Welcome to the Davivienda fourth quarter 2021 earnings conference call. My name is Hilda, and I will be your operator for today's call. Today's presentation is for investors and analysts only. Therefore, questions from the media will not be taken. Today, joining us from Bogotá, Colombia, is Mr. Javier Suárez, Chief Executive Officer, and Mr. Ricardo León Otero, Chief Risk Officer. During the call, they will be discussing in depth the quarterly results released. If you have not yet received a copy of the earnings report, please visit our investor kit or the financial information section at ir@davivienda.com. At this time, all participants are in a listen-only mode. Please note that this conference is being recorded. Afterward, management will be available for a question-and-answer session. Before proceeding, let me mention that any forward-looking statements are being made under the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Actual performance could differ materially from that anticipated in any forward-looking statement due to macroeconomic conditions, market risks, and other factors beyond our control. It is now my pleasure to turn the call over to Mr. Javier Suárez, Chief Executive Officer. Good morning and welcome to Davivienda's Fourth Quarter of 2021 Earnings Conference Call. Thank you very much for joining us for our regular meeting. Today, I would like to comment on the main macroeconomic highlights, the main results of our business, as well as updates on our sustainable and digital transformation strategy. Please move on to Slide three, where we can see the macroeconomic performance in Colombia. Colombia's GDP for the fourth quarter closed at 10.8%, leading to a 10.6% growth for the year, locating Colombia among the countries with higher economic growth in LatAm. The reactivation was seen across all sectors, with commerce and manufacturing showing the highest contribution to growth. However, problems in supply chains worldwide, the increasing commodity prices, and the acceleration in demand led to significant pressures in inflation. In this sense, the ratio closed the year at 5.6%, the highest level in the last five years, with food and beverage prices showing the most significant upward pressures. Consequently, after 11 months of stability in the monetary policy rate at 1.75%, the central bank decided to take it to levels of 3% in December and to 4% in February. Additionally, preliminary data shows that the central government registered a fiscal deficit of 7.1% of the GDP, below the initial target. The Colombian peso devalued around 16% during the year, mainly due to the increase in Colombia's risk premium and the revaluation of the dollar worldwide. For 2022, Colombian economic activity should moderate, with GDP growth closing at around 3.8%. The inflation rate remained at high levels of 5.5%, and a monetary policy rate of 6%. Moving on to Central America on Slide four, we can see the main macroeconomic highlights of the region. The balance of 2021 was positive for the region, which grew above the initial expectations. This behavior was explained by higher external demand, vaccination campaigns, lower restrictions, and higher inflows in remittance. The GDP for the third quarter closed at around 12% in Honduras, Costa Rica, and El Salvador, while Panama's GDP closed at 25.5%. Although these figures are affected by a base effect, it is important to mention that some of these countries have already reached pre-pandemic production levels. For 2022, we expect a GDP growth for the region between 4% and 5%. The behavior of economic activity was joined by increases in prices. In this sense, Honduras' inflation rate ended above the central bank's target range. However, Honduras maintained its monetary policy rate at 3%, a historically low level. Meanwhile, Costa Rica's central bank increased the monetary policy rate to 1.75% in the last months. It is important to mention that Fitch downgraded El Salvador's sovereign credit rating in February, following Standard & Poor's and Moody's rating actions during 2021. This downgrade was explained by higher financing risks related to increased reliance on short-term debt, a challenging debt amortization schedule beginning in 2023, a high fiscal deficit, unlimited access to local, external, and multilateral financing. In the case of Panama, both Moody's and Fitch downgraded the country's sovereign credit rating in 2021 due to the deterioration of fiscal metrics, while Standard & Poor's changed Panama's outlook to negative in August. Moving on to Slide five, I will briefly talk about the main results of our business. Accumulated net profit reached COP 1.26 trillion, increasing 209% over the accumulated in 2020, which led to a return on equity of 9.35% for the last 12 months. These results are explained by lower financial and provision expenses and higher operating income in an environment of improved economic activity. Our loan portfolio increased by 11.2% on an annual basis, accelerating mainly during the last quarter. Our NIM, which includes our hedging strategy for interest rate risk and FX movements, closed at 6.33% with expansions over the quarter and the year. Our cost of risk continued to decrease, closing at 2.78% in