Q3 2024 Grupo Supervielle SA Earnings Call
This meeting is being recorded.
Yeah.
Good morning, everyone and welcome to the boats out of yet.
<unk> four I wont decline among us despite pressure on the ERO Today's conference call is being recorded as a reminder, all participants would be in a listen only mode.
Our questions during the Q&A as Sean and soy a first and last name up yet on the platform.
Questions can be asked by volume until the Q&A box if.
Speaker Change: Thanks, Lee when he is.
Speaker Change: Our chairman of Gilles will tell about momentum in the Permian recently appointed CEO and money in Louisiana, Our Chief Financial Officer.
Speaker Change: Also joining us for Q&A is slowly geos must be done by oil.
Speaker Change: Oil would be available during the Q&A session.
Speaker Change: Okay.
Speaker Change: Before we begin I'd like minefield escalate God may eat.
Speaker Change: Mainly from forward looking statements, which are based on management's government based on our beliefs are subject to risks and uncertainty.
Speaker Change: For modeling days Recycler forward looking statements section in our earnings release, and we've been in SEC filings.
Anthony: Anthony Please go ahead.
Anthony: Thank you and good morning, everyone and thank you for joining us today.
Anthony: Turning to slide three.
Anthony: Earlier this year, we began and 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.
Anthony: Our loan book expanded 15% sequentially and 60% year to date in real terms gaming <unk> basic basis points market share since the beginning of the year. Furthermore, higher margin retail loans, including personnel in Bodrum.
Anthony: <unk> share of our total portfolio.
Anthony: Total deposits were up high teens, mainly driven by U S deposits.
Anthony: We stand at a record high.
Following the attacks.
Anthony: Year to date.
Deposits gained 60 basis points in market share.
Anthony: Fee income also showed strong growth again sequentially with solid contributions across our banking asset management and online brokerage platforms.
Anthony: Asset quality remained strong with.
Anthony: The nonperforming loans ratio was steady at historic lows at the same time net interest margin normalized reflecting lower inflation and.
Anthony: The evolving interest rate environment.
Anthony: Now moving to an update of our business highlights.
Anthony: First mobile transactions represented 56% to 6% of total transactions cementing.
Anthony: As a leading China, and reflecting strong customer adoption.
Anthony: On the retail side, our loan book delivered exceptional rules, expanding 44% quarter over quarter.
Anthony: <unk> stood out doubling in volume and reinforcing our position as the number two lender in these segments mortgages and personal loans also grew 42 and 41% respectively.
Anthony: Achievements highlights our commitment to delivering.
David financial solutions that meet the evolving needs of our customers supported by a seamless digital experience.
Anthony: Second.
Anthony: Our corporate loan book remained stable.
Anthony: Trends quarter over quarter and up 54% two days.
Anthony: Covenanted Encouragingly, we observed a significant uptick in demand for U S. Dollar denominated loans in October underscoring the momentum in key export oriented sectors, particularly in the oil and gas, where we're offering attractive tailored financial solutions third.
Anthony: And Bettina online continues to strengthen its position as the leading online brokerage platform in the country contributing 21% of our total fee income this quarter we.
Anthony: We are pleased to report that our active clients.
Anthony: A record 580000, representing a 14% sequential increase with transaction volumes up 21% during the same period.
Anthony: This good performance reflects the strong appeal of our integrated digital services noteworthy material line is playing a key role complementing Banco Superville in China and in China and in <unk>.
Anthony: <unk> corporate debt issuances to its retail customer base. Moreover, assets under custody and reached a record of one $2 billion. Lastly, we continued to expand our insurance operation achieving a 36% quarterly growth in car insurer.
A key milestone this quarter was launch of our digital insurance solutions for corporate clients, who are virtual hub, which enhances our ability to meet the evolving needs of businesses, while streamlining accessibility concerns Luke.
Looking ahead, while profitability bottom out in the third quarter as anticipated on our prior earnings call. We have seen 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 opportunity.
Anthony: Just to further deepen market penetration credit remains under utilized 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.
Anthony: Our strategic initiatives combined with our strong capital base position us well to support Argentina's ongoing recovery.
Anthony: Before Mariano discusses the financial details of the quarter I want to make up to take a moment to formally introduce and welcome to <unk> Banco <unk>, the new CEO of bankers to go build as well introduce.
Anthony: <unk> continually.
Anthony: Who has been leading in <unk> since July 2022, and will be available in the Q&A session.
Anthony: Banco Superville is the largest operation into who we're pleased to welcome backhaul, we assumed the CEO position and the bank on October <unk>.
Anthony: <unk> also brings over a decade of experience, leading one of the leading private banks in Argentina as well as the growth International experience, we have accomplished a lot over the past few years and positioning the bank to meet the evolving and changing customer banking needs.
