Banco Itau Chile (ITCL) 2022 Q4 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Itau Corpbanca Fourth Quarter 2022 Financial Results Conference Call. Today's conference is being recorded, and all lines have been placed on mute to prevent any background noise. (Operator Instructions) Thank you.

女士們，先生們，早上好。我叫艾比，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Itau Corpbanca 2022 年第四季度財務業績電話會議。今天的會議正在錄製中，所有線路都已設為靜音以防止背景噪音。 （操作員說明）謝謝。

And I will now turn the conference over to Rodrigo Couto, Chief Financial Officer. You may begin.

我現在將會議轉交給首席財務官 Rodrigo Couto。你可以開始了。

Good morning. Thank you for joining our conference call for the fourth quarter of 2022. I would like to remind you that our remarks maintain forward-looking information, and our actual results could differ materially from what is discussed in this presentation. I would also like to draw your attention to the financial information included in this management discussion and analysis presentation, which is based on our managerial model in which we adjust for non-recurring events and the apply managerial criteria to disclose our income statements.

早上好。感謝您參加我們 2022 年第四季度的電話會議。我想提醒您，我們的言論保持前瞻性信息，我們的實際結果可能與本演示文稿中討論的內容存在重大差異。我還想提請您注意本管理層討論和分析演示文稿中包含的財務信息，這些信息基於我們的管理模型，在該模型中我們針對非經常性事件進行了調整，並應用管理標準來披露我們的損益表。

Please remember that since the first quarter of 2019, we are presenting our income statement in the same manner as you do in service. This managerial financial model reflects how we measure, analyze and discuss our financial results by segregating; one, commercial performance; two, financial risk management; three, credit risk management; and fourth, cost efficiency. We believe that this form of presenting our results will give you a clear and better view of how our performance from these different perspectives. Please refer to Pages 9 to 12 of our MD&A reports for further analysis.

請記住，自 2019 年第一季度以來，我們將以與您在服務中相同的方式呈現我們的損益表。這種管理財務模型反映了我們如何通過分離來衡量、分析和討論我們的財務結果；一、商業演出；二、財務風險管理；三、信用風險管理；第四，成本效率。我們相信，這種展示我們結果的形式將使您從這些不同的角度清楚、更好地了解我們的表現。請參閱我們的 MD&A 報告的第 9 至 12 頁以進行進一步分析。

Now Mr. Gabriel Moura, our CEO, will continue with the presentation.

現在，我們的首席執行官 Gabriel Moura 先生將繼續進行演講。

Thank you, Rodrigo. Good morning, everyone. Thank you for joining us for this fourth quarter 2022 conference call. Today, we will update you on our progress in implementing our strategy as well as present the highlights of our fourth quarter results.

謝謝你，羅德里戈。大家，早安。感謝您參加我們 2022 年第四季度的電話會議。今天，我們將向您介紹我們在實施戰略方面的最新進展，並介紹我們第四季度業績的亮點。

Starting on Slide 3. We are introducing our Itau advisers model to support our growth ambitions in the investment business. Our Itau Advisors locations will provide a setting where we can work with our customers to understand their profile, increase personalized financial plans that will help them reach their goals with appropriate levels of risk.

從幻燈片 3 開始。我們正在引入我們的 Itau 顧問模型，以支持我們在投資業務中的增長雄心。我們的 Itau Advisors 地點將提供一個環境，讓我們可以與客戶合作以了解他們的概況，增加個性化的財務計劃，幫助他們在適當的風險水平下實現目標。

On Slide 4, we see that we have strengthened our leadership position in customer satisfaction for SMEs by improving our NPS by 12 percentage points and increasing the business to our competitors according to the most recent Servitest service both by Ipsos. Our NPS for SMEs is now 20 percentage points better than the industry average.

在幻燈片 4 上，我們看到我們通過將 NPS 提高 12 個百分點並根據 Ipsos 最新的 Servitest 服務將業務增加到我們的競爭對手，從而加強了我們在中小企業客戶滿意度方面的領導地位。我們針對中小企業的 NPS 現在比行業平均水平高 20 個百分點。

On the next page, #5, we see that we have -- we were considered by SMEs as the best bank in all dimensions of the services poll. This clearly demonstrates that we have a competitive advantage in terms of customer experience in the segment and our SME business is rising as a result. We will continue moving forward with the same guiding philosophy because client orientation has been ingrained in our culture as seen by the strong positive progression in all areas.

在下一頁，#5，我們看到我們被中小企業認為是服務調查各個方面的最佳銀行。這清楚地表明我們在該細分市場的客戶體驗方面具有競爭優勢，因此我們的中小企業業務正在增長。我們將繼續以相同的指導理念向前邁進，因為從各個領域的強勁積極進展可以看出，以客戶為導向已經根植於我們的文化中。

Moving on to Slide 6. We show that we have become the biggest player in foreign exchange loans in Chile. One key element of our trade finance value proposition is our trade finance portal, which has been chosen by Global Finance Magazine as the best trade finance solution for the third consecutive year. The fact that we were also selected by the best supply chain finance application for 2022 by the same publication confirms that we are on the right track when it comes to creating products and services that make life simpler for our clients.

轉到幻燈片 6。我們表明我們已成為智利最大的外匯貸款參與者。我們的貿易融資價值主張的一個關鍵要素是我們的貿易融資門戶網站，該門戶網站已連續第三年被《全球金融雜誌》選為最佳貿易融資解決方案。我們還被同一出版物選為 2022 年最佳供應鏈金融應用程序這一事實證實，我們在創造讓客戶的生活更輕鬆的產品和服務方面走在正確的軌道上。

On Slide 7, we present the progress we have made in the investment banking lately. In 2022, we reached the second position in Latin America in SG transactions and the third in liability management. We also reached fourth positions in local debt capital markets. Investment banking is a key area of focus for us as we continue to develop a regional franchise together with Itau Corpbanca, leveraging our combined presence in Latin America, which will enable us to continue rising on the lead tables.

