Good morning, everyone, and welcome to Banco del Bajío third quarter 2022 results conference call. My name is Sophia Fraser, and I will be your coordinator today. At this time, all participants are in listen only mode. After the speaker's remarks, there will be a question and answer session. Before we begin the call today, I would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances, industry conditions, company performance, and financial results. These statements are subject to a number of risks and uncertainties. Joining us today from BanBajío is Mr. Carlos de la Cerda, Executive Vice Chairman of the Board of Directors, Mr. Edgardo del Rincón, Chief Executive Officer, Mr. Joaquín Domínguez, Chief Financial Officer, and Mr. Luis Quiroz, Investor Relations Officer. As a reminder, this video conference is being recorded. For opening remarks and introductions, I would now like to turn the call over to Mr. Luis Quiroz. Mr. Quiroz, you may begin. Good morning to everyone, and welcome to Banco del Bajío's conference call for the third quarter of 2022. As most of you already know, the industry is undergoing some accounting changes, mainly related with adoption of IFRS 9. As such, we have incorporated those effects and their impacts to improve the comparability with 2021. All the information of the industry used on the presentation is from CNBV data as of August, which is the most recent publicly available information. Without any further ado, let us start the presentation. On slide three, we would like to briefly describe some key ratios recorded in the quarter and their trends. First off, the quarterly net income was MXN 2.1 billion, an increase of 69% year-over-year. The ROE for the quarter stood at 23.8%. Revenues accounted for MXN 4.8 billion, an increase of 42% year-over-year. The NIM reached 6.1%, increasing by 176 basis points against the third quarter of 2021. The efficiency ratio stood at 37.2%, improving by 10.7 percentage points against last year as reported. The loan portfolio expanded by 8%, with company loans expanding by 8.7%. Total deposits grew by 10.2%, with demand deposits continue outperforming other sources of funding. The asset quality remains at very sound levels, with the NPA ratio at 1.2% and the coverage ratio at more than 1.8x. The preliminary capitalization ratio stood at 14.8% by September end. Moving on to slide four, we would like to emphasize some key indicators from our digital transformation strategy. Monthly active users of our digital platforms are growing by 30% year-over-year, with individuals growing by 43%. In terms of transactions, our clients are growing the total number of transactions by 34%, with the mobile channel being the most dynamic, growing by 52%. We are seeing strong growth from companies through the mobile channel of more than 200% on both the money volume and the number of transactions, as we have been adding more functionalities to the app. As of now, 73% of the transactions at BanBajío are done through self-service channels. We expect the investments in digital to continue yielding results, attracting new clients to the bank, increasing the engagement with existing ones, and providing the intelligence to accelerate the expansion of loans in individual and parametric SMEs. On slide five, our total loan portfolio reached MXN 212 billion, an increase of 8% compared to the third quarter of 2021. We have been able to attract growth from two initiatives, gaining market share in Mexico City metropolitan area and being more aggressive with a group of selected customers, which we believe we can further engage with the bank to expand the whole relationship. Moreover, we have maintained the sound growth of the consumer loan portfolio, growing by 29.4%. We expect the current dynamics to continue yielding results in the coming quarters as we see a robust pipeline of companies that will help us resume the growth in the portfolio. Total deposits stood at MXN 201 billion, an increase of 10.2% compared to the third quarter of 2021. We would like to highlight how deposits have continued to show strong growth, which ultimately is providing efficiencies in the funding structure. We are going to provide more information on this topic on slide seven, as it continues to be an important driver for the expansion in margins beyond asset sensitivity. In slide six, we would like to highlight BanBajío's outstanding asset quality. As you can see on the upper left chart, the NPLs have stood on a very sound level of 1.19%, which compares lower to the industry most recent data point of 2.22%. In the upper right chart, we can see the NPL ratio adjusted by write-offs, which has improved consistently and stands at one of its lowest levels since the peak of the COVID crisis. The chart on the bottom right shows the evolution of the cost of risk, which stood at 59 basis points for the quarter. We have managed to maintain our cost of risk at historically low levels while maintaining the coverage ratio elevated at 1.8x, which remains higher than the industry ratio at 1.5x. We continue to hold