Speaker Change: We will now see other banks, who is the next growth space. We're excited about the prospects ahead for the bank and look forward to working with Barco as rare disease opportunities with that let me turn the call over to Pascal. So that he can introduce himself and say a few words.
Pascal: Thank you Patricia for the warm welcome.
Pascal: For all of you.
Pascal: Pleasure to be participating in my first earning call us to permit.
Pascal: This is an exciting time for the banking sector in Argentina as the country continues its economic recovery.
Pascal: Here's one goes for you we are well positioned to be a significant participant in the record.
Pascal: I remain impressed with the fed.
Pascal: Level of technology, and human capital that we have here in the bank.
Pascal: Which combined with strong Capitalizations places language to maximize the potential of it.
Pascal: And I look forward to leading the bun through its next growth phase.
While this is very early days I, just assumed by a new position of door first by near term and longer term.
Pascal: This will be focused.
Pascal: Basically pursuing growth initiatives, while improving profitability.
We have found very attractive opportunities to further expand our business leveraging our geographic footprint.
<unk> key business segments.
Pascal: To share a little bit more of my purposes, when we present the fourth quarter results basically the next quarter results over the coming months I look forward to meet you institutionalize your quarters. Another member of the investment community, both humans Athena and abroad.
Speaker Change: Now, let me turn call over Mariano terrific jewelry, a review of all of our financial performance.
Mariano Terrific: Thank you Pavel.
Mariano Terrific: Anticipated in our prior call.
Mariano Terrific: Reported a lower ROA this quarter, 5% in real terms.
Mariano Terrific: We transition our asset base from a large share of government securities to growing private sector loans, although still at historic low leverage level.
Mariano Terrific: It was mainly driven by a 29% sequential drop net financial income, reflecting the declining inflation and the yield on government securities and loans, partially offset by a lower cost of funding amidst a lower interest rate environment.
Mariano Terrific: As we transition from government securities to private sector loans margins are reduced in this first phase and are expected to increase as we complete the transition and also grow in higher margin loans.
Mariano Terrific: Operating expenses increased 2% quarter on quarter.
Doctors by severance charges reported in the quarter note that included one time charges operating expenses would have declined nearly 5% sequentially.
Mariano Terrific: By contrast, our advantages from a 25% increase in net fee income driven by good performances across all of this.
Mariano Terrific: Particularly in brokerage and asset management fees between great assets under management electric customers are embarking on that.
Mariano Terrific: Only 2% of contractual and loan loss provisions, reflecting healthy growth also contributed to profitability.
Mariano Terrific: This was complemented by 35% decline in other net losses attributable to lower turnover tax provisions three strategic initiatives to better with a 31% dropping in place on adjustment benefiting from lower inflation report.
Yeah.
Mariano Terrific: Turning to slide six.
Mariano Terrific: We continued to shift our asset base towards a larger mix of private sector loans, reaching 39% of total assets protest at 6% in the second quarter as shown in the Bar chart.
Mariano Terrific: By contrast investment in government Securities on Central Bank, Repos declined 17% percentage points sequentially to 23% of total assets.
Mariano Terrific: Our growth was driven primarily by a 44% increase in rate alone, reflecting our ability to capture price on credit demand of course, Argentina is improving economic landscape.
Mariano Terrific: Car loans remains the standout performer within retail.
Mariano Terrific: Moving on to slide seven.
Mariano Terrific: Total deposits grew 17% sequentially supported by a 19% increase in U S dollar denominated deposits in original currency.
Mariano Terrific: Growth was largely driven by a recent tax Amnesty program, we have driven significant inflows of palatable to the financial system.
Mariano Terrific: As a result U S deposit share of total deposits increased by 12 percentage points to 28%.
Mariano Terrific: This positive trend continued into October with U S deposits up 12%.
Mariano Terrific: Deposits remained stable.
Mariano Terrific: Lastly, the loan to deposit ratio stood at 58%.
Mariano Terrific: Turning to slide eight.
Mariano Terrific: As anticipated the timing of inflation has the impact of inflation linked instruments in our portfolio.
Mariano Terrific: Absolute yields also came down driven by a lower interest rate environment at the Central Bank policy agenda.
Mariano Terrific: This reflects the broader normalization of monetary policy, which has reduced the unusually high spread in the prior quarter.
Mariano Terrific: Is that wins were partially offset by a decline in our funding costs and have them with policy rate adjustments as a result.
Mariano Terrific: Net financial income declined 29% sequentially to 161 billion pesos.
Mariano Terrific: Looking ahead growth in higher NIM lending products together with an increase in leverage are expected to positively contribute to improved net financial income.
