Good morning ladies and gentlemen, and thank you for standing by. Welcome to Regional 's second quarter 2025 earnings conference call. We are joined today by Manuel Rivero Zambrano, Chief Executive Officer of Regional S.A.B. de C.V., Enrique Navarro Ramírez, Chief Financial Officer, and Alejandro Lobeira, Head of Strategy, Planning and Investor Relations. At this moment, all participants are in listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press the raise hand button. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your speaker, Manuel Rivero Zambrano. Thank you, and please go ahead. Good morning everyone. I hope you and your families are doing well. We're presenting our second quarter results which reflect our discipline, execution, and operating focus. We are operating in an uncertain environment with the GDP's growth having slowed and with uncertainty around trade policies. Our commercial strategies continue to focus on expanding our presence in key regions while maintaining risk, cost control, and credit underwriting discipline. We remain focused on diversifying our income streams, particularly through non-financial revenue growth and the increasing fixed rate loans which provide some compensation from margin pressures. Net income for the quarter reached MXN $ 1,639 million pesos, a two percent year on year increase. Our return on average equity contracted 228 basis points year on year to 20.1%. While this represents a decline from prior periods, it remains at healthy levels and reflects our focus on maintaining asset quality and profitability as priorities. Our consolidated NPL ratio increased to 1.5%, up from 1.3% a year ago. Our cost of risk rose to 1% while it remains at manageable levels. We are closely monitoring credit trends and maintaining conservative underwriting standards. Regional posted a solid year on year loan growth with 10% fueled by sustained commercial activity, particularly in high performing regions such as Jalisco. On the funding side, core deposits CASA grew seven percent year on year while the total deposits increased by a strong 14%, highlighting the continued trust and engagement from our clients. This dynamic growth in both lending and deposits contributed to a 9% expansion in the financial margin, supported by higher volumes and disciplined pricing strategies. Our densification efforts continue to show progress with card merchant fees growing at 19% and insurance fees growing 25% year on year. Non-financial income posted an 8% year on year increase, providing some offset to margin pressures we anticipate in future periods. Operating expenses grew 11% year on year, driven by technology expense, strategic investments in geographic expansion, and our commercial workforce as well as inflationary pressures and operating costs. This resulted in our efficiency ratio increasing to 40.8%, reflecting a 188 basis points year on year increase. While we expect some stabilization in expense growth, we acknowledge the inflationary environment continues to present pressures as we actively manage expenses. The wholesale loan portfolio grew 10% year on year while particularly strengthening Jalisco at 18% growth. However, we are seeing some moderation in demand and business adopt a more cautioned stance. We anticipate that loan demand may remain subdued until the greater clarity on trade policies and economic direction. We maintain a cautious approach to risk management given current uncertainties. While our direct exposure to cross border dynamics represent two percent only of our total loan portfolio and having 10% indirect ties to the United States, we're closely monitoring potential impacts from trade policies. Also, banking demand deposits increased 23% year on year while helping forecast our ratio to 37.1%. Retail banking continues to show healthy momentum and demand. Deposit grew 11% and time deposits grew 15% reflecting solid client engagement and trust. Our branch network continues to expand in a disciplined manner, focus on high potential locations and align with the following customer needs. Notably, individual checking accounts rose 19% year on year, an indicator of growth, client acquisition and deepening relationships. Though we anticipate a normalization of this space going forward, our asset quality remains a key strength with non-performing loans ratio and healthy levels across all segments. SME portfolio with state of the art NPLs with 2.9% and auto loans with 0.5% and mortgages at just 1.3%. These figures reflect the effectiveness of underwriting standards and the resilience of our customer base. While we remain digital and shifting microeconomic environments, we are well positioned to navigate potential challenges. Thanks for proactive risk management and diversified portfolio strategy. Hey Banco continues advancing in strategic shift towards profitability over pure growth, prioritizing higher quality customers over volume expansion. This disciplined approach is yielding results. Individual deposits grew 22% year on year while our loan portfolio reached. Our business loan portfolio reached MXN $4,215 million pesos and in present 23% increase demonstrating solid traction in target segments. Hey Banco reported a financial margin of MXN $229 million pesos with an interest margin of 8.5%. A notable increase of 130 basis points year on year reflecting improved asset yields and a more profitable customer mix. Our efficiency ratio improved to 69.9% reflecting the progress in cost containing. Even as we continue investing in automation and digital capabilities to mitigate structural cost pressures, our active customer base now reaches 508,000 customers. Fully aligned with our strategy to prioritize quality over scale, we reduce our cost of risk by 160 basis points to 6.10%. Though we remain vigilant about credit trends in the current environment, the spinoff process remains on course for completion this semester following the two quarters of performance below our original budget, we're updating the market guidance by the remaining of the year. We anticipate loan growth moderation over the next quarters due to market economic uncertainty. Given these conditions, we are adjusting our loan growth expectations between 7% and 10%, down from previous 10% - 5% guidance. Our loan diversification strategy continues maintaining focus on high quality customers across regional operating sectors. The new Andrijo app designed consistently with Hey Banco will drive