Grupo Cibest SA (CIB) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to Bancolombia third quarter, 2024 earnings conference call. My name is Matt and I'll be your operator for today's call. (Operator Instructions)

早安，女士們、先生們，歡迎參加哥倫比亞銀行 2024 年第三季財報電話會議。我叫馬特，我將擔任您今天通話的接線生。（操作員說明）

Please note that this conference is being recorded. Also, 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. All forward-looking statements whether made in this conference call or future filings and the press release, we verbally address matters that involve risk and uncertainty.

請注意，本次會議正在錄製中。另請注意，本次電話會議將包含前瞻性聲明，包括與我們未來業績、資本狀況、信貸相關費用和信貸損失相關的聲明。所有前瞻性陳述，無論是在本次電話會議或未來的文件和新聞稿中做出的，我們都會口頭解決涉及風險和不確定性的問題。

Consequently, there are factors that could cause actual results to differ materially from those indicated in such statements including the changes in general economic and business conditions, changes in currency 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 describe 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報表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、貨幣匯率和利率的變化、其他公司推出競爭產品、缺乏接受度等。的目標客戶提供的新產品或服務。我們在向 SEC 提交的報告中描述了業務策略的變化以及各種其他因素。

With us today is Mr. Juan Carlos Mora, Chief Executive Officer; Mr. Mauricio Botero Wolf, Chief Strategy and Financial Officer; Mr. Rodrigo Prieto, Chief Risk Officer; Mrs. Catalina Tobon, Investor Relations and Capital Markets Director; and Mrs. Laura Clavijo, Chief Economist.

今天與我們在一起的是首席執行官胡安·卡洛斯·莫拉 (Juan Carlos Mora) 先生； Mauricio Botero Wolf 先生，首席策略與財務長； Rodrigo Prieto 先生，首席風險長； Catalina Tobon 女士，投資者關係和資本市場總監；以及首席經濟學家 Laura Clavijo 女士。

I now to turn the conference over to Mr. Juan Carlos Mora, Chief Executive Officer. Thank you. You may begin.

我現在將會議交給執行長胡安·卡洛斯·莫拉先生。謝謝。你可以開始了。

Good morning. And welcome to the Bancolombia third quarter results conference call. Please turn to slide 2. As we advance through the year, we are observing increasingly positive indicators with the economic landscape and great cycle. Inflation rates have persistently declined, enabling the Colombia Central Bank to reduce interest rates. This environment supports lower credit deterioration and encourages domestic spending. Despite a modest expansion of our credit portfolio and a decline in interest income, the third quarter reported a consecutive improvement marked by a net income of COP1.5 trillion. This represents a 4.3% growth quarter-over-quarter and a 1% increase year-over-year resulting in a 15% return on equity.

早安.歡迎參加哥倫比亞銀行第三季業績電話會議。請翻到投影片 2。隨著這一年的進展，我們觀察到經濟狀況和大周期的正面指標越來越多。通貨膨脹率持續下降，使得哥倫比亞中央銀行能夠降低利率。這種環境有助於降低信貸惡化並鼓勵國內支出。儘管我們的信貸投資組合小幅擴張且利息收入下降，但第三季的淨收入連續改善，達到 1.5 兆比索。這意味著季度環比增長 4.3%，年增 1%，股本回報率達到 15%。

This performance is attributed to the good performance of our investment portfolio, reduce provision charges and operating expenses that have grown well below the inflation rate, as we will further elaborate. I would also like to underscore that despite increased competition for deposits in Colombia, Bancolombia has maintained its robust capacity to attract resources from retail, commercial and institutional clients.

這項業績歸功於我們投資組合的良好表現，減少了遠低於通膨率的撥備費用和營運費用，我們將進一步闡述。我還想強調，儘管哥倫比亞的存款競爭日益激烈，但哥倫比亞銀行仍保持著吸引零售、商業和機構客戶資源的強大能力。

During the quarter total deposits growth surpasses long growth, ensuring our low funding costs and mitigating the compression of interest margins. On an additional front, on October 30, we announced our decision to evolve our corporate structure by establishing a new holding company Grupo Cibest which will serve as the parent entity for Bancolombia lines of business while preserving all assets within the current group perimeter.

本季存款總額成長超過長期成長，確保了我們的低融資成本並緩解了息差壓縮。另一方面，10 月 30 日，我們宣布決定透過建立新的控股公司 Grupo Cibest 來發展我們的公司結構，該公司將作為 Bancolombia 業務線的母實體，同時保留目前集團範圍內的所有資產。

The primary rationale for this decision is that Bancolombia currently functions simultaneously as a bank and a holding company resulting in financial inefficiencies. Regulatory complexities and operational constraints, due to the rigorous regulatory framework governing banking entities. This proposed corporate evolution aims to address these challenges by providing us with greater flexibility for corporate development and enabling more efficient capital allocation.

做出這項決定的主要理由是，哥倫比亞銀行目前同時充當銀行和控股公司，導致財務效率低下。由於管理銀行實體的嚴格監管框架，監管複雜性和營運限制。這項擬議的企業變革旨在透過為我們的企業發展提供更大的靈活性並實現更有效的資本配置來應對這些挑戰。

Additionally, it will isolate goodwill from the Colombian regulated entities capital and reduce its sensitivity to foreign exchange volatility also allowing us to implement share repurchase programs as a novel method of distributing value to our shareholders. So to obtain the necessary regulatory and shareholder approvals, we anticipate concluding this transaction by mid-2025. We will provide timely updates as we progress through the key milestones.

此外，它將商譽與哥倫比亞受監管實體的資本隔離開來，並降低其對外匯波動的敏感性，這也使我們能夠實施股票回購計劃，作為向股東分配價值的一種新方法。因此，為了獲得必要的監管和股東批准，我們預計在 2025 年中期完成此交易。隨著關鍵里程碑的進展，我們將及時提供更新。

Also following the successful issuance of new subordinary notes due 2034, which contributed 115 basis points to our Tier 2 capital as of the third quarter. On October 24, we announced our decision to redeem the subordinated notes due 2029, effective on the call date of December 18. Furthermore, we have decided to redeem the remaining senior notes due 2025 as a present measure to eliminate refinancing risk early next year.

此外，成功發行了 2034 年到期的新次級票據，截至第三季為我們的二級資本貢獻了 115 個基點。10 月 24 日，我們宣布決定贖回 2029 年到期的次級票據，並於 12 月 18 日贖回日生效。此外，我們決定贖回2025年到期的剩餘優先票據，作為明年初消除再融資風險的現行措施。

Lastly, we are pleased to announce that Bancolombia has been recognized for the 10 consecutive year by MERCO as the company with the best reputation in the country for its contribution to economic, environmental, ethical and social matter among other aspects.

最後，我們很高興地宣布，Bancolombia 因其對經濟、環境、道德和社會問題等方面的貢獻而連續 10 年被 MERCO 評為全國聲譽最佳的公司。

I will now hand over the presentation to Laura Clavijo, our Chief Economist, who will provide a more in depth analysis of the macroeconomic environment. Laura?

現在我將把演講交給我們的首席經濟學家勞拉·克拉維霍（Laura Clavijo），她將對宏觀經濟環境進行更深入的分析。勞拉？

Thank you, Juan Carlos. If you could please turn to slide 3. The economic outlook for Colombia remains cautiously optimistic with improving financial conditions beginning to channel through to some sectors and spurring demand. Consequently, we have revised upward our end of year growth forecast to 1.8% from a previous 1.3% and to 2.6% for 2025. However, economic growth remains uneven across sectors and below long run potential of 3% according to our medium term outlook.

謝謝你，胡安卡洛斯。如果可以的話請翻到投影片 3。哥倫比亞的經濟前景仍然謹慎樂觀，金融狀況的改善開始影響某些產業並刺激需求。因此，我們將年底成長預測從先前的 1.3% 上調至 1.8%，並將 2025 年成長預測上調至 2.6%。然而，根據我們的中期前景，各行業的經濟成長仍然不平衡，低於 3% 的長期潛力。

Currently, economic growth is being mostly led by exceptional output from the agriculture sector which is expected to grow 7% this year and a sustained expansion from public administration expanding at an annual rate of close to 5%. Moving forward amidst the scenario of a mounting fiscal challenges, this public sector growth driver should begin to lose relevance, whereas private sector growth should begin to pick up.

目前，經濟成長主要由農業部門的優異產出帶動，預計今年將成長 7%，而公共管理部門的持續擴張則以每年接近 5% 的速度成長。在財政挑戰日益嚴峻的情況下，公共部門的成長動力應該開始失去相關性，而私部門的成長應該開始加速。

Even though we are currently at an early stage in the economic recovery, there are timid signs of an uptick in internal demand as financial strain on households and businesses begin to ease. Many central banks of the Latin American region acted early in raising interest rates, successfully controlling inflation and easing its monetary stance well, before many developed economies.

