Banco Itau Chile (ITCL) 2023 Q2 法說會逐字稿

Hello, and welcome to Banco Itau Chile Second Quarter 2023 Financial Results Conference Call and Webcast. (Operator Instructions) I will now turn the conference over to Claudia Labbe. Please go ahead.

您好，歡迎來到智利伊塔烏銀行 2023 年第二季度財務業績電話會議和網絡廣播。 （操作員指示）我現在將會議轉交給 Claudia Labbe。請繼續。

Good morning. Thank you for joining our conference call for our second quarter 2023. I would like to remind you that our remarks may include 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 presentations, which is based on our managerial model in which we adjust for nonrecurring events and apply managerial criteria to disclose our income statement.

早上好。感謝您參加我們 2023 年第二季度的電話會議。我想提醒您，我們的言論可能包含前瞻性信息，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，我們對非經常性事件進行調整，並應用管理標準來披露我們的損益表。

Please remind that since the first quarter of 2019, we are presenting our income statement in the same manner as we do internally. This managerial financial model reflects how we measure, analyze and discuss financial results by segregating commercial performance, financial risk management, credit risk management and cost efficiency. We believe this form of presenting our results will give you a clearer and better view of our performance from this different perspective. Please refer to Pages 12 to 14 of our report for further details. Now Mr. Moura will continue with the presentation.

請注意，自 2019 年第一季度以來，我們以與內部相同的方式列報損益表。這種管理財務模型反映了我們如何通過分離商業績效、財務風險管理、信用風險管理和成本效率來衡量、分析和討論財務結果。我們相信，以這種形式展示我們的成果將使您從不同的角度更清楚、更好地了解我們的業績。請參閱我們的報告第 12 至 14 頁了解更多詳情。現在Moura先生將繼續介紹。

Thank you, Claudia. Good morning, everyone. Thank you for joining us for the second quarter 2023 conference call. As usual, we will update you on the progress that we are implementing in our strategy as well as present the highlights of our second quarter results.

謝謝你，克勞迪婭。大家，早安。感謝您參加我們 2023 年第二季度的電話會議。與往常一樣，我們將向您介紹我們在戰略中實施的最新進展，並介紹我們第二季度業績的亮點。

We start on Slide 2 where we recap a bit of our history as a bank, starting this post-merger integration going through the period of social unrest in Chile as well as the pandemic and moving on to the transformation process that we started in late 2020. As a result of our transformation, we achieved industry leadership in customer recommendations while digitizing our relationship with customers. Given the progress we've made in customer experience, we believe we are now well positioned to pursue becoming the principal bank for most of our existing customers.

我們從幻燈片 2 開始，回顧了我們作為銀行的一些歷史，開始了這次合併後的整合，經歷了智利的社會動盪時期和大流行病，然後進入了我們於 2020 年底開始的轉型過程通過轉型，我們在客戶推薦方面取得了行業領先地位，同時實現了與客戶關係的數字化。鑑於我們在客戶體驗方面取得的進步，我們相信我們現在已經做好了成為大多數現有客戶的主要銀行的準備。

In Slide 3 is a reminder that we achieved the #1 position in recommendations for both individuals and firms according to independent services research. That is the base on which we are now aiming to become our customers' principal bank.

幻燈片 3 提醒我們，根據獨立服務研究，我們在個人和公司推薦方面均排名第一。這就是我們現在致力於成為客戶的主要銀行的基礎。

On Slide 4, we explain what we are doing to achieve principality in our retail segments. The numbers in the middle of the page show why principality is so important for profitability as it results in high volume and income per customer as well as a reduced churn.

在幻燈片 4 中，我們解釋了我們正在採取哪些措施來實現零售領域的主導地位。頁面中間的數字顯示了為什麼公國對於盈利能力如此重要，因為它可以帶來高銷量和每個客戶的收入以及減少客戶流失。

In order to achieve principality, we are focused on products and services that are the biggest drivers of transactionality and customer segments. Pursuant principality required installing a principality mindset on our teams. Creating new digital functionalities in our platform, addressing new customers from the start of the relationship with the bank as well as focusing on clients with high propensity to become principal customers.

為了實現原則，我們專注於交易性和客戶群的最大驅動力的產品和服務。遵循公國原則要求我們的團隊樹立公國心態。在我們的平台中創建新的數字功能，從與銀行建立關係之初就滿足新客戶的需求，並重點關注極有可能成為主要客戶的客戶。

Moving to Slide 5. We are glad to share our alliance with Cardif, have been operational since when we launched the first products in our channels. Protection is a key element of what our customer needs for financial services. Good insurance products are highly valued by customers. So it was very important for us to strengthen our value proposition in that space. That is why we made a big move by partnering with Cardif in an alliance with great potential in which we are just getting stuck.

轉到幻燈片 5。我們很高興與大家分享我們與 Cardif 的聯盟，自從我們在渠道中推出第一批產品以來，該聯盟就一直在運營。保護是我們的客戶對金融服務的需求的一個關鍵要素。好的保險產品受到客戶的高度評價。因此，加強我們在該領域的價值主張對我們來說非常重要。這就是為什麼我們採取了重大舉措，與卡迪夫結成了一個具有巨大潛力的聯盟，而我們卻陷入了困境。

On Slide 6, we present our strategy of corporate principality in the wholesale business. A major element of that strategy is leveraging the Itau franchise, which is the biggest financial services franchise in Latin America. We are increasing customer digitization through online FX transactions and time deposits as well we're moving into digital documentation for clients on boarding and procurement. We are beginning to see the results. Having been the fastest-growing bank in demand deposits for companies in 2023 as well as the bank that most expanded it's market share in FX since the start of the year.

在幻燈片 6 中，我們介紹了我們在批發業務中的企業主體戰略。該戰略的一個主要要素是利用 Itau 特許經營權，這是拉丁美洲最大的金融服務特許經營權。我們正在通過在線外匯交易和定期存款來提高客戶數字化，並且我們正在為客戶提供登機和採購的數字文檔。我們已經開始看到結果。是 2023 年公司活期存款增長最快的銀行，也是年初以來外匯市場份額擴大最多的銀行。

On Slide 7, we show how we are exploring the synergies between our wholesale and retail businesses. For example, in payrolls and mortgage financing. Our relationship with companies generate opportunities to offer payroll services for their employees, which is a good source of sticking relationship with individuals.

在幻燈片 7 中，我們展示了我們如何探索批發和零售業務之間的協同效應。例如，在工資和抵押貸款融資方面。我們與公司的關係創造了為員工提供薪資服務的機會，這是與個人保持關係的良好來源。

Our presence in financing of construction projects, which focus mostly on housing or real estate, also creates opportunities to offer mortgages to the buyers of those housing units. These efforts are good examples of how Itau corporate culture, which one of the pillar is working together as a senior Itaú team have been very effective at connecting different teams and pursuing opportunities together.

