Grupo Supervielle SA (SUPV) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome to Grupo Supervielle third quarter 2024 earnings call. I am Ana Bartesaghi, Treasurer and IRO. Today's conference call is being recorded. (Operator Instructions)

大家早安，歡迎參加 Grupo Supervielle 2024 年第三季財報電話會議。我是 Ana Bartesaghi，財務主管兼 IRO。今天的電話會議正在錄音。（操作員說明）

Speaking today, we have Patricio Supervielle, our Chairman and CEO; Gustavo Manriquez, Banco Supervielle's recently appointed CEO; and Mariano Biglia, our Chief Financial Officer. Also joining us for Q&A is Diego Pizzulli, CEO of invertironline. All will be available during the Q&A session.

今天發言的嘉賓是我們的董事長兼執行長 Patricio Supervielle； Gustavo Manriquez，Banco Supervielle 最近被任命為執行長；以及我們的財務長馬裡亞諾·比格利亞 (Mariano Biglia)。invertironline 執行長 Diego Pizzulli 也加入了我們的問答環節。所有內容都將在問答環節中提供。

Before we begin, I'd like to remind you that today's call may be -- may include forward-looking statements, which are based on management's current expectations and beliefs and subject to risks and uncertainties. For more details, refer to the forward-looking statements section in our earnings release and recent SEC filings. Patricio, please go ahead.

在開始之前，我想提醒您，今天的電話會議可能包含前瞻性陳述，這些陳述基於管理層當前的預期和信念，並受到風險和不確定性的影響。有關更多詳細信息，請參閱我們的收益發布和最近向 SEC 提交的文件中的前瞻性聲明部分。帕特里西奧，請繼續。

Thank you, Ana. Good morning, everyone, and thank you for joining us today. Turning to slide 3. Earlier this year, we began a heightened effort to drive targeted credit expansion. And today, we are pleased to report that sustained loan growth momentum continued in the third quarter and into the fourth quarter to date.

謝謝你，安娜。大家早安，感謝您今天加入我們。轉到投影片 3。今年早些時候，我們開始加強推動有針對性的信用擴張。今天，我們很高興地報告，第三季和迄今為止的第四季度繼續保持持續的貸款成長動能。

Our loan book expanded 15% sequentially and 60% year-to-date in real terms, gaining 60 basis points in market share since the beginning of the year. Furthermore, higher-margin retail loans, including personal and auto, gained share of our total portfolio.

以實際價值計算，我們的貸款帳簿比上一季擴大了 15%，今年迄今擴大了 60%，自年初以來市佔率增加了 60 個基點。此外，利潤率較高的零售貸款（包括個人貸款和汽車貸款）在我們總投資組合中所佔的份額有所增加。

Total deposits were up in the high teens, mainly driven by US deposits, which stand at a record high following the tax amnesty. Year-to-date, deposits gained 60 basis points in market share. Fee income also showed strong growth sequentially with solid contributions across our banking, asset management and online brokerage platforms.

存款總額成長至十幾歲，主要由美國存款推動，美國存款在稅收特赦後創下歷史新高。今年迄今為止，存款的市佔率增加了 60 個基點。手續費收入也連續強勁成長，在我們的銀行、資產管理和線上經紀平台上做出了強勁貢獻。

Asset quality remains strong with the non-performing loans ratio steady at a historic low. At the same time, net interest margin normalized, reflecting lower inflation and the evolving interest rate environment.

資產品質依然強勁，不良貸款率穩定在歷史低點。同時，淨利差正常化，反映出通膨下降和不斷變化的利率環境。

Now moving to an update of our business highlights. First, mobile transactions represented 56% of total transactions, cementing it as our leading channel and reflecting strong customer adoption. On the retail side, our loan book delivered exceptional growth, expanding 44% quarter-over-quarter.

現在我們來更新我們的業務亮點。首先，行動交易佔總交易量的 56%，鞏固了其作為我們領先管道的地位，並反映出客戶的強烈採用。在零售方面，我們的貸款帳簿實現了驚人的成長，季增了 44%。

Car loans stood out, doubling in volume and reinforcing our position as the number two lender in this segment. Mortgages and personal loans also grew 42% and 41%, respectively. These achievements highlight our commitment to delivering tailored financial solutions that meet the evolving needs of our customers, supported by a seamless digital experience.

汽車貸款表現突出，數量翻了一番，鞏固了我們作為該領域第二大貸款機構的地位。抵押貸款和個人貸款也分別增加 42% 和 41%。這些成就凸顯了我們致力於提供量身定制的金融解決方案，在無縫數位體驗的支援下滿足客戶不斷變化的需求。

Second, our corporate loan book remained stable in real terms quarter-over-quarter and up 54% to date. Encouragingly, we observed a significant uptick in demand for US dollar-denominated loans in October, underscoring the momentum in key export-oriented sectors, particularly oil and gas, where we're offering attractive tailored financial solutions.

其次，我們的企業貸款帳面較上季實質保持穩定，迄今成長了 54%。令人鼓舞的是，我們觀察到10 月對美元計價貸款的需求大幅上升，突顯了關鍵出口導向產業的發展勢頭，特別是石油和天然氣行業，我們在這些行業提供有吸引力的客製化金融解決方案。

Third, invertironline continues to strengthen its position as the leading online brokerage platform in the country, contributing 21% of our total fee income in this quarter. We are pleased to report that our active clients reached a record 580,000, representing a 14% sequential increase with transaction volumes up 21% during the same period.

第三，invertironline 繼續鞏固其作為國內領先線上經紀平台的地位，本季貢獻了我們總費用收入的 21%。我們很高興地報告，我們的活躍客戶達到創紀錄的 580,000 名，環比增長 14%，同期交易量增長 21%。

This good performance reflects the strong appeal of our integrated digital services. Noteworthy, invertironline is playing a key role complementing Banco Supervielle in channeling corporate debt issuances to its retail customer base. Moreover, assets under custody reached a record of $1.2 billion.

這一良好表現體現了我們綜合數位服務的強大吸引力。值得注意的是，invertironline 在向其零售客戶群引導企業債券發行方面發揮著補充 Banco Supervielle 的關鍵作用。此外，託管資產達到創紀錄的12億美元。

Lastly, we continue to expand our insurance operation, achieving a 36% quarterly growth in car insurance. A key milestone this quarter was the launch of our digital insurance solutions for corporate clients through our virtual hub, which enhances our ability to meet the evolving needs of businesses while streamlining accessibility and services.

最後，我們持續擴大保險業務，車險業務季度成長36%。本季度的一個重要里程碑是透過我們的虛擬中心為企業客戶推出了數位保險解決方案，這增強了我們滿足企業不斷變化的需求的能力，同時簡化了可及性和服務。

Looking ahead, while profitability bottomed out in the third quarter as anticipated on our prior earnings call, we are seeing a rebound in the fourth quarter and are on track to meet our full year guidance of 15% return on equity. Longer term, we see significant opportunities to further deepen market penetration.

