Banco Santander Chile (BSAC) 2023 Q2 法說會逐字稿

Hello, and welcome to Banco Santander-Chile's Second Quarter 2023 Results Conference Call. We are joined today by the CFO, Emiliano Muratore; Chief Strategic Planning and Head of IR, Cristian Vicuña; and Chief Economist, Claudio Soto.

您好，歡迎參加智利桑坦德銀行 2023 年第二季度業績電話會議。今天，首席財務官 Emiliano Muratore 也加入了我們的行列。首席戰略規劃兼 IR 主管 Cristian Vicuña；和首席經濟學家克勞迪奧·索托。

I'll now hand the line over to Emiliano to begin the presentation. Please go ahead, sir.

現在我將把台詞交給埃米利亞諾來開始演示。請繼續，先生。

Good morning, everyone. Welcome to Banco Santander-Chile's Second Quarter 2023 Results Webcast and Conference Call. This is Emiliano Muratore, CFO, and I'm joined today by Cristian Vicuña, Chief of Strategic Planning and Investor Relations; and Claudio Soto, Chief Economist.

大家，早安。歡迎收看智利桑坦德銀行 2023 年第二季度業績網絡廣播和電話會議。我是首席財務官埃米利亞諾·穆拉托雷 (Emiliano Muratore)，今天加入我的還有戰略規劃和投資者關係主管克里斯蒂安·維庫尼亞 (Cristian Vicuña)。和首席經濟學家克勞迪奧·索托。

Thank you for attending today's conference call. Today, we will be discussing the trends and results of the second quarter. I am pleased to share that our digital strategy and customer-centric product conference have been instrumental in driving robust results across all business segments, particularly witnessing exceptional growth in non-NII revenues. In addition to this success, our relentless focus on cost discipline has allowed us to partially offset the NII pressures arising from the non-clients NIM during this period of lower inflation and high rates.

感謝您參加今天的電話會議。今天，我們將討論第二季度的趨勢和結果。我很高興與大家分享，我們的數字戰略和以客戶為中心的產品會議在推動所有業務部門取得強勁業績方面發揮了重要作用，特別是見證了非 NII 收入的非凡增長。除了這一成功之外，我們對成本控制的不懈關注使我們能夠部分抵消在通貨膨脹較低和利率較高的時期非客戶淨息差產生的NII壓力。

Looking ahead, we are optimistic about the benefits our well-positioned balance sheet will reap from the Chilean Central Bank easing cycle of interest rates, which commenced last week. This shift is anticipated to trigger a significant recovery in our NIMs, and we expect this positive impact to manifest in the final months of this year.

展望未來，我們對上週開始的智利央行利率寬鬆週期將給我們良好的資產負債錶帶來的好處持樂觀態度。預計這一轉變將引發我們的淨息差顯著復甦，我們預計這種積極影響將在今年最後幾個月顯現出來。

To begin, I invite Claudio Soto to give us an update on the macro scenario, beginning on Slide 5.

首先，我邀請 Claudio Soto 從幻燈片 5 開始向我們介紹宏觀情景的最新情況。

Thank you, Emiliano. During the second quarter, economic activity contracted significantly due to continued tight financial conditions and less favorable external conditions for the country. Also, a poor mining performance affected by the delay of large investment projects had an impact on activity. In the coming months, we will continue to see a weak economy, with consumption falling at significant rates and low investment. Based on the information available, we have revised downward our activity estimate for this year from minus 0.75% to minus 1%. However, next year, the economy should rebound and grow at around 2%.

謝謝你，埃米利亞諾。第二季度，由於金融狀況持續緊張以及該國外部條件不利，經濟活動大幅收縮。此外，大型投資項目推遲導致採礦業表現不佳，也對活動產生了影響。未來幾個月，我們將繼續看到經濟疲軟，消費大幅下降，投資低迷。根據現有信息，我們已將今年的活動預測從-0.75%下調至-1%。不過，明年經濟應該會反彈並增長2%左右。

The contraction of GDP has generated a significant slack in the economy. This, together with an appreciated peso, the normalization of raw material prices and a reduction in international logistics costs, have caused inflation to drop rapidly. Thus, the CPI after closing 2022 with an annual variation of 12.8%, today stands at 7.6%. In this context, the Central Bank of Chile began the process of monetary easing, with a sharp cut of 100 basis points in the monetary policy rate at the July meeting. The rate drop was somehow higher than expected by the market. Because of that, there were adjustments in some financial prices. The peso tended to depreciate and swap rates fell significantly, indicating that the next rate cuts would be more intense than the expected until a few weeks ago.

GDP收縮導致經濟嚴重疲軟。再加上比索升值、原材料價格正常化和國際物流成本下降，導致通貨膨脹迅速下降。因此，2022 年結束後的 CPI 年變化為 12.8%，目前為 7.6%。在此背景下，智利央行開啟貨幣寬鬆進程，在7月會議上大幅下調貨幣政策利率100個基點。降息幅度略高於市場預期。受此影響，部分金融價格出現調整。比索傾向於貶值，掉期利率大幅下降，表明下一次降息將比幾週前的預期更加劇烈。

In recent days, the peso has continued to depreciate due to global factors associated with greater risk conversion after the downgrade of the U.S. sovereign note. Looking ahead, we estimate that despite the recent depreciation of the peso, inflation will continue to drop rapidly and will close 2023 at around 4% to then reach the target of 3% during the second quarter of 2024. This will give room for the Central Bank to continue cutting the monetary policy rate at at least 100 basis points in each of the following meetings during the year, with which the MPR will close at around 7.25%. In the second part of 2024, the rate will reach its neutral level, which we estimate at 4.25%.

近幾日，由於美國主權債券評級下調後風險轉換加大的全球因素，比索持續貶值。展望未來，我們預計，儘管近期比索貶值，但通脹仍將繼續快速下降，2023 年通脹率將在 4% 左右，並在 2024 年第二季度達到 3% 的目標。這將為央行提供空間。央行將在年內的後續每次會議上繼續下調貨幣政策利率至少100個基點，MPR將收於7.25%左右。 2024 年下半年，利率將達到中性水平，我們預計為 4.25%。

On Page 6, we give an update on proposed regulations. At the political level, after the rejection of the tax reform in Congress last March, the government has announced a fiscal pact. The idea is to implement measures against tax evasion and to boost growth with the aim of increasing fiscal revenues, and thus, financing a series of expenses in the areas of health, pensions and public security. Next March, there will be a new bill with a proper tax reform, although details are still unknown.

在第 6 頁，我們提供了擬議法規的最新信息。在政治層面，繼去年3月國會否決稅收改革後，政府宣布了一項財政協議。其想法是實施打擊逃稅和促進增長的措施，以增加財政收入，從而為醫療、養老金和公共安全領域的一系列支出提供資金。明年三月，將出台一項新法案，對稅收進行適當的改革，但細節仍不得而知。

On the other hand, the government has summoned various actors to unlock the pension reform, which has failed to advance in Congress. In financial matters, the Central Bank of Chile decided to activate the countercyclical capital requirement, setting it at 0.5% of risk-weighted assets, this as a precautionary measure against financial risk from the external scenario. Banks have until May 2024 to constitute that requirement.

另一方面，政府召集各方人士解鎖養老金改革，但未能在國會取得進展。金融方面，智利央行決定啟動逆週期資本要求，將其設定為風險加權資產的0.5%，防範外部金融風險。銀行必須在 2024 年 5 月之前製定該要求。

Thank you, Claudio. I would like to start by reminding you of our Chile First strategy on Page 8, where we are aiming to become the best bank for our customers, employees, communities and shareholders. We want to achieve this plan through the 4 pillars of our strategy.