我們在建築項目融資（主要集中在住房或房地產）方面的存在，也創造了向這些住房單元的買家提供抵押貸款的機會。這些努力很好地說明了 Itau 企業文化如何非常有效地連接不同團隊並共同尋求機會，而 Itau 企業文化的支柱之一就是作為 Itaö 高級團隊一起工作。

Moving to Slide 8, we announced that as part of our strategy to offer simple in digital products, we will launch our digital account into over the next few months. We have taken some time to develop an account with distinctive features and we'll give you more details as it comes in due course. It is also worth noting that our digital comp has been developed with a new IT platform that will be used with other products, giving us plenty of opportunity to gain speed and efficiency with bringing new products to the market.

轉向幻燈片 8，我們宣布，作為提供簡單數字產品戰略的一部分，我們將在接下來的幾個月內推出我們的數字帳戶。我們花了一些時間來開發一個具有獨特功能的帳戶，我們將在適當的時候向您提供更多詳細信息。還值得注意的是，我們的數字產品是使用新的 IT 平台開發的，該平台將與其他產品一起使用，使我們有足夠的機會提高將新產品推向市場的速度和效率。

Let's move to Slide 9. As part of our broad offering of financial services in line with our key pillar of sustainable results, we became a joint book runner of the Republic of Chile's first sovereign sustainability-linked bond in local currency. This bond will promote the reduction of greenhouse gases as well as promote gender equality in high-level positions. We are expecting to deepen our experience in those specialized services to become the #1 provider on sustainable finance for our customers.

讓我們轉向幻燈片 9。作為我們根據可持續成果的關鍵支柱提供的廣泛金融服務的一部分，我們成為智利共和國第一隻以本幣計價的主權可持續發展相關債券的聯合賬簿管理人。該債券將促進減少溫室氣體排放並促進高層職位的性別平等。我們期望加深我們在這些專業服務方面的經驗，成為客戶可持續金融領域的第一大提供商。

Now moving forward to Slide 10, where we present the financial highlights of our second quarter of 2023. Our consolidated net income reached CLP 147.9 billion, increasing 1.8% year-over-year. Net income in Chile was basically flat at CLP 151.5 billion, which is a high level for us. Consolidated net return on tangible equity was 20.4%, while return on tangible equity in Chile reached 24% in this quarter.

現在轉到幻燈片 10，我們將介紹 2023 年第二季度的財務亮點。我們的綜合淨利潤達到 1,479 億智利比索，同比增長 1.8%。智利的淨利潤基本持平，為1515億智利比索，這對我們來說是一個很高的水平。綜合有形股本淨回報率為 20.4%，而本季度智利有形股本回報率達到 24%。

Consolidated financial margins with clients grew 15.8%, boosted by high volume as well as high interest rates in both Chile and Colombia, which positively impacted financial margins on liabilities and capital. Consolidated fee income grew by 103.8% of course, positively impacted by the upfront income related to the alliance with Cardif in Chile.

得益於智利和哥倫比亞的高交易量和高利率，客戶的綜合財務利潤率增長了 15.8%，這對負債和資本的財務利潤率產生了積極影響。當然，綜合費用收入增長了 103.8%，這受到與智利卡迪夫聯盟相關的前期收入的積極影響。

Consolidated noninterest expenses decreased by 1.4% year-over-year as a result of a lower inflation observed during this year in addition to the progress of the efficiency plan implemented in Colombia.

由於今年通貨膨脹率下降以及哥倫比亞實施的效率計劃取得進展，綜合非利息支出同比下降 1.4%。

The consolidated efficiency ratio for the second quarter was 21.6%. Consolidated cost of credit decreased by 5.2% over the high base recorded in the second quarter of the year 2022, which was negatively impacted by the worsening economic conditions at the time. When we look at our credit portfolio, it grew 8.7% in Chile and minus 1.5% in Colombian, in constant currency, compared to June of 2022 with consumer and mortgage loans in Chile as the big contributors for that growth.

第二季度綜合效率率為21.6%。綜合信貸成本較 2022 年第二季度的高基數下降了 5.2%，這是受到當時經濟狀況惡化的負面影響。當我們審視我們的信貸組合時，與 2022 年 6 月相比，按固定匯率計算，智利增長了 8.7%，哥倫比亞增長了負 1.5%，其中智利的消費者和抵押貸款是增長的主要貢獻者。

Overall, we delivered strong results and had some not challenging point of the economic side. Even if we take out the effect of the upfront insurance income, return on tangible equity will be close to 17% in Chile and just about 14% consolidated, which is in line with our long-term goal.

總體而言，我們取得了強勁的業績，並且在經濟方面有一些不具挑戰性的點。即使我們剔除預付保險收入的影響，智利的有形資產回報率也將接近 17%，綜合回報率僅為 14% 左右，這符合我們的長期目標。

We now move to Slide 11, where we show that our financial margin with clients in Chile increased by 3.1% during the quarter and 16.9% over the previous year. The increase compared to the first quarter is primarily driven by high margin of commercial spreads on derivatives and FX transactions and high capital margin.

現在轉到幻燈片 11，我們在其中顯示我們與智利客戶的財務利潤在本季度增長了 3.1%，比上一年增長了 16.9%。與第一季度相比的增長主要是由於衍生品和外匯交易的商業利差較高，以及資本保證金較高。

The graph on the right-hand side demonstrates that our average rate of financial margin with clients was stable last quarter. As we mentioned in our guidance, we do not expect that rate to be strongly negatively impacted by the interest rates beginning to fall. As a result of the change in the mix of our assets towards retail as well as improving the spread on some business lines.

右側圖表顯示，上季度我們與客戶的平均財務利潤率保持穩定。正如我們在指導中提到的，我們預計該利率不會因利率開始下降而受到強烈負面影響。由於我們的資產組合向零售方向發生了變化，以及某些業務線的分佈有所改善。

On Slide 12, we can see that in the second quarter of 2023, our financial margins with the market was CLP 16.2 billion, which is a 31% increase over the first quarter, which is a very low base. As I mentioned before, our financial margins with market is currently under the pressure due to falling inflation. Having said that, we managed to -- we managed our balance sheet sensitivity down with inflation. So our financial margin with the market should not be impacted by lower inflation expected towards the end of the year.

在幻燈片12上，我們可以看到，2023年第二季度，我們與市場的財務利潤率為162億智利比索，比第一季度增長了31%，這是一個非常低的基數。正如我之前提到的，由於通脹下降，我們與市場的財務利潤率目前面臨壓力。話雖如此，我們設法降低了資產負債表對通脹的敏感性。因此，我們與市場的財務利潤率不應受到年底通脹預期下降的影響。

On Slide 13, our commissions and fees, which grew 140.6% this quarter, positively impacted by the upfront income related to our insurance alliance. The other fee lines grew mid-single digits year-over-year, except on financial advisers, which grew -- financial advisory fees which decreased. Clearly, the most important news this quarter has been the start of our operations of our alliance with Cardif, which we expect to be a major driver of fee growth going forward.