line with our guidance. In terms of capitalization, our CET1 ratio closed at 11.96%, which are comfortable levels over the fully loaded requirements under Basel III. Moving on to other results, I'm happy to say that we were able to reach 2.1 million additional customers that relied on the transformative power of our solutions. This allowed us to close the year with a customer base of 19.8 million clients. In this sense, we have been able to increase our market share over these years by developing different ways to serve more people while providing sustainable financial services that transform their lives and help them fulfill their dreams. Regarding other relevant strategic advances achieved in 2021, we highlight the 12.4% growth of the personal banking segment, where social housing and social housing for women loans also reached a 12% increase over the year. In terms of commercial banking, we continue strengthening our offer so SMEs can find everything in Davivienda, and continue committed to promoting sustainable construction, ensuring the efficient use of natural resources while applying international standards. In terms of our Central American operations, we reached a 4.4% loan growth and a 52% increase in net profits. In addition, our social financing portfolio increased 127% over the year. Regarding our wealth management division, we're steadily advancing in our digital transformation efforts with 74% of product openings made through digital channels. Additionally, our ESG portfolios balance increased over 170% during the year, which demonstrates our commitment to promote sustainable products among our customers. Please move to Slide six, where we will review some highlights of our approach to continue developing a sustainable business. Our higher purpose is to enrich life with integrity while transforming our customers' lives. Well aware of our commitment to generate positive impact in society, we continue to strengthen our sustainability policy by continuing to integrate into our strategy all the issues relevant to our stakeholders. In this sense, I'm glad to share with you that we are reaching more people and companies through our social and green financing lines, supporting women entrepreneurship, renewable energy, sustainable infrastructure, among other segments. Our sustainable loan portfolio increased 8.1% on an annual basis and represents 9.3% of our gross loans today. We have obtained important results on the environmental front as we compensated 76% of our carbon footprint in 2021. We also strengthened our commitment to environmental risk management and disclosure by adhering to the TCFD framework. This year, we will issue our first report under this framework. Going forward, we will continue to implement strategies to evolve our business model to successfully contribute to the SDGs while addressing global sustainability challenges and increasing our positive impact in the world. Moving on to slide seven, I would like to elaborate on our strategies for the digital world. One of our priorities is the transformation of the bank itself, through which we want to deliver solutions to our customers in a seamless, reliable, mobile way to be closer to them to deliver a unique experience leveraged by technology and analytics. This path has already shown significant results, with 88% of our customers considered to be digital, important increases in our digital loans, and over 55% of our monetary transactions and 54% of our sales made through digital channels in Colombia. Our other priority is DaviPlata, our native digital bank, through which we are changing the way in which people handle their money. DaviPlata has played a transforming role in society by opening the financial system door to millions of Colombians. Moreover, it has proven to be an easy and reliable solution to multiple needs such as subsidies and payroll distribution, economic reactivation, financial education, and many more. By the end of 2021, DaviPlata reached 13.8 million customers, representing a 19% increase over the year. Additionally, the use of the platform continues to gain traction, with outstanding digital deposits increasing around 70% on an annual basis. We expect to reach 16 million DaviPlata customers by the end of 2022 by leveraging on additional functionalities we have developed within our platform, such as the marketplace and the social seller profile, thereby helping entrepreneurs and mom-and-pops to grow their businesses. Last but not least, we have the new co-initiatives, through which we want to make our customers' lives easier by offering them solutions beyond financial services through alliances and ecosystems. Among these alliances, we have the RappiPay alliance, through which we are offering an attractive and innovative way for people to access financial services, and through which we want to reach new segments of the population. We continue to expect the beginning of operations of the new digital financial entity by the second quarter of this year, once we receive the regulator's authorization. Moving on to Slide eight, I would like to share the five tools we have defined to support our strategy. We are a customer-oriented organization and want to redefine our customers' experience