謝謝你，克勞迪奧。首先，我想提醒您第 8 頁上的“智利優先”戰略，我們的目標是成為客戶、員工、社區和股東的最佳銀行。我們希望通過我們戰略的四大支柱來實現這一計劃。

First, to become a digital bank with branches. A digital bank with Work/Cafés to reach customers with state-of-the-art technology and the best level of service. Second, with specialized and value-added services for our corporate, middle market and private banking businesses that focus on value-added transactional trade, FX and advisory products and services. Third, searching for growth opportunities. We want to break paradigms in the banking sectors, finding new business opportunities and leading the sustainable transformation of our clients. And finally, a key enabler. An organization that is agile, collaborative and high performing, in which a diverse culture with exceptional people can advance based on merit.

第一，成為一家有分支機構的數字銀行。一家設有工作/咖啡館的數字銀行，以最先進的技術和最佳水平的服務吸引客戶。其次，為我們的企業、中間市場和私人銀行業務提供專業化的增值服務，專注於增值交易貿易、外彙和諮詢產品和服務。第三，尋找增長機會。我們希望打破銀行業的範式，尋找新的商機並引領客戶的可持續轉型。最後，一個關鍵推動因素。一個敏捷、協作和高績效的組織，擁有多元化的文化和優秀的人才，可以根據績效取得進步。

To elaborate on our first strategic pillar of a digital bank with Work/Cafés, we highlight the success of our digital products, such as the Santander Life accounts, which has over 1 million clients with access to a simple current account and the opportunity to buy other products such as time deposits, mutual funds and access credit lines and loans when they meet the bank's risk requirements. We also offer our Más Lucas, our new sight and savings account, that was launched in March this year and is gaining traction every day. The onboarding process is 100% digital. There are no passwords, only facial recognition. This account has no fixed or variable costs and accept deposits for up to CLP 5 million. Thanks to these successful initiatives, we have around 2 million digital clients who are able to carry out their banking needs through the website or phone app. The advances in our digital strategy have allowed us to deepen our branch innovations.

為了詳細闡述我們的數字銀行與工作/咖啡館的第一個戰略支柱，我們強調了我們數字產品的成功，例如桑坦德人壽賬戶，該賬戶擁有超過100 萬客戶，可以使用簡單的活期賬戶和機會購買其他產品，如定期存款、共同基金，並在滿足銀行風險要求時獲得信貸額度和貸款。我們還提供 Más Lucas，這是我們新的看齊和儲蓄賬戶，該賬戶於今年 3 月推出，並且每天都在獲得關注。入職流程是 100% 數字化的。沒有密碼，只有面部識別。該賬戶沒有固定或可變成本，接受高達 500 萬智利比索的存款。由於這些成功的舉措，我們擁有約 200 萬數字客戶，他們能夠通過網站或手機應用程序滿足他們的銀行業務需求。我們數字化戰略的進步使我們能夠深化分支機構創新。

Many of you have had the opportunity to experience our Work/Café branches, our digital branches with a co-working space, and we have reinforced our branch network with the Work/Café Expresso branches, a format that aims to consolidate cash operations in our transaction hub with a Work/Café look and feel and a state-of-the-art technology behind the scenes to offer our customers an efficient and more secure experience. We have opened 4 Work/Café Expresso centers in Viña, Rancagua, Santiago Center and Las Condes, and we are looking for further expanding the model in our dense areas in Chile.

你們中的許多人都有機會體驗我們的工作/咖啡廳分行、帶有聯合辦公空間的數字分行，並且我們通過工作/咖啡廳 Expresso 分行加強了我們的分行網絡，這種形式旨在整合現金業務在我們的交易中心，具有工作/咖啡館的外觀和感覺以及最先進的幕後技術，為我們的客戶提供高效、更安全的體驗。我們在維亞、蘭卡瓜、聖地亞哥中心和拉斯孔德斯開設了 4 個工作/咖啡中心，並且我們正在尋求在智利的人口稠密地區進一步擴展該模式。

On Page 10, we can see the results in the advancement on our digitalization and simplification in the reduction of our branch footprint. As of June, our total network reached 260 branches, down 16% from June 2022. 31% of our branches currently are cashless, meaning that there is no back office and that the branches are business-center oriented towards advisory, new business and customer experience. At the same time, our productivity is rising, with loan and deposit volumes per branch increasing 22% year-over-year and in the same indicator per employee, rising 6.8% in the same period.

在第 10 頁上，我們可以看到數字化進步和減少分支機構足蹟的簡化所取得的成果。截至6 月，我們的總網絡達到260 家分行，比2022 年6 月下降16%。目前，我們的分行中有31% 是無現金的，這意味著沒有後台，分行以業務中心面向諮詢、新業務和客戶經驗。與此同時，我們的生產力不斷提高，每個分行的貸款和存款量同比增長 22%，同一指標下，每位員工的貸款和存款量同期增長 6.8%。

Moving on to Page 11. We can see how our SME footprint is growing strongly with the joint offer with Getnet. Firstly, our digital life accounts for SMEs continue to drive a 17% year-over-year increase in total clients of that segment, reaching more than 300,000 SMEs and a 13% year-over-year increase in active SME clients. Furthermore, if we consider current accounts for businesses as reported by the CMF, we have increased our business accounts by 31%, representing 33.5% of the market share as of April 2023.

轉到第 11 頁。我們可以看到，通過與 Getnet 的聯合服務，我們的中小企業足跡如何強勁增長。首先，我們的中小企業數字生活賬戶繼續帶動該細分市場客戶總數同比增長17%，覆蓋超過30萬家中小企業，活躍中小企業客戶同比增長13%。此外，如果我們考慮 CMF 報告的企業經常賬戶，截至 2023 年 4 月，我們的企業賬戶增加了 31%，佔市場份額的 33.5%。

Getnet, our acquiring business, also continues to contribute to the success of attracting more SME clients. Getnet continues to focus on the development of companies of different sizes and improving customer experiences through the integrated payment solutions to business. In total, Getnet has now deployed more than 219,000 POSs across the country with over 157,000 SMEs Getnet clients, which have been growing 83% year-over-year In the first 6 months of the year, Getnet has generated fees of CLP 21 billion.

我們的收單業務 Getnet 也繼續為成功吸引更多中小企業客戶做出貢獻。 Getnet持續關注不同規模企業的發展，通過向企業提供綜合支付解決方案來改善客戶體驗。 Getnet目前已在全國部署了超過219,000個POS，擁有超過157,000家中小企業Getnet客戶，同比增長83%。今年前6個月，Getnet已產生費用210億智利比索。

Some results on how productivity is being achieved through a committed and talented workforce are shown in Page 12. We can see how our strategy is leading to our cost structure where it costs us less to serve our clients compared to our competitors. In terms of recurrence, our fees generated by our customers now cover almost 60% of our expenses compared to an average of 43% in the industry. Our costs represent only 1.1% of our assets compared to 1.5% in the industry, and the operating cost to serve our loans is 2.3%. Our cost per branch is CLP 3,144 million compared to over CLP 4,000 million average per branch in the system. The cost per current account is CLP 0.35 million per account, less than half the industry average of CLP 0.8 million per account. These indicators show how the organization is transforming to be more agile, collaborative and high performance.

第 12 頁顯示瞭如何通過忠誠且有才華的員工隊伍實現生產力的一些結果。我們可以看到我們的戰略如何引導我們的成本結構，使我們為客戶提供服務的成本低於競爭對手。就重複性而言，我們的客戶產生的費用現在幾乎占我們開支的 60%，而行業平均水平為 43%。我們的成本僅佔資產的 1.1%，而行業內這一比例為 1.5%，而貸款服務的運營成本為 2.3%。我們每個分支機構的成本為 31.44 億智利比索，而係統中每個分支機構的平均成本超過 40 億智利比索。每個經常賬戶的成本為每個賬戶 35 萬智利比索，不到行業平均水平（每個賬戶 80 萬智利比索）的一半。這些指標顯示了組織如何轉型為更加敏捷、協作和高性能的組織。

On Page 13, in terms of NPS, we continue to lead our peers in service quality with 56 points. Over the last year, we have seen a slight dip in results due to the ongoing improvements in cybersecurity for our 2 million digital clients. Our Life clients continue to surpass our other clients in satisfaction, with the bank with an NPS of 72 points, demonstrating the strength of our digital channels on our website and app, both score highly with 70 and 69 points, respectively. Furthermore, Euromoney has recognized us as the best bank in Chile, demonstrating the impressive results of our strategy compared to our local peers.