在幻燈片 13 中，我們的佣金和費用本季度增長了 140.6%，受到與我們的保險聯盟相關的前期收入的積極影響。其他費用項目同比增長中個位數，但財務顧問費用有所增長，但財務諮詢費用卻有所下降。顯然，本季度最重要的消息是我們與卡迪夫聯盟的運營開始，我們預計這將成為未來費用增長的主要推動力。

Here on Slide 14, we observe our main credit risk indicators in Chile. In the second quarter, the cost of credit was CLP 57.4 billion, which includes CLP 8.1 billion in additional provisions established during this period. NPLs were down 21 basis points and NPL coverage was up 172%, while the ratio of the cost of credit to average credit portfolio was 1%.

在幻燈片 14 上，我們觀察了智利的主要信用風險指標。第二季度信貸成本為574億智利比索，其中包括在此期間設立的81億智利比索額外撥備。不良貸款下降21個基點，不良貸款覆蓋率上升172%，而信貸成本與平均信貸組合的比率為1%。

For the first half, that ratio was 1.2%, including the additional provisions. So well within our guidance of 1.1% to 1.5% for 2023. These are good news at the margin, but we remain vigilant in the management of this latter part of the credit and interest rate side.

上半年，該比率為 1.2%，包括額外撥備。完全在我們 2023 年 1.1% 至 1.5% 的指導範圍之內。這些在邊際上是好消息，但我們對信貸和利率方面的後半部分的管理保持警惕。

On Slide 15, we highlight our successes in expanding our consumer credit portfolio much faster than market, 48.5% versus 18% over the last 5 years. With credit risk very much under control as well as consumer NPL ratio in the third lowest of the industry. This performance has been one of the major drivers of improvement of our returns over the last 2.5 years.

在幻燈片 15 中，我們強調了我們在擴大消費信貸投資組合方面所取得的成功，其速度遠遠快於市場水平，過去 5 年的增幅為 48.5%，而過去 5 年的增幅為 18%。信用風險得到有效控制，消費不良貸款率位居行業第三低。這一業績是過去 2.5 年回報率改善的主要推動力之一。

Here on Slide 16, we showed noninterest expenses over the quarter, which increased 6.3% compared to the last quarter and 8.9% year-over-year. The efficiency ratio in the second quarter was a long-time best of 36.9%. The graph on the right-hand side of the page shows that the head count has fallen by 612, which is 11% since the 2019. This 11-point improvement of our efficiency ratio has been driven both by the increase in revenues and costs growing below inflation, which has been one of the trademarks of our management model.

在幻燈片 16 中，我們顯示了本季度的非利息支出，與上季度相比增長了 6.3%，與去年同期相比增長了 8.9%。第二季度效率達到36.9%，創歷史新高。頁面右側的圖表顯示，員工人數減少了 612 人，自 2019 年以來減少了 11%。我們的效率比提高了 11 個百分點，這是由收入增加和成本增長共同推動的低於通貨膨脹率，這是我們管理模式的標誌之一。

Let's move to Slide 17 in Colombia, where we continue to see results is slightly above breakeven in a challenging scenario -- some important banks have suffered losses this semester. We continue to implement our transformation plan while navigating through difficult quarters. Progress is again visible mostly on the efficiency side, where we continue to adjust the structure to a more focused strategy.

讓我們轉向哥倫比亞的幻燈片 17，我們繼續看到在充滿挑戰的情況下，結果略高於盈虧平衡——一些重要銀行本學期遭受了損失。我們在度過困難時期的同時，繼續實施我們的轉型計劃。進展再次明顯，主要體現在效率方面，我們繼續調整結構以製定更有針對性的戰略。

On the next page, Slide 18, we once again show that we are among the best capitalized and most liquid bank in Chile. The improvement of our financial strength over the last 2.5 years, both organically and through the $1 billion follow-on stock offering demonstrates our commitment to resilience and prudent management, which is the essence of the Italomanagement model.

在下一頁幻燈片 18 中，我們再次表明我們是智利資本最好、流動性最強的銀行之一。過去 2.5 年裡，我們的財務實力得到了改善，無論是有機的還是通過 10 億美元的後續股票發行，都體現了我們對韌性和審慎管理的承諾，這是 Italo 管理模式的精髓。

More importantly, on Slide 19, I think that we can recap the key messages that we have for you on this presentation. First, we had strong results and a positive operational trends in a challenging quarter, having 20.4% consolidated return on tangible equity this quarter. Even when it excludes the impact of the Cardif alliance, our return on tangible equity was around 17% in Chile and 14% on a consolidated basis.

更重要的是，在幻燈片 19 上，我認為我們可以回顧一下我們在本次演示中向您傳達的關鍵信息。首先，我們在充滿挑戰的季度取得了強勁的業績和積極的運營趨勢，本季度的有形股本綜合回報率為 20.4%。即使排除卡迪夫聯盟的影響，我們在智利的有形資產回報率約為 17%，綜合回報率為 14%。

We continue to advance our strategic agenda, where we are now focused on building on our customer satisfaction to achieve principality. It is worth noting that this is a low-risk strategy at this moment of the cycle as we are mostly focused on existing clients in transactional products as opposed to lending.

我們繼續推進我們的戰略議程，目前我們的重點是提高客戶滿意度以實現首要目標。值得注意的是，在周期的當前階段，這是一種低風險策略，因為我們主要關注交易產品的現有客戶，而不是貸款。

The third point is that our partnership with Cardif is now operational, which is a big boost to our value proposition to customers in attractive line of business from a shareholder value creation perspective. And finally, we continue to prudently manage credit capital liquidity risks, which is Itau.

第三點是，我們與卡迪夫的合作夥伴關係現已投入運營，從股東價值創造的角度來看，這極大地推動了我們在有吸引力的業務領域向客戶提供的價值主張。最後，我們繼續審慎管理信貸資本流動性風險，這就是Itau。

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

至此，我們今天為您所做的演示就結束了，我們很樂意回答您可能提出的任何問題。

(Operator Instructions) Your first question comes from the line of Yuri with JPMorgan.

（操作員指令）您的第一個問題來自尤里與摩根大通的電話。

Congrats on the 17 ROE. I have a question regarding your fees. I guess you had Cardif benefited this quarter on the insurance broker. And I just want to check like if we should see any more benefits from this contract, if this was kind of a onetime and now it should be running at a more normal level, so just checking this on fees.

恭喜獲得 17 ROE。我對你們的費用有疑問。我猜卡迪夫本季度從保險經紀人那裡受益匪淺。我只是想檢查一下我們是否應該從這份合同中看到更多好處，如果這是一次性的，現在它應該以更正常的水平運行，所以只需檢查費用即可。

And on cost of risk, you mentioned in the call that things are doing better, and we agree here, we are seeing the (inaudible) doing fine, NPLs coming down, like they're dropped, they were not super high. And you are running cost of risk below the guidance, right? So my question is, what should we expect for the second half? Should we see maybe you outperform your guidance on cost of risk? Or no, maybe you'll be doing more provisions, so you keep your coverage very high. So what is the outlook here for asset quality? And if I may, just a third one, regarding credit appetite, is asset quality is tracking better? When should we start to see loan growth accelerate in Chile.