an important balance of additional reserves, which reflects the management's cautious stance with a possible recession in coming quarters. As we stated previously, the guidance for cost of risk does not consider a release of additional reserves, maintaining the compromise to have a coverage ratio above 1.5x by the end of the year. Moving on to slide seven, we can observe the evolution of our funding structure, which has been a key driver of the improved profitability profile of the bank. We have been successful in continuing to attract demand deposits to the bank, especially those at zero cost, which are provided mainly by individuals and SMEs. Our Starter DDA account, Cuenta Conecta, continues to grow at double digit at 14.6% against September of 2021. On the chart above, we can see how we have been able to increase consistently the share of demand deposits in the mix of our funding, particularly those at zero cost, growing 5 percentage points in the last two years. As of now, our capital ratio stands strong at 50%. Moreover, we have been successful in improving the cost relative to TA for our most sensible sources of funding, as shown in the cost for time deposits and interbank loans. As a result, our total cost of funds as a percentage of TA continues to improve at 53% of TA. We continue to close the gap in the cost of funds for larger peers in the industry. Going forward, we intend to grow the deposit franchise of Banco del Bajío as much as possible. However, the share of deposits against the total funding will also depend on the process for loan growth. In slide eight, you will see the performance of BanBajío's revenues, which grew 42.4% compared to the third quarter of last year, adjusted by the IPAB fee reclassification. Net interest income expanded by 50.6%, and non-interest income decreased by 3.6%, which is explained by the fees deferred due to the change in accounting standards. As you can see on the bottom right chart, the accounting changes had a negative impact of MXN 139 million, which are transitory. If we normalize for this effect, non-interest income will have grown by 24%. We continue to see good performance of several business lines in non-interest income. FX trading is growing at 31% against last year, boosted by digital transactions done through BajioNet FX, which accounts now for 40% of the revenues of this business line. On the same note, we continue to see good performance of other businesses, such as the POS and interchange fees growing at 30%, appraisals also growing by 30%, and trusts growing by 15% year over year. On slide nine, we can observe the evolution of our margins, which stood in the third quarter at 6.11%, representing an increase of 176 basis points year over year. The expansion comes from the improvement in the mix of assets and liabilities, which accounted for 45 basis points of the improvement, as well as the reprice of rate hikes that accounted for 131 basis points of the improvement. Going forward, we expect an additional 100 basis point increase in the Banxico rate, ending 2022 at 10.25%. Our estimate stands 20 basis points below the consensus of analysts that follow the Mexican economy. We estimate our ex-ante sensitivity to rates considering the current mix of assets and liabilities to be around 32 basis points of NIM for every 100 basis point change in the benchmark rate, which will represent an increasing inflow of around MXN 880 million of revenues and MXN 554 million of net income for a full year. We are currently evaluating strategies to reduce the sensitivity and protect our margins in an eventual reduction of interest rates. In coming quarters, we will release more information about this topic. Moving on to slide 10, you will see the evolution of the profitability metrics of BanBajío. As shown in the charts, the quarterly ROA stood at 2.8% and the quarterly ROE at 23.8%. Both metrics reached their highest levels since the IPO as a consequence of the strong results, and in the case of the ROE, a more adequate capital position after the dividend payment made during this last quarter. On a per share basis, the third quarter EPS stood at MXN 1.77, which represents an annualized earnings yield of 15.4%, computed with the average stock price for the third quarter. In slide 11, we can see the performance of our efficiency ratio. It came in at 37.2% for the third quarter of 2022, improving by 10.7 percentage points year-over-year as reported, and by 740 basis points when adjusted by the IPAB fee reclassification. Our current ratio stands as best-in-class in both the Mexican system and among international standards. Expenses grew by 18.8% with the comparable base of the third quarter of 2021. We continue to see the same dynamics where recurring expenses, such as wages, rent, IT maintenance, and other administrative expenses are growing close to inflation. However, expenses tied to higher revenues or accounting changes are the fastest growing. For example, variable compensation, cross-sell campaigns, and the profit-sharing for employees. On slide twelve, we can