在第13頁，就NPS而言，我們以56分繼續在服務質量方面領先於同行。去年，由於我們 200 萬數字客戶的網絡安全不斷改進，我們的業績略有下降。我們的人壽客戶的滿意度繼續超過我​​們的其他客戶，該銀行的NPS 為72 分，展示了我們在網站和應用程序上數字渠道的實力，兩者分別獲得了70 分和69 分的高分。此外，《歐洲貨幣》將我們評為智利最好的銀行，這表明我們的戰略與當地同行相比取得了令人印象深刻的成果。

Another point to highlight was the progress made in our commitment to our responsible banking objectives. Our progress to meet our goals such as diversity and inclusion are well on track. We have a market-leading range of sustainable products that help care for climate change with Santander Verde, and in 2022, we managed to support numerous customers with sustainable operations in our businesses and corporate banking business. So far, in 2023, we have disbursed $140 million for green finance in the first half of the year. We believe that this will be one of the fastest-growing areas in the coming years.

另一點需要強調的是我們在致力於實現負責任的銀行目標方面取得的進展。我們在實現多元化和包容性等目標方面的進展順利。我們擁有一系列市場領先的可持續產品，有助於與 Santander Verde 一起應對氣候變化，到 2022 年，我們成功地通過我們的業務和企業銀行業務的可持續運營為眾多客戶提供支持。到目前為止，2023年上半年我們已經為綠色金融支出了1.4億美元。我們相信，這將是未來幾年增長最快的領域之一。

This has resulted in being ranked first in the main sustainability indices such as Sustainalytics and MSCI. We are also the only Chilean bank included in the Dow Jones Sustainability Index for Global Emerging Companies.

這使得我們在 Sustainalytics 和 MSCI 等主要可持續發展指數中排名第一。我們也是唯一一家入選道瓊斯全球新興公司可持續發展指數的智利銀行。

Now let's talk about the trends in our results and balance sheet. On Page 17, we show our results for the quarter. Our operating segments that exclude the corporate centers and ALM continued to perform well, with a 38.8% year-over-year increase in their net contribution, an important expansion in income lines and fees with cost and risk under control, demonstrating the results of our strategy across the segments. The accumulated net income as of June 2023 totaled CLP 263 billion, decreasing 50% year-over-year.

現在我們來談談我們的業績和資產負債表的趨勢。在第 17 頁，我們展示了本季度的業績。除企業中心和ALM之外的業務板塊繼續表現良好，淨貢獻同比增長38.8%，收入線和費用顯著擴大，成本和風險得到控制，體現了我們的業績。跨細分市場的戰略。截至2023年6月，累計淨利潤達2630億智利比索，同比下降50%。

On the other hand, the book value of our equity increased 16% year-over-year with our TNAV per share and dividend per share growing 23%. With those 2 effects of net income and equity, the accumulated ROE reached 12.9% in the first month -- in the first 6 months of 2023.

另一方面，我們的股權賬面價值同比增長 16%，每股 TNAV 和每股股息增長 23%。考慮到淨利潤和權益這兩個因素，2023 年前 6 個月的第一個月累計 ROE 就達到了 12.9%。

Moving on to Page 18. The results of Santander CIB, Corporate Investment Banking, have continued to be impressive, increasing 84.5% year-over-year. Net contribution from the Middle Market of corporates increased 38% year-over-year. Both of these commercial segments experienced an important rise in deposit spreads as well as high growth of fees and treasury income. The focus of this segment continues to be on non-lending activities driving profitability.

轉到第 18 頁。桑坦德 CIB（企業投資銀行）的業績繼續令人印象深刻，同比增長 84.5%。企業中間市場的淨貢獻同比增長38%。這兩個商業領域的存款利差均大幅上升，費用和財務收入也大幅增長。該部門的重點仍然是推動盈利的非貸款活動。

On Slide 19, we can see that retail banking results increased 21% year-over-year, driven by the greater client base and more activity by our clients. Our active individual clients increased 4.2% year-over-year and digital clients increased 1.3%, while our active SME clients have grown 13% compared to June last year. The margin increased 18.5% year-on-year due to a better mix of funding and loan growth. Fees in this segment increased strongly by 29% year-over-year, driven by card fees due to greater usage and increase in the client base as well as the fees generated by Getnet.

在幻燈片 19 上，我們可以看到零售銀行業績同比增長 21%，這得益於更大的客戶群和更多客戶活動。我們的活躍個人客戶同比增長 4.2%，數字客戶增長 1.3%，而我們的活躍中小企業客戶與去年 6 月相比增長了 13%。由於融資和貸款增長的更好組合，利潤率同比增長 18.5%。該細分市場的費用同比強勁增長 29%，主要受到使用量增加和客戶群增加導致的卡費以及 Getnet 產生的費用的推動。

Provision increased 57% year-over-year due to the normalization of the liquidity of our clients in recent periods. Operating cost increased in a controlled manner by 4.5% year-over-year as the bank continues its digital transformation, generating greater operating efficiencies.

由於近期客戶流動性正常化，撥備同比增長57%。隨著該行持續推進數字化轉型，運營效率進一步提升，運營成本同比可控增長4.5%。

In terms of loan growth, in the second quarter, loan growth remains subdued as the economy continued to feel the effects of the high interest rates. During the quarter, the CIB segment decreased 1.4% quarter-over-quarter as the short-term loan operation carried out in 2022 come due. The Middle Market segment's loan portfolio slightly increased 0.2% quarter-over-quarter, mainly driven by positive translation gains on U.S.-denominated loans. Earlier this year, we launched specialized attention models for the agro, automotive and Multi-Latina sectors that will enhance loan and income growth in this sector in the coming quarters.

從貸款增速來看，二季度，經濟繼續受到高利率影響，貸款增速依然低迷。本季度，由於 2022 年開展的短期貸款操作到期，CIB 業務環比下降 1.4%。中間市場部門的貸款組合環比小幅增長 0.2%，主要是由於以美元計價的貸款的正轉換收益推動的。今年早些時候，我們推出了針對農業、汽車和多元拉丁裔行業的專門關注模型，這將在未來幾個季度促進該行業的貸款和收入增長。

Retail banking loans grew 1.3% Q-on-Q, led by a 2.4% quarter-on-quarter growth in mortgage loans and a 1.3% in consumer loans. Origination of new mortgage loans has remained subdued due to a higher interest rates and the impact of the inflation on the value of (inaudible). Regarding consumer loans, between the end of 2019 and 2021, these loans decreased 7% as clients reduced large purchases such as travel and hotel, which fuels credit card loans. At the same time, many clients paid off credit card debt with the liquidity obtained from government transfer and pension fund withdrawals. At the end of 2022, our household liquidity levels returned to normal and holiday travel resumed. Credit card loans began to grow again, increasing total balance compared to pre-pandemic levels.

零售銀行貸款環比增長 1.3%，其中抵押貸款環比增長 2.4%，消費貸款環比增長 1.3%。由於利率上升以及通貨膨脹對價值的影響（聽不清），新抵押貸款的發放仍然受到抑制。就消費貸款而言，2019年底至2021年間，這些貸款減少了7%，因為客戶減少了旅行和酒店等大額採購，這刺激了信用卡貸款。與此同時，許多客戶用政府轉移支付和養老基金提取獲得的流動性償還了信用卡債務。 2022年底，我們的家庭流動性水平恢復正常，假期旅行也恢復了。信用卡貸款開始再次增長，總餘額較疫情前水平有所增加。

As for SMEs, the demand for new loans continue to remain subdued as clients continue to pay back their FOGAPE loans disbursed in 2020 and 2021. Overall, loans have grown 3% year-over-year, and we maintain our guidance of year-over-year loan growth of mid-single digits.