儘管我們目前正處於經濟復甦的早期階段，但隨著家庭和企業的財務壓力開始緩解，內部需求出現了上升的跡象。拉美地區多國央行較早採取行動升息，成功控制通膨並先於許多已開發經濟體放鬆貨幣政策。

Colombia, although a little behind on the curve has also managed to cool inflation from its peak of 13% in March 2023 to 5.8% during September this year, moving closer to our end of year forecast of 5.7%. These past few months have been especially consistent for the disinflation process of core inflation metrics. However, the well-known effect of indexation on inflation is still tangible and will remain at the center of the minimum wage discussion for 2025 to take place before year end.

哥倫比亞雖然在曲線上稍微落後，但也成功地將通膨率從 2023 年 3 月的峰值 13% 降至今年 9 月的 5.8%，接近我們年底預測的 5.7%。過去幾個月核心通膨指標的通貨緊縮過程尤其一致。然而，眾所周知的指數化對通膨的影響仍然是顯而易見的，並將繼續成為年底前舉行的 2025 年最低工資討論的核心。

As a result, the central bank continued cutting its policy rate at the ongoing pace of 50 basis points, closing the third quarter at a repo rate of 10.25%. Even the receding inflation, a closing output gap and the beginning of the easing cycle by the Federal Reserve might have given way to a scenario of accelerated interest rate cuts. Fiscal pressures and uncertainty moving forward has motivated a cautionary approach from the central bank.

因此，央行繼續以 50 個基點的速度下調政策利率，第三季末回購利率為 10.25%。即使通膨回落、產出缺口縮小以及聯準會寬鬆週期的開始，也可能讓位給加速降息的情景。未來的財政壓力和不確定性促使央行採取謹慎態度。

Finally, pressures on the fiscal front have escalated recently as tax revenues have consistently underperformed interest payments have amounted and social expenditure goals are pursued. The presentation of fiscal measures in Congress including a failed 2025 budget, now to be passed by decree, a tax reform and a decentralization bill have put the fiscal discussion at the forefront once again.

最後，由於稅收收入持續低於利息支出以及社會支出目標的追求，財政方面的壓力最近有所升級。國會提出的財政措施包括失敗的 2025 年預算（現在將通過法令通過）、稅收改革和權力下放法案，再次將財政討論置於最前沿。

Now let me turn back to Juan Carlos.

現在讓我回到胡安·卡洛斯。

Thank you, Laura. Please proceed to slide 4. I would now like to provide an overview of Nequi evolution and I want to start by highlighting that Nequi is more than just a digital wallet. It is our digital Neobank and it has leveraged technology and the data that to provide financial and nonfinancial services through different partnership, transforming the way Colombians manage and interact with money.

謝謝你，勞拉。請繼續看投影片 4。我現在想概述 Nequi 的演變，首先我想強調 Nequi 不僅僅是一個數位錢包。這是我們的數位新銀行，它利用科技和數據，透過不同的合作夥伴關係提供金融和非金融服務，改變哥倫比亞人管理和與金錢互動的方式。

With its intuitive and user friendly value proposition, Nequi facilitates digital payments and transfers, cross border incoming payments, remittances collections, bill payments, and mobile top ups, in a straightforward and secure manner such that we are proud to see Nequi presence throughout the country visible in many corner stores and small businesses.

憑藉其直觀且用戶友好的價值主張，Nequi 以簡單、安全的方式促進數位支付和轉帳、跨境收款、匯款託收、帳單支付和行動充值，因此我們很自豪地看到Nequi 在全國範圍內的存在在許多街角商店和小企業中都可以看到。

Moreover, its digital footprint is complemented by physical access points including 5,100 Columbias ATM's and over 28,000 banking agents which significantly enhance user engagement and transaction volume. As a result, Nequi has reached more than 20 million clients out of which 72% are active users measured in a 30 day period and 68% of them are using products that generate income and most important with low levels of charm rates.

此外，其數位足跡得到了實體接入點的補充，包括 5,100 台哥倫比亞 ATM 和超過 28,000 個銀行代理，這顯著提高了用戶參與度和交易量。因此，Nequi 已覆蓋超過 2000 萬客戶，其中 72% 是 30 天內的活躍用戶，其中 68% 使用的產品可以產生收入，最重要的是，其魅力率水平較低。

Also important, as of September Nequi reached close to 1.3 billion transactions at 17% quarter-over-quarter and 65% year-over-year growth with an average of 27 transactions a month per active user. This significant growth in transactions has fueled deposit growth that ended with a balance of COP3.2 trillion representing a 45% year-over-year increase. Please proceed to slide 5.

同樣重要的是，截至 9 月份，Nequi 的交易量接近 13 億筆，較上季成長 17%，較去年同期成長 65%，每個活躍用戶平均每月處理 27 筆交易。交易量的顯著增長推動了存款成長，最終餘額達到 3.2 兆比索，年增 45%。請繼續看投影片 5。

The loan portfolio continues to grow at a solid pace and has more than double its balance, reaching COP406 billion representing a 62% quarter-over-quarter and 187% year-over-year increase. The significant volume of transactional information from customers and their behavior with app usage and activity provides a great opportunity to leverage loan originations and as a powerful source towards Nequi path to profitability.

貸款組合持續穩健成長，餘額增加一倍以上，達到 4,060 億披索，季增 62%，年增 187%。來自客戶及其應用程式使用和活動行為的大量交易資訊為利用貸款發放提供了絕佳的機會，並作為 Nequi 盈利之路的強大來源。

We have also grown our income significantly with a 45% year-over-year growth driving an increase in ARPAC as a result of portfolio growth and the adoption of valuable services by Nequi users resulting in fee growing by 76% year-over-year.

由於投資組合成長以及 Nequi 用戶採用有價值的服務，我們的收入也大幅成長，年增 45%，推動 ARPAC 成長，導致費用年增 76%。

We strongly believe that Nequi possesses the scalability in society to continue developing a competitive advantage of low cost financial services as it continues evolving its digital engagement, consumer retention and credit offering thus allowing it to dilute acquisition, funding and risk costs unlike other competitors. All in all, Nequi plays a vital role in Bank Colombia's ecosystem supporting strategic alliances and interoperability initiatives, positioning itself for continued growth and paving the way to profitability.

我們堅信，Nequi 擁有社會可擴展性，可以繼續發展低成本金融服務的競爭優勢，因為它不斷發展其數位參與、消費者保留和信貸服務，從而使其能夠與其他競爭對手不同地稀釋收購、融資和風險成本。總而言之，Nequi 在哥倫比亞銀行的生態系統中發揮著至關重要的作用，支持策略聯盟和互通性計劃，為自身的持續成長做好準備，並為盈利鋪平道路。

I will now hand over the presentation to Mauricio Botero who will provide further insights into the third quarter, 2024 results. Mauricio?

我現在將演講交給 Mauricio Botero，他將提供 2024 年第三季業績的進一步見解。毛里西奧？

Thank you, Juan Carlos. Please go to slide 6. Our regional operations in Central America continue to provide diversification in terms of credit risk and currency exposure.

謝謝你，胡安卡洛斯。請轉到投影片 6。我們在中美洲的區域業務繼續在信用風險和貨幣敞口方面提供多元化。

It is not worthy that Banco Agromercantil demonstrated positive loan origination dynamics, achieving a 3.6% expansion in its loan portfolio. Conversely, Banistmo and Banco Agricola experienced a contraction in their trade portfolios primarily due to a decreased demand for commercial loans.

Banco Agromercantil 表現出積極的貸款發放動力，其貸款組合實現了 3.6% 的擴張，這是不值得的。相反，Banistmo 和 Banco Agricola 的貿易投資組合出現收縮，主要是因為商業貸款需求減少。

Also, Banco Agricola achieved higher net income and return on equity supported by an increase in interest income and a decrease in provision in charges, whereas BAM and Banistmo reported a reduction in net income over the quarter. Let's now proceed to slide 7.

此外，由於利息收入增加和費用撥備減少，農業銀行實現了更高的淨利潤和股本回報率，而 BAM 和 Banistmo 報告本季淨利潤減少。現在讓我們繼續看投影片 7。

In the sluggish economic cycle observed during the first three quarters of the year, we have experienced a modest yet consistent increase in our trade portfolio. Reversing the declining trend of 2023, our consolidated loan book expanded by 0.5% during the quarter and 4.6% over the year. When adjusted for foreign exchange growth for the quarter was 0.3% aligned with nominal growth due to a more stable FX rate during the period and 3.5% over the year as FX appreciated by nearly 10% over the past 12 months.

