾協議 III 的實施情況，您的水平遠高於此。獲利能力仍高於預期。那麼您如何看待這個資本比率？是否還有額外派息的空間？考慮到你的資本充足。

Pablo, we don't hear you. If you can just please unmute yourself, you are muted.

巴勃羅，我們聽不到你的聲音。如果您可以自行取消靜音，則您已被靜音。

Hello?

你好？

Pablo, we hear you. Please go ahead.

巴勃羅，我們聽到你的聲音。請繼續。

Sorry, the speaker malfunctioned. So thanks for your question, Tito, regarding capital. We're well capitalized, as you mentioned, and we've been maintaining a good level of buffer between the current regulations. There's still some uncertainties in terms of Pillar 2, which is coming into effect. And there is changes in that regard. So there's some uncertainties in terms of the future on where the levels of capital could be and the requirements for the banking industry in Chile.

抱歉，揚聲器故障。蒂托，謝謝你提出關於資本的問題。正如您所提到的，我們資本充足，並且我們一直在現行法規之間保持良好的緩衝水準。即將生效的第二個支柱仍存在一些不確定性。這方面也發生了變化。因此，未來智利的資本水準和銀行業的要求存在一些不確定性。

Currently, there has been moves towards higher capital requirements, such as different buffers in Chile increasing and also the discussions on Pillar 2. So we're comfortable with the level that we have today. We can't roll out changes in the future in terms of our growth, of how much capital we need in order to fund that growth and how much we need to use our capital efficiently like we've done in the past. We've adjusted our dividend policies that have gone from 60% in the policy to distributable net income, all the way to 100% of distributable net income.

目前，已經出現了提高資本要求的舉措，例如智利不同緩衝的增加以及對第二支柱的討論。所以我們對今天的水平感到滿意。我們無法在未來的成長、我們需要多少資本來為成長提供資金以及我們需要多少資金來像過去那樣有效地利用我們的資本方面做出改變。我們調整了股利政策，從政策中的60%到可分配淨利潤，一直到可分配淨利潤的100%。

But this is something that is taken into consideration at the Board level, depending on the capital needs that the bank needs in order to fund growth and to comply with regulations. So this is something that's good. In particular, the payout ratio in January of each year, but we're aware that we need to use the capital efficiency for the future. So this is something that the Board takes into consideration every year.

但這是董事會層面考慮的事情，取決於銀行為成長提供資金和遵守法規所需的資本需求。所以這是一件好事。特別是每年一月份的派息率，但我們意識到我們需要利用未來的資本效率。因此，這是董事會每年都會考慮的事情。

Okay, thanks, Pablo. But there's no level of capital that you think is where the bank would like to be? I don't know if it's a 12% -- or how do you think in terms of what the right capital ratio should be? Any thoughts on that?

好的，謝謝，巴布羅。但您認為銀行沒有達到理想的資本水準嗎？我不知道是否是 12%——或者您認為正確的資本比率應該是多少？對此有什麼想法嗎？

I'll pass the call to Daniel Galarce. But I think 1 of the important things I mentioned is the Pillar 2 buffers, so it's been discussed, and Daniel will be able to give you more information with regards to that and the capital requirements that we could use.

我會把電話轉給丹尼爾·加拉斯。但我認為我提到的重要事項之一是第二支柱緩衝區，因此我們已經對此進行了討論，丹尼爾將能夠為您提供有關該緩衝區以及我們可以使用的資本要求的更多資訊。

This is Daniel Galarce. In general, I would say that in the long run, basically, we want to slope above regulatory limits and all of our internal limit as well, around 2%, 2.5% in the long, long run. Today, we have some internal buffers, internal -- a positive GAAP in terms of capital ratios.

這是丹尼爾·加拉斯。總的來說，我想說，從長遠來看，基本上，我們希望能夠超越監管限制和我們所有的內部限制，從長遠來看，大約是 2%、2.5%。今天，我們有一些內部緩衝，內部的——資本比率方面的積極的公認會計準則。

And as Pablo said, there are still some room in terms of the implementation of Basel III. So we are not expecting anything in particular regarding the new regulation. However, we want to hold this kind of buffer above the regulatory limits in order to be prepared for coming or potential requirements.