by going beyond the traditional offer to deliver them a memorable experience. Additionally, we want to provide a wide range of offers and be present in our customers' lives by building alliances with the best players. In this sense, we understand the world as a cooperative place. We're open to working with others to generate new ecosystems where our customers can truly find additional value. In third place, we have the analytics skills developed across the organization, which we want to capitalize on to deliver better solutions to our customers. Another cornerstone is the use and adoption of exponential technologies, which allows us to be leaders in the transformation of traditional banking while staying ahead to create new business opportunities. Finally, we will continue to enhance our capacity to attract, train, and retain the best talent for all of our business segments so that we can remain a competitive, sustainable organization. We aim to redefine and transform our customers' experience and the solutions to their needs in this rapidly changing world through all of these initiatives on the sustainable and digital fronts. We are committed to exceed our stakeholders' expectations in the best way possible. We will continue to apply the best lessons learned to keep developing a sustainable organization for the future. Now, let me turn the call over to Mr. Ricardo León, our Risk Executive Vice President, to continue with the presentation of the bank's financial results. Thank you, Javier. Good morning, everyone. Please move on to slide number 9, where we will analyze the assets evolution. Total assets reached around COP 153 trillion, increasing 11.9% over the year. This is explained by the behavior of the gross loan portfolio, driven by the economy's recovery and a better risk profile, along with write-off made during the year, resulting in normalized level of stock provisions. This growth is aligned with our risk appetite and is supported by our capital levels, which have expanded our growth capacity due to Basel III implementation last year. In the international operation, assets grew 21.6% over the year, mainly explained by the devaluation of the exchange rate. In U.S. dollars, the annual growth was 4.8%, mainly explained by dynamics on the loan portfolio, as well as higher cash and interbank funds related to increases in the liquidity reserve. Move on to Slide 10, please. The consolidated gross loan portfolio grew 11.2% on a yearly basis, mainly explained by better dynamics in different economies where we operate and a better capacity to find adequate risk profile according to our origination policies. Mortgages continued to lead growth, mainly driven by leasing and residential housing in line with the sector dynamics during the year. The consumer portfolio accelerated during the last quarter of the year, reaching a significant growth due to higher disbursements of unsecured personal loans, explained by better confidence in this segment, considering the reactivation of the economy. Finally, the commercial portfolio grew 7.8% on an annual basis due to higher disbursements to corporates and SMEs, mainly during the second half of the year. In the international operation, the loan portfolio continued to grow at a stable rate of 4.4% during the year, mainly driven by consumer and mortgage loans, with El Salvador and Honduras presenting the best dynamics. Given the observed growth dynamics, as of December 2021, the retail portfolio accounted for 55% of the total loan portfolio. This change in mix is the result of different market opportunities and lies within our risk appetite. We will continue to monitor the market going forward to find the appropriate condition to develop our business strategy. Moving on to slide 11, we present an update of PDLs and coverage ratios and their behavior. As you can see on the top graph, total PDLs over 90 days decreased around 40 basis points over the quarter, closing at 3.4%, explained by portfolio growth, better payment behavior across all segments, and a higher write-off. The coverage ratio increased about 4% during the quarter. This is explained by higher provisions in the consumer segment, considering portfolio growth and anticipation of further deteriorations due to the end of the relief program. We also improved our methodologies to have a better risk recognition for restructured credits. In addition, better payment behavior and higher write-off also contributed to increasing the coverage ratio of the portfolio. Please move to Slide 12, where we can see the evolution of cost of risk, provision expenses, and loans by stages. Cost of risks for the year continued its decreasing trend, closing at 2.78%, in line with our expectation. Total accumulated provision expenses contracted by more than 20%, reflecting that most of the pandemic effort are already made. We saw an increase in provision during the quarter as expected, considering the levels we had during the second and third quarter because of forward-looking adjustment in those periods. The last quarter recognized the evolution of the portfolio, some higher provision for write-off, and a better risk recognition for restructured loans, as mentioned before. Our loans by stages