Good morning, everyone, and welcome to Banco del Bajío S.A. 2024 results conference call. My name is Luke, and I will be your operator today. At this time, all participants are in a listen-only mode. After the speakers' 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 Ban Bajío 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 fourth quarter of 2024. On this conference call, we will talk about the quarterly results as well as the full-year 2024 results. We will highlight the evolution of the main trends and introduce the guidance for 2025. All the information used throughout the presentation about the industry is from CNBV data as of November, 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 year and the quarter. First off, the quarterly net income was MXN 2.54 billion. The full-year result was MXN 10.7 billion, representing a mild contraction of 2.9% against 2023. The ROE stood strong at 22.9% for the quarter. Revenues accounted for MXN 6.4 billion in the quarter and MXN 26 billion for the full year, increasing by 4.5% against 2023. The NIM was 6.7% in the quarter. The efficiency ratio stood at 39.2% in the fourth quarter and at 35.3% for the whole year. The loan portfolio expanded by 10.9%, with company loans expanding by 13.8%, underlying sound origination trends in the quarter. Total deposits grew by 6.6%. Regarding asset quality, the NPL ratio stood at 1.48% and the coverage ratio at 1.4 times. The preliminary capitalization ratio stood at 15.2%, increasing sequentially due to healthy earnings accumulation and despite the strong portfolio growth quarter over quarter. In slide four, we can observe the 2024 result against the guidance. As shown in the table, Ban Bajío met most of its targets. The ROE stood at 24.5%, as net income was MXN 10.7 billion. The NIM stood at 6.76%, while expenses grew less than expected at 12.4%, resulting in an efficiency of 35.3%. On the asset quality side, cost of risk stood in the higher part of guidance at 89 basis points, while the NPL and the coverage ratio remained well-behaved. The loan portfolio grew in line with guidance at double digits, while deposit growth was below guidance, yet the liquidity of the bank remained strong. We are very proud of the track record of Ban Bajío since the IPO, of delivering on the guidance it provides to the market, contributing to both the credibility and the transparency of the management team with its current and potential shareholders. On slide five, we would like to emphasize some key indicators from our digital transformation strategy. In this slide, you can observe the evolution of the transactions at Ban Bajío. In the chart above, you can see the number of transactions on the different channels. Observe how in 2019 we had more transactions done in branches than in digital channels, and how it has evolved, with branches even decreasing in absolute terms compared to five years ago, and how, on the other hand, digital transactions have increased exponentially. The chart below paints a similar picture, but with amounts transacted on each channel. BajíoNet has grown at an impressive compound rate of 27% over the past five years, compared to 5% in branches and 6% at ATMs. Moreover, BajíoNet now accounts for 81% of the amounts transacted at Ban Bajío, compared to 64% in 2019. Onto slide six, we delve more into how our clients are transacting with the bank. You can see on the upper left chart that around 60% of the number of transactions are made by companies, while individuals make around 40%. However, the growth in individuals has been noteworthy, with a compounded growth rate of 50% over the past three years. The graph on the upper right shows the amounts transacted. Here you can observe that most of the amounts transacted in the bank are done by companies, both corporates and SMEs, showing a compounded growth of 35%. Moreover, the graph on the bottom shows the number of transactions and the average amount transacted by corporates digitally. Here you can see that over the past three years, average transactions by companies have increased by 50%, while the average amount transacted doubled. The increasing volumes and transactions made through our channels are a reflection that clients rely more on Ban Bajío for their cash management, which in turn translates into more inexpensive deposits and non-interest income. In slide seven, the total loan portfolio reached MXN 266 billion, an increase of 10.9% compared to the fourth quarter of 2023, and 4.5% sequentially quarter over quarter. This quarter, we continue to see good trends in company and consumer loans, while we saw contractions in mortgages and government loans. It is worth mentioning that this evolution continues to be supportive of the yield of the portfolio, as the bank is growing in segments with better margins. For 2025, we see modest deceleration in the rate of growth of the portfolio, consistent with the expectation of softer economic growth for the year. Total deposits stood at MXN 247 billion, an increase of 6.6% compared to the fourth quarter of 2023. During this quarter, we saw good growth in customer deposits. However, the comparison base of December of 2023 was hard to beat. We are going to provide more detail about the funding structure and its trends in slide 10. On slide eight, we can observe the evolution of our consumer loan portfolio, which now accounts for MXN 7.1 billion, and it