Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Regional's fourth quarter, 2023 earnings conference call. We're joined today by Manuel Rivero Zambrano, Chief Executive Officer of Regional; Enrique Navarro Ramírez, Chief Financial Officer; and Alejandro Lobeira, Head of Strategy and Planning and Investor Relations. At this moment, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press the Raise Hand button. Please be advised that today's conference is being recorded. I will now like to hand over the conference to your speaker today, Manuel Rivero Zambrano. Thank you, and please go ahead. Thanks. Good morning, everyone. I hope you and your families are healthy and well. We appreciate everyone's participation today. We're very satisfied with Regional's fourth quarter results, as we believe we are harnessing the opportunities offered by Mexico's economic expansion, as nearshoring and demographic dividend presents us with a unique window of opportunity to achieve sustainable growth, further increase our operating leverage, and boost our profitability. The recent period has been marked by robust expansion across our operations. Regional has experienced a significant increase in our loan portfolio and a rise in non-financial revenue, coupled with disciplined expense management. These factors have contributed to a notable rise in income and an enhanced efficiency ratio, reflecting our strong performance both on a quarter-on-quarter and a year-on-year basis. We are pleased to report that Regional's quarter earnings have continued to demonstrate robust performance. Our net income for the quarter reached MXN 1,622 million, a solid growth of 4% quarter-on-quarter and an 18% year-on-year. Year to date, net income has grown by 14% to MXN 5,673 million. Our efficiency ratio has improved, with a quarter-on-quarter reduction of seventy-seven basis points, now standing at 40.9%. Our efficiency ratio last twelve months has decreased 247 basis points. Regional has achieved a robust loan growth of 13% year-on-year growth, with quarter deposits increasing nineteen percent compared to the same quarter last year. Although our financial margin has decreased slightly by 3%, we remain focused on maintaining a healthy margin, and we've shown our resilience with a quarter-on-quarter increase of 4%. Our cross-selling strategies have effectively enhanced our non-financial income, which has been a significant double-digit growth rate, showing a remarkable year-on-year increase and a 21% excluding leasing. Our insurance and FX fees have risen by 32% year-on-year, while the commissions and fees have grown 13%. Banregio has broadened its geographical footprint and improved its commercial capabilities, maintaining a unique customer experience and robust profitability. Banregio's loan growth has accelerated by 10% year-on-year. Core deposits have surged 21%, and the efficiency ratio last twelve months, now at 39.1, demonstrating our commitment to operational excellence. Factors contributing to the company's growth including increased investment in key regions and a stronger labor market. We anticipate further growth, potentially enhanced by our decreasing rates. Efforts are being made to expand the sales force and enhance capabilities to maintain a competitive edge and increase market share. In our retail banking segment, the preferred banking portfolio has grown by 12% year-on-year, and the SME portfolio has expanded by 11% year-on-year. These figures underscore our commitment to supporting both individuals and small businesses. Strategic initiatives, including cross-selling tactics and our expansion plan, have been instrumental in driving growth. We're successfully increasing our market share and anticipate the expansion that will lead to our establishment of efficient branches. These branches are expected to contribute to an increase in deposits and reduction of funding costs. Banregio has distinguished itself through exceptional service, as evidenced by the industry-leading NPS of 74. This strategic approach of providing comprehensive, customized solutions caters to the needs of both businesses and individual clients, with an emphasis on attractive premium customers and enhancing cross-selling opportunities. Banregio's NPL ratio has improved, decreasing by 16 basis points year-on-year and 1.21%, and we successfully reduced our cost of risk to 0.42%. We anticipate that NIMs will maintain their strength based on the growth of our profitable loan portfolios and improvements in our funding strategies. We will continue to monitor these metrics on a quarterly basis. As of now, Hey Banco is making progress with its operational separation from Banregio, and is planning to commence operations in the first quarter of 2025, according to the estimates provided by our regulators. Hey Banco continues to focus on achieving profitability. For this reason, it is growing its customer base organically and concentrating its lending efforts on formal and middle-income individuals, as well as businesses. These tactics are expected to result in a smaller but more profitable client base, consequently leading to reductions in both acquisition and operating costs. As you are aware, our digital bank operates within certain constraints, including