mix remain almost stable, with some decrease in stage three, which is compensated by stage one. As a result, stage one now represents 88.8% of the total portfolio. We have maintained our coverage ratio for stage one and increased it for stage two, considering the evolution of the portfolio and model improvement. Stage three coverage decreased mainly because of write-off in the last quarter. Now please move on to Slide 13. In order to support assets growth, liabilities increased by 11.9% over the year. Demand deposits continue growing, increasing the share of the total funding sources. This effect was compensated by a reduction in our term deposits, in line with our strategy to expand our net interest margin, reducing funding costs. Considering the bank's strategy to improve capital levels and its quality, bonds increased over the year due to the $500 million AT1 issuance, generating more than 185 basis points in the total consolidated capital adequacy ratio as of December 2021. In addition, the COP 700 billion senior bond issuance in Colombia and instances in Central America contributed to the bonds increase. On the top right table, we can see assets and liabilities growing at a similar pace, contributing to maintain our balance structure. On the bottom right, we can see a stability in our funding ratios during the year, with some improvement in the last quarter. This is explained in part because of higher demand deposits we have received during this period and because of seasonal effects by the end of the last year. Considering its nature, some of that liquidity was kept as cash and interbank funds. We would like to invite you to Slide number 14, where you will see our capital structure. As you can see, we have comfortable capital levels to support our growth in line with our expectation, and remain among the best capitalized banks in the region. Thanks to the Basel III implementation, we increased our capacity to support our operation, having enough available room over the fully loaded requirements. In this way, risk-weighted assets have increased due to new disbursements in the loan portfolio as a result of the economic reactivation. This took our core equity tier one ratio to 11.96%, and our total capital adequacy ratio to 18%, in line with our expectation. In the bottom right, we can see our leverage ratio remains stable after the AT1 issuance made in the second quarter this year. We have adequate capital levels to continue growing at a similar rate. Please move to Slide number 15, where we present our margins. When looking at the annual behavior, we observe that the gross financial margin decreased by around 1.1%. This is mainly explained by lower investment income related to upside movement in the interest rates. However, the gross financial margin increased 5% during the quarter. As you can see on the bottom left, the accumulated net interest margin for the loan portfolio increased around 11 basis points due to higher interest income, as there is better payment behavior and increase in the retail portfolio. Regarding investments, we expect the increasing interest rate pressure to continue, but not as high as last year, allowing us to reach a total loan level above 6%. It's important to mention that part of our investment strategy is developed through derivatives, which have allowed us to reverse the negative tendency of the funding, as shown on the bottom right. When including the foreign exchange and derivative income, the gross financial margin expands 5.1% over the year. Please continue to Slide 16. The accumulated non-financial income increased by 30.5% on an annual basis due to the reactivation of some fees suspended during 2020, higher transactionality, better performance in the insurance business, as well as the income generated by our collection company. As a consequence, non-financial income increased its share over the total income from 13.87% to 16.66%. It's important to mention that this month we registered an impairment on our goodwill in El Salvador for around COP 83 billion. When excluding this effect, non-financial income will have increased by 37.3%. On an accumulated basis, OpEx increased by 8.7%. This is mainly due to higher commissions paid to our commercial staff, considering the better than expected growth of the portfolio and a one-off payment to employees within the collective agreement framework, which is updated every three years. When excluding non-recurring expenses, OpEx will have increased by 7.8% on accumulated basis. The 12-month cost-to-income ratio closed at 47.1%, increasing over the quarter and remaining stable on a yearly basis. Excluding the goodwill effect mentioned before, our cost-to-income ratio decreases 40 basis points, closing at 46.7%, in line with our expectation. Please move on to Slide number 17 to analyze the bank's profits. On an annual basis, net income reached COP 1.26 trillion for the year, almost 2.1 times the accumulated as of December last year. The result is mainly explained by better cost of risk, financial margin, including derivatives, as well as non-financial income. As a result, as you can see on the bottom left, our twelve months return on average equity for the year reached 9.35%, in line with our