Yeah.
Mariano Terrific: Turning to slide nine.
Mariano Terrific: CET, one ratio declined 210 basis points sequentially to slightly over 19% at quarter Matt.
Mariano Terrific: It reflects sequentially higher risk weighted assets due to the continued acceleration.
Mariano Terrific: But victor loan growth.
Mariano Terrific: With highest sections of before tax.
Mariano Terrific: Capital allocation leather provides ample flexibility to continue expanding our loan portfolio, while maintaining a prudent approach to risk management.
Mariano Terrific: Yeah.
Mariano Terrific: On slide 10, we discuss Argentina evolving macroeconomic landscape.
Mariano Terrific: A key highlight this quarter.
Mariano Terrific: First for the tax Amnesty program, which frontal in over $20 billion in deposits.
Mariano Terrific: Importantly, inflation has is more rapidly than expected with total 24 protections now revised to shoulder programming to an annual rate of 120%.
Mariano Terrific: From one 7% from silver.
Related initiatives and fiscal discipline, achieving a surplus of 0.5% as of October are thriving at Roswell economic recovery.
Mariano Terrific: Throughout the year, we have seen significant improvement across many of the key macro drivers. However challenges remain the most important being growth in the central Bank's net reserve, which remained Nancy. Additionally, on obtaining positive support crashes as reforms continue to be rolled out.
Mariano Terrific: And economic activity unemployment recovers.
Mariano Terrific: To further support recovery.
Mariano Terrific: Milestone will be the lifting of FX Patricia.
Mariano Terrific: In conclusion, we are encouraged by the improving macroeconomic indicators and the progress made towards a more sustainable open competitive economic environment and activity.
Mariano Terrific: More specifically.
Financial sector in the early stages of recovery with loan growth reflecting positive.
With respect to Robo suburbia to have a solid foundation in place and are well positioned to benefit as the market continues to recover.
Mariano Terrific: To wrap up let's look ahead at our perspectives for the remainder of the remainder of 2024 on slide 11.
Mariano Terrific: Yeah.
Mariano Terrific: Based on fourth quarter of our formats states, we maintain our guidance of 15% for the fourth.
Speaker Change: I think facial continues.
Speaker Change: Now that effect peso loans were $12 four to expand between 70% to 80% in real terms.
Speaker Change: Expectations of 40% with with a loan to Britain share of total loans.
Speaker Change: The NPL ratio is expected to remain below 1% here and to start converting into a $25 two levels aligned with higher credit model.
Speaker Change: The currency started kind of dogs.
So our net cost of risk is anticipated to remain at <unk>.
Speaker Change: Nine months 24 level for the full year.
Speaker Change: Yeah.
Speaker Change: No.
Speaker Change: Following the anticipated NIM contraction experienced in drug here.
Speaker Change: We expect for the fourth quarter to stabilize at <unk>.
Speaker Change: In terms of fee income, we expected reprising of the bulk of us is doing well.
Speaker Change: Needless to legislation and last to grow below inflation.
Speaker Change: By contrast progress in asset management fees are anticipated to grow significantly above inflation.
Speaker Change: Monthly active user habits under management increase.
Speaker Change: Lastly demand continues to recover we now anticipate.
Speaker Change: Despite closing the year with a CET one ratio between 16% to 18% compared to our previous expectation of 17% to 20%.
Speaker Change: Looking ahead to 2025, we expect in placer level to continue with Eaton to around 30%, which together with growth in economic activity and present, our salaries and real estate will create additional opportunities for growth.
Speaker Change: Ironman Super via remains committed to leveraging its diverse product portfolio solid capital base and a customer first approach to deliver long term value.
Speaker Change: This ends our prepared remarks.
Speaker Change: We are ready to open the floor for questions. Please.
Speaker Change: Please go ahead.
Speaker Change: Thank you in Montana.
It would be coming back.
Speaker Change: Uh huh.
Speaker Change: As a reminder, net plus at west unusual to be connected to it.
Speaker Change: Western Union price that makes you havent backpacks and pass at the Haynesville itself.
Speaker Change: Oilfield sand hills lifestyle is this something for you in April.
Speaker Change: Well that's it for me.
Speaker Change: Question for you Wes.
Speaker Change: And then you can maybe just kind of anything in that round one moment platelets.
Speaker Change: Yeah.
Speaker Change: Our first question comes from Evan I still haven't gone and done with.
As you know with margin.
Speaker Change: All right.
Speaker Change: Good morning, Thank you, Emma and Hi, good morning, Patricia Gustavo Mariani.
Speaker Change: Turning towards your D wells.
Speaker Change: Welcome Gustavo.
Speaker Change: Thank you put unity to to ask two questions.