展望未來，雖然獲利能力如我們先前的財報電話會議所預期的在第三季觸底，但我們預計第四季將出現反彈，並有望實現我們 15% 的全年股本回報率指引。從長遠來看，我們看到了進一步深化市場滲透的重大機會。

Credit remains underutilized in Argentina, represented just 6% of GDP. At the same time, our ongoing focus on digital innovation and operational efficiency equips us to serve our clients more effectively and drive shareholder value.

阿根廷的信貸仍未充分利用，僅佔 GDP 的 6%。同時，我們對數位創新和營運效率的持續關注使我們能夠更有效地服務客戶並提高股東價值。

Our strategic initiatives, combined with our strong capital base position us well to support Argentina's ongoing recovery. Before Mariano discusses the financial details of the quarter, I want to make to take a moment to formally introduce and welcome Gustavo Paco Manriquez, the new CEO of Banco Supervielle as well introduce Diego Pizzulli, who has been leading invertironline since July 2022 and will be available in the Q&A session.

我們的策略性舉措加上強大的資本基礎，使我們能夠很好地支持阿根廷的持續復甦。在馬裡亞諾討論本季的財務細節之前，我想花點時間正式介紹並歡迎Banco Supervielle 新任首席執行官古斯塔沃·帕科·曼里克斯(Gustavo Paco Manriquez)，並介紹迭戈·皮祖利(Diego Pizzulli)，他自2022 年7 月以來一直領導Invertironline，並將在可以在問答環節中找到。

Banco Supervielle is the largest operation in the group. We are pleased to welcome Paco, who assumed the CEO position in the bank on October 1. As CEO, Paco brings over a decade of experience leading one of the leading private banks in Argentina as well as a broad international experience.

Banco Supervielle 是該集團中最大的營運機構。我們很高興歡迎 Paco 於 10 月 1 日就任銀行執行長。作為首席執行官，Paco 擁有十多年領導阿根廷領先私人銀行之一的經驗以及廣泛的國際經驗。

We have accomplished a lot over the past few years in positioning the bank to meet the evolving and changing customer banking needs. Paco will now steer the bank through its next growth phase. We are excited about the prospects ahead for the bank and look forward to working with Paco as we realize these opportunities.

過去幾年，我們在銀行定位以滿足不斷變化的客戶銀行業務需求方面取得了許多成就。帕科現在將帶領該銀行進入下一個成長階段。我們對銀行的未來前景感到興奮，並期待在認識到這些機會時與 Paco 合作。

With that, let me turn the call over to Paco so that he can introduce himself and say a few words.

接下來，讓我將電話轉給帕科，以便他可以自我介紹並說幾句話。

Thank you, Patricio, for the warm welcome, and good morning for all of you. It is a pleasure to be participating in my first earnings call at Supervielle. This is an exciting time for the banking sector in Argentina as the country continues its economic recovery.

謝謝帕特里西奧的熱情歡迎，祝大家早安。很高興參加我在 Supervielle 的第一次財報電話會議。隨著阿根廷經濟持續復甦，對於該國銀行業來說，這是一個令人興奮的時刻。

Here at Banco Supervielle, we are all positioning to be a significant participant in the recovery. And I'm impressed with the high level of technology and human capital that we have here in the bank, which combined with its strong capitalization, place the bank well to maximize the potential. And I look forward to leading the bank through its next growth phase.

在超級銀行，我們都致力於成為經濟復甦的重要參與者。我對銀行擁有的高水準技術和人力資本印象深刻，這與雄厚的資本相結合，使銀行能夠充分發揮潛力。我期待著帶領銀行進入下一個成長階段。

While it's very early days. I just assumed my new position on October 1. My near term and long-term priorities will be focused basically pursuing growth initiatives while improving profitability. I have found very attractive opportunities to further expand our business, leveraging our geographic footprint and position in key business segments.

雖然現在還為時過早。我剛於 10 月 1 日就任新職務。我的近期和長期優先事項基本上將集中於追求成長計劃，同時提高獲利能力。我發現了非常有吸引力的機會，可以利用我們在關鍵業務領域的地理足跡和地位，進一步擴大我們的業務。

I expect to share a little bit more of my perspective when we present the fourth quarter results, basically the next quarter results. Over the coming months, I look forward to meet you, our institutional shareholders another member of the investment community, both here in Argentina and abroad.

我希望在我們公佈第四季度業績（基本上是下一個季度的業績）時分享更多我的觀點。在接下來的幾個月裡，我期待在阿根廷和國外與您見面，我們的機構股東和投資界的另一個成員。

Now let me turn the call over to Mariano to review of all our financial performances.

現在讓我將電話轉給馬裡亞諾，以審查我們所有的財務表現。

Thank you, Paco. As anticipated in our prior call, we reported a lower ROE this quarter of 5% in real terms as we transition our asset base from a large share of government securities to growing private sector loans, although still at historic low leverage levels. This was mainly driven by a 29% sequential drop in net financial income, reflecting the decline in inflation and the yield on government securities and loans, partially offset by a lower cost of funding amidst the lower interest rate environment.

謝謝你，帕可。正如我們在先前的電話會議中所預期的那樣，隨著我們的資產基礎從大量政府證券轉向不斷增長的私營部門貸款，本季度的實際淨資產收益率下降了5%，儘管槓桿率水平仍處於歷史低點。這主要是由於淨財務收入環比下降 29%，反映了通貨膨脹以及政府證券和貸款收益率的下降，但部分被較低利率環境下融資成本降低所抵消。

As we transition from government securities to private sector loans, margins are reduced in this first stage and are expected to increase as we complete the transition and also grow in higher-margin loans. Operating expenses increased 2% quarter-on-quarter, impacted by severance charges reported in the quarter. Note that included these onetime charges, operating expenses would have declined nearly 5% sequentially.

當我們從政府證券過渡到私部門貸款時，第一階段的利潤率會下降，但隨著我們完成過渡，利潤率預計會增加，利潤率較高的貸款也會成長。受本季報告的遣散費影響，營運費用較上季成長 2%。請注意，如果包括這些一次性費用，營運費用將比上一季下降近 5%。

By contrast, ROE benefited from a 25% increase in net fee income, driven by good performances across all businesses, particularly in brokerage and asset management fees as we increased assets under management and active customers at invertironline.

相較之下，ROE 受益於淨費用收入成長 25%，這得益於所有業務的良好業績，特別是隨著我們管理資產和 invertironline 活躍客戶的增加，經紀和資產管理費用方面。

A 22% contraction in loan loss provisions, reflecting healthy growth, also contributed to profitability. This was complemented by a 35% decline in other net losses attributable to lower turnover tax and provisions for strategic initiatives, together with a 31% drop in inflation adjustment, benefiting from lower inflation in the quarter.