expectation, consolidating our recovery path after the effort carried out during the pandemic. To finish the presentation, please move on to Slide 18, where we will share our expectation for 2022. Considering the macroeconomic trends in the countries where we operate, we're expecting our consolidated loan book to grow between 11%-12%, mainly explained by the following behaviors: 9%-10% growth in the commercial portfolio, higher growth in the consumer segment between 14%-15%, and an increase between 11%-12% in the mortgage portfolio. The 90-day PDL ratio continued to improve and close this year around 3.2%-3.4%. Our net interest margin should close between 6%-6.3% by the end of the year, reflecting the repricing effects of the increasing interest rates. We expect our cost of risk to close 2022 between 2.3%-2.6%, continuing its downward trend, but considering the change in the portfolio mix. Regarding other operating income, it should end the year with an increase between 10%-11%, as we continue to work to obtain new income sources through new alliance and service for our customers. We expect an OpEx growth from 8%-9% by the end of the year, where the high level of inflation and increase in minimum wages for 2022 will impact this growth. Finally, our return on average equity should close between 11%-13%, getting closer to our medium-term goals. Thank you for your attention. At this time, we can move on to the question and answer session. Thank you. With that, we will begin the question and answer session. We will first take the questions from the phone call, and then we will read the webcast questions. If you have a question, please press star and then one on your touchtone phone. If you wish to be removed from the queue, please press the pound sign or hash key. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press star and then one on your touchtone phone. For webcast participants, if the question and answer box is not visible on your screen, click on the question and answers widget located at the bottom of the webcast screen. We have a question from Carlos Gomez-Lopez from HSBC. Please go ahead. Hi, good morning. I wanted to ask about the nature of the goodwill write-off that you did in El Salvador, and whether we should expect any other similar charges in the future. Thank you. Hi. Hi, Carlos. This is Pedro Uribe. Thank you for your question. For this year, we decided also with our external advisor that makes the impairment evaluation for our goodwill to separate the cash generator units in three, one for every country, one for El Salvador, one for Costa Rica, and one for Honduras. Although the operation in El Salvador had a great profit and an important growth, the main driver for the impairment of the goodwill in El Salvador is the interest rate on sovereign debt. Since this is a calculation of a discounted dividend, the increase in this interest rate makes a deterioration of what we have in El Salvador. The total goodwill that we allocated in El Salvador is COP 144 billion. The total impairment for El Salvador is COP 83.3 billion out of COP 144 billion, probably half of what we have of the goodwill in El Salvador. May I say also that we have an effect of a deferred tax. The net effect after this deferred tax is COP 54.1 billion that was accounted in our financial results for the year 2021. The write-down of goodwill is tax deductible? Yes. It was deducted before, but we had a deferred tax on that that we used this year, 2021. Okay. Very clear. Thank you. Our next question comes from Andres Soto from Santander. Good morning, all. Thank you for the presentation. My first question is related to the digital strategy. We saw some interesting numbers in terms of digital loans this quarter that already represent 17% of the retail portfolio. I would like to understand what is the profile of those loans, you know, how they compare in terms of asset quality indicators with the rest of the portfolio. My second question related to digital is what will be the priorities for this year? Javier mentioned that you intend to add something like 500,000 additional clients to DaviPlata. My question on DaviPlata is what is the end game here? Do you guys plan to start offering loans to this customer base? When will that happen? That's my questions, those are my questions on digital. My second question is related to your guidance, not that much that one of 2022, but looking ahead. When I look at the 2022 parameters, I see that, you know, NIM is still below the historical level, cost of risk is still above the historical level, and yet you guys say that this 11%-13% ROE is close to what you believe is the medium-term target. I will challenge that assumption because if NIM normalizes to a higher level and cost of risk lowers further, you should aspire to the ROE of at least 15%. I would like to understand what holds you back on the expectation for higher ROE. Thank you. Good morning, Andrés. This is Javier Suárez. Thank you for your questions. First on the digital strategy, definitely we're putting all our efforts on making sure that the transformation of the bank goes forward. We have, as you mentioned in your question Two lines of growth. One is on the, what we would call the Davivienda