而正如巴勃羅所說，巴塞爾協議III的實施還有一定的空間。因此，我們對新規定沒有任何特別的期望。然而，我們希望將這種緩衝保持在監管限制之上，以便為即將到來或潛在的需求做好準備。

Ms. Neha Agarwala, HSBC Global Research.

Neha Agarwala 女士，匯豐銀行全球研究部。

Just quickly on the loan growth expectations for the coming quarters and for the next year. What kind of loan growth should we expect? Any sort of soft guidance? And which segments do you expect to outperform and underperform? And also in terms of the profitability, what kind of ROE should we expect for next year? And the trend over the quarters?

快速了解未來幾季和明年的貸款成長預期。我們應該預期什麼樣的貸款成長？有什麼軟指導嗎？您預期哪些細分市場的表現會優於或落後？另外，從獲利能力來看，我們預計明年的 ROE 會是多少？各季度的趨勢如何？

Neha, thank you very much for your questions. Even though we don't have official guidance yet because we are discussing about the quarter next year, it's reasonable to anticipate some trends for the next year. I think that's a keyword to keep in mind its normalization. The economy during the next year is going to have a normalization in terms of economic growth. In fact, we are expecting an economic growth of 2%, which is in line with the potential growth.

內哈，非常感謝您的提問。儘管我們還沒有正式的指導，因為我們正在討論明年的季度，但預測明年的一些趨勢是合理的。我認為這是一個要牢記其規範化的關鍵字。明年經濟成長將趨於正常化。事實上，我們預期經濟成長為2%，這與潛在成長相符。

And also in terms of inflation, in fact, this morning, we knew that inflation -- the monthly inflation rate was 1% well above the numbers expected by the market. So we can rule out that in this year CPI will end the year above the 4.5% that we are expecting now. But while [4] 2025, it's reasonable to expect an inflation rate of around 3.5%, which, of course, it could have an impact in terms of operating revenues [oviyesedra].

還有通膨方面，事實上，今天早上，我們知道通膨——月通膨率為 1%，遠高於市場預期的數字。因此，我們可以排除今年 CPI 將高於我們現在預期的 4.5% 的可能性。但是，[4] 2025 年，通貨膨脹率預計在 3.5% 左右是合理的，這當然可能會對營業收入產生影響[奧維耶塞德拉]。

So how is it that entitlement by market by -- like reduction in economic growth, lower inflation rate. The Central Bank will likely continue reducing the interest rate. Today, the rate will start [5.25, 5%]. For the next year, we expect an interest rate around 4.25%, 4.5%, something like that. So all these factor are expected to have an impact on the slope over the next year.

那麼，市場的權利是如何產生的──例如經濟成長放緩、通貨膨脹率降低。央行可能會繼續降低利率。今天，利率將開始[5.25，5%]。明年，我們預計利率約為 4.25%、4.5% 左右。因此，所有這些因素預計都會對明年的坡度產生影響。

But on the other hand, it's reasonable as well to pay a higher dynamism in terms of loans after the very weak performance that the overall loan stability has during this year. So, even though today, we don't have a specific guideline for the next year, it's reasonable to expect that convergence toward a more sustainable leverage of ROE for next year.

但另一方面，在今年整體貸款穩定性表現非常疲弱之後，在貸款方面付出更高的活力也是合理的。因此，儘管今天我們沒有明年的具體指導方針，但可以合理地預期明年將趨同於更永續的股本回報率槓桿。

Yes. I think it's important to take into consideration that the ROE's influenced by many factors in the normalization in terms of interest rates, inflation, repricing of different assets and liabilities will be affecting our balance sheet structure and the bottom line. So in the medium term or the long term, as we've mentioned in the past, 18% is what we think is reasonable.

是的。我認為重要的是要考慮到，在利率、通貨膨脹、不同資產和負債的重新定價等正常化過程中，股本回報率受到許多因素的影響，這將影響我們的資產負債表結構和利潤。所以從中期或長期來看，正如我們過去所提到的，18%是我們認為合理的。

We think also is a reasonable part of our targets is to be the most profitable bank in the industry. So that's something very important to take into consideration. And there's some things that should be taken into consideration as well is where the final level of interest rates and where inflation will hover in the long term, which will also affect those numbers and could influence those either way after that.