貸款損失撥備下降 22%，反映了健康的成長，也有助於獲利。此外，由於流轉稅和策略性舉措撥備降低，其他淨虧損下降了 35%，受益於本季通膨下降，通膨調整下降了 31%。

Turning to slide 6. We continue to shift our asset base towards a larger mix of private sector loans, reaching 39% of total assets from 36% in the second quarter, as shown in the bar chart. By contrast, investment in government securities and Central Bank repos declined 17-percentage-points sequentially to 23% of total assets.

轉到投影片 6。我們繼續將資產基礎轉向更大的私部門貸款組合，從第二季的 36% 達到總資產的 39%，如長條圖所示。相較之下，政府證券和央行回購投資佔總資產的比例較上季下降 17 個百分點至 23%。

Loan growth was driven primarily by a 44% increase in retail loans, reflecting our ability to capture rising credit demand across Argentina's improving economic landscape. Car loans remain the stand out performer within retail.

貸款成長主要是由零售貸款成長 44% 推動的，這反映出我們有能力抓住阿根廷不斷改善的經濟狀況不斷增長的信貸需求。汽車貸款仍然是零售業中表現最突出的貸款。

Moving on to slide 7. Total deposits grew 17% sequentially, supported by a 90% increase in US dollar denominated deposits in original currency. Growth was largely driven by the recent tax amnesty program, which has driven significant inflows of funds into the financial system.

繼續看投影片 7。總存款較上季成長 17%，其中以美元計價的原幣存款成長 90%。成長主要是由最近的稅收特赦計劃推動的，該計劃推動了大量資金流入金融體系。

As a result, US deposit share of total deposits increased by 12-percentage-points to 28%. This positive trend continued into October, with US deposits up 12%. Peso deposits, in turn, remains stable. Lastly, the loan-to-deposit ratio stood at 58%.

結果，美國存款佔總存款的比例增加了 12 個百分點，達到 28%。這一積極趨勢持續到 10 月份，美國存款增加了 12%。反過來，比索存款維持穩定。最後，貸存比為58%。

Turning to slide 8. As anticipated, decline in inflation has reduced the impact of inflation-linked instruments in our portfolio. Peso yields also came down, driven by a lower interest rate environment and the Central Bank's policy adjustment.

轉到投影片 8。正如預期的那樣，通膨下降降低了我們投資組合中通膨相關工具的影響。受較低利率環境和央行政策調整的推動，比索殖利率也有所下降。

This reflects a broader normalization of monetary policy, which has reduced the unusually high spreads seen in prior quarters. These headwinds were partially offset by a decline in our funding costs, in tandem with policy rate adjustments.

這反映出貨幣政策更廣泛的正常化，從而縮小了前幾季異常高的利差。這些不利因素被我們的融資成本下降以及政策利率調整所部分抵銷。

As a result, net financial income declined 29% sequentially to ARS161 billion. Looking ahead, growth in higher NIM lending products, together with an increased leverage, are expected to positively contribute to improved net financial income.

因此，淨財務收入季減 29%，至 1,610 億阿根廷比索。展望未來，淨利差貸款產品的成長以及槓桿率的提高預計將為淨財務收入的改善做出積極貢獻。

Turning to slide 9. CET1 ratio declined 210 basis points sequentially to slightly over 19% at quarter end. This reflects sequentially higher risk-weighted assets due to the continued acceleration of sector loan growth, along with higher deductions on deferred taxes.

轉到投影片 9。CET1 比率較上季下降 210 個基點，季末略高於 19%。這反映出，由於產業貸款成長持續加速，以及遞延稅務扣除額增加，風險加權資產持續上升。

Capitalization levels provides ample flexibility to continue expanding our loan portfolio while maintaining a prudent approach to risk management.

資本化水準為繼續擴大我們的貸款組合提供了足夠的靈活性，同時保持審慎的風險管理方法。

On slide 10, we discuss Argentina's evolving macroeconomic landscape. A key highlight this quarter was the successful tax amnesty program, which brought in over $20 billion in deposits. Importantly, inflation has eased more rapidly than expected, with 2024 projections now revised to show improvement to an annual rate of 120%, down from 127% in June.

在投影片 10 上，我們討論了阿根廷不斷變化的宏觀經濟格局。本季度的一大亮點是成功的稅收特赦計劃，該計劃帶來了超過 200 億美元的存款。重要的是，通膨的緩解速度快於預期，2024 年的預測現已修訂為年率改善至 120%，低於 6 月的 127%。

The regulation initiatives and fiscal discipline, achieving a surplus of 0.5% as of October, are driving a gradual economic reoperation. Throughout the year, we have seen significant improvement across many of the key macro drivers.

截至 10 月份，監管措施和財政紀律實現了 0.5% 的盈餘，正在推動經濟逐步復甦。全年，我們看到許多關鍵宏觀驅動因素顯著改善。

However, some challenges remain, the most important being growth in the Central Bank's net reserves, which remain negative. Additionally, maintaining public support is crucial as reforms continue to be rolled out and economic activity and employment recovers. To further support this recovery, a key milestone will be the lifting of FX restrictions.

然而，一些挑戰仍然存在，其中最重要的是央行淨準備金的成長，但仍為負值。此外，隨著改革的不斷推進以及經濟活動和就業的復甦，維持公眾支持至關重要。為了進一步支持這項復甦，一個關鍵的里程碑將是取消外匯限制。

In conclusion, we are encouraged by the improving macroeconomic indicators and the progress made towards a more sustainable, open and competitive economic environment in Argentina. More specifically, the financial sector is in the early stages of recovery, with loan growth inflecting positively.

總之，我們對阿根廷宏觀經濟指標的改善以及在打造更永續、開放和有競爭力的經濟環境方面取得的進展感到鼓舞。更具體地說，金融業正處於復甦的早期階段，貸款成長出現積極變化。

With respect to Grupo Supervielle, we have a solid foundation in place and are well positioned to benefit as demand continues to recover. To wrap up, let's look ahead at our perspectives for the remainder of 2024 on slide 11.

就 Grupo Supervielle 而言，我們擁有堅實的基礎，並且有能力隨著需求的持續復甦而受益。最後，讓我們在幻燈片 11 上展望 2024 年剩餘時間的前景。

Based on fourth quarter performance to date, we maintain our ROE guidance of 15% for the full year. As inflation continues to ease, we now expect peso loans for 2024 to expand between 70% to 80% in real terms, up from prior expectations of 40%, with retail loans increasing share of total loans.

根據迄今為止第四季度的業績，我們維持全年 15% 的 ROE 指引。隨著通膨持續緩解，我們目前預計 2024 年比索貸款實際成長將在 70% 至 80% 之間，高於先前預期的 40%，其中零售貸款佔貸款總額的比例將不斷增加。

The NPL ratio is expected to remain below 1% this year and to start converting in 2025 to levels aligned with higher credit demand, up from the current historical levels. In turn, net cost of risk is anticipated to remain at 9 months '24 levels for the full year.