see the preliminary capitalization ratio as of September 2022 of 14.8%, of which almost all is Tier 1 capital. The capitalization level decreased against last quarters as a result of the dividend payment of MXN 4.6 billion or MXN 3.87 per share that we distributed during August, and also as a result of the strong portfolio expansion in past months. We maintain the expectation to be above 15% by year-end, given the current level of earnings accumulation and loan growth expectation. In slide 13, we update our guidance for 2022, given the results up to September, the new expectation for growth in loans and deposits, and the updated macroeconomic assumptions. We maintain our economic expectations for growth and inflation with no change. We only adjust the monetary policy rate path upward to an average Banxico rate of 7.90%, which is consistent with a policy rate of 10.25% by the end of 2022. We have increased our expectations for loan growth to 6%-8% and deposits growth from 8%-10%. We increased the guidance for net interest margin to 5.9%, consistent with a better mix in assets and liabilities and a more hawkish stand from the central bank. Consequently, we have also revised upward the NII growth to be from 44%-45% and total revenues to 37%-39%, which accounts also for the fees deferred. Mostly because of the increase in revenues, we revised expense growth to 17%-18% against the base of 2021 without the IPAP fee, and improved the resulting efficiency to be below 40%. We maintain asset quality and leverage expectations with no change, as you can see in the guidance for cost of risk, NPLs, coverage, and capitalization ratio. Lastly, we increased the net income guidance to MXN 7.7 billion-MXN 7.85 billion, an increase of 50%-63% against 2021, which represents an ROA of 2.7% and an ROE of 20%-21%. In summary, the results for the third quarter continue to show the improving profitability and the sound fundamentals of Banco del Bajío. We are turning more optimistic on the prospects for loan growth coming from the current initiatives we have in place. We will continue with the strategy of BanBajío towards 2025, with focus on creating value for all stakeholders. With this, I conclude my presentation, and we can open the call to the Q&A session. We will now conduct the Q&A session. If you would like to ask a question, please press the Raise Your Hand button located at the bottom of your screen. If you are connected via telephone, please dial star nine. We remind you that all lines have been placed on mute. When it is your turn to ask a question, you will be given permission to speak. You will then be able to unmute yourself and ask your question. We will now pause for questions. Our first question comes from the line of Ernesto Gabilondo. Please state your company name and ask your question. Hi, good morning. Ernesto Gabilondo from Bank of America. Hi, good morning, Carlos, Edgardo, Joaquín, and Luis. Congratulations on your strong third quarter results, on your new guidance, and impressive that you are leading the Mexican banks with the highest ROE. I have a couple of questions. The first one will be on the potential reshoring opportunities. Just wanted to hear from you if you are already seeing some companies increasing their idle capacity or within an expansion plan in the Bajío region. Can you elaborate how you see Bajío positioning towards these reshoring opportunities? And then my second question is on your sustainable ROE. It seems your ROE could remain above the 21% all next year. Just wondering if at some point we start to see lower rates in 2024, where does BanBajío see the sustainable ROE, and what could be the measures that you can implement to reduce the sensitivity to lower rates? Thank you. Thank you, Ernesto. Regarding your first question about reshoring, yes, we are seeing strong demand, actually for several months already. Actually, we have already around MXN 10 billion in industrial real estate. And that demand, what we are seeing is that we will continue. In terms of geography, this is concentrated mainly in the Bajío region but also in the north of the country, and also in several places close to the metropolitan area, no? Also we have been seeing in the recent months several CapEx commitments from large corporations, names like Nissan, Michelin, Volkswagen, Samsung, Pirelli, and several others. Mainly CapEx commitment in the Bajío region. Of course, we will try to capture that opportunity. We think that we are very well positioned to capture that opportunity, and that demand, for sure will continue. Regarding your second question about return on equity, as you saw in the presentation, in the report, we continue to improve cost of funds, and that trend will continue in the following quarters. Demand deposits are growing very well. Cuenta Conecta is attracting new customers, both in individuals and SMEs at very low cost. That trend will continue. Also, the asset mix is also improving. You saw SMEs growing very well. In the agri business, we are growing more than 10%, and that part is coming in a