Digital, which is moving forward, and we're very happy with it. You saw the numbers on the presentation, in which, 88% of our customers are already digital customers. We are seeing also growth on digital loans. On digital loans, what we're seeing is very good behavior. We are being very careful with it. Loan amounts are still. Maximum tickets are still at a ceiling based on our risk expectations. We need to make sure that even though we're growing on the loans originated by digital platforms, we need to be very careful with it. We are making sure that the quality of the portfolio is as good or better than the traditional one, and that's what's happening. We're happy with it. We're going step by step and making sure that we keep growing on those digital loans. So far, the quality of those portfolios is very good quality. We're being careful, but the results are good. We expect to be growing not only on the number of loans originated, but also as we keep improving our scoring models and our technology to make sure that we're disbursing loans to customers that have the ability to pay, we will be also increasing the tickets. That's our expectation also, and an avenue of growth for digital loans originated through what we would call Davivienda Digital. On the other hand, on DaviPlata, we're seeing growth. We keep growing. 40% of the adult population in the country already has a DaviPlata account. We see DaviPlata also as a digital bank, and it's growing and making sure that the platform is more capable. Definitely one of the lines of business in which we see growth, not only in terms of businesses, but also in terms of profitability and the model to be profitable, the road to be profitable is through loan origination. We definitely see an opportunity there. The kind of information that we're gathering from our customers in DaviPlata is different to one that we see in the traditional models. We see opportunities, and we're starting to work on loan origination through DaviPlata. Moving forward to your third question, in terms of NIM, we tend to agree with you that the numbers will be better this year in general, the main factors. We're being careful because we still wanna make sure that we are within our guidance in terms of ROEs. The first half of this year, we'll probably still have some results that are impacted by the pandemic, although we've made a lot of improvement in terms of the quality of the portfolios. You have to remember that before the pandemic in 2019, our consumer portfolio was growing at a very high rate and but then we entered into the pandemic, and that had an effect on our risk profile. We are mostly through it. We believe that the numbers coming forward will be better, and that's reflected in our guidance. Still with some caution for the first half of the year, but probably for the second half of the year, we'll see a better improvement in the numbers. We're being careful with the guidance, although we have expectations that continually we'll be improving our numbers. I wouldn't commit to the ROEs that you were mentioning, but we definitely see an improving ROE over the coming months. Thank you, Javier. Just to follow up on my DaviPlata question, do you have any expectation on timeline for when you will start offering credit products in this platform? We're working on it. We don't have a definite date, but it's definitely one of the clear lines of work. We have teams both within the DaviPlata team and the Davivienda team working together, making sure that we soon will be able to start offering loans through the platform. Perfect. Thank you so much. Thank you. As a reminder, you can ask a question by pressing star one on your touchtone phone. Afterwards, we will move to the webcast questions. We have no further phone questions, so we will take the webcast questions. The question comes from Alejandro Ardila from Casa de Bolsa, and his question reads: Good morning. Thanks for taking my question. I would like to know about how sensitive can be your NIM model while interest rates are increasing. On the other hand, can you dig deeper about commissions and services income's behavior during fourth quarter 2021? Thank you. Thank you, Alejandro. This is David Pedraza, responsible for IR and interest rate risk. Regarding your question about NIM, according to our analysis, a 100 basis points increase in the reference rate represents a contraction of around 7-10 basis points. It is important to mention that in the event of a rate increase, the impact is negative in the short term, let's say somewhere around 8-9 months, as our liabilities reprice faster than our assets. However, in the midterm, the impact over our NIM is positive. For this reason, we expect our NIM to face some pressure by the beginning of this year, due to expected increases in the central bank rate and start to show some recovery towards the end of 2022, closing around 6%-6.3%. Regarding the second question, Ricardo León will proceed. Thank you, David. Related to the fees and commission, during this year, we have a very interesting result in terms of the income. For example, in credit and debit card, the total income increased 36%. For example, in Colombia, transaction increased around 29%, and insurance