預計今年不良貸款率將保持在 1% 以下，並在 2025 年開始轉變為與信貸需求增加相一致的水平，高於當前的歷史水平。反過來，預計全年的淨風險成本將保持在 9 個月 24 小時的水平。

Note that following the anticipated NIM contraction experienced in 3Q, we expect for the fourth quarter to stabilize at 3Q levels. In terms of fee income, we expect repricing of the bulk of bank fees to individuals to lag inflation and thus to grow below inflation levels. By contrast, brokerage and asset management fees are anticipated to grow significantly above inflation as monthly active users and assets under management increase.

請注意，繼第三季預期的淨利差收縮之後，我們預計第四季將穩定在第三季的水平。就費用收入而言，我們預期銀行對個人收取的大部分費用的重新定價將落後於通貨膨脹，從而低於通貨膨脹水準。相較之下，隨著每月活躍用戶和管理資產的增​​加，經紀和資產管理費用的成長預計將顯著高於通貨膨脹。

Lastly, as credit demand continues to recover, we now anticipate closing the year with a CET1 ratio between 16% to 18%, compared to our previous expectations of 17% to 20%. Looking ahead to 2025, we expect inflation levels to continue receding to around 30%, which, together with growth in economic activity, employment and salaries in real terms, will create additional opportunities for growth.

最後，隨著信貸需求持續復甦，我們預計年底時 CET1 比率將在 16% 至 18% 之間，而我們先前的預期為 17% 至 20%。展望2025年，我們預期通膨水準將持續回落至30%左右，再加上經濟活動、就業和薪資的實際成長，將為成長創造更多機會。

In this environment, Supervielle remains committed to leveraging its diverse product portfolio, solid capital base and customer-first approach to deliver long-term value. This ends our prepared remarks. We are ready to open the floor for questions.

在這種環境下，Supervielle 仍然致力於利用其多樣化的產品組合、堅實的資本基礎和客戶至上的方法來提供長期價值。我們準備好的演講到此結束。我們準備好開始提問了。

Ana, please go ahead.

安娜，請繼續。

Thank you, Mariano. At this time, we will be conducting the question-and-answer session. (Operator instructions)

謝謝你，馬裡亞諾。此時，我們將進行問答環節。（操作員說明）

Ernesto Gabilondo, Bank of America.

埃內斯托·加比隆多，美國銀行。

Good morning. Thank you, Ana, and hi, good morning, Patricio, Gustavo and Mariano. And good morning to all your team, and welcome, Gustavo. Thank you for the opportunity to ask the questions. My first question will be on your net interest income.

早安.謝謝安娜，嗨，早上好，帕特里西奧、古斯塔沃和馬裡亞諾。祝你所有的團隊早安，歡迎，古斯塔沃。感謝您給我提問的機會。我的第一個問題是關於您的淨利息收入。

So considering that all the Argentine banks are transitioning from lower investment securities, but at the same time to higher financial interest from a stronger loan book expansion, when do you expect in your case that NII will return to a year-over-year growth? And for this assumption, how should we consider the evolution of the loan-to-deposit ratio and your capital ratio?

因此，考慮到所有阿根廷銀行都在從較低的投資證券轉型，但同時透過更強勁的貸款規模擴張轉向更高的財務利息，您預計 NII 何時會恢復同比增長？對於這個假設，我們該如何考慮貸存比和資本比率的演變？

Hi Ernesto, thank you for your question. As you said, we are transitioning to changing the mix of our assets with growing our loan portfolio. First, as interest rates declined sharply during the first six months of the year, we increased -- also anticipated demand. We increased our loan portfolio 60% year-to-date, and we continue expanding throughout the rest of the year.

嗨埃內斯托，謝謝你的問題。正如您所說，我們正在透過擴大貸款組合來改變資產組合。首先，隨著今年前六個月利率大幅下降，我們增加了預期需求。今年迄今為止，我們的貸款組合增加了 60%，並將在今年剩餘時間內繼續擴張。

In this transition, we also reduced our securities portfolio, where we don't have the extraordinary results that we saw mainly in the first quarter of the year. So NIM has been decreasing, but we expect NIM to start recovering as we continue this transition, but also we review interest rates, which are -- which continue to decline but at a lower rate -- at a lower pace.

在這次轉型中，我們也減少了證券投資組合，但我們沒有取得今年第一季主要看到的非凡業績。因此，淨利差一直在下降，但我們預計，隨著我們繼續這一轉變，淨利差將開始復甦，但我們也會審查利率，利率繼續下降，但降幅較低。

And we also transition within our loan growth to a higher weight in higher yield products, mainly personal loans, car loans, so that will balance the mix between individuals and corporates. And that will allow us to sustain a good level of NIM, as well as inflation continues to decrease, which has also a lower impact in inflation adjustment line item of the income statement.

我們也在貸款成長中轉向更高收益產品的權重，主要是個人貸款、汽車貸款，從而平衡個人和企業之間的組合。這將使我們能夠維持良好的淨利差水平，且通貨膨脹繼續下降，這對損益表的通貨膨脹調整項目的影響也較小。

And then regarding capital as we continue to grow --

然後隨著我們的不斷發展而考慮資本--

We are sorry. So Mariano, I think you can go on. Ernesto, can you hear us well?

我們很抱歉。馬裡亞諾，我想你可以繼續。埃內斯托，你聽清楚我們說話嗎？

Yeah perfect.

是的，完美。

(multiple speakers)

（多個發言者）

So I was saying, we will continue growing our loan portfolio, changing the mix in products. And also, we will (inaudible) the leverage of the balance sheet. So that will allow us also to sustain our financial income. And then as we continue our loan growth in real terms at high growth rates, we will continue to use capital. So that's why we now project the capital ratio at the end of the year, lower than the one we are reporting at the end of the third Q, so we go from 19% to between 17% and 18%.

所以我說，我們將繼續擴大我們的貸款組合，改變產品組合。此外，我們也將（聽不清楚）資產負債表的槓桿作用。這樣我們也能維持我們的財務收入。然後，隨著我們的貸款繼續以高成長率實際成長，我們將繼續使用資本。這就是為什麼我們現在預計年底的資本比率會低於我們在第三季末報告的資本比率，因此我們從 19% 調整到 17% 到 18% 之間。

And we'll continue that trend, depending on the level of growth we achieve, the demand we see for credit into 2025.

我們將繼續這一趨勢，具體取決於我們實現的成長水平以及我們看到的 2025 年信貸需求。

Thank you, Mariano. And just a follow-up on this. So loan-to-deposit ratio remains kind of low for all the Argentine banks. Given what you said now this normalization, loan book expansion, how should we think about the evolution of this loan-to-deposit ratio? Should we expect for example, next year to be at 60% and then '26 at 70%? Just wanted to understand how should we think about the evolution of this?

