Bancolombia SA (CIB) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Banco Colombia's Fourth Quarter 2023 earnings conference call.

女士們先生們早上好，歡迎參加哥倫比亞銀行 2023 年第四季財報電話會議。

My name is Robert, and I'll be your operator for today's call.

我叫羅伯特，我將擔任您今天通話的接線生。

At this time, all participants are on a listen only mode.

此時，所有參與者都處於僅監聽模式。

Following the prepared remarks, there will be a question and answer session during the question and answer session.

在準備好的發言之後，問答環節將進行問答環節。

If you have a question please hit star one on your telephone keypad.

如果您有疑問，請點擊電話鍵盤上的一號星。

Please note that this conference is being recorded.

請注意，本次會議正在錄製中。

Please note that this conference call will include forward-looking statements, including statements related to our future performance, capital position, credit related expenses and credit losses.

請注意，本次電話會議將包含前瞻性陳述，包括與我們未來業績、資本狀況、信貸相關費用和信貸損失有關的陳述。

All forward-looking statements, whether made in this conference call in future filings and press releases or verbally address matters that involve risks and uncertainties.

所有前瞻性陳述，無論是在本次電話會議中、未來的文件和新聞稿中作出的，還是口頭涉及涉及風險和不確定性的事項的。

Consequently, there are factors that could cause actual results to differ materially from those indicated in such statements, including changes in general economic and business conditions, changes in current exchange rates and interest rates, introduction of competing products by other companies, lack of acceptance of new products or services by our targeted clients, changes in business strategy and various other factors that we described in our reports filed with the SEC.

因此，存在一些因素可能導致實際結果與此類聲明中所示的結果有重大差異，包括總體經濟和商業狀況的變化、當前匯率和利率的變化、其他公司推出競爭產品、缺乏接受度等。我們的目標客戶推出的新產品或服務、業務策略的變化以及我們在向SEC 提交的報告中所述的各種其他因素。

With us today is Mr. Juan Carlos Mora, Chief Executive Officer, Mr. Julian Martinez, Chief Corporate Officer, Mr. Jose Humberto Acosta, Chief Financial Officer, Mr. Rodrigo Prieto, Chief Risk Officer, Mrs. Catalina Tobin, Investor Relations and Capital Markets Director and Ms. Laura, I feel Chief Economist.

今天與我們一起出席的有首席執行官胡安·卡洛斯·莫拉先生、首席企業官朱利安·馬丁內斯先生、首席財務官何塞·溫貝托·阿科斯塔先生、首席風險官羅德里戈·普列托先生、投資者關係部卡特琳娜·托賓女士和資本市場總監兼勞拉女士，我覺得自己是首席經濟學家。

I'd now like to turn the call over to Mr. Juan Carlos Mora, Chief Executive Officer, Mr. Juan Carlos, you may begin.

我現在想把電話轉給執行長胡安·卡洛斯·莫拉先生，請胡安·卡洛斯先生開始。

Good morning, and welcome to Bancolombia's Fourth Quarter Results Conference Call.

早上好，歡迎參加哥倫比亞銀行第四季業績電話會議。

Please go to slide 2.

請轉到投影片 2。

As anticipated 2023 has proven to be a year of significant challenges for the Colombian financials.

正如預期的那樣，2023 年對哥倫比亞金融來說將是面臨重大挑戰的一年。

Prevailing high interest rates on inflation have had a discouraging effect on credit growth, resulting in reduced net interest income generation.

普遍存在的高通膨利率對信貸成長產生了抑製作用，導致淨利息收入減少。

Furthermore, these factors have adversely impacted loan quality and lead to and overall the increase in operating costs in light of the prevailing macroeconomic environment.

此外，這些因素對貸款品質產生了不利影響，並導致當前宏觀經濟環境下營運成本整體上升。

Bancolombia's net income for the quarter reached COP1.4 trillion, indicating a 2% reduction compared to the preceding quarter.

哥倫比亞銀行本季淨利達 1.4 兆哥倫比亞比索，較上一季減少 2%。

For the entire year, the net income amounted to COP6.1 trillion representing an approximate 10% annual decline.

全年淨利潤為 6.1 兆比索，年減約 10%。

Primary drivers contributing to this decline are firstly, a 1.5 quarterly and 6% annual contraction in the loan book portfolio due to the reduced credit demand and the manage risks tolerance resulting in slower growth of interest income.

造成這一下降的主要因素首先是，由於信貸需求減少以及風險承受能力管理導致利息收入增長放緩，貸款帳面投資組合季度收縮 1.5%，年度收縮 6%。

Secondly, a net provision charge that increased by 7% quarterly and 97% annually consistent with the current credit cycle.

其次，淨撥備費用每季成長 7%，每年成長 97%，與當前信貸週期一致。

Thirdly, higher operating expenses, which despite stringent cost control measures, remained under pressure due to increased taxes and labor costs.

第三，儘管採取了嚴格的成本控制措施，但由於稅收和勞動成本增加，營業費用仍面臨壓力。

In addition, it is crucial to highlight the substantial 20.5% annual and 5.7% quarterly appreciation of the peso, leading to a decrease in the volume of loans and the interest income contribution of the dollar portfolio in the consolidated financial statements as the loan portfolio experienced continued repricing at elevated interest rates, the cost of risk was recorded at 2.7% for the quarter and 2.8% for the entire year.

此外，重要的是要強調比索的年度大幅升值20.5%和季度升值5.7%，導致合併財務報表中美元投資組合的貸款數量和利息收入貢獻下降，因為貸款組合經歷了由於繼續以高利率重新定價，本季風險成本為2.7%，全年風險成本為2.8%。

This reflects the anticipated slowdown in the past-due due loan formation compared to the first half of the year, which was a result of the comprehensive measures taken.

這反映出，由於採取了綜合措施，逾期貸款形成預計將較上半年放緩。

The efficiency ratio ended the quarter at 49% and 45% for the entire year, indicating that the growth in operating expenses surpassed growth in income.

季度末效率比為 49%，全年效率比為 45%，顯示營運費用成長超過了收入成長。

As previously discussed, aforementioned factors exerted downward pressure on the return on equity, resulting in a 15.2% ROE for the quarter and is 16.1% for the entire year.

如前所述，上述因素對股本回報率造成下行壓力，導致本季 ROE 為 15.2%，全年 ROE 為 16.1%。

Donald solvency ratio experience INAUDIBLE increase of 57 basis points during the quarter, ending in a year end figure of 13.4%.

唐納德償付能力比率在本季大幅增加了 57 個基點，年末數字為 13.4%。

This positive development was primarily attributed two, a significant expansion of 105 basis points in core equity Tier one and Columbia has robust organic capital origination capabilities, coupled with a reduction in the risk weighted assets were the driving forces behind this achievement as a positive indicator and a testament of the bank's inherent capabilities.

這一積極的發展主要歸因於兩個，核心一級股權顯著擴張105個基點，哥倫比亞擁有強大的有機資本發起能力，加上風險加權資產的減少，是這一成就背後的驅動力，作為一個積極的指標和銀行固有能力的證明。

The generation of sound net interest margin has proven sufficient to absorb increased provision in expenses and costs while maintaining mid teen return on equity.

事實證明，穩健的淨利差足以吸收增加的費用和成本撥備，同時維持中等的股本回報率。

The aggregate of Central American banks and offshore operations made a large contribution to the overall group results.

中美洲銀行和離岸業務的合計對集團整體業績做出了巨大貢獻。

Despite the prevailing economic and political environment in each country, we maintain our conviction that the recent downward inflationary trends in Colombia will enable the Central Bank to pursue a sustained interest rate reduction strategy.

儘管各國當前的經濟和政治環境不同，我們仍然堅信哥倫比亞近期的通膨下行趨勢將使央行能夠推行持續的降息策略。

This in turn is expected to stimulate credit demand and improve asset quality.

預計這將刺激信貸需求並改善資產品質。

In the long term, we anticipate opportunities for credit growth primarily in housing, renewable energy and agribusiness sector as the government advances public spending.

從長遠來看，隨著政府推動公共支出，我們預期信貸成長的機會主要集中在住房、再生能源和農業綜合企業領域。

For a more in-depth analysis of the macro outlook, I will pass over the presentation to our Chief Economist, LoudCloud laude from Catalyst.

為了更深入分析宏觀前景，我將把演講交給我們的首席經濟學家、來自 Catalyst 的 LoudCloud。

Now please go to Slide 3.

現在請轉到投影片 3。

The global economic backdrop of tight financial conditions, declining consumer demand and lower commodity prices, combined with local challenges due to high inflation low investment and receiving consumer sentiment part of the path to a significant economic slowdown in Colombia.

在全球經濟背景下，金融狀況吃緊、消費者需求下降和大宗商品價格下跌，再加上高通膨、低投資和消費者情緒高漲帶來的當地挑戰，導致哥倫比亞經濟大幅放緩。

Overall, 2023 proved to be a very challenging year for the Colombian economy.

整體而言，2023 年對哥倫比亞經濟來說是非常具有挑戰性的一年。

And resulted in GDP growth of just 0.6% year over year, so lowest level in over three decades, excluding the COVID years and well below market expectations and our own forecast of 1.2% despite the lackluster results the final quarter of 2023, but not a slight expansion of 0.3%, rebounding from a 0.6% contraction during the third quarter, mainly driven by 6% growth in agriculture and 5% expansion is public administration, construction, manufacturing and retail sales continue to underperform the biggest culprit to economic stagnation lies with public and private investment, which fell close to 25% during 2023.

導致GDP 同比成長僅為0.6%，是三十多年來的最低水準（不包括新冠疫情年份），並且遠低於市場預期和我們自己預測的1.2%，儘管2023 年最後一個季度的業績不佳，但並非輕微擴張0.3%，從第三季收縮0.6%反彈，主要由農業成長6%推動，而公共管理、建築業、製造業和零售業擴張5%繼續表現不佳，經濟停滯的最大罪魁禍首禍首在於公共和私人投資，2023 年下降了近 25%。

Total investment as a percentage of GDP has consistently declined since the pandemic from levels of 20.2% to just 17% last year.

自疫情爆發以來，總投資佔 GDP 的比例持續下降，從去年的 20.2% 降至 17%。

This scenario weighs heavily on our GDP outlook for 2024, which stands at 0.9% annual growth.

這種情況嚴重影響了我們對 2024 年 GDP 的預期，即年增長率為 0.9%。

On the more positive side, inflation has continued its downward trend, closing the year at 9.3% and falling further towards the 8.3% mark in early 2024.

從更積極的方面來看，通膨持續呈下降趨勢，年終通膨率為 9.3%，並在 2024 年初進一步跌向 8.3%。

Receding food prices help explain much of the expense, but core inflation has come down consistently towards 7.9.

食品價格下降有助於解釋大部分支出，但核心通膨率持續下降至 7.9。

The drought season coming from El Nino has pressured energy prices.

厄爾尼諾現象帶來的乾旱季節給能源價格帶來壓力。

To some extent, it has proven to be much milder than initially.

在某種程度上，事實證明它比最初要溫和得多。

We maintain our 5.9% year end inflation report considering some upward pressure from potential beef price hikes and the effect of selling prices is services.

考慮到潛在的牛肉價格上漲帶來的上行壓力以及銷售價格對服務業的影響，我們維持 5.9% 的年終通膨報告不變。

I'm just housing.

我只是住房。

Given this macro scenario of falling inflation amid the economic slowdown, Central Bank began cutting interest rates in late 2023 and early 2024, accumulating a 50 basis point reduction thus far.