對於中小企業來說，隨著客戶繼續償還 2020 年和 2021 年發放的 FOGAPE 貸款，新增貸款需求繼續低迷。總體而言，貸款同比增長 3%，我們維持同比增長指導年貸款增長率為中個位數。

Slide 21. Liquidity levels remained strong in the quarter. The bank's total deposits increased 0.3% Q-on-Q and 2% year-over-year. The increase was driven by time deposits that increased 4.4% quarter-on-quarter and 25% year-over-year, as the high interest rates continue to attract clients. While our demand deposits have decreased 15.6% year-on-year, our market share in demand deposits have increased from 19.9% to 21.7%.

幻燈片 21。本季度流動性水平依然強勁。該行存款總額環比增長0.3%，同比增長2%。由於高利率繼續吸引客戶，定期存款環比增長 4.4%，同比增長 25%，推動了這一增長。雖然活期存款同比下降15.6%，但活期存款市場份額由19.9%上升至21.7%。

Bonds issued increased 7% and 2.6% the last quarter. During the year, the bank has issued bonds for USD 1.7 million and CLP 383,000 million, $30 million and JPY 17.5 billion, taking advantage of attractive opportunities in the various fixed income markets locally and abroad.

上季度債券發行量分別增長 7% 和 2.6%。年內，該銀行利用國內外各種固定收益市場的誘人機會，發行了170萬美元、3,830億智利比索、3,000萬美元和175億日元債券。

The bank's liquidity coverage ratio, LCR, which measures the percentage of liquid assets over net cash outflows as of June 30, 2023, was 175%, well above the minimum. At the same date, the bank's net stable funding ratio, NSFR, which measures the percentage of illiquid assets financed through stable funding sources, reached 109.4%, also well above the current legal minimum set for this ratio.

該銀行的流動性覆蓋率 LCR（衡量截至 2023 年 6 月 30 日流動資產占淨現金流出的百分比）為 175%，遠高於最低水平。同日，該銀行的淨穩定融資比率NSFR（衡量通過穩定資金來源融資的非流動資產的百分比）達到109.4%，也遠高於當前對該比率設定的法定最低水平。

In terms of margins, the bank's NIM in the quarter reached 2.2%. The variation of the U.S. continued to decelerate while short-term interest rates remain high. Both of these factors continued to weigh on the bank's NIM. As shown on this slide, this is mainly a phenomenon that affects our non-client NIM, or the net interest margin from our ALM activities, including the U.S. GAAP and our liquidity. The client NIM, which is defined as NII from our businesses segments over interest-earning assets, has increased as deposits and loan spreads have risen.

就利潤率而言，該銀行本季度的淨息差達到2.2%。美國經濟波動繼續放緩，短期利率依然高位。這兩個因素繼續影響該銀行的淨息差。如這張幻燈片所示，這主要是影響我們的非客戶淨息差（NIM）或我們的 ALM 活動的淨息差（包括美國公認會計準則和我們的流動性）的現象。客戶淨息差（NIM）（定義為我們業務部門對生息資產的NII）隨著存款和貸款利差的上升而增加。

The bank is well positioned for a falling real rates. The sensitivities to inflation and interest rates remained stable through the first quarter, with a 100 basis point drop in inflation will pressure down our NIMs by 15 basis points and 100 basis drop in the average interest rates will increase our NIM by 30 basis points. Given the negative U.S. variation in July and the recent 100 basis point drop in the monetary policy rate, we expect a U.S. variation of 4.3% and an average monetary policy rate of 10.3% for 2023, with our NIMs showing sign of a solid recovery in the fourth quarter to reach an estimated total NIM of 2.3% for 2023.

該銀行已做好應對實際利率下降的準備。一季度通脹和利率敏感性保持穩定，通脹下降100個基點將使我們的淨息差下降15個基點，平均利率下降100個基點將使我們的淨息差上升30個基點。鑑於美國 7 月份的負變化以及近期貨幣政策利率下降 100 個基點，我們預計 2023 年美國的變化為 4.3%，平均貨幣政策利率為 10.3%，我們的淨息差顯示出強勁復甦的跡象。預計2023年第四季度淨息差總額將達到2.3%。

Moving on to asset quality on Slide 23. NPL ratio rose to 2.1%, gradually returning to pre-pandemic levels as household liquidity levels returned to normal and the economy feels the squeeze from high interest rates. The coverage of NPLs as of June 2023 reached 165%, and there has been no reversal of the voluntary provisions.

接下來看幻燈片 23 的資產質量。不良貸款率升至 2.1%，隨著家庭流動性水平恢復正常以及經濟感受到高利率的擠壓，不良貸款率逐漸恢復到疫情前的水平。截至2023年6月，不良貸款覆蓋率達到165%，自願性撥備未出現逆轉。

As we can see on Slide 24, this overall positive asset quality indicators led to our cost of credit of 1.19% in 2023, in line with our guidance for this year.

正如我們在幻燈片 24 中看到的那樣，整體積極的資產質量指標導致我們 2023 年的信貸成本為 1.19%，與我們今年的指導一致。

On Slide 25, we move on to non-net interest income revenue sources, which continue showing exceptional growth trends. Income from fees and treasury rose 61% compared to the second quarter of '22 and 6.6% quarter-on-quarter, driven by higher usage of products in all segments. We expect these trends to continue in '23. The gradual implementation of the new interchange fee regulation will start by year-end, and we estimate a negative impact in fees in '24 of CLP 25 billion and CLP 47 billion in 2025.

在幻燈片 25 上，我們轉向非淨利息收入收入來源，該收入來源繼續呈現出異常的增長趨勢。受所有細分市場產品使用率提高的推動，費用和財務收入較 20 年第二季度增長 61%，環比增長 6.6%。我們預計這些趨勢將在 23 年繼續下去。新的交換費規定將於年底開始逐步實施，我們預計 2024 年費用的負面影響將達到 250 億智利比索，到 2025 年將達到 470 億智利比索。

As shown on Slide 26, we also can see the bank's efforts to continue increasing productivity and to control costs. Operating expenses decreased 7.5% year-over-year and increased 2.2% quarter-on-quarter. The bank continues ahead with its $260 million in technology investment plan for the years '23 to '25. And because of these investments, we are expecting costs to fall in absolute terms in 2023.

正如幻燈片 26 所示，我們還可以看到該銀行在持續提高生產率和控製成本方面所做的努力。運營費用同比下降7.5%，環比增長2.2%。該銀行繼續推進 23 至 25 年 2.6 億美元的技術投資計劃。由於這些投資，我們預計 2023 年成本絕對值將下降。

Moving on to Slide 27. We observed a positive evolution of our capital ratios. At the end of the second quarter of '23, the bank reported a core equity ratio of 11% and a BIS ratio of 17.5% after distribution of the annual dividend that amounted to 60% of the 2022 earnings. In May, the regulator announced that from next year, the Chilean banks will need to include a countercyclical buffer of 0.5%. This, together with the conservation buffer of 2.5% and the systemic buffer for Santander of 1.5%, means that our minimum fully loaded CET1 will be 9.0% in December 2025. Below, on the right, we summarize the requirement levels by our regulator, including the potential buffer requirements and additional capital.

轉到幻燈片 27。我們觀察到資本比率的積極演變。截至2023年第二季度末，該銀行在派發相當於2022年盈利60%的年度股息後，核心股本率為11%，國際清算銀行比率為17.5%。 5月，監管機構宣布從明年起，智利銀行將需要納入0.5%的反週期緩衝。這與 2.5% 的保護緩沖和桑坦德銀行 1.5% 的系統緩沖一起，意味著到 2025 年 12 月我們的最低滿載 CET1 將為 9.0%。下面右側，我們總結了監管機構的要求水平，包括潛在的緩衝要求和額外資本。

On Slide 29, we conclude with some guidance. Our strategy of a digital bank with Work/Cafés will continue to provide us with a greater digital client base and solid fee growth and impressive operating efficiencies. Our updated macro scenario for 2023 is now a GDP contraction of 1%, a U.S. variation of 4.3% and an average interest rate of 10.3% for the year. In terms of loan growth, we expect mid-single-digit growth with a focus on all segments.