在幻燈片 7 上，我們介紹了我們最近在投資銀行業務方面取得的進展。 2022 年，我們在 SG 交易方面排名拉丁美洲第二，在負債管理方面排名第三。我們還在地方債務資本市場上排名第四。投資銀行業務是我們關注的一個關鍵領域，因為我們將繼續與 Itau Corpbanca 一起開發區域特許經營權，利用我們在拉丁美洲的聯合業務，這將使我們能夠繼續在領先地位上升。

Moving on to Slide 8. We highlight our progress in cash management. Over the last 12 months, we've seen a growth of 20.2% in supplier payments, and 18.1% in transactional cash. That increase in transactions resulted from our efforts to digitize our value proposition, introduce transactional solutions and closer operational integration with key wholesale clients.

轉到幻燈片 8。我們強調我們在現金管理方面取得的進展。在過去的 12 個月裡，我們看到供應商付款增長了 20.2%，交易現金增長了 18.1%。交易量的增加是由於我們努力將我們的價值主張數字化，引入交易解決方案以及與主要批發客戶進行更緊密的運營整合。

On the next page, on Page 9, we demonstrate how we are positioning ourselves as digital leaders through the content we create on multiple platforms. Following the visits of (inaudible), our Vision de Lideres, YouTube Livestream, it is still going strong and now features a conversation with Martina Navratilova. We led single champion with the most victories. By creating content for a variety of platforms that is appealing to both our current and potential customers, we are boosting our reputation as an innovative bank through our social media presence. As a result, we currently have more colors on listing in YouTube than any other bank in Chile, and we have reached 300,000 forward mark only in Linkedin.

在下一頁的第 9 頁，我們展示了我們如何通過在多個平台上創建的內容將自己定位為數字領導者。在（聽不清）訪問之後，我們的 Vision de Lideres，YouTube Livestream，它仍然很強大，現在有與 Martina Navratilova 的對話。我們以最多的勝利率領單項冠軍。通過為各種平台創建對我們現有和潛在客戶都具有吸引力的內容，我們正在通過我們的社交媒體形象提升我們作為一家創新銀行的聲譽。因此，我們目前在 YouTube 上列出的顏色比智利任何其他銀行都多，而且我們僅在 Linkedin 上就達到了 300,000 的轉發量。

On Slide 10, we shared with you that our asset management farm was chosen as the leader in sustainable investment in 2022 addition of ALAS20. This was the fifth time we received that recognition as we achieved the first place in responsible investing in sustainability research as well as the second place in corporate governance investment. As asset managers and lenders, we understand we have a role in promoting sustainability investing, and we are committing to fulfilling that role as part of generating sustainability results.

在幻燈片 10 上，我們與您分享了我們的資產管理農場被選為 2022 年 ALAS20 可持續投資的領導者。這是我們第五次獲得這一認可，因為我們在可持續性研究的負責任投資中排名第一，在公司治理投資中排名第二。作為資產管理者和貸款人，我們知道我們在促進可持續發展投資方面發揮著作用，並且我們致力於履行這一作用，作為產生可持續發展成果的一部分。

Now let's move to Slide 11, where we are showing the performance of our return on average tangible equity during the last 8 quarters. As a reminder, we focus on return on equity and price to tangible book metrics because they better reflect our operating performance and valuation as they are not distorted by noncash goodwill generated by the merger of Itau Corpbanca. When comparing results in multiple across Chilean banks, it's critical to keep that in mind. Our return equity has been above 17% for the last 8 quarters in Chile and has been comparable with that of our peers. As you can clearly see from where we were ranked in each quarter versus our main competitors. Therefore, it's quite clear that we have achieved the convergence of results that we expected. We are now creating value for our shareholders, which is our #1 goal.

現在讓我們轉到幻燈片 11，我們在其中展示了過去 8 個季度平均有形資產回報率的表現。提醒一下，我們關注股本回報率和有形賬面價格指標，因為它們更好地反映了我們的經營業績和估值，因為它們沒有被 Itau Corpbanca 合併產生的非現金商譽所扭曲。在比較智利多家銀行的結果時，務必牢記這一點。過去 8 個季度，我們在智利的回報率一直高於 17%，與我們的同行相當。從我們在每個季度與主要競爭對手的排名中可以清楚地看到。因此，很明顯，我們已經實現了預期結果的趨同。我們現在正在為股東創造價值，這是我們的第一目標。

On Slide 12, you can see how we can continue to advance towards achieving our goal of becoming Chile's fast-growing bank. Over the last 12 months, we have met that objective across multiple products, such as consumer installment loans, trade finance, leasing and factoring. We continue to grow by leveraging our competitive advantages in customer experience and product differentiation, while remaining very selective in terms (inaudible) that selectivity can be seen in our conscious decision to slow down growth of overdraft credit lines, which are relatively recent products.

在幻燈片 12 上，您可以看到我們如何繼續朝著實現成為智利快速發展銀行的目標邁進。在過去的 12 個月裡，我們通過多個產品實現了這一目標，例如消費分期貸款、貿易融資、租賃和保理。我們通過利用我們在客戶體驗和產品差異化方面的競爭優勢繼續增長，同時在（聽不清）方面保持非常有選擇性，我們有意識地決定減緩透支信貸額度的增長，這是相對較新的產品。

On Slide 13, we display our ESG-related projects. We have been tracking our development in S&P's corporate sustainability assessment since 2019. Itau Corpbanca received an S&P Global ESG score of 70 or above in the 2022 evaluation, an increase of 7.7% year-over-year. As a result, for our multiple web for sustainability space, we have achieved the second highest score among Chilean banks. We achieved a 82nd percentile across the 44 banks that are part of one or more Dow Jones Sustainability Indices, in our family indices.

