Banco de Chile (BCH) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Banco de Chile's third-quarter 202 results conference call. If you need a copy of the financial management review, it is available on the company's website. Today with us, 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2020年第三季業績電話會議。如果您需要財務管理回顧報告，請造訪公司網站。今天出席會議的有：首席經濟學家兼機構關係官羅德里戈·阿拉維納先生；投資者關係主管巴勃羅·梅希亞先生；以及財務控制與資本主管丹尼爾·加拉爾塞先生。

Before we begin, I'd 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 notes in the company's press release regarding forward-looking statements. I will now turn the call over to Mr. Rodrigo Aravena.

在會議開始之前，我想提醒各位，本次電話會議正在錄音，今天討論的資訊可能包含有關公司財務和營運績效的前瞻性陳述。所有預測均受風險和不確定性因素的影響，實際結果可能與預測有重大差異。請參閱公司新聞稿中關於前瞻性陳述的詳細說明。現在，我將把電話交給羅德里戈·阿拉維納先生。

Please go ahead.

請繼續。

Good afternoon, everyone. Thank you for joining this conference call, where we will present the key results and developments achieved by our bank during the third quarter of this year. We are pleased to report that Banco de Chile has once again delivered strong results, reaffirming our solid market position. Our performance this quarter reflects not only robust financial outcomes, but also meaningful progress in a strategic initiative that strengthens our long-term competitiveness.

各位下午好。感謝各位參加本次電話會議，我們將在此介紹我行今年第三季取得的主要業績和進展。我們很高興地宣布，智利銀行再次取得了強勁的業績，鞏固了我們穩固的市場地位。本季業績不僅反映了穩健的財務成果，也反映了我們在一項旨在增強長期競爭力的策略性舉措方面取得的實質進展。

Key highlights for the quarter include net income as of September 2025 reached CLP 927 million, representing a year-on-year growth of 1.9% that resulted in an ROAC of 22.3%. These results were driven by strong customer income, fund asset quality and ongoing efficiency improvements. These achievements are particularly significant given the challenging macroeconomic and political environment marked by subdued loan growth, especially among corporations.

本季主要亮點包括：截至2025年9月，淨利達9.27億智利比索，較去年同期成長1.9%，資本報酬率（ROAC）達22.3%。這些業績主要得益於強勁的客戶收入、基金資產品質的提升以及持續的效率改善。鑑於當前宏觀經濟和政治環境充滿挑戰，貸款成長放緩，尤其是企業貸款成長乏力，這些成就尤其顯著。

In times of uncertainty, solid fundamentals and proven risk management become critical differentiators. Banco de Chile continues to stand out among peers in asset quality, additional provisions and capital strength, providing resilience and a solid basis for the future. Let's now turn to the macroeconomic context.

在充滿不確定性的時期，穩健的基本面和行之有效的風險管理成為關鍵的差異化因素。智利銀行在資產品質、額外撥備和資本實力方面持續領先同行，為其未來發展提供了韌性和堅實的基礎。接下來，讓我們來看看宏觀經濟背景。

Please refer to Slide #3. Consistent with the trend observed in previous quarters, the Chilean economy continues to show signs of recovery, particularly in consumption and investments. As illustrated in the graph on the left, GDP growth has maintained an upward trajectory since the second half of 2024, supported by a notable rebound in domestic demand.

請參閱幻燈片#3。與前幾季的趨勢一致，智利經濟持續呈現復甦跡象，尤其是在消費和投資方面。如左圖所示，自2024年下半年以來，在內需顯著反彈的支撐下，GDP成長一直維持上升勢頭。

In the second quarter of this year, GDP expanded by 3.1% year-on-year, remaining above the estimated long-term potential growth rate of around 2%, which resulted in a 2.8% year-on-year expansion in the first half of this year. It is worth noting that this acceleration occurred despite a moderation in external demand. Export growth slowed to 5.4% year-on-year in the second quarter, down from 10.5% in the previous quarter.

今年第二季度，國內生產毛額年增3.1%，高於約2%的長期潛在成長率預期，使得今年上半年的GDP年增2.8%。值得注意的是，儘管外部需求有所放緩，但經濟成長仍加速。第二季出口成長放緩至5.4%，低於上一季的10.5%。

This reflects the trends of domestic demand, which improved significantly from 1.6% year-on-year in the first quarter to 5.8% year-on-year in the second quarter. A key driver behind this performance was the sharp increase in investment, particularly in machinery and equipment, which surged by 11.4% year-on-year during the period.

這反映了國內需求的成長趨勢，國內需求年增率從第一季的1.6%顯著提升至第二季的5.8%。推動這一成長的關鍵因素是投資的大幅成長，尤其是機械設備投資，該投資在此期間年增了11.4%。

These indicators confirm that the positive trend in domestic demand has persisted into the second half of this year. As shown in the chart on the upper right, imports have accelerated in recent months, driven by stronger domestic expenditure, particularly investments, evident in the sharp increase in capital goods imports.

這些指標證實，內需的正向趨勢延續到了今年下半年。如右上角圖表所示，近幾個月來，進口增速加快，這主要得益於國內支出，尤其是投資的強勁增長，資本貨物進口的急劇增加便是明證。

Furthermore, weighted investments for the next 5 years according to the corporation of capital goods rose by 19% in the second quarter, reflecting a substantial expansion in the pipeline of new projects across the mining and energy sectors as illustrated in the chart on the bottom right. All these figures would result in improved economic performance over the next period while positively impacting loan growth and banking activity.

此外，根據資本貨物公司的數據，未來五年的加權投資在第二季度增加了19%，反映出採礦和能源產業新項目儲備的大幅增加，如圖右下角所示。所有這些數據都將在未來一段時間內改善經濟表現，並對貸款成長和銀行業務活動產生積極影響。

Please go to Slide #4 to analyze inflation and interest rate evolution. Inflation remains above the Central Bank target at the chart on the left displays. In September, headline inflation increased to 4.4% from 4.1% in June. The measure that excludes volatile items was relatively stable, rising just 10 basis points to 3.9% in the same period. This suggests inflation is still driven by volatile items such as energy, which increased 11.4% year-on-year in September.

請翻到投影片#4，分析通膨和利率的走勢。左側圖表顯示，通膨率仍高於央行目標。 9月份，整體通膨率從6月的4.1%上升至4.4%。剔除波動性較大的項目後，通膨率相對穩定，同期僅上升10個基點至3.9%。這顯示通膨仍主要受能源等波動性較大的項目驅動，能源價格9月份較去年同期上漲11.4%。

In response, the Central Bank maintained the interest rate at 4.75% in the monetary policy meeting held in October. According to the statement released after the meeting, the persistence of some inflationary risk and the slight improvement of macro conditions require more information before continuing to reduce the interest rate towards neutral levels.

對此，央行在10月的貨幣政策會議上維持利率在4.75%不變。會後發布的聲明指出，通膨風險依然存在，宏觀經濟狀況雖略有改善，但在繼續將利率下調至中性水準之前，仍需更多資訊。

Despite this decision, it's important to mention that the Central Bank of Chile has already reduced the interest rate by 650 basis points from the peak of 11.25% reached in 2023, positioning it among the most proactive central banks in terms of monetary easing. The Chilean peso has remained volatile, hovering around CLP 150 per dollar in recent months. However, as shown in the bottom right chart, the U.S. dollar measured by the DXY index has globally weakened this year, a trend not yet reflected in the local exchange rate, partly due to faster pace of interest rate cuts. Now I'd like to present our base scenario for this year.

儘管如此，值得一提的是，智利央行已將利率從2023年達到的11.25%的峰值下調了650個基點，使其成為貨幣寬鬆政策最積極的央行之一。智利比索匯率持續波動，近幾個月來徘徊在1美元兌150智利比索左右。然而，正如右下角圖表所示，美元指數（DXY）衡量的美元今年在全球範圍內走弱，但這一趨勢尚未反映在智利比索匯率中，部分原因是降息步伐加快。現在，我想介紹一下我們今年的基本預測。

Please go to Slide #5. We have revised our GDP forecast up for 2025 from 2.3% in the previous call to 2.5% now. This adjustment is due to stronger-than-expected growth in domestic demand and improvement in some leading indicators, as mentioned earlier. As a result, the economy will likely achieve a similar expansion as compared to 2024 despite weaker global activity, which is expected to reduce the export pace of growth.

請翻至幻燈片5。我們將2025年GDP成長預期從上次電話會議的2.3%上調至目前的2.5%。如前所述，此次調整是由於國內需求成長強於預期以及一些領先指標的改善。因此，儘管全球經濟活動放緩，預計出口成長將下降，但2025年經濟成長幅度可能與2024年持平。

However, the better outlook for domestic demand has offset this external drag. This scenario is consistent with a gradual decline in hyperinflation to 3.9% by December 2025, assuming no relevant shocks or significant depreciation of the Chilean peso in the coming months. Under this condition, we expect the Central Bank will likely cut the monetary policy interest rate once more in the fourth quarter to end the year in 4.5%.

然而，國內需求前景的改善抵銷了這種外部阻力。假設未來幾個月沒有重大衝擊或智利比索大幅貶值，則預計到2025年12月，惡性通貨膨脹率將逐步下降至3.9%。在此情況下，我們預期智利央行可能在第四季再次下調貨幣政策利率，使年底利率降至4.5%。

Finally, it's important to reiterate the unusually high level of uncertainty we face, particularly from global factors. Domestically, attention will also be focused on the upcoming presidential and parliamentary election scheduled for November and the presidential runoff expected in December 2025. Before reviewing the bank's results in detail, let's take a brief look at industry trends.