large part from SMEs as well, no? Also of course, consumer credit growing almost 30%. The asset mix is improving. As well, f or us it's very important, non-financial income actually is performing better than we expected, growing 24%, coming mainly from our strategy that we have been implementing already for the last 18 months of cash management, both for SMEs and for a medium and large corporations. That part we are really happy with those results. With that levels of capital that we have today and that we will continue to try to improve that level of capitalization, we now see our sustainable ROE around 21%. Excellent. Thank you very much, Edgardo. Very helpful, and congrats again on your results. [audio distortion] Hello, this is Joaquín Domínguez. Regarding to the sensitivity, we have the option right now to use some asset liability management to reduce sensitivity. One of these is to increase the duration of the investment securities, given that right now we have a virtually no duration in the portfolio. The other one is to do some hedges with derivatives. We are going to disclose more information on this topic on coming quarters. Right now we are in the process of analysis. For the long term, what is important is what Edgardo del Rincón mentioned, is to continue expanding non-interest income and high-rate yielding portfolio and customers loans with fixed rate. Excellent. Thank you very much, Joaquín. Our next question comes from the line of Thiago Batista. Please state your company name and ask your question. Hi, guys. It's Thiago Batista from UBS. Congratulations for the results, good results. I have two questions. One about the cost of funding. You had mentioned that the cost of funding of BanBajío is declining quarter-over-quarter. So how important is Cuenta Conecta in this strategy? And how much more we can see this cost of funding declining? You guys are already very close to 50% of the TIIE. So it's possible to see this below this threshold? My second question is about if you guys can give us some indication about potential of loan growth for 2023? I know that you don't have formal guidance, but only some soft indication of the loan growth potential for next year. Please press the unmute button to unmute yourself. Thank you, Thiago, and thank you for your questions. Cost of funds is very important for any bank, no? Having this ability to attract and grow in customers is really important, no? We implement a new strategy at the beginning of 2020, no? We have been doing a very good review, continuous review of the account opening process and also improving the value proposition for Cuenta Conecta. We decided to concentrate all the efforts to attract customers in one single account, that is this one, that is Cuenta Conecta's. Before that, we used to have several DDA accounts for different purposes, and now we are very concentrated in a simple but very good value proposition to our customers. We are opening today about 25% more accounts than in 2021, but in 2021 we opened about 50% more than in 2020. In 2020 we doubled the number of accounts we opened in 2019. The performance has been really very good. Because of this, Banco del Bajío is growing about 11% in customers, in active customers. About today, 18% in total transactions, no? That comes not only with better cost of funds, but also because of the number of transactions, more fees, no? More complete relationship with those customers. Our strategy is to continue improving cost of funds. To what level will depend on the level of TIIE that we have, no? At the level of 53, we think we have a space to continue improving that level, no? That is part of the strategy going forward. This comes together with all the digital transformation we have been performing. You saw in the presentation that total transactions are growing, as I said, 18%. Digital transactions are growing very well, about 34%. The strategy is to continue with that and continue attracting new customers. That is also more lending opportunities with the cross-sell campaigns that we have been performing, with a lot of success. Regarding loan growth, we have a good recovery during this third quarter. We are seeing good momentum in loan growth, and we expect to continue at these same levels for the rest of the year. For 2023, no? With the levels of expected GDP growth for the country, for sure, the loan growth for the system will be in single digits. We expect to be around the same levels we are today for 2023, outperforming the market. Our next question comes from the line of Ricardo Buchpiguel. Please state your company name and ask your question. Hi. Ricardo Buchpiguel from BTG Pactual here. Congrats for the good results. Following up on the previous questions, I wanted to understand a little bit more what new features you plan to launch on Cuenta Conecta to continue attracting more clients? How do you see these accounts today comparing with other incumbent banks and even FinTechs like Nubank in Mexico? Thank you. Yes. Thank you, Ricardo. Cuenta Conecta, when we perform that value proposition