在幻燈片 13 上，我們展示了我們的 ESG 相關項目。自 2019 年以來，我們一直在跟踪我們在標準普爾的企業可持續發展評估中的進展。Itau Corpbanca 在 2022 年評估中獲得了標準普爾全球 ESG 評分 70 分或以上，同比增長 7.7%。因此，對於我們的可持續發展空間多重網絡，我們在智利銀行中獲得了第二高的分數。在我們的系列指數中，我們在屬於一個或多個道瓊斯可持續發展指數的 44 家銀行中取得了第 82 個百分位。

And then 94th percentile in the universe of 736 banks globally assessed by SAP's CSA. Finally, we achieved 70 score on the Mercado Integrado Latinoamericano score. This time, the improvement in our CSA score puts us well above the required score of 66 to be included in the MILE index. I am optimistic that we will continue to deliver on this pillar of our strategy because of responsibility and sustainability are part of our culture, and we are truly passionate about our initiatives on those fronts.

然後在 SAP 的 CSA 評估的全球 736 家銀行中排名第 94 個百分位。最後，我們在 Mercado Integrado Latinoamericano 得分上獲得了 70 分。這一次，我們 CSA 分數的提高使我們遠高於 MILE 指數所需的 66 分。我樂觀地認為，我們將繼續實現我們戰略的這一支柱，因為責任和可持續性是我們文化的一部分，我們對我們在這些方面的舉措充滿熱情。

Now moving forward to Slide 14, where we present the financial highlights for the fourth quarter of 2022. Our consolidated net income reached COP 3.5 billion, in our net income in Chile reached COP 103.8 billion. When we look at our full year, we reached a consolidated net income of COP 456.9 billion, while net income in Chile was COP 881.2 billion. Consolidated return on tangible equity was 12.4%, while return on tangible equity in Chile reached 17.7% in this quarter. When we look at our profitability for our full year, we had a 17.2% return on tangible equity on a consolidated basis and 22.2% in Chile.

現在轉到幻燈片 14，我們在其中展示了 2022 年第四季度的財務亮點。我們的綜合淨收入達到 35 億哥倫比亞比索，我們在智利的淨收入達到 1038 億哥倫比亞比索。縱觀全年，我們的綜合淨收入達到 4569 億哥倫比亞比索，而智利的淨收入為 8812 億哥倫比亞比索。本季度綜合有形股本回報率為 12.4%，而智利的有形股本回報率為 17.7%。當我們查看全年的盈利能力時，我們的有形資產綜合回報率為 17.2%，在智利為 22.2%。

Consolidated financial margin with clients grew by 31.1%, boosted by higher revenue of high volumes, especially of asset and liability portfolios as well as high interest rates in both countries. Consolidated fee income grew by 15.6%, primarily due to higher results in the financial advisory and other commissions in both countries as well as high resulting insurance brokerage in Chile. Consolidated noninterest expenses increased 15% year-over-year as a result of higher inflation, while the efficiency ratio remained basically stable at 54%.

客戶的綜合財務利潤率增長了 31.1%，這得益於高交易量的收入增加，尤其是資產和負債組合的收入增加，以及兩國的高利率。綜合費用收入增長了 15.6%，主要是由於兩國的財務諮詢和其他佣金收入較高，以及智利的保險經紀收入較高。由於通脹上升，綜合非利息支出同比增長 15%，而效率比率基本穩定在 54%。

Consolidated cost of credit increased by 24.8% over the low base of 2021, which was positively impacted by the economic support granted in the Pandemic, mostly in Chile. When we look at our credit portfolios, we grew 13.4% in Chile, and we decreased 0.6% in Colombia in constant currency compared to December of 2021, with customer in mortgage loans in Chile as the biggest contributors.

綜合信貸成本比 2021 年的低基數增加了 24.8%，這受到大流行期間提供的經濟支持的積極影響，主要是在智利。當我們查看我們的信貸組合時，與 2021 年 12 月相比，我們在智利增長了 13.4%，在哥倫比亞以固定匯率計算下降了 0.6%，其中智利的抵押貸款客戶是最大的貢獻者。

On Slide 15, we can observe how Chile's loan portfolio mix changed during the last 12 months. In line with our strategy in overperforming our 2022 guidance, the total portfolio increased by 13.4% with consumer mainly increasing 26.1% in mortgage loans increasing by 16%. The share of retail in our portfolio climbed by 169 basis points, reaching 38.6%. Since we began pursuing the debt strategy in 2016. The retail loans in our portfolio has increased by over 10 percentage points.

在幻燈片 15 中，我們可以觀察到智利的貸款組合組合在過去 12 個月內發生了怎樣的變化。根據我們超越 2022 年指引的戰略，總投資組合增長了 13.4%，其中消費者主要增長了 26.1%，抵押貸款增長了 16%。零售在我們投資組合中的份額上升了 169 個基點，達到 38.6%。自 2016 年我們開始推行債務策略以來，我們投資組合中的零售貸款增長了 10 個百分點以上。

Moving to Slide 16. We can notice that our financial margin with clients in Chile increased by 8.2% during the quarter and 27.9% over the previous year. The improvement compared to the third quarter is primarily driven by an improvement in capital and liabilities margin due to high interest rates as seen on the graph at the bottom of the page. The graph on the right side hand demonstrates that our average rate of financial margin with clients increased by 20 basis points in the fourth quarter, continuing the rising trends that we signaled in our guidance for 2022. Nonetheless, we expect the rate to remain stable when interest rates begin to fall as a result of the changing mix of our assets towards retail as well as improving spreads in some of the business lines.