在今年前三個季度的低迷經濟週期中，我們的貿易投資組合出現了溫和但持續的成長。我們的綜合貸款帳簿扭轉了 2023 年的下降趨勢，本季成長了 0.5%，全年成長了 4.6%。經外匯調整後，由於期內匯率更加穩定，本季成長率為 0.3%，與名目成長率一致；而全年成長率為 3.5%，因為過去 12 個月外匯升值近 10%。

Commercial loans presented modest growth of 0.5% over the quarter. While we continue to offer special credit lines to stimulate demand, the pace of growth remains subdued due to the still weak macro backdrop and expectation of further interest rate cuts. However, on an annual basis, the commercial portfolio recorded a 5.8% growth.

本季商業貸款小幅成長 0.5%。儘管我們繼續提供特別信貸額度以刺激需求，但由於宏觀背景依然疲軟以及進一步降息的預期，成長步伐仍然疲軟。然而，按年計算，商業投資組合錄得 5.8% 的成長。

Conversely, the consumer segment continues to contract decreasing by 8.4% during the quarter and 2.3% over the year, explained by our still stringent origination standards. Breaking down by category mortgage loans have continued to lead growth with a 2.1% increase during the quarter and a 9.3% rise over the year, primarily driven by operations in Colombia. The rate reduction program we launched in July has resulted in a significant uptick in credit disbursements which coupled with social housing subsidies provided by the government has further stimulated demand.

相反，消費者細分市場繼續萎縮，本季下降 8.4%，全年下降 2.3%，原因是我們仍然嚴格的原產地標準。按類別細分的抵押貸款繼續引領成長，本季成長 2.1%，全年成長 9.3%，這主要是由哥倫比亞業務推動的。我們7月推出的降息計畫導致信貸支出大幅增加，再加上政府提供的社會住宅補貼進一步刺激了需求。

Please go to slide 8. During the quarter, deposits grew by 0.7% and by 6.4% during the year, outpacing the performance of loan origination and underscoring the bank's robust ability to attract and retain low cost deposits. Time deposits exhibited mixed performance during the quarter with savings accounts growing by 0.5% while checking accounts decreased by 1.8% primarily due to lower balances across all Central American operations.

請轉到投影片 8。本季存款成長 0.7%，年內成長 6.4%，超過了貸款發放的表現，凸顯了該銀行吸引和保留低成本存款的強大能力。本季定期存款的表現好壞參半，儲蓄帳戶增加了 0.5%，而支票帳戶則下降了 1.8%，這主要是由於所有中美洲業務的餘額下降。

Conversely, time deposits increased by 1.6% during the quarter and 6.8% over the year, partially offsetting the reduced net balance inside deposits. This growth is largely attributed to operations in Colombia and relies heavily on retail customers, particularly short term online time deposits which have increased their share within the total balance.

相反，定期存款季內成長1.6%，全年成長6.8%，部分抵銷了存款內淨餘額減少的影響。這一增長主要歸功於哥倫比亞的業務，並嚴重依賴零售客戶，特別是短期線上定期存款，其在總餘額中的份額增加。

Our diverse range of funding sources and advanced technological capabilities enable us to offer products specifically tailored to meet the distinct needs of our clients. Overall savings accounts remain our primary funding source comprising 38% of our funding mix and largely explain our stable and low cost funding structure. From a funding cost perspective, the total cost of deposits fell by 19 basis points during the quarter led by a 35 basis points reduction in time deposits and a 17 basis points reduction in savings accounts, in line with reference rate cuts. Our effective diversification and flexibility in our funding structure allow us to shift between sources based on interest rate cycles and client demand.

我們多樣化的資金來源和先進的技術能力使我們能夠提供專門客製化的產品，以滿足客戶的獨特需求。總體而言，儲蓄帳戶仍然是我們的主要資金來源，占我們資金組合的 38%，這在很大程度上解釋了我們穩定且低成本的資金結構。從融資成本角度來看，本季存款總成本下降了 19 個基點，其中定期存款減少 35 個基點，儲蓄帳戶減少 17 個基點，與參考利率下調一致。我們資金結構的有效多元化和靈活性使我們能夠根據利率週期和客戶需求在來源之間進行轉換。

Please proceed to slide 9. Total interest income from loans and financial leases decreased by 3.5% during the quarter and 6.9% during the year. This decline is primarily attributed to a relatively stable loan portfolio with lower yields as the loan book was repriced at reduced rates. However, interest expenses continue to decline in line with our strategic initiatives aimed at achieving rapid cost reduction, complemented by the prepayment of loans with correspondent banks. These measures effectively offset the increase in interest expenses associated with bonds.

請繼續看投影片 9。來自貸款和融資租賃的總利息收入本季下降 3.5%，全年下降 6.9%。這一下降主要歸因於貸款組合相對穩定且收益率較低，因為貸款帳目以較低的利率重新定價。然而，利息支出持續下降，符合我們旨在實現快速降低成本的策略性舉措，並輔以提前償還代理銀行貸款。這些措施有效抵消了債券利息支出的增加。

It is important to highlight the significant performance of interest and valuation income from financial instruments during the third quarter, which posted an impressive increase of 41% over the quarter and 81% over the year. Additionally, our derivatives portfolio and reported agreements contributed positively to these results.

值得一提的是，第三季金融工具利息和估值收入的顯著表現，季增 41%，年增 81%，令人印象深刻。此外，我們的衍生性投資組合和報告的協議對這些結果做出了積極貢獻。

All in all, net interest income decreased slightly during the quarter as the contraction in interest expenses didn't fully offset the reduction in loan yields. The net interest margin for the quarter was 6.8% reflecting a 22 basis points compression driven by a 53 basis points reduction in the lending margin, despite improved investment performance.

總而言之，本季淨利息收入略有下降，因為利息支出的收縮並未完全抵銷貸款收益率的下降。儘管投資績效有所改善，但本季淨利差為 6.8%，反映出貸款利潤率下降 53 個基點導致 22 個基點壓縮。

We will continue to manage the sensitivity and maturity profile of our assets and liabilities to mitigate NIM contraction. For example, in ensuring swift repricing of time deposits, a 67% of total balance is set to mature within the next 12 months. Please proceed to slide 10.

我們將繼續管理資產和負債的敏感度和成熟度狀況，以緩解淨利差收縮。例如，為確保定期存款迅速重新定價，總餘額的 67% 將在未來 12 個月內到期。請繼續看投影片 10。

The income had a mixed performance on the quarterly analysis, when looking at each component. Banking services, debit and credit card, payments and collections, grew in the quarter and sustain an increasing trend during the year. This growth was fueled by an increasing transaction volumes, a strong client engagement and expanded utilization of our distribution network. Additionally, asset management contributed to fee income from user services fueled by an increase of assets under management from individual clients.

從每個組成部分來看，季度分析的收入表現好壞參半。銀行服務、金融卡和信用卡、支付和收款在本季有所成長，並在年內維持成長趨勢。這種成長是由不斷增加的交易量、強大的客戶參與度以及我們分銷網絡利用率的擴大所推動的。此外，由於個人客戶管理資產的增​​加，資產管理也貢獻了用戶服務的費用收入。

Conversely, Bancassurance decreased in the quarter due to a one off income accrual recorded in the previous quarter which affected total fee income this quarter. Meanwhile, the expenses decreased by 4.6% during the quarter attributed to an anticipated expense accrual in the previous quarter.

相反，由於上一季記錄的一次性應計收入影響了本季的總費用收入，銀行保險在本季出現下降。同時，由於上一季的預期應計費用，本季費用下降了 4.6%。

However, on a year over year basis, the expenses have increased by 12% outpacing the growth in fee income. As a result, net fee income decreased slightly during the quarter, leading to a fee income ratio of 19%, as other sources of operating income grew more during the quarter.

然而，與去年同期相比，費用增加了 12%，超過了費用收入的成長。因此，本季淨費用收入略有下降，費用收入比率為 19%，而其他來源的營業收入在本季度增長較多。

Please go to slide 11. For the second consecutive quarter, there was a decline in past due loan formation with a notable decrease in consumer loan deterioration as we have anticipated. Delinquency ratios are beginning to reflect improved asset quality with loans 30 days past due decreasing to 5.1% while maintaining a coverage ratio of 112%.

請轉到投影片 11。正如我們預期的那樣，逾期貸款形成連續第二季下降，消費貸款惡化情況顯著下降。拖欠率開始反映出資產品質的改善，逾期 30 天的貸款下降至 5.1%，同時覆蓋率維持在 112%。

Loans 90 days past due have stabilized at 3.4% quarterly, supported by an increased volume of charge off to sustain a healthy balance sheet with a robust coverage ratio of 165%. Moreover net provision expense for the quarter amounted to COP1.6 trillion marching a 2% decrease quarter-over-quarter in a 1.3% decline year-over-year attributed to improved loan performance.