關於風險成本，您在電話中提到情況正在好轉，我們在這裡同意，我們看到（聽不清）表現良好，不良貸款正在下降，就像它們被丟棄一樣，它們並不是很高。您的風險成本低於指導，對吧？所以我的問題是，我們對下半年應該期待什麼？我們是否應該看到您的風險成本超出了您的指導？或者不，也許你會做更多的規定，所以你的保險範圍保持在很高的水平。那麼資產質量的前景如何？如果可以的話，我想問第三個問題，關於信貸偏好，資產質量是否跟踪得更好？我們什麼時候應該開始看到智利的貸款增長加速。

Sure. Thank you for your question, Yuri. Going to your point, first on fees. Of course, the fee impact that we had this quarter is due to the deal that we did with Cardif. This is a 10-year deal with exclusivity on our client base that we are joining export opportunities in the market here in Chile.

當然。謝謝你的提問，尤里。言歸正傳，首先是費用。當然，我們本季度的費用影響是由於我們與卡迪夫達成的交易所致。這是一項為期 10 年的協議，對我們的客戶群具有排他性，我們將加入智利市場的出口機會。

As we move forward -- when I take a look at the insurance business that we have, they're mostly credit reason, that works for us. And I believe that towards most part of the industry as well. So they are credit-related insurance that we have. As we move forward, I think that we are going to diversify away, and that's where principality helps us in this discussion is diversifying a way into north transactional and life centered insurance model. which goes for life for how -- for many products that we can explore together. Of course, at this point of the cycle, all the credit insurance is affected, as you saw, there is a lower credit volume throughout the industry. And of course, that affects as well the insurance business on the credit front.

隨著我們前進——當我審視我們擁有的保險業務時，它們主要是信用原因，這對我們有用。我相信對於這個行業的大部分來說也是如此。所以它們是我們擁有的與信用相關的保險。隨著我們的前進，我認為我們將實現多元化，而這就是公國在這次討論中幫助我們的地方，即多元化進入北方交易和以人壽為中心的保險模式。對於我們可以一起探索的許多產品來說，這對於生活來說是適用的。當然，在周期的這個階段，所有信用保險都受到影響，正如你所看到的，整個行業的信貸量都在下降。當然，這也會影響信貸方面的保險業務。

Moving forward, the best expectations that we have are around principality. This is one major difference between the bank that we have in Chile to the bank that we have in Brazil, is that here, we -- for most of our clients, we are not their first bank. So moving towards principality. In principality for us has a strong transactional base components will help us with fees.

展望未來，我們最好的期望是圍繞公國。這是我們在智利的銀行與我們在巴西的銀行之間的一個主要區別，就是在這裡，對於我們的大多數客戶來說，我們不是他們的第一家銀行。從而走向公國。對於我們來說，公國擁有強大的交易基礎組件將有助於我們收取費用。

So I think that we have 2 divergent forces in here in which for credit-related fees, I think that we still see some pressure, downward pressure. And by increasing principality, through our association, diversifying a way in other products, we are going to have an important impact. I don't see in the short term a strong impact as we did on last quarter on fees, I think that will be a more stable growth, but we are very ambitious to what we can do with the insurance alliance as well as in fees.

因此，我認為我們這裡有兩種不同的力量，其中對於信貸相關費用，我認為我們仍然看到一些壓力，下行壓力。通過增加公國，通過我們的協會，使其他產品多樣化，我們將產生重要的影響。我認為短期內不會像上個季度那樣對費用產生強烈影響，我認為這將是一個更穩定的增長，但我們對保險聯盟和費用方面可以做的事情非常雄心勃勃。

For your second question about credit and credit costs, I think that we see somehow a more stable NPL evolution in the last few months. Nevertheless, because we are just opening the down cycle of interest rates in Chile, we're still in the process of an economic contraction compared to the expansion that we have in Chile, in many other countries in the last few years, a couple of years. We are still cautious on this credit cycle.

對於你關於信貸和信貸成本的第二個問題，我認為我們在過去幾個月中看到不良貸款的演變更加穩定。儘管如此，由於我們剛剛開啟智利利率下行週期，與過去幾年智利和許多其他國家的經濟擴張相比，我們仍處於經濟收縮過程中，年。我們對本次信貸週期仍持謹慎態度。

And somehow that connects to the second question that you have about credit appetite. We are monitoring the market and we are monitoring the credit cycle. I think that there perhaps credit conditions will still be tighter until the end of this year. And perhaps we'll lose in a little bit to start of this year. But I think that the main temperature to gauge how this is evolving, is exactly the NPLs that we see for the industry and for us as well.

不知怎的，這與你關於信貸偏好的第二個問題有關。我們正在監控市場，我們正在監控信貸週期。我認為，到今年年底，信貸條件可能仍會收緊。也許我們會在今年年初有所損失。但我認為衡量這種情況如何演變的主要溫度正是我們看到的行業和我們的不良貸款。

So we are taking 1 month -- we are living from month to month in a way that we assess the situations and risk. We are on the lower part of our guidance. We are not changing the guidance that we have but we are working hard to be on the lower part of the guidance. But still, I think there are economic imbalances that make us cautious within the credit cycle and make us cautious in changing any guidance as of now.

所以我們用一個月的時間——我們每個月都以評估情況和風險的方式生活。我們處於指導的較低部分。我們不會改變已有的指導意見，但我們正在努力達到指導意見的較低部分。但我仍然認為，經濟失衡使我們在信貸週期內保持謹慎，並使我們對改變目前的任何指導意見持謹慎態度。

Super quick, just checking the guidance, I think it's mid-single digits, right? Your loan growth guidance, like something closer to like 4%, 5% for the year, right?

超級快，只是檢查了指導，我認為它是中間個位數，對吧？你們的貸款增長指導，比如今年接近 4%、5%，對吧？

I'm sorry, Yuri. I didn't get the first part of your question. Can you repeat that, I'm sorry?

對不起，尤里。我沒聽懂你問題的第一部分。對不起，你能再說一遍嗎？

Sure. Just checking the low growth guidance. I think it's mid-single digits, right? So something closer to 5% year-over-year on loan growth.

當然。只是檢查低增長指導。我認為是個位數左右，對嗎？因此，貸款同比增長接近 5%。

Yes. I think so. Yes, I think it makes sense for us. We saw this acceleration, especially in the commercial part in the last couple of months, I think that the guidance for growth makes sense. But those combined pairs of NPLs and growth, I think they will be very, very sticky for the next 12 months. So the ability for growth will be in a better environment NPLs. And I think that we are just a little bit cautious right now. And that's why the focus that we have it's on principality, it's on existing client relationships that we have. I think there is much that we can do on this risk-based approach that we will have right now.

是的。我想是這樣。是的，我認為這對我們來說是有意義的。我們看到了這種加速，特別是在過去幾個月的商業部分，我認為增長指導是有意義的。但我認為，這些不良貸款和增長的組合在未來 12 個月內將非常非常具有粘性。所以不良貸款的成長能力會在更好的環境中。我認為我們現在有點謹慎。這就是為什麼我們的重點是公國，是我們現有的客戶關係。我認為我們現在可以利用這種基於風險的方法做很多事情。

Your next question comes from Alonso Aramburu and they ask, can you remind us of the sensitivity of the NIM to falling interest rates in Chile?