is growing by 21.8% against the fourth quarter of 2023. As we have mentioned in previous quarters, we see the consumer loan portfolio as a strategic asset to diversify our business. We have managed to grow these portfolios with a remarkable asset quality, better than industry standards, as shown in the charts with the NPL ratios of payroll loans and credit cards at 2.75% and personal loans at 1.57%. For 2025, it is reasonable to expect a moderation in the rate of growth of these portfolios. However, they will surely continue to expand faster than the rest of the portfolio. In slide nine, we would like to highlight Ban Bajío's asset quality. As you can see on the upper charts, our NPL ratio stands at 1.48%, while our NPL adjusted stands at 2.52%. Both ratios compare far better than the industry standard. The chart on the bottom right shows the evolution of the cost of risk, which stood at 89 basis points for the quarter and the whole year 2024, reaching the higher part of guidance and still standing among the best in the local banking system. The coverage ratio remains strong at 1.4 times. Even though we have done a cleanup in the balance sheet over the last two quarters, we continue to hold MXN 740 million of additional reserves in the balance sheet. For 2025, given the expectation of a softer economic environment, we expect the cost of risk to remain similar to last year, with a guidance of 80 to 100 basis points. Moving on to slide 10, total funding stood at MXN 307 billion, an increase of 5.2% compared to the fourth quarter of 2023. During this last quarter, we saw good inflow of deposits, especially from demand deposits, which grew 3.1% sequentially. The funding mix has remained stable over the past quarter, with zero-cost demand deposits at 20%, interest-bearing demand deposits at 19%, time deposits at 41%, and institutional funding at 19%. For 2025, we are confident that the bank will continue growing deposits from our customers at a similar pace than the loan portfolio. We are going to receive the benefit of new branch openings, and new incentives are being set to further motivate bankers. On slide 11, we can observe the evolution of our margins. The NIM for the fourth quarter was 6.7%, contracting by 69 basis points year on year. The year-on-year contraction comes as a result of the sensitivity to rates, accounting for 25 basis points of the reduction, a negative impact to the mix, which accounted for 16 basis points, and the normalization of the one-off effect in the fourth quarter of 2023 that accounted for 28 basis points. We estimate our asset sensitivity to rates, considering the current mix of assets and liabilities, to be around 23 basis points of NIM for every 100 basis point change in the benchmark rate, which will represent an impact of around MXN 775 million of revenues and MXN 488 million of net income for a full year. The sensitivity increased against the previous quarter because of the strong sequential growth in zero-cost deposits. For 2025, we are forecasting a rate path that is more conservative than the current market consensus. We estimate that the year-end rate will be at 8.25%, and we have one scenario with more aggressive cuts in the first half. Those two scenarios result in an average banking core rate between 8.95% and 9.15%. Bearing that in mind, we estimate that the NIM for 2025 will be between 6.2% and 6.3%. In slide 12, you will see the performance of Ban Bajío's revenues, which grew 4.5% for the whole year against 2023. Financial margin expanded by 2.9%, while non-interest income increased by 17.5%. Fee plus trading income grew strongly in 2024 at 18.1%. The bank continues to make important progress in businesses like interchange fees, POS fees, FX trading, bank insurance, and trusts. For 2025, we expect non-interest income to maintain a sound performance. However, the comparison base will be affected by the sale of assets that added up to MXN 426 million in 2024. Bearing this in mind, the guidance for fee plus trading income in 2025 is 3%-5%. Adjusted by the equity sales, the comparable growth will be from 15%-18%. Moving on to slide 13, we can see the performance of our efficiency ratio. It came in at 35.3% for the whole year and at 39.2% for the fourth quarter of 2024. Both ratios stand strong against the industry's efficiency ratios. For the whole year 2024, expenses grew below the guidance at 12.4%. For 2025, we expect expense growth to decelerate with a guidance from 10%-12%. Past and current investments in our digital capabilities, new bankers, and branch openings are still maintaining OPEX growth above inflation in 2025. However, it will continue to normalize in coming years. On slide 14, you will see the evolution of the profitability metrics of Ban Bajío. As shown in the charts, the quarterly ROA stood at 2.9% and the quarterly ROE at 22.9%. On a per-share basis, the fourth quarter EPS stood at MXN 2.13, which represents an annualized earnings yield of 19.7%, computed with the average stock price for the fourth quarter. In slide 15, we can see the preliminary capitalization ratio as of December of 2024 of 15.21%, of which almost all is Core Tier 1 Capital. The capitalization level increased compared to the previous quarter as a consequence of healthy earnings accumulation and even with the strong sequential portfolio growth. Lastly, in slide 16, we introduce the guidance for 2025. The macroeconomic