逾期 90 天的貸款季度穩定在 3.4%，這得益於衝銷量的增加，以維持健康的資產負債表，覆蓋率高達 165%。此外，由於貸款績效改善，本季淨撥備支出達 1.6 兆披索，季減 2%，年減 1.3%。

Notably, there was a reduction of COP265 billion in consumer loan provision charges and COP142 billion in SME provisions, which were the primary drivers for a lower cost of risk. Furthermore, there was a provision release of COP218 billion mainly explained by model parameter updates which reflected better credit behavior from customers.

值得注意的是，消費者貸款撥備費用減少了 2,650 億比索，中小企業撥備費用減少了 1,420 億比索，這是降低風險成本的主要驅動力。此外，還釋放了 2,180 億比索的撥備，主要是由於模型參數更新反映了客戶更好的信用行為。

Conversely commercial loans in some non-sector related large exposure demanded higher provisions in the third quarter. Overall, the quarterly analyzed cost of risk improved to 2.4% reflecting the enhanced performance of new vintages in an improved collection process.

相反，一些非行業相關的大額商業貸款要求第三季增加撥備。總體而言，季度分析風險成本改善至 2.4%，反映出新年份酒在改進的收集流程中表現的增強。

From an expected loss perspective the Stage 3 increased due to the actual deterioration of a specific corporate clients as previously mentioned. While Stage 2 experience an incremental volume in response to a preventive assessment of certain customer segments. We remain confident in the continued positive evolution of asset quality as lower interest rate will contribute to alleviating pressure on our clients' payment capacities. However, we will continue to closely monitor potential loan deterioration among SMEs associated with specific economic sectors.

從預期損失的角度來看，第三階段的損失增加是由於前面提到的特定企業客戶的實際惡化。而第二階段則經歷了增量數量，以回應對某些客戶群的預防性評估。我們對資產品質的持續積極發展仍然充滿信心，因為較低的利率將有助於緩解客戶支付能力的壓力。不過，我們將繼續密切關注與特定經濟部門相關的中小企業的潛在貸款惡化。

Please go to slide 12. Focusing on our Colombian operations, we have observed a continued downward trend in loan deterioration as measured by the past due loan delta which has improved from 7.8% to 6.7% during the quarter. This reduction in delinquency information underscores the effectiveness of our collection strategies and the adjustment of our credit risk appetite for this segment.

請轉到投影片 12。重點關注我們的哥倫比亞業務，我們觀察到以逾期貸款增量衡量的貸款惡化趨勢持續下降，本季從 7.8% 改善至 6.7%。拖欠資訊的減少凸顯了我們催收策略的有效性以及我們對該細分市場信用風險偏好的調整。

Progress is evident across all products within the consumer segment, personal loans, auto loans and credit cards have demonstrated lower value ratios on a quarterly basis, while further deterioration has been successfully contained in payroll loans.

消費領域的所有產品都取得了明顯的進展，個人貸款、汽車貸款和信用卡的季度價值比率較低，而薪資貸款的進一步惡化已成功遏制。

Overall, the consumer segment has seen a reduction in its 90 days past due loan ratio from 5.4% to 4.9% alongside a significant improvement in the cost of risk which decreased from 8.7% last quarter to 7.2%. As we anticipate improved macroeconomic conditions moving forward, we expect to reactivate credit originations at a faster pace in the upcoming quarters, adhering to our risk adjusted parameters while ensuring asset quality remains under control.

整體而言，消費領域的 90 天逾期貸款比率從 5.4% 降至 4.9%，同時風險成本也顯著改善，從上季的 8.7% 降至 7.2%。由於我們預計未來宏觀經濟狀況將有所改善，我們預計將在未來幾季以更快的速度重新啟動信貸發放，遵守我們的風險調整參數，同時確保資產品質保持在可控範圍內。

Please proceed to slide number 13. Operating expenses increased 1.4% over the quarter and 3.2% over the year, remaining well below Colombia's inflation rate for the past 12 months. This outcome clearly reflects the success of our ongoing expense reduction program.

請繼續看第 13 張投影片。營運支出本季成長 1.4%，全年成長 3.2%，仍遠低於哥倫比亞過去 12 個月的通膨率。這一結果清楚地反映了我們正在進行的費用削減計劃的成功。

Regarding personal expenses, there was a 4.7% quarterly increase and a 5.8% annual increase both significantly below the annual wage growth in Colombia. Additionally, administrative expenses contracted by 0.8% during the quarter, primarily due to lower VAT provisions related to reduced general and fees expenses while expanding only 1.4% over the year, thanks to our effective cost control measures. As a result, the cost to income ratio improved during the quarter decreasing from 49% to 48%, thereby demonstrating the efficiency gains achieved through these initiatives.

個人支出方面，季度成長率為4.7%，年度成長率為5.8%，均明顯低於哥倫比亞的年薪資成長率。此外，本季度管理費用收縮了 0.8%，主要是由於與一般費用和費用支出減少相關的增值稅撥備減少，而由於我們有效的成本控制措施，全年管理費用僅增長 1.4%。結果，本季成本收入比從 49% 下降至 48%，證明了透過這些措施實現的效率提升。

Please proceed to slide 14. Net income for the quarter reached COP1.5 trillion representing a 4% increase from the previous quarter. Despite the ongoing reduction in net interest income from our lending business, due to the prevailing interest rate cycle, the quarter's improved results were driven by a lower cost of risk, a stronger investment performance in a base effect from the second quarter related to a onetime impairment charge associated with a joint venture.

請繼續看投影片 14。本季淨利達到 1.5 兆比索，比上一季成長 4%。儘管由於當前的利率週期，我們的貸款業務的淨利息收入持續減少，但本季業績的改善是由風險成本降低、第二季度與一次性貸款相關的基數效應帶來的投資表現強勁所推動的。

The return on equity for the quarter was 15%. Which if adjusted for goodwill translates to a return on tangible equity of 20% underscoring the operation's robust profitability. Furthermore, an attractive and consistent dividend payout to shareholders enhances the total value return on the investment.

該季度的股本回報率為 15%。如果根據商譽進行調整，有形股本回報率為 20%，凸顯了該業務強勁的獲利能力。此外，對股東有吸引力且持續的股息支付提高了投資的總價值回報。

Now please proceed to slide 15. Shareholders' equity rose by 4.3% quarter-over-quarter and 9% over the year, primarily driven by net income generation coupled with the effects of FX depreciation. Consistently core equity Tier 1 ratio ended at 11.58%, a 60 basis points increase over the quarter proving our sound organic capital generation capacity.

現在請繼續看投影片 15。股東權益較上季成長 4.3%，年成長 9%，這主要是由於淨收入產生以及外匯貶值的影響。核心一級資本比率始終為 11.58%，較本季增加 60 個基點，證明我們良好的有機資本產生能力。

On the other hand, total capital and equity ratio increased 175 basis points quarter-over-quarter up to 14.4% because of the 800 million subordinated bonds issued in late June contributing 115 basis points of Tier 2 capital.

另一方面，由於6月下旬發行的8億張次級債券貢獻了115個基點的二級資本，總資本和權益比率環比增長175個基點至14.4%。

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

現在，我將把簡報交還給胡安·卡洛斯，讓他作最後的發言，胡安·卡洛斯。

Thank you, Mauricio. Please proceed to slide 16. Regarding our sustainability strategy, we have successfully originated over COP32 trillion in 2024 contributed to a cumulative total of COP173 trillion since 2020. On the other hand, we continued advancing in our emerging rural system, which aims to promote inclusion and financial education across various municipalities in the Southern region of the country, positively impacting over 8,000 individuals to date.

謝謝你，毛里西奧。請繼續看投影片 16。關於我們的永續發展策略，我們已在 2024 年成功發起了超過 32 兆 COP 的項目，自 2020 年以來累計貢獻了 173 兆 COP 的資金。另一方面，我們繼續推動新興農村體系，旨在促進該國南部地區各城市的包容性和金融教育，迄今已對 8,000 多人產生了積極影響。

Please go to slide 17. Lastly, I will share our year end 2024 and a preliminary 2025 guidance. Based on the current data and our updated macroeconomic forecast, we expect to close 2024 with a loan growth of 6.5% broken down in a 2.8% growth of peso denominated loans and 6.8% in dollar denominated loans. NIM around 6.8%, cost of risk around 2.2% and efficiency ratio in the 50% area. ROE around 15% and core equity Tier 1 ratio around 11.7%.

請轉至投影片 17。最後，我將分享我們的 2024 年年底和 2025 年初步指導。根據目前數據和我們更新的宏觀經濟預測，我們預計到 2024 年貸款將成長 6.5%，其中比索計價貸款成長 2.8%，美元計價貸款成長 6.8%。淨利差約 6.8%，風險成本約 2.2%，效率在 50% 範圍內。ROE 約為 15%，核心一級資本比率約為 11.7%。

Furthermore, on a very preliminary stage for 2025 we expect a loan growth of 7.2% in pesos and 1.3% in dollar denominated loans. NIM around 6%, but in the end of the year, cost of risk of around 2% efficiency, close to 51% and ROE between 13% and 14%.