鑑於經濟放緩、通膨下降的宏觀情勢，央行於2023年底和2024年初開始降息，迄今已累計降息50個基點。

Currently, intervention rate stands at 12 point 75%, and we expect it may come down towards the 9% level at year end.

目前，幹預率為12%，75%，預計年底可能回落至9%的水平。

We maintain our view that 2024 will be a year of gradual recovery, especially during the second half of the year when interest rates, but we'll begin to pick up speed.

我們仍然認為2024年將是逐步復甦的一年，尤其是下半年升息，但我們將開始加快復甦速度。

Now please let me turn the presentation back to Juan Carlos, who will present Bancolombia quarterly performance.

現在請讓我將演講轉回胡安·卡洛斯，他將介紹哥倫比亞銀行的季度業績。

Thank you, Laura.

謝謝你，勞拉。

Before discussing the quarter's results, I would like to provide an overview of the advancements made in several initiatives that are aligned with our four value-driving pillars.

在討論本季的業績之前，我想先概述與我們的四個價值驅動支柱一致的幾項舉措所取得的進展。

These pillars significantly contribute to our market leadership, operational soundness and the scalability of our business model.

這些支柱對我們的市場領導地位、營運穩健性和業務模式的可擴展性做出了重大貢獻。

Please go to Slide 4.

請轉到投影片 4。

Under our first pillar, which embraces our client-centric approach.

在我們的第一個支柱下，它包含了我們以客戶為中心的方法。

We would like to share the developments we have made as a part of our capabilities as our service model.

我們希望分享我們作為服務模式能力的一部分所取得的進展。

This model is based on the open banking regulations approved in Colombia, making it that Ferrer country in Latin America to achieve this significant milestone following Brazil and Chile deregulation establishes foundation for financial and nonfinancial entities to disclose coordinate and utilize data.

該模型基於哥倫比亞批准的開放銀行法規，使其成為繼巴西和智利放鬆管制之後拉丁美洲費雷爾國家實現這一重要里程碑的國家，為金融和非金融實體披露協調和利用數據奠定了基礎。

It complements the Central Bank's immediate payments system framework introduced in October and anticipated to be fully operational by 2025.

它補充了央行 10 月推出的即時支付系統框架，預計將於 2025 年全面投入運作。

While there are some potential risks to our strong position in the transactional space, we anticipate numerous opportunities and avenues for growth.

儘管我們在交易領域的強勢地位存在一些潛在風險，但我們預計會有大量的成長機會和途徑。

Our multichannel platform is well established.

我們的多通路平台已經很完善。

We have made significant progress in developing our ecosystem model, and we have already made a range of APAs available the two primary sources of growth originate firstly, from the immediate payment system framework, which will streamline all types of payments processing through the low value payments system managed by the Central Bank with real-time clearing, we are by reducing operational cost and improving user experience.

我們在開發生態系統模型方面取得了重大進展，我們已經提供了一系列預約定價安排，成長的兩個主要來源首先來自即時支付系統框架，該框架將透過低價值支付簡化所有類型的支付處理由央行管理的即時清算系統，我們透過降低營運成本並改善用戶體驗。

Secondly, it will enable us to further integrate our financial capabilities into new marketplaces, promoting financial inclusion and enhancing the value proposition for our clients.

其次，這將使我們能夠進一步將我們的金融能力融入新市場，促進金融包容性並增強客戶的價值主張。

Notably, we pioneered the launch of a new feature on our app for account aggregation, allowing our clients to manage all their financial data in a centralized location and interact seamlessly through a single app.

值得注意的是，我們率先在應用程式上推出了帳戶聚合的新功能，使我們的客戶能夠在集中位置管理所有財務數據，並透過單一應用程式無縫互動。

Furthermore, we are delighted with the positive development and performance of our banking as a platform as a service model.

此外，我們對銀行業平台即服務模式的正面發展和表現感到高興。

As they have enabled us to innovate and explore novel business models.

因為它們使我們能夠創新和探索新穎的商業模式。

As of the end of 2023, we have processed close to 50 million transactions, resulting in deposits and fees of MXN7.7 billion.

截至 2023 年底，我們已處理近 5,000 萬筆交易，產生的存款和費用為 77 億墨西哥比索。

Notably, these models have demonstrated remarkable growth with compelling compounded annual growth rates, 16% and 14%, respectively over the past five quarters.

值得注意的是，這些模型表現出了顯著的成長，在過去五個季度中複合年增長率分別為 16% 和 14%。

This indicates the substantial potential for further expansion under our ecosystem approach in slide 5, under our second value driving pillar that focuses on our digital capabilities and multichannel platform.

這表明在幻燈片 5 中的生態系統方法下，在我們的第二個價值驅動支柱（專注於我們的數位能力和多通路平台）下，進一步擴展的巨大潛力。

I would like to elaborate on what we believe is the most compelling evidence of the robust competitive advantage we have built in this area for over a decade.

我想詳細闡述我們認為十多年來我們在這一領域建立的強大競爭優勢的最令人信服的證據。

We have strategically invested in the development of comprehensive, resilient, multichannel and interoperable platform.

我們策略性地投資於開發全面、有彈性、多通路和可互通的平台。

We recognize the critical role of each channel in our business.

我們認識到每個管道在我們業務中的關鍵作用。

As illustrated in the accompanying graphs, the platform has emerged as a powerful instrument for acquiring new customers, particularly those who are unbanked or underbanked and seek affordable money transfers and cash withdrawal solutions.

如附圖所示，該平台已成為獲取新客戶的強大工具，特別是那些沒有銀行帳戶或銀行服務不足並尋求負擔得起的匯款和現金提取解決方案的客戶。

Consequently, we have achieved exponential growth in transactional volume, increase fee revenue and significantly in taste our ability to attract and retain the best in response, there has been a substantial raise in highly diversified, low-value and low-cost sticky deposits.

因此，我們實現了交易量的指數級增長，手續費收入增加，並顯著提高了我們吸引和保留最佳響應能力的能力，高度多元化、低價值和低成本的黏性存款大幅增加。

These deposits have primarily come in through savings accounts and more recently through digital time deposits.

這些存款主要透過儲蓄帳戶進入，最近又透過數位定期存款進入。

Notably, digital time deposits have experienced a remarkable compounded our annual growth rate of 125% over the past five years, aligning with our digital transformation.

值得注意的是，數位定期存款在過去五年中實現了 125% 的年複合成長率，與我們的數位轉型保持一致。

Certainly, this well-structured strategy serves as a reliable foundation for maintaining a competitive funding cost, thereby enhancing mean performance and overall profitability on slide 6 under our fair value driving pillar of structural capabilities that provide distinct market advantage, I would like to highlight the credit risk model we have developed for corporates, midsized companies and most SMEs.

當然，這種結構良好的策略為維持具有競爭力的融資成本奠定了可靠的基礎，從而在我們提供明顯市場優勢的結構能力的公允價值驅動支柱下提高幻燈片6 上的平均績效和整體盈利能力，我想強調我們為企業、中型企業和大多數中小企業開發的信用風險模型。

We consider this model as a key differentiator in assessing credit risk, which significantly contributes to superior performance of our commercial loan portfolio compared to that of major Colombian banks.

我們認為該模型是評估信用風險的關鍵差異化因素，與哥倫比亞主要銀行相比，這極大地有助於我們的商業貸款組合表現優異。

This is evident in the latest report released by the Colombian Financial Superintendent, which measures performance based on a on the 90 days past due loans fresh, our motive employs an end to end credit cycle approach, supported by a comprehensive suite of tools for an assessment rating follow up on collections, underpinned by extensive research and well articulated sectorial risk assessments our model provides an in-depth understanding of each industry and its cycles.

這在哥倫比亞金融監管機構發布的最新報告中顯而易見，該報告根據逾期 90 天的貸款來衡量業績，我們的動機採用端到端信貸週期方法，並得到一套全面的評估工具的支持以廣泛的研究和明確的部門風險評估為基礎，對收藏品進行評級跟進，我們的模型提供了對每個行業及其周期的深入了解。

This enables us to effectively diversify our portfolio 75 early warning signals, anticipate potential challenges and support our customers with tailored solutions.

這使我們能夠有效地多樣化我們的投資組合 75 個預警信號，預測潛在的挑戰並為我們的客戶提供量身定制的解決方案。

Most notable and unparalleled feature is the advanced analytical models.

最顯著且無與倫比的功能是先進的分析模型。

It draws upon the client's transactional and cash flows, Insights capture on our multichannel platform.

它利用了客戶的交易和現金流，以及我們多通路平台上捕獲的見解。

This provides a unique risk perspective, freeing us from the sold reliance on financial statements.

這提供了獨特的風險視角，使我們擺脫了對財務報表的過度依賴。

By leveraging our unparalleled insights, we have meticulously crafted our robust risk assessment framework.

透過利用我們無與倫比的洞察力，我們精心打造了強大的風險評估框架。

His framework has been instrumental in evaluating other GBP600 on SMEs and 15,000 corporate clients in Colombia.

他的框架在評估哥倫比亞中小企業和 15,000 家企業客戶的其他 GBP600 方面發揮了重要作用。

Currently, we manage approximately COP120 trillion in commercial loans under this model.

目前，我們在此模式下管理約 120 兆哥倫比亞比索的商業貸款。

Notably, our portfolio has consistently outperformed industry peers.

值得注意的是，我們的投資組合一直優於業界同業。

Lastly, on Slide 7, regarding our fourth value-driving pillar, which is the culture of efficiency and productivity, we would like to present the evolution of our digitalization strategy.

最後，在投影片 7 上，關於我們的第四個價值驅動支柱，即效率和生產力文化，我們希望介紹我們數位化策略的演變。

In addition to the benefits of attracting more clients and transactional flows discussed earlier, it has also provided substantial efficiency gains and flexibility, enabling us to allocate resources more effectively over the past decade, there has been a significant shift in the way monetary and non-monetary transactions are processed in the early 20 tens.

除了前面討論的吸引更多客戶和交易流量的好處外，它還提供了實質性的效率收益和靈活性，使我們能夠在過去十年中更有效地分配資源，貨幣和非貨幣方式發生了重大轉變。貨幣交易的處理時間為二十出頭。

Nearly 30% of these transactions were conducted through physical channels such as branches.

其中近30%的交易是透過分行等實體管道進行的。

However, by the end of 2023, this figure has amounted to just 8.3% with branches accounting for a mere 0.3% of all transactions.

然而，到 2023 年底，這一數字僅為 8.3%，其中分支機構僅佔所有交易的 0.3%。

This strategic shift has involved the closure or transformation of branches into sales points.

這一策略轉變涉及關閉分支機構或將其轉變為銷售點。

We gain of routing transactions through less expensive channels.

我們透過更便宜的管道進行交易。

Consequently, we have successfully reduced our overall fixed cost by replacing physical channels, primarily branches with digital channels, some variable cost based channels such as banking agents.

因此，我們透過以數位管道、一些基於可變成本的管道（例如銀行代理）取代實體管道（主要是分行），成功降低了整體固定成本。

This strategic move has enabled us to expand our reach and EnCase user experience while maintaining operational efficiencies QUARTER mode.

這項策略性措施使我們能夠擴大我們的覆蓋範圍和 EnCase 用戶體驗，同時保持 QUARTER 模式的營運效率。

We are pleased to report continued advancements in the scalability of our business model, which will enable us to capture additional gains in efficiency and productivity.