the equity cap approved by board and regulatory limits set for our operations. These constraints are crucial in guiding our strategic decisions, particularly regarding our capacity to grow our lending and depositor base. Considering these limitations, we have decided to focus on enhancing the mix of our loan portfolio. This strategy enables us to work within our equity and regulatory boundaries while striving for improved profitability. By selectively offering loans, focusing on sectors with higher margins and lower risks, we aim to achieve a more sustainable and profitable operation from the outset, which remains our top priority. Hey Banco's loan book has expanded 59% year-on-year, with our financial margin increasing 54% year-on-year to MXN 217 million on a quarterly basis. Our net income margin over the last 12 months has improved 90 basis points to 8.7%. Our cross-selling index and customer usage has significantly improved, and the marketing expenses has reduced, possibly impacted lifetime value cost of acquisition ratio. Hey Banco's efficiency ratio has increased to 69.1, reflecting year-on-year and quarter-over-quarter basis improvements. This demonstrates the impact of our strategies to operate more profitable without compromising customer experience. Hey Pago's monthly billing reached MXN 10,227 million, with active POS terminals growing 12% year-on-year. Quarter-over-quarter, we've observed a total billing growth of 3%, and our profitability has increased, which allows us to continue investing in growth strategies, further developing our strengths. Our brand awareness strategies have yielded excellent results. Hey Media has reached 1.7 million followers across all platforms, with monthly interactions climbing to 5.1 million, and social media reach standing at 42.3 million. This enables to engage more effectively with the community and impact them in a way that traditional banks cannot. This year, Hey's commercial efforts are focused on small businesses and sole proprietors, where there is less competition and where we have a superior offering and market knowledge. We're enhancing our services with new business features, such as payroll services. Our commitment to our strategic objectives remains unwavering, and we anticipate that Regional will maintain robust financial results in the forthcoming years, marked by sustained profitability and outstanding asset quality. The growth outlook for the upcoming year is promising, and we are already witnessing an uptick in loan demand, particularly driven by industrial development due to the rising trend of nearshoring in Mexico. We expect this demand to further intensify across sectors like agribusiness, manufacturing, logistics, and commerce. Committed to our trajectory, we aim continuously to enhance shareholder value by consistently delivering loans and earnings growth that not only meets but exceeds our industry averages, while also upholding our position as a leader in profitability with consistency through different economic cycles. With strong foundations and growth momentum, we anticipate delivering top-tier results again in 2024, as our guidance for this year is to grow loans between 12% and 17%, net interest margin between 6% and 6.4%, net income growth between 12% and 15%, return on equity between 20% and 22%, efficiency ratio between 40 and 42, NPL below 1.8, cost of risk between 0.7 and 0.9. We thank you for your continued trust and support as we strive to achieve greater heights and deliver sustained value to our shareholders. Any question, please let us know. Ladies and gentlemen, to ask a question, please press the Raise Hand button. Please stand by while we compile our Q&A roster. The first question comes from Olavo Arthuzo. Please go ahead. Hi, good morning, everybody. Thank you for taking my question. I would like just to explore the topic on Hey Banco, because we saw once again, once again in this quarter, the decrease in number of active customers, the total loan book, also on deposits. So I just wanted to hear from you guys, from a broader perspective, what are the bank's plans to these operations going forward? What has been discussed to make a turnaround on this metric? It's just for us to understand what you guys are exactly thinking about the strategy on Hey Banco going forward, okay? Also on Hey Banco, if you could just share with us, which credit portfolio was the main responsible for the delinquency rate hike in this Q that reached 2.7%? Just for us to understand if it's coming from the credit card portfolio, the auto, or the mortgage, just for us to understand this a little bit. Thank you very much, guys. Thank you, Olavo. I will start with the second question. Credit card for the whole year has been credit card the main portfolio that is in delinquency. And this quarter specifically also small businesses, but small businesses is already controlled. We don't have any more. We won't see during this year a higher delinquency in the small business. Neither in credit card, as we mentioned within the results in the presentation that Manuel did, we expect the cost of risk to reduce in Hey Banco from almost 7% to around 4% as we will continue growing credit card, and credit card it's a product that demands