我們認為，成為業內獲利能力最強的銀行也是我們目標的合理部分。所以這是需要考慮的非常重要的事情。還有一些事情也應該考慮在內，即最終利率水準和通貨膨脹將長期徘徊在哪裡，這也會影響這些數字，並可能影響之後的任何數字。

Let me guess and reinforce 1 key area. It's very important to keep in mind that important changes or deviations in terms of ROE stability next year will be attributable to the evolution of macro drivers, macro factors rather than some specific changes in terms of the bank. So that's why for the next year, it's very important to [late Decemeber to] perspective for inflation, economic growth, loan growth. I mean, macro factors are much more important and relevant today than ever. These are the main sources of uncertainty while [grand's necessity] after regarding to the bank.

讓我猜測並強化 1 個關鍵領域。需要記住的是，明年 ROE 穩定性的重要變化或偏差將歸因於宏觀驅動因素、宏觀因素的演變，而不是銀行的某些特定變化。因此，對於明年來說，[12 月下旬]展望通膨、經濟成長和貸款成長非常重要。我的意思是，宏觀因素在今天比以往任何時候都更加重要和相關。這些都是對銀行來說【盛大的必要性】的不確定性的主要來源。

If I can squeeze another one. In terms of digital offerings, you show very good uptake, good transaction levels with your clients. Are there any parts of additional franchises where you think there are gaps versus your peers? And what would be any key area of focus, if any, for 2025 in that regard?

如果我能再擠一張的話。在數位產品方面，您表現出非常好的接受度以及與客戶之間的良好交易水平。您認為其他特許經營權中是否有任何部分與同業之間存在差距？2025 年這方面的重點領域（如果有）是什麼？

I think all banks in Chile have been working very diligently in improving the digital offering. And accelerating digital growth in Chile have been -- and especially at Banco de Chile, we've been continually improving our customer experience from the branch level, from interactions in phases -- personal interactions and especially online products. So as we mentioned in the call and as we continually are doing, we're always enhancing all of our digital offerings and services that we provide customers.

我認為智利的所有銀行都在非常努力地改善數位服務。智利的數位成長正在加速，特別是在智利銀行，我們一直在從分行層級、分階段互動、個人互動，尤其是線上產品方面不斷改善我們的客戶體驗。因此，正如我們在電話中提到的以及我們一直在做的那樣，我們一直在增強我們為客戶提供的所有數位產品和服務。

So today, we're proud -- I mentioned that we had a very strong growth in the digital accounts. We have almost 2 million, which is very good from 0.8 million. And we continually are improving and implementing new changes to enhance those features.

所以今天，我們很自豪——我提到我們的數位帳戶成長非常強勁。我們有將近 200 萬，這比 80 萬已經非常好了。我們不斷改進和實施新的變更來增強這些功能。

So I think the banking industry in Chile is very well prepared for all these new challenges with new entrants, players into the market and especially at Banco de Chile, we've been accelerating all of our digital offering and making sure that the customer experience in these products are doing very well. So we think that we're heading back in this area.

因此，我認為智利的銀行業已做好充分準備，應對新進業者、市場參與者的所有這些新挑戰，特別是在智利銀行，我們一直在加速所有數位化服務，並確保客戶體驗這些產品做得很好好。所以我們認為我們正在回到這個領域。

Mr. Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯先生，摩根大通。

Good morning, good afternoon. Just some color on loan growth for [2028 -- '25]. I remember in the previous call, you mentioned that politics could be affecting some wholesale demand. I know you still have elections next year for President, but at least the regional elections, I guess, it's a little bit more clear now. So just asking if you want, you are seeing an uptick in volumes. I'm sure if you can provide any color on the outlook for the next year for loan growth? Thank you.

早安，下午好。只是貸款成長的一些色彩[2028 - '25]。我記得在上次電話會議中，您提到政治可能會影響一些批發需求。我知道明年仍然有總統選舉，但我想至少是地區選舉，現在情況更清楚了。因此，只要詢問您是否願意，您就會看到數量增加。我確信您能否對明年的貸款成長前景提供一些看法？謝謝。

Thank you very much for the question. This is Rodrigo Aravena. Yes, our forecast for loan growth for the industry for the next year is around 5% in terms -- in nominal terms. There are different aspects to consider in the forecast.