我們很高興地報告我們業務模式的可擴展性不斷取得進步，這將使我們能夠在效率和生產力方面獲得額外的收益。

Now I would like to invite Christian better closer to provide further elaboration on our Q4 2023 results for Simberi.

現在，我想邀請 Christian Better 進一步闡述我們的 Simberi 2023 年第四季業績。

Thank you, Juan Carlos, please go to Slide 8 to discuss the results of our Central American operation.

謝謝胡安卡洛斯，請轉到幻燈片 8 討論我們中美洲業務的結果。

Despite the lower share of the Central American loan book on a consolidated basis, explained to a large extent by the peso appreciation.

儘管中美洲貸款總額的比例較低，但很大程度上是由於比索升值造成的。

Almost all banks increase its contribution to net income.

幾乎所有銀行都增加了對淨利潤的貢獻。

However, when broken down by each bank, the performance in the quarter is nice.

然而，如果按每家銀行細分，本季的表現還是不錯的。

Banistmo, sustain its name despite a loan contraction and that group lower provision charge, but delivered a lower return on equity quarter-over-quarter on the back of higher costs.

儘管貸款收縮且撥備費用較低，但 Banistmo 仍維持其名稱，但由於成本上升，股本回報率較上季較低。

Likewise, Banco Agrícola also posted lower interest income due to a higher income expenses and below average provision charges as the loan portfolio performed better than expected, contributing to a higher return on equity versus the previous quarter that we had 24.1%.

同樣，由於貸款組合的表現優於預期，銀行的利息收入也有所下降，原因是收入費用較高且撥備費用低於平均水平，從而導致股本回報率高於上一季的 24.1%。

On the other hand, Banco Mercantile had low loan book growth as well, a large commercial loan prepayment and subdued growth in consumer.

另一方面，商業銀行的貸款帳面成長也較低，商業貸款提前還款較多，消費者成長也疲軟。

That impact interest income provision charges increased on the back of old vintages, consumer loans and a corporate loan driving net income to loss.

由於舊年份、消費貸款和企業貸款導致淨收入虧損，利息收入撥備費用增加。

It is also worth mentioning that despite higher loan deterioration, all three banks run with a comfortable level of 90 days past due loans coverage, providing balance sheet protection.

另外值得一提的是，儘管貸款惡化程度較高，但這三家銀行的逾期貸款覆蓋率都處於 90 天的寬鬆水平，為資產負債表提供了保護。

We remain positive on itself, almost micro performance, but more cautious about Guatemala given the most recent political and social unrest with Panama due to the more challenging fiscal outlook, expect the lower tax collection.

我們對本身保持樂觀，幾乎是微觀表現，但鑑於巴拿馬最近因財政前景更具挑戰性而發生的政治和社會動盪，對危地馬拉更加謹慎，預計稅收將減少。

Please go to slide 9, consistent with the trend seen in the previous quarter.

請看投影片 9，與上一季的趨勢一致。

The consolidated loan book contracted 1.5% quarter over quarter and almost 6% year over year.

綜合貸款帳簿季減 1.5%，年減近 6%。

Not surprisingly, this reduction reaffirms the impact of the persisting high interest rate piece has discarded credit demand has provided incentives for prepayments on shorter dated loans that limits the loan book growth.

毫不奇怪，這種減少再次證實了持續高利率的影響已經放棄了信貸需求，刺激了短期貸款的提前還款，從而限制了貸款帳面的增長。

Furthermore, at 20.5% year-over-year peso appreciation reduced the contribution of the loans denominated in USD net of FX, the loan portfolio would have increased 1.5% on a yearly basis.

此外，比索年比升值 20.5%，減少了以美元計價的貸款（扣除外匯）的貢獻，貸款組合將年增 1.5%。

From a segment perspective, consumer portfolio keep driving the largest contraction with a 2.6% reduction quarter over quarter and 8.4% year over year as expected.

從細分市場來看，消費者投資組合持續推動最大收縮，季減 2.6%，年減 8.4%，符合預期。

Please go to Slide 10.

請轉到投影片 10。

Total deposits increased 1.5% quarter over quarter, explain most by a seasonal effect as the government related entities in Colombia tend to increase its deposits on year in year, overdue deposits dropped 1.2%, consistent with a weaker credit demand.

總存款較上季成長 1.5%，主要原因是季節性影響，因為哥倫比亞政府相關實體傾向年比增加存款，逾期存款下降 1.2%，與信貸需求疲軟一致。

Nevertheless, there was an interesting change in the funding mix dynamics during the quarter as time deposits dropped 3%, whereas savings current accounts and other deposits increased Neil, over to you, however, and deposits increased its share in the total funding mix to 35%, up from 30% after the strong growth of the first half of the year consistently on a daily basis, the pace of growth of time deposits dropped 15.3%.

儘管如此，本季的資金組合動態發生了有趣的變化，定期存款下降了 3%，而儲蓄往來帳戶和其他存款則增加了尼爾，然而，存款在總資金組合中的份額增加至 35 %，繼上半年持續強勁成長後的30%，以日計算，定期存款成長回落15.3%。

Main grounds for lower interest is here.

利息降低的主要原因就在這裡。

Consequently, the cost of funding fell slightly to 5.8%.

因此，融資成本小幅下降至 5.8%。

And as a signal of interest expenses reduction, asset rates subside, a situation for which we continue adjusting our liability structure to provide margin protection.

作為利息支出減少的訊號，資產利率下降，我們將繼續調整負債結構以提供保證金保護。

Somebody will fact, Sergio, in the share of fixed rate time deposits maturing in less than a year was 70%, up from 68% as of September.

Sergio，有人會說，一年以內到期的固定利率定期存款比例為 70%，高於 9 月的 68%。

Please go to Slide 11.

請轉到投影片 11。

Total interest income and valuation of financial instruments increased 4% quarter over quarter, supported by first at 67%.

總利息收入和金融工具估值較上季成長 4%，最初為 67%。

Growth on interest and valuations from financial instruments as per higher valuation on any large securities portfolio held during the period, coupled with a fall in rates, and second by a 1% growth on interest income on loans and financial leases, mainly attributable to the loan portfolio repricing dynamic.

由於在此期間持有的任何大型證券投資組合的估值較高，加上利率下降，金融工具的利息和估值增長，其次是貸款和金融租賃的利息收入增長 1%，主要歸因於貸款投資組合重新定價動態。

On a yearly basis, total interest income on valuation of financial instruments increased 38%, albeit at a lower pace than the previous year and driven mainly by a 42% growth on interest on loans on financing leases.

以年計算，金融工具估值總利息收入成長 38%，但增幅低於上年，主要是由於融資租賃貸款利息增加 42%。

On the other hand, interest expenses was flat quarter over quarter.

另一方面，利息支出則是環比持平。

Interest on deposits remain unchanged, coupled with a slight reduction on interest on bonds and interbank, both on an annual basis.

存款利息維持不變，債券和銀行同業利息均按年度略有下降。

However, interest expenses grew 97%, driven mainly by 117% increase on interest expense on deposits after the larger stake of time deposits and higher interest rates.

然而，利息支出成長97%，主要是由於定期存款比例增加和利率提高後存款利息支出增加117%。

Nevertheless, the pace of annual growth is subsidizing consistent with the annual drop-off POLICY.

儘管如此，年度成長速度的補貼與年度下降政策是一致的。

Despite the loan book contraction, NII grew 8% quarter over quarter and 11% year over year due to an increase in interest income.

儘管貸款帳面收縮，但由於利息收入增加，NII 環比增長 8%，年增 11%。

Wyatt's interest expense remained flat and is mainly attributable.

懷亞特的利息支出保持平穩，主要歸因於。

So the Colombian operation as 67% of the loan portfolio is floating in contrast to 34% of deposits since the name in Colombia West receiving for subsea bang information on short-term reference interest rate has shown on the bottom hand side graph consistently with the overall name expanded 37 basis points quarter-over-quarter to seven points, 28%, driven by the remarkable 354 basis points expansion in the investment margin.

因此，哥倫比亞業務中 67% 的貸款組合處於浮動狀態，而 34% 的存款則處於浮動狀態，因為哥倫比亞西部接收短期參考利率海底爆炸訊息的名稱已顯示在下側圖上，與整體情況一致受投資利潤率顯著擴大354 個基點的推動，該名稱環比擴大37 個基點，達到7 個基點，即28%。

As for the securities portfolio, strong performance fees use of World coupled with an 11 basis points growth on the lending boost mean for the full year was 7% at 20 basis points expansion year over year on the back of a strong 8% online in Colombia, reaffirming the competitive advantage in funding and it's asset sensitive condition.

至於證券投資組合，世界銀行業績表現費使用強勁，加上貸款刺激增長 11 個基點，全年平均增長 7%，同比增長 20 個基點，哥倫比亞在線增長 8% ，重申了融資方面的競爭優勢及其資產敏感狀況。

Please go to Slide 12.

請轉到投影片 12。

Net fee income increased 7% quarter over quarter, mainly attributable to a higher volume of transactions associated to a year and seasonality.

淨費用收入較上季增加 7%，主要歸因於與年份和季節性相關的交易量增加。

Payment and collections.

付款和收款。

Banking and bank assurance related fees grew the most on the personal touch basis on a quarterly and yearly basis.

從個人角度來看，銀行和銀行擔保相關費用按季度和年度增長最快。

However, going to do it, you close to 5%, admittedly below expectations as fee expenses growth outpaced the fee income growth, coupled with the higher third-party provided cost on processing charges, fee income ratio for the full year reached almost 19%.

然而，要做到這一點，你接近5%，誠然低於預期，因為手續費支出增長超過了手續費收入增長，再加上第三方提供的手續費成本較高，全年手續費收入比例達到近19% 。

Please call to Slide 13.

請致電投影片 13。

As shown in the upper left hand side chart, the slowdown in the bond more past due loan formation continued during the quarter, consistent with the trend seen since the second quarter of 2023.

如左上圖所示，本季債券逾期貸款形成持續放緩，與 2023 年第二季以來的趨勢一致。

It was though, admittedly at a slower pace than expected.

但不可否認的是，速度比預期慢。

These, coupled with an uplift in charge-offs quarter-over-quarter, prove our efforts and commitment preserve healthy balance sheet.

這些，再加上沖銷逐季增加，證明我們的努力和承諾維持了健康的資產負債表。

Despite this positive high beta steel mine new past due loan evolution, asset quality metrics exceeded our quarterly and annual deterioration.

儘管高貝塔鋼礦新的逾期貸款出現積極的變化，但資產品質指標超過了我們季度和年度的惡化程度。

At the 90 days past due loan ratio reached 3.3%, implying 110 bps year-over-year improvement explained by the loan portfolio contraction during the last 12 months rather than by escalation in the pace of past due loans.

90 天逾期貸款比率達到 3.3%，意味著年比改善 110 個基點，原因是過去 12 個月貸款組合收縮，而不是逾期貸款速度上升。

On the other hand, given the higher charge-offs in the quarter and the fact that some loans of which provisions had already been charged became due during the period.

另一方面，鑑於本季沖銷額較高，且部分已提列撥備的貸款在此期間到期。

The 90 days past due loans coverage ratio fell to 184% as though still probing strong coverage to the balance sheet.

逾期 90 天的貸款覆蓋率降至 184%，似乎仍在探索資產負債表的強勁覆蓋。

Moreover, net provision expenses for credit losses for the quarter was COP1.7 trillion, a 7% increase quarter-on-quarter and equivalent to a cost of risk of 2.7% for the period when breaking down the provision charge for the quarter into its companies that software needs.