此外，在 2025 年的初步階段，我們預計比索貸款將成長 7.2%，美元貸款將成長 1.3%。NIM在6%左右，但到年底，風險成本在2%左右，效率接近51%，ROE在13%到14%之間。

With this, we conclude our third quarter results remarks. Now we will take any questions you may have. Thank you.

至此，我們結束了第三季業績評論。現在我們將回答您可能提出的任何問題。謝謝。

(Operator Instructions)

（操作員說明）

Ernesto Gabilondo, Bank of America.

埃內斯托·加比隆多，美國銀行。

Thank you. Hi, good morning, Juan Carlos, Mauricio and good morning to all your team. Thanks for the opportunity to ask questions.

謝謝。嗨，早安，胡安·卡洛斯、毛里西奧，還有你們所有的團隊早安。感謝您有機會提問。

I have three topics from my side. The first one, my first question will be on your investment securities on the NII. We noticed they were abnormally high during this quarter. So we just wanted like to understand what was behind that gain. And looking to your guidance, we are looking to NIM pressure of around 80 basis points, so just wanted to double check if probably you are expecting these security gains not to be recurring. And that's why you're assuming NIM pressure for the next year.

我有三個主題。第一個問題，我的第一個問題是關於您在 NII 上的投資證券。我們注意到本季它們異常高。所以我們只是想了解這種收益背後的原因。根據您的指導，我們預計淨利差壓力約為 80 個基點，因此只是想仔細檢查您是否預計這些安全收益不會重複出現。這就是為什麼你要承擔明年的淨利差壓力。

And my second question is on your net income growth expectations for next year, assuming that you're expecting an ROE of around 14%. So what should imply in terms of earnings growth or contraction next year? And what do you think will be the key metrics to understand this deceleration of the ROE? Would that be just the NIM or what else are you seeing?

我的第二個問題是關於您對明年淨利潤成長的預期，假設您預計 ROE 約為 14%。那麼明年的獲利成長或收縮意味著什麼？您認為理解 ROE 減速的關鍵指標是什麼？這只是 NIM 還是你還看到了什麼？

And my last question is on your new corporate structure. So looking to the subsidiaries Panama is showing kind of weak results. Guatemala's numbers are gradually improving and El Salvador is posting strong results. So considering this new structure that probably could allow you to have more flexibility on your decisions, would it make sense to sell or give -- maybe I don't know Panama to a third party to unlock value for Bancolombia's ROE, just wanted to hear your thoughts, if this could be a possibility, considering this new holding structure. Thank you.

我的最後一個問題是關於你們新的公司結構。因此，巴拿馬子公司的業績表現不佳。危地馬拉的數字正在逐漸改善，薩爾瓦多也取得了強勁的成績。因此，考慮到這種新結構可能會讓您在決策上擁有更大的靈活性，出售或給予是否有意義——也許我不知道巴拿馬可以向第三方釋放哥倫比亞銀行淨資產收益率的價值，只是想聽聽考慮到這種新的控股結構，您的想法是否可能？謝謝。

Thank you, Ernesto. Let me start with your second question and I develop also the third and I am going to pass your first question to Mauricio that one regarding the investment security NIM and if it's a onetime NIM or is going to be recurred.

謝謝你，埃內斯托。讓我從你的第二個問題開始，我也會提出第三個問題，我將把你的第一個問題轉給毛里西奧，這個問題是關於投資安全NIM 的，以及它是一次性的NIM 還是會重複出現。

As we mentioned, we are expecting an ROE of around 14% for 2025 and that ROE is very well related with, of course, the cost of risk that we expect to be around 2% for 2025. But NIM is going to play a big role on the results of 2025. And as you mentioned, we are expecting the NIM to compress due to the market rates going down during the year. And the speed of that or decline on interest rates is going to also play a key role.

正如我們所提到的，我們預計 2025 年 ROE 約為 14%，當然，ROE 與風險成本密切相關，我們預計 2025 年 ROE 約為 2%。但 NIM 將對 2025 年的結果發揮重要作用。正如您所提到的，由於年內市場利率下降，我們預計淨利差將會壓縮。利率下降的速度也將發揮關鍵作用。

So what we are expecting is that the Central Bank in Colombia is going to look for -- to have inflation under control and under the range that they determined to be the target between 2% and 4%. So depending on how the inflation is behaving, the speed of the monetary policy is going to be key for us. So to your question, key for 2025 results NIM and cost of risk. Also we have to work on expenses, but we think that is something that we can manage the other are more market conditions. Additionally, how that volume behaves meaning how the loan growth is going to be, it's also important. So with all of that, our expectations of around 14% consider a long growth of 7% and going down to 6%. So those are our key.

因此，我們預計哥倫比亞中央銀行將尋求將通膨控制在他們確定的 2% 至 4% 的目標範圍內。因此，根據通貨膨脹的表現，貨幣政策的速度將成為我們的關鍵。因此，對於你的問題，2025 年結果 NIM 和風險成本的關鍵。我們還必須處理費用問題，但我們認為這是我們可以管理的，其他更多的是市場條件。此外，該數量的表現意味著貸款成長將如何，這也很重要。因此，考慮到所有這些，我們對 14% 左右的預期考慮到 7% 的長期成長，然後降至 6%。所以這些都是我們的關鍵。

And regarding your third question, yes, the new corporate structure is going to give us flexibility and it is going to give us options to develop different strategies. But now we are focused on finishing all the steps needed to have the corporate structure after that, we will consider the alternative that we may have. So now our focus is to have the structure that again, give us a flexibility and then we will develop further the strategies regarding improving our financial results.

關於你的第三個問題，是的，新的公司結構將為我們提供靈活性，並將為我們提供製定不同策略的選擇。但現在我們的重點是完成建立公司結構所需的所有步驟，之後我們將考慮我們可能有的替代方案。因此，現在我們的重點是建立一個能夠再次賦予我們靈活性的結構，然後我們將進一步製定改善財務表現的策略。

And regarding your first comment, I am going to pass to Mauricio to comment on that, Ernesto.

關於你的第一條評論，我將請毛里西奧發表評論，埃內斯托。

Hi Ernesto. As you very well mentioned, we have significant interest income from investments in the quarter and I would like to divide the answer in two parts. One is in terms of volume investment, the investment portfolio grew 17% quarter-over-quarter and 32% year-over-year. That's abnormally high. We should not expect to see an investment in portfolio that high, but it is supposed to decrease once for one hand, because of the investment we did to prepare for the call of the [29] that we announced to the market.

嗨埃內斯托。正如您很好地提到的，我們在本季的投資中獲得了可觀的利息收入，我想將答案分為兩部分。一是投資規模方面，投資組合季增17%，年增32%。這是異常高的。我們不應該期望看到投資組合如此之高，但它應該會減少一次，因為我們為準備向市場宣布的[29]的呼籲而進行了投資。

And on the other hand, is because if we see an increasing demand of credit that we are expecting, you should see how we divest some of that debt portfolio investment and move it into credit, which of course has a better margins. So that's in terms of volume. In terms of margin, which was your specific question, that was in fact, abnormally high at 4.6% you shouldn't expect that margin to be sustainable. The long term sustainable margin for the debt investment portfolio should be somewhere between 2.5% and 3%. 4.6% if it was too high and it responds to basically a rally we have in interest rates -- market interest rates in the quarter.

另一方面，是因為如果我們看到我們預期的信貸需求不斷增加，你應該看看我們如何剝離部分債務投資組合投資並將其轉移到信貸領域，這當然具有更好的利潤率。這是數量方面的。就利潤率而言，這是您的具體問題，事實上，該利潤率異常高，為 4.6%，您不應期望該利潤率能夠持續。債務投資組合的長期可持續利潤率應在2.5%至3%之間。 4.6%，如果太高的話，它基本上是對我們利率——本季市場利率——的反彈的反應。

Perfect. Now, super helpful Juan Carlos and Mauricio. Just to follow up in terms of the net income growth expectations for next year. So you were saying the two key variables will be NIM and cost of risk. But considering your guidance in an ROE of 14%, how should we think about the earnings relatively flat, a small contraction. How are you seeing them?

完美的。現在，胡安卡洛斯和毛里西奧非常樂於助人。只是跟進明年的淨利成長預期。所以你說兩個關鍵變數是淨利差和風險成本。但考慮到您對 ROE 14% 的指導，我們應該如何看待相對平穩的收益，即小幅收縮。你看他們怎麼樣？

Yeah, Ernesto with the numbers that we are given as a guidance, the net income should be a little bit lower or flat. And the upside will come from a better than expected loan growth and as I mentioned, the speed on NIM reductions. But to your specific question, we are expecting lower -- a little bit lower net income or flat no more than that.