在幻燈片 29 中，我們提供了一些指導。我們的數字銀行與工作/咖啡館戰略將繼續為我們提供更大的數字客戶群、穩定的費用增長和令人印象深刻的運營效率。我們更新後的 2023 年宏觀情景是 GDP 收縮 1%，美國變化為 4.3%，全年平均利率為 10.3%。就貸款增長而言，我們預計所有細分市場都將出現中個位數增長。

As mentioned, the bank is well positioned for a falling real rates, and so with further cuts in rates expected and a U.S. variation of 4.3% for the year, we expect NIMs of 2.3% for the full year with solid client NIMs and with the upward trends to continue into the next year. Non-NII growth should surplus 20% this year on the back of strong client acquisition and usage figures. Cost control will be a major focus, and we expect a decrease of low single digits in our total cost base. Asset quality has now almost normalized, and the cost of risk should remain at a manageable level of 1.1% to 1.2% for the rest of the year.

如前所述，該銀行已做好應對實際利率下降的準備，因此，隨著預期利率進一步下調以及美國今年的利率變化為4.3%，我們預計全年的淨息差為2.3%，客戶淨息差穩定且上升趨勢將持續到明年。由於強勁的客戶獲取和使用數據，今年非 NII 的增長應超過 20%。成本控制將是一個主要焦點，我們預計總成本將出現低個位數的下降。目前資產質量已基本恢復正常，今年剩餘時間風險成本應保持在1.1%至1.2%的可控水平。

In summary, due to our updated inflation expectations, we expect ROE to be in the neighborhood of 15% for the full year, and our long-term ROE expectations remain unaltered at 17% to 19%.

綜上所述，由於我們更新了通脹預期，我們預計全年淨資產收益率將在 15% 左右，長期淨資產收益率預期保持在 17% 至 19% 不變。

With this, I finish the presentation, and now we will gladly answer any questions you may have. I will hand over the word to our moderator.

至此，我的演講結束了，現在我們很樂意回答您的任何問題。我將把話交給我們的主持人。

(Operator Instructions) Our first question comes from Mr. Juan Recalde from Scotiabank.

（操作員指令）我們的第一個問題來自豐業銀行的Juan Recalde 先生。

I have 2 questions. I will ask the first one and then the second. So the first one is in terms of NIM. The NIM projection for 2023 is expected now to be around 2.3%. And in the past, it was mentioned that in 2024, it could rebound to 3.3% or 3.5%. So under the current macro outlook, how do you see NIM in 2024?

我有 2 個問題。我先問第一個，然後再問第二個。第一個是淨息差（NIM）。 2023 年的淨息差預測目前預計約為 2.3%。而且過去提到2024年可能會反彈到3.3%或者3.5%。那麼在當前的宏觀前景下，您如何看待2024年的淨息差？

Juan, thank you for your question. I mean I think that what you mentioned still holds, something like we expect the NIM for this year to close around -- I mean by the fourth quarter, I mean, by the end of the year to be around 3%. And for the next year, according to the real rates, we are anticipating for next year, I mean, combining rates to trajectory with the inflation slowdown, to be in the 3.5% area for the full year of 2024.

胡安，謝謝你的問題。我的意思是，我認為你提到的仍然成立，就像我們預計今年的淨息差將接近——我的意思是到第四季度，我的意思是，到年底將達到 3% 左右。對於明年，根據實際利率，我們預計明年，我的意思是，將利率軌跡與通脹放緩相結合，2024 年全年將達到 3.5% 的水平。

And my second question is related to this because -- so next year, the FCIC facility is expected to be repaid. And my understanding is that also some derivatives will expire next year, in the first half of the year. So I was wondering if you can talk about the expected impact of these 2 factors, the FCIC facility being repaid and some derivatives expiring.

我的第二個問題與此相關，因為明年 FCIC 貸款預計將得到償還。我的理解是，一些衍生品也將在明年上半年到期。所以我想知道您是否可以談談這兩個因素的預期影響，即 FCIC 貸款的償還和一些衍生品的到期。

Yes, absolutely. So in our case, I mean, the FCIC was mainly floated. I mean for us, it's like a floating rate liability that is in part what has been affecting our NIMs during these last 2 years because of interest rates -- short-term interest rate being as high as they are and they were.

是的，一點沒錯。所以在我們的例子中，我的意思是 FCIC 主要是浮動的。我的意思是，對我們來說，這就像浮動利率負債，在過去兩年中，它在一定程度上影響了我們的淨息差，因為利率——短期利率與現在一樣高。

But the good part of this thing is that for us, the maturity or the expiration of the FCIC will be like nonrelevant for our NII. That the number of the NIM will improve because, let's say, we'll have a significant part of the balance sheet like deleveraging and falling within low NIM, and that will make the overall NIM of the bank to improve.

但這件事的好處是，對我們來說，FCIC 的成熟或到期將與我們的 NII 無關。淨息差的數量將會改善，因為，比方說，我們資產負債表的很大一部分將進行去槓桿化，並處於較低的淨息差範圍內，這將使銀行的整體淨息差得到改善。

But going to your question, in our case, the expiration of the FCIC will be not material for the NII of the bank.

但就你的問題而言，在我們的案例中，FCIC 的到期對於銀行的 NII 來說並不重要。

Our next question comes from Mr. Ernesto Gabilondo from Bank of America.

我們的下一個問題來自美國銀行的 Ernesto Gabilondo 先生。

So my first question is on your ROE guidance. I remember you were guiding before between 15% to 17%. So now, you're expecting the low part of the range because of the expectation of lower inflation levels. So just wondering how should we think about the ROE next year and in 2025? I just wanted to understand how would be approaching to your 17%, 19% long-term target?

所以我的第一個問題是關於你們的交戰規則指導。我記得你之前指導的是15%到17%之間。所以現在，由於預期通脹水平較低，您預計該範圍的較低部分。那麼只是想知道我們應該如何考慮明年和 2025 年的 ROE？我只是想了解如何實現您 17%、19% 的長期目標？

Then my second question is on your reserve coverage ratio of 175%. Given your strategy to expand into the mid- to high-income segment in the consumer segment, what would be the level you will be comfortable to maintain for the next years?

那麼我的第二個問題是關於你們的準備金覆蓋率是175%。鑑於您向消費領域的中高收入群體擴張的戰略，您在未來幾年願意維持的水平是多少？

And then my final question is on your effective tax rate. We have seen it has benefited because of high inflation. We're now thinking that we're going into a lower level of inflation. How should we think the effective tax rate should be normalizing?

我的最後一個問題是關於你們的有效稅率。我們已經看到它因高通脹而受益。我們現在認為通貨膨脹水平正在降低。我們應該如何看待有效稅率正常化？

Okay. Thank you, Ernesto. Thank you for your question. I mean I'll take the first one, and I'll leave the other 2 to Cristian.

好的。謝謝你，埃內斯托。謝謝你的問題。我的意思是我會選擇第一個，而我會將另外兩個留給克里斯蒂安。

In terms of the ROE path going forward, I mean, we expect to be next year in the long-term range that we are mentioning, I mean, from 17% to 19%. How -- in what part of that range we'll be? Basically will depend on the path of rates. I mean as I mentioned before with the NIM for the year being around 3.5% according to our expectation of real rates next year being around like 2%, 2.2% for the full year. That will take us maybe closer to the higher part of that range. And in looking forward to 2025, which is really long term, we still hold our long-term ROE range, and we think that will stay there.