此外，本季信貸損失的淨撥備費用為 1.7 兆哥倫比亞比索，環比成長 7%，相當於將本季的撥備費用分解為 2.7% 的風險成本。需要軟體的公司。

First on the SME segment, there was that 22 Colombian billion MXN decrease quarter over quarter, driven by releases related to loan prepayments.

首先，在中小企業領域，由於貸款預付款相關釋放，季度環比減少了 22 億哥倫比亞比索。

Second, on the consumer segment, provision expenses was almost flat quarter over quarter as past-due loan formations being contained as we will further elaborate.

其次，在消費領域，由於逾期貸款形成受到遏制，撥備支出季比幾乎持平（我們將進一步闡述）。

Sir, on the large exposure segment, there was half Colombian pesos, COP168 billion charge explained by additional provisions on a handful of loans related to construction and retail sector and fourth indication of midsized companies and corporates.

主席先生，在大型風險敞口部分，有一半哥倫比亞比索，1680 億哥倫比亞比索費用，解釋為與建築和零售行業相關的少數貸款的附加條款，以及中型公司和企業的第四個跡象。

Spinraza COP93 billion release provides several prepayment settlements with clients year over year, net provision charge increased 97% attributable mainly to deterioration in the consumer segment in Colombia, as we will further elaborate and to a lesser extent on SME and a certain corporate loans consistent with the current economic and credit cycle.

Spinraza 釋放的930 億哥倫比亞比索與客戶同比提供了多項預付款結算，淨撥備費用增加了97%，這主要是由於哥倫比亞消費領域的惡化，我們將在較小程度上進一步闡述中小企業和某一些企業貸款，這與當前的經濟和信貸週期。

From an expected loss perspective, stage one remain flat year over year as if the relation is being contained, whereas the stage to decrease and Stage three increased aspect nonperforming loans rollovers.

從預期損失的角度來看，第一階段同比持平，似乎這種關係正在被遏制，而不良貸款展期則減少到第三階段。

However, the combined coverage for the Stage two and three loans increased 17 basis points to almost 40%.

然而，第二階段和第三階段貸款的綜合覆蓋率增加了 17 個基點，達到近 40%。

Going forward, we remain confident, but the pace of past due loan formation would keep it slow down trend due to all measures taken and at lower rates, we leave some pressures on debt of cash flows.

展望未來，我們仍然充滿信心，但由於採取了所有措施，逾期貸款形成的速度將保持放緩趨勢，並且利率較低，我們給現金流債務留下了一些壓力。

However, we remain cautious and expect higher delinquencies in Nielsen's on the back of the weaker economy performance.

然而，我們仍持謹慎態度，預計由於經濟表現疲軟，尼爾森的拖欠率將上升。

Moving to the Slide number 14, our fourth distribution on credit quality, Colombia, in line with the past quarters, especially in loans that hold a 52% share of consumer loans accounted for most of the deterioration during the period increasing its 90-day past-due ratio to 7.4%, reaching a cost of risk of 16.7%.

轉到投影片 14，這是我們對哥倫比亞信貸品質的第四次分佈，與過去幾季一致，特別是佔消費貸款 52% 份額的貸款是過去 90 天期間惡化的主要原因-到期比率達到7.4%，風險成本達16.7%。

We'd have 20% of loans in Stage two and three.

我們在第二階段和第三階段有 20% 的貸款。

On the flip side, credit cards, auto loans and payroll loans all performed better, reducing their cost of risk and the share of loans in Stage two and three signaling better asset quality conditions have.

另一方面，信用卡、汽車貸款和工資貸款都表現更好，降低了風險成本以及第二和第三階段的貸款比例，顯示資產品質狀況有所改善。

Moreover, when it comes to evolution of past due loan formation is shown on the upper right hand side graph, despite the low new past due loan level in the quarter, the ratio of the degradation increased due to a high level of charge-offs, notwithstanding the above party loan formation in the second half of the year, certainly grown below the average of the first half.

此外，當涉及逾期貸款形成的演變時，如右上圖所示，儘管本季度新增逾期貸款水平較低，但由於沖銷水平較高，退化比率有所增加，儘管下半年的黨貸形成量肯定低於上半年的平均值。

And most importantly, new vintages in Colombia continue to perform well.

最重要的是，哥倫比亞的新年份酒繼續表現良好。

And those we foresee an improvement in all metrics going forward.

我們預計未來所有指標都會有所改善。

As a matter of fact, after falling for three consecutive quarters, the volume of new consumer loans slightly increased during the fourth quarter, leverage on the new originations, and that is on the portfolio better performance as a sector-wide metrics.

事實上，在連續三個季度下降之後，第四季度新增消費貸款數量略有增加，新發貸款的槓桿作用，以及作為全行業指標的投資組合的更好表現。

We continue performing with the lowest 90 days past due loan ratio for the Colombian financial system as an October of 2023, driven by our superior risk framework and capabilities that allow us to better asses credit behavior and mitigate liquidity.

截至 2023 年 10 月，我們繼續維持哥倫比亞金融體系最低的 90 天逾期貸款比率，這得益於我們卓越的風險框架和能力，使我們能夠更好地評估信貸行為並緩解流動性。

Please go to Slide number 15.

請轉到投影片 15。

The cost to income ratio for the period was 48.6% as operating expenses grew 6.6% quarter over quarter attributable to IT investments and general expenses.

該期間的成本收入比為 48.6%，由於 IT 投資和一般費用，營運費用較上季增加 6.6%。

On the other hand, personnel-related expenses were flat quarter over quarter.

另一方面，與人事相關的費用則是環比持平。

On a yearly basis, operating expenses grew almost 19%, driven by the high annual wage increase.

在年度薪資高成長的推動下，營運費用年增近 19%。

Other taxes introduced the tax refund of 2022 in 90 related investments devoted mainly to the journey to the cloud and business transformation.

其他稅種推出了2022年90項相關投資的退稅，主要致力於雲端之旅和業務轉型。

However, it is worth mentioning that the pace of OpEx growth, we see that during the second half of the year keeping the informing of cost control measures.

然而，值得一提的是，從營運支出的成長速度來看，我們看到下半年成本控制措施的持續推進。

Moreover, if we were to deduct taxes, actuarial valuations and certain employee benefits and FX variations, the annual growth of operating expenses would have been 14%.

此外，如果我們扣除稅收、精算估值以及某些員工福利和匯率變化，營運費用的年增長率將為 14%。

In tandem, we've been finishing the efficiency ratio for the full year was 45.3%, a slight increase compared to 20.2, given the overall higher cost and taxes entitlements.

同時，考慮到整體較高的成本和稅收權利，我們全年的效率比率為 45.3%，與 20.2% 相比略有增加。

Please go to Slide 16.

請轉到投影片 16。

Net income for the quarter was COP1.4 trillion, equivalent to a 3% drop quarter over quarter and COP6.1 trillion for the full year, equivalent to a 10% drop due to the June driven by lower income generation aspect, the loan book contraction and the FX appreciation in tandem with higher credit and operating expenses.

本季淨收入為 1.4 兆披索，相當於季減 3%；全年淨收入為 6.1 兆披索，相當於下降 10%，原因是 6 月收入下降、貸款帳簿導致緊縮和外匯升值伴隨著信貸和營運費用的增加。

John return on equity receded to 15.2% in the quarter and 16.1% in the full year, which adjusted for goodwill result in a return of tangible equity of 21%.

John 本季的股本回報率回落至 15.2%，全年回落至 16.1%，經商譽調整後，有形股本回報率為 21%。

That shows the profitability of the operation and related of goodwill related costs.

這顯示了營運的獲利能力以及相關的商譽相關成本。

And finally, on Slide 17, we present the evolution of capital generation.

最後，在投影片 17 上，我們展示了資本產生的演變。

Shareholders' equity grew 1.5% quarter-over-quarter and contracted 2.6% year over year in tandem with assets reflecting the fund's capital generation capacity that preserves a sound balance sheet structure.

股東權益環比成長 1.5%，年減 2.6%，資產反映了基金的資本產生能力，維持了穩健的資產負債表結構。

Basel three total capital adequacy ratio reached 15.4%, increasing 57 basis points over the quarter and six basis points do other deals on the back of a strong Tier one expansion with 105 basis points due to the June increase attaining 11.4% for year end.

巴塞爾三級資本適足率總資本充足率達到15.4%，較本季增加57 個基點，在一級資本擴張強勁的背景下，其他交易也增加了6 個基點，其中6 月份資本充足率年末增長11.4%，達105 個基點。

This positive expansion is the result of net income generation, lower risk-weighted assets and FX appreciation during the year.

這種積極的擴張是年內淨收入產生、風險加權資產降低和外匯升值的結果。

With this, I will hand over the presentation back to Juan Carlos for some final remarks.

至此，我將把簡報交還給胡安·卡洛斯，讓他做最後的評論。

Juan, thank you for somewhere to Please proceed to Slide 18 for some remarks concerning our sustainability strategy.

Juan，謝謝您提供的資訊。請繼續觀看投影片 18，以了解有關我們永續發展策略的一些評論。

As of the conclusion of the year 2023, we have successfully exceeded COP340 trillion milestone in its total disbursements on their of our business with purpose strategy, which was initiated in 2020, notably approximately PHP38 trillion worth of new loans were granted during the preceding year.

截至 2023 年結束，我們的業務支出總額已成功突破 340 兆比索里程碑，該策略於 2020 年啟動，特別是在前一年發放了價值約 38 兆比索的新貸款。

These loans have been instrumental in providing financial support for various initiatives, including small-scale agribusiness ventures, green building projects on gender related endeavors among quarters.

這些貸款有助於為各種措施提供財務支持，包括小型農業企業、各季度與性別相關的綠色建築項目。

With regard to environmental matters, we are pleased to inform you that we successfully completed our first set of disclosure information in accordance it says be standards for the commercial mortgage investment banking and asset management unit last year.

關於環境問題，我們很高興地通知您，去年我們按照商業抵押投資銀行和資產管理部門的標準成功完成了第一套資訊揭露。

Additionally, for the third consecutive year, we have released our TCFD report as mandated by local regulations, thereby enhancing the understanding of our commitments and accomplishments in terms of economics.

此外，我們連續第三年根據當地法規的要求發布了TCFD報告，從而加深了對我們在經濟方面的承諾和成就的理解。

The Dow Jones Global Sustainability Index recently evaluated us one more, and we receive a score of 78 out of 100 points This accomplishment is testament of the strength influence and openness of our ESG framework.

道瓊全球永續發展指數最近再次對我們進行了評估，我們的得分為 78 分（滿分 100 分），這一成績證明了我們 ESG 框架的實力影響力和開放性。

Finally, on the social front, 12 of the financial education programs, we decided to provide financial well-being to our customers were assessed certify by the superintendency under its standards, making us the leader in this important area in Colombia.

最後，在社會方面，我們決定為客戶提供金融福利的 12 項金融教育計畫已由監管機構根據其標準進行評估和認證，使我們成為哥倫比亞這一重要領域的領導者。

Lastly, on slide 19, I will share our guidance for the end of 2024.

最後，在投影片 19 上，我將分享我們對 2024 年底的指導。

Based on the current data and our macroeconomics forecast by the end of 2024, we anticipate a loan growth of approximately 3% in peso-denominated loans and 5.1% in dollar denominated loans.