是的，埃內斯托根據我們提供的數字作為指導，淨利潤應該會稍微低一些或持平。上行空間將來自於好於預期的貸款成長，以及正如我所提到的，淨利差削減的速度。但對於你的具體問題，我們預期淨收入會降低一點，或者持平不超過這個數字。

Okay. No, perfect. Thank you very much, Juan Carlos.

好的。不，完美。非常感謝你，胡安·卡洛斯。

Thank you, Ernesto.

謝謝你，埃內斯托。

Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯，摩根大通。

Thank you guys and good morning. I would like to explore a little bit more at the margins from the guidance. I understood that 6% I mean consolidated for 2025. It's now running at 6.8% and I totally get that it makes sense for some compression even lower rates in Colombia. But I would like to understand if this is the average NIM for the year or if this is the year ending. So, this continue to slow down like 6.8% going to 6.6%, 6.4% and then ending the year at 6% or if this is the average for the year and then I can ask a second question. Thank you.

謝謝你們，早安。我想在指南的邊緣進行更多探索。我的理解是 6% 是指 2025 年的合併。現在它的運行速度為 6.8%，我完全明白，在哥倫比亞進行一些壓縮甚至更低的速度是有意義的。但我想知道這是否是當年的平均淨利差或這是否是年底。所以，這個速度繼續放緩，從 6.8% 到 6.6%、6.4%，然後到年底為 6%，或者如果這是今年的平均值，那麼我可以問第二個問題。謝謝。

Thank you, Yuri. Let me pass your question to Mauricio.

謝謝你，尤里。讓我把你的問題轉達給毛里西奧。

Hi Yuri. That's the figure we're having for the whole year. Now, it's important to take into account that the interest rate policy that the central bank is having is going slower than expected. So that's basically where the upside could come from. We're running simulations with the expectations that are in the market as of today. But if the speed of decline is lower than expected the impact in the net interest margin would be lower.

嗨尤里。這是我們全年的數字。現在，重要的是要考慮到央行的利率政策進展慢於預期。所以這基本上就是上行空間可能來自的地方。我們正在根據目前市場的預期進行模擬。但如果下降速度低於預期，對淨利差的影響將會較小。

Super clear. And to compensate that, how should we think about cost of risk moving down? I see that this quarter you had a specific case in Panama, I think this should help and your cost of risk should be move lower. But what is the pace of the decreasing cost of risk to compensate lower margins?

超級清晰。為了彌補這一點，我們應該如何考慮風險成本下降？我看到本季度巴拿馬有一個具體案例，我認為這應該有所幫助，並且您的風險成本應該會降低。但是，為了彌補利潤率的下降，風險成本下降的速度是怎麼樣的呢？

Yeah, Yuri, thanks. What we expect is that a cost of risk should continue improving. And 2025 we have a cost of risk around 2% and we are coming from remember 2.6%, even higher than 2.4% and for the quarter, it's 2.2%. So for next year, it's 2% cost of risk what we expect and that compensates some of the decrease on NIM. Also, it's important to take into account volume as I already mentioned.

是的，尤里，謝謝。我們預計風險成本應該繼續改善。到 2025 年，我們的風險成本約為 2%，我們記得是 2.6%，甚至高於 2.4%，而本季為 2.2%。因此，明年，我們預計風險成本為 2%，這彌補了淨利差的部分下降。此外，正如我已經提到的，考慮數量也很重要。

It is different if interest rates go down and margin go down -- goes down also. But the amount of our loan book it is important and we have seen some acceleration on the demand by the end of the year. So that will create a base that is going to help us somehow for the 2025, Yuri.

如果利率下降並且保證金下降，情況也會有所不同。但我們的貸款總額很重要，到年底我們已經看到需求加速。因此，這將創建一個基地，以某種方式為我們 2025 年提供幫助，尤里。

No, no its quicklier. So the message is the following like NIM will go down this 80 bps whatever and then you have cost of risk decreasing some 6%. So you have a compression, risk adjusted margin, but you have higher volumes and part of the (inaudible) efficiency, right? That is part of your message in the presentation.

不，不，它更快。因此，訊息如下，就像 NIM 將下降 80 個基點一樣，然後您的風險成本將下降約 6%。所以你有一個壓縮的、風險調整後的利潤，但你有更高的產量和部分（聽不清楚）效率，對嗎？這是您在簡報中傳達的訊息的一部分。

Yeah, that's correct.

是的，這是正確的。

Yeah. Perfect. Thank you very much guys. And congrats.

是的。完美的。非常感謝你們。恭喜。

Thank you, Yuri.

謝謝你，尤里。

Andrés Soto, Santander Mexico.

安德烈斯·索托，墨西哥桑坦德銀行。

Good morning to all. Thank you for the presentation. I have a question regarding Nequi. Actually, I want to congratulate you guys not only in the results but the increased visibility that you are providing with these new numbers that you are sharing.

大家早安。謝謝您的介紹。我有一個關於 Nequi 的問題。事實上，我不僅要祝賀你們所取得的成果，還要祝賀你們透過分享的這些新數字所提供的可見度的提高。

I would like to understand what is the role that Nequi -- well, the first question would be when you look at the Nequi, go ahead, now the income and financial income are split 50, 50 in terms of the revenue contribution. How do you see that split evolving? Do you expect any acceleration in lending when I look at the numbers, next year already represents 2% of your deposits in Colombia, but a sense of that in terms of loans. So you see some room for accelerating there and disconnecting with the idea that you are more optimistic about volumes in 2025. Is it next year driver for that or the main driver is going to be commercial loans or traditional consumer loans?

我想了解 Nequi 的作用是什麼 - 嗯，第一個問題是，當你看到 Nequi 時，繼續，現在收入和財務收入按收入貢獻劃分為 50、50。您如何看待這種分裂的演變？當我查看這些數字時，您是否預計貸款會加速，明年已經佔您在哥倫比亞存款的 2%，但從貸款方面可以看出這一點。因此，您看到了一些加速的空間，並與您對 2025 年銷售更加樂觀的想法脫節。明年的動力是商業貸款還是傳統消費貸款？

Thank you, Andres. As you see and you mentioned the deposits on Nequi are around COP3 billion -- COP3.2 billion and our loan booking Nequi is now [400]. So there is a room to increase our loan book. And the resources that are not on the loan book are -- at this time getting interest rates are -- at market rate. So it if there is a space, a big space to improvement on the income -- interest income on Nequi but we need to go on a pace that allow us to increase the volume but also take into account risk. But there is a big upside there.

謝謝你，安德烈斯。正如您所看到的，您提到 Nequi 上的存款約為 30 億比索 - 32 億比索，我們的貸款預訂 Nequi 現在是[400]。所以我們的貸款帳簿還有增加的空間。不在貸款簿上的資源——此時的利率是——市場利率。因此，如果收入（Nequi 的利息收入）有很大的改善空間，但我們需要繼續加快步伐，使我們能夠增加數量，但也要考慮到風險。但那裡有一個很大的好處。

Since the interest rate changes a lot between what is the loan interest rates and what is the market rate for -- in inter interbank deposits or interbank money. iso that there is a space there and we are expecting to keep growing our loan book, again, taking into account risk.

由於貸款利率與銀行間同業存款或銀行間貨幣的市場利率之間的利率變化很大。 iso 認為那裡有一個空間，我們預計會繼續增加我們的貸款帳簿，再次考慮到風險。

And to your comment in general, we expect consumer loans to behave better during 2025 and Nequi is going to be part of that but not just Nequi also by Colombia. We expect to improve the growth on consumer loan. And that's also going to be positive on our loan mix. Since 2024 we saw -- we are seeing a decrease on a consumer loan -- in consumer loans and commercial loans are growing.

對於您的整體評論，我們預計消費貸款在 2025 年將表現得更好，Nequi 將成為其中的一部分，但不僅僅是哥倫比亞的 Nequi。我們預計消費貸款的成長將會改善。這也將對我們的貸款組合產生正面影響。自 2024 年以來，我們看到消費貸款減少，而商業貸款卻在成長。

So that's also affecting the NIM, if we change that dynamic and consumer loans start growing better and that's our expectation that could also have some positive impact on NIM. And let me pass Mauricio for additional comments on this topic, Andres.