轉到幻燈片 16。我們可以注意到，本季度我們與智利客戶的財務利潤率增長了 8.2%，比去年同期增長了 27.9%。與第三季度相比的改善主要是由於高利率導致資本和負債利潤率的改善，如頁面底部的圖表所示。右側的圖表顯示，我們與客戶的平均財務保證金率在第四季度增加了 20 個基點，延續了我們在 2022 年指引中表明的上升趨勢。儘管如此，我們預計利率將保持穩定由於我們的資產組合轉向零售以及某些業務線的利差改善，利率開始下降。

On Slide 17, we can see in the fourth quarter of 2022, our financial margin with the market was COP 47.1 billion, which is a 54% increase from the third quarter. The increase was driven by high trading volume which offset the effects of declining inflation. As we can see, our 1-year moving average of financial market with -- financial margins with the market has been quite consistent over the last 3 quarters. Nevertheless, we do not expect to maintain those levels of financial margins with the market as inflation declines as we expected over the coming quarters.

在幻燈片 17 上，我們可以看到在 2022 年第四季度，我們與市場的財務利潤率為 471 億哥倫比亞比索，比第三季度增長了 54%。這一增長是由高交易量推動的，這抵消了通貨膨脹率下降的影響。正如我們所看到的，我們的金融市場 1 年移動平均線 - 與市場的金融利潤率在過去 3 個季度中非常一致。儘管如此，隨著未來幾個季度通脹下降，我們預計不會維持與市場的財務利潤率水平。

On Slide 18, our change is on fees, which grows 19.7% year-over-year, even though we fell relative to the last quarter. When compared to the fourth quarter of 2021, commissioning fees grew by 19.7% because of credit -- high credit card fees driven by marketing campaigns undertaken during the year as well as the integration of NCC, our private banking business into the bank since June 2022. Insurance brokerage fees also contributed by increasing 17.8% year-over-year.

在幻燈片 18 上，我們的變化是費用，同比增長 19.7%，儘管我們相對於上一季度有所下降。與 2021 年第四季度相比，佣金費用增長了 19.7%，原因是信貸——年內開展的營銷活動以及自 2022 年 6 月以來我們的私人銀行業務 NCC 併入銀行導致信用卡費用高企. 保險經紀費也同比增長 17.8%。

Here on Slide 19, we observed our major credit risk indicators each other. In the fourth quarter, the cost of credit was COP 86.6 billion, which included the COP 5 billion in additional provisions established during that period. Total NPLs remained stable as a decrease in commercial lending NPLs offset an increase in consumer loans NPLs. NPL coverage remained largely stable, reaching 164%. Excluding additional provisions, our credit cost to loan portfolio ratio was 1% in the year, in line with our guidance from 0.7% to 1%, anticipating a more difficult credit conditions going forward with (inaudible) as well as further increase our focus on collections.

在幻燈片 19 上，我們觀察了彼此的主要信用風險指標。第四季度，信貸成本為 866 億哥倫比亞比索，其中包括在此期間建立的 50 億哥倫比亞比索額外準備金。由於商業貸款不良貸款的減少抵消了消費貸款不良貸款的增加，不良貸款總額保持穩定。不良貸款覆蓋率基本保持穩定，達到 164%。不包括額外撥備，我們今年的信貸成本與貸款組合比率為 1%，符合我們從 0.7% 到 1% 的指導，預計未來的信貸條件會更加困難（聽不清），並進一步增加對收藏品。

Here on Slide 20, we see that our noninterest expenses for the full year of 2022 increased by 11.4%, 190 basis points less than inflation. We had a seasonally high quarter in expenses in the fourth quarter compared to a relatively low base in the third quarter. The increase in expenses in the fourth quarter was caused by the effects of greater inflation in Chile and the Chilean business devaluation observed in 2022 as well as by rising interest IT expenses. These cost increases must be seen in the context of a double-digit growth in loans and transactions and an overall revenue growth of 31.8%. As a result, the bank efficiency ratio decreased to 45.5% in the fourth quarter when compared to the fourth quarter of 2021.

在幻燈片 20 中，我們看到我們 2022 年全年的非利息支出增長了 11.4%，比通貨膨脹低 190 個基點。與第三季度相對較低的基數相比，我們第四季度的支出季節性較高。第四季度費用增加的原因是智利通貨膨脹加劇和 2022 年智利商業貶值的影響以及利息 IT 費用的增加。必須在貸款和交易兩位數增長以及總收入增長 31.8% 的背景下看待這些成本增加。因此，與 2021 年第四季度相比，第四季度銀行效率比率下降至 45.5%。

Now let's move to Slide 21 on Colombia. While we continue to run at more profit while we restructure our operations and cope with the difficult economic scenario. Progress is mostly visible in the cost side for now, where we closed 2022 with fewer branches as well as a reduction of 11% in head count. Our strengthened leadership team continue to move forward with the transformation program in Colombia. We believe that we are headed in the right direction, even though results might take longer to materialize due to the adverse economic conditions that the country faces.