Speaker Change: My first question will be on your net interest income.
Speaker Change: So considering that all the origin.
Speaker Change: <unk> are transitioning from lower investment securities, but at the same time to hire Frank mentioned interest from a stronger loan book expansion.
Speaker Change: When do you expect your case that NII will return to <unk> growth.
Speaker Change: And for this assumption how should we consider the evolution of the loan to deposit ratio.
Capital ratios.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Yes, Hi, Ernesto Thank you for your question.
Speaker Change: As you said, we are going to continue to take.
Speaker Change: The mix of our assets are with growing our loan portfolio.
Speaker Change: First our interest rates declined sharply, but six months of the year.
Speaker Change: Great.
Speaker Change: Also anticipated.
Speaker Change: In Miami.
Speaker Change: We'll reset our loan portfolio.
Speaker Change: 60% year to date, and we'll continue expanding.
Speaker Change: So while the rest of the year.
Speaker Change: In in vitro patients.
We also reduced our securities portfolio, where we don't have the extraordinary costs that we saw maybe in the first quarter.
Speaker Change: So NIM has been decreasing Ah, but we expect NIM to start recovering.
Speaker Change: We continue this transition, but also weak reveal.
Speaker Change: Interest rates, which are which continued to decline, but at a lower but at a lower base.
Speaker Change: And we also transition within our loan growth.
Speaker Change: Two a higher way in.
Speaker Change: Hi, Yuri yield products, mainly.
Speaker Change: Personal loans and car loans, so that will balance the mix between <unk> and corporate.
Speaker Change: And that will allow us to.
Speaker Change: Same level of move outs.
Speaker Change: As well as our installation continues to decrease.
Speaker Change: We have also.
Speaker Change: Were in place.
Speaker Change: So adjustments like that MLP.
Statements.
Speaker Change: And then regarding capital.
Speaker Change: As we continue to grow.
Speaker Change: Yes.
Speaker Change: Hum.
Speaker Change: Right.
Speaker Change: Okay.
Okay.
Speaker Change: Hum.
Yes.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Sure.
Speaker Change: Cabana uncomplicated.
Speaker Change: Right.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Hello, My Dad, and I think you can go on.
Speaker Change: Okay.
Speaker Change: Can you hear a class yes, perfect perfect.
Speaker Change: Okay.
Speaker Change: Yes, punish them I'm sorry.
Speaker Change: So I was saying we will continue growing our loan portfolio.
Speaker Change: Thanks.
Speaker Change: Product and also with.
Great.
Speaker Change: The leveraging of the balance sheet.
Speaker Change: So that will allow us also to sustain our financial.
Speaker Change: Financial income.
Speaker Change: And then as we continue.
Speaker Change: Our low roping in real time.
Speaker Change: Our highest growth rate.
Speaker Change: We will continue to it you've got to test. So that's why we now.
Speaker Change: Project capital ratio at the end of the year lower than that.
One we are reporting at the end of the third deal with Oklahoma attuned to it.
Speaker Change: Between 17 and 18%.
Speaker Change: We're going to continue that trend.
The level of growth, we achieved the demand we see.
Speaker Change: For credit.
Until 2025.
Oh. Thank you. Thank you just a follow up on this so.
Speaker Change: Loan to deposit ratio remains kind of low for all the Argentine banks, given what you said, though these normalization mobile expansion.
Speaker Change: 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 when you see some 70 just wanted to understand how should we think about the evolution of these.
Speaker Change: Yes, Yes, you are correct and that will we expect that rate to continue to embrace we transitioned from central Bank and Treasury securities to loans.
Speaker Change: So now we are close to 60% and you were in.
Speaker Change: 2025, we expect to increase wages to levels of 70% and note also that that increase isn't as sharp as it brought us how our loan growth because we will also.
It would be growing in the policies.
Speaker Change: So we grow loans at a higher base, but we also go and get positive. So in one go to 90% one year and we expect it to go from 60% when she said there where we are now to.
Speaker Change: The range of 70%.
Speaker Change: Thank you and then for my for my second question is on your.
Investment securities held to maturity.
So given the impact of lower rates and fewer inflation.
Speaker Change: Is there a possibility that you have to recognize an impairment at some point.
Speaker Change: I don't know you have talked to your external auditor and I don't know if they have recommended something about this.
Speaker Change: I don't know regarding the securities.
Speaker Change: That's really sad to maturity and according to toy up already.
Speaker Change: We have grew they internal rate of return.
Speaker Change: The eating of things for it.
Speaker Change: So.
Speaker Change: In the case of these are inflation linked bonds.
Speaker Change: I enjoyed your family there was that also.
Speaker Change: Trading portfolio with market value.