根據目前數據和我們對 2024 年底的宏觀經濟預測，我們預計比索計價貸款將成長約 3%，美元計價貸款將成長 5.1%。

We project a net interest margin of around 6.8% based on the expected lower average reference rate saved by the Central Bank cost of risk is anticipated to decline 2.6%, driven by lower interest rates and inflation.

基於央行平均參考利率降低，我們預期淨利差約為 6.8%，在利率下降和通膨下降的推動下，風險成本預計將下降 2.6%。

Efficiency ratio is expected to be approximately 49%, influenced by reduced interest income and ongoing investments in business transformation.

受利息收入減少和業務轉型持續投資的影響，效率比率預計約為49%。

Consequently, we forecast a return on equity in the range of 14% and a common equity Tier one ratio of around 11%.

因此，我們預期股本回報率將在 14% 左右，普通股一級資本比率將在 11% 左右。

In closing, I would like to inform you that we recently announced the proposed dividend, which will be discussed at the annual shareholders meeting on March 15th.

最後，我想通知您，我們最近宣布了擬議股息，並將在 3 月 15 日的年度股東大會上討論。

The dividend paid out will be 62% equivalent to COP3.4 trillion and will be paid in for corporate statements of COP3,535 per share throughout the.

支付的股息將佔 62%，相當於 3.4 兆比索，並將在整個公司報表中支付每股 3,535 比索。

With that, we conclude our remarks for on the fourth quarter 2023 results.

至此，我們結束了 2023 年第四季業績的評論。

We are now ready to address any questions you may have.

我們現在已準備好解決您可能提出的任何問題。

Thank you.

謝謝。

We will now begin the question and answer session.

我們現在開始問答環節。

If you have a question, please press star one on your touchtone phone.

如果您有疑問，請按按鍵式電話上的星號一。

If you wish to be removed from the queue, please press star two.

如果您希望從佇列中刪除，請按星二號。

If you're using a speakerphone, you may need to pick up the handset first before pressing the numbers.

如果您使用免持電話，則可能需要先拿起聽筒，然後再按號碼。

Once again, if you have a question, please press star then one on your touchtone phone One moment while we poll for questions.

再次強調，如果您有疑問，請在您的按鍵式電話上按星號，然後再按一個，我們會輪詢問題。

Our first question comes from Tito Labarta with Goldman Sachs.

我們的第一個問題來自高盛的蒂托·拉巴塔（Tito Labarta）。

Please proceed with your question.

請繼續你的問題。

Hi, good morning and thank you for the call and taking my question, my question on the efficiency guidance that you gave.

您好，早安，感謝您致電並回答我的問題，即關於您提供的效率指導的問題。

I understand you have some pressure on margins from low rates.

我知道你們的利潤率因低利率而面臨一些壓力。

Can you what kind of expectations you have there for expense growth and fee income growth and how long you think you'll continue to invest sort of from a digital perspective?

您對費用成長和費用收入成長有什麼樣的預期？從數字角度來看，您認為您將繼續投資多久？

When could you see some benefits from that?

什麼時候可以從中看到一些好處？

And where should we think of the efficiency ratio sort of longer term as things normalize?

隨著情況正常化，我們應該在哪裡考慮長期效率比率？

Thanks.

謝謝。

I think our guidance regarding efficiency for 2020 for its 49% and let me explain why we ended 2023 in around 45% figure on efficiency was happen.

我認為我們對 2020 年效率的指導是 49%，讓我解釋為什麼我們在 2023 年結束時效率達到了 45% 左右。

What we think will happen during 2024 is that we will have some decrease on the on margins volume, even though we expect some loan growth and we expect to be that loan growth of around 8%.

我們認為 2024 年期間我們的保證金數量將會下降，儘管我們預計貸款會有所增長，而且我們預計貸款增長將在 8% 左右。

But the combination that I do not have big growth on volume on a slight pressure on margins will affect the income.

但我的銷售量沒有大幅成長，利潤率略有壓力，這兩者結合起來會影響營收。

And on the expenses side, we expect the in general the total expenses to grow of around of around 9% that if you do the math, that implies that the result is not 49% efficiency ratio that I'm mentioning, we have the source from the income side.

在費用方面，我們預計整體費用將成長約 9% 左右，如果你計算一下，這意味著結果不是我提到的 49% 效率比，我們有來源從收入方面。

And also we are moving to control expenses and to be close to a inflation growth, raise expenses closer to two inflation.

此外，我們正在採取措施控制開支，使開支接近通膨增長，將開支提高到接近兩倍通膨。

And regarding fees, we expect fees to grow around 10% based on our the services that we are providing by coinsurance, say, cards and the different services services that we are providing.

關於費用，根據我們透過共同保險（例如卡）提供的服務以及我們提供的不同服務，我們預計費用將增加 10% 左右。

And that's for 2024.

這是 2024 年的情況。

These are in the years 20, 25 and 2026.

這些是20年、25年和2026年。

We think that efficiency should move up should be around that figure of 50 moving probably between 48 and 52 percentage.

我們認為效率應該提高到 50 左右，可能在 48% 到 52% 之間。

Okay.

好的。

Thanks, Juan Carlos, that's helpful on.

謝謝，胡安·卡洛斯，這很有幫助。

So do you think by 2025 and 26, the expense growth will be closer to inflation or when do you expect the expense growth to be closer to inflation?

那麼您認為到2025年和26年，費用成長將更接近通貨膨脹，還是您預期費用成長何時會更接近通貨膨脹？

And yes, we will move closer to inflation, but I want to address one part of your first question, and it's when are we going to stop investing on digital?

是的，我們將更接近通貨膨脹，但我想解決你第一個問題的一部分，即我們什麼時候停止對數位化的投資？

And I think Ditto with the dynamics of the sector competition, new technologies, it's very, very difficult on the banking sector to stop investing in technology where we will be moving Tors or will be on cloud probably full in 2026.

我認為，隨著行業競爭和新技術的不斷發展，銀行業很難停止對技術的投資，因為我們將在 2026 年將 Tors 遷移到雲端，或將在雲端上全面部署。

And that will help very a lot on expenses.

這對開支有很大幫助。

And we can be more have more agile, but expenses on technology will will will be important in the coming years.

我們可以變得更加敏捷，但未來幾年技術支出將非常重要。

Great, thanks.

萬分感謝。

That's helpful.

這很有幫助。

Juan Carlos, sorry if I can just one follow-up.

胡安卡洛斯，抱歉，我只能跟進一次。

I guess from that perspective, how do you feel like you are sort of the competition from fintechs, other competitors becoming more digital?

我想從這個角度來看，您如何看待自己是來自金融科技公司的競爭，以及其他變得更加數位化的競爭對手？

You see that as a significant threat on, do you think you're well positioned.

您認為這是一個重大威脅，您認為自己處於有利位置嗎？

And for that, I mean, do you see long-term benefits from that from better efficiency?

為此，我的意思是，您是否認為提高效率會帶來長期好處？

Yes, the competition is increasing.

是的，競爭正在加劇。

There are new players in the market and that's good because that forced us to be also also better.

市場上有新的參與者，這很好，因為這迫使我們也變得更好。

We keep growing on number of customers, number of transactions on our relevance on the Colombia market.

我們在哥倫比亞市場的客戶數量和交易數量不斷增長。

So we compete with with peers for banks like us, but also new commerce.

因此，我們不僅要與像我們這樣的銀行同業競爭，還要與新商業競爭。

As you know, no bank cannot be announced that they now have the authorization of the bank finance superintendency to be or a bank or commercial financial commercial entity as we call it in Colombia.

如您所知，任何銀行都不能宣布它們現在已獲得銀行金融監管機構的授權，成為我們在哥倫比亞所說的銀行或商業金融商業實體。

So they will now will offer savings accounts and that they will be definitely a player.

因此，他們現在將提供儲蓄帳戶，並且他們肯定會成為玩家。

But we think a we are very well positioned.

但我們認為我們處於非常有利的位置。

And the number of clients that we have, the scale and mainly our main advantage is our our network of channels on how they are integrated and the coverage that we have, yes, around the country is it is worth to remember that is still in Colombia and in many other Latin American countries, cash is important.

我們擁有的客戶數量、規模和主要優勢是我們的通路網路如何整合以及我們的覆蓋範圍，是的，值得記住的是，仍然在哥倫比亞在許多其他拉丁美洲國家，現金也很重要。

Sure so how cash in and cash out from the in the digital environment?

當然，那麼如何在數位環境中兌現和兌現呢？

It's very important is as important as the digital environment and you have and we have both.

這非常重要，與數位環境一樣重要，您和我們都擁有。

We have there, the channels and the digital environment.

我們有通路和數位環境。

So competition, of course, always you have to take into account what they do and they are good, definitely.

所以競爭，當然，你總是必須考慮他們所做的事情，而且他們絕對是好的。

But I think at the end we will benefit all the market and to us as a place in this environment.

但我認為最終我們將使所有市場以及我們在這種環境中的地位受益。

Okay, that's great.

好的，太好了。

Thank you.

謝謝。

Juan Carlos.

胡安卡洛斯。

Thank you.

謝謝。

Our next question is from Yuri Fernandes with JPMorgan.

我們的下一個問題來自摩根大通的尤里·費爾南德斯。

Please proceed with your question.

請繼續你的問題。

Hey, guys.

大家好。

No, thank you.

不，謝謝。

I had two quick ones.

我有兩個快的。

One is regarding your tax rate.

一是關於您的稅率。

I know it really depends on ex Colombia operations and also your security in the country.

我知道這實際上取決於前哥倫比亞的業務以及您在該國的安全。

Usually you have some tax-exempt instruments, but our 2025 has been a beacon on the low end, I would say.

通常你會有一些免稅工具，但我想說，我們的 2025 年一直是低端的燈塔。

So just a guidance on the effective tax rate, how much you believe the tax rate should evolve in 2024, 25?

那麼，這只是關於有效稅率的指導，您認為 2024 年稅率應該變化多少，25？

If you see that 25% effective tax rate level is sustainable or if this should be higher?

您認為 25% 的有效稅率水準是否可持續，或者是否應該更高？

That's the first one.

這是第一個。

A second one regarding to you.

第二個是關於你的。

We saw an impairment this quarter.

本季我們看到了減損。

I think this was a headwind for your results about MXN100 billion.

我認為這對您 1000 億墨西哥比索的業績來說是一個不利因素。

So just checking, if you can explain a little bit what happened if you we should see decent turnover on a yearly basis or.

因此，請檢查一下，您是否可以解釋一下發生了什麼，如果我們每年應該看到不錯的營業額或。

No, it's more nonrecurring, and that would be my my second one and a third one, if I may, regarding seats.

不，它更不是經常性的，這將是我的第二個和第三個，如果可以的話，關於座位。

And if you have an estimate on the potential outflow impact from the removal from feature.

如果您對刪除功能造成的潛在流出影響有估計。

That would be my final one.

那將是我的最後一次。

Thank you very much.

非常感謝。

Thank you, Jerry.

謝謝你，傑瑞。

And I am going to address your first question, and I'm going to ask somebody to help me with your third one regarding the FTSE situation in tax rate, I want to be clear regarding the tax rate.

我將解決你的第一個問題，我將請某人幫我解決關於富時指數稅率情況的第三個問題，我想澄清稅率。

We have our statutory tax rate in Colombia and also in the different countries.