最後，必須重申我們面臨異常高的不確定性，尤其是來自全球因素的影響。在國內，人們的關注點也將集中在定於11月舉行的總統和國會選舉，以及預計2025年12月舉行的總統決選。在詳細分析該銀行的業績之前，讓我們先簡單了解一下產業趨勢。

As shown in the chart on the top left, the banking industry delivered another solid quarter. Net income reached CLP 1.3 trillion and the return on average equity stood at 14.7%. While below the previous quarter, this figure confirmed the central ability to sustain healthy profitability despite lower inflation. This performance reflects the resilience of core banking activity, particularly concentrated in commercial banking after a long period that was dominated by the extraordinary revenues coming from treasury activities on the ground of extremely high levels of inflation and higher-than-normal interest rate, among others.

如左上圖所示，銀行業又迎來了一個穩健的季度。淨利達1.3兆智利比索，平​​均股本報酬率為14.7%。雖然低於上一季度，但這一數字證實了銀行業在通膨走低的情況下仍能保持穩健的獲利能力。這項業績反映了核心銀行業務的韌性，尤其是在經歷了長期依賴國庫業務帶來的巨額收入（主要受高通膨和高於正常水平的利率等因素影響）之後，商業銀行業務的復甦尤為顯著。

Turning to asset quality. The chart on the top right shows that nonperforming loans remain relatively stable for the industry at 2.5% with a coverage ratio of 143%, consistent with recent quarters. Despite a challenging macroeconomic backdrop marked by elevated borrowing costs and labor market pressures, banks have managed to keep delinquency under control while maintaining prudent provisioning and strong buffers to absorb potential increases in credit risk.

接下來談談資產品質。右上角的圖表顯示，不良貸款率在2.5%左右保持相對穩定，覆蓋率為143%，與近幾季的情況一致。儘管宏觀經濟環境充滿挑戰，借貸成本高企，勞動力市場壓力增大，但各銀行仍設法控制了不良貸款率，同時保持了審慎的撥備和充足的緩衝，以應對潛在的信貸風險上升。

On the credit side, the bottom left chart highlights that the loan-to-GDP ratio stood at 76% as of September 2025, continuing a below-trend behavior from pre-pandemic highs. This reflects the subdued pace of credit expansion relative to economic activity in recent years. Finally, the bottom right chart further illustrated the persistent weakness in real loan growth across all segments.

信貸方面，左下角的圖表顯示，截至2025年9月，貸款佔GDP的比重為76%，延續了疫情前高點以來的低迷趨勢。這反映出近年來信用擴張速度相對於經濟活動而言較為緩慢。最後，右下角的圖表進一步表明，各領域實際貸款成長持續疲軟。

Since December 2019, total loans have contracted 2.3% with consumer lending showing the sharpest decline of 18%, followed by commercial loans at 9.5%. This slow demand for credit has been driven by, firstly, by liquidity surplus caused by pension fund withdrawal in 2021, 2022, which was after followed by high interest rates, increased inflation and cautious corporate borrowing amid economic and political uncertainty and persistent labor market challenges more recently.

自2019年12月以來，貸款總額下降了2.3%，其中消費貸款降幅最大，達18%，其次是商業貸款，降幅為9.5%。信貸需求疲軟的原因首先是2021年和2022年退休基金提取資金造成的流動性過剩，其次是近期經濟和政治不確定性以及持續的勞動力市場挑戰導致的高利率、通膨加劇以及企業謹慎借貸。

In summary, while profitability and asset quality remains strong, lending activity continues to lag. Looking ahead, a gradual recovery in loan growth could materialize as uncertainty eases, particularly regarding external risk and in the local front, the outcome of upcoming presidential and parliamentary election, together with revised approval procedures for large-scale investment projects, allowing the industry to return closer to historical GDP multiples.

總而言之，儘管獲利能力和資產品質依然強勁，但貸款活動仍然落後。展望未來，隨著不確定性的緩解，特別是外部風險的緩解，以及國內即將舉行的總統和議會選舉結果的確定，加上大型投資項目審批程序的修訂，貸款增長有望逐步復蘇，從而使該行業能夠更接近歷史GDP倍數。

Next, Pablo will share information regarding Banco de Chile developments and financial results.

接下來，巴勃羅將分享有關智利銀行發展和財務業績的資訊。

Thank you, Rodrigo. Let's turn to Slide 8, which brings our strategy and ambitions into focus. It's our road map for growth and leadership. The core of our strategy is guided by a well-defined purpose, which is to contribute to the progress of Chile, its people and its companies.

謝謝你，羅德里戈。我們來看第8張投影片，它重點闡述了我們的策略和目標。這是我們實現成長和領導地位的路線圖。我們策略的核心是一個明確的目標，那就是為智利、智利人民和智利企業的進步做出貢獻。

Supporting this are our guiding principles that shape how we operate in the medium term, efficiency, collaboration and a customer-first mindset and a focus on creating value in the areas we compete. These elements ensure our agility, innovation and long-term sustainability. On the right, our midterm targets show where we're heading. industry-leading profitability, market leadership in lending and local currency deposits, superior service quality as reflected by a top Net Promoter Score and a strong corporate reputation among the top 3 companies in Chile.

支撐這一切的是我們的指導原則，這些原則塑造了我們中期的運作方式：效率、協作和客戶至上的理念，以及專注於在我們競爭的領域創造價值。這些要素確保了我們的敏捷性、創新性和長期永續發展。右側的中期目標展示了我們的發展方向：行業領先的盈利能力、在貸款和本幣存款領域的市場領導地位、卓越的服務質量（體現在最高的淨推薦值上）以及在智利前三強企業中享有的良好企業聲譽。

We're also committed to efficiency, which translates into a cost-to-income ratio that must remain below 42%, driven by digital transformation and continuous improvements in technology and operational processes. In short, this strategy enables us to deliver sustainable growth and create lasting value for all of our stakeholders.

我們也致力於提高效率，這意味著成本收入比必須維持在42%以下，而這主要得益於數位轉型以及技術和營運流程的持續改善。簡而言之，這項策略使我們能夠實現永續成長，並為所有利害關係人創造持久價值。

Please move to Slide 9, where we will go over our key business achievements. In the third quarter of 2025, we continued advancing initiatives that strengthen our position as a more efficient digital and sustainable institution. A major milestone this quarter was the successful integration of our former collection services subsidiary, SOCOFIN, into the bank's operations.

請翻到第9頁投影片，我們將在此回顧我們的主要業務成就。 2025年第三季度，我們繼續推動各項舉措，以鞏固我們作為一家更有效率、更數位化、更永續發展的機構的地位。本季的一個重要里程碑是成功將我們先前的催收服務子公司SOCOFIN整合到銀行的營運中。

This merger was completed without affecting productivity metrics for the collection of overdue loans and has generated important cost and operational synergies that have translated into increased efficiency and enhanced customer experience.

此次合併並未影響逾期貸款催收的生產力指標，反而產生了重要的成本和營運綜效，從而提高了效率並改善了客戶體驗。

Productivity also continued to rise in the third quarter of 2025, driven by technological innovation and digital solutions. In consumer loan originations, executives increased productivity by 13% in the number of operations and 11% in the amounts sold compared to the same period last year. These results highlight the positive impact of our digital transformation on overall performance. We also worked to optimize our physical branch network and strengthen customer service.

2025年第三季度，在技術創新和數位化解決方案的推動下，生產力持續提升。在消費貸款發放方面，與去年同期相比，業務量增加了13%，貸款金額增加了11%。這些成果凸顯了數位轉型對整體績效的正面影響。此外，我們也致力於優化實體網點網路並加強客戶服務。

Through branch efficiencies, we aim to keep our service line aligned with clients' evolving needs while improving efficiency and delivering a better experience. On the digital front, we expanded the use of AI virtual assistants for both customers and employees. FANi, our chatbot now supports all FAN accounts, including SMEs through the FAN and Print the Plan.

我們致力於透過提升分行效率，使服務始終與客戶不斷變化的需求保持一致，同時提高效率並提供更優質的客戶體驗。在數位化方面，我們擴大了人工智慧虛擬助理在客戶和員工中的應用。我們的聊天機器人FANi現在已支援所有FAN帳戶，包括透過FAN和Print the Plan服務面向中小企業的帳戶。

Additionally, we introduced AI tools to assist staff with internal processes, boosting productivity and service quality. To deepen partnerships with businesses, we launched the API store, a platform that enables secure technological integration with corporate clients. This initiative allows companies to automate operations directly with our financial services, adding value to our offerings.

此外，我們還引入了人工智慧工具來輔助員工處理內部流程，從而提高生產力和服務品質。為了深化與企業的合作關係，我們推出了API商店，這是一個能夠與企業客戶進行安全技術整合的平台。這項措施使企業能夠直接利用我們的金融服務實現營運自動化，進而提升我們產品的價值。

In line with this is our sustainability commitment. We introduced a training plan to promote responsible supplier management. As part of this effort, we are developing educational capsules to inform suppliers about our revised purchasing procedures and encourage best practices within their organizations.

與此相符的是，我們致力於永續發展。我們推出了一項培訓計劃，旨在促進負責任的供應商管理。作為這項工作的一部分，我們正在開發一系列教育培訓課程，向供應商介紹我們修訂的採購流程，並鼓勵他們在各自的組織內實踐最佳實踐。

Another highlight of this quarter was the 4270 project, an unprecedented audiovisual initiative that captured Chile's 4,270 kilometers from north to south through a 90-day drone journey. By documenting the country's diverse landscapes, traditions and cultural richness, this project aims to strengthen national identity and reconnect Chileans with their shared heritage. Beyond its artistic value, this initiative reinforces our brand positioning by associating Banco de Chile with pride, unity and long-term commitment to the country.