因此，如果我們改變這種動態並且消費者貸款開始更好地成長，這也會影響淨利差，這也是我們的預期，這也可能對淨利差產生一些正面影響。安德烈斯，請讓我透過毛里西奧徵求有關此主題的更多評論。

Hi Andres. Yeah, as you can see, Nequi dynamic is being very, very positive. We expect disbursements to maintain that dynamic. As you can see, the space of growth in loans is pretty high. The loan to deposit ratio as of today is close to 13% and what we expect for year end -- next year, it's a growth of deposits of somewhere between 15% and 17% but loans are expected to grow and I'm talking specifically about Nequi, loans are expected to grow 100%. So we expect to have a loan book in Nequi at year end in 2025 of COP1.2 billion.

嗨安德烈斯。是的，正如你所看到的，Nequi 的動態非常非常積極。我們預計支出將保持這種動態。可以看到，貸款的成長空間很大。截至今天的貸存比接近 13%，這也是我們對年底的預期——明年，存款增長在 15% 到 17% 之間，但貸款預計會增長，我說的是具體的關於Nequi，貸款預計將增長100%。因此，我們預計到 2025 年底 Nequi 的貸款總額將達到 12 億哥倫比亞比索。

Thank you. Thank you guys. And do you have any medium term expectation of how much could Nequi represent of your total loan book or represent of your consolidated revenue?

謝謝。謝謝你們。您對 Nequi 佔您的貸款總額或合併收入的中期預計有多少嗎？

I guess Andres, more than having an expectation specifically for Nequi figures, which of course are positive and growing as we mentioned, is the way Nequi might evolve and combine that growth with a coordination of a corporate strategy with Bancolombia. So the way we look at it is, we look analyze Nequi figures in a standalone basis. But after all, what we are aiming at is a growth of the general pie of Grupo Bancolombia.

我想安德烈斯不僅僅是對Nequi 數字有專門的期望，正如我們所提到的，Nequi 數字當然是積極的並且不斷增長，這也是Nequi 可能發展並將這種增長與與哥倫比亞銀行的公司戰略協調結合起來的方式。所以我們看待它的方式是，我們在獨立的基礎上分析 Nequi 數據。但歸根究底，我們的目標是把哥倫比亞銀行的整體蛋糕做大。

And let me complement that, Andres. Nequi give us flexibility and allow us to go to the market with a much more flexibility and better margins. But still the consumer book in Bancolombia is much bigger than the consumer loan in Nequi. Just to give you a figure in consumer loan in Bancolombia is around COP50 billion. And as Mauricio mentioned, our expectations is to go to COP1.0 billion. So still it is not that big, but give us a lot of flexibility, allow us to go to a market with a much more flexibility and tools to compete in a market that is every day more competitive.

讓我補充一下，安德烈斯。Nequi 為我們提供了靈活性，讓我們能夠以更大的靈活性和更好的利潤進入市場。但 Bancolombia 的消費帳簿仍然比 Nequi 的消費貸款大得多。只是給你一個數字，哥倫比亞銀行的消費貸款約為 500 億哥倫比亞比索。正如 Mauricio 所提到的，我們的期望是達到 10 億菲律賓比索。雖然它仍然沒有那麼大，但給了我們很大的靈活性，讓我們能夠進入一個更靈活的市場，並提供在競爭日益激烈的市場中競爭的工具。

That's clear. Thank you and congratulations again on the results.

很清楚。謝謝您並再次恭喜結果。

Thank you, Andres.

謝謝你，安德烈斯。

Eric Ito, Bradesco BBI.

埃里克·伊藤，布拉德斯科 BBI。

Hi guys. Good morning. Juan Carlos, Mauricio, thanks for the opportunity of asking questions. I have two questions here from my side. The first one would be a follow up on your new corporate structure. I just want to get more color on the on the rationale here. You mentioned, there are some opportunities under the new structure. Just wanted to see if there is any specific strategy that you guys are looking for at the moment, any specific initiative.

嗨，大家好。早安.胡安卡洛斯、毛里西奧，感謝給我提問的機會。我這邊有兩個問題。第一個是新公司結構的後續行動。我只是想對這裡的基本原理有更多的了解。你提到，新的架構下有一些機會。只是想看看你們目前是否正在尋找任何具體的策略、任何具體的舉措。

I think Mauricio already mentioned the allowance of potential share repurchases. But I just want to get a bit more color. What could be the synergies that we could expect capture here for maybe 2025 or 2026.

我認為毛里西奧已經提到了潛在股票回購的準備金。但我只是想多一點顏色。我們預期 2025 年或 2026 年可能會產生什麼綜效。

And then my second question is specific on the efficiency ratio for 2025 during preliminary guidance, which is around 51%. Just want to get a bit color from you, what you guys are expecting for operating expenses, growth and fee income for 2025. Thank you.

然後我的第二個問題是初步指導中2025年的效率比率，大約是51%。只是想了解一下你們對 2025 年營運費用、成長和費用收入的預期。謝謝。

Thank you, Eric. Regarding your first question about the new proposed corporate structure. Let me first start saying that we are in the process of getting the approval from supervisors in the different jurisdictions, are also from our shareholders. And that's going to take place probably by the first half of the year. So we will have in place our corporate structure for the second semester. So the impact -- you will see the full impact of our new corporate structure in 2026.

謝謝你，埃里克。關於你關於新提議的公司結構的第一個問題。首先我要說的是，我們正在獲得不同司法管轄區監管機構以及股東的批准。這可能會在今年上半年發生。因此，我們將在第二學期制定公司結構。因此，您將在 2026 年看到我們新公司結構的全面影響。

So 2025 is a transition year. And regarding advantages, you mentioned stock repurchases that's going to give us a lot of much more flexibility in terms of how we can manage that return to investors. But also it will allow us to manage much more efficiency, capital and also give us flexibility on that regard and FX also we can manage much, much better, the FX and FX on capital.

所以2025年是一個過渡年。關於優勢，您提到了股票回購，這將為我們在如何管理投資者回報方面提供更大的靈活性。但它也將使我們能夠管理更高的效率和資本，並為我們提供在這方面和外匯方面的靈活性，我們也可以更好地管理外匯和資本外匯。

And goodwill also improve our ability to manage goodwill. So on all, what allow us this corporate structure is much efficiency, use of capital -- more efficient use of capital but also as I mentioned, corporate flexibility, but our main focus now it's getting those advantages on the short term, those that I mentioned. And then from there, we will see what else we can do looking to improve the return of Grupo Cibest in this case.

而商譽也提高了我們管理商譽的能力。因此，總而言之，使我們這種公司結構能夠提高效率、資本利用——更有效地利用資本，而且正如我所提到的，公司的靈活性，但我們現在的主要重點是在短期內獲得這些優勢，即我所提到的那些優勢。然後從那裡開始，我們將看看我們還能做些什麼來提高 Grupo Cibest 在這種情況下的回報。

And regarding your second question about efficiency, let me pass by your question to Mauricio.

關於你關於效率的第二個問題，讓我把你的問題轉達給毛里西奧。

Hi, Eric. What we are expecting in the efficiency ratio for next year is something closer to 50%, 51% but that's because of the NIM compression that we mentioned. So the deterioration of the ratio would come from the decrease in income. Because the way we are seeing 2025 in general expense growth is somewhere between 4% and 4.5%. We are expecting to grow expenses at a rate lower than inflation, which is something that we are achieving this year. And we expect that to be the case next year also.

嗨，艾瑞克。我們預計明年的效率將比接近 50%、51%，但這是因為我們提到的 NIM 壓縮。因此，該比率的惡化將來自於收入的減少。因為我們預計 2025 年一般支出成長將在 4% 到 4.5% 之間。我們預期支出成長速度低於通貨膨脹率，這是我們今年實現的目標。我們預計明年也會出現這種情況。

Now you also asked about fees, we're expecting a fee income -- net fee income to grow at around 8% next year and that's partially going to upset the NIM compression that we mentioned before.

現在您也詢問了費用問題，我們預計明年的費用收入淨額將增加 8% 左右，這在一定程度上會擾亂我們之前提到的淨利差壓縮。

Very clear. Just a quick follow up if I may on the first question. You mentioned the full impact on the -- of the new corporate structure will be in 2026. Is there any preliminary calculations that you guys did or is it too soon to ask about it? Thank you.

非常清楚。如果可以的話，請快速跟進第一個問題。您提到新公司結構將在 2026 年產生全面影響。你們有做過什麼初步計算嗎？謝謝。

Let me go over the timeline so that we can get the complete picture. We're expecting approvals from both regulators and shareholders to come in the first quarter and the execution of the approvals to take place in the second quarter of next year.

讓我回顧一下時間線，以便我們能夠了解完整的情況。我們預計監管機構和股東將在第一季獲得批准，並在明年第二季執行批准。

What you should expect for the second half of the year is basically a capital structure optimization through the buyback program. But you shouldn't see a significant differences in the income statement. And in 2025 because of what I just explained, it's important to bear in mind that the company that will be paying dividends, it's Grupo Bancolombia. And the company that will pay dividends in 2026 will be Grupo Cibest, so just to bear in mind when the changes will come.