我們在哥倫比亞和其他國家都有法定稅率。

But when we combine the tax rates that statutory and effective tax rate in the different geographies and in Colombia on our situation, our fiscal situation in Colombia regarding taxes that 25% effective tax rate that we had in 2023, we think that is sustainable around 26% effective tax rate for the coming two, three or three years.

但是，當我們將不同地區和哥倫比亞的法定稅率和有效稅率與我們的情況結合起來時，我們在哥倫比亞的財政狀況關於 2023 年 25% 有效稅率的稅收，我們認為在 26 左右是可持續的未來兩年、三年或三年的有效稅率%。

So regarding your question on our guidance is our effective tax rate for the coming years, it should be around 26% with the current drop rules that we have a new rig.

因此，關於您對我們指導的問題是我們未來幾年的有效稅率，根據目前我們擁有新鑽機的下降規則，它應該在 26% 左右。

So it is because we have, as I mentioned, a corporate structure that allow us to be efficient.

正如我所提到的，這是因為我們的公司結構使我們能夠提高效率。

Regarding regarding taxes in the coming three, three years your second question, Julien?

關於未來三年、三年的稅務問題，朱利安，你的第二個問題？

Yes, you saw a financial commercial institution date take deposits or mainly the way they fund is through time deposits.

是的，您看到金融商業機構接受存款，或者他們的資金方式主要是透過定期存款。

And during 2023, there were periods in which the liquidity in the Colombian market was it was difficult was tight.

2023年期間，哥倫比亞市場的流動性曾經一度緊張。

And in that situation, a into institutions had to go to a market and they had to pay high interest rates for their funds and not just too many orders.

在這種情況下，投資機構必須進入市場，他們必須為其資金支付高利率，而不僅僅是太多的訂單。

And on the other side, the income was affected because the maximum rate that institutions could charge in Colombia went down because of the Sprint and the sea change the way the formula to calculate it, they will protect the what are the maximum closer to 45%.

另一方面，由於 Sprint 和海洋改變了計算公式的方式，哥倫比亞機構可以收取的最高費率下降，收入受到影響，他們將保護接近 45% 的最高費率。

And that's the cap rate that we had in 2022 to and at some point and came down to 35%, even 33%.

這是我們在 2022 年的某個時候的上限利率，後來降至 35%，甚至 33%。

So that squeezed the margins, if you have the liquidity issue and that you have to pay more for our funds.

因此，如果您遇到流動性問題並且必須為我們的資金支付更多費用，那麼這就擠壓了利潤。

And the income was going down because of what happened with the maximum grade.

由於最高成績的發生，收入也在下降。

So the margin was much lower.

所以利潤要低很多。

And on top of that, there were more risk.

最重要的是，還有更多的風險。

So at the end, what happened is a smaller margin to cover higher risk that's planes, and that happened to other institutions that are entities, financial entities that we are focused on on cards, mainly on credit cards.

所以最後，發生的事情是，較小的保證金來涵蓋飛機的較高風險，而其他機構也是如此，這些實體是我們專注於卡片（主要是信用卡）的實體、金融實體。

So it's not something that happened just to them.

所以這不僅僅是發生在他們身上的事情。

It was a general issue in the market.

這是市場上一個普遍的問題。

We are taking the measures to reverse that situation moving to different products, taking less risk and our risk appetite now is slower.

我們正在採取措施扭轉這種情況，轉向不同的產品，承擔更少的風險，現在我們的風險偏好也有所放緩。

So we expect that, that situation even though we could have some still some pressures in 2024 in 2025 will be will be different and to you will be profitable of, again, a duty and I'm going to pass your third question to José Humberto during confirming.

因此，我們預計，儘管我們在2024 年可能仍面臨一些壓力，但到2025 年，這種情況將會有所不同，對您來說，您將再次從職責中受益，我將把您的第三個問題轉交給何塞溫貝託在確認中。

Yes, the consequences of being removed from the index if we have three different mines are yesterday, Monday and Tuesday, as you probably checked, the price of the ordinary shares dropped at around 5%.

是的，如果我們有三個不同的礦，那麼從指數中刪除的後果就是昨天、週一和週二，正如您可能檢查過的那樣，普通股的價格下跌了 5% 左右。

We believe that the next coming two weeks that would be a stabilization of the price of the share.

我們相信未來兩週股價將趨於穩定。

But then on March 15th, the date in which the new calculation will take effect, we are going to see another drop in the price of the ordinary shares.

但在 3 月 15 日，即新計算生效之日，我們將看到普通股價格再次下跌。

The second element that I have to highlight is the level of floating or the ordinary shares is very low at around 10% of the ordinary shares.

我要強調的第二個因素是流通股或普通股的水平非常低，約為普通股的10%。

So the numbers will changing in these floating.

所以這些浮動中的數字會改變。

The third element is remember that the ADR plant, the preferred shares, those are the issues with the high level of liquidity, and we don't foresee any particular concern regarding those shares summarizing the CLO based on some calculations that we receive from some analysts, that would be a potential seller of at around 77 zero million dollars in the next coming days?

第三個要素是，請記住，ADR 工廠、優先股，這些都是流動性水平較高的問題，根據我們從一些分析師那裡收到的一些計算結果，我們預計這些股票不會出現任何特別的擔憂。 ，在接下來的幾天裡，這將是大約 7700 萬美元的潛在賣家？

No, that's super clear.

不，這非常清楚。

Who's under to super clear.

誰在下超清晰。

And regarding to, yes, I totally get it.

關於，是的，我完全明白。

But my point is that if not for three or are your results, there would be no, even even better this quarter.

但我的觀點是，如果不是三連或你們的成績，就不會有這個季度，甚至會更好。

So I get it's a tough situation in Colombia, but trying to see the glass half full, you know, maybe the underlying results of the bank per se.

所以我知道哥倫比亞的情況很艱難，但試圖看到杯子是半滿的，你知道，也許是銀行本身的潛在結果。

We're better.

我們更好了。

But thanks for the clarification, everyone.

但謝謝大家的澄清。

Thank you and good luck in 2024.

謝謝您，祝 2024 年好運。

Thank you very much, Jody, for your comments, our next question comes from Andres Soto with Santander Bank Mexico.

非常感謝喬迪的評論，我們的下一個問題來自墨西哥桑坦德銀行的安德烈斯·索托。

Please proceed with your question.

請繼續你的問題。

Good morning to all, and thank you for the presentation and the opportunity to ask questions.

大家早安，感謝您的演講和提問的機會。

My first question is related to your outlook for I mean, but not not in 2024, but rather once interest rates normalize in Colombia, what is the level for normalized interest rates.

我的第一個問題與您的展望有關，但不是 2024 年，而是一旦哥倫比亞利率正常化，正常化利率水準是多少。

That will be the first question.

這是第一個問題。

And based on that, what is the realistic expectation of 14?

基於此，14 的現實期望是什麼？

My question basically is in the past, Bancolombia used to operate the name of 5.5%, something like that.

我的問題基本上是在過去，Bancolombia曾經以5.5%的名義運作，類似的東西。

So you are still 130 basis points above the level in 2024.

因此，2024 年的水準仍高出 130 個基點。

I'm curious about the ROE guidance of 14% on what will be the outlook once interest rates fully normalized?

我很好奇 14% 的 ROE 指引，一旦利率完全正常化，前景會怎麼樣？

Thank you, Andreas, a name, as you mentioned, it improved because of what happened with interest rates in the markets where we operate, but also because we change the mix in our balance sheet between commercial and consumer loans.

謝謝你，安德烈亞斯，正如你所提到的，這個名字得到了改善，因為我們經營所在市場的利率發生了變化，而且還因為我們改變了商業貸款和消費貸款之間的資產負債表組合。

So there are two effects the when the normalization of the of the interest rates will we will have pressure on the on the name, of course, what we expect.

因此，當利率正常化時，我們將面臨兩個影響，當然，這是我們所期望的。

And you mentioned 2024, what we expect for 2024 is that the need to be around 6.8 and that normalization process should keep happening.

你提到了 2024 年，我們對 2024 年的期望是需要達到 6.8 左右，並且正常化進程應該繼續進行。

And we expect that margin to be around 6.3, 6.5.

我們預計該利潤率將在 6.3、6.5 左右。

Moving on in the coming years.

在未來幾年繼續前進。

And that's explained mainly for for the mix that we have in our in our balance sheet.

這主要是針對我們資產負債表中的組合進行解釋的。

We have more SMEs and medium enterprises and with we charge higher interest rates to those entities.

我們有更多的中小企業和中型企業，我們向這些實體收取更高的利率。

But also we have a bigger mix of consumer loans.

但我們也有更廣泛的消費貸款組合。

So that's why we expect is that our name should be not is not going to what was our name R. one 6.85 0.9, sorry that we had in the past run.

所以這就是為什麼我們期望我們的名字不應該是我們的名字 R. one 6.85 0.9，抱歉我們在過去的運行中。

With that, I will I could have affirmed that.

有了這個，我就可以肯定這一點。

Where are we in the midterm should be around 14%.

中期我們的成長率應該在 14% 左右。

I don't know if somebody wants to complement me with something in this sense.

我不知道是否有人想在這個意義上補充我的東西。

Yes, Concurrent, thank you.

是的，並發，謝謝。

On the on the funding side, Andreas, we have a structural change, which is you see that Casa represents 50% of the funding and the correlation with the interest rate is lower than the correlation that we are how we did with time deposits.

在資金方面，Andreas，我們有一個結構性變化，你可以看到 Casa 佔資金的 50%，與利率的相關性低於我們與定期存款的相關性。

So for the next cycle, as one mentioned, that the interest rate will come down.

因此，正如有人所提到的，在下一個週期，利率將會下降。

We have, if I may say, network protection because of the cost of funding.

如果我可以說，我們有網路保護是因為資金成本。

And remember than most of our time, deposits are short-term more than 60%.

請記住，我們大多數時候的存款都是短期的，超過 60%。

So that is why our our guidance or our forecasting for Mimi's to remain at the level than one measure, which is and around six point points, we have a handsome battle.

因此，這就是為什麼我們對 Mimi 的指導或預測將保持在一個指標的水平，也就是 6 個點左右，我們有一場漂亮的戰鬥。

And based on these, can you please provide a sensitivity in terms of points versus the policy rate?

基於這些，您能否提供積分與政策利率的敏感度？

Yes, we have been managing our sensitivity because our floating around on the asset side, the loan side, this 60, 70% of the portfolio.

是的，我們一直在管理我們的敏感性，因為我們在資產方面、貸款方面浮動，佔投資組合的 60%、70%。

But on the other side, the floating on the on the liability side at around 40% plus savings account that which accounts also as a floating as well.

但另一方面，負債方面的浮動量在 40% 左右，再加上儲蓄帳戶也算是浮動。

So the numbers 30 basis points for every hundred and change of interest rate of the Central Bank.

因此，央行利率每變動100個基點，就會有30個基點。

And this I think you're talking about it on.

我想你正在談論這個。

My second question is related to cost of risk.

我的第二個問題與風險成本有關。

I was checking my notes from the previous call.

我正在檢查上次通話的筆記。

In the previous call, you mentioned your expectation for 2024 was for cost of risk to be in between 2.3 to 2.5.

在上次電話會議中，您提到您對 2024 年風險成本的預期為 2.3 至 2.5 之間。

So around 2.4, let's say now you are saying 2.6.

所以大約是 2.4，假設現在你說的是 2.6。

So I would like to understand what happened.

所以我想了解發生了什麼事。

What changed over the past three months for you to have a more cautious view on cost of risk?