assumptions used are the following: average banking core rate between 8.95%-9.15%, which is a more conservative forecast than the current market consensus, GDP growth of 1%, and inflation rate around 4%. We are forecasting loan growth to be 8%-11%, deposits growth 9%-11%, net interest margin 6.2%-6.3%, fees and trading income growing 3%-5%, which is 15%-18% excluding one-timers, expenses growing 10%-12%, and the efficiency ratio between 39% and 41%, cost of risk 80-100 basis points, while maintaining a coverage ratio above 1.2 times and NPLs below 1.6%, net income MXN 9.3 billion-MXN 9.8 billion, and an ROE 19.5%-21%, with a capitalization ratio above 14%. In summary, the fourth quarter and the full year results reinstate the sound fundamentals for the bank and the solid balance sheet. We are pleased to announce that we have met most of our targets for last year, and we maintain our commitment to deliver on the guidance that we provide for 2025. With this, I conclude the presentation, and we can open the call to the Q&A session. Thank you. We will now conduct a Q&A session. If you would like to ask a question, please press the raise your hand button located at the bottom of the 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, and 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 Brian Flores. Please state your company name and ask your question. Hi team, thank you for the opportunity. I'm from Citibank. Two questions here, Carlos, Edgardo, and Joaquín. The first one is on cost of risk because we saw last year you revised it upwards and it showed some pressure maybe on the asset quality. So I just wanted to ask you, I mean, we have one month of 2025 already here. Can you expand a bit on how are you seeing the health of your clients' activity? I'm wondering if this is perhaps the point where we could have, you know, some upside risks, meaning we see maybe the cost of risk going a bit higher in 2025. And I'll ask my second question later. Thank you. Hello, can you listen to me? Yes, now we can. Okay, sorry for this. I was mentioning that in the fourth quarter, we saw a normalization in cost of risk, concluding the year at 89 basis points. And for 2025, our guidance is between 80 to 100 basis points. This is one of the best levels for the market. Despite the challenges, we continue to demonstrate very robust asset quality, and as you know, we have very high levels of collaterals and guarantees from development banks and funds. Of course, we want to improve last year's result, but we think that with all the uncertainty today, this level is realistic. We continue to have one of the best levels of cost of risk, and of course, asset quality is a strategic objective for the bank, so this is, I mean, we are going to see in the first months of 2025 the payment behavior of customers, and let's hope that we can improve last year's performance. Perfect, super clear, and then my second question is on capital because, as you mentioned in your presentation, you have been accumulating capital, paying very solid dividends. So do you think maybe should we see a similar level in terms of dividends, even if the midpoint of guidance suggests an 11% decrease in earnings year over year? And also in that sense, would any buybacks or extraordinary dividends be considered? And then maybe just to summarize everything here, I know your ROE is coming down, but can you remind us of the normalized levels of ROE that we should see for the bank? I think that would be very much appreciated. Thank you. Hi Brian, this is Carlos de la Cerda. In terms of dividends, our thoughts today are that by the shareholders' next meeting, we will propose between 50% and 60% dividend payout. It will depend on the loan demand that we see in the first Q and also in any externality that could affect negatively the economy of the country and the systemic risk. But as of today, that's what we think: between 50% and 60% dividend payout. I'm going to turn the microphone to Edgardo for the ROE part of the question. Yes, we think, Brian, the ROE in a normalized situation, let's say 7% rate, with, I don't know, levels of inflation similar to the ones we have today and capitalization ratio of 14%, we should be in high teens, no? For ROE. In efficiency, we think that we can continue with between 40%- 45% at those levels of rates in a normalized situation that is still a very good level of efficiency for the bank, low 40s. Super clear, thank you. Next question comes from the line of Ricardo Buchpiguel. Please state your company name and ask your question. Hi everyone, this is Ricardo from BTG Pactual. Thank you for the opportunity of making questions. I have two here on my side. So first, in the past months, we saw a sell-off in Mexican assets, which basically reflects investors' lower appetite to invest in the region after the Mexican and the U.S. election. So I wanted to hear what you're seeing if you're seeing something similar happening as well with companies' appetite to invest in their business, which would reflect in lower loan demand. And for my second question, in the guidance, as you are assuming loan growth should accelerate, I wanted to understand a bit more the rationale for why fees and trade income would accelerate when we exclude the benefits from the asset sales, right? As you mentioned in the call, it would imply a 15%-18% growth on a recurring basis. Thank you. Thank