下半年你應該期待的基本上是透過回購計畫來實現資本結構優化。但您不應該在損益表中看到顯著差異。正如我剛才所解釋的，到 2025 年，重要的是要記住，將支付股息的公司是 Grupo Bancolombia。將於 2026 年派發股息的公司將是 Grupo Cibest，因此請記住變化何時到來。

Perfect, very clear. Thank you guys.

完美，非常清晰。謝謝你們。

Thank you, Eric.

謝謝你，埃里克。

Tito Labarta, Goldman Sachs.

蒂托·拉巴塔，高盛。

Hello, this is Lindsay (inaudible) on for Tito Labarta. Thank you. My question today, you mentioned loans – driving 2025 loan growth. So you are just wondering how reliant is your guidance on improvement in the economy and if you could provide some additional color on loan growth within in the other segments? And then on that note, is there room for commercial loan growth to pick up if consumer loan growth is weaker than expected? Thank you.

大家好，我是 Tito Labarta 的 Lindsay（聽不清楚）。謝謝。我今天的問題是，您提到了貸款——推動 2025 年貸款成長。因此，您只是想知道您對經濟改善的指導有多大程度的依賴，以及您是否可以對其他領域的貸款成長提供一些額外的資訊？那麼，如果消費貸款成長弱於預期，商業貸款成長是否還有回升的空間？謝謝。

Thank you. I don't want to be sure that that I hear correctly is regarding long growth and your question on long growth in 2024 was low or is going -- is low at this moment and we expect a little acceleration by the last quarter. So loan growth is going to be this year on average around 6.5%. What we expect for loan growth for 2025 it's a little acceleration and it's going to be around 7.2%.

謝謝。我不想確定我所聽到的關於長期增長的問題是否正確，而您關於 2024 年長期增長的問題很低或正在持續——目前很低，我們預計上個季度會出現一點加速。因此，今年的貸款平均成長率將在 6.5% 左右。我們預計 2025 年貸款成長將略有加速，約 7.2%。

Let me just add that we are expecting in Colombia a GDP growth for 2025 of around 2.6%. And in 2024 growth should be around 1.8%. So there is an acceleration, unexpected acceleration on an economic growth for Colombia and on top of that, we expect the demand for credit to grow. And regarding the mix in 2024 long growth on the consumer book was -- actually was a decrease on a loan book. On commercial there were some growth, mortgages grew -- are growing on a healthy pace even more than 10%.

我想補充一點，我們預計哥倫比亞 2025 年的 GDP 成長率約為 2.6%。2024 年成長率應在 1.8% 左右。因此，哥倫比亞的經濟成長出現了意想不到的加速，除此之外，我們預期信貸需求將會成長。就 2024 年的組合而言，消費者帳簿的長期成長實際上是貸款帳簿的減少。商業方面有一些增長，抵押貸款增長——正在以健康的速度增長，甚至超過 10%。

So in 2025 we expect a more a -- an acceleration on commercial I'm sorry, on consumer loans. So we expect the mix to be more balanced in terms of growth in commercial and consumer and that also is going to help our NIM due to the mix. I don't know Mauricio, if you want to complement something there.

因此，到 2025 年，我們預計商業貸款（對不起，消費貸款）將會加速。因此，我們預期商業和消費者成長方面的組合將更加平衡，並且由於這種組合，這也將有助於我們的淨利差。我不知道毛里西奧，你是否想補充一些東西。

Yeah, on the breakdown of the expected growth and it would be reasonable to expect commercial loans to grow at 5.8%. Consumer loans to grow somewhere between 11% and 12%. And we're basically going to have an inflection point in the fourth quarter of this year. So the base is low and positive for growth and mortgage loans should grow between 7% and 8% to maintain the positive dynamic. It's been having this year.

是的，根據預期成長的細目，商業貸款成長 5.8% 的預期是合理的。消費貸款將成長 11% 至 12% 之間。我們基本上將在今年第四季遇到一個拐點。因此，基數較低，對成長有利，抵押貸款成長應在 7% 至 8% 之間，以保持積極的動態。今年就一直這樣了

Olavo Arthuzo, UBS.

奧拉沃·阿圖佐，瑞銀集團。

Yes, good morning, everybody. Thank you for taking my question. I have two. The first one is just to confirm that the guidance for the next year of 14% does not incorporate the corporate structure because I think the bank, it's waiting for the total approvals. So just to confirm if the guidance does not incorporate the corporate structure and the follow up question related to this is that if not -- what would be the ROE for the next year? I mean the new corporate structure of the bank?

是的，大家早安。感謝您回答我的問題。我有兩個。第一個只是確認明年 14% 的指導不包含公司結構，因為我認為銀行正在等待全部批准。因此，只是為了確認該指南是否未納入公司結構，與此相關的後續問題是，如果沒有，明年的股本回報率是多少？我的意思是銀行的新公司結構？

And my second question just like switching topics to Nequi again, I would like to know in terms of breakeven if you guys could provide us an update in terms of it would be like the next year or 2026, when do you guys expect for Nequi to reach the breakeven? Thank you guys.

我的第二個問題就像再次將主題切換到 Nequi，我想知道在損益兩平方面，你們是否可以向我們提供更新，就像明年或 2026 年一樣，你們預計 Nequi 何時能夠達到收支平衡嗎？謝謝你們。

Thank you Olavo. Let me confirm that the guidance that we are giving for 2025 does not include the new corporate structure. So the all the guidance is under the current corporate structure, even though we expect that as Mauricio explained that we will have by midyear 2025 the corporate structure in place, the effects we will see it on 2026.

謝謝奧拉沃。讓我確認一下，我們為 2025 年提供的指導不包括新的公司結構。因此，所有指導都是在當前的公司結構下進行的，儘管我們預計正如 Mauricio 所解釋的那樣，我們將在 2025 年年中之前建立公司結構，我們將在 2026 年看到它的影響。

So just to confirm that the guidance that we are given is under our current corporate structure including the 14% -- just around 14% ROE expectations for 2025. I'm going to -- regarding Nequi as you see in the information that we are providing, Nequi has a very good trend, but still we need a way to go. So our expectations is are that the Nequi could be profitable in 2026. Improving -- improvements will continue during 2025 and the company it's or -- Nequi, it's developing its strategy that is complementing income from different sources. The loan grow, the loan book is going to grow as Mauricio mentioned. So the expectations are continuous improvement, but we will expect to be profitable by 2026.

因此，我們只是想確認一下，我們給出的指導是根據我們目前的公司結構制定的，包括 2025 年 14% 左右的 ROE 預期。我要——關於 Nequi，正如您在我們提供的資訊中看到的那樣，Nequi 有一個非常好的趨勢，但我們仍然需要一段路要走。因此，我們的預期是 Nequi 可以在 2026 年實現盈利。改進 - 改進將在 2025 年繼續進行，而 Nequi 公司正在製定補充不同來源收入的策略。正如毛里西奧所提到的，貸款成長，貸款帳簿將會成長。因此，我們的期望是持續改善，但我們預計到 2026 年將實現盈利。

Mauricio, can you complement something about this, these two question of Olavo?

毛里西奧，你能補充一下奧拉沃的這兩個問題嗎？

Yes, Olavo, you might see an improvement in ROE after we execute the new corporate structure. But it will all depend basically on the buyback program and the optimization of the capital structure that we're going to be able to have. So regarding the ROE, I think it's going to be interesting to look at every single bank's ROE after the structure takes place. And after all, looking at the holding in the group's ROE, so it's going to be a breakdown that is going to be interesting to get the details after we get it done.

是的，奧拉沃，在我們執行新的公司結構後，您可能會看到淨資產收益率有所改善。但這基本上取決於我們將能夠擁有的回購計劃和資本結構的最佳化。因此，關於淨資產收益率，我認為在結構完成後觀察每家銀行的淨資產收益率將會很有趣。畢竟，看看該集團持有的股本回報率，所以這將是一個細分，在我們完成之後獲得詳細資訊將會很有趣。

Okay. That's great. Thank you very much guys.

好的。那太棒了。非常感謝你們。

Thank you, Olavo.

謝謝你，奧拉沃。

This concludes the question and answer session. I'd like to turn the floor back to management for any closing comments.

問答環節到此結束。我想請管理階層發表最後評論。

Thank you very much everybody for participating on the third quarter results. We expect the year end to -- for the year of 2024 to continue on a good pace and we will see what happened. So we expect you to see you on our conference call for the end of the year result next year. Thank you everybody and have a good day.

非常感謝大家參與第三季業績。我們預計 2024 年底將繼續保持良好的節奏，我們將看看會發生什麼。因此，我們希望您能在明年的年終業績電話會議上見到您。謝謝大家，祝你有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。