本季另一個亮點是「4270」項目，這是一項前所未有的視聽計劃，透過90天的無人機航拍，記錄了智利從北到南長達4270公里的壯麗景色。該計畫旨在透過展現智利豐富多樣的地形、傳統和文化，強化國家認同感，並讓智利人民重新與他們的共同遺產建立聯繫。除了其藝術價值之外，這項計劃還透過將智利銀行與國家的自豪感、團結和長期承諾聯繫起來，鞏固了我們的品牌定位。

The project was conceived as a gift to Chile, offering more than 500 royalty-free high-quality images for education and cultural use and has earned international recognition, including a Gold Lion at the Cannes Festival and the showcase at Expo Osaka 2025.

該項目最初是作為一份禮物送給智利的，提供了 500 多張免版稅的高品質圖片用於教育和文化用途，並獲得了國際認可，包括坎城影展金獅獎和 2025 年大阪世博會的展出。

Finally, our customer-focused strategy continues to deliver solid results. For the third year in a row, we ranked first in customer satisfaction at the Procalidad Awards, and we were honored as the best of the best among large financial institutions, the only bank to achieve this distinction. These recognitions confirm the success of our strategy and their commitment to serving clients with excellence.

最後，我們以客戶為中心的策略持續取得顯著成效。我們連續第三年在Procalidad Awards客戶滿意度評選中名列第一，並榮獲大型金融機構中的佼佼者稱號，成為唯一獲此殊榮的銀行。這些榮譽印證了我們策略的成功以及我們致力於為客戶提供卓越服務的承諾。

Please turn to Slide 11 to begin our discussion on our results. We continue to deliver strong results in the third quarter of 2025, posting a net income of CLP 293 billion, equivalent to a return on average capital of 22.4%, as shown on the chart and table to the left. This represents a net income increase of 1.7% compared to the same period last year despite a sequential decline from the previous quarter, reflecting the impact of lower inflation on margins.

請翻到第11頁投影片，開始討論我們的業績。 2025年第三季度，我們繼續保持強勁的業績，淨利潤達2930億智利比索，相當於平均資本回報率22.4%，如左側圖表所示。儘管環比有所下降（反映了通膨放緩對利潤率的影響），但與去年同期相比，淨利潤仍增長了1.7%。

It's important to highlight that we outperformed our peers in both net income market share and return on average assets, as illustrated on the charts to the right. Specifically, as of September 2025, our market share in net income reached 22%, well above the closest -- our closest competitors and our return on average assets stood at 2.3%, maintaining a wide gap over peers.

值得強調的是，如右側圖表所示，我們在淨利潤市場佔有率和平均資產報酬率方面均優於同業。具體而言，截至2025年9月，我們的淨利市佔率達到22%，遠高於最接近的競爭對手；平均資產報酬率為2.3%，與同業保持顯著差距。

These results underscore our consistent focus on customer engagement, prudent risk management, disciplined cost control and above all, the resilience of our core business and recurrent income-generating capacity, particularly centered on customer income, which has continued to grow steadily and enabled us to deal with the expected normalization of key market factors. Our strategy remains firmly oriented towards building a sustainable and profitable bank, and we continue to aspire to be the industry benchmark in profitability.

這些成果凸顯了我們始終堅持以客戶互動、審慎風險管理、嚴格成本控制為核心的策略，以及我們核心業務的韌性和持續創收能力，尤其以客戶收入為核心，客戶收入持續穩步增長，使我們能夠應對關鍵市場因素的預期正常化。我們的策略依然堅定地致力於打造一家可持續發展的盈利銀行，並將繼續努力成為行業盈利能力的標竿。

Let's take a closer look at the operating income performance on the next Slide 12. We continue to demonstrate the strongest operating revenue-generating capacity in the local industry, reaffirming the resilience of our superior business model through different market cycles. As shown on the chart to the left, operating revenues totaled CLP 736 billion in the third quarter of 2025, representing a 2.1% increase year-on-year despite a backdrop of subdued business activity and the effect of lower inflation on treasury revenues.

讓我們仔細看看下一張投影片（第12頁）的營業收入表現。我們持續展現出本地產業最強勁的營業收入創造能力，再次證明了我們卓越的商業模式在不同市場週期中的韌性。如左圖所示，2025年第三季營業收入總計達7,360億智利比索，年增2.1%，儘管商業活動低迷，通膨放緩對國庫收入造成影響。

This performance was supported by solid customer income of CLP 630 billion, which grew 5.4% year-on-year, while noncustomer income amounted to CLP 105 billion, reflecting a 14.1% decline compared to the same quarter last year. The contraction in noncustomer income was mainly explained by lower inflation-related revenues from the management of our structural UF net asset exposure that hedges our equity from changes in inflation as UF variation dropped to 0.6% this quarter from 0.9% recorded in the same quarter last year.

這項業績得益於穩健的客戶收入，達到6,300億智利比索，較去年同期成長5.4%；而非客戶營收為1,050億智利比索，較去年同期下降14.1%。非客戶收入的下降主要歸因於結構性UF淨資產管理業務的通膨相關收入減少，該業務旨在對沖股權通膨風險。本季UF變動幅度降至0.6%，低於去年同期的0.9%。

To a lesser extent, revenues coming from the management of our trading and debt securities portfolios also recorded a slight decrease year-on-year due to both lower market mark-to-market revenues due to unfavorable changes in interest rates and a decrease in revenues coming from the management of our intraday FX position.

此外，由於利率不利變化導致市場以市值計價收入下降，以及日內外匯部位管理收入減少，我們交易和債務證券投資組合的管理收入也較去年同期略有下降。

In turn, customer income has continued to grow, supported by a robust performance in income from loans and net fees, which helped offset the pressure from lower inflation-related revenues. Within loans, better lending spreads and growth in average balances drove income generation, particularly concentrated in consumer and commercial loans as our loan book has continued to return to more normalized margins to the extent FOGAPE loans keep on amortizing.

反過來，客戶收入持續成長，這得益於貸款收入和淨手續費的強勁表現，從而抵消了通膨相關收入下降帶來的壓力。在貸款方面，利差擴大和平均餘額成長推動了收入成長，尤其是在消費貸款和商業貸款領域，因為我們的貸款組合利潤率已逐漸恢復正常，FOGAPE貸款也持續攤銷。

Furthermore, net fee income expanded by 10% compared to the third quarter of 2024, led by mutual fund management fees, which increased 19% and transactional services up 6%, together with increased contributions from insurance and stock brokerage fees due to improved cross-selling and credit-related insurance and the participation of our stock brokerage subsidiary in a couple of important transactions carried out in the local capital market this quarter.

此外，淨手續費收入較 2024 年第三季增長 10%，主要得益於共同基金管理費增長 19% 和交易服務費增長 6%，以及由於交叉銷售和信貸相關保險的改善，保險和股票經紀費的貢獻增加，以及我們的股票經紀子公司參與了本季度在本地資本市場進行的幾項重要交易。

This performance highlights the strength of our diversified revenue base beyond traditional lending activities. As a result, our net interest margin stood at 4.65% for the 9-month period ended September 30, 2025, maintaining a clear market-leading position in the industry despite margin compression caused by inflation and the financial environment marked by lower interest rates.

這項業績凸顯了我們多元化收入來源的實力，而不僅限於傳統的貸款業務。因此，截至2025年9月30日的9個月期間，我們的淨利差為4.65%，儘管受到通貨膨脹和低利率環境導致的利潤率壓縮，我們仍然保持著行業領先的市場地位。

Furthermore, our fee margin as a percentage of interest-earning assets reached 1.3%, which enabled us to further drive our operating margin to the level of 6.4%, well above the industry average and our main peers, demonstrating the effectiveness of our strategy and our ability to consistently deliver value to our customers and shareholders regardless of prevailing economic conditions.

此外，我們的手續費利潤率佔生息資產的百分比達到 1.3%，這使我們能夠進一步將營業利潤率提高到 6.4%，遠高於行業平均水平和我們的主要同行，這證明了我們戰略的有效性以及我們無論在當前的經濟狀況如何，都能持續為客戶和股東創造價值的能力。

Please turn to Slide 13, where we will review the evolution of our loan portfolio. As shown on the left, total loans reached CLP 39.6 trillion as of September 2025, representing a 3.7% year-on-year increase and a 0.6% sequential growth. This expansion remains contained and continues to reflect subdued credit dynamics across the industry, consistent with the Central Bank's latest credit survey, which indicates that overall demand and supply conditions remain stable, although noticing some signs of recovery in certain segments.

請翻至第13頁投影片，我們將在此回顧貸款組合的演變。如左圖所示，截至2025年9月，貸款總額達39.6兆智利比索，較去年同期成長3.7%，較上季成長0.6%。這一成長動能依然可控，並持續反映出整個產業的信貸動態較為疲軟，這與中央銀行最新的信貸調查結果一致。調查顯示，儘管某些領域出現了一些復甦跡象，但整體供需狀況仍穩定。

Breaking this down by product, mortgage loans grew 7.3% year-on-year, well above inflation, supported by stronger demand through selective origination in middle- and upper-income segments and demand for housing that continues to be driven by demographic issues rather than economic cycle.