過去三個月發生了什麼變化讓您對風險成本持更謹慎的看法？

Yes, Andreas, we will change or increase a little bit our view on cost of risk because we had the results of the the GDP growth of 2023, that was disappointed.

是的，安德烈亞斯，我們將改變或增加一點我們對風險成本的看法，因為我們對 2023 年 GDP 成長的結果感到失望。

It was six 0.6%.

是六 0.6%。

The market was expecting something around 1.2 and there were even some analysis expecting 1.5, the most pessimistic analysts were expecting one and the figure ended up being 0.6%.

市場預期為1.2左右，甚至有些分析師預期為1.5，最悲觀的分析師預期為1，最終數字為0.6%。

And so that made us more cautious regarding 2024.

這讓我們對 2024 年更加謹慎。

But even though we feel that in terms of how are we handling, however, we are originating consumer loans, how are we doing or working with our banks on the commercial side of the of the portfolio, still with the things that we will have an improvement on the cost of risk, but we are more cautious on our own.

但是，儘管我們認為就我們如何處理而言，我們正在發放消費貸款，但我們在投資組合的商業方面做得如何或與我們的銀行合作，仍然是我們將擁有的事情風險成本有所改善，但我們對自己更加謹慎。

We'll be updating this figure as the year as the year moves on.

隨著時間的推移，我們將更新這個數字。

And I think we will have a clear view around mid the mid year of how things are evolving.

我認為我們將在年中左右對事情的演變有一個清晰的認識。

I think first quarter will be key to determine or to see the evolution of the Colombian economy.

我認為第一季將是決定或看到哥倫比亞經濟演變的關鍵。

We expect the government to to start implementing some contracyclical measures regarding housing infrastructure, so that we think will have a positive effect.

我們預計政府將開始實施一些有關住房基礎設施的反週期措施，這樣我們認為將會產生積極的效果。

And even though our view for the year, as you know, is that the GDP growth for 2024 should be around 0.9%, which is low for Colombia, better than 2023.

儘管我們對今年的看法是，如您所知，2024 年 GDP 成長率應在 0.9% 左右，這對哥倫比亞來說較低，但好於 2023 年。

But that's why, Andre, we are cautious of regarding regarding the cost of risk question, but I want to complement something.

但這就是為什麼，安德烈，我們對風險成本問題持謹慎態度，但我想補充一些內容。

Thank you, Juan Carlos.

謝謝你，胡安卡洛斯。

The other element is the change in our view of inflation and interest rates up three months ago, six months ago.

另一個因素是我們對三個月前、六個月前通膨和利率上升的看法改變了。

We believe that the interest rate and inflation will drop beginning February and March.

我們認為利率和通膨將從二月和三月開始下降。

But and you see that we are an outlier in terms of inflation, interest rates.

但是你會發現，我們在通貨膨脹和利率方面是一個異常值。

So that's the other reason why we believe the first half of the year, we have a also an increase in cost of risk.

這就是我們認為今年上半年風險成本也會增加的另一個原因。

But as I think you guys mentioned at the beginning of the presentation, that one of the areas where you need to do monitoring is the SME segment, right?

但正如我認為你們在演示開始時提到的那樣，您需要進行監控的領域之一是中小企業領域，對吧？

That so far, most of the deterioration in your loan book has come from the consumer.

到目前為止，貸款帳簿中的大部分惡化都來自消費者。

Now you are looking into the SME and the corporate book, if any sector in the economy that you think may be may be suffering with this environment in 2024 with high interest rates and still high inflation?

現在您正在研究中小企業和企業帳簿，您認為經濟中是否有任何部門可能會在 2024 年遭受高利率和高通膨環境的影響？

It's Andreas.

這是安德烈亞斯。

We are we are monitoring very closely SMEs, as you mentioned, but we haven't seen so far a deterioration outside our forecast sectors, in particular, construction particularly housing construction is something that we are monitoring and working with our when our clients see in restructuring some of some of their loans, so particularly construction, housing, construction and another sector that even though our position is very, very low or is low, it's the health sector sector concern us.

正如您所提到的，我們正在非常密切地監測中小企業，但到目前為止，我們還沒有看到超出我們預測行業的惡化情況，特別是建築業，特別是住房建設，當我們的客戶看到時，我們正在監測並與我們合作。重組他們的一些貸款，特別是建築、住房、建築和另一個部門，儘管我們的地位非常非常低或很低，但我們關心的是衛生部門。

And we think that there will be there could be some deterioration in on health on the health sector or the participants on the health sector and risk under.

我們認為，衛生部門或衛生部門參與者的健康狀況和風險可能會出現一些惡化。

So thank you very much, Juan Carlos Alvarez from.

非常感謝你，胡安·卡洛斯·阿爾瓦雷斯。

But now Thank you.

但現在謝謝你。

Yes, our next question is from Carlos Gomez with HSBC.

是的，我們的下一個問題來自匯豐銀行的卡洛斯‧戈麥斯。

Please proceed with your question.

請繼續你的問題。

All right.

好的。

Thank you for taking my question.

感謝您回答我的問題。

It is about your foreign subsidiaries and what you see is that you have reported a very high number in St. Petersburg.

這是關於您的外國子公司的，您看到的是您在聖彼得堡報告的數字非常高。

We understand it has to do with some reversals of provisions.

我們知道這與一些條款的撤銷有關。

You kind of in some of your comments, what do you expect your normal profitability to be in each of the markets in which you're operating and in Atlanta and I can go back to expenses.

您在一些評論中提到，您期望在您經營的每個市場以及亞特蘭大的正常盈利能力是多少，我可以回到支出。

I mean, you mentioned earlier that we felt that the growth will be 40%, but inflation, I believe nine so that this is still significantly above inflation.

我的意思是，你之前提到我們認為成長將是 40%，但通貨膨脹，我相信是 9%，所以這仍然大大高於通貨膨脹。

Could could you spend?

可以花嗎？

It will be sorry.

會後悔的。

Thank you.

謝謝。

Carlos, we had some difficulties with the line.

卡洛斯，我們在線上遇到了一些困難。

I'm just going to I just want to be sure that we understood your question.

我只是想確保我們理解你的問題。

Your first question is regarding the profitability of our operations in Central America.

你的第一個問題是關於我們在中美洲業務的獲利能力。

Is that correct?

那是對的嗎？

That's correct.

這是正確的。

And apologies for the G&A.

並對一般行政費用表示歉意。

And the second one is regarding expenses and the explanation we gave around the expense, the operating expenses growing 9% and that compares with that 40% tax rate.

第二個是關於費用以及我們圍繞費用給出的解釋，與 40% 的稅率相比，營運費用增加了 9%。

Was you I know you mentioned to mention that without extraordinary items in your growth, it was about 14% last year.

我知道你提到過，如果沒有特別的成長，去年的成長率約為 14%。

But again, inflation was lower than that.

但通貨膨脹率再次低於這個數字。

So we wonder if you will continue to have high expense growth.

因此，我們想知道您的費用是否會繼續保持高成長。

Understood.

明白了。

Thank you.

謝謝。

A couple of times.

一些時間。

Yes, regarding total, historically, SunPower has a wonderful operation with the lowest cost of risk.

是的，從歷史上看，SunPower 的整體營運狀況良好，風險成本最低。

In this case, what happened is we changed and updated models with new data, and that's the reason why the level of provision is coming down.

在這種情況下，我們用新數據更改和更新了模型，這就是供應水準下降的原因。

And this is one of our most profitable operation with more than 20% return on equity and a very stable cost of risk.

這是我們利潤最高的業務之一，股本回報率超過 20%，風險成本非常穩定。

If you double check the last three years, we have been on the area of 1%.

如果你仔細檢查過去三年，我們一直在 1% 的範圍內。

Regarding our our operating expenses, what happened this year, the 9% that we are forecasting remember that beginning of the year, we have been with the high inflation that came from 2023.

關於我們的營運支出，今年發生了什麼，我們預測的 9% 記得年初，我們一直面臨著 2023 年以來的高通膨。

So most of that prices are adjusted because of CPIDOR. The other element is the minimum wage in Colombia was 12%.

因此，大部分價格都會因為 CPIDOR 的原因而進行調整。另一個因素是哥倫比亞的最低工資為 12%。

So both elements implying that we began with a high level of expenses, about 9%.

因此，這兩個要素都意味著我們一開始的支出水準很高，約 9%。

It's it's a number doable for the year.

這是今年可行的數字。

And we believe that at the end of the year, as Juan mentioned at the beginning, we are going to reach an efficiency level below 50% that will be around 49%.

我們相信，正如胡安在開頭提到的那樣，到今年年底，我們的效率水平將達到 50% 以下，即 49% 左右。

But the main reason why it's 9% is because of the CPI. of 2023 and a half, basically this is the main reason on the foreign subsidiaries.

但之所以達到9%，主要原因是CPI。 2023年半，基本上這是國外子公司的主要原因。

I wondered what your normal ROE would be for each of them.

我想知道他們每個人的正常 ROE 是多少。

And in the case of a server that maybe was over 20% because of this reversal, do you expect more than 20%?

如果伺服器因為這次逆轉可能超過 20%，您預計會超過 20% 嗎？

Right, Carlos, we are expecting to maintain that level, assuming this cost of risk that I mentioned before, assuming that we will be able to sustain the name of around 6.5% to 7%.

是的，卡洛斯，假設我之前提到的風險成本，假設我們將能夠維持大約 6.5% 到 7% 的名稱，我們預計會維持這個水平。

And the operation there, the efficiency also is below 50%.

而那裡的運作，效率也在50%以下。

So we are forecasting for Salvador that level at around 20% area, at least for the next two years.

因此，我們預測薩爾瓦多的這一水平在 20% 左右，至少在未來兩年是如此。

They have a very positive structure of funding as well as Bancolombia based on Casa deposits, indication bunnies, what we are expecting to maintain a level of around 10% in the next coming out for at least for 2024 and increased to 12% next year in the case of Guatemala, Banque grow Mercantile in Guatemala.

他們擁有非常積極的融資結構，以及基於 Casa 存款和指示兔子的 Bancolombia，我們預計至少在 2024 年將維持在 10% 左右的水平，並在明年增加到 12%。以危地馬拉為例，危地馬拉商業銀行發展壯大。

You'll see that the numbers this year are very low because of high level of provisions.

您會發現，由於規定水準很高，今年的數字非常低。

But we expect to sustain up our return on equity in between 10% to 12%, 24 and 25.

但我們預期股本回報率將在 24 至 25 年維持在 10% 至 12% 之間。

Thank you so much.

太感謝了。

Very clear.

非常清楚。

Thank you, Carlos.

謝謝你，卡洛斯。

Our next question comes from Alonso Aramburú with BTG.

我們的下一個問題來自 Alonso Aramburú 和 BTG。

Please proceed with your question.

請繼續你的問題。

Yes, hi, good morning.

是的，嗨，早安。

Thank you for the call.

謝謝您的來電。

I wanted to ask about Nicky.

我想問一下尼基的事。

Can you give us an update on when the spin-off is going to happen.

您能否告訴我們分拆何時發生的最新情況？

And just some color about the path to profitability and the monetization drivers of Nike.

以及關於耐吉的獲利之路和貨幣化驅動因素的一些色彩。

How do you see the platform evolving over the next few quarters?

您如何看待該平台在未來幾季的發展？

Thank you.

謝謝。

Thank you.

謝謝。

And we ended up 2023 with more than 18 million customers users in our platform, of which around 13% are active users.