就未來的 ROE 路徑而言，我的意思是，我們預計明年的 ROE 會在我們提到的長期範圍內，從 17% 到 19%。我們將處於該範圍的哪一部分？基本上取決於利率的路徑。我的意思是，正如我之前提到的，根據我們對明年實際利率約為 2%、全年 2.2% 的預期，今年的淨息差約為 3.5%。這可能會讓我們更接近該範圍的較高部分。展望 2025 年，這是一個非常長期的時期，我們仍然保持我們的長期 ROE 範圍，我們認為這將保持在那裡。

Ernesto, this is Cristian. Regarding your credit risk question, we are seeing the portfolio behaving at the 1% to 1.2% cost of credit levels on -- with anticipated that we expect that the lower velocity of the economy is also increasing a little our NPLs to levels pre-pandemic. So we expect this situation to continue in this area. We are not seeing the portfolio deteriorating further, so we're comfortable with the 1.1% to 1.2% levels.

埃內斯托，這是克里斯蒂安。關於您的信用風險問題，我們看到投資組合的信用成本成本為 1% 至 1.2%，預計經濟增速放緩也會使我們的不良貸款增加到大流行前的水平。因此我們預計這種情況將在該地區持續下去。我們沒有看到投資組合進一步惡化，因此我們對 1.1% 至 1.2% 的水平感到滿意。

And regarding the tax rate, the effective tax rate, well, Chilean banks, because of this inflation exposition, get their credit book in terms of the taxes readjusted by inflation. So a lower inflation will make our effective tax rate increasing in the coming quarters, and we expect it to get back to the levels we've seen when inflation is usually lower, so closer to 20%, 23%.

關於稅率，有效稅率，由於這次通貨膨脹博覽會，智利銀行根據通貨膨脹重新調整了稅收，從而獲得了信用簿。因此，較低的通脹將使我們的有效稅率在未來幾個季度上升，我們預計它將回到通脹通常較低時的水平，即接近20%、23%。

And Cristian, just a follow-up. In terms of the -- you were mentioning cost of risk, but in terms of your reserve coverage ratio, so you feel comfortable to maintain these levels?

克里斯蒂安，只是後續行動。就您提到的風險成本而言，但就您的準備金覆蓋率而言，您對維持這些水平感到滿意嗎？

We -- well, that's a Board decision. But we haven't made any decisions in order to take use of our additional provisions, so coverage will remain in the same area.

我們——嗯，這是董事會的決定。但我們尚未做出任何決定來利用我們的附加條款，因此覆蓋範圍將保持在同一區域。

The next question comes from Tito Labarta from Goldman Sachs.

下一個問題來自高盛的 Tito Labarta。

I have one question just on your fee income, the non-NII, which is growing around 20% this year. Just to think about how that can continue to evolve in '24 and '25. How should we think about that non-NII growth going forward?

我有一個關於你們的費用收入的問題，即非 NII，今年增長了 20% 左右。想想這在 24 年和 25 年如何繼續發展。我們應該如何看待未來的非 NII 增長？

Tito, this is Cristian. Well, we're having a very good year on non-NII figures. So we're growing higher than 20%, so that's very good news for us. And we expect -- the reason this is happening is because we're increasing our customer base, and now we're reaching the process of that growth. So we expect this trend to continue further but to lower down a little, so we're looking at 10% each figures for the '24 and '25.

蒂托，這是克里斯蒂安。嗯，就非國家信息基礎設施數據而言，我們今年過得非常好。所以我們的增長率超過 20%，這對我們來說是個好消息。我們預計，發生這種情況的原因是我們正在增加我們的客戶群，現在我們正在達到這種增長的過程。因此，我們預計這一趨勢將進一步持續，但會略有下降，因此我們預計 24 年和 25 年的數字均為 10%。

Factoring in the headwind from the interchange fees going down in the next 2 years. So factoring in that, we think that we can be in the low double-digit growth in terms of fees.

考慮到未來兩年交換費下降的不利因素。因此，考慮到這一點，我們認為我們的費用可以實現兩位數的低增長。

Next question comes from Mr. Yuri Fernandes from JPMorgan.

下一個問題來自摩根大通的尤里·費爾南德斯先生。

I have two questions, one on U.S. GAAP and the other on cost.

我有兩個問題，一個是關於美國公認會計準則，另一個是關於成本。

Let's start with the U.S. GAAP. I saw that this quarter, your GAAP moved up. Just would like to understand the rationale here because given inflation is moving lower and you have been reducing your GAAP over the past quarters, I just would like to understand a little bit why the GAAP is higher now. I'm not sure if the cost of derivative is moving up. It's definitely high -- more costly to hedge this asset liability on U.S., and this explained the higher GAAP. But that's the first one.

讓我們從美國公認會計準則開始。我看到這個季度你們的 GAAP 有所上升。只是想了解這裡的基本原理，因為考慮到通脹正在走低，而且過去幾個季度你一直在降低公認會計準則，我只是想了解一下為什麼現在公認會計準則更高。我不確定衍生品的成本是否正在上升。這絕對是很高的——對沖美國資產負債的成本更高，這解釋了公認會計準則較高的原因。但這是第一個。

And regarding the cost, I would like to check our investment plan, right? You put out in the presentation the $260 million plan. This is not new, right? We knew about it. But how much of the plan has been implemented this year? Because your operating expenses are super attractive, super good, right? I think it's the other line. Also, no surprise. But given you have such a big investment plan, my concern is that you may need to accelerate the execution of this plan for 2024, 2025. And these, with higher taxes, eventually may pressure your bottom line and your ROE target. So trying to understand, like how much you're like -- asking about the investment plan to understand how your operating expenses may evolve in the near future?

關於成本，我想檢查一下我們的投資計劃，對吧？您在演示文稿中提出了 2.6 億美元的計劃。這不是什麼新鮮事，對吧？我們知道這件事。但今年該計劃實施了多少？因為你們的運營費用超級誘人，超級好，對吧？我認為這是另一條線。另外，這並不奇怪。但考慮到你有這麼大的投資計劃，我擔心的是你可能需要在2024年、2025年加快這個計劃的執行。而這些，再加上更高的稅收，最終可能會給你的底線和ROE目標帶來壓力。因此，試圖了解您的情況——詢問投資計劃，以了解您的運營費用在不久的將來可能會如何變化？

So regarding the U.S. GAAP, as you mentioned, I mean we -- in the second quarter, increased. I mean basically, that's because of derivatives that were expiring. I mean like, let's say, we had inflation locked in at high levels and those derivatives expired, that produced like a net increase in the mismatch. And the reason why, let's say, we didn't keep it down is basically because we saw that the inflation implied in the derivatives going forward, it's like in line with what we are expecting. And considering the latest evolution of the FX rate, we even think that we can have some, let's say, upward pressure in headline inflation for the rest of the year.

因此，關於美國公認會計原則，正如您所提到的，我的意思是我們在第二季度有所增長。我的意思是，基本上，這是因為衍生品即將到期。我的意思是，比如說，我們的通脹被鎖定在高水平，而這些衍生品到期了，這導致了錯配的淨增加。比如說，我們之所以沒有將其壓低，基本上是因為我們看到衍生品未來隱含的通脹，與我們的預期一致。考慮到匯率的最新演變，我們甚至認為今年剩餘時間總體通脹可能會面臨一些上行壓力。

So basically, the decision is if we lock in what the market has today, which is around like 3% depending on the tenor, but it's an inflation of 3%. We can, let's say, look in that and reduce the GAAP. And in that case, the readjustment will be lower, but the margin will be higher or what we can expect from that 3%, which is implied. And we don't see a clear call of the inflation being far away from the -- what the derivatives are discounted.

所以基本上，決定是我們是否鎖定當前市場的情況，根據期限，大約是 3%，但這是 3% 的通貨膨脹。比方說，我們可以考慮這一點並降低公認會計原則。在這種情況下，調整幅度會更低，但利潤率會更高，或者我們可以從隱含的 3% 中預期。而且我們沒有看到明顯的跡象表明通貨膨脹與衍生品的貼現值相去甚遠。

And that connects to your point about the cost that basically, when we hedge and when we operate in the derivatives market, we don't do it at mid prices. And basically trying to lock in the 3% would imply to leave some basis points of inflation on the table when you hedge, and that's why we are, let's say, comfortable. Not because we don't feel that we are not growing the risk, but the level of -- the price growth we could hedge, it's reasonable for us, and that's why we keep -- we don't expect to grow the GAAP further. It will stay like around where we were in the second quarter. But that's the reason why you saw the jump from first quarter to second quarter.