and requires a lot of provisions. ... That's for the second part. For the first part, about the strategy, going on, if you remember, we decided to concentrate in, some portfolios, specifically, small businesses, credit card, personal loans, and, proportion of auto, auto lending. They are the ones that have better margins and with lower, NPLs or better asset quality. That's part of the strategy. We will not continue, granting a mortgage massively to open market. We continue offering mortgage and auto through the app, fully digital, but, we will not continue offering, through, references or external references mortgage. That platform, our digital platform, not only for, request, but also for approval and dispose of the loans, will be transferred to Banregio, then the growth of mortgage, you will see, it will move to Banregio numbers. Going back to Hey, without mortgage, we will focus on the other four type of loans, and with a very high-quality customers, then the growth will be not that fast as it was in 2022 and the first quarter of 2023, at least not in credit cards. Small businesses will continue growing, and that's for the part of the loans, the mix of the portfolio. In the deposit side, we are controlling our cost of funds. We have a promotion within the time deposits due to the competition, and we are focusing more in less customers, but more profitable. I don't know. Yeah. Yes, no, much appreciate that. And just to follow up for a better understand the credit appetite on Hey Banco, what is the approval rate in the loan concession today? And if you could share this percentage comparing to the beginning of 2023, just for us to understand what is the magnitude of the approval rate here that we are talking. In credit card? Yes. Yes. Yeah, you can, you can say. Yes. Well, no, basically, we moved from 25% approval rate in the highest time to around 5% right now. We believe it could go to 10%. Oh, okay. We are continually calibrating our credit scoring models, and we believe we can stabilize around 10%. Okay, that's perfect. Thank you very much, guys. We are one change that we did is that we are focused only on formal employees and small businesses or sole proprietors. Okay. Okay, that's very helpful. Thank you again, guys. Thank you to you, Olavo. Next question comes from Ernesto Gabilondo. Please go ahead. Hi, good morning, Manuel, Enrique, and Alex. Congrats on your fourth quarter results. My first question will be on your NIM expectation. I think the NIM for the last twelve months came at 5.9%, and I think you are guiding between 6%-6.4%. So wanted just to understand what will be behind your assumption for the NIM expansion. Like, when are you expecting the first cut in interest rates, and where do you see the level of the rates by year-end? And considering your scenario, what will be the elements again to see the NIM expansion this year? Then my second question is on deposits. We have seen fintech such as Ualá, Nu, and Klar offering deposit yields up to 17%. So wanted to hear your opinion in such a high yield, and what would be the Hey Banco strategy to compete against them? And then for my last question is on Hey. Hey reported a loss in the fourth quarter, as you explained, because of higher provision charges and cost of risk. You have mentioned that you expect provisions and cost of risk to improve in 2024. So just wondering if you continue to see that Hey could be profitable in 2024. I think the last number was that you were expecting around MXN 200 million pesos-... For Hey this year, so just wanted to confirm if that will be the case, and if that will come from still good revenue generation and normalizing this cost of risk. Thank you. In terms of NIM, basically what we are seeing is that we are reducing our exposure to investment securities and reducing the repo business. That is a very, very low margin business, and we decided strategically to reduce and move these customers, invite these customers to buy securities directly by themselves, or to buy mutual funds that we offer. That's part of the explanation, because the assets will be reduced in the investment securities part. The second part I will mix not directly with the deposit question, but we're improving our cost of funding. Also reducing the rates that we are paying in time deposits and increasing the checking accounts with low cost and zero cost. That's what is included. And finally, the mix of the portfolio. As you can see, we are growing faster some of the loans that have higher rates, and we have a fixed rate portfolio that is larger, that used to be mortgage, auto. The leasing, all the leasing that we move from pure leasing to financial leasing is a fixed rate. Then, that will help during the easing cycle. Then, that's what we are seeing, but it's mainly the investment securities. We have continued. You will see when CNBV delivers the data for January, that we have reduced it even more than what you saw on December. Then for the NIM, that will be the answer going on and why is that we expect to improve. Obviously, we expect impacts on the reducing of the rate, the policy rate. But, as you remember, it takes around three months, or average three months, all the repricing, both in loans as well as in deposits, going