非常感謝你的提問。這是羅德里戈·阿拉維納。是的，我們預計明年該行業的名目貸款成長率約為 5%。預測中需要考慮不同的面向。

First of all, we're expecting a normalization from the current level or at least toward more sustainable elasticity with the loans in GDP. In the past, we used to see by loan growth of around 2x the growth stability. Today, we think that given the state of development of Chile, the banking penetration in the economy, et cetera. So there's this good thing that's more reasonable to say [SDGPA or on to tire] around 1.5x in the very long term.

首先，我們預期貸款佔 GDP 的比例將在當前水準上實現正常化，或至少朝著更永續的彈性方向發展。過去，我們常常看到貸款成長大約是成長穩定性的兩倍。今天，我們認為考慮到智利的發展狀況、銀行業在經濟中的滲透率等。因此，從長遠來看，[SDGPA 或輪胎] 大約為 1.5 倍是更合理的好事。

For the next year, we're expecting a normalization with positive growth in different segments in returns and with -- when we consider the inflation expectation for the next year, which is 3% to 5%, given that number, it's reasonable to state our [non-item] growth around 5% [come to late that] for the next year.

明年，我們預計不同領域的回報將正常化，並出現正增長——當我們考慮明年的通膨預期（3%至5%）時，考慮到這個數字，可以合理地表述我們明年的[非項目]成長率約為5%[遲到]。

Looking forward, we have different forces. As you mentioned, quality will be an important driver to monitor. The elections still two weeks ago show an important shift in the support, a different political coalition in the country. When we compare to the elections held [2] years ago, there was greater support to parties from their [central-right] and right coalition with [national forefront] change in terms of the media support to the country.

展望未來，我們有不同的力量。正如您所提到的，品質將成為監控的重要驅動因素。兩週前的選舉顯示了支持率的重要轉變，該國的政治聯盟有所不同。與[2]年前舉行的選舉相比，在媒體對國家的支持方面，[中右翼]和右翼聯盟與[國家前線]變革對政黨的支持更大。

Historically, the municipal elections has been a very important leading indicator to the Congress election. It's important to remember that next year, in Chile, there will be election for President, the country for the senate on behalf of the lower house as well. So given the results of the municipal election, it's reasonable to expect a shift in terms of the composition of the Congress for next year.

從歷史上看，市政選舉一直是國會選舉的一個非常重要的先行指標。重要的是要記住，明年智利將舉行總統選舉，該國還將代表下議院選舉參議院。因此，考慮到市政選舉的結果，可以合理地預期明年國會的組成將會改變。

Nevertheless, we have to remember as well that Chile is a very urban economy. In fact, Chile is the most integrated country into the rest of the world. So that's why the evolution of the global economy, especially considering the perspective for China, United States, [global fire] and long-term interest rates, especially in the United States as well, are very important.

儘管如此，我們也必須記住，智利是一個非常都市化的經濟體。事實上，智利是與世界其他地區融合程度最高的國家。這就是為什麼全球經濟的演變，特別是考慮到中國、美國、[全球火災]和長期利率（尤其是美國）的前景，非常重要。

Today, there is a consensus in terms of that the probability to have higher interest rate overseas in the next year that's where the probability is increasing, which would reduce the external -- the contribution from our main requirement for the country, which could use the engine of growth for the country.

今天，大家一致認為，明年海外利率上升的可能性正在增加，這將減少外部——我們對國家的主要需求的貢獻，這可以利用國家發展的引擎。

So where -- we can pull out for the next year on the local environment. We can rule out a potential improvement in business confidence next year. In the future, that we have to be especially [southern], with the perspective for the global economy, given the opening of the [trade] economy.

那麼，明年我們可以在當地環境方面進行調整。我們可以排除明年商業信心可能改善的可能性。未來，考慮到[貿易]經濟的開放，我們必須特別是[南方]，具有全球經濟的視角。

All in all, we expect a normalization of results in 2025 with greater dynamism in activity in loans, but at the same time, a lower contribution from inflation and interest rates.

總而言之，我們預計 2025 年業績將實現正常化，貸款活動將更加活躍，但同時，通膨和利率的貢獻將會降低。

No. Super. If I may, just a follow-up on this lower contribution translation. Can you tell us like a book case for inflation also, like higher global tariffs, like a stronger dollar? And then I don't know, maybe solution is more resilient, can we see you make more money on the UF gap?