Speaker Change: The vast majority of our inflation linked bonds are held to maturity. So that's accounting according to our Oh, there's a lag.
Speaker Change: They are growth inflation.
And Ah I will continue the way that I think mature we will only recognize alone is the longest trading below.
Speaker Change: Each book value await settlement, but our intention is to keep that because that was hedged in inflation, which now seems.
Speaker Change: Seems like.
Speaker Change: You can ask me if its already asked before but.
Speaker Change: Is that they are covering.
Speaker Change: Okay.
Speaker Change: Any update.
Speaker Change: So in that movie.
Speaker Change: But also.
Speaker Change: Regarding our balance sheet composition towards important to remind us.
We are at school, our loan portfolio growth hitting.
Speaker Change: Hitting our balance sheet and some don't.
Speaker Change: Right.
So with influential impulsively on the cover.
Speaker Change: Our shareholders' equity and then we are positioned with fixed rate in order to.
They're getting profit from interest rate decline.
Speaker Change: Oh perfect Mariano Thank you very much.
Speaker Change: Thank you everyone.
Speaker Change: Thank you.
Speaker Change: Our next question comes from Carlos Michel Pace I think.
Speaker Change: Morning.
Speaker Change: But I don't know.
Speaker Change: Hello, Good morning first of all.
Speaker Change: Welcome and good luck to establish this new room.
Speaker Change: And he's really been such as from here like Okay, well. Thank you speakers.
Speaker Change: So fundamentally I don't think you have given us your.
Speaker Change: Economic forecast for next year, not that anybody really knows but.
Speaker Change: What are you counting on in terms of.
Speaker Change: We grow with inflation the currency.
Speaker Change: For 2025.
Speaker Change: And also you mentioned that you will be consuming some capital obviously things are growing so fast.
Speaker Change: Sure.
Speaker Change: So tune of about 2%.
Speaker Change: Oh C D. One.
Speaker Change: I mean, that's just within I would say six quarters or so you might want to add capital to your bromine business is that a realistic completion. Thank you.
Speaker Change: Let me take that answer first.
Speaker Change: So easily.
Speaker Change: Initially and then.
Speaker Change: Somebody I know.
Speaker Change: We.
Speaker Change: In terms of.
Speaker Change: What we have seen in the third quarter compared to the second quarter. There was a huge increase in retail.
Speaker Change: <unk> penetration.
Speaker Change: And.
Speaker Change: We plan to continue to pursue on these on these trends.
Speaker Change: In order to.
Speaker Change: Uh huh.
Speaker Change: E Com.
Speaker Change: That's it for me.
Speaker Change: Yeah.
Speaker Change: Yes.
Speaker Change: Other two half.
Speaker Change: In order to have a balance sheet cities.
Speaker Change: From in terms of new creation strain.
Speaker Change: Yeah.
Speaker Change: So so basically.
Speaker Change: As she said this is gonna be a feature of.
Speaker Change: And I believe that with declining inflation.
Speaker Change: The credit penetration among individuals would be a feature and expanding feature of all their banking system right now.
Case.
Speaker Change: Certainly that would be the case, so I didn't know if you want to continue on.
Speaker Change: It's worth thinking about video and.
Thank you Carlos for your question, let me take it first with.
Speaker Change: With our protection.
We are working with regarding GDP.
All foresee.
Speaker Change: GDP decline for this year at two 9%, which is a lower decline.
Speaker Change: The expected.
Speaker Change: At Gulf, we are seeing will level off.
Speaker Change: Pvt.
Speaker Change: And the economy is starting to grow.
Speaker Change: Laura it more rapidly.
Speaker Change: Good.
Speaker Change: Reveals.
Let's make it and it's Murdo reductions that you see for this year and for 2025, we expect.
Speaker Change: Race between four 5%, which is a very.
Speaker Change:
Speaker Change: Increasing in activity definitely effect also.
Speaker Change: Foster.
And then regarding inflation and we expect this year to end at 420% for next year, we expect a.
Speaker Change: 30%, which is a very sharp.
Speaker Change: [noise] inflation supported by.
Speaker Change: The last monthly inflation peoples.
Speaker Change: And with that trend, we expect our interest rate to continue declining maybe note here.
Speaker Change: So they can go.
Speaker Change: The third deal by two 1% during 2025.
Speaker Change: The exchange rate, we expect the government to look to any of the coding bedroom, 2%.
Speaker Change: Asia continues to hotels I mean for silver.
Speaker Change: Where that ratio might tilt from 2% to 12%.
Speaker Change: Yeah.
Speaker Change: Okay and in terms of your capital needs.
Speaker Change: And other capital needs are.
Speaker Change: With our current capital.