謝謝你，馬裡亞諾。這只是後續行動。因此，對於所有阿根廷銀行來說，貸存比仍然較低。鑑於您現在所說的正常化、貸款規模擴大，我們該如何考慮貸存比的演變？例如，我們是否應該預期明年為 60%，然後 26 年為 70%？只是想了解我們該如何思考它的演變？

Yes, you're correct, Ernesto. We expect that rate to continue to increase as we transition from Central Bank and Treasury securities to loans. So now, we are close to 60%. And during 2025, we expect to increase that ratio to levels of 70%. And note also that increase isn't as sharp -- as important as our loan growth because we will also be growing deposits. So we're grow loans at a higher pace, but we're also growing deposits. So it won't go to 90% in 1 year. And we expect it to go from 60%, which is the level we are now, to in the range of 70%.

是的，你是對的，埃內斯托。我們預計，隨著我們從央行和國債轉向貸款，該利率將繼續上升。所以現在，我們已經接近 60%。到 2025 年，我們預計該比例將提高到 70% 的水平。還要注意的是，成長並不像我們的貸款成長那樣急劇，因為我們也將增加存款。因此，我們正在以更快的速度增加貸款，但我們也在增加存款。所以1年內不會達到90%。我們預計這一比例將從目前的 60% 上升到 70% 左右。

Perfect. And then for my second question is on your investment securities held to maturity. So given the impact of lower rates, inferior inflation, is there a possibility that you have to recognize an impairment at some point? I don't know if you have talked to your external auditor, and I don't know if they have recommended something about this.

完美的。我的第二個問題是關於您持有至到期的投資證券。因此，考慮到較低利率和較低通膨的影響，您是否有可能在某個時候必須承認減損？我不知道你是否和你的外部審計師談過，也不知道他們是否對此提出了一些建議。

No. Regarding the securities that we held to maturity and according to IFRS, we accrue the internal rate of return at the beginning of the instrument. So in the case of the inflation-linked bonds, the majority of them because then we have also the trading portfolio, which is at market value, but the vast majority of our inflation-linked bonds are held to maturity.

不。對於我們持有至到期的證券，根據國際財務報告準則，我們在工具開始時應計內部報酬率。因此，就通膨掛鉤債券而言，其中大部分是因為我們也有以市場價值計算的交易投資組合，但我們絕大多數通膨掛鉤債券都持有至到期日。

So that's accounting -- according to the accounting standards, they accrue inflation, and we will continue doing that at maturity. We will only recognize a loss if the bond is trading below its book value, and we sell them. But our intention is to keep that because that was a hedge against inflation, which now seems like it isn't as necessary as before, but it's still -- they are covering against inflation and any uptick in inflation that we could see.

這就是會計——根據會計準則，它們會產生通貨膨脹，我們將在到期時繼續這樣做。只有當債券的交易價格低於其帳面價值時，我們才會確認損失，並出售它們。但我們的目的是保留這一點，因為這是對沖通膨的手段，現在看來不像以前那麼必要了，但它仍然是——它們正在彌補通膨和我們可能看到的任何通膨上升。

But also regarding our balance sheet composition, it's also important to remind that we are through our loan portfolio growth positioning our balance sheet in loan in fixed rates. So with inflation-linked bonds, we only cover our shareholders' equity, and then we are positioned in fixed rate in order to take any profits from interest rate declines.

但關於我們的資產負債表構成，同樣重要的是要提醒我們，透過貸款組合的成長，我們將資產負債表定位在固定利率貸款中。因此，對於與通膨掛鉤的債券，我們只涵蓋股東權益，然後我們以固定利率定位，以便從利率下降中獲取利潤。

Perfect, Mariano. Thank you very much.

完美，馬裡亞諾。非常感謝。

Carlo Gomez-Lopez, HSBC.

卡洛‧戈麥斯‧洛佩茲，匯豐銀行。

Hello, good morning. First of all, welcome and good luck to Gustavo in his new role. Hope he's very, very successful here like as he was in his previous one. So for the bank, I don't think you have given us your economic forecast for next year, not that anybody really knows.

你好早安。首先，歡迎古斯塔沃擔任新職務並祝他好運。希望他在這裡能像上一屆一樣非常非常成功。因此，對於銀行來說，我認為您沒有向我們提供明年的經濟預測，也沒有人真正知道。

But what are you counting on in terms of GDP growth, inflation, the currency for 2025? And also, you mentioned that you will be consuming some capital, obviously, since you are growing so fast. I mean, if you are contributing about 2% of CET1 per quarter, I mean, that suggests that within, I would say, six quarters or so, you might want to add capital to your growing business. Is that a realistic conclusion?

但您對 2025 年 GDP 成長、通貨膨脹、貨幣等有何期待？而且，您提到您顯然會消耗一些資本，因為您增長得如此之快。我的意思是，如果您每季貢獻約 2% 的 CET1，我的意思是，這表明在六個季度左右的時間內，您可能會想為不斷增長的業務增加資本。這是一個現實的結論嗎？

Let me take that answer first -- answer first initially, and then I pass it on to Mariano. We -- in terms of -- what we have seen in the third quarter compared to second quarter, there was a huge increase in retail loan penetration. And we plan to continue to pursue on this trend in order to have --

讓我先接受這個答案——首先回答，然後我將其傳遞給馬裡亞諾。就我們而言，第三季與第二季相比，零售貸款滲透率大幅增加。我們計劃繼續追隨這一趨勢，以便--

(inaudible) this is for me?

（聽不清楚）這是給我的？

in order to have a balance sheet that is strong in terms of NIM creation. So basically, this is going to be a feature of -- and I believe that with decline in inflation, the credit penetration among individuals would be a feature and expanding feature of all the banking system. But in our case, it certainly would be the case. So Mariano, do you want to continue on that, please?

以便擁有一個在淨利差創造方面強勁的資產負債表。所以基本上，這將成為——我相信，隨著通貨膨脹的下降，個人之間的信貸滲透將成為整個銀行體系的一個特徵並不斷擴大。但就我們而言，情況肯定是這樣。那麼馬裡亞諾，你想繼續嗎？

Thank you, Patricio, and thank you, Carlos, for your question. Let me tell you first what are our projections, which we are working with. Regarding GDP, we now foresee a GDP decline for this year at 2.9%, which is a lower decline than we expected some quarters ago, but we are seeing good levels of activity. And the economy is starting to grow in the fourth quarter more rapidly. So that will reduce the -- make it a smaller reduction in GDP for this year.

謝謝你，帕特里西奧，謝謝你，卡洛斯，你的問題。讓我先告訴您我們正在研究的預測是什麼。關於 GDP，我們目前預計今年 GDP 將下降 2.9%，降幅低於我們幾季前的預期，但我們看到了良好的經濟活動水準。第四季經濟開始加速成長。因此，這將減少今年 GDP 的減少幅度。

And for 2025, we expect an increase between 4% and 5%, which is a very strong increase in activity that we expect also, it will foster employment. And then regarding inflation, we expect this year to end at 120%. And for next year, we expect a level of 30%, which is a very sharp decline in inflation, supported by the last monthly inflation figures.