以產品細分來看，抵押貸款年增 7.3%，遠高於通貨膨脹率，這得益於中高收入群體選擇性發放貸款帶來的強勁需求，以及住房需求持續受到人口問題而非經濟週期的驅動。

Consumer loans increased 3.7% year-on-year amid cautious borrowing behavior and interest rates that remain above neutral levels as well as the profile of our customers characterized by liquidity levels above our peers would partly explain our performance in consumer loans.

謹慎的借貸行為和高於中性水平的利率，以及我們客戶流動性水平高於同行的特點，使得消費貸款同比增長 3.7%，這在一定程度上解釋了我們在消費貸款方面的業績。

While loan growth in this lending family has been slower than the industry, it's important to note that our strategic focus continues to be centered into the higher income segments, avoiding aggressive expansion into lower income markets targeted by some market players, which explains an overall loss in market share that, however, is consistent with our long-term strategic view.

雖然貸款機構的貸款成長速度低於行業平均水平，但值得注意的是，我們的戰略重點仍然集中在高收入群體，避免像一些市場參與者那樣激進地擴張到低收入市場，這解釋了市場份額的總體下降，但這與我們的長期戰略觀點是一致的。

Regarding commercial loans, we posted a 1.3% year-on-year increase in September 2025, constrained by weak investment and uncertainty. However, we'd like to emphasize that we are seeing some early signs of recovery, particularly in the SMEs and certain wholesale banking units, such as the large companies area, which is consistent with higher-than-expected capital expenditures in some industries earlier this year as reported by the Central Bank and national accounts.

關於商業貸款，受投資疲軟和不確定性因素制約，我們公佈2025年9月商業貸款年增1.3%。然而，我們想強調的是，我們已經看到一些復甦的早期跡象，尤其是在中小企業和某些批發銀行業務部門，例如大型企業領域。這與央行和國民經濟核算報告顯示，今年稍早某些產業的資本支出高於預期的情況相符。

On the right side of this slide, you can see that retail banking continues to be the main commercial focus by accounting for 66% of total loans with personal banking representing 52% of the whole book. Accordingly, wholesale loans represent 34% of our book and is split between corporate clients, representing 20% and large companies, representing 14%. When looking at the loan growth by segment, we can see some interesting trends.

從這張投影片的右側可以看出，零售銀行業務仍是主要的商業重點，佔貸款總額的66%，其中個人銀行業務佔52%。相應地，批發貸款占我們貸款總額的34%，其中企業客戶佔20%，大型公司佔14%。從各細分市場的貸款成長來看，我們可以發現一些有趣的趨勢。

Personal banking expanded 5.8%, driven by mortgage loans, while SMEs and large company segment have also posted positive year-on-year growth levels of 4.8% and 7.1%, both above 12-month inflation. SME loan expansion was supported by demand from non-FOGAPE loans that continues to grow steadily by expanding 8% year-on-year, while the large companies banking unit has managed to grow positively for the third quarter in a row on the grounds of commercial leasing and trade finance loans.

個人銀行業務成長5.8%，主要得益於抵押貸款的成長；中小企業和大型企業業務也分別實現了4.8%和7.1%的同比增長，均高於12個月的通膨率。中小企業貸款的成長主要得益於非FOGAPE貸款需求的持續穩定成長，較去年同期成長8%；而大型企業銀行業務則憑藉商業租賃和貿易融資貸款的強勁表現，連續第三個季度實現正成長。

Corporate loans, however, contracted 4.3% year-on-year, reflecting lagged investment activity and selective credit demand among corporations, which is highly aligned with findings released by the Central Bank in the last quarterly credit survey. It's important to note that our loan growth remains slightly below the 12-month inflation, and we have experienced a minor decline in overall market share over the last year, mainly due to competitors expanding into segments outside our strategic scope and the countercyclical role played by the state-owned bank BancoEstado.

然而，企業貸款年減4.3%，反映出投資活動落後和企業信貸需求選擇性，這與中央銀行在上一季信貸調查中發布的結論高度一致。值得注意的是，我們的貸款增速仍略低於12個月的通膨率，並且在過去一年中，我們的整體市場份額略有下降，這主要是由於競爭對手擴張到我們戰略範圍之外的領域，以及國有銀行西班牙國家銀行（BancoEstado）發揮的逆週期作用。

Positively, we gained share in mortgage loans, thanks to our competitive funding and strong customer relationships. Overall, our portfolio remains well diversified and positioned to capture opportunities as business sentiment improves, interest rates continue to converge to neutral levels and the domestic demand strengthens.

令人欣喜的是，憑藉我們具有競爭力的融資能力和牢固的客戶關係，我們在抵押貸款領域取得了市場份額的成長。整體而言，我們的投資組合仍保持著良好的多元化，並已做好充分準備，隨著商業信心的改善、利率持續向中性水平靠攏以及國內需求的增強，我們將把握更多機遇。

Slide 14 highlights our strong balance sheet mix supported by long-term financial stability. As shown on the chart to the left, loans represented 71.4% of total assets as of September 2025, while our securities portfolio reached 12.5% of total assets, up 54% from a year earlier. The increase in our securities portfolio was primarily driven by the funding strategy carried out by our treasury in the third quarter, which resulted in long-term bond placements aimed at replacing upcoming amortizations, reducing term spread and currency mismatches in the banking book and supporting future loan growth.

第14張投影片重點介紹了我們穩健的資產負債表結構，這得益於我們長期的財務穩定性。如左側圖表所示，截至2025年9月，貸款佔總資產的71.4%，而證券投資組合佔總資產的12.5%，較去年同期成長54%。證券投資組合的成長主要得益於財務部門在第三季實施的融資策略，該策略透過發行長期債券來彌補即將到期的攤銷，從而降低銀行帳簿中的期限利差和貨幣錯配，並支持未來的貸款成長。

In the short run, part of this funding has been invested in high-quality fixed income securities, which has translated into improved liquidity metrics over the last couple of months. In this regard, our securities portfolio is mainly composed of securities issued by the Chilean Central Bank and government, which accounted for 65% of the total amount, followed by local bank instruments, mostly certificates of deposits, representing 28%.

短期內，部分資金已投資於高品質固定收益證券，這在過去幾個月中改善了流動性指標。在這方面，我們的證券投資組合主要由智利中央銀行和政府發行的證券構成，佔總數的65%，其次是本地銀行票據，主要是存款憑證，佔28%。

As a percentage of total assets, available-for-sale securities represented 5.9%, trading securities amounted to 5.8%, while held-to-maturity represented only 0.8% of total assets, all as of September 30, 2025. On the funding side, deposits remain our main source of financing, representing 53.1% of the total assets with demand deposits accounting for 25.8% and time deposits representing 27%.

截至2025年9月30日，可供出售證券佔總資產的5.9%，交易性證券佔5.8%，而持有至到期證券僅佔總資產的0.8%。在資金方面，存款仍是我們主要的融資來源，佔總資產的53.1%，其中活期存款佔25.8%，定期存款佔27%。

Given these figures, our noninterest-bearing demand deposits fund 36% of our loan book, which is a key competitive advantage that supports our leading net interest margin, as shown on the chart on the top right. More importantly, our deposit base is highly concentrated in retail banking counterparties, which provide us with more stable sources of funding over time.

根據這些數據，我們的無息活期存款佔貸款組合的36%，這是我們的一項關鍵競爭優勢，支撐著我們領先的淨利差，如右上角圖表所示。更重要的是，我們的存款基礎高度集中在零售銀行交易對手方，這為我們提供了更穩定的長期資金來源。

Regarding debt issued, it increased significantly during the third quarter of 2025, rising from 19% of our total liabilities in the third quarter of 2024 to 20% in the third quarter of 2025 as a result of recent placements. This growth was mainly driven by senior bond issuances in the local market, particularly this quarter, which added CLP 1.6 trillion to our former balances, representing a year-on-year increase of 16%.

關於已發行債務，2025年第三季顯著成長，佔總負債的比例從2024年第三季的19%上升至2025年第三季的20%，這主要得益於近期的增發。這一成長主要由本地市場的高級債券發行推動，尤其是在本季度，新增債務1.6兆智利比索，較去年同期成長16%。

Prior to this quarter, long-term bond placements had primarily been focused on replacing scheduled maturities of previously issued bonds. However, beginning this quarter of 2025, we reassessed our funding strategy in light of the gradual rebound expected for lending activity, particularly in longer-term loans.

在本季之前，長期債券發行主要用於替換先前發行債券的到期部分。然而，從2025年本季開始，鑑於貸款活動（尤其是長期貸款）預計將逐步復甦，我們重新評估了融資策略。

Similarly, the gradual convergence of key market factors such as the monetary policy rate and inflation towards neutral levels significantly reduces the opportunity to benefit from temporary balance sheet mismatches. With this outlook in mind, during this quarter, we carried out several placements of bonds in the local market for an amount of CLP 1.1 trillion with an average interest rate of approximately 3% and an average maturity of 11.1 years and a 5-year bond denominated in Mexican pesos equivalent to CLP 50 billion, bearing an interest rate of 9.75% in Mexican currency.

同樣，貨幣政策利率和通膨等關鍵市場因素逐步趨於中性水平，顯著降低了利用暫時性資產負債表錯配獲利的機會。有鑑於此，本季度我們在本地市場發行了總額達1.1兆智利比索的債券，平均利率約為3%，平均期限為11.1年；此外，我們還發行了一筆以墨西哥比索計價的5年期債券，金額相當於500億智利比索，利率為9.75%。

Together with raising long-term funding for future loan growth, these bond issuances also allowed us to reduce our structural UF gap from the peak of CLP 9.7 trillion in March 2025 to CLP 8.3 trillion in September 2025, implying a sensitivity of roughly CLP 83 billion in net interest income for every 1% change in inflation.