現在讓我們轉到關於哥倫比亞的幻燈片 21。在我們重組業務並應對困難的經濟形勢的同時，我們繼續獲得更多利潤。目前，成本方面的進展最為明顯，我們在 2022 年關閉了分支機構，減少了 11% 的員工人數。我們強化的領導團隊繼續推進哥倫比亞的轉型計劃。我們相信我們正朝著正確的方向前進，儘管由於該國面臨的不利經濟條件可能需要更長的時間才能實現結果。

On Slide 22, we highlight that our settlement ratio improved by 20 basis points in the fourth quarter as a result of the retained earnings and the appreciation of the Chilean sales, which positively impacts our capital ratios.

在幻燈片 22 中，我們強調，由於留存收益和智利銷售額的升值，我們的結算比率在第四季度提高了 20 個基點，這對我們的資本比率產生了積極影響。

On Slide 23, where we kept how we fare against our 2022 guidance. Our financial margins with clients increased as anticipated as interest rates rose. Loan growth was stronger than expected as it gained momentum in the second quarter. Cost of cost of credit was 1% of our loan portfolio was in line with our guidance, reaching 1.2% as the result of additional provisions of COP 46.7 billion established during 2022. Noninterest expenses increased by 190 basis points less than inflation and rose by amount 1/3 of the increase in revenues. Overall, we met or exceeded expectations in every dimension, while achieving a return on tangible equity in Chile of 22.2%.

在幻燈片 23 上，我們保留了我們如何反對我們的 2022 年指導方針。隨著利率上升，我們與客戶的財務利潤率如預期的那樣增加。貸款增長強於預期，因為它在第二季度獲得了動力。信貸成本占我們貸款組合的 1% 符合我們的指導，由於在 2022 年建立了 467 億哥倫比亞比索的額外準備金，因此達到 1.2%。非利息支出的增長低於通貨膨脹 190 個基點，並且按金額增長收入增長的 1/3。總體而言，我們在各個方面都達到或超過了預期，同時在智利實現了 22.2% 的有形資產回報率。

On Slide 24, we present our macroeconomic scenario for 2023 in Chile and in Colombia. We expect a slight contraction of the Chilean economy, along with significant declines in inflation and interest rates. The trend is similar in Colombia, while GDP growth is slowing down to 0.8%, while inflation interest rates fall, although not as rapidly as we're going to see in Chile.

在幻燈片 24 中，我們展示了 2023 年智利和哥倫比亞的宏觀經濟情景。我們預計智利經濟將略有收縮，同時通脹和利率將大幅下降。哥倫比亞的趨勢與此類似，國內生產總值增長放緩至 0.8%，而通貨膨脹率下降，儘管沒有我們將在智利看到的那麼快。

On Slide 25, we outline our estimates for 2023. First, we anticipate our average rate of financial margin with clients to remain largely stable as improvements in loan mix and spreads offsetting the impact of falling interest rates. We expect loan growth to be rated due to economic slowdown and more challenging credit conditions than last year. As a result of those credit conditions and the expected implementation of new provisioning rules for consumer credit, we expect the cost of credit to be between 1.1 and 1.5%.

在幻燈片 25 中，我們概述了我們對 2023 年的估計。首先，我們預計我們與客戶的平均財務保證金率將基本保持穩定，因為貸款組合和利差的改善抵消了利率下降的影響。由於經濟放緩和比去年更具挑戰性的信貸條件，我們預計將對貸款增長進行評級。由於這些信貸條件和消費信貸新準備金規則的預期實施，我們預計信貸成本將在 1.1% 至 1.5% 之間。

Finally, we expect costs to grow in line with inflation as it declines rapidly, and we manage through the pressure of high investments in IT and talent. While we do not expect our returns as well as those in the banking industry to remain as high as last year, it's clear that we have achieved convergence of returns with our peers. More importantly, we are creating value to our shareholders, which, again, is our #1 goal.

最後，我們預計成本將隨著通貨膨脹率的快速下降而增長，並且我們能夠應對 IT 和人才方面的高投資壓力。雖然我們預計我們和銀行業的回報率不會像去年一樣高，但很明顯我們已經實現了與同行的回報率趨同。更重要的是，我們正在為股東創造價值，這也是我們的第一目標。

With this, we conclude the presentation I have for you today, and we will gladly take any questions that you might have.

至此，我們結束了今天為您做的介紹，我們很樂意回答您可能提出的任何問題。

(Operator Instructions) We will take our first question from Juan Recalde with Scotiabank.

（操作員說明）我們將從豐業銀行的 Juan Recalde 那裡回答我們的第一個問題。

Congratulations on the strong annual results. I have 2 questions. The first one is related to fees. So we saw a good performance in 2022. And I was wondering, how do you see the commission and fees performing in 2023? And related to this, can you talk about the potential impact of the cap on interchange fees in Chile?

祝賀您取得了強勁的年度業績。我有兩個問題。第一個與費用有關。所以我們在 2022 年看到了不錯的表現。我想知道，您如何看待 2023 年的佣金和費用表現？與此相關，您能否談談上限對智利交換費的潛在影響？

Juan, just to understand, you mentioned 2 questions. The first one is on season. The second one is interchange. Is that correct?

胡安，只是為了理解，你提到了 2 個問題。第一個是季節性的。第二個是互換。那是對的嗎？

Yes. That's correct. And then I will do a follow-up related to...

是的。這是正確的。然後我會做一個跟...有關的跟進

Okay. I'll mention those 2. First, in terms of fees, I think that we had a great year, as you saw. Of course, we always have to remember that fees in our portfolio, they are still very much credit-driven. So one of the things that we've been doing in the bank is diversifying our fee income to be more service-driven than we are. So especially on the insurance side, and as you know, we did an exclusivity with Cartier insurance business. Now this is still much more driven on credit insurance due to concession than on services.