Speaker Change: We've got them grow a 100% at times.
Speaker Change: Although we foresee a very high growth for next year, which could be.
Higher does he see maybe six 8%.
Speaker Change: We are not expecting too.
Speaker Change: To consume.
Speaker Change: Let's get it done next year.
Speaker Change: And when it when I say, 100% I referred to with a couple of Red Youre not going to do it.
Speaker Change: Yes.
Speaker Change: All.
Speaker Change: Ah so clearly it will be lower than at the end of this year.
Speaker Change: Towards that 70%.
Speaker Change: Cost growth.
Speaker Change: To be very strong also but we also expect to outperform the industry.
Speaker Change: But we are not expecting it.
Speaker Change: I need to read a study.
Speaker Change: I think I mean, I guess it looked like thank you very much.
They tend to come at all okay.
Speaker Change: Our next question comes from Bryan Garnier.
Speaker Change: Good morning, Brian how are you Peter go ahead.
Bryan Garnier: Hi, good morning.
Speaker Change: My first question is a follow up on.
Speaker Change: Carlos question, because I think it's very important.
Speaker Change: You have grown due to the risk weighted assets, 180% loans only 60% right.
Speaker Change: Q1, you said, 19%.
Speaker Change: The system's ratio.
Speaker Change: 34%.
Speaker Change: As you have said you have a gain <unk> market share. So maybe a question for backward the beginning here.
You mentioned your priorities to grow.
Speaker Change: So.
It seems that the position on capital is limited right. So how are you thinking about growing it.
Speaker Change: From a strategic perspective.
Speaker Change: Can you Blake mentioned the segments that you.
Speaker Change: And then also I know.
Speaker Change: I'm sorry to insist on this point, but I don't know what Arno mentioned.
Speaker Change: You, usually don't see any need to cut it to raise capital on 2025. However, the for example that Lisa just mentioned that they expect to end 2025, we the levels of tier one that you already have in 'twenty 'twenty four so.
Speaker Change: I'm.
Speaker Change: Just can you just maybe help us understand.
How could you continue gaining market share when everybody is overfunded it seems like in a better position to.
To grow.
Speaker Change: Just.
Speaker Change: It would be great and then I'll ask my second question. Thank you.
Speaker Change: Yes.
Speaker Change: According to the thank you Carlos.
Speaker Change: I'll be here for 45 days.
Speaker Change: And those who are working very hard and very fast.
Speaker Change: In order to define initiatives for the next year in order to grow very fast and very deep.
Speaker Change: We have been.
Look at all the areas because I want to make a huge growth in commercial sized commercial volumes in term of.
Speaker Change: I'm sorry low.
Speaker Change: Favorable payroll services accounts also.
Speaker Change: Greasing hour, who those provision of all the sites also an increase or.
Speaker Change: The overall saving accounts checking that goes basically basically does in the veto session and I'm sure. We will we want to increase our volumes of our positions and also might get assurance incorporate sites basically in SME segments and also big corporate so we are defining.
Speaker Change: Very strong very deep and be the same plan in order to help all of the initiatives obviously.
Speaker Change: Once you finish in order to grow a percent.
Speaker Change: Plan for growing for the next year I will present to pretty quickly in the next quarter. So we are working on that.
Speaker Change: If I may add if.
Speaker Change: If I may add.
Speaker Change: I would say that.
Speaker Change: In a previous answer.
Speaker Change: What did you see we focus in IV and loans and this has to be already.
Speaker Change: What we saw.
Speaker Change: Comparisons between third quarter and second quarter.
Speaker Change: There is already.
You can see some hints.
Speaker Change: The things we could do next year to make sure that our growth.
Speaker Change: Not only strong but also.
Speaker Change: Very profitable so we can build a company to build and sustain our growth looking forward.
Speaker Change: We understand you're comparing since you've you've made with other banks.
Speaker Change: We are pretty confident that we are.
Speaker Change: We are building at these.
In terms of our strategic plan will be.
Speaker Change: Sure.
Speaker Change: Growth is sustainable.
Yeah, one more big colors I can I can speak I'll explain more about the plan or this is because we are building up.
Speaker Change: It's strategic.
Speaker Change: But you will have a full disclosure on food explanation to this quarter.
Speaker Change: Leaves me, we are working on that I feel compel us to reach an excellent plan for.
Speaker Change: For the next year for the box so.
Speaker Change: A couple of months I will show you the blended in exports.
Speaker Change: No Super clear. Thank you. Thank you very much.
Speaker Change: I would say more so sorry go against their mark.
Speaker Change: No no don't worry I will of course touch upon that the plan as soon as soon as possible.
Speaker Change: My second question is on the investment platform right.