down. And the average of the TIIE that we expect is around 10.7% for the whole year. That, that is what really impacts the, the NIM. That is the average TIIE. We expect reductions, obviously, but, the average, our expectation is April, and, and we will see. Quick couple. Oh, hey, the deposits that other neobanks or fintechs has been promoting, what we decided was two main strategies. We decided to increase our rate for the Hey Pro customers, that are our better customers, our larger customers, and we increased it to 13% in a 28-day time deposit, and it worked. We managed to retain most of our deposit base, as you can see from September to December. And secondly, we are focusing more on businesses, small businesses. We have developed during the year good capabilities, digital capabilities for small businesses, and we are focusing our commercial efforts this year on small businesses, both businesses, what we call in Spanish in Mexico, personas morales, as well as sole proprietors. We will be paying on the... Or we have already been paying, starting this month, on the demand deposits for the small businesses. Paying interest, yes. Yes, we call it a high-yield account for businesses of 10%. And we are offering a payroll with some advantages for the small businesses and for the employees, and we are offering also time deposits for the small businesses. Yes, about profitability, we are working very hard on that. I already mentioned on the strategy about the cost of funding as well as the mix of loans to improve, and we are working very hard in cost efficiency. As you saw, our cost efficiency ratio has improved to 69%. We're aiming for 50% during the year as a goal, and we are improving our processes using automation in general. I want not only focus on AI initiatives, because we have initiatives of different types of analytics and not only artificial intelligence. Also we are not hiring any more people from technology, and we are being more efficient to serve our customers. As maybe I didn't mention in the first question, we're focusing on lower customers or less customers, but larger, and that requires less people for service. Yes, we are not guiding this year. The MXN 200 million looks challenging, but definitely we will be profitable this year as a Hey Banco before the operations commencement in the first quarter of 2025. Well, thank you very much, Enrique. That's very helpful. Just to follow up in terms of NIM, so just wanted to confirm that at the end, we can expect the NIM expansion. As you pointed out, there will be three elements to expect the NIM expansion, and that should offset the impact of lower rates, right? Right. Yes. Okay, perfect. Thank you very much. Our next question comes from Ricardo Buchpiguel. Please go ahead. Hi, good morning. First, can you please repeat the lines of the 2024 guidance that you shared? I couldn't hear some of them. And for my second question, I understand there are a lot of moving parts for NIM this year, and if you could please share some color regarding the magnitude of each of the impacts you mentioned in the previous question, between the asset mix, between repos and loans, the change in loan mix in your portfolio, and also your NIM sensibility to the reference rate. And also comment if we... If these tailwinds on NIM, then you- that, that should offset some of the impact on the lower interest rate, it should also continue for 2025. Thank you. Yes. Well, I will repeat the whole guidance. The total loan growth will be between 12% and 17%. Net interest margin between 6%-6.4%. Net income growth of 12%-15%. ROE, return on equity, of 20-22. Efficiency ratio between 40-42. NPL below 1.8, right now is 1.3. Cost of risk between 0.7%-0.9%. That's the ones that we usually guide. And in terms of the NIM components, the largest one is the reduction of the investment securities portfolio. We have a goal that should be closer to the equity size. It's a goal because we are not sacrificing income to reach that goal. And the other ones are... The second largest one is the cost of funding, both increasing deposits. We have decreased the amount of deposits for governments, that it's our most expensive deposit, demand deposit. And we have been also decreasing proportionally to the TIIE or to the policy rate, decreasing the cost in time deposits. Will be in that order. I don't have the exact magnitudes and proportions, but the impact will be on that order. And finally, the mix as the wholesale portfolio, wholesale business portfolio is the largest one, even though the auto and the credit card and small businesses are growing faster, it will take time, and for this year, it is the last of the three levers. In terms of sensitivity, is between 3-4 basis points upwards or downwards on the 25 basis points increase. Well, very clear. If I could make a quick follow-up, you in your guidance, you mentioned a high level of ROE, and you already have a pretty high capitalization ratio. Should we expect any extraordinary dividends for this year? What should be a feasible number for payout in 2024? ... 44. 