improvement that I was mentioning before, we made very clear our target market, no? That we are trying to get, no? The average balance that we are asking customers to maintain in that account is around MXN 5,000. It's a Nivel 4 DDA account. That means that it doesn't have any limit in balances, in deposits and number of transactions. With that level, the customer can access to perform several transactions and transfers without any cost, no? That is important. What we are seeing in different FinTechs mainly is an end-to-end account with very important limits and normally with average balances that are lower than the levels we are asking. That is, I think, one of the reasons why we are growing in balances with zero cost, because we are attracting customers with very good quality that we can lend different products, having that experience and having the transactions with us, and also customers that are really using our digital platforms. That is, I think, one of the reasons for that performance. Ricardo, this is Carlos de la Cerda. I would like to add to what Edgardo just said, that besides all that he's mentioned, we also the Cuenta Conecta, the large amounts of growth that we have been seeing is in companies' transaction operational accounts. We have made a strategic shift in our strategy towards companies. Because today we link the amounts of credit lines, the cost of the credit lines with all the relations that that company has with the bank. Cuenta Conecta, the operational account, is very important to us. This has been very successful because the companies love the way they can negotiate with the bank better prices for their loans in exchange to manage with the bank all of their the rest of their needs in financial services, especially the reciprocity via Cuenta Conecta, but also in foreign exchange, trust, and many other services that the company may need. We are very confident that the Cuenta Conecta will remain growing very healthily in the bank. No, very, very clear. Just a quick follow-up. How much of these Cuenta Conecta clients came from your existing clients? Do you believe there is still room for clients that don't have the Cuenta Conecta and are current clients for you in other ways to open the account? Or the strategy is mainly going to completely new clients? Yes. Thank you. I mean, mostly is new customers, no? About 80% of the openings that we are having are new customers. As Carlos said, this is a combination of individuals and SMEs, no? And companies. In terms of balances, obviously, the balances coming from SMEs are very important now compared to individuals. It's a very healthy growth and also the main door for new customers for the bank. Thank you. Our next question comes from the line of Luis Yance. Please state your company name and ask your question. Hi, guys. Luis Yance from Compass Group. Congrats on the results and thanks for taking my questions. Superb results. Couple questions on my side. I guess the first one on credit quality. I mean, it's been well behaved this year, so just wondering, as we look into next year, what sort of levels do you kind of expect, both NPLs and cost of risk? How much additional reserves do you still have there that could compensate, you know, if we see a spike there? And what sort of levels would turn on the alarms a little bit, from a origination standpoint, perhaps you getting a little bit more cautious? I guess related to that is with those additional reserves, you haven't released them, just wondering if that's kind of what we should assume going forward, that you would just use them to balance any potential spikes, or how do you think about that? That'll be my first question. Yeah. Thank you, Luis. The levels of cost of risk for this year have been really low, as you saw. We think that we should reach the levels that we have been saying in past quarters, that are the regular levels for Banco del Bajío to be around between 0.6% and 0.8%. The levels of NPLs that we have been seeing are really very good. One of the best in the marketplace. Today, we don't see any potential increase in any portfolio. SMEs, the agri business, companies, medium and large, performing very well. And also all the consumer lending portfolio having NPLs even below the average in the system. We don't see any spike today. Yes, we have additional reserves. The strategy is exactly what you said, no? If we saw in 2023 any increase, any spike, we could use those additional reserves for those cases, no? As we have been doing in recent months, no? But also maintaining a good level of additional reserves that we feel confident at the level of at least 1.5x, no? We have been higher than that. The idea is to maintain reserve at conservative stance, thinking that in 2023, with a possible slowdown in the economy, a possible recession in the U.S., that could impact a few sectors of the economy in Mexico. It's exactly what you said, no? In those cases, we could use those additional reserves, but having a good balance and maintaining the bank very solid regarding capital, but also