Speaker Change: We know it's very successful and then can you maybe elaborate a bit on what are the plans for this business platform, where do you see maybe in the next year.
Speaker Change: I don't know 18 months, because I know obviously it.
Speaker Change: Real wages could also bring some tailwind here right because people have more available income to normally safe as you mentioned increased deposits, but also maybe invest right. So so how are you thinking strategically about this initiative because we know it's very well positioned in the market.
Speaker Change: So it would be great to hear from you. Thank you.
Hum.
Do you want to just shrunk.
Speaker Change: And for them it was from so inamura single well economics.
Speaker Change: Why don't we get Marlin, we believe that.
Speaker Change: Some avenues of growth for you all we come from our business in the U S. Securities. Today. This is very very strong for us in piceance, because elimination, but it's something to be honest like them.
Speaker Change: I'm used to you for a long time.
Speaker Change: All right well fair enough for them, we believe a prepaid customer will.
Speaker Change: Transition to a more even miss a hall and also some best in equities and bonds degree.
Speaker Change: Decreased our exposure to FX in Argentina.
Speaker Change: Rebuilt, mainly sorry, all or something and not believe that will continue but we do use it.
Speaker Change: The amount of tomorrow.
Speaker Change: We are saving on the spot.
Speaker Change: That's how we're going to go to school shown in the box love.
Speaker Change: Of course, we think about Argentina will still want to buy something we are working on different options to keep our customers. There isn't one of them all the tools to allow them to do math.
Speaker Change: I've never it's priced so these nowadays you start our mapping of Detroit.
Speaker Change: It could be another really from the pro forma so we're working on that too.
Speaker Change: We are also.
Speaker Change: For our small business.
Speaker Change: Private banking on Smbs.
In private banking, we have a small but growing up isn't something we want to from the customers to conduct business muscle.
Speaker Change: It was down with new products for boats.
Plus small amusements, we are.
Speaker Change: For a streamlined operation we are very close to around.
Speaker Change: 24 hours of the morning, and also oney for southern Colorado spin off their future. So no financial adviser for them to help them make financial decisions. So we believe not.
Speaker Change: Those will be the avenues for some we are working in our investment officers service product.
Speaker Change: We're working very hard with.
Speaker Change: Turning to the volume it would be all work for the customer to so we are thinking about broad brush way to reach more customers.
The customers are non GSE.
Speaker Change: It would be very was satisfied with our product. So is it somehow wherever I can kick it off.
Speaker Change: Let me spell anything thank you Diego Sydney didn't yet.
Speaker Change: I think explain to interesting that what we have built in terms of technology.
Speaker Change: You own a house.
Speaker Change: In terms of.
Speaker Change: B infrastructure.
Speaker Change: In the bank.
I mean, you know nice and allowed us to.
Speaker Change: Day to replace them.
Speaker Change: Substitutes another another provider.
Technology provided I think in the past.
Speaker Change: In order for the caching and cash out.
Of.
Speaker Change: Customers and what was done.
Speaker Change: Few minutes now it's done in seconds. So it's it's an outstanding performance and this capability.
Speaker Change: I think it's very interesting because what Eva mentioned in terms of investments in service.
Speaker Change: Doug will provide to bankruptcy.
Speaker Change: For our clients to transact.
Speaker Change: <unk> products also individuals and corporates at these these are these service deals.
Speaker Change: Your line will be able to replicate it in other institutions. So that's a strategic point another one is that.
Speaker Change: Retail base of inventory on 19th so huge that it hasn't become real.
Speaker Change: Random lengths, there and in all distribution of capital markets transactions to the point that big corporations are already not only addressing a bicoastal, but be able to make distributions, but also directly in Brazil in line to make distribution.
Speaker Change: Hum.
Speaker Change: Particularly dollar denominated.
Speaker Change: Got it.
Speaker Change: Obligations for transactions. So I think this is quite right and we believe that.
Speaker Change: Our countries and markets are in its infancy in Argentina as well as credits so.
Speaker Change: We have a way forward spacing.
Speaker Change: No perfect Super clear and just a quick follow up on this because I was just speak of it I can see your.
Speaker Change: Enthusiasm and excitement do you think.
Speaker Change: This is an asset that would always be parcels will prevail or I mean is it on the table at some point to create value spin it off.
Speaker Change: Just just thinking about this.
Speaker Change: Yeah.
For us what is what is on the table is what is the best for investors for our investors the vessels Grupo Sousa appeal he wouldn't believes that.
Speaker Change: That's.
Speaker Change: There is an opportunity to deliver value by let's say.
Speaker Change: Finding an investor direct VIP.
Speaker Change: A strategic Investor of course, we will continue to read because this is part of our strategy to kindergarten, but.