截至 2023 年，我們的平台擁有超過 1,800 萬客戶用戶，其中約 13% 是活躍用戶。

So definitely we have the network effect happening in NIKE and transactions or are going on there.

因此，我們肯定在耐吉和交易中發生了網路效應，或者正在那裡發生。

We expect that the growth will continue on probably we will reach around 21 million customers, which if we putting on perspective, Colombia has around 50 million inhabitants.

我們預計這一增長將持續下去，可能我們將覆蓋約 2100 萬客戶，如果我們客觀地看待這個數字，哥倫比亞約有 5000 萬居民。

So it's a very significant number, yes.

所以這是一個非常重要的數字，是的。

And that allow us to with that network effect and platform effect also move forward on our profitability strategy that will be based on offering those customers different services, including insurance, some investment opportunities, but mainly mainly credit loans.

這使我們能夠利用網路效應和平台效應來推進我們的獲利策略，該策略將基於為這些客戶提供不同的服務，包括保險、一些投資機會，但主要是信用貸款。

We have to be careful and we need to be aware of the where are we on the on the economic cycle, we think that this is not a year in which we we can push very hard on on our offering, creating a platform like like Nike.

我們必須小心，我們需要意識到我們在經濟週期中處於什麼位置，我們認為今年我們不能大力推動我們的產品，創造像耐吉這樣的平台。

This is to say that we have the elements.

這就是說我們具備了要素。

We have the clients.

我們有客戶。

We have the products.

我們有產品。

We will continue evolving on the products, but our path to profitability will depend on where are we on the economic cycle and how much we can push credit with this with our current situation and our expectations on how the economy is going to behave in the coming two years.

我們將繼續改進產品，但我們的獲利之路將取決於我們處於經濟週期的哪個階段，以及在我們目前的情況下我們能在多大程度上推動信貸，以及我們對未來經濟表現的預期兩年。

We suspect that we could be profitable in 2026.

我們懷疑我們可以在 2026 年實現盈利。

That's regarding how we see the evolution of our path to profitability regarding the spin-off, we are ready to a spin-off Mackie.

這就是我們如何看待我們在分拆方面獲利之路的演變，我們已經準備好分拆麥基了。

Now what is happening in the coming weeks is that the superintendency should evaluate our readiness.

現在，未來幾週發生的事情是，監管部門應該評估我們的準備。

They will give us some recommendations and after we implement them, we will we will spin off mic.

他們會給我們一些建議，在我們實施這些建議後，我們將剝離麥克風。

That will come and depends on the recommendations that we will that we will receive from the from the supervisor we will be ready to spin off Nike in the coming months, maybe two months.

那將會到來，取決於我們將從主管那裡收到的建議，我們將準備在未來幾個月（也許兩個月）內剝離耐吉。

But it depends on on, as I said, on what they see and how they are the result of the assessment done in which we are.

但這取決於，正如我所說，他們所看到的以及他們是我們正在進行的評估的結果。

We are ready and as a matter of fact, we'll start that assessment is the superintendency will start that assessment, Nick, say, week Great.

我們已經準備好了，事實上，我們將開始評估，監管部門將開始評估，尼克，週說，太好了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Our next question comes from Julian or seek with Defender Corautus.

我們的下一個問題來自朱利安或尋求後衛科勞圖斯。

Please proceed with your question.

請繼續你的問題。

Hi, everyone, and thank you for taking my question.

大家好，感謝您提出我的問題。

My first question is regarding the ordinary shares.

我的第一個問題是關於普通股的。

I know you already mentioned something about that, but I didn't get it.

我知道你已經提到過一些事情，但我不明白。

But my question is related to the plans that the company has a related liquidity of the share due to the recently elimination of the share from the FTSE index.

但我的問題與該公司因最近從富時指數中刪除該股票而具有相關股票流動性的計劃有關。

And it might be my calculation.

這可能是我的算計。

I saw that a Bancolombia ordinary share is not meeting them.

我看到哥倫比亞銀行的普通股不符合他們的要求。

The liquidity requirements are there and there's a lead time is required for some shares to maintaining the index.

流動性要求是存在的，某些股票需要一段時間才能維持指數。

And my second question is something related to something you already mentioned about this being of a Nikki.

我的第二個問題與你已經提到過的有關 Nikki 的事情有關。

Are you expecting some inflows in terms of cash to Bancolombia?

您是否預計會有一些現金流入哥倫比亞銀行？

And if there is some inflows, what are what will be the uses of that cash just to and to catch up in terms of a cost of risk, I Ray, I heard that you are expecting some deterioration of the housing and construction sectors a like I don't know if you have like a down scenario in terms of cost of risk if you saw really weak deterioration in those sectors.

如果有一些資金流入，那麼這些現金的用途是什麼？為了趕上風險成本，我雷，我聽說你預計住房和建築行業會出現一些惡化。我不知道如果您看到這些行業的惡化程度確實微弱，您是否會認為風險成本下降。

Thank you.

謝謝。

Thank you.

謝謝。

Jan. Let me let me have I have some comments on your first question.

Jan，讓我對你的第一個問題發表一些評論。

I will I will answer your second question regarding the spin-off of Nike and a comment on your on the cost of the cost of risk.

我將回答你關於耐吉分拆的第二個問題，以及你關於風險成本的評論。

And I am going to start with the second question.

我將從第二個問題開始。

Then your third, I will do the comment on the on the FTSE index and MSCI.

然後你的第三個，我將對富時指數和摩根士丹利資本國際指數進行評論。

And then I will ask Adrian to complement me regarding the spin-off.

然後我會請阿德里安補充我有關分拆的事宜。

This wood is not is not going to generate any cash for that for Bancolombia.

這種木材不會為哥倫比亞銀行產生任何現金。

What we are doing is and its spin-off in which we move assets and liability to a different entity, which is negative in this case.

我們正在做的是及其分拆，即我們將資產和負債轉移到另一個實體，在這種情況下這是負面的。

So Mackie will be our fully owned entity, Bancolombia fully owned entity and we just spin off assets and liabilities.

因此，Mackie 將成為我們的全資實體，Bancolombia 的全資實體，我們只是剝離資產和負債。

And Nike will operate as a separate entity legal entity.

耐吉將作為一個獨立的法人實體運作。

But 100% owned by Bancolombia is showing what happened on the consolidated basis is that Nick is going to consolidate on the numbers that we present for Grupo Bancolombia.

但 Bancolombia 100% 擁有的股份表明，在合併基礎上發生的情況是，尼克將合併我們為 Grupo Bancolombia 提供的數據。

And regarding the cost of risk in 2024 is a year that it's it has complexities in how you read it, but we are with the 2.6, we are more on the on a conservative side.

關於 2024 年的風險成本，你如何解讀它會很複雜，但我們選擇 2.6，我們更保守。

It could be some upside potential if we manage as we are, how are we managing so far, the risk that we that we are or our risk appetite.

如果我們以現在的方式進行管理，到目前為止我們的管理情況如何，我們的風險或我們的風險偏好，這可能會帶來一些上行潛力。

So to be concrete, the 2.6 is our expectation.

具體來說，2.6 是我們的期望。

It's more on the conservative side on it depends on how the year evolve, as I mentioned, but it could have some potential of upside if the are evolved better than expected.

正如我所提到的，這更多的是保守的一面，取決於這一年的發展情況，但如果發展好於預期，它可能會有一些上漲的潛力。

And moving to your first question, I want to highlight that what happened this is more because of the size and the liquidity of the Colombian market is not something that is particularly of a regarding or related to Bancolombia IDN.

關於第一個問題，我想強調的是，發生這種情況更多是因為哥倫比亞市場的規模和流動性，這與 Bancolombia IDN 無關。

Bancolombia is the most liquid share in the Colombian market, but it's a very, very small market.

Bancolombia 是哥倫比亞市場中流動性最強的股票，但這是一個非常非常小的市場。

And that's why I when the different index companies like FTSE evaluates liquidity, the market is very, very low, but Bancolombia is the most liquid and not very liquid, very liquid market.

這就是為什麼當富時指數等不同指數公司評估流動性時，市場非常非常低，但哥倫比亞銀行是流動性最強、流動性不是非常高、流動性非常高的市場。

Just I want to do to make that comment?

我只是想發表這樣的評論嗎？

And also, could you complement beyond that?

除此之外，你還能補充一下嗎？

Yes.

是的。

Thank you, Juan Carlos.

謝謝你，胡安卡洛斯。

Actually.

實際上。

And on practical terms, that's the big change of 14 means a sell-off of $70 million in the next coming weeks on ordinary shares, probably the consequence will be the price will come down.

從實際角度來看，14 的巨大變化意味著未來幾週普通股將拋售 7,000 萬美元，結果可能是價格下跌。

And again, as Alan mentioned, we have the preferred at the eight years with a high high level of liquidity.

再次，正如艾倫所提到的，我們在八年內擁有高流動性的首選。

The second element is if there is a very important element here right now for the old players that we are listed in the local stock market, which is to have a market maker.

第二個要素是，對於我們在當地股票市場上市的老玩家來說，現在有一個非常重要的要素，就是做市商。

This is relevant in our case.

這與我們的案例相關。

We hiring a market maker two months ago and the consequences I was very clear in both in ordinary and preferred.

兩個月前我們聘請了一位做市商，無論是普通還是首選，我都非常清楚其後果。

In terms of the ordinary, the bid offer spread reduces more than 50%, adding prefer more than 45%.

一般方面，買賣價差縮小50%以上，增加優先價差45%以上。

And this is very important because at the end of the day, it's a it's a way of democratization of three of the shares on individuals.

這非常重要，因為歸根究底，這是個人三股民主化的一種方式。

So we are using platforms as a three, for example, trying to offer them the opportunity to have to have and possibility to buy.

例如，我們將平台用作三個，試圖為他們提供必須擁有的機會和購買的可能性。

So the market maker to date is relevant because of that because helps the individuals to have an opportunity to buy our shares no matter if it is ordinary or preferred.

因此，迄今為止的做市商是相關的，因為可以幫助個人有機會購買我們的股票，無論是普通股還是優先股。

Yes.

是的。

Okay.

好的。

I think it will.

我想會的。

Yes, we have reached the end of the question-and-answer session.

是的，我們的問答環節已經結束了。

I would now like to turn the call back over to Mr. Juan Carlos Mora for closing comments.

我現在想將電話轉回胡安·卡洛斯·莫拉先生以徵求結束意見。

Thank you all for your interest on this conference call results.

感謝大家對本次電話會議結果的關注。

And next, this first quarter of 2024.

接下來是 2024 年第一季。

I think it will be key to understand and what will how will evolve the.

我認為理解以及將如何演變將是關鍵。

So when we report the results of the first quarter, we will see how how things are going.

因此，當我們報告第一季的業績時，我們會看到事情進展如何。

And I announced also want to mention again that we will have our shelf Shareholders' Meeting General Shareholders Meeting March 15th, which is where we will present our or the board of directors, proposal a proposed dividend.

我還宣布還想再次提及，我們將於 3 月 15 日召開臨時股東大會，屆時我們將提出我們的或董事會的提議，提議擬議的股息。

So we are very thankful to for everyone for your interest, and we expect you to have you in our conference call for the first quarter of 2020 for.

因此，我們非常感謝大家的關注，我們希望您能參加我們 2020 年第一季的電話會議。

Thank you very much and have a good day.

非常感謝您，祝您有美好的一天。

Does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and we thank you.

此時您可以斷開線路，我們謝謝您。

For your participation.

為了您的參與。