到 2025 年，我們預計成長率將在 4% 到 5% 之間，這是我們預計的活動的強勁成長，這也將促進就業。至於通膨，我們預計今年通膨率將達到 120%。對於明年，我們預計通膨率將達到 30%，這在上個月通膨數據的支持下是非常急劇的下降。

And with that trend, we expect the interest rate to continue declining. Maybe not as fast as this year, so they can go as low as 30% or 31% in 2025. And the exchange rate where we expect the government to continue the growing impact of 2% and inflation continues to go down remaining also lower that devaluation at the rate of -- from 2% to 1%.

按照這種趨勢，我們預期利率將繼續下降。也許不會像今年那麼快，所以到 2025 年可能會低至 30% 或 31%。我們預計政府將繼續對匯率施加 2% 的影響，通貨膨脹率繼續下降，貶值率也將保持在較低水平——從 2% 降至 1%。

Okay? And in terms of your capital needs.

好的？就您的資金需求而言。

And regarding capital needs, with our current capital, we can grow 100% in real terms. And although we foresee a very high growth for next year, which would be higher than 50%, maybe 60% also in real terms, we are not expecting to consume all that capital within next year.

至於資金需求，以我們現有的資金，我們可以實際成長100%。儘管我們預計明年的成長非常高，實際成長率將高於 50%，甚至可能達到 60%，但我們預計明年不會消耗掉所有資本。

And when I say 100%, I refer with the capital ratio not going below 89%, which is above the regulatory level. So clearly, it will be lower than the end of this year. So it will be lower than 17% next year because growth, we expect it to be very strong also.

當我說100%時，我指的是資本比率不低於89%，高於監管水準。很明顯，它將低於今年年底。因此明年的成長率將低於 17%，因為我們預計成長也將非常強勁。

And we also expect to outperform the industry. But we are not expecting a need to raise capital in 2025.

我們也期望跑贏業。但我們預計 2025 年不需要籌措資金。

Very clear and good luck. Thank you very much.

非常清楚，祝你好運。非常感謝。

Brian Flores, Citi.

布萊恩·弗洛雷斯，花旗銀行。

Hi, Team, good morning. My first question is a follow-up on Carlos' question because I think it's very important. You have grown year-to-date risk-weighted assets, 180%, loans only 60%, right? Your Tier 1 is at 19%. The systems ratio is at 34%. And as you have said, you have gained 60 bps in market share.

嗨，團隊，早安。我的第一個問題是卡洛斯問題的後續問題，因為我認為這非常重要。今年迄今為止，您的風險加權資產增加了 180%，而貸款僅增加了 60%，對吧？您的一級為 19%。系統比率為34%。正如您所說，您的市佔率增加了 60 個基點。

So maybe a question for Paco, right, that is beginning here. You mentioned your priorities is to grow. So it seems that the position on capital is limited, right? So how are you thinking about growing from a strategic perspective? Can you like mention the segments that you want to attack?

所以也許要問帕科一個問題，對吧，這就是從這裡開始的。你提到你的首要任務是成長。這麼看來資本的持股是有限的吧？那麼，您如何從策略角度考慮成長？您能提及您想要攻擊的市場區隔嗎？

And then also, I know -- I'm sorry to insist on this point, but I know Mariano mentioned you do not see any needs to raise capital on 2025. However, for example, (inaudible) just mentioned that they expect to end 2025 with the levels of Tier 1 that you already have in 2024.

然後，我知道——我很抱歉堅持這一點，但我知道馬裡亞諾提到你認為 2025 年沒有任何籌集資金的需要。然而，例如，（聽不清楚）剛剛提到，他們預計到 2025 年末將達到 2024 年已有的一級水準。

So just -- can you just maybe help us understand how could you continue gaining market share when everybody is overfunded and it seems like in a better position to grow. Just it will be great. And then I'll ask my second question. Thank you.

那麼，您能否幫助我們了解，當每個人都資金過剩並且似乎處於更好的成長位置時，您如何繼續獲得市場份額。只要它會很棒。然後我會問第二個問題。謝謝。

Thank you, Carlos. I've been here for 45 days. In those -- in this day, we are working very hard and very fast in order to define initiatives for the next year in order to grow very fast and very deep. We -- I have been looking all the areas because I want to make a huge growth in commercial size, commercial volumes in terms of (inaudible) payroll services accounts.

謝謝你，卡洛斯。我已經在這裡45天了。在這些日子裡，我們正在非常努力和快速地工作，以便確定明年的舉措，以便快速和深入地發展。我們——我一直在尋找所有領域，因為我希望在（聽不清楚）薪資服務帳戶方面實現商業規模和商業量的巨大增長。

Also increase in our (inaudible) provisional sites also and increase our (inaudible) saving accounts and checking accounts. Basically that in the individual side. And also, we want to increase our volumes, our position and also market shares in corporate size basically in SME segment and also big corporate.

也增加我們的（聽不清楚）臨時站點，並增加我們的（聽不清楚）儲蓄帳戶和支票帳戶。基本上是在個人方面。此外，我們希望增加中小企業和大型企業的銷售、地位以及企業規模的市場份額。

So we are defining a very strong, very deep and very extend plan in order to have all the initiatives, all the plans in place in order to grow and present plan for growing for the next year. I will present very quickly in the next quarter. So we are working on that.

因此，我們正在製定一個非常強大、非常深入和非常廣泛的計劃，以便所有舉措、所有計劃都到位，以便實現成長並提出明年的成長計劃。我將在下個季度很快進行介紹。所以我們正在努力解決這個問題。

If I may add, I would say that, as I said in the previous answer, we have already -- we will focus in high NIM loans. And this has been already what we saw the comparison between third quarter and second quarter, there is already -- you can see some hints of the things we could do next year to make sure that our growth is not only strong, but also very profitable.

如果我可以補充的話，我會說，正如我在之前的回答中所說，我們已經——我們將重點關注高淨息差貸款。這已經是我們看到的第三季和第二季之間的比較，你已經可以看到我們明年可以做的一些事情的暗示，以確保我們的成長不僅強勁，而且利潤豐厚。

So we can build capital and sustain our growth looking forward. We understand your comparisons you've made with other banks, but we are pretty confident that the way we are building this in terms of a strategic plan, we'll make sure that the growth is sustainable.

這樣我們就可以累積資本並維持未來的成長。我們理解您與其他銀行進行的比較，但我們非常有信心，我們在策略計劃方面的建構方式將確保成長是可持續的。

One more things, Carlos. I can't speak or explain more about this plan or these initiatives because we are building up the strategic, but you will have a full disclosure and full explanation in the next quarter. But believe me, we are working on that, and I feel confident to reach an excellent plan for the next year for the market. So give me a couple of months, I will show you the plan in the next quarter.