additional reserves. I would like to add to what Edgardo just mentioned, that the general idea is that every quarter, every month actually, we will create new reserves that are normal to the operation. I mean, new reserves because of the loan growth or a slight deterioration among Etapa 1 and Etapa 2 portfolios, which we consider to be normal. We will be creating those new reserves to service those situations. We would only use additional reserves in case of extraordinary happenings, some important cases that could go wrong. We don't see any today, but that's what the additional reserves are for. We will use that same criteria. Now, in terms of when would we turn the alarms on if we see a deterioration in the economy, it would be if our NPL ratio goes above the system's. If we would reach the system's NPL ratio, we would be very alarmed. Traditionally, much better, we have had a much better NPL ratio than the system. If we saw a deterioration so that our NPL ratio would grow towards the system's, that would turn the alarms on in the bank. Thanks, Edgardo and Carlos for the detailed [questions]. Could you remind us how, you know, how much additional reserves you currently have at the moment? MXN 1.6 billion. Well, that's still quite high. A lot of bad things need to happen before you guys get in trouble. That's great to hear. My second question is on the NIM side. I mean, you mentioned you're gonna be closer to 6% by year-end, you know, 5.9% or 6.1%. That's with a TIIE that you mentioned around 7.9%, let's call it 8% on average for this year, right? If I assume, and I guess everyone has their own assumptions, but if I assume 10.5% average TIIE for next year, could be even higher, I think, but just for argument's sake, 10.5%, that's 250 basis points extra. With the kind of sensitivity you have, it seems that you could get another perhaps 70 basis points or so of NIM expansion. If you keep doing this improvement in cost of funds and the mix improvements, I'm guessing you could get to 100 basis points. Am I being crazy to think that perhaps, you know, NIMs in the 7% zone are doable under those circumstances? Thank you, Luis. You know very well the bank. The NIM that we are reporting for the quarter doesn't consider yet the increase at the end of September, of course. You saw in the presentation that we are expecting the Banxico rate to reach 10.25%. We think that scenario of high interest rates for Mexico will continue during the following quarters. Yes, we think that the NIM for 2023 will be around 7%. Great to hear. I guess my last one has to do more with capital allocation and the impact on ROEs. I mean, you've done a decent amount of, you know, optimizing the balance sheet as you pay the dividends and bring down the capitalization ratio. So just wondering, as we look into next year, what sort of payout over 2022 net income should we expect? Is it reasonable to think that the kind of 50% payout, or how are you guys thinking? Perhaps it's even more because you still feel that you still have room to optimize even further that. A related question comes with the ROEs. I mean, it's great to hear that you guys are thinking sustainable ROEs around 21%. Again, with NIMs in the 7% zone, it seems to me that, you know, you're gonna be above that, assuming everything else constant, right? As we think about going into next year, even though the sustainable ROE might be in the 21%, perhaps mid-20s in terms of ROE seems reasonable? Or how do you think about it? This is Carlos again. We have said in the past that we feel very comfortable with a capitalization rate of around 14%. Remember that BanBajío's capitalization rate is almost 100% Tier 1. We feel very comfortable with that level of capitalization. For next year, with the net profit that we are projecting, I think we will propose to the shareholders meeting a dividend payout ratio between 50% and 60%. Our capitalization rate will be around 15% or above that with that dividend payout. Yes, we are planning to propose a large dividend for next year. With all the things that have been said, with the dividend that we will pay out and the expected NIM and the loan growth that we are foreseeing, yes, we think that our ROE will be high. Higher, well, probably higher than the average of this year. Great. That's great color. That's it from me. Congrats on the superb results, and thanks for the detailed answers, guys. Our next question comes from the line of Neha Agarwala. Please state your company name and ask your question. Hi. Thank you for taking my question. This is Neha Agarwala from HSBC. Most of my questions are answered, but very quickly, are there any key concerns in your mind regarding asset quality? Is there any exposure to any particular sector of the economy that you might be concerned with or any particular region? What could lead to a deterioration next year in terms of asset quality? Is there any other risks that you foresee for the business, meaningful slowdown in loan growth or significant worsening in asset quality requiring much higher provisions than