44 for the whole year. If you remember, we split it, and we will do it again. We will split the approvals on the general assembly. We will have a general assembly during the first half, end of March, beginning of April, and the second one, similar to last year, during November, once the board approves the second part. Right now, we will be presenting to the general assembly a 22% dividend payout. Thank you. Very clear. Yeah. The proposal has been approved already by the board yesterday, and it's only a matter of time that we present it to the general assembly, to the annual general assembly in March. Great, thanks. Thank you to you. Next question comes from José Cuenca. Please go ahead. Hi. Hi, guys. Thank you for the presentation and for taking my question. Just a quick follow-up on provisions. I wanted to hear from you or get from you additional insight on what led to the cost of risk we saw for Hey Banco. Just caught our eye a little bit that being around 7%-8% of the total loan portfolio, this quarter's provisions represented, like, something close to 74% of total provisions, which were MXN 305 million. Just to... if we could get a little bit more insight on that. You already mentioned that you expect some improvement in Hey Banco's cost of risk, and just wanted to hear from you, how do you see that evolving? Do you see this improvement coming towards the second half of the year or what direction do you see for Hey Banco's cost of risk? Thank you. José, I, I couldn't understand your... the first part about the 70% of the portfolio. Sure. No, it was saying that it caught my eye that even though Hey Banco represents around 7%-8%- Okay ... in terms of loan of the consolidated loans, we saw provisions representing a much higher proportion, 74% of the MXN 305 million provisions. Okay. Yes, basically, as I mentioned, is credit card are the three products, but for the deterioration is credit card, for growth is small businesses and auto. The truth requires provisions as we are growing more than 50% in auto, and more than 30% in auto and more than 50% in the small businesses loans, but that's natural growth. In terms of deterioration, as I mentioned, we changed. Since April, we started changing, and then again in July our credit scoring models and our credit policy rates for credit card, and around May, we will start seeing a better, a much better number for cost of risk in Hey. Got it. Thank you, guys. Thank you, too. Our next question comes from Beatriz Abreu. Please go ahead. Hi, everyone. Thank you for taking my question. My question is on loan growth. So in your guidance, you do expect some growth, loan growth acceleration this year. If you could maybe discuss between the different segments, what type of loan growth you're expecting, and if you have a target proportion of consumer loans versus commercial loans this year that you could share, that would also be great. And a second question would be on expenses. So you know, what are you expecting for expenses this year, and what should drive growth if you expect growth acceleration expenses for this year as well? That would be great. Yes. In terms of expenses, we're expecting 10%-12% growth for the full year. But as I mentioned, we have a lot of initiatives to improve our efficiency, both in Banregio as well as in Hey. Where this growth is coming is coming mainly from the expansion in Banregio, where last year we opened 15 branches. Most of these were opened in the last quarter, then the full expense will be shown during 2024. And this year we will open 20-25. Our goal is at least to open 20 more branches during 2024, and we have already a pipeline. In fact, we have already opened the first one last week. Then we will be opening branches through the expansion plan, and we will continue hiring bankers for medium and large companies, what we call Banca Empresarial, around the country, mainly in Mexico, Monterrey, and Guadalajara. That will drive the increase in salaries and benefits. In Hey, we are not increasing, in fact, we are reducing a part of the cost. Well, in general expenses, both related to sales as well as what we can call fixed expenses, is mainly inflation. That is around 5%, plus the growth of the businesses. There are some lines that are growing still above 20% that we're expecting on non-financial incomes in some lines, but the expense related to that is also growing at that pace. But in general, in total, we expect between 10-12, even though our goal is one digit, but in the budget and in the guidance would be 10-12. Perfect. Thank you so much. And regarding loan growth, Loan growth by portfolio, sorry. Give me a second. In the large loans, in general, is in the low range, around 12%, and the small and medium and consumer lending will be in the high tens, high teens. That will give you a color why we're guiding between 12% and 17%. Because all the smaller but more profitable portfolios we expect to grow faster, about 15%, all of them. Thank you. That's, that's very helpful. A quick follow-up, if I may. For Hey Banco, are you still expecting net income of around MXN 200 million for this year? Yes, considering the payment business plus the Hey Banco, that we are working to make profitable both. Well, the Hey Pago business is already profitable, and we are working, as I mentioned, to make profitable the Hey Banco. Both together, that is what we call the whole Hey Controladora or Hey. Yes, that's