除了為未來的貸款成長籌集長期資金外，這些債券發行還使我們能夠將結構性UF缺口從2025年3月的峰值9.7萬億智利比索減少到2025年9月的8.3萬億智利比索，這意味著通貨膨脹每變化1%，淨利息收入的敏感性約為830億智利比索。

This is aligned with our revised view on inflation that does not significantly differ from the market ones. The placement of long-term bonds also had a positive effect on interest rate mismatches in the banking book as bonds issued were mostly denominated in U.S. with tenures above 10 years, which closed the gap generated by steady growth in residential mortgage loans.

這與我們修正後的通膨預期相符，且與市場預期並無顯著差異。長期債券的發行也對銀行帳簿中的利率錯配產生了正面影響，因為發行的債券大多以美元計價，期限超過10年，從而彌合了房屋抵押貸款持續增長所造成的利率缺口。

As a result, regulatory and internal rate risk in the banking book metrics for short- and long-term rate risk posted a significant sequential decrease of around 20% Furthermore, our liquidity ratios remained well above the regulatory requirements with an LCR of 207% and NSFR of 120%, both well above the prevailing regulatory thresholds of 100% and 90%, respectively, reflecting prudent liquidity management and the positive impact of recent bond placements on this matter.

因此，銀行帳簿指標中的監理風險和內部利率風險（包括短期和長期利率風險）較上季大幅下降約 20%。此外，我們的流動性比率仍然遠高於監管要求，流動性覆蓋率 (LCR) 為 207%，淨穩定資金比率 (NSFR) 為 120%，均遠高於現行的監管閾值 100% 和 90%，這反映了審慎的流動性管理以及近期債券發行對這一問題的積極影響。

Please turn to Slide 15 for our capital position. As illustrated, Banco de Chile continues to demonstrate a strong capital foundation, comfortably above regulatory thresholds and peer averages. Our CET1 ratio reached 14.2%, reflecting our leadership in the industry. When including Tier 2 instruments, our total Basel III capital ratio stood at 18%, providing wide room to support organic and inorganic growth initiatives and absorb potential market volatility.

請翻至第15頁查看我們的資本狀況。如圖所示，智利銀行持續展現穩健的資本基礎，遠高於監理門檻和同業平均。我們的CET1比率達到14.2%，反映了我們在業界的領先地位。若計入二級資本工具，我們的巴塞爾協議III總資本充足率達到18%，為支持內生式和外延式增長計劃以及應對潛在的市場波動提供了充足的空間。

The solid capital position reflects a disciplined approach to profitability and sustained earnings retention over recent years. Additionally, the modest loan growth has also contributed to maintaining positive capital gaps. Our capital strategy was designed to navigate the final stages of Basel III implementation while preserving flexibility for both organic expansion and potential strategic opportunities.

穩健的資本狀況反映了公司近年來在獲利能力方面採取的嚴謹策略以及持續的獲利留存。此外，適度的貸款成長也有助於維持正的資本缺口。我們的資本策略旨在順利完成巴塞爾協議III實施的最後階段，同時保持靈活性，以支持內生式成長和潛在的策略機會。

It's worth highlighting that Chile operates under one of the most demanding regulatory environments globally, characterized by higher risk-weighted asset density as compared to jurisdictions where internal models play a significant role. In fact, risk-weighted asset calculations under Basel III in Chile resemble those under the formal Basel I framework.

值得強調的是，智利在全球監管環境最為嚴格的地區之一運作，其風險加權資產密度高於那些內部模型發揮重要作用的司法管轄區。事實上，智利在巴塞爾協議III框架下的風險加權資產計算方法與正式的巴塞爾協議I框架下的計算方法類似。

Furthermore, local regulations impose capital requirements similar to those in markets with lower risk-weighted asset densities, including systemic surcharges, Pillar 2 charges and the conservation and countercyclical buffers, all working together and on a fully loaded basis. Despite these stringent conditions, Banco de Chile consistently exceeds all capital requirements, underscoring once again the resilience and the strength of our business and balance sheet by delivering a unique combination of lower risk and higher capital and outpacing in profitability.

此外，當地監管規定了與風險加權資產密度較低市場類似的資本要求，包括系統性附加費、第二支柱附加費以及保護性和逆週期緩衝資本，所有這些資本要求均以完全計入的方式共同發揮作用。儘管面臨這些嚴格的條件，智利銀行始終超越所有資本要求，再次彰顯了我們業務和資產負債表的韌性和實力，實現了低風險、高資本和盈利能力的獨特結合。

Please turn to Slide 16 to review our asset quality. We continue to set the benchmark in asset quality, supported by disciplined risk management and a conservative provisioning framework. In the third quarter, expected credit losses only reached CLP 80 billion, marking a sequential decline and reinforcing the positive trend we saw during the year.

請翻至第16頁查看我們的資產品質。我們持續維持資產品質的領先地位，這得益於我們嚴謹的風險管理和穩健的撥備框架。第三季度，預期信貸損失僅800億智利比索，環比下降，並延續了全年積極的成長動能。

Despite the year-on-year figure remained almost unchanged, there were notable shifts in the composition of expected credit losses. Specifically, the Wholesale Banking segment recorded a net provision release of CLP 18 billion, mainly driven by a comparison base effect following the deterioration of asset quality of certain customers belonging to the real estate construction and financial services industries during the third quarter of 2024 as well as an improvement in the credit profile of a manufacturing client this quarter.

儘管同比數據基本持平，但預期信貸損失的組成發生了顯著變化。具體而言，批發銀行業務板塊錄得淨撥備釋放180億智利比索，這主要是由於2024年第三季部分房地產建設和金融服務業客戶的資產品質惡化，以及本季一家製造業客戶的信用狀況改善所致。

Conversely, the Retail Banking segment posted a year-on-year increase of CLP 4 billion in risk expenses, primarily due to higher level of overdue loans above 30 days when compared to the same quarter last year. These movements were largely offset by a rise of CLP 5 billion of impairment of financial assets explained by a comparison base effect related to lower probabilities of default for fixed income securities issued by local financial institutions in the third quarter last year, a loan growth effect of CLP 5 billion, driven by a 4.2% year-on-year increase in average loan balances, mainly fostered by residential mortgages and a year-on-year increase of CLP 2 billion in provisions for cross-border loans.

相反，零售銀行業務的風險支出較去年同期增加40億智利比索，主要原因是逾期30天以上的貸款比例較去年同期上升。這些增長基本上被以下因素抵消：金融資產減值增加50億智利比索，這主要是由於去年第三季度本地金融機構發行的固定收益證券違約概率較低，導致基數效應；貸款增長50億智利比索，主要由平均貸款餘額同比增長4.2%推動，其中住房抵押貸款的增長尤為顯著；以及跨境貸款撥備同比增長20億智利比索。

Mostly driven by a comparison base effect associated with the lower exposures to offshore banking counterparties and Chilean peso appreciation of 4.7% in the third quarter of 2024. As a result, this performance translated into a cost of risk of 0.8% in the third quarter of 2025, which remains below our historical average and highlights the resilience of our diversified loan portfolio amid a still-adjusting credit cycle.

主要得益於離岸銀行交易對手曝險降低相關的比較基數效應，以及智利比索在2024年第三季升值4.7%。因此，這項業績轉化為2025年第三季0.8%的風險成本，仍低於我們的歷史平均水平，並凸顯了我們多元化貸款組合在仍在調整的信貸週期中的韌性。

Nonperforming loans across the industry remained above pre-pandemic levels, as shown in the top right chart. Our delinquency ratio stood at 1.6%, significantly below peers. This gap underscores the strength of our underwriting standards and the proactive risk management. From a forward-looking perspective, despite fluctuations observed in 2025, we believe that the delinquency indicators will continue to converge to historical levels in both retail and wholesale banking segments.

如右上圖所示，整個產業的不良貸款率仍高於疫情前水準。我們的逾期率僅1.6%，遠低於同業。這一差距凸顯了我們嚴格的承保標準和積極主動的風險管理。展望未來，儘管2025年可能會出現波動，但我們相信零售和批發銀行業務的逾期指標將繼續向歷史水準靠攏。

Now in terms of coverage, we maintain the highest ratio in the industry. As of September, total provisions amounted to CLP 1.5 trillion, including CLP 821 billion in specific credit risk allowances and CLP 631 billion in additional provisions. As a result, our total coverage ratio stands at 234%, positioning us with the highest coverage among peers. In summary, our strong asset quality metrics, exceptional coverage levels and prudent risk practices continue to differentiate Banco de Chile and position us to navigate evolving credit conditions with confidence.

就撥備覆蓋率而言，我們保持著業界最高水準。截至9月，撥備總額達1.5兆智利比索，其中包括8,210億智利比索的特定信用風險撥備和6,310億智利比索的額外撥備。因此，我們的總撥備覆蓋率達到234%，在同業中位居榜首。總而言之，我們穩健的資產品質指標、卓越的撥備覆蓋水準和審慎的風險管理實踐，使智利銀行持續脫穎而出，並使我們能夠自信地應對不斷變化的信貸環境。

Please turn to Slide 17. Operating expenses totaled CLP 276 billion this quarter, representing a modest increase of 1.2% when compared to the third quarter of 2024. This growth remains well below the UF variation rate of 4.2% over the last 12 months, highlighting our disciplined approach to cost management.