anticipated? What are the key risks that you anticipate for the business for 2023? Thank you so much, and congratulations on the results. Thank you, Neha. As I said, we don't see any concern today in any portfolio. Of course, we're seeing that in the following quarters, we should reach the cost of risk that I said, that is the regular cost of risk for the bank. The quality, especially of the first or second quarter, was really very good. Today we don't see. We have been improving our, I mean, our underwriting process in all the portfolios, is really very good. Something that is, let's say, new for us, is mainly what we have been growing in consumer lending and also in parametric loans for SMEs. As well, we have been taking all the measures to have all the technology and the talent to really have a very good process with very good quality. And also we have been improving our technology as well and the talent in collections with very good results and improving recovery as well both for consumer lending and for SMEs. On that regard, we don't have any concern. Of course, the performance of the economy and all the international factors could impact some sector of the economy. We will be monitoring everything as we have been doing always. We don't see today any concern in any portfolio, Neha. I would like to add a little bit, to expand a little bit on what Edgardo just mentioned. We have a matrix of the different economic activities and regions, and we monitor that on a monthly basis. For instance, a specific city can be saturated in terms of low-income housing. A different city in other part of the country is not. What we do is we micromanage the risk in any activity and in any specific geography of the country. I think that's one of the reasons why our asset quality remains to be so good through the years, because we micromanage the risks. Of course, what Edgardo said, we don't have a general worry about any sector in general. We do that process, studying the sectors and the geographies, and we find that those are very different risks. That's how we manage the credit risk, the loan risk. Understood. Thank you so much. Our next question comes from the line of Tejk iran Kannaluri. Please state your company name and ask your question. Hi, thanks for hearing me out. I'm Tej from WhiteOak Capital. I wanted to understand your outlook for expansion in terms of regions. So how much loan growth and deposit growth are you expecting out of the Bajío region, and how much are you expecting from the rest of Mexico? In that sense, you know, are you investing in the you know, physical infrastructure in terms of branches or in terms of hiring relationship managers? Just how you're planning for growth across different regions of Mexico? Thank you. Yes. We have seen already, and we expect to continue with that trend, with very good loan demand in the Bajío region, in which we are, of course, very well positioned to capture that opportunity, but also in the north and in the northwest of the country. With several changes that we did in the metropolitan area in terms of organization, that is important to comment about that, no? We decided at the beginning of this year to reinforce our organization in the metropolitan area. That includes also a new regional director based in Toluca to manage Estado de México and Hidalgo, spaces in which we have very good opportunity to grow because our presence today is very small. The organization is already in place and we expect to grow faster than the market in that important geography. Yes, we are very well positioned in terms of geography already in the Bajío region, in the north, but we are seeing good loan demand also in the northwest of the country, and we expect as well to capture the opportunity we have in the metropolitan area that you know is very important for the financial system already. Thank you. Just to follow up on that, for investing in this growth, is most of the investment coming from the digital infrastructure? Or, are you still investing in branches or, you know, relationship managers, hiring them, you know, in the other regions outside of Bajío? Yes. Thank you. Yes, we are growing this year about 12 branches, and we will continue growing in the following years at that level, more or less, in number of branches. In terms of people, yes, we are growing, not only because of the branches, also, what I mentioned about the organization that we're reinforcing in the metropolitan area comes with more people in different areas, no? Also, in SMEs, in what we call Banca Empresarial, but as well in branches, no? Yes, we are doing that. In here in León, we are investing as well in areas like technology and data science. Understood. Thank you very much. Thank you. We have not received any further questions at this point, so that concludes your question and answer session. Thank you. I would now like to hand the call back over for some closing remarks. Thank you very much all. See you in January when we report the results for the fourth quarter. This concludes today's call. You may now disconnect.