還有一件事，卡洛斯。我無法更多地談論或解釋該計劃或這些舉措，因為我們正在製定策略，但您將在下個季度得到完整的披露和完整的解釋。但請相信我，我們正在努力解決這個問題，我有信心為明年的市場制定一個出色的計劃。所以給我幾個月的時間，我將在下個季度向您展示計劃。

No, super clear. Thank you. Thank you very much. And also --

不，超清晰。謝謝。非常感謝。還有--

I can't say more. So sorry, I can say.

我不能再說更多了。很抱歉，我可以說。

No, no worry. We'll, of course, touch upon that plan as soon as it is possible. My second question is on the investment platform, right? We know it's very successful, and it's -- can you maybe elaborate a bit on what are the plans for this investment platform? Where do you see it maybe in the next, I don't know, 18 months?

不，不用擔心。當然，我們會盡快討論該計劃。我的第二個問題是關於投資平台的，對吧？我們知道它非常成功，您能否詳細說明一下這個投資平台的計畫是什麼？我不知道接下來 18 個月你會在哪裡看到它？

Because I know, obviously, real wages could also bring some tailwinds here, right, as people have more available income to not only save, as you mentioned, increase deposits, but also maybe invest, right? So how are you thinking strategically about this initiative? Because we know it's very well positioned in the market. So it would be great to hear from you. Thank you.

因為我知道，顯然，實際工資也可能帶來一些順風，對吧，因為人們有更多的可用收入，不僅可以儲蓄，正如你提到的，增加存款，還可以投資，對嗎？那麼您如何從策略角度考慮這項舉措？因為我們知道它在市場上處於非常有利的地位。所以很高興收到您的來信。謝謝。

Diego, do you want to --

迭戈，你想嗎--

Yeah, sure. Thank you for the question. So in a more stable macroeconomic environment, we believe that some avenues for growth for IOL will come from our business in USA securities. Today, this is very frictional for Argentinians because of population, but it's something Argentinians like and I'm used to use a lot when we were able to offer that for them.

是的，當然。謝謝你的提問。因此，在更穩定的宏觀經濟環境下，我們相信IOL的一些成長途徑將來自我們的美國證券業務。如今，由於人口的原因，這對阿根廷人來說非常有摩擦，但這是阿根廷人喜歡的東西，當我們能夠為他們提供這種東西時，我已經習慣了經常使用。

We believe our retail customer will transition to a more invest and hold and also to invest in equities and sovereign bonds and decrease their exposure to FX in Argentina, retail, mainly save in dollars and think in dollars. We believe that we'll -- this will continue but reduce the amount of dollars they are saving and started investing. That's our goal, to show them the path to do that.

我們相信，我們的零售客戶將轉向更多的投資和持有，並投資於股票和主權債券，並減少他們在阿根廷的外匯敞口，零售，主要以美元儲蓄並以美元思考。我們相信，這種情況將會持續下去，但會減少他們儲蓄和開始投資的美元數量。這就是我們的目標，向他們展示實現這一目標的途徑。

Of course, we think that Argentina will still want to buy dollars, and we are working on different options to give our customers the best available options for them to invest at the best price. So this nowadays is dollar. In the future, we believe it could be another different vehicle or form. So we are working on that, too. We are also looking for our small business in private banking and SMBs.

當然，我們認為阿根廷仍然希望購買美元，我們正在研究不同的選擇，為我們的客戶提供最佳的選擇，讓他們以最優惠的價格進行投資。所以現在這就是美元。未來，我們相信它可能是另一種不同的交通工具或形式。所以我們也在努力解決這個問題。我們也在私人銀行和中小企業中尋找我們的小型業務。

In private banking, we have a small but growing business, and we want to expand the customers in that business and also expand the business with them with new products or products tailored for them for small and medium business, we have looking for a streamlined operation. We are very close to launch 24 hours onboarding and also a 24/7 cash management feature.

在私人銀行業務中，我們的業務雖小但正在不斷增長，我們希望擴大該業務的客戶，並透過新產品或為中小型企業量身定制的產品來擴大與他們的業務，我們正在尋求精簡的營運.我們即將推出 24 小時入職和 24/7 現金管理功能。

So -- and a financial adviser for them to help them make financial decisions. So we believe that those will be the avenues. Also, we are working in investment as a service product. We are working very hard with the bank. They will be our first customer, too.

因此，還有一位財務顧問幫助他們做出財務決策。所以我們相信這些將是途徑。此外，我們也致力於投資即服務產品。我們正在與銀行非常努力地合作。他們也將是我們的第一個客戶。

So we think in that product as a way to reach more customers. The customers that are not yet in IOL, but we believe could be very well satisfied with our products. So this is something that we are very excited about.

因此，我們認為該產品是接觸更多客戶的一種方式。尚未使用 IOL 的客戶，但我們相信他們會對我們的產品感到非常滿意。所以這是我們非常興奮的事情。

Let me -- thank you, Diego. Let me add a little bit. I think that it's mainly interesting that what we have built in terms of technology over the last 1.5 years, in terms of an API infrastructure in the bank and invertironline that allow us today to replace and substitute another provider that we have technology provider that we had in the past in order for the cash in and cash out of customers.

讓我——謝謝你，迭戈。讓我補充一點。我認為最有趣的是我們在過去 1.5 年裡在技術方面建立的東西，在銀行和 invertironline 的 API 基礎設施方面，這些基礎設施使我們今天能夠替換和替換我們擁有的技術提供商的另一個提供商過去為了給客戶套現和套現。

And what was done in a few minutes, now it's done in seconds. So it's an outstanding performance. And this capability is -- I think it's very interesting because what Diego mentioned in terms of investments and service that they will provide to Banco Supervielle for our clients to transact in investment products, both individuals and corporates.

幾分鐘內完成的事情，現在只需幾秒鐘即可完成。所以這是一場出色的表演。我認為這種能力非常有趣，因為迭戈提到了他們將為 Banco Supervielle 提供的投資和服務，以便我們的客戶可以進行個人和企業投資產品交易。

This service still invertironline will be able to replicate it in other institutions. So that's a strategic point. Another one is that the retail base of invertironline is so huge that it has become a relevant player in all distribution of capital market transactions.

這項服務仍將能夠在其他機構複製。所以這是一個戰略點。另一個原因是，invertironline的零售基礎如此龐大，以至於它已經成為資本市場交易所有分銷的相關參與者。

To the point that big corporations are already not only addressing Banco Supervielle to make distribution, but also directly, invertironline to make distribution of particularly dollar-denominated applications or transactions. So I think this is quite relevant. And we believe that capital markets are in its infancy in Argentina as well as credit. So we have a way forward, very interesting.

以至於大公司不僅已經透過 Banco Supervielle 進行分發，而且還直接透過 invertironline 來分發特別以美元計價的應用程式或交易。所以我認為這是非常相關的。我們認為，阿根廷的資本市場和信貸市場均處於起步階段。所以我們有一個前進的方向，非常有趣。

No. Perfect. Super clear. And just a quick follow-up on this because as you speak of it, I can see your enthusiasm and your excitement. Do you think this is an asset that will always be part of Supervielle? Or I mean, is it on the table at some point to create value, spin it off? Just thinking about this.