Speaker Change: Let me check.
Bet on something.
Speaker Change: Yeah.
Speaker Change: Ed.
Speaker Change: As of today, 97% of.
Speaker Change: Clients of inverse you don't align our clients from other banks only two 5% 3% of immaterial nine patents are bankruptcy. So that just gives you a flavor of the opportunities ahead.
Speaker Change: Not only in terms of cross selling but also in terms of inventory and then continuing to be a disruptor in the financial system.
Speaker Change: Perfect. Thank you. Thank you very much.
Fran: Thank you Fran.
Fran: And somebody in that sense.
Fran: Hello, Mike.
Fran: A lot of him.
Hi, Good morning, Thanks for taking my question. So I haven't had a question regarding your loan book until later that same one time showing a slowdown in loan expansion yesterday is still remain above the industry.
Speaker Change: Looking ahead, we expect to continue thinking and the industry in the inland market can.
Speaker Change: And if so.
Speaker Change: Which lines I mean, you mentioned that you will continue to tighten and maintains a segment, but it.
Speaker Change: Two lines in particular, two should we expect to see growth and so do we also see a rebound in the commercial segment.
Speaker Change: Yeah.
Speaker Change: Hey, Mike.
Speaker Change: Thank you for your question.
Speaker Change: Yes regarding loan growth.
Speaker Change: Why is that.
Speaker Change: They tend to be more.
Speaker Change: That makes it looking forward.
Speaker Change: Personal loans and car loans.
The retail segment.
Speaker Change: But also we will continue growing.
Speaker Change: On the commercial side, Macy's or a medium sized corporate debt.
Speaker Change: <unk> are also focusing.
Speaker Change: On the key I'm, most dynamic sectors of the economy.
Speaker Change: Just a.
Speaker Change: That sector.
Speaker Change: Also across the sectors, where our corporate client base.
Speaker Change:
Speaker Change: We so far we rule mainly.
Speaker Change: Sure.
Speaker Change: Ending AR factoring.
Speaker Change: Inventory went in Colombia.
Speaker Change: I don't think rebound.
Speaker Change: The second stage of growth.
Speaker Change: If they're.
Speaker Change: Their bodies by economic growth.
Speaker Change: Sure.
Speaker Change: We will also.
Speaker Change: Well.
Speaker Change: Not only the retail side, but also you know what type of a corporate adjusted.
Speaker Change: I would like to add something everybody that you noted in terms of.
Speaker Change: Oh, and then Gus we are increasing our capacity on our structure and they're good in order to capture more business volumes.
The site.
Speaker Change: So we are increasing our bush our participation our focus over there.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: Thank you Michael.
Speaker Change: I dunno.
Speaker Change: Got it all.
Speaker Change: Yeah, Henry I mean, I'm not sure how long you've done.
Yeah.
Speaker Change: Okay.
Okay.
Speaker Change: So I think we're done.
That's our Q&A today.
Yes.
Speaker Change: And just for testing.
Now, let's kind of finally, and we get selected me, even more fuel in the coming months and providing financing.
Snacks sport.
Speaker Change: I'd like to make a I'm sorry, I don't.
Speaker Change: Accountants statement.
Speaker Change: Before you go.
Speaker Change: I would like to say that I'm very glad to see.
<unk> to be here in this room.
My two partners.
Speaker Change: The opportunity here.
I'll leave it to your nine Taco Manriquez.
Speaker Change: And she'll Ngos.
Speaker Change: Yeah, I think that no we have a very strong management team.
With strong skills in order to build.
Speaker Change: The strategy we need.
Speaker Change: Two to deliver strong value.
Speaker Change: Next few years.
Speaker Change: I am I am conscious that as of today in the competitive scenario that we have where we compete with fintech neo banks and traditional banks.
Speaker Change: We need to deliver a value proposition on individuals, but also make sure that we continue building on.
Speaker Change: And a very good franchise on the on the corporate side.
Speaker Change: Evo Banco.
Speaker Change: Are they.
Speaker Change: They have their interest is completely aligned.
Speaker Change: The loan value creation, because they are both.
Speaker Change: Let's say beneficiaries of box of a strong.
Speaker Change: Stock option plan.
Speaker Change: Which I think is also a feature of the philosophy, we want in steel in the company and the terms of the <unk>.
Speaker Change: People that work here sink.
Speaker Change: One business owners and they take decisions to deliver button. Thank you very much.
Speaker Change: No.
Speaker Change: Okay.
Have a nice day. Your next time next <unk> you.
Speaker Change: In many places and.
Lenny: Lenny can create.
Lenny: Bye.
Lenny: Okay.
Lenny: Yeah.
Lenny: Goodbye.