cross selling opportunities, especially in consumer credit products. This diversification approach helps mitigate NIM pressures by leveraging our proven creative risk management capabilities. We are maintaining our NIM guidance between 6% and 6.5%, reflecting the stability of our core generation capabilities. Similarly, our deposit growth expectations are being adjusted between 7% and 10% from previous 10%- 15% range, aligning with the more conservative credit environment. With strong capital and liquidity positions, we continue investing in Regional's future through infrastructure expansion and operational modernization. Our automation initiatives proven successful at Hey Banco will be implemented at Banregio, delivering enhanced results at scale. Advances in machine learning and generative AI present compelling alternatives to workforce dependent solutions. While primary benefits will materialize in 2026, we expect initial results in the upcoming quarters by developing proprietary technology capabilities. Regional eliminates intermediates and captures full execution advantages. We expect to maintain efficiency around 40%, below 40%, offsetting potential income or expense pressures. Evolving developing platforms reduce coding requirements while accelerating infrastructure deployment. This acknowledging development supports our optimistic outlook as we navigate the environment. We are taking a more prudent approach to provisioning, our cost of risk guidance moving from 0.8% - 1% from the period's 0.7% - 0.9% range. This conservative position ensures we maintain strong asset quality standards with our NPL target remaining as previous guidance. This reinforces our commitment to operational excellence and customer service, strengthening security capabilities and market reach. The combination of these factors leads to adjusting our net income growth expectations between 5%- 10%, down from a previous 10%- 15% guidance, primarily reflecting expected margin normalization as interest rates decline consecutively. Our ROE target moves from 19%- 20% from the previous 20%- 21% range, still representing healthy profitable levels that reflect our disciplinary approach to delivering consistent results in the current environment. We believe this updated guidance provides a realistic foundation for the remainder of 2025 while maintaining our strategic focus on long term value creation and operating excellence. Thank you. We appreciate any questions. Please stand by while we compile our Q&A roster. Our first question comes from Brian Flores from Citi. Hi Team, thank you for the opportunity to ask questions. Maybe a quick question on the guidance updates you just made. The NPL ratio remains stable as you mentioned. You want to be a bit more maybe aggressive on provisioning, more cautious if you will. Can you explain if what you're seeing is an increase on isolated cases? Is this generalized? A bit more color on that would be helpful. A second question on the other line which is growth that you revised. You mentioned lower demand. Is this also coming in particular states, particular segments of the economy? Any color here would be really helpful. Thank you. Yes, Brian, thanks. In terms of NPLs and cost of risk, we expect a very similar next two quarters in general, but specifically in these two lines. NPL, as we have mentioned, we are very sensible for a specific large a loans. They are not concentrated obviously, as almost half of our loan book is related to real estate and the largest loans that we have are real estate related, mainly home builders or a rental for commercial and industrial properties. The largest cases in past due loans are there. There is not a concentration in geography or even the type of builders. Home builders are specific cases and most of them we have. The real estate collateral will be solved in time. It's just a matter. We have just finished two large foreclosures. We have to sell all the flats. These two specific cases are flats in Mexico City, but for the rest are diversified, some Agro, a couple of Agro business, a couple of manufacturing from the large ones. In terms of cost of risk and provisioning, as Manuel mentioned, we are being very prudent. We are following the CNBV methodology with no exceptions. Some of the changes to stage two that you can see in the report also generate provisions. We don't expect a large deterioration or to increase a lot NPLs. I don't know if that was clear about NPLs and cost of risk. Yes, no, super clear. Just following this up, should we expect maybe better NPL creation trends right from going forward? This is basically to match the numbers you put in the guidance. Maybe not better the guidance. Can you put it back, please? We maintain it in 1.8, not because we believe we can reach that. It is maybe 1.5- 1.6 at most for the whole year. Some of them will be a roll off, others will be collected. There are new entrants and some exits. Okay, perfect, understood. On long growth? O n long growth, b asically yes, we have seen due to the uncertainty we have seen less demand in general, in particular in industrial parks. We haven't seen any vacancy or any aggressive cancellation. What we have seen is less demand for new industrial parks in general in the north, mainly Nuevo Leon and states, but the lack of demand for new investments. We see a lot of demand to increase the lines for working capital, but not for CapEx. Yes, capital expenditure s ome of the customers or businessmen explained that they are waiting until all these tariffs and trade are resolved or to see some clarity to new investments. Some of the other customers that have liquidity are paying, that also affects the growth on loans. It's not only the demand for new loans, but also, it's not that they are moving to other bank or competition or some sort of that type of effect. If they have liquidity, they prefer just to prepay their loans. Super clear. Thank you. Thank you to you, Brian. Our next question comes from Olavo Arthuzo with UBS. Hi guys, thank you very much for taking my question. Actually I have two and the first one is related to our margins and the NII that you guys present. We are in the midst of an easing monetary policy cycle in the country. I just want to hear from you an update on the sensitivity to your margins or NII to a 100 bps change in the policy rate. My second question is related to the payout strategy because I just wanted to understand what is the target for capital of the bank because it stood at 14.1% this quarter. I was just trying to understand at all levels should we work with for our capital ratio going forward. Thank you very much guys. In terms of the margin, we still maintain the same sensibility, projecting 13- 14. What we have seen in reality in the last 250 reduction of the policy rate is 14. 