您的下一個問題來自 Alonso Aramburu，他們問，您能否提醒我們 NIM 對智利利率下降的敏感性？

Of course, the sensitivity that we have on our balance sheet and always you can take a look at the MD&A in the financial statements that we put together, you have all the metrics in there. But strategically, we have been decreasing the sensitivity that we have for balance sheet, especially, of course, in the banking book of our treasury this year.

當然，我們對資產負債表的敏感性，您始終可以查看我們匯總的財務報表中的 MD&A，其中包含所有指標。但從戰略上講，我們一直在降低對資產負債表的敏感性，尤其是今年財政部的銀行賬戶。

According to the calculations that we have taking a look at public information, reports that the banks put for the CMF in Chile. I think that we were one of the banks who'll have the lowest exposure to interest rates on the banking book. But then again, this is according to our own estimates. But that tells you a little bit on how do we see -- we saw the scenario starting at the end of last year. and this year.

根據我們查看公開信息的計算，銀行為智利的 CMF 提供的報告。我認為我們是銀行賬戶利率風險敞口最低的銀行之一。但話又說回來，這是根據我們自己的估計。但這告訴你我們如何看待——我們從去年年底就看到了這種情況。今年。

So if you take a look at the balance sheet sensitivity to interest rates and the balance sensitivity to inflation. They are very low right now. I think that -- it was a good way of going through the cycle. As we have a more clear view, especially that markets also have adjusted prices to lower interest rates this year and the next I think that we will rethink our strategy and how we position our balance sheet, but we were very light in risk given all the gains that we have from treasury in the last 2 years.

因此，如果你看一下資產負債表對利率的敏感性和余額對通貨膨脹的敏感性。他們現在的水平非常低。我認為——這是經歷這個週期的好方法。由於我們有更清晰的觀點，特別是市場也調整了價格以降低今年和明年的利率，我認為我們將重新考慮我們的策略以及如何定位我們的資產負債表，但考慮到所有這些因素，我們的風險非常小過去兩年我們從財政部獲得的收益。

We thought that it will be a good approach to have a lighter balance sheet for all the volatility that we had at the end of next -- last year and the beginning of this year. I think that we will take benefit from the low interest rates. But I think that we manage well the cycle in being very cautious in the way that we manage interest rates and inflation indexing risks.

我們認為，針對明年年底、去年和今年年初的所有波動，減少資產負債表將是一個好方法。我認為我們將從低利率中受益。但我認為，我們在管理利率和通脹指數風險的方式上非常謹慎，從而很好地管理了這個週期。

Your next question comes from the line of Juan Recalde with Scotiabank.

您的下一個問題來自豐業銀行的胡安·雷卡爾德 (Juan Recalde)。

My question is related to the financial margin with clients, which remains strong in both Chile and Colombia. But we also saw some help from capital financial margins there. And the loan growth, especially in Chile, it seems like it's going to be relatively constrained. So my question is how do you see the financial margin with clients evolving going forward? And can we expect it at the combined entity to be about CLP 300 billion per quarter going forward? Or how do you see it evolving?

我的問題與客戶的財務利潤有關，智利和哥倫比亞的財務利潤仍然很高。但我們也看到了資本財務利潤的一些幫助。貸款增長，尤其是在智利，似乎將相對受到限制。所以我的問題是，您如何看待客戶未來的財務利潤率變化？我們能否預計合併後的實體未來每季度的營收約為 3000 億智利比索？或者您如何看待它的演變？

Thank you for your question. When I think of financial margins with clients, as you mentioned, we decomposed it in 3 different ways. So the first one has to do with financial market -- financial margins with credit, with assets. So in there, basically, I think it's driven by volume and spreads. As I mentioned, I think that we are cautious in volumes.

謝謝你的問題。正如您提到的，當我想到與客戶的財務利潤時，我們用三種不同的方式將其分解。因此，第一個與金融市場有關——信貸、資產的金融利潤。因此，基本上，我認為它是由成交量和價差驅動的。正如我所提到的，我認為我們對數量持謹慎態度。

We have been growing more than the market if you take a look at consumer and mortgages in the last 12 months. But we are cautious in what markets we are pursuing, et cetera. In the commercial side, I think that we are very focused in having value creation. So we are very disciplined in making all the cross-selling and also credit that remunerates adequately our cost of equity. So this is one point.

如果你看看過去 12 個月的消費者和抵押貸款，我們的增長速度就超過了市場。但我們對我們所追求的市場等持謹慎態度。在商業方面，我認為我們非常注重價值創造。因此，我們在進行所有交叉銷售和信貸方面非常有紀律，以充分補償我們的股本成本。所以這是一點。

I don't think that we are going to see much pressure on spreads. Of course, as interest rates go down, that benefit goes directly to clients. But because the credit cycle is still tight, I personally don't see a market with a major spread compression in the next 6 to 12 months. So that's for financial margins with credit.

我認為利差不會承受太大壓力。當然，隨著利率下降，這種好處將直接惠及客戶。但由於信貸週期仍然緊張，我個人認為未來 6 至 12 個月內利差不會大幅壓縮。這就是信貸的財務利潤。

On financial margins with liabilities. I think that again, they are driven by 2 factors. One is volumes. And I think that the industry has been decreasing its deposits, especially because what happened during the pandemic and the effects of the withdrawal from the pension plans, we saw a major expansion of deposits within the industry and for us as well. We've been decreasing our volumes less than the industry.

依靠負債的財務利潤。我再次認為，它們是由兩個因素驅動的。一是數量。我認為該行業一直在減少存款，特別是因為大流行期間發生的事情以及退出養老金計劃的影響，我們看到行業內和我們的存款大幅增加。我們的產量下降幅度低於行業水平。

So we've been gaining marginally market share on this. And we've been able to hedge our exposure to interest rates. We have a model that separates our core deposits than on noncore deposits. Our noncore deposits, they're much more driven by short-term interest rates. Our core part is hedged through a larger cycle. So I think that we are well protected on deposits, and we perhaps can see margins on deposits is still growing for the next 6 to 12 months.

所以我們在這方面已經獲得了少量的市場份額。我們已經能夠對沖利率風險。我們有一個模型將核心存款與非核心存款分開。我們的非核心存款更多地受到短期利率的驅動。我們的核心部分是通過一個更大的周期來對沖的。因此，我認為我們的存款受到了很好的保護，我們也許可以看到存款利潤在未來 6 到 12 個月內仍在增長。

On capital, it's quite the same thing. On capital is where we separate all the capital that we have and we hedge that exposure in medium to long-term interest rates. I think that we have good margins on this. I see that volume of course, depends on your ability to generate and retain profits, which, in our case, it worked well so far.