increased 72%. That happened in Central America, too. In Central America, the insurance business increased the income around 20%, transaction close to 13%. Thank you. Thank you. We also received a question from Sebastián Gallego from Ashmore. He has two questions, and his questions read: Good morning. Thanks for the presentation. Couple of questions. Question one, can you provide some color regarding Davivienda's dividend policy for this year? This is relevant considering the dividend policy last year and increase in peers' dividend policy. Question number two, can you comment on how long, on long-term ROE goals? The guidance for 2022 remains somewhat weak. I apologize. Thank you, Sebastián. This is Javier Suárez again. With regard to your first question with dividends, we have to take into account several factors in terms of the dividend policy and dividend payout that we will be proposing to the shareholders' assembly. So far, what we see is a year in which we have been improving in terms of net profit. We also have to take into consideration the fact that we improved our capital base through issuance of the instruments that Ricardo León mentioned during his presentation. Capital levels are healthy capital levels. At the same time, we see a lot of opportunities in terms of growth. As I was mentioning before, we wanna keep having the ability to invest in new digital capabilities, invest in DaviPlata, invest in the new options that we're opening. We believe that we're striking a balance with a dividend payout for this year that will be higher than the one we've had in previous years, which was around 30%. We're expecting a proposal that we will submit to the consideration of the board of directors on the levels around 40% that we believe it's in line with maintaining a healthy capital base and increasing the dividend for the shareholders. At the same time, giving us the ability to keep growing and also investing in many opportunities that we see coming forward. Going onto the second question, in terms of the long-term ROE goals. Well, that also has a close relationship with the answer I just gave in terms of dividends. We believe that ROEs will, in the medium to long term, keep increasing to levels between 12% and 14%. We believe, as I mentioned before, that this year is a year of transition, which ROEs will be improving. We have to consider that we are coming from a 9% ROE, a little bit more than 9% for last year, and our expectations are increasing this year to 11-13%. We believe, as I mentioned before, that probably the second half of the year will show us a ROE that is higher, closer to that range of 12%-14%. That is also our expectation for medium to long term. Thank you. Our next question comes from Juan Pablo Afanador from BBVA Colombia. His question reads: Does DaviPlata remain as the second largest neobank in LatAm? Can you deepen your strategy with Cívica Pay? Thank you, Juan Pablo. With regard to DaviPlata, we believe that in terms of the number of customers, it's still the second largest, and it's growing. It has a healthy growth. What we've seen in January is also good growth. Yes, we still believe that is the second largest, and we have expectations of keeping a healthy growth rate going forward. In terms of the strategy with Cívica Pay, Cívica Pay is a good example. I would say more than the strategy specifically with Cívica Pay, that's a good way to show what we're building, which is a capability in which DaviPlata partners with allies that have their own ecosystem. Then we have the ability to provide the financial services and the digital platforms behind those ecosystems to make sure that we impact populations that are linked to the ecosystem of the sponsor. In this case, Cívica Pay's strategy with the Metro de Medellín, in which all the users of the Metro de Medellín will have the ability to enter the metro and have financial services through Cívica Pay, which is an app that is already live that provides services for the users of the Metro, which are, of course, millions of people. We see opportunities like that, and we're working on other alliances in the same line as we are doing with Cívica Pay. We see that as an avenue of growth also for DaviPlata, beyond what DaviPlata does in itself, with the DaviPlata brand. We see that this co-branding in which we have sponsors like Rappi, which With them, we did something similar two years ago, and then with Cívica, we're basically experiencing this opportunity of putting together a solution where the financial services provider to a digital platform such as DaviPlata, an easy-to-use platform that it's embedded into what the sponsor needs, in this case, the Metro de Medellín is offering to their customers. Thank you. We have another question from Cynthia Valer that reads. I'm sorry, she's from Credicorp. The question reads: Could you tell us about the liability management plans? Could the bank be thinking of a new issuance considering the coming maturity of the international bond in the U.S. dollar due July 2022? Cynthia, thank you very much for your question. This is Jaime Castañeda, Vice President of Treasury, speaking. We do have plans to be in the international capital market this year, of course. As you probably