請翻到第 17 頁。本季營運支出總額為 2,760 億智利比索，與 2024 年第三季相比，僅小幅成長 1.2%。這一增長遠低於過去 12 個月 4.2% 的 UF 變動率，凸顯了我們在成本管理方面的嚴謹態度。

The contained increase reflects our continued efforts to optimize resources and drive efficiency through strategic initiatives and diverse digital transformation projects across the organization. The top chart provides a detailed breakdown of the annual variation expenses. Personnel expenses decreased by 1%, supported by headcount optimization of 5.7% over the last 12 months, which helped offset inflationary pressures on salaries.

此次成長幅度控制得當，反映了我們持續致力於透過策略性措施和遍佈全公司的多元化數位轉型專案來優化資源、提升效率。上圖詳細列出了年度變動費用明細。過去12個月中，人員精簡率達到5.7%，有效抵銷了薪資通膨壓力，使得人事費用下降了1%。

On the other hand, administration expenses rose by 5.3%, mainly due to higher marketing expenses linked to sponsorship activities aligned with our commercial strategy, increased IT-related costs and to a lesser extent, higher ATM rental costs due to relocations of part of our network. As shown on the chart on the bottom right, our efficiency ratio reached 36.8% for the 9-month period ended September 30, 2025, which significantly outperforms historical levels and competes closely with the market leader in this indicator. This achievement underscores the effectiveness of our ongoing productivity initiatives, which should provide further efficiency gains in the future.

另一方面，行政費用增加了5.3%，主要原因是與商業策略相符的贊助活動相關的行銷費用增加、IT相關成本上升，以及由於部分網路搬遷導致ATM租賃成本上升（儘管幅度較小）。如右下角圖表所示，截至2025年9月30日的9個月期間，我們的效率比率達到36.8%，顯著優於歷史水平，並在此指標上與市場領先者展開了激烈競爭。這項成就凸顯了我們正在實施的生產力提升計畫的有效性，這些計畫有望在未來進一步提高效率。

Looking ahead, we remain confident that our strong cost discipline, branch optimization efforts and continued investment in technology will allow us to sustain this positive trend. Please turn to Slide 18. Before we conclude, I want to highlight a few ideas presented in this call. First, we have adjusted our GDP forecast for 2025 to 2.5%, up from 2.3%, reflecting a more positive outlook for the Chilean economy.

展望未來，我們依然堅信，憑藉嚴格的成本控制、分公司優化措施以及對技術的持續投入，我們將能夠維持這一積極趨勢。請參閱第18頁投影片。在結束之前，我想重點介紹本次電話會議中提出的幾個觀點。首先，我們將2025年GDP成長預期從2.3%上調至2.5%，這反映出我們對智利經濟前景更為樂觀。

Chile continues to stand out for its strong macro fundamentals, a resilient financial system and a credible policy framework, making it a reliable destination for long-term investment even amid global uncertainty. Second, Banco de Chile remains the clear leader in profitability and capital strength. As shown on the left, we delivered CLP 927 billion in net income with a CET1 ratio of 14.2% and a return on average assets of 2.3%, significantly ahead of our peers.

智利憑藉其強勁的宏觀基本面、穩健的金融體系和可靠的政策框架，持續脫穎而出，即使在全球經濟不確定性加劇的情況下，仍然是長期投資的可靠目的地。其次，智利銀行在獲利能力和資本實力方面依然保持領先地位。如左圖所示，我們實現了9,270億智利比索的淨利潤，一級資本充足率（CET1）為14.2%，平均資產回報率為2.3%，均顯著優於同業。

These achievements reinforce our ability to combine strong earnings with robust capital levels. Third, we have revised our guidance for the full year 2025. We expect our return on average capital to be around 22.5%, efficiency near 37% and cost of risk close to 0.9%. These metrics reflect our disciplined approach to both risk management and operational efficiency.

這些成就進一步鞏固了我們兼顧強勁獲利和穩健資本水準的能力。第三，我們已修訂2025年全年業績預期。我們預期平均資本報酬率約22.5%，效率接近37%，風險成本接近0.9%。這些指標反映了我們在風險管理和營運效率方面嚴謹的策略。

Finally, we're confident in our capacity to remain the most profitable bank in Chile over the long term, supported by a strong customer base, solid asset quality and sound capital levels. Thank you. And if you have any questions, we'd be happy to answer them.

最後，我們有信心憑藉強大的客戶基礎、穩健的資產品質和充足的資本水平，長期維持智利最獲利的銀行地位。謝謝。如有任何疑問，我們很樂意解答。

(Operator Instructions) Daniel Vaz, Banco Safra.

（操作員指令）Daniel Vaz，Banco Safra。

I just want to touch base on your midterm targets. I think the only thing a little bit more distance that we see is the top 1 market share for commercial loans and consumer loans, and we see some stable market shares like in the past few months when we look at the big tables.

我想就你們的中期目標稍作了解。我認為目前唯一還有些差距的是商業貸款和消費貸款的市場份額，而從過去幾個月的整體數據來看，部分市佔率則比較穩定。

Just wondering, you're a bank that focused a lot on profitability and focus on maintaining the discipline of the underwriting process. Trying to understand how are you going to tackle this top 1 commercial loans and consumer loans going forward, especially considering that the Chilean market is probably going to a better outlook for commercial loans.

我只是好奇，貴行一直以來都非常注重獲利能力，並致力於維護嚴格的貸款審批流程。我想了解一下，貴行未來將如何應對目前佔據市場首位的商業貸款和消費貸款，尤其考慮到智利市場的商業貸款前景可能正在好轉。

We see a little bit more appetite for consumer as well. So how exactly you're going to tackle this first position on both market shares? Like is going to the same clients or going to a more attractive position versus your competitors to still clients or any other things that you would highlight?

我們也看到消費者需求略有成長。那麼，您打算如何鞏固在兩大市佔率上的地位呢？例如，是繼續爭取現有客戶，還是採取比競爭對手更具吸引力的策略來吸引現有客戶？或者您還有其他重點要強調的嗎？

Daniel, thanks for the question. Maybe Rodrigo will start on the first part there.

丹尼爾，謝謝你的提問。也許羅德里戈會先從第一部分開始。

Perfect. Well, thank you very much for the question. Today, we have a more positive view of the Chilean economy in the future. Even though the economic growth expected for this year, which is around 2.3%, 2.5% and probably in the next year, the economic growth will be similar.

太好了。非常感謝您的提問。如今，我們對智利經濟的未來持更樂觀的態度。儘管今年的經濟成長率預計在2.3%到2.5%左右，明年可能也會維持類似的水準。

It's very important to pay attention to the composition of the growth because, for example, in the last year, when the economy grew by 2.6%, we have to remember that the key driver were exports, which are not very relevant as a driver for loan growth, for example, right? More recently, we have seen some positive signs for investment including the acceleration for capital good imports and also the pipeline of expected projects for the next 5 years is also improving a lot, especially in the last quarter.

關注成長的組成至關重要，例如，去年經濟成長2.6%，我們必須記住，主要驅動力是出口，而出口對貸款成長的推動作用並不顯著，對吧？最近，我們看到了一些投資方面的正面跡象，包括資本貨物進口加速成長，以及未來五年預期項目的儲備情況也大幅改善，尤其是在上一季。

In terms of consumption, we see that the lower trend for inflation is also a positive news for the perspective for consumption as well. So at the end of the day, in our baseline scenario, we're going to have a more dynamic domestic demand, especially on the investment side which will be a positive driver for loan growth in the future. Even though we are not expecting an important acceleration in part of investment because we have to remember that in Chile, between 50% and 55% of investment is related with construction.

就消費而言，通膨走低的趨勢對消費前景也是利好消息。因此，最終，在我們的基準情境下，國內需求將更加活躍，尤其是在投資方面，這將成為未來貸款成長的積極驅動力。儘管我們預計部分投資不會顯著加速成長，因為我們必須記住，在智利，50%到55%的投資都與建築業相關。

That part of investment will likely recover not in the short term, but the 45% remaining of investment, which is related with machinery and equipment today is getting better. So that's why even though we are not expecting important changes in the GDP forecast for the next year, we are expecting a more -- a different composition of growth with a more dynamism in domestic demand, which is a good news for loan growth in the future.

這部分投資可能不會在短期內復甦，但目前與機械設備相關的剩餘45%的投資情況正在改善。因此，儘管我們預計明年GDP預測不會有重大變化，但我們預期成長結構將有所不同，國內需求將更加活躍，這對未來的貸款成長來說是個好消息。

Also, we have to pay attention to the evolution and the final results of elections in Chile. We're going to have election from the President for the Senate for the lower house as well. So at the end of the day, there are important factors that could accelerate or not the economic growth in the future. But I think that so far, the most important aspect to keep in mind is the potential recovery in domestic demand.

此外，我們也要關注智利選舉的進展和最終結果。我們將舉行總統、參議員和眾議院議員的選舉。因此，最終有許多重要因素可能會加速或阻礙未來的經濟成長。但我認為，就目前而言，最需要關注的方面是國內需求的潛在復甦。

So yes, in terms of our midterm targets, these are midterm targets that go beyond not only 2026, but it's a midterm aspiration. And those aspirations, as shown on the slide, we want to be #1 in terms of total commercial loans and consumer loans. So our growth strategy is focused on 3 key ideas.

是的，就我們的中期目標而言，這些目標不僅著眼於2026年，更是中期願景。如投影片所示，我們希望在商業貸款總額和消費貸款總額方面都位居第一。因此，我們的成長策略聚焦於三個關鍵理念。

So the first, and we'll go into each one of these a little bit, is digital transformation as a growth engine for the bank. Also as a second area of focus is focus on the high potential segments, notwithstanding all the entire commercial loan book is interesting for us, but it's been more challenging in this environment.