our goal. Okay, very clear. Thank you so much. Our next question comes from Neha Agarwala. Please go ahead. Hi, thank you for taking my question, and congratulations on the earnings. A quick question on asset quality. Loan growth has been quite strong of late, and you expect another good year in 2024. Are you seeing any pressure on asset quality in any particular region or any particular segment in small or medium loans? Any inhibitions on that front? And the second is, could you please repeat what are your expectations for the policy rate and when do you expect for rate cuts to start in Mexico? Whatever is implied in the guidance, that would be very helpful. Thank you so much. About the first question, no, we are not seeing any concentration of deterioration in any specific region or sector. We usually have higher NPLs in the center and south, but it's not concentrated in a specific city or in a specific sector. As I mentioned, it was mainly a credit card, both in Hey as well as in Banregio, mainly in Hey. Then for other products, we don't see any concentration on deterioration. And we don't foresee in the future either, any deterioration due to the growth as we are still, proportionally to the market, small, and we continue with the same credit policy, just taking advantage of the opportunities for nearshoring and all the opportunities in growth that are in the regions that we have presence. In terms of policy rates, our budget is very aligned with the consensus. We usually watch both Banco de México survey as well as Citibanamex survey, and we are expecting to go all the way to 9.25 in the policy rate. That will be around 9.25, 9.50 in TIIE. And we're expecting it still not for February, maybe for March or April. But basically, our projection is April. That's what we have right now. Mm-hmm. Very clear. The ROE guidance for 2023 as well as 2024 was 20%-22%. Do you consider that as a sustainable level now for Regional as a whole? Or do you think in next year when you have the average rates in Mexico much lower than this year, we go back to between 18%-20%? We are conscious that in 2025, the rate will continue going down, and then we could see a next reduction both in the as well as in ROEs. For us, the normal will be around 20%, not the 20-22, but neither 18%. It's around 20% because the reduction in the margin we expect could be offset with the increase in loans. We expect larger demand or bigger demand for loans as the rates go down. Very clear, Enrique. Thank you so much. Thank you to you, Neha. Our next question comes from Marlon Medina. Please go ahead. Thank you. Good morning, Manuel and Enrique. So if I may ask you on the non-interest income, I think fees, insurance, and trading have been strong. So if you could provide some color on how much these lines should grow or how should they behave in 2024? And a second question, if I may, a follow-up on G&A. You mentioned the double-digit growth for this year, which is driven by the expansion, the 20-25 branches, and... But how should this behave in coming years? Should we still expect double-digit growth back to mid-singles? How should G&A behave more in the midterm? And also, where are you focusing the opening of those new branches in terms of regions? Yes, I will start for the last question. Our objective is to reach around 300 branches, 284, something like that is what we have planned. 300. 300, yes. And it's mainly in the regions where we already have a presence to consolidate our presence in those regions. Specifically, this year, we will be opening more. Out of that 20, around 5 are in the Jalisco region, Guadalajara and Puerto Vallarta. Mainly Guadalajara, obviously, for the size of the city. Last year it was Monterrey and Mexico City out of the 15. And, some all the way around, we are opening a new one in Chihuahua and Tijuana, Merida, but there are one or two per city. This year, the concentration will be on Jalisco, in Guadalajara mainly. And we have already opened a couple here in Monterrey, additional ones. That's about the, in general, the expansion plan of branches and physical presence of Banregio. In terms of the cost expansion, we can expect for the next years, even we will continue opening branches, that it could be maintained around 10% or even a single digit, low, high single digit, 8% or 9%. Will depend both on inflation, as well as the pace that we open the branches. And the pace that the ones that has been already open became profitable, that right now is between 13 and 18 months, the break even. Then, that will move the goal, but our goal is 9% or less than 10%, let's say, for 2025 and onwards. Sorry, and non-financial income, we are expecting between 15%-20% growth for the next year, for 2024, for this year. That's very clear. Thank you. And from this 15%-20%, most of it should be like fees or insurance or kind of every line growing at that pace? Every line, but especially, if you saw our growth in what we call financial markets- Mm-hmm ... was flat this year. We expect to go back to these levels, but should be every single line, especially insurance, also the transactions. We are growing a lot of transactions in cards, and the interchange fee is also growing at that pace. Basically, that will be the lines