在資本方面，情況完全相同。在資本方面，我們將我們擁有的所有資本分開，並以中長期利率對沖該風險。我認為我們在這方面有很好的利潤。當然，我認為這個數量取決於你創造和保留利潤的能力，就我們而言，到目前為止，它運作良好。

And on margins, I think that even with what we saw in interest rates going down 100 basis points here in Chile, I think that we are well protected for the short, medium term in terms of the margins that we have. So we don't see much pressure on the short term. Of course, when we think about our longer term of interest rates going down to historical levels in Chile, probably you're going to see more pressure on financial margins with deposits and also with capital. But for the short term, I think that we are still covered on this.

在利潤率方面，我認為即使我們看到智利的利率下降了 100 個基點，我認為我們的利潤率在短期和中期都受到了很好的保護。所以我們認為短期壓力不大。當然，當我們考慮智利的長期利率降至歷史水平時，您可能會看到存款和資本的財務利潤面臨更大的壓力。但就短期而言，我認為我們仍然對此有所了解。

Thank you for the comments Gabriel, and congrats on the current results.

感謝您的評論加布里埃爾，並祝賀目前的結果。

Thank you, Juan.

謝謝你，胡安。

Your next question comes from Francisco Rellil, and they ask, what is Atos strategy regarding the refinance of the Central Bank line FCIC 2024? How will the insurance alliance operate in terms of future income? And what is the alliance duration?

您的下一個問題來自弗朗西斯科·雷利爾（Francisco Rellil），他們問，Atos 關於中央銀行線 FCIC 2024 再融資的策略是什麼？保險聯盟未來收入如何運作？聯盟的期限是多長？

The refinancing of the FCIC lines that we have for the Central Bank they are in place. We have a liquidity planning. If you take a look at the liquidity ratios that we have, they considerate all the payments that we have to do. As you know, Central Bank in Chile that we put in place last year a regulation that for every single month until the first trimester and second trimester of next year, you have to have debt liquidity available in fuels or bonds from the government as collateral.

我們為中央銀行提供的 FCIC 額度的再融資已經到位。我們有一個流動性計劃。如果你看一下我們的流動性比率，他們會考慮我們必須做的所有付款。如您所知，智利中央銀行去年制定了一項規定，即在明年第一季度和第二季度之前的每個月，您都必須擁有政府提供的燃料或債券作為抵押品的債務流動性。

So we are -- according to our plan, we are well into the plan. I think the markets were more liquid than also we expected in the first trimester. So I don't see any major issue in doing this convergence. And then again, if you take a look at the liquidity ratios that we have in, so how we compare to the industry, I think that we are pretty much covered on this. So everything according to plan.

所以我們——根據我們的計劃，我們正在順利實施該計劃。我認為前三個月市場的流動性比我們預期的要高。所以我認為這種融合沒有任何重大問題。話又說回來，如果你看一下我們的流動性比率，以及我們與行業的比較，我認為我們幾乎已經涵蓋了這一點。所以一切都按計劃進行。

With the alliance, the terms of the alliance that we have is 10 years. And we were distributing the products that we developed together with Cardif within our insurance base. And we are remunerated in commissions as we were with any other market company. So that's the P&L that we're going to see. It's commissions that we have for every product that we sell. Of course, the different products they have different commissions, but it's the way that we work, had we not had the alliance.

就聯盟而言，我們的聯盟期限是10年。我們在我們的保險基地內分銷我們與卡迪夫共同開發的產品。與任何其他市場公司一樣，我們也獲得佣金。這就是我們將要看到的損益表。這是我們對銷售的每件產品收取的佣金。當然，不同的產品有不同的佣金，但如果我們沒有聯盟的話，這就是我們的工作方式。

What helps with the alliance, it's a long-term view. So 10 years, there is a lot of product development, especially digitizing the client experience in deepening the product, understanding the client journey that we see, that helps a lot. But on the P&L day to day, it's as we were remunerated before with other insurance companies.

對聯盟有幫助的是長遠的眼光。十年來，有很多產品開發，特別是數字化客戶體驗，深化產品，了解我們看到的客戶旅程，這有很大幫助。但在日常損益表上，我們的薪酬與之前其他保險公司的薪酬相同。

Your next question is a follow-up from Yuri of JPMorgan.

你的下一個問題是摩根大通的尤里的後續提問。

It's me again. Actually, it was about the FCIC lines. You just answered this, so no need to put more energy on this, but my question was just how this decline will impact you in 2024. But again, I don't think you need to explore this anymore. Thank you.

又是我。事實上，這是關於 FCIC 線路的。你剛剛回答了這個問題，所以不需要在這個問題上投入更多精力，但我的問題是這種下降將如何影響你在 2024 年。但同樣，我認為你不需要再探索這個問題了。謝謝。

The impact on the lines, I think they are twofold, Yuri. Since the publishing of the regulations regarding the repayment of those lines and how you have to put collateral on bills and bonds from the government that affects your liquidity ratios. So in the short term, what you see is that we had to somehow do other funding methods in order to compensate for LCR and especially NSFR impacts on this. And if you take a look at the numbers that we have for liquidity, they already considerate this.

對台詞的影響，我認為是雙重的，尤里。自從有關償還這些額度以及如何為政府票據和債券提供抵押品的法規發布以來，這些法規會影響您的流動性比率。因此，從短期來看，我們必須採取其他融資方法來補償 LCR，尤其是 NSFR 對此的影響。如果你看一下我們的流動性數據，他們已經考慮到了這一點。

So since the repayment that will happen next year, most of the impact has to do with liquidity ratio management. Next year, you're going to have a more impact on margins. Especially given the cost of those lines vis-a-vis the market rates that we were able to manage our balance sheet on it. So we expect a negative impact on this. We are measuring -- we're still measuring the path and doing all the plans that we have for 2024.

因此，由於明年將發生還款，大部分影響與流動性比率管理有關。明年，您將對利潤率產生更大的影響。特別是考慮到這些線路的成本相對於市場利率，我們能夠在其上管理我們的資產負債表。所以我們預計這會產生負面影響。我們正在衡量——我們仍在衡量道路並製定 2024 年的所有計劃。

The flip side to this discussion is, as you have lower interest rates -- as I mentioned, we have -- we decreased the exposure that we had in our balance sheet to interest rates, but we have -- it's not that we have 0 exposure to interest rates. With lower interest rates, we are going to see a positive impact on the banking book. So -- the banking book was suffering this year because of lower inflation and also because of high interest rates.

這個討論的另一面是，由於利率較低——正如我提到的，我們減少了資產負債表中的利率風險敞口，但我們——這並不是說我們有 0利率風險。隨著利率降低，我們將看到對銀行賬戶的積極影響。因此，由於通貨膨脹率下降和利率高，銀行賬戶今年遭受了損失。

In next year, I think that we're still going to have a low inflation, perhaps lower than we have this year. But we have a positive trend on the banking book because of low interest rates. So I think that will partially offset the negative impact from the FCIC lines from the Central Bank. But on a marginal basis, I think that the gain is a little bit negative compared to what we have this year.