you, thank you, Ricardo. Regarding loan growth, in 2024, as you saw in the presentation, our commercial loan portfolio grew by MXN 25.6 billion year over year. It's important to mention that from that growth, 740 new clients, new clients in credit, accounted for 63% of this growth, contributing with MXN 16.2 billion. If we see this by sector, and I will end talking about the appetite and loan demand, the agribusiness grew 11% during the year. With 35% of this, this increase is driven by new clients. Financial institutions declined by 2%, and this is a decision that we made to be more prudent in approving credit lines for this sector. Government lending, as you saw, we are seeing a decrease, and this is also a decision because our focus is in profitability, and today, the margins in this sector are very, very small. Corporate lending grew 15%, with 61% of this increase coming with new clients. And with this corporate lending by sector, let's say wholesale, we grew 20%. In retail, we grew 20%. And in construction, we have mixed results. Industrial building growing 23% and housing declining 21%. So the whole sector of construction, we grew 1%. And lastly, manufacturing, we grew 15%. And this explained 19% of the total growth in commercial loans. So we saw very good loan demand during the third and fourth quarter, and we were able to grow very well and be within the guidance. So we decided to guide 8%-11% because of the forecast of GDP. As I mean, we are expecting 1% GDP growth. So we think it's realistic to think at this level of growth a little bit below 2024. Regarding non-interest income, we are guiding fees and trading growing 15%-18% without considering the one-timer that we had last year. During that last year, we decided to sell stocks from Visa and Mastercard that we had in the balance sheet. And that accounts for a little bit more than MXN 400 million revenue, let's say, non-interest income during 2024. So that's why we're guiding 3%-5%. But in reality, without that one-timer, we are talking about 15%-18% that we think is a very healthy level of growth. Thank you. And just a follow-up here. You mentioned in the previous questions uncertainty regarding the macro, which could affect NPLs. In this regard, what do you believe is the main event or variable to look at would be a potential evolution in the discussion with Trump and increasing tariffs? Is mainly GDP growth that would be a variable to look at for asset quality and NPLs? What would be the main uncertainty regarding the asset quality equation? Thank you. It's really obvious. The uncertainty that we see, domestic and internationally, everything that is happening today that could impact, of course, the payment behavior in different sectors. Of course, the possibility of new tariffs is something that we are considering, and that could impact a few of the sectors and some clients of Ban Bajío, of course. So what we are guiding and we believe is very realistic is that NPL should remain similar to the ones we had at the end of 2024. We are guiding less than 1.6%. And cost of risk in the midpoint is 0.9%. That is the same level that we have in 2024. So we are guiding this. We think it's realistic. But of course, we will monitor anything that could impact the economy, different sectors of the economy, and at the end, our clients. Thank you. Very clear, guys. Next question comes from the line of Ernesto Gabilondo. Please state your company name and ask your question. Thank you, Ernesto Gabilondo from Bank of America. Good morning, Carlos, Edgardo, Joaquín, and Luis. And thanks for the opportunity to ask questions. My first question will be on your earnings expectations for 2025. So we notice that you are guiding important earnings contraction for the year. You mentioned that this could be explained because of the expectations that the central bank would probably cut more in the first half or the cuts to happen in the first half and then to be at that levels in the second half. I believe this scenario seems reasonable from what I also had been hearing from central bank members. But also, I would like to hear your view on what are you hearing on this, on the movement from interest rates. And then my second question is on development banks and guarantees from NAFIN and FIRA. Can you remind us how much of Bajío's portfolio is backed by those types of guarantees? We detect the new government wants to reunite more loans to the SME segment by using the balance sheets of the development banks directly. So just wondering if there could be any risk on loan growth because of potentially tougher competition from the development banks. Any color on this would be very helpful. Thank you. Thank you, Ernesto. Our interest rate assumption in the plan is a little bit more conservative compared with the market consensus, mainly because we include a 50 basis points cut in February that will have an impact almost the entire year. At the same time, we felt it was prudent to moderate asset growth expectations considering the GDP forecast for Mexico, as I mentioned. However, credit demand remained strong during the third quarter and fourth quarter. So it was actually a very good positive momentum. We will monitor closely the economy rates and loan demand through the year. And we are going to continue being flexible to adjust our strategy if we need. Yes, interest rates behave with lower, I mean, with less cuts