不。極好的。如果可以的話，我只是對這個較低貢獻翻譯的後續。您能否像書裡告訴我們通貨膨脹的情況，例如全球關稅的上升，例如美元的走強？然後我不知道，也許解決方案更有彈性，我們能看到你在 UF 缺口上賺更多的錢嗎？

Well, in terms of inflation today, we are aware -- we're aware of the asset risk for inflation, considering some sticky prices and persistence of inflation in Chile. We have several prices denominated in US. So that's why in the case of our country, the past inflation is important in terms of inflection expectations. We have to pay special attention to the evolution of [H&Y]. We have to remember that the pass-through was [expcet for Chile]. It is in 10%, 15%, which means that 10% of weakening of Chilean peso would rise inflation of around 100 basis points.

嗯，就今天的通膨而言，我們意識到——考慮到智利的一些黏性價格和持續的通膨，我們意識到通膨的資產風險。我們有多種以美元計價的價格。這就是為什麼就我國而言，過去的通膨對於拐點預期很重要。我們必須特別注意它的演變[H&Y]。我們必須記住，傳遞是[智利除外]。是10%、15%，這意味著智利比索貶值10%將使通膨上升約100個基點。

But, [hands of] that it's not very likely that the inflation next year will be higher compared to the inflation that we have now. It's very likely that inflation by the end of this year will be a number -- considering the number that goes to the -- this morning and likely that inflation rate this year will be 4.6% or 4.7%.

但是，[手]明年的通貨膨脹率不太可能比我們現在的通貨膨脹率更高。考慮到今天早上公佈的數字，今年年底的通膨率很可能會是一個數字，今年的通膨率可能會達到 4.6% 或 4.7%。

But also considering the asset risk inflation for the next year, it's not likely that inflation in 2025 will be higher compared to inflation that we're going to have this year. We're aware of the [upper Greek] back even considering these potential factors. We still continue expecting inflation rate next year lower compared to the prices in 2024.

但也要考慮到明年的資產風險通膨，2025 年的通膨率不太可能高於今年的通膨率。即使考慮到這些潛在因素，我們也知道[上希臘語]背部。我們仍然預計明年的通膨率將低於 2024 年的價格。

(Operator Instructions)

（操作員說明）

Mr. Andres Soto, Santander.

安德烈斯·索托先生，桑坦德銀行。

My question is regarding your coverage level. You have 262% NPL coverage. This is not only significantly above your peers, but also above your own historical levels. What do you see as a normalized coverage level given that some of the negative events that you were expecting to happen actually didn't materialize and you are sharing now a kind of more optimistic outlook for the economy?

我的問題是關於您的承保範圍。您的不良貸款覆蓋率為 262%。這不僅大大高於你的同齡人，而且也高於你自己的歷史水平。鑑於您預期發生的一些負面事件實際上並未發生，而且您現在對經濟前景持更加樂觀的態度，您認為正常化的覆蓋水平是多少？

Yes. So, today, we have a very good level of coverage, as you mentioned, higher than we've had in the past. In the past, this level has hovered well below this figure, closer to 200, slightly below that. And the result, maybe as I mentioned a little bit, everyone, the results of the traditional provisions was the permanent implementation of our prudent policies in order to take into consideration what was happening over the last 4 or 5 years.

是的。因此，正如您所提到的，今天我們的覆蓋範圍非常好，比過去更高。過去，這個水平一直徘徊在遠低於這個數字的水平，接近200，略低於這個數字。結果，也許正如我所提到的，大家，傳統規定的結果是永久實施我們的審慎政策，以考慮到過去四、五年發生的事情。

So because of different events, different inconsistencies in terms of the historically low levels of nonperforming loans that occurred during the pandemic, ensuring fees generated by the recession in Chile, as well as the institutional and political uncertainty in Chile, began increasing the levels of coverage through the use of additional provisions, which is something at the Board level have to implement -- or they implement.