明年，我認為我們的通脹率仍然較低，或許低於今年。但由於利率較低，我們的銀行賬戶呈現出積極的趨勢。所以我認為這將部分抵消央行 FCIC 額度的負面影響。但從邊際角度來看，我認為與今年相比，收益有點負面。

Your next question comes from Daniel Mora, and they ask, we observed an improvement in NPLs in Chile, but also a material increase in write-offs. What are the expectations going forward? Do you believe that the bank really -- sorry, do you believe the bank already reached the peak in NPLs? Or can we expect a similar pace of write-offs going forward?

你的下一個問題來自丹尼爾·莫拉（Daniel Mora），他們問，我們觀察到智利的不良貸款有所改善，但核銷也大幅增加。未來的期望是什麼？您是否相信該銀行真的——抱歉，您是否認為該銀行的不良貸款已經達到頂峰？或者我們可以預期未來會有類似的沖銷速度嗎？

Daniel. As you know, especially on the consumer side, Chile is a little bit different from other countries in the term that we do write-offs. Here in Chile, consumer credits you do the write-off at the 180 days. And so because of the short term compared to other countries. At the end of the day, you have provisioned something around 70% to 75% -- roughly 75% of the credit into write-off. So write-off, it's about 25% of the cost of credit that we have.

丹尼爾.如您所知，特別是在消費者方面，智利在沖銷方面與其他國家有點不同。在智利，消費信貸將在 180 天后進行沖銷。之所以如此，是因為與其他國家相比，時間較短。最終，您已撥備了大約 70% 到 75% 的資金——大約 75% 的信貸被沖銷。因此，沖銷額約為我們信貸成本的 25%。

I think that we have seen higher write-offs from the cycle. That has to do with all the cycle that we see at the end of next year -- the last year and also the first quarter. But we see on a margin, a better behavior on write-offs. So I don't think that's still increasing compared to what we saw on this quarter. So I think that what might happen on the second semester is a still high provisioning rates given the level of NPLs that we have but lower pressure on write-offs.

我認為我們已經看到本週期的沖銷額更高。這與我們在明年年底看到的所有周期有關——去年和第一季度。但我們在一定程度上看到了沖銷方面更好的表現。因此，與我們本季度看到的情況相比，我認為這一數字並未繼續增加。因此，我認為，鑑於我們的不良貸款水平，第二學期可能會出現撥備率仍然較高的情況，但沖銷壓力較低。

I still have my questions if we are on the end of the NPL cycle growth. When I take a look at the industry on an aggregate, we see that somehow it's decreasing its velocity I think that the way that we saw interest rates going down now help that, labor markets are resilient. So I think on the margin, we have good news. I'm just not ready yet to say that we have ended the cycle that NPLs are not growing.

如果我們正處於不良貸款週期增長的末尾，我仍然有疑問。當我從總體上看這個行業時，我們發現它正在以某種方式降低其速度，我認為我們現在看到利率下降的方式有助於這一點，勞動力市場具有彈性。所以我認為，從某種程度上來說，我們有好消息。我只是還沒有準備好說我們已經結束了不良貸款不再增長的循環。

I think that all that happens with the pandemic and also with the withdrawal of pension funds. It changed a lot the sensitivity of models of macro variables. So I believe that for all the central banks and from all of us managing cycles, it's a little bit harder to estimate the future having all the impacts that are very just syncretic in the last 2, 3 years. So I'm optimistic with what I'm saying. I'm just not ready in saying that we have seen the end of the growth of the NPL cycle for the industry. We are taking this 1 month at a time.

我認為這一切都是隨著大流行以及養老基金的撤出而發生的。它極大地改變了宏觀變量模型的敏感性。因此，我相信，對於所有央行和我們所有管理週期的人來說，估計未來會有點困難，因為過去 2、3 年的所有影響都是非常綜合的。所以我對我所說的感到樂觀。我只是還沒有準備好說我們已經看到該行業不良貸款週期增長的結束。我們一次服用 1 個月。

Your next question is a follow-up from Daniel Mora. They ask what are the expectations for the Colombian operations considering the cycle of nonperforming loans in the country and the challenging scenario for the remainder of 2023. What is the strategy to improve profitability as we continue to see low figures of profitability impacting the overall operations of Banco Itaú Chile.

您的下一個問題是丹尼爾·莫拉（Daniel Mora）的後續問題。他們詢問，考慮到該國的不良貸款週期以及2023 年剩餘時間的挑戰，對哥倫比亞業務的預期是什麼。由於我們繼續看到較低的盈利能力影響了整體運營，因此提高盈利能力的策略是什麼？智利意大利銀行。

Fantastic. I think that when I analyze Colombia, I see 2 different opposing trends. When I take a look at inside the bank. I see that the -- all the plans that we have implemented, the metabolism of the bank and the management -- the maturity of the management model, the maturity of risk management, we have increased debt in the last 2 years. So I'm glad to see the evolution that we have on our management execution capabilities in Colombia. And so that's one factor.

極好的。我認為，當我分析哥倫比亞時，我看到了兩種不同的相反趨勢。當我看向銀行內部時。我看到——我們已經實施的所有計劃、銀行和管理層的新陳代謝——管理模式的成熟度、風險管理的成熟度，我們在過去兩年裡增加了債務。因此，我很高興看到我們在哥倫比亞的管理執行能力的發展。這是一個因素。

The opposing vector here is how you mentioned, the market in Colombia. So you do see interest rate cycle larger than expected. You do see an NPL market that it's stronger than previously thought. So on the margin, we do see a more negative news flow from Colombia on the macro trends.

這裡的相反向量就是你提到的哥倫比亞市場。所以你確實看到利率週期比預期要大。你確實看到不良貸款市場比之前想像的要強大。因此，我們確實看到哥倫比亞在宏觀趨勢方面出現了更多負面消息。

Marginally, we see a stabilization. But then again, we're taking, as I mentioned in NPLs, 1 month at a time. I think that the good part of the discussion in Colombia is that when you take a look at the market in the last 2, 3 years, you saw major increases in portfolio, especially in consumer that we were not part of it. And we were not part of it for many reasons, most of them internal and has to do with developing our risk management capabilities in credit.

我們看到了輕微的穩定。但話又說回來，正如我在 NPL 中提到的，我們一次採取 1 個月的時間。我認為哥倫比亞討論的一個重要部分是，當你觀察過去兩三年的市場時，你會看到投資組合的大幅增長，特別是在我們不參與的消費者方面。我們沒有參與其中的原因有很多，其中大部分是內部原因，與發展我們的信貸風險管理能力有關。

But I think that was a good thing because some of the NPLs that we have seen in the market perhaps, and this is a theory, they are connected to a more expansionary cycle that we saw in Colombia within the last 2 to 3 years. Then again, we are not part of it in growth. That doesn't mean that we are completely protected from the economy as a whole. That's not true. I think that we are affected. But I think that marginally, we are less affected than other banks, especially on the consumer side.