好的。我會提到那些 2。首先，在費用方面，我認為我們度過了美好的一年，正如您所看到的。當然，我們始終要記住，我們投資組合中的費用在很大程度上仍然是信用驅動的。因此，我們在銀行一直在做的一件事是使我們的費用收入多樣化，使其比我們更受服務驅動。因此，特別是在保險方面，如您所知，我們對卡地亞保險業務進行了獨家經營。現在，由於特許經營，這更多地是由信用保險驅動的，而不是服務。

What we expect is this year to have this acceleration in terms of the fees on credit while we are able to grow the other part of the business. So we don't expect to have as much an impact that we have seen in 2022 and 2023 on fees. Nevertheless, remember that we are still fulfilling part of the contract that we have with Cardif in order to recognize the fee income that we have from the sale of our insurance business that might happen at the end of this quarter or the beginning of the second quarter, according to our ability to move forward with the implementation. So that will have a large -- a larger impact than what we saw in 2022.

我們期望今年在信貸費用方面有這種加速，同時我們能夠發展業務的其他部分。因此，我們預計不會像 2022 年和 2023 年那樣對費用產生如此大的影響。儘管如此，請記住，我們仍在履行與 Cardif 簽訂的部分合同，以確認我們從本季度末或第二季度初可能發生的保險業務出售中獲得的費用收入，根據我們推進實施的能力。因此，這將產生巨大的影響——比我們在 2022 年看到的影響更大。

In terms of the interchange fees, I mean we are just incorporating all the information in the market. We expected to have some impact on this. If you take a look at the numbers, they show something different that it was initially proposed and something that is worse than we see on the market in Brazil, and the markets in the U.S. as well. I think that the prices that we're determined, they fail to see some other costs that are associated with the acquiring business, such as our financing of the clients' issuers because we pay the commerce in 48 hours and receiving from clients in an average of 20 to 30 days.

就交換費而言，我的意思是我們只是整合了市場上的所有信息。我們預計會對此產生一些影響。如果你看一下這些數字，它們顯示出一些與最初提出的不同的東西，而且比我們在巴西市場和美國市場上看到的更糟糕。我認為我們確定的價格，他們沒有看到與收購業務相關的其他一些成本，例如我們為客戶的發行人提供的融資，因為我們在 48 小時內支付商業費用並平均從客戶那裡收到20 到 30 天。

So because we have to finance the clients, I think that they say you to see this cost as well. As well as all the fraud that are in the industry of credit cards, why that they acquire fee helps the banks to finance some of the pressures on credit card fraud. So I think there is still questioning the practices that were set. I think that different banks are studying different ways of questioning this as well as credit card brands such as MasterCard, Visa, so on and so forth. So I don't think that this is a main deal. I think this is an open discussion, but I think that we are moving in the right direction.

所以因為我們必須為客戶提供資金，所以我認為他們說你也要看到這個成本。除了信用卡行業的所有欺詐行為外，為什麼他們收取費用有助於銀行為信用卡欺詐的一些壓力提供資金。所以我認為仍然存在對既定做法的質疑。我認為不同的銀行正在研究不同的質疑方式以及信用卡品牌，例如 MasterCard、Visa 等等。所以我不認為這是一個主要交易。我認為這是一個公開的討論，但我認為我們正朝著正確的方向前進。

In terms of the impact for us, I think there's good news and bad news, and they are quite the same, is that our portfolio of credit cards is still relatively small to our ambition and certainly to what we have in Brazil. So I don't see material impacts on short term in our results due to that. But as we grow the credit card business, we are going to need to have a discussion of other sources of profitability for the business because that surely for the industry creates an impact -- and at the end of the day, bad impact will generate differences in prices for customers, for commerce, for interest rates for fees.

就對我們的影響而言，我認為有好消息也有壞消息，而且它們是完全相同的，就是我們的信用卡組合對於我們的雄心壯志來說仍然相對較小，當然也與我們在巴西擁有的相比較小。因此，我認為短期內不會對我們的結果產生重大影響。但隨著我們發展信用卡業務，我們將需要討論業務的其他盈利來源，因為這肯定會對行業產生影響——最終，不良影響會產生差異在客戶價格、商業價格、費用利率中。

I mean, at the end of the day, you have to remunerate the capital that is invested on the credit card business. So for us, right now, the impact is not material. But we expect as the credit card business grow to be something that we need to somehow develop a new business model in order to be more profitable.

我的意思是，歸根結底，您必須對投資於信用卡業務的資本進行回報。所以對我們來說，現在，影響並不重大。但我們預計，隨著信用卡業務的發展，我們需要以某種方式開發一種新的業務模式，以便獲得更多利潤。

That's clear. And the second question would be related to loan growth, particularly in Chile. So I see that you are expecting mid-single-digit loan growth in Chile. And can you talk about the expectation broken down by wholesale lending and retail lending? And how do you expect that to perform in 2023?

這很清楚。第二個問題與貸款增長有關，尤其是在智利。所以我看到你期待智利的中等個位數貸款增長。你能談談批發貸款和零售貸款分解的預期嗎？您希望它在 2023 年表現如何？

I think there are 2 variables for 2023 that we need more information because there are variables that we still need to see how the economic cycle is moving, how income is moving. To give you an example, we saw the economic numbers this morning in Chile and then again, being surprised on the upside. So that generate effects in terms of the expectations we have throughout the year. But the 2 new variables that we -- that I think that we need to incorporate more information are loan growth and cost of credit. I mean we need to see more data in order to have different opinions on this.