首先，我們將逐一探討數位轉型作為銀行成長引擎的策略。其次，我們將重點放在高潛力細分市場。儘管我們對整個商業貸款組合都很感興趣，但在當前環境下，這更具挑戰性。

And third is operational productivity. So in the digital transformation area, what we've been focusing is leveraging technology to scale the efficiency, enhance customer experience and really drive new growth opportunities across the bank in all the segments. So in that regard, what we're seeing is an increase on digital onboarding. Most of transactions are being done online, and we're expanding our digital capabilities in order to capture this new growth through different channels of the bank in order to grow consumer loans in the middle- and upper-income segments.

第三點是營運效率。在數位轉型領域，我們一直致力於利用科技提升效率、改善客戶體驗，並在銀行的各個業務部門真正推動新的成長機會。在這方面，我們看到數位化客戶註冊量增加。大部分交易都已在線上完成，我們正在拓展數位化能力，以便透過銀行的不同管道抓住這一新的成長機遇，從而促進中高收入群體消費貸款的成長。

And we're also implementing the use of AI across the bank in order to improve the service, improve the understanding of our customers and risk management as well. So all of this is improving the customer experience and operational efficiencies and the ability to grow. And in the high potential customer segments or high potential segments, what we're looking to do is to grow and create a larger value creation.

我們也正在全行推廣人工智慧技術，以提升服務質量，加深對客戶的了解，並加強風險管理。所有這些措施都旨在改善客戶體驗、提高營運效率，並增強業務成長能力。在高潛力客戶群中，我們希望實現成長，創造更大的價值。

And in that area where we're focused on in commercial loans, especially as SMEs, where we see potential to continue growing in the medium term. We've seen good levels of growth recently, especially if we exclude certain government-guaranteed loans. Consumer loans as well, there's a large area to grow.

我們重點關注的商業貸款領域，尤其是中小企業貸款，我們認為該領域在中期內有持續成長的潛力。近期，該領域成長勢頭良好，尤其是在排除某些政府擔保貸款後。消費貸款領域也存在著龐大的成長空間。

If we look at what's happened today versus prior to the pandemic, this segment has decreased its importance in the overall proportion of loans in Chile. So the loans to GDP penetration has come from levels above 90% to around the 75%. And one of the strongest hit not the most important in the total loan book of the industry is consumer loans. So the strongest hit with a lower percentage in the mix is consumer loans that dropped somewhere almost 20%, 18%. So this area, we think will continue to grow once the economy improves, once unemployment reduces, there's better growth in labor across the board.

如果我們比較疫情前後的情況，就會發現智利貸款總額中，這一領域的佔比有所下降。貸款佔GDP的比重已從90%以上降至75%左右。其中，受衝擊最大的領域之一（儘管並非整個產業貸款組合中佔比最大的領域）是消費貸款。消費貸款佔比下降了近20%至18%。我們認為，一旦經濟好轉，失業率下降，勞動市場全面復甦，這個領域將持續成長。

So here is a very interesting area to grow. SME is very interesting because it's also very cyclical in terms of the economy.

所以這是一個非常有趣的成長領域。中小企業非常有趣，因為它的經濟週期性很強。

So as long as the economy continues to improve, better unemployment, we should see a better activity in these segments and with a better overall view -- business view of Chile, there should be more demand for loans in these 2 segments. And finally, in the large corporate segment, we've seen very little growth, very little demand. But as Rodrigo said, there's a lot of projects in the pipeline with a positive evolution in the future. This should also help drive loan growth for the industry.

因此，只要經濟持續好轉，失業率下降，我們就應該看到這些領域的活動更加活躍，隨著智利整體商業前景的改善，這兩個領域的貸款需求應該會增加。最後，在大企業領域，我們看到的成長和需求都非常有限。但正如羅德里戈所說，目前有許多項目正在籌備中，未來發展前景良好。這也有助於推動該行業的貸款成長。

Saying that, we're in a very good position to capture this growth in organically or inorganically because we have a huge level of capital that allows us to do this. We don't have any impediments that make us more reluctant to grow and take on growth because we have a very good level of capital in order to do this, and that's the idea of the capital that we have. And finally, operational productivity, which is what we mentioned in the presentation, this helps all the areas improve overall and maintain our profitability high.

也就是說，我們擁有雄厚的資本，這使我們能夠以內生式或外延式成長的方式把握住這一機會。我們沒有任何阻礙我們發展壯大的因素，因為我們擁有充足的資本來實現成長，這就是我們所擁有資本的優勢。最後，正如我們在報告中提到的，營運效率的提升有助於各個領域的整體改進，並維持我們高獲利能力。

Our next question is from Tito Labarta from Goldman Sachs.

我們的下一個問題來自高盛的蒂托·拉巴塔。

Just with the upcoming presidential elections, just kind of curious sort of where you think things stand from here? And depending on which candidates when -- how do you see that potentially impacting the macro-outlook for next year and then also trickling down to the bank's profitability?

鑑於即將到來的總統選舉，我很好奇您認為目前的情況會如何？根據不同的候選人以及何時當選，您認為這可能會對明年的宏觀經濟前景產生怎樣的影響，進而對銀行的獲利能力產生怎樣的影響？

Thank you for the question. I'm Rodrigo Aravena. I think that it's very important to be aware that in Chile, we have a political system, which is based on important counterweight between the central government, the Congress, the system, et cetera. So that's why it's not only a matter of who's going to be the next in Chile. We have also take into consideration the future composition of the Congress as well.

謝謝你的提問。我是羅德里戈·阿拉維納。我認為非常重要的一點是，智利的政治體制是建立在中央政府、國會以及其他各方之間重要的製衡機制之上。因此，這不僅關乎誰將成為下一任智利總統，我們還必須考慮國會未來的組成。

According to the surveys, there's going to be a runoff in December, but we're going to have the final results of the Congress in November in the next week. Even though there is uncertainty about the final composition of the Congress and also in terms of who's going to win the election. I think that it's worth mentioning that today, which is an important difference compared to the election that we had 4 years ago, that there are some consensus in Chile between different candidates and different political factors as well.

根據民調顯示，12月將舉行第二輪投票，但下週將公佈11月國會的最終結果。儘管國會的最終組成以及誰將贏得大選仍存在不確定性，但我認為值得一提的是，與四年前的選舉相比，如今智利各候選人之間以及各種政治因素之間已經達成了一些共識，這是一個重要的不同之處。

In terms of put on the table, I would say, 3 important aspects in the policy agenda. First of all, there is a consensus in Chile in terms of the need to improve the long-term sources of economic growth. When we analyze all the different proposals, they are aware about the importance to promote more economic growth mainly investment, especially considering that the external environment will be a bit more challenging in the future.

就擺在桌面上的議題而言，我認為政策議程中有三個重要面向。首先，智利國內普遍認為需要改善經濟成長的長期動力。當我們分析所有不同的提案時，大家意識到促進經濟成長（主要是投資）的重要性，尤其考慮到未來外部環境將更具挑戰性。

So we don't have important differences in terms of the diagnosis of the importance of economic growth. Also, today, there are not important proposals with higher tax rates. In fact, there are some proposals that are based on lower corporate tax rate, for example, which is a good news as well for the future. And also, we also have an important consensus in terms of the importance to improve, for example, the licenses and permit system that we have in Chile, which is an important factor to promote investment in the future.

因此，我們在經濟成長重要性的診斷方面沒有重大分歧。此外，目前也沒有提高稅率的重要提案。事實上，有些提案甚至是基於降低企業所得稅率，對未來來說也是個好消息。而且，我們在改善智利現行的許可證和許可證制度方面也達成了重要共識，這對於促進未來的投資至關重要。

So all in all, today, I, which is the main difference compared to the elections that we had 4 years ago, there are not important differences in terms of proposals for economic growth for taxes, et cetera. So when we consider this scenario and also the recent improvement in some leading indicators, I think that we have good reason to expect a more dynamism in domestic demand in the future, especially in investment and consumption, even though we have uncertainty for the final result of the presidential elections.

總而言之，與四年前的選舉相比，今天的主要差異在於，在經濟成長、稅收等方面的提案並沒有重大差異。因此，考慮到這種情況以及近期一些領先指標的改善，我認為我們有充分的理由預期未來國內需求將更加活躍，尤其是在投資和消費方面，儘管總統選舉的最終結果仍存在不確定性。

And in terms of the bank, the most important result of this is more demand and activity in Chile, which should drive loan growth in all the segments. So in commercial loans, large corporates and multinationals concessions and SMEs, consumer loans, et cetera. So what we've seen is a period of low growth, high interest rates. And now we're moving into a more attractive period with better business confidence, hopefully, better consumer confidence, and that should lead to stronger loan growth, and we have the capital in order to grow. So we don't need more capital.

就銀行而言，最重要的結果是智利市場需求和業務活動增加，這將推動所有業務領域的貸款成長，包括商業貸款、大型企業和跨國公司特許經營貸款、中小企業貸款、消費貸款等等。我們之前經歷的是低成長、高利率時期。現在，隨著商業信心和消費者信心的增強，我們正邁入一個更具吸引力的時期，這將帶來更強勁的貸款成長，而我們擁有足夠的資本來實現成長，因此我們不需要更多資本。

So that means additional points in terms of the bottom line for ROE.

這意味著在淨資產收益率方面會有額外的加分。

Our next question is from Neha Agarwala from HSBC.