and the smaller ones, but are also representative, like trust fees, also are growing. Perfect. Thank you very much, Enrique. Thank you, too. Our next question comes from Silvia [audio distortion]. Please go ahead. Yes. Good morning, Manuel, Enrique, Alejandro. I have a question on funding pressures. Just wanted a clarification that the funding pressures that I guess you're feeling are just... And this would come from the aggressive offerings of some of the fintechs. I just wanted to clarify that you were just feeling those pressures at the Hey Banco level and not at the Banregio level. I guess from the answer that you gave to Ernesto on the NIM assumptions, it seems that you're just feeling the pressures, which is, I guess, forcing you to respond with aggressive rates on Hey Banco. It seems that you're just feeling them in Hey Banco, but I just wanted to clarify that to make sure that I understood correctly what's going on, what are the trends on funding. Yes, yes. The pressure is only on the Hey Banco customers. The deposit base is MXN 10 billion, and time deposits is MXN 7 billion. Then the pressure was on that MXN 7 billion. As I mentioned, in the rest of the customers of Banregio, we have even managed to improve the cost of funding, mainly growing the demand deposits more than reducing rates on time deposits. That is also happening on the higher rates. Perfect. Thank you so much. You're welcome, Silvia. Next question comes from Alejandro Lavin. Please go ahead. Hi. Thank you, gentlemen. Thank you for taking my question. I have just one quick question on nearshoring. So typically, if I recall well, you, you, you like to sort of downplay the benefit from nearshoring, right? If it arrives, it will take some time, and if it arrives, it would be like a, like an extra, right? Like a, like a bonus to results, right? But if I listened correctly at the start of this presentation, you mentioned that you are seeing some increased activity, right, driven by nearshoring. Is that correct? And if so, could you give us more color on that, and are you considering some benefit from nearshoring in your guidance? Thank you. Well, the thing is that, well, nearshoring, it's been happening for many years. Obviously, there was a slump, and now we're recovering from, like, for the last 18-24 months, we've seen an uptake on investing, and there's a lot of figures that back that up, obviously. So we are seeing more and more demand across all sectors and across many markets. Obviously, there is a robust labor market, so that's continuously ongoing. I don't think it's... What we are saying normally is we don't see it as a boom or a hockey stick type of thing, right? So it's something that's consistent. So most of the investment done is on the industrial side, that takes a lot of time. So it obviously, it's not something in the short term, right? So it's gonna be there, present for many years to come, and that's mainly our thing. Now, we're not saying we're seeing an exponential growth, right? So we're seeing an uptake on investment now for 24 months, and we are expecting it to continue. So the trend on loans will continue on further. We don't think it's gonna be something for the next two or three years. We obviously think it's gonna be in the next decade, right? So that's the main thing that we convey. Okay, understood. So, I guess, I mean, we do look at some data, and we also support that view, of course. It is here to stay, and it will take several years, right? But I guess in your day-to-day activities, in your day-to-day conversations with clients and your pipeline, have you seen some pickup now that the year 2024 is starting, or just the same as usual? No, not. For sure, we're seeing more demand each quarter. It is building up, and that, and again, it's not exponential, right? Okay. Understood. Thank you, and congrats on the results. Thank you. Next question comes from Tejkiran Kannaluri. Please go ahead. Hi, thank you for the opportunity. I just want to understand how you are thinking about capital. So do you see any potential, you know, anything you can do around the CET1, AT1, and Tier 2 in order to unlock some value from capital structure? How is your thought process around this in 2024? No, we don't have any plan to raise any type of capital or debt, perpetual debt or something like that, subordinated debt to form Tier 2. Our capital is all fundamental Tier 1 or AT1. We will continue... We prefer to continue monitoring our capitalization index, and we'll be continually paying dividends as we did last year. It worked very well. Because we never were below 14% of capitalization index, full Tier 1. If we can manage to maintain that level, even with the growth that we are expecting for this year in loans and assets, we will maintain that dividend payment in April and November approx. Got it. Thank you very much, and congrats on the results. Thank you. Thank you. Our next question comes from Michael Dubreuil. Please go ahead. Since there are no more question, on behalf of our senior management, I would like to thank everyone for joining the call. We look forward to receive many of your question. Please don't hesitate to reach out to Alejandro and our investor relations team. Thank you, and have a good day.