不。完美的。超級清晰。對此進行快速跟進，因為當你談到這件事時，我可以看到你的熱情和興奮。您認為這是永遠屬於 Supervielle 的資產嗎？或者我的意思是，是否在某個時刻可以考慮創造價值，然後將其剝離？只是在想這個。

For us, what is on the table is what is the best for investors -- for our investors, the investors of Grupo Supervielle. If we believe that there is an opportunity to deliver value by, let's say, finding an investor directly on invertironline, a strategic investor, of course, we will consider it because this is part of our strategy to gain value.

對我們來說，擺在桌面上的是對投資者——對我們的投資者、Grupo Supervielle 的投資者來說——最好的選擇。如果我們認為有機會透過直接在 invertironline 上尋找投資者（策略投資者）來創造價值，我們當然會考慮它，因為這是我們獲得價值策略的一部分。

But let me just let me spread out something. As of today, 97% of clients of invertironline are clients from other banks. Only 2.5%, 3% of invertironline clients are Banco Supervielle clients. So that's to give you a flavor of the opportunities ahead. Not only in terms of our selling, but also in terms of invertironline continuing to be a disruptor in the financial system.

但讓我來展開一些東西。截至目前，invertironline 97% 的客戶是其他銀行的客戶。只有 2.5%、3% 的 invertironline 客戶是 Banco Supervielle 客戶。這是為了讓您了解未來的機會。不僅在我們的銷售方面，而且在invertironline方面，它仍然是金融體系的顛覆者。

Perfect. Thank you. Thank you very much.

完美的。謝謝。非常感謝。

Marina Martines, Latin Securities.

瑪麗娜·馬丁內斯，拉丁證券。

Hi, good morning. Thanks for taking my question. So I have a question regarding your loan book. So while the third quarter showed a slowdown in loan expansion, year-to-date, you still remain above the industry. Looking ahead, do you expect to continue outpacing the industry and gaining market share? And if so, which lines -- I mean, you mentioned you will continue to target the retail segment, but which lines, in particular, should we expect to see growth? And could we also see a rebound in the commercial segment?

嗨，早安。感謝您提出我的問題。所以我有一個關於你的貸款簿的問題。因此，儘管第三季貸款擴張有所放緩，但今年迄今，您仍然高於行業水平。展望未來，您是否期望繼續超越行業並獲得市場份額？如果是這樣，哪些產品線——我的意思是，您提到您將繼續瞄準零售領域，但我們尤其應該期望哪些產品線會成長？我們是否也能看到商業領域的反彈？

Okay. Hi Mariano. Thank you for your question. Yes, regarding loan growth, the lines that we expect to be more dynamic looking forward are personal loans and car loans in the retail segment. But also we will continue growing on the commercial side, mainly our medium-sized corporates that we are targeting, also focusing on the key and most dynamic sectors of the economy, such as the oil and gas sector, but also across sectors for our corporate client base.

好的。嗨馬裡亞諾。謝謝你的提問。是的，就貸款成長而言，我們預計未來更具活力的貸款類別是零售領域的個人貸款和汽車貸款。但我們也將繼續在商業方面發展，主要是我們的目標中型企業，同時也關注經濟的關鍵和最具活力的部門，例如石油和天然氣部門，而且我們企業的跨部門客戶群。

We -- so far, we grew mainly in very short-term lending as factoring -- but for the future, when the economic rebounds in the second stage of growth is fostered by economic growth and consumption, we will also expect to grow not only the retail side, but also in longer term for corporates such as leasing, for example.

到目前為止，我們主要透過極短期貸款作為保理業務實現成長，但對於未來，當經濟成長和消費促進第二階段經濟反彈時，我們預計不僅會成長零售方面，但從長遠來看，也適用於租賃等企業。

I would like to add something, Marina. In order to -- in terms of oil and gas. We are increasing our capacity and our structure in (inaudible) in order to capture more businesses and volumes in that sector. So we are increasing our participation and our focus over there.

我想補充一點，瑪麗娜。為了——就石油和天然氣而言。我們正在增加我們的產能和結構（聽不清楚），以便在該領域獲得更多業務和銷售。因此，我們正在增加我們的參與和關注。

Thank you. I don't know, Carlos, if I see your hand raised again? I don't know if you have any questions? No, I think not. Okay.

謝謝。我不知道，卡洛斯，我是否看到你再次舉手？不知道大家還有什麼疑問嗎？不，我想不是。好的。

So I think we can end that, our Q&A session today. Thank you for joining us. We appreciate your interest in our company, and we look forward to meeting more of you over the coming months and providing financial business updates next quarter.

所以我認為我們今天的問答環節可以結束了。感謝您加入我們。我們感謝您對我們公司的興趣，我們期待在未來幾個月內與您見面並提供下季度的金融業務最新資訊。

Can I -- I'd like to make a (multiple speakers) a statement before you go. I would like to say that I'm very glad to be here in this room with my two partners, Diego Pizzulli, CEO of invertironline, and Paco Manriquez, CEO of Banco Supervielle. I think that now, we have a very strong management team with strong skills in order to build the strategy we need to deliver strong value in the next few years.

我可以－在你們離開之前，我想（多位發言者）發表一份聲明。我想說，我很高興能和我的兩位合夥人一起來到這個房間，他們是invertironline 首席執行官迭戈·皮祖利(Diego Pizzulli) 和Banco Supervielle 首席執行官帕科·曼里克斯(Paco Manriquez)。我認為現在我們擁有一支非常強大的管理團隊，他們擁有強大的技能，可以製定我們需要的策略，在未來幾年內提​​供強大的價值。

I am conscious that as of today, in the competitive scenario that we have where we compete with fintechs, neobanks and traditional banks. We need to deliver a value proposition on individuals, but also make sure that we continue building on what we -- a very good franchise on the corporate side.

我意識到，截至今天，在我們與金融科技公司、新興銀行和傳統銀行競爭的競爭環境中。我們需要為個人提供價值主張，但也要確保我們繼續在公司方面建立一個非常好的特許經營權。

Diego and Paco are -- they have -- their interest is completely aligned with the long value creation because they are both, let's say, beneficiaries of a strong stock option plan which I think is also a feature of the philosophy we want to instill in the company in the terms of the people that work here think as own business owners and they take decisions to deliver value. Thank you very much.

迭戈和帕科——他們確實——他們的興趣與長期價值創造完全一致，因為他們都是，比如說，強大的股票期權計劃的受益者，我認為這也是我們想要灌輸的理念的一個特點對於在這裡工作的人來說，公司就像自己的企業主一樣思考，他們做出決定來創造價值。非常感謝。

Okay. So have a nice day, see you next time, next earnings release or with you in many questions, many meetings we may have in the future. Goodbye.

好的。祝您有美好的一天，下次再見，下一次收益發布或與您討論許多問題，我們將來可能會舉行許多會議。再見。