下一個問題來自匯豐銀行的Neha Agarwala。

Congratulations on the results. Just a quick one on the outlook for 2026. What kind of pickup should we -- can we expect in the coming quarters in terms of loan growth? And what would be the drivers for earnings for 2026, given that there should be some pressure on the NIMs with easing inflation?

恭喜取得佳績。關於2026年的展望，我想簡單問一下。貸款成長方面，我們預期未來幾季會出現怎樣的回升？考慮到通膨放緩可能會對淨利差帶來一定壓力，2026年的獲利成長動力又是什麼？

Neha, I think in 2026, well, today, we don't have guidance yet because it's -- we're working on the budget, and it's something that's being discussed internally in the bank. But what we can say is similar to what we've said in the other questions is what we're foreseeing is a better overall aspect of Chile in the next years. And this should allow us to have in the banking industry to have better results in terms of loan growth, the main area, the main driver for growth for us in the following year.

Neha，我認為2026年，嗯，目前我們還沒有具體的預測，因為我們正在製定預算，這也是銀行內部正在討論的問題。但我們可以說的是，正如我們在其他問題中提到的，我們預計未來幾年智利的整體情況會更好。這將使我們銀行業在貸款成長方面取得更好的業績，貸款成長是我們明年成長的主要動力。

The inflation level, what we expect is to return to levels closer to 3%, somewhere similar in terms of the overnight rate, not too much lower. We're already close to the long-term levels there. So in order to really generate a stronger bottom line over the next years, we should see loan growth is the main driver. So what we have and what's very positive for Banco de Chile is that we have an attractive level of CET1 total base ratio, and this is allowing us to grow when the opportunities arise. And hopefully, that's sooner than later.

我們預期通膨水準將回落至接近3%的水平，隔夜利率也將維持在類似水平，不會大幅下降。目前通膨水準已接近長期預期水準。因此，為了在未來幾年真正實現更強勁的獲利，貸款成長應成為主要驅動力。對智利銀行而言，一個非常有利的因素是，我們擁有極具吸引力的CET1總基礎比率，這使我們能夠在機會出現時抓住成長機會。希望這樣的機會能夠盡快到來。

And also Neha, this is Rodrigo Gara. Important to mention as well that we are not expecting important changes in interest rate for the next year. Today, it's likely that the Central Bank will reduce interest rate by 25 basis points the next meeting or probably in the first quarter of the next year. Today, the annual inflation is at 3.4%.

還有，Neha，我是Rodrigo Gara。另外要說明的是，我們預計明年利率不會有重大變動。目前來看，央行很可能在下次會議上，也可能在明年第一季度，將利率下調25個基點。目前，年通膨率為3.4%。

So for the next year, it's reasonable to expect a convergence towards the target, which is 3%. So I mean we are not expecting important adjustment in the key factors behind the ROE and NIM as well since we are not seeing important room for adjustment in both interest rate and inflation as well.

因此，預計明年各項指標將向3%的目標值靠攏。也就是說，由於利率和通膨方面也沒有太大的調整空間，我們預期影響淨資產收益率和淨利差的關鍵因素也不會出現重大調整。

(Operator Instructions) Andres Soto, Santander.

（操作說明）安德烈斯·索托，桑坦德。

My first question is for your loan growth next year, which I will assume you are expecting an acceleration versus 2025. Which segments are you expecting to see faster growth? Is going to be commercial lending in your comments about the third quarter results. You mentioned some market share losses in consumer as other players are focusing in the lower segments of the population.

我的第一個問題是關於您明年的貸款成長情況，我假設您預計明年的貸款成長速度將比2025年更快。您預計哪些領域的成長速度會更快？您在第三季業績報告中提到商業貸款的成長速度會更快。您提到，由於其他競爭對手將重點放在了低收入人群上，您在消費貸款領域的市場份額有所下降。

So I would like to understand what is missing for you guys to take a more optimistic view on consumer lending. You have mentioned in this call, this is a segment that is still depressed compared to the pre-pandemic levels. So what is missing for you to see faster growth in the consumer? And overall, what is going to be the driver in 2026 for the total loan growth?

所以我想了解一下，你們認為在多大程度上還缺少什麼，才能對消費信貸持更樂觀的態度？你們在這次電話會議中提到，與疫情前相比，消費信貸領域仍處於低迷狀態。那麼，你們認為消費信貸領域需要哪些因素才能實現更快的成長？整體而言，到2026年，推動貸款總額成長的主要因素是什麼？

Well, in terms of loan growth, what we're seeing the main driver, as you know, commercial loans is the largest mix of the portfolio. So -- and what's been most impacted over the last 5, 6 years has been commercial loans as importance in terms of volumes. So in terms of volumes, we should see a recovery in terms of commercial loans.

就貸款成長而言，如您所知，商業貸款是主要驅動力，也是貸款組合中佔比最大的部分。因此，過去五、六年受影響最大的正是商業貸款的規模。所以，就規模而言，我們應該會看到商業貸款的復甦。

Within that, we're expecting with better business confidence with more -- less uncertainty, we should see a return of larger corporate demand in Chile. SMEs as well should have a very good activity in this environment with a better global activity in GDP, unemployment, they're much more cyclical, as I mentioned.

在此背景下，我們預期隨著商業信心增強、不確定性降低，智利的大型企業需求將會回升。中小企業在這種全球GDP和失業率均有所改善的環境下，也應該會有非常好的經營狀況。正如我之前提到的，中小企業的周期性波動更大。

And in consumer loans, we should see slowly as we should continue to see slowly that the consumer loans will continue to improve in line with unemployment rates. For what's happened in the consumer loan segment is that some players in Chile have implemented or have focused on the lower income segments where we're not active today, penetrating that market more than us. Probably we have a customer base that's a higher net worth customer base. as well that it's not demanding as much loans. But we continue to grow well.

在消費貸款方面，我們應該會看到，隨著失業率的下降，消費貸款業務將會緩慢改善。目前智利消費貸款領域的一些參與者已經或專注於我們目前尚未涉足的低收入群體，並且比我們更有效地滲透了該市場。我們的客戶群淨資產較高，因此他們對貸款的需求相對較低。但我們依然保持著良好的成長動能。

So in a new environment next year with better business and consumer confidence, we should see more attractive loan growth in this segment, and we're implementing different digital initiatives to understand the customers in order to offer them products to the channels that they desire with business intelligence, much more focused on each customer rather than global plans that are focused over the entire segment. So we're trying to personalize much more of the information that's going to these customers. Next year should be a more positive year overall.

因此，在明年這個商業和消費者信心增強的新環境下，我們預計該領域的貸款成長將更具吸引力。我們正在實施不同的數位化舉措，以更好地了解客戶，並透過他們期望的管道，利用商業智能，更加專注於每位客戶，而不是像以往那樣制定覆蓋整個領域的全球性計劃。因此，我們正努力為客戶提供更個人化的資訊。整體而言，明年應該會是更積極的一年。

My next question is regarding capital. Your core equity Tier 1 is 400 basis points above all your peers, basically. What level do you guys feel necessary for the growth that you see ahead? And how you imagine the capital normalization of Banco de Chile taking place? How long is going to take place for you to get to a level you see as the adequate level for capital?

我的下一個問題是關於資本的。貴行的核心一級資本適足率比所有同業高出400個基點。你們認為為了實現預期的成長，需要達到怎樣的水平？你們設想智利銀行的資本正常化過程將如何進行？你們認為需要多長時間才能達到適當的資本水準？

Andres, this is Daniel Galarce. From the capital point of view, as we have said, of course, we have today important buffers and favorable gaps over the regulatory limits. Basically, everything depends on how the portfolio will normalize in terms of loan growth in the future. And basically, in which products we will increase and we will expand our portfolio in the future as well.

安德烈斯，我是丹尼爾·加拉爾切。從資本角度來看，正如我們之前所說，我們目前擁有充足的緩衝資金，並且遠遠超出監管限額。基本上，一切都取決於未來貸款成長能否恢復正常，以及我們將增加哪些產品的貸款，並在未來擴大我們的貸款組合。

As Pablo said, we are expecting to grow more in commercial and consumer loans. We want to be leaders in those lending products and those products are more intensive in terms of use of capital, of course. So everything depends on the evolution of loan growth in the future. So probably we will have a normalization in terms of capital buffers probably over the midterm, 3 years or something like that, depending on the economic activity in the country.

正如巴勃羅所說，我們預計商業貸款和消費貸款業務將進一步成長。我們希望成為這些貸款產品的領導者，當然，這些產品對資本的使用更為密集。因此，一切都取決於未來貸款成長的走向。所以，資本緩衝水準可能會在中期，例如三年左右的時間內趨於正常化，具體時間取決於國內的經濟活動。

And which level will be that?

那會是哪一級別呢？

Well, we don't have any specific target, but in the long run, we will -- we need and our aim is to be always at least 1.5%, 2%, something like that in the range of 1% to 2% above regulatory limits.

嗯，我們沒有具體的目標，但從長遠來看，我們需要——而且我們的目標，是始終保持在監管限值以上至少 1.5%、2% 左右，也就是 1% 到 2% 的範圍內。

We would like to thank everyone for the questions and the participation. I will now hand it back to the Banco de Chile team for the closing remarks.

感謝各位的提問與參與。現在我將把發言權交還給智利銀行團隊，請他們作總結發言。

Thanks for listening, and we look forward to speaking with you for our full-year results next year.

感謝聆聽，我們期待明年與您探討我們的全年業績。

That concludes the call for today. Thank you and have a nice day.

今天的通話到此結束。謝謝大家，祝您愉快。