that could have a positive impact in earnings during 2025. Regarding development banks, we don't feel that we can have competition directly with SMEs. I mean, you need all the distribution that we have in banks. I mean, salespeople, et cetera, we feel that it's going to be very difficult to have a direct competition. We feel that we will continue acting together with development banks in the market, especially in the SME sector. For the levels of collaterals in the portfolio, Luis, we'll continue with that question. Hi, Ernesto. Yes, considering what we have as collaterals for NAFIN, Bancom ext, and FIRA, it is around a little less than 10% of the portfolio. But yes, again, as Edgardo mentioned, we feel like the development banks is not a direct competition because remember, for SMEs, the distribution channel, meaning the branches, is very important. And the development banks, they don't have that. That's why they are called second-tier banks because they rely on the distribution channels of the first-tier banks like us to access the final client, in this case, SMEs, agro players, and exporters. Oh, perfect. Thank you very much. So just two comments. We agree with the 50 basis points cut in February. As a house, we have that call. And then in terms of the SMEs competition, just a follow-up is, I don't know, at some point, NAFIN or other development banks or FIRA could be working with, for example, Banco del Bienestar and use the infrastructure that they have been building in the last years. Do you think that could be a possibility or we can discard that? Not really, Ernesto. We don't see that scenario as something possible. And still, the opportunity in SMEs is very important. And we continue to grow very well and very healthy in that sector. And just to remind you, Ernesto, the footprint that, for example, Banco del Bienestar has is very different from our footprint. So if they use that, they will for sure go after an SME that is very different to the SME that we normally attend here in the bank. That is an SME in the larger scale, normally that one that normally we have historically attended here in Banco del Bajío. Oh, super helpful. Thank you very much. Thank you, Ernesto. Next question comes from the line of Tito Labarta. Please state your company name and ask your question. Hi, good morning. It's Tito from Goldman Sachs. Thanks for taking my question. Following up on the loan growth guidance that you gave of the 8%-11%, just, I mean, GDP growth is slowing, right? You have 1.4% inflation. So at the high end, you'd be growing almost two times nominal GDP. Just to understand why you may not expect a bigger slowdown in 2025, what gives you comfort that you can continue to grow at high single-digit, low double-digit pace in the current environment? And then my second question is on your expense growth. It is moderating a bit, but if growth is slower from the economy, from loan growth, if there's more uncertainty with tariffs or nearshoring, could you control the expenses a bit more and maybe grow a bit less on expenses? Just to think about where there could be some cost savings if you can deliver any. Thank you. Thank you, Tito. Yes, we're expecting GDP growth for Mexico between 1% and 1.5%, and with that scenario, we feel that we can continue growing at good levels, the loan portfolio. Our expectation is to grow in corporates about 8%, and in SMEs, we have been growing with more speed, so we are expecting at least 5% more growth in SMEs for 2025, and the consumer portfolio to grow at least 20% during this year, so with that mix, we feel confident. Of course, the largest part is the corporate portfolio, so we feel that the growth, we can continue growing very well, and also a reminder that during 2024, at the beginning of the year, we decided to increase the number of bankers, both in what we call Banca Empresarial for the corporate segment and the SME segment. So we still have opportunity and capacity, let's say, to capture more clients. It is also important to mention that within the loan demand that we saw and the growth that we saw in 2024, more than 60% are coming for new clients. New clients for credit. I mean, that includes customers that we have still in the bank with a passive service, a checking account, electronic banking, et cetera, but without a credit or a completely new-to-bank customers. So that is important. So we have been able to bring new customers to the bank, and that is also a source of loan demand going forward. Regarding expenses, we closed 2024 with 12.4%. And for 2025, we're expecting to be at levels in the midpoint of the guidance of 11%. We continue to see opportunities in expanding branches. Actually, we're planning to open 15 new branches during this year. If we consider those new branches and the ones coming from 2024 that didn't operate the whole year, the impact in expenses from new branches is 0.8%. So without new branches, that, of course, are coming with more customers, more revenue, et cetera, expense growth will be 10.2%. As we mentioned in previous quarters, we are reaching break-even in new branches in less than one year. So that is important to consider. Additionally, we continue to invest in digital banking, data science, infrastructure, cybersecurity, and also hardware and infrastructure in general to support the 16% increase in transactions that we saw in 2024. So, however, we maintain a very