這與你關於成本的觀點有關，基本上，當我們對沖和在衍生品市場運作時，我們不會以中間價格進行操作。基本上，試圖鎖定 3% 意味著在對沖時要留下一些通脹基點，這就是為什麼我們可以說是感到舒服的原因。不是因為我們不認為我們沒有增加風險，而是因為我們可以對沖的價格增長水平，這對我們來說是合理的，這就是我們保留的原因 - 我們預計不會進一步提高 GAAP 。它將保持在第二季度的水平。但這就是為什麼你看到從第一季度跳到第二季度的原因。

And regarding cost going forward, I mean our investment plan keeps the same. I mean basically, our efforts are making room in OpEx general to make room for investment, especially in all the digitalization and all the transformation of the branches, network. And we keep our long-term target and ambition to have costs, all-in cost growing below inflation, and that holds for next year to where we plan to have all-in expenses growing below inflation with inflation expectations being around 3% for next year.

關於未來的成本，我的意思是我們的投資計劃保持不變。我的意思是，基本上，我們的努力是在運營支出方面騰出空間，為投資騰出空間，特別是在所有數字化以及分支機構、網絡的所有轉型方面。我們保持長期目標和雄心，即總成本增長低於通脹，明年我們計劃總成本增長低於通脹，明年通脹預期為 3% 左右年。

Super clear. So costs below inflation for the next year and the U.S. GAAP to remain around those like CLP 7 trillion kind of level, right, those are the takes?

超級清晰。因此，明年的成本低於通貨膨脹，並且美國公認會計原則保持在 7 萬億智利比索左右的水平，對吧，這些就是要求？

Yes.

是的。

Our next question comes from Daniel Mora Ardila from CrediCorp Capital.

我們的下一個問題來自 CrediCorp Capital 的 Daniel Mora Ardila。

I have just two questions. The first one is a follow-up regarding the NIM. I would like to understand that a negative part that is impacting currently the NIM related to the swap of interest rates, how it's going to evolve with a decrease in interest rates expected for the rest of 2023 and also beginning of 2024? And what could be the impact of the expiration of the FCIC related to the swap of interest rates? Just to understand, what will be the process there?

我只有兩個問題。第一個是關於 NIM 的後續行動。我想了解目前影響淨息差的負面因素與利率互換有關，隨著 2023 年剩餘時間和 2024 年初預期利率下降，它將如何演變？ FCIC到期對利率互換有何影響？只是想了解一下，那裡的流程是什麼？

And the second question is regarding to NPLs. We have seen in recent quarters that the commercial NPL has been above peers and also above the industry level. I would like to understand if you are seeing any risk in any company or any economic sector that should have explained this performance? And what will be the expectations going forward?

第二個問題是關於不良貸款的。我們看到最近幾個季度商業不良貸款一直高於同行，也高於行業水平。我想了解一下您是否在任何公司或任何經濟部門中發現了任何可以解釋這種表現的風險？未來的期望是什麼？

Thank you for your questions. I'll take the first one, and I'll leave the second one for Cristian. Regarding the NIM path, the non-clients, I mean, that negative will, let's say, rebound, I mean, to positive territory in the coming quarters. I mean we basically expect that to be more closer to the 0.5% negative during the next year in order to have the clients' NIMs around 4% and the non-clients in the minus 0.5%, and that's -- that adds up to the 3.5% we were talking before. I mean basically, the main driver of the non-clients NIM improving is the fell in interest rates, short-term interest rates, combined with the process of getting the curve steeper from where we are now. I mean we have a very steep curve on the negative slope territory, and going forward, we'll have that going more to flat at the beginning and gaining some positive slope by the end of next year, and that will help the non-clients NIM because of the positive slope of the curve.

謝謝您的提問。我會選擇第一個，第二個留給克里斯蒂安。關於淨息差路徑，我的意思是，非客戶的負面意願會在未來幾個季度反彈至正值區域。我的意思是，我們基本上預計明年會更接近 0.5% 的負值，以便讓客戶的 NIM 約為 4%，非客戶的 NIM 為負 0.5%，這就是——這加起來就是我們之前討論過3.5%。我的意思是，基本上，非客戶淨息差改善的主要驅動力是利率、短期利率的下降，以及曲線從現在的位置變得更陡的過程。我的意思是，我們在負斜率區域有一條非常陡峭的曲線，展望未來，我們將在一開始變得更加平坦，並在明年年底之前獲得一些正斜率，這將有助於非客戶NIM 因為曲線的斜率為正。

And connecting that with the FCIC basically, in that case, considering that we have that liability floated, we will benefit in the next quarter to the reduction of the interest rate that will reduce the cost of that. And at the maturity will be kind of neutral for us because basically, we have short-term assets to pay that off. And basically, we have a -- if you want the monetary policy rate, assets falling together with an ability that for us, it's also floated to the monetary policy rate. So will be kind of neutral or not much relevant for our NII going forward because as a liability with a similar yield will, let's say, go away with the expiration of that.

基本上將其與 FCIC 聯繫起來，在這種情況下，考慮到我們有浮動負債，我們將在下個季度受益於利率的降低，從而降低成本。到期時對我們來說將是中性的，因為基本上，我們有短期資產來償還。基本上，我們有一個——如果你想要貨幣政策利率，資產一起下跌，對我們來說，它也浮動到貨幣政策利率。因此，對於我們未來的 NII 來說，這將是中性的或沒有太大關係，因為作為具有類似收益率的負債，我們可以說，隨著到期日的結束，它就會消失。

So Daniel, this is Cristian. Regarding your NPL question in the commercial portfolio, actually, the commercial NPL has increased from 2.5% to 2.9% in the first 6 months of the year, and our impaired loan ratio about -- has increased from 7% to 7.6% in the first 6 months of the year. So all in all, we are seeing a slight deterioration in the SMEs portfolio, but it's nothing to be really concerned on the higher net lending names. We haven't seen the Middle Market or the CIB portfolio actually being very stressed.

丹尼爾，這是克里斯蒂安。關於你在商業投資組合中的不良貸款問題，實際上，今年前6個月商業不良貸款從2.5%上升到2.9%，我們的減值貸款比率從今年前6個月的7%上升到7.6%一年中6 個月。總而言之，我們看到中小企業投資組合略有惡化，但對於淨借貸較高的企業來說，沒有什麼值得真正擔心的。我們還沒有看到中間市場或 CIB 投資組合實際上面臨很大的壓力。

And I will say that the sectors that we are seeing are agro and some construction, but those are very, very -- a small part of our total portfolio. There is some further details on Page 38 of the management commentary.

我想說的是，我們看到的行業是農業和一些建築業，但這些行業只占我們總投資組合的一小部分。管理層評論第 38 頁有更多詳細信息。

Next question comes from Ms. Isabelle Irish from Baring Asset Management.

下一個問題來自霸菱資產管理公司的Isabelle Irish女士。

My question was actually on NIMs, which was partially answered before, but an extension to that is on the funding cost. I see the switch as you would get. Interest rates are high, research and demand to time deposits. How sticky is that? Does that persist for a long time? Or how quickly does that -- do that shift back?

我的問題實際上是關於NIM的，這個問題之前已經得到了部分回答，但延伸到了融資成本。我看到了你會得到的開關。利率高，研究和定期存款的需求。那有多粘？這種情況會持續很長時間嗎？或者說，這種轉變的速度有多快？

So thank you, Isabelle, for your question. So well, what we are seeing is the reasonable economic decision of a person that has money in their accounts, and it's moving them to time deposits to attain the benefits of our higher interest rate. The demand deposits are paying 0 in Chile and time deposits are paying about 1% per month for the last 12 months. So we're seeing a trend of [re-portfoliation] of our deposits, that we expect to start reversing once the interest rates in the monetary policy rate in the coming months start further decreasing.