我認為 2023 年有 2 個變量我們需要更多信息，因為我們仍然需要一些變量來了解經濟周期如何變化，收入如何變化。舉個例子，我們今天早上在智利看到了經濟數據，然後又看到了經濟數據，令人驚訝。因此，這會根據我們全年的期望產生影響。但是我們 - 我認為我們需要納入更多信息的 2 個新變量是貸款增長和信貸成本。我的意思是我們需要看到更多的數據才能對此有不同的看法。

What we see is that on the consumer side, in markets, we are -- we have a larger carry because of interest rates on those portfolio. Concessions at the endpoint, they are -- on that case, they are less than half of what they were in the first quarter of last year. So you're going to see pressure on that, especially because credit quality will become an issue in the market. So I think that everyone will be more cautious in credit concessions.

我們看到的是，在消費者方面，在市場上，我們 - 由於這些投資組合的利率，我們有更大的利差。在終點處的讓步，他們是 - 在這種情況下，他們不到去年第一季度的一半。所以你會看到這方面的壓力，特別是因為信用質量將成為市場上的一個問題。所以我覺得大家在信貸優惠上會更加謹慎。

And in commercial side, I think it has to do with the investment cycle of the companies. As we stabilize economic growth, I think that we are going to see a little bit less investment this year. And as a result, you're going to see less growth. We do not have expectations broken down, but I don't think there will be materially different based on the information that we have right now. But having said that, I think that loan growth is one of the barriers that is most difficult to say this year. And at the end of the day, it has to do with cost of credit, right?

在商業方面，我認為這與公司的投資週期有關。隨著我們穩定經濟增長，我認為今年我們會看到投資有所減少。結果，您將看到更少的增長。我們沒有打破預期，但根據我們現在掌握的信息，我認為不會有實質性的不同。但話雖如此，我認為貸款增長是今年最難說的障礙之一。歸根結底，這與信貸成本有關，對吧？

If the cost -- especially on the consumer side, mostly because I think they are well behaved. But then again, you're going to see less concessions because of the level of interest rates and impact on income because of the inflation. If you see NPOs, stabilizing in going down faster than expected, then we are going to see loan growth higher in consumer than we are seeing and that averaging here. If it is somehow what the industry expects and less, you're going to see a negative impact on that. So I think both variables, they are somehow very correlated this year.

如果成本 - 特別是在消費者方面，主要是因為我認為他們表現良好。但話又說回來，由於利率水平和通貨膨脹對收入的影響，你會看到更少的讓步。如果你看到非營利組織穩定下來的速度比預期的要快，那麼我們將看到消費者的貸款增長高於我們現在所見的平均水平。如果它以某種方式達到了行業的預期並且更少，那麼您將看到對此產生的負面影響。所以我認為這兩個變量，它們今年在某種程度上非常相關。

(Operator Instructions) And we do have a question from Daniel Mora on the web. The question is, what is the consolidated ROAE ROA guidance for 2023, considering the challenging year in Chile and Colombia? Can you break down this guidance by country, ROATE in Chile and ROATE in Colombia? And what would the next steps for improving the operations in Colombia, given the improvement achieved in the expenses front?

（操作員說明）我們確實在網上收到了 Daniel Mora 的問題。問題是，考慮到智利和哥倫比亞充滿挑戰的一年，2023 年的綜合 ROAE ROA 指南是什麼？你能按國家、智利的 ROATE 和哥倫比亞的 ROATE 來分解這個指南嗎？鑑於在費用方面取得的改善，下一步將採取哪些措施來改善哥倫比亞的運營？

Thank you so much for your question, Daniel. First, we do not have a short-term guidance on return on tangible equity. Then again, because of all our efforts in being sustainable in generating shareholder return, I mean, it's difficult to make short-term predictions as we are improving the operations and we hit major milestones as you saw during the presentation. What we have always discussed with the market is our plan to have a return on tangible equity that we see for -- especially after the capital increase that we have in Chile is to be something around 14%. So that's what we think is our medium-term return for Chile.

非常感謝你的問題，丹尼爾。首先，我們沒有關於有形股本回報率的短期指導。再說一遍，由於我們為實現股東回報的可持續發展所做的所有努力，我的意思是，很難做出短期預測，因為我們正在改善運營，並且我們達到了您在演示中看到的重要里程碑。我們一直與市場討論的是我們計劃獲得我們所期望的有形資產回報——尤其是在我們在智利的增資達到 14% 左右之後。這就是我們認為智利的中期回報。

And in Colombia, the all implementations that we are doing within the bank is to bring to our cost of equity, the operation in the next couple of years. So that's the guidance that we have. That's what we will be moving forward. And I think it's pretty consistent because when we were having returned in Chile around 10%, I used to say that the return on tangible equity with the capital increase will be something around 14%. And then we -- when we were with a quarter with 29% return on tangible equity, I still said that we are going to see the bank at something around 14% and return on tangible equity.

在哥倫比亞，我們在銀行內所做的所有實施都是為了在未來幾年內將我們的股權成本納入運營。這就是我們的指導。這就是我們將要前進的方向。我認為這非常一致，因為當我們在智利的回報率約為 10% 時，我曾說過資本增加後的有形股本回報率約為 14%。然後我們——當我們有一個季度的有形股本回報率為 29% 時，我仍然說我們將看到銀行的有形股本回報率約為 14%。

In Colombia, I think that you have to remember the business mix that we have in Colombia. So for instance, our treasury and trading Sales & Trading business, we always remunerated our capital well. Of course, last year, with rising interest rates, we have no pressure in the banking book, but it's a business that I see remunerating our capital in excess of our cost of equity. When I take a look at our wholesale business, I think it's already remunerating our capital in excess of our cost of equity. I think that we are comfortable with the business. We are growing our business.