strong focus in efficiency, ensuring that every investment delivers a clear return. So balancing all the strategic investments that we're doing and with discipline and expense management, that is a key priority. We feel that, I mean, we are going to be very close to 10% during this year, and we will be able to get to a single digit in 2026. ``Okay. Very clear. Thank you, Edgardo. Thanks, Tito. Next question comes from the line of Marlon Medina Robles. Please state your company name and ask your question. Hello, everyone. This is Marlon from JP Morgan. My question is to follow up basically on asset quality. And here, because your cost of risk guidance at 0.8%-1% is above the historical levels, and also NPLs below or around 1.6%, it's also above historical levels. So my question is, considering the mix and that you're growing faster in consumers, should this be a new normal for cost of risk and NPLs, or are you rather anticipating some more challenging trends in any segment for 2025, and then we should see a normalization into 2026? Just trying to understand how much of it is kind of like a new normal or more of a 2025 increase in cost of risk. Thank you. Yes. What we are guiding for this year in cost of risk is in the midpoint, 90 basis points. That is the same level that we saw during 2024. We have been mentioning during different calls last year about different customers that get into past due loans, that it was really, in several cases, surprises, customers that behave very well for years, and during 2024, they get into trouble to pay. So we still don't feel that we have a sector with a negative trend that could impact the whole segment. It has been different reasons for different clients. So with the uncertainty we have during this year, we feel that we are guiding well and that the cost of risk that we are guiding is realistic. We still feel that in a normalized situation going forward, we can get again to the regular levels of cost of risk that it was between 0.6% and 0.8%. So we don't feel that maybe this is a transition year, and let's hope to get to a more normalized economic situation and certainty in the coming years. That is very clear. Thank you. We will pause once more for questions. Our next question comes from the line of Andres Soto. Please state your company name and ask your question. Good morning, Carlos, Edgardo, Joaquín, Luis. Thank you for the presentation. This is Andres Soto from Santander. My question is a follow-up on capital and dividends. When I go through your numbers and I look at the expected evolution of the capital ratio, I believe it's possible that you are going to be even at 15% correct with the Tier 1. So my question would be, will you consider extraordinary dividends or doing buybacks? And to this point of buybacks, have you considered this alternative rather than distributing extraordinary dividends, doing some buybacks, considering the low valuation of the stock? Thank you. Hi, Andres. This is Carlos. As I mentioned a while ago, we are considering a regular dividend for the next year between 50% and 60%, depending on several factors that affect the economy. If later on during the year, we would see the conditions to consider an extra dividend, we would consider it. But so far, at this point, there's so much uncertainty in the economy that we are happy with a 50%-60% dividend payout. In terms of buying our own stock, we are doing it little by little through our Fondo de Recompra. But it's not a very heavy program. It's not intensive. We have not considered reducing our capital by buying back our own stock yet. That's very clear. Thank you, Carlos. We will pause once more for questions. Our next question comes from the line of Alejandro Lavín. Please state your company name and ask your question. Hi, good morning, everyone. This is Alejandro Lavín from Santander Asset Management. Thank you for the call and congrats on the results. My question is on taxes. So there have been, as we have talked before, several mentions about the possibility of the fiscal authority changing the fiscal rules for banks. But obviously, nothing has happened, right? And looking at your guidance with an effective tax rate of 26.5%, I mean, it seems that you are just doing business as usual. And I guess that makes sense because there is so much uncertainty. So I just want to touch on that details and see what your views are on this decision. Hi, this is Joaquín Domínguez. First of all, we are not seeing yet any formal regulation change. Even in talking with regulators and with the Mexican Banks Association, we haven't seen any initiative in terms to change the tax regulation. Regarding the effective tax rate in the last quarter, we made a correction considering a different tax for the participation of the employees in the income. The reduced net impact for the quarter was MXN 63 million. That was the reduction, but it was due to a correction we made in the last quarter. Okay. Thanks a lot. We'll pause once more for questions. We have not received any further questions at this point. That concludes our question and answer session. Thank you. I would now like to hand the call back over for some closing remarks. Thanks, everybody, for connecting to the call. If you have further questions, please let us know with an email or a meeting request. We will see you all when we report the first quarter results in April. Thank you very much.