謝謝伊莎貝爾提出的問題。那麼，我們所看到的是賬戶裡有錢的人的合理經濟決策，這使得他們轉向定期存款，以獲得我們更高利率的好處。過去 12 個月，智利的活期存款利率為 0，定期存款每月利率為 1%。因此，我們看到存款的[重新投資組合]趨勢，一旦未來幾個月貨幣政策利率開始進一步下降，我們預計這種趨勢就會開始逆轉。

So we don't have sensitivities yet of how this effect will evolve. But definitely, we are going to see a further reduced movement from the demand to time deposit.

因此，我們還不知道這種效應將如何演變。但毫無疑問，我們將看到從活期存款到定期存款的進一步減少。

Our next question comes from Neha Agarwala from HSBC Global Research.

我們的下一個問題來自匯豐銀行全球研究部的 Neha Agarwala。

Just one quick question. How should we think about the asset for the trend and cost of risk for next year? This year, we are seeing some normalization, but should we see some stability in 2024? And any other headwinds in terms of going back to normalized, whether it's ROE for 2024 that we should watch out for? Any reason why the ROE for 2024 should deviate from the normalized ROE level?

只是一個簡單的問題。我們應該如何看待資產明年的趨勢和風險成本？今年，我們看到了一些正常化，但 2024 年我們應該看到一些穩定嗎？在回歸正常化方面還有其他阻力嗎？我們是否應該關注 2024 年的 ROE？ 2024 年的 ROE 為何會偏離標準化 ROE 水平？

I mean in terms of -- so asset quality, I mean, remember that -- cost of risk, I mean, for next year, I mean, we still hold a significant amount of voluntary provisions that will, let's say, serve as kind of backstop in case that the behavior or the asset quality deteriorates. So we feel comfortable to be around 1.1%, 1.2%. We are in terms of cost of risk, I mean, having the possibility of tapping the voluntary provisions in case the situation goes worse.

我的意思是，就資產質量而言，我的意思是，請記住，風險成本，我的意思是，明年，我們仍然持有大量自願性準備金，可以說，這些準備金將起到一定的作用如果行為或資產質量惡化，則提供支持。所以我們對 1.1%、1.2% 左右感到滿意。我的意思是，就風險成本而言，我們有可能在情況惡化時利用自願條款。

In terms of the risk for the path to normal ROE next year, basically, I would say that it goes through, again, to the NIM part because as I just mentioned, that the asset quality part, we feel comfortable to stay around there. In terms of NIMs, will depend on how this reduction of real rates goes going forward. Chile already started the cycle and then Brazil followed, and we have the developed economies still in the tightening part of the cycle. So going forward, we -- by the end of next year, we see nominal rates in the 4%, 4.5% by the end of next year. And that implicitly has also the Fed and the developed countries starting easing cycles by the second half of next year.

就明年達到正常股本回報率的風險而言，基本上，我會說它會再次進入淨息差部分，因為正如我剛才提到的，資產質量部分，我們覺得留在那兒很舒服。就淨息差而言，將取決於實際利率下降的進展如何。智利已經開始了這個週期，然後巴西緊隨其後，而發達經濟體仍處於週期的緊縮部分。因此，展望未來，到明年年底，我們預計名義利率將達到 4%、4.5%。這也意味著美聯儲和發達國家將在明年下半年開始寬鬆週期。

And if you put yourself in a scenario where that doesn't happen and inflation internationally stays up and developed economies doesn't -- don't start their recent cycles. You can argue that the floor for the rate in Chile would be maybe higher than that 4% to 5%, and that will create some pressure on the NIM normalization for us. And that might be one of the things that could deviate the path to normal ROEs.

如果你把自己置於這樣一種情況：這種情況不會發生，國際通脹持續上升，而發達經濟體卻沒有——就不要開始最近的周期。你可以說智利的利率下限可能會高於 4% 到 5%，這會給我們的 NIM 正常化帶來一些壓力。這可能是可能偏離正常 ROE 路徑的因素之一。

But apart from that, I don't see -- I don't know, Cristian, if you see any other...

但除此之外，我不知道——我不知道，克里斯蒂安，你是否還看到了其他……

Well, not really. I will reinforce Emiliano's point. So well, actually, the rate path and the inflation are probably the main effects to be monitoring, and we are seeing asset quality stable from what we are looking at now. So I'm very confident that we can deliver on our cost figures and fees. Well, we already mentioned what we expect. So I will say, all in all, we feel that we are going back into our regular profitability levels of the pre-pandemic.

嗯，不是真的。我將強調埃米利亞諾的觀點。那麼，實際上，利率路徑和通脹可能是需要監控的主要影響，從我們目前的情況來看，我們看到資產質量穩定。因此，我非常有信心我們能夠兌現我們的成本數字和費用。好吧，我們已經提到了我們的期望。所以我想說，總而言之，我們認為我們正在回到大流行前的正常盈利水平。

Our final question comes from Mr. Ewald Stark Bittencourt from BICE Inversiones.

我們的最後一個問題來自 BICE Inversiones 的 Ewald Stark Bittencourt 先生。

You mentioned earlier in the presentation that FOGAPE loans will reactivate SME create growth. So I was wondering what's the expected margin on these FOGAPE loans? How do they compare to normal margins on SME loans?

您在前面的演講中提到，FOGAPE 貸款將重新激活中小企業創造增長。所以我想知道這些 FOGAPE 貸款的預期利潤是多少？與中小企業貸款的正常利潤率相比如何？

Yes. So thank you for your question. Yes, I mean, basically, in the SMEs portfolio, we have like 2 forces. I mean first, we have like the maturity of the initial FOGAPE loans that were granted in 2020, 2021. Those are, let's say, are maturing and going away. Those were set with very low rates because we are the prevailing rates at that moment so those were really low yielded and low spread loans, and those are going away.

是的。謝謝你的提問。是的，我的意思是，基本上，在中小企業投資組合中，我們有兩股力量。我的意思是，首先，我們在 2020 年、2021 年發放的最初 FOGAPE 貸款已到期。可以說，這些貸款即將到期並消失。這些貸款的利率設定得非常低，因為我們當時的利率是低利率，所以這些貸款確實是低收益和低利差的貸款，而且這些貸款正在消失。

The new ones, the new FOGAPE loans where the program itself was set in this new rate environment. So actually, the spread is not as low as it was at the beginning, and it's in line or slightly higher than the average spread for SME. So that's your question regarding if you want the average spread of the portfolio, the dynamic of the old ones going away and the new ones entering at average or slightly higher than average spread for the portfolio. It's a tailwind for the average spread of the SMEs going forward. And the program is still there and it's a significant part of the new origination in SMEs, and it's different to the original one where in terms of pricing was kind of a sacrifice for us. In this case, it's more in line with the rest of the portfolio.

新的、新的 FOGAPE 貸款，該計劃本身就是在這種新的利率環境下設定的。所以實際上，利差並不像開始時那麼低，而是與中小企業的平均利差一致或略高。因此，這就是您的問題，即您是否想要投資組合的平均利差、舊投資組合離開的動態以及新投資組合以平均利差或略高於投資組合平均利差進入的動態。這對中小企業的平均傳播是有利的。該計劃仍然存在，它是中小企業新起源的重要組成部分，它與最初的計劃不同，在定價方面對我們來說是一種犧牲。在這種情況下，它與投資組合的其餘部分更加一致。

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

好的。非常感謝。目前看來我們沒有其他問題了。我會將其轉回給管理團隊以供其總結髮言。

Thank you all very much for taking the time to participate in today's call. We look forward to speaking with you again soon.

非常感謝大家抽出時間參加今天的電話會議。我們期待很快再次與您交談。

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，再見。