但我認為這是一件好事，因為我們在市場上看到的一些不良貸款，這是一個理論，它們與我們在過去兩到三年內在哥倫比亞看到的更具擴張性的周期有關。話又說回來，我們並沒有參與其中。這並不意味著我們完全不受整個經濟的影響。這不是真的。我認為我們受到了影響。但我認為，從某種程度上來說，我們受到的影響比其他銀行要小，尤其是在消費者方面。

On the commercial side, I think that all the cleanup of the balance sheet that we did in the last 6 years in Colombia, they paid off in terms of our credit concession provisioning, that we do in Colombia. We did more additional provisions in Colombia, and we've been very cautious in reversing those provisions. Within the cycle, we did a little bit, but we are doing it very cautiously, because I think that will be a longer cycle. So we are confident with the building of internal capabilities that we have in Colombia within a more difficult macro scenario.

在商業方面，我認為過去六年我們在哥倫比亞所做的所有資產負債表清理工作都在我們在哥倫比亞所做的信貸優惠撥備方面得到了回報。我們在哥倫比亞制定了更多附加條款，並且我們在撤銷這些條款時非常謹慎。在這個週期內，我們做了一點點，但我們做得非常謹慎，因為我認為這將是一個更長的周期。因此，我們對在更加困難的宏觀形勢下哥倫比亞內部能力的建設充滿信心。

I think that the balance of those forces means that we are progressing is lower in Colombia than we previously thought or wanted. But that also means because we are building internal capability, the moment that the macro place more positively, I think that we are going to see a rapid evolution in Colombia. I mean, at the end of the day, that's what we are aiming for and that's what I'm hoping for.

我認為這些力量的平衡意味著我們在哥倫比亞取得的進展比我們之前想像或想要的要低。但這也意味著，因為我們正在建設內部能力，當宏觀形勢變得更加積極時，我認為我們將看到哥倫比亞的快速發展。我的意思是，歸根結底，這就是我們的目標，也是我所希望的。

And your next question is a follow-up from Daniel. What are the expectations of the financial margin considering the decrease in rates, the normalization of inflation and the fact that the U.S. exposure is now negative.

你的下一個問題是丹尼爾的後續問題。考慮到利率下降、通脹正常化以及美國風險敞口目前為負的事實，對財務利潤率的預期是多少？

I think all the things that we were mentioning is how we are managing the cycle in the balance sheet for the next 6 to 12 months, right? Because all the hedges -- not for interest rates, but especially for inflation, the hedges that we do, they are short-term hedges. So we have protected our balance sheet for inflation for this year. For next year, we are open to inflation, and we are going to hedge our balance sheet or expose our balance sheet according to our macro -- we're still discussing how we are going to do this. But we see this as an active risk factor that we take into our management decision process.

我認為我們提到的所有事情都是我們如何管理未來 6 到 12 個月的資產負債表週期，對嗎？因為所有的對沖——不是針對利率，而是針對通脹，我們所做的對沖，都是短期對沖。因此，我們今年保護了資產負債表免受通脹影響。明年，我們對通脹持開放態度，我們將根據宏觀情況對沖我們的資產負債表或暴露我們的資產負債表——我們仍在討論如何做到這一點。但我們認為這是一個積極的風險因素，我們將其納入管理決策過程中。

So in the short term -- short to medium term -- medium term for me is 12 months -- 12 to 18 months, I think that we are well protected in terms of interest rates for the scenario that we are seeing. As I mentioned, in terms of the FCIC payments, I think that will generate a negative impact, but I do see a positive impact in the way that we have positioned our balance sheet.

因此，從短期來看，短期到中期，中期對我來說是 12 個月，12 到 18 個月，我認為在我們所看到的情況下，我們在利率方面受到了很好的保護。正如我所提到的，就 FCIC 付款而言，我認為這將產生負面影響，但我確實看到了我們資產負債表定位方式的積極影響。

Inflation, the marginal decrease. If you take a look at the implicit inflation that we saw in the market, we began the year with something around 5% and then we went to something around 4%. And now we are seeing implicit rates below 4%, perhaps something around 3.8%. We hedged at higher volumes, which means that we will not suffer as much as inflation goes down in Chile according to the view that we had at the beginning of the year.

通貨膨脹，邊際下降。如果你看一下我們在市場上看到的隱性通脹，我們年初的通脹率約為 5%，然後達到 4% 左右。現在我們看到隱含利率低於 4%，也許在 3.8% 左右。我們以更高的交易量進行對沖，這意味著根據我們年初的觀點，我們不會像智利的通脹下降那樣遭受那麼大的損失。

But on medium term, we are going to be impact on that, for sure, as we see lower interest rates and low inflation. As I mentioned before, for financial margins with the capital, with the liabilities and also with -- we are going to see negative on those fronts. And we're going to see that positive on the banking book.

但從中期來看，我們肯定會受到影響，因為我們看到較低的利率和較低的通脹。正如我之前提到的，對於資本、負債以及——我們將在這些方面看到負面的財務利潤。我們將在銀行賬簿上看到這種積極的一面。

But what we are doing as a bank is offsetting market movements with how we position the bank, right? Because that's the discussion about prices. I mean if we only act on prices, then it's how market volatility works and how our hedging ability works, right? I think that the way that we have to manage the bank in thinking medium to long term is how we are able to change the mix and change the volumes of deposits.

但作為一家銀行，我們所做的就是通過我們對銀行的定位來抵消市場波動，對嗎？因為那是關於價格的討論。我的意思是，如果我們只根據價格採取行動，那麼市場波動就是如此，我們的對沖能力就是如此，對嗎？我認為，我們管理銀行的中長期思維方式是我們如何能夠改變存款組合和數量。

For instance, based on our principality in which I've been able to defend my margin even with other scenarios. Of course, the current account deposits that you have in which you pay 0% interest, at 11% interest rates they are worth something. At 3% interest rates, they are worth another thing. But having more volumes than you have at 3% is better than 0.

例如，基於我們的公國，即使在其他情況下我也能夠捍衛我的優勢。當然，您支付 0% 利息的活期賬戶存款，如果利率為 11%，它們就很有價值。以 3% 的利率計算，它們的價值就不同了。但擁有比 3% 更高的交易量總比 0 好。

So I think that's the more important message is that I think that we did well in terms of balance sheet management, price management, hedge management. And -- but the way that we will converge to the results that we want, to the profitability that we want, it's through principality and our ability to engage clients transactionally with the bank with higher deposits and higher fees. I think at the end of the day is this.

所以我認為更重要的信息是我認為我們在資產負債表管理、價格管理、對沖管理方面做得很好。而且，我們要達到我們想要的結果，達到我們想要的盈利能力，這是通過公國以及我們以更高的存款和更高的費用吸引客戶與銀行進行交易的能力。我想歸根結底就是這樣。

There are no further questions at this time. I will turn the call back to Gabriel Mora for closing remarks.

目前沒有其他問題。我將把電話轉回給加布里埃爾·莫拉（Gabriel Mora），讓其致閉幕詞。

Fantastic. Thank you so much, everyone, for listening and for the questions. As always, Rodrigo, Claudia, Matias and I are always available to you for any follow-ups, and we see all of you in the next quarter. Take care.

極好的。非常感謝大家的聆聽和提問。與往常一樣，羅德里戈、克勞迪婭、馬蒂亞斯和我隨時為您提供任何後續跟進，我們將在下個季度與您見面。小心。

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。