在哥倫比亞，我認為你必須記住我們在哥倫比亞的業務組合。因此，例如，我們的資金和交易銷售與交易業務，我們總是很好地回報我們的資本。當然，去年隨著利率上升，我們的銀行賬戶沒有壓力，但我認為這是一項業務，我們的資本報酬超過了我們的股權成本。當我審視我們的批發業務時，我認為它已經為我們的資本提供了超過股權成本的報酬。我認為我們對這項業務感到滿意。我們正在發展我們的業務。

And the flip side to that discussion is our retail business in Colombia because of this scale, because of its legal digitalization, which is something that we've been proving that there is a long way to pursue the levels of NPS that we have. We're still working with the same methodology that we have in Chile. I think we are generating a loss in our retail business in Colombia, and we expect to achieve a (inaudible) even this year or next year, and that will contribute to our goal of going to our cost of equity. That's the guidance that we have for return on tangible equity for the bank.

討論的另一面是我們在哥倫比亞的零售業務，因為它的規模，因為它的合法數字化，我們一直在證明，要達到我們擁有的 NPS 水平還有很長的路要走。我們仍在使用與智利相同的方法。我認為我們在哥倫比亞的零售業務正在產生虧損，我們預計即使在今年或明年也會（聽不清），這將有助於我們實現股權成本的目標。這就是我們對銀行有形股本回報率的指導。

And we have another question from the web, [Juan Jose Lamarche] ask -- padrone me, first of all, congratulations for the orderly and clear presentation, also for the good and strong results of the year 2022. I would like to ask what is your position regarding the future of financial infrastructure, more specifically about the integration of APIs in the banking system?

我們還有另一個來自網絡的問題，[Juan Jose Lamarche] 問 - padrone 我，首先，祝賀有序和清晰的介紹，也祝賀 2022 年的良好和強大的結果。我想問什麼您對金融基礎設施的未來持何種立場，更具體地說，是關於 API 在銀行系統中的集成？

Juan, thank you for your question. I mean I think that the trends that we see in Chile is not different from what we did in Brazil and what we see in other countries. I think that there is inconsistent from new companies, new distribution channels, new products and we are open to that. We are open to an open finance model. We think that any innovation that we can bring to our clients is something that we already did and we will continue to do so. So if you take a look, we have an open architecture in terms of our products for investments, meaning that we work with our own products, and we work with third-party products that we distribute.

胡安，謝謝你的問題。我的意思是我認為我們在智利看到的趨勢與我們在巴西和其他國家看到的沒有什麼不同。我認為新公司、新分銷渠道、新產品存在不一致，我們對此持開放態度。我們對開放金融模式持開放態度。我們認為我們可以為客戶帶來的任何創新都是我們已經做過的事情，我們將繼續這樣做。因此，如果您看一下，就我們的投資產品而言，我們有一個開放的架構，這意味著我們使用我們自己的產品，並且我們使用我們分發的第三方產品。

We have partnerships with happy also in the distribution of our products for mortgages and we are always looking for partnerships in order to create distribution for our products. And on the insurance side, we have partnerships with insurance businesses to bring products to our clients. And with FinTech, we have list some of them and integrated services with some of them. And we've been developing APIs through that distribution and also with our clients. For instance, on cash management. We have host-to-host and APIs with some of the clients to facilitate the implementation of banking products and services with their operations.

在我們的抵押貸款產品分銷方面，我們也與 happy 建立了合作夥伴關係，我們一直在尋找合作夥伴關係，以便為我們的產品創造分銷渠道。在保險方面，我們與保險企業建立合作夥伴關係，為我們的客戶提供產品。對於金融科技，我們列出了其中一些，並與其中一些集成了服務。我們一直在通過該發行版以及與我們的客戶一起開發 API。例如，現金管理。我們與一些客戶有主機到主機和 API，以促進銀行產品和服務在他們的運營中的實施。

So this is something that we do that we are open to that we think is how banks should and are working within Chile and in other countries. I think what is important is to be something that is desirable for the clients that make the clients like easier and there is a business model that is sustainable. If we can achieve all those things, it's certainly something that we are open to.

所以這是我們所做的事情，我們對我們認為銀行應該和正在智利和其他國家工作的方式持開放態度。我認為重要的是成為客戶想要的東西，讓客戶更容易喜歡，並且有一個可持續的商業模式。如果我們能夠實現所有這些目標，那我們當然願意接受。

(Operator Instructions) And I show no further questions at this time. So I will now turn the call back to Gabriel Moura for closing remarks.

（操作員說明）此時我沒有進一步的問題。所以我現在將把電話轉回給加布里埃爾莫拉，讓他發表結束語。

Fantastic. Thank you so much. I think that we had a fantastic 2022. I think that we are moving along 2023 with the same determination with the same focus. You saw the milestones that we hit this year. I think that the bank that we are in in 2022 is much different from the bank that we have in 2021 that we have in 2020. And this is the expectation that we have for 2023 is moving along with this agenda.

極好的。太感謝了。我認為我們度過了一個美妙的 2022 年。我認為我們正以同樣的決心和同樣的關注點在 2023 年前進。你看到了我們今年達到的里程碑。我認為我們在 2022 年所處的銀行與我們在 2021 年和 2020 年所擁有的銀行有很大不同。這就是我們對 2023 年的期望是隨著這一議程而發展的。

As always, Rodrigo, Juan and I are available for you if you have any questions. And we're going to see you in our next conference call. Take care, everyone.

一如既往，如果您有任何問題，羅德里戈、胡安和我隨時為您服務。我們將在下一次電話會議上見到你。大家保重。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束，我們感謝您的參與。您現在可以斷開連接。