know, we have the maturity of the old-style T2 bonds that expire in July. We have another maturity in October for the global COP bond. Right now we have plans to be in the market as we usually do, locally and internationally. Probably you will see us very soon in the international capital market doing something. Thank you. One moment. We'll give a few minutes to see if we receive any other questions. We have one more question. It's from Andrea Atuesta from Bancolombia. Her question reads: Good morning. Thank you for taking my question. Can you give us more detail regarding the increase in provisions versus third quarter 2021? What portion was due to changes in the model assumptions and to specific corporate clients? Her second question reads: What were the main changes in the model, and how are you expecting these corporate clients will behave in 2022? Andrea, thank you. This is Ricardo León, Vice President. Related to the level of provision and the behavior during 2021, actually we saw an increase in the current provision expense in line with our guidance explained by the following dynamic. First, a base effect compared to the second quarter, when we observed the main impact of updates in the forward-looking component related to better macroeconomic expectation for 2021. Second, the recognition of the evolution of the portfolio and its growth in the different segments. Third, additional provision to write off in some corporate customers. Finally, updates on the models parameter to reflect in a better way the risk of the restructuring customers. In terms of our expectations, in forward-looking parameters, we estimate obviously for the next year a more conservative growth in terms of GDP. For example, in September, we had a view of the GDP for Colombia in 8.68%. Obviously, it finally finished over 10%. For the coming years, we estimate an average around 4%. In Panama, at the end of the year, the final GDP was over 13%, and our forecast for the next year is about 5% on average. Costa Rica with an average in the next year around 3.5%. El Salvador, something conservative, about 3% for the coming years. Honduras, a figure close to 4% in the next year. This view represents a very important input for our estimation in our cost of risk, of course. In terms of our guidance related to cost of risk, we are estimating a cost between 2.3%-2.6%, improving. We think that we have a room in the coming months to review the expectation, because at the end of the year, we establish a buffer in terms of the quality of the restructure customer for the coming months, because obviously the relief program finish. It is a regular behavior that some part of that portfolio we have to be restructured again or some portions. We reserve an important portion of provision to support that behavior if happen in the coming quarters. Thank you. We have another question from Santiago Alba from Credicorp Capital. This question reads: The cost of risk came in line with your guidance for 2021, but it seems that the macro outlook and the improvement in asset quality indicators was not totally reflected in the cost of risk as we observe in peers in Colombia. Why did this happen? Santiago, thank you for your question. Of course, every player had different approach during the pandemic. In our case, we have been a little bit conservative in terms of the estimation of our forecast and obviously to reserve additional buffer to support some specific cases, that is possible. However, we feel that our cost of risk is adequate to support our structural portfolio. Remember that we have maybe 55% of our portfolio in retail consumer models, and 45% in commercial portfolio. Our provisions are adequate to support that structure and obviously our approach about the situation for 2022 and the next years. Thank you. At this moment, I see no other web questions. I will like to turn the floor back over to our presenters for closing comments. Mr. Suárez, please proceed. Thank you. Thank you very much to all of the participants in the call. As we see, we're in the trend of recovering our profitability to levels to pre-pandemic levels. We will be doubling down in our efforts to keep our digital transformation moving forward, and that implies some still some use of resources. That's why we're making sure that we have the resources through our dividend policy that on one hand reflects our ability to pay higher dividends, and on the other hand, also give us the ability to keep improving the bank in terms of the digital transformation and the growth opportunities that we're still seeing looking forward. We believe the right balance in terms of dividends is very important for the future of the bank. We're at the moment in which we see a lot of opportunities, and there's room for investments to keep transforming the bank, both on the Davivienda Digital, as well as DaviPlata, as well as the new co options that we're pursuing. We're very enthusiastic in terms of the ability of the bank to keep moving forward with these strategies. Thank you very much to all the participants, and we will look forward to see you again and have results for the first quarter in the coming months. Thank you all. Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.