因此，由於不同的事件，在大流行期間發生的歷史低水平不良貸款方面的不同不一致，確保了智利經濟衰退產生的費用，以及智利的製度和政治不確定性，開始提高覆蓋範圍通過使用額外的規定，這是董事會層級必須實施的——或者他們實施的。

So taking all this into consideration, we can't roll out at the level that we have today, based on these uncertainties, is less than it was before. And this could result in a release of a portion of these additional provisions in the future, but the triggers of these timings haven't been defined. So it's important to take into consideration we have to still look cautiously at what's occurring.

因此，考慮到所有這些，基於這些不確定性，我們無法以今天的水平推出，低於以前的水平。這可能會導致未來發布這些附加條款的一部分，但這些時間的觸發因素尚未確定。因此，重要的是要考慮到我們仍然必須謹慎地看待正在發生的事情。

In Chile, we don't have the triggers, you have defined on when or how these would be released. But it's something that it's taken into consideration at the Board level when evaluating the levels of additional provisions or the coverage that we have in the bank to cover the risks that we are assuming in Chile.

在智利，我們沒有觸發器，您已經定義了何時或如何發布這些觸發器。但在評估額外準備金的水平或我們在銀行的覆蓋範圍以承擔我們在智利承擔的風險時，董事會層級會考慮這一點。

Thank you, Pablo. And when you look at that possibility of releasing some of those provisions, would you imagine that being in a gradual process, and therefore, we should assume Banco de Chile to deliver very low levels of cost of risk over the next few years? Or will be that sort of a one-off process, and at some point, we can expect an extraordinary dividend to be paid out of that?

謝謝你，巴布羅。當您考慮釋放其中一些條款的可能性時，您是否會想像這是一個漸進的過程，因此我們應該假設智利銀行在未來幾年內提​​供非常低的風險成本？或者這將是一種一次性的過程，在某個時候，我們可以期望從中獲得非凡的紅利？

As I mentioned, the triggers and the definition of how this would evolve and when and what would have to occur hasn't been discussed and implemented. So it's something that the Board level is evaluating and taking into consideration for the future.

正如我所提到的，觸發因素和定義如何演變以及何時發生以及發生什麼尚未討論和實施。因此，董事會正在評估並考慮未來的情況。

Understood. And talking about asset quality and cost of risk. Do you believe that for the system as a whole, we are reaching an inflection point and we should see finally, improvement? Or what are the trends that you are forecasting for asset quality for the system? I know that you guys have a very good level, but for the system as a whole, what will be the trigger for asset quality to improve?

明白了。並談論資產品質和風險成本。您是否認為對於整個系統來說，我們正在達到一個拐點，我們最終應該看到改進？或者您預測系統資產品質的趨勢是什麼？我知道你們的水準很好，但是對於整個系統來說，什麼會觸發資產品質的提升呢？

I think there's many challenges Chile is facing, and at certain points, things are getting better. The levels of inflation today is obviously a negative factor because if we look at different times in the history when inflation has been higher around the 2007 period, during the pandemic, it's a special case.

我認為智利面臨許多挑戰，但在某些方面，情況正在好轉。今天的通膨水準顯然是一個負面因素，因為如果我們看看歷史上的不同時期，2007年左右通膨較高，即大流行期間，這是一個特例。

But normally, with higher inflation, this affects the purchasing power of individuals, and this can affect the economy and the payment behavior. So it's something that we take into consideration and see how this evolves in the future.

但通常情況下，通貨膨脹率上升會影響個人的購買力，進而影響經濟和支付行為。因此，我們會考慮這一點，看看未來會如何發展。

So it's true that we've seen more of a plateauing and probably in the medium term as the economy improves and we return back to normal, we should see an improvement. But the uncertainties based on the level of inflation today and how this will continue in the future effect in households.

因此，我們確實看到了更多的停滯期，並且可能在中期內隨著經濟改善並且我們恢復正常，我們應該會看到改善。但目前通膨水準以及未來通膨水準的不確定性會對家庭產生影響。

Okay. Thank you very much. It looks like we have no further questions at this point. I'll be passing the line back to the management team for their concluding remarks.

好的。非常感謝。目前看來我們沒有其他問題了。我會將這條線轉回給管理團隊，讓他們進行總結發言。

Thanks, everyone, for joining the call, and we look forward to speaking with you for our year-end results.

感謝大家加入電話會議，我們期待與您討論我們的年終表現。

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

非常感謝。今天的電話會議到此結束。我們現在將關閉所有線路。謝謝你，再見。