14 basis points. It's showing, as we show, the NIM is last 12 months, it looks like it doesn't move. If you do the calculation for the quarterly or even with the CMBB with the monthly, you can see year on year, month of month. The last one available is May. That is basically 14 basis points per hundred. Once it's finished, all the reductions, it should be around that, is stable in terms of a capitalization index or capital strategy. Our risk appetite, our level, internal level for the board and for the risk committee is 12.5. That's our own internal minimum, considering with and without enhancers. We should not expect in any future close time to reach that level above in order to decide the dividend. If you remember, we have decided to split the dividend in two payments, one in April with the General Assembly for the results and then another one in October, November after the board. At that moment, we will decide if it still is as we are planning above 14%. There is still ample room to do it. Also remember that this level is only for regional bank Banco Regional already being capitalized. Hey Banco. Once the migration of customers is approved, it will increase for Banco Regional the capitalization index. That was my follow up, but you already answered, so that's very, very clear. Thank you very much, guys. Thank you. Our next question comes from Ricardo Buchpiguel from BTG. Hi everyone and thank you for the opportunity of making questions. I have two here on my side. During the quarter I understand that Regional' s NIM faced two headwinds, right? You had a change in asset mix because of the increase in Repo's portfolio and also had a reduction in reference interest rates. You have the sensitivity that you just mentioned about changes in the reference rate, right? Still, we saw that NIM remained flat quarter over quarter. I wanted to understand what tailwinds helped to support NIM during the quarter and whether we can expect that going forward. Also, could you provide an update on what we should expect in terms of growth and profitability for Hey Banco in the coming quarters? Thank you very much. In terms of the NIM, as you mentioned, we have been renewing in advance or buying in advance Securities investments. Basically, what we are acquiring, our portfolio is basically two-year sets. Then the Securities investments have helped the NIM and will continue helping to protect the NIM. It is not a hedge, it is basically that we decided to increase the repo business and to do some of the renewals in advance. That's the main reason. Still, the sensibility that I mentioned is very similar once all the reductions finish. By the way, one of the main changes or reasons, as Manuel mentioned, to change the guidance is in margin. If you remember, we were expecting 8.5% policy rate at the end of the year when we did the budget and when we did the guidance, and right now we are expecting a 7.25%. That's the reason, and also it helps the mix. We have been growing, especially autos and leasing. Leasing not so much in this quarter, but the previous quarters have been above 20%. This quarter slowed down, but auto is continuing at about 18%, 16%, and is only fixed rate. Oh, very clear about Hey. We will continue growing the loans to small businesses, also auto. Basically, if you see, the loan growth is coming. We have made a split of auto to differentiate Auto for individuals from Auto for companies. In the business section, you can see the Auto for companies in general, Auto for businesses, and commercial loans as we call in Mexico. There are business loans in general, both simple lines or working capital or revolving lines. Both of them are growing. That's our main focus on loans in individuals. We are growing back a credit card, but not as aggressive as we did two years ago. Mainly focus also in Auto and personal loans in terms of number of customers. As we have been mentioning, we are not focused to do a very large growth, but more profitable growth, both asset quality as well as better balances in deposits. Thank you. Just a quick follow up. We saw that Hey bottom line decreased a little bit quarter over quarter, and the cost of risk also went down. If you could comment what drove this slight reduction in the bottom line, and if you can expect recovery in the bottom line more towards the second half of the year as you keep growing in these more less risky credit lines and grow the portfolio. Thank you. It was partially provisions as well as expenses in between first quarter and second quarter. Yes, expenses on marketing on the second quarter. It is seasonal and we are doing an alliance with Samy Rivers. That is a very well known influencer in Mexico. We are also sponsoring again some music festivals. That's the main difference. Also in provisions, even though the cost of risk year over year or quarter over quarter reduces, we would publish the quarterly one to see the difference. It was higher provisions mainly in credit card and small businesses. What changes to be more concrete on the answer. Yes, we expect it to recover. As Manuel mentioned, we're doing a lot of efficiencies and a lot of automation in Hey Banco. Later on we will do in Banregio. In Hey Banco we'll be shown this next two quarters the efficiencies. Very clear. Thank you. Our next question comes from Ernesto Gabilondo with Bank of America. Thank you. Hi, good morning. Manuel, Enrique, and Alex, thanks for the opportunity. I have three questions from my side. The first one is a follow-up on your NIM expectations. You mentioned that you're expecting interest rates to be at 7.25% by the end of 2025. Where do you see the interest rates next year? Where do you see the interest rates normalizing? My second question is on OpEx. I believe you didn't mention anything related to OpEx. You have mentioned in the past to be around the double digit. If you can give us some color if you still want to open some branches in the second half, that would be helpful. Also, if you can talk a little bit about the promotions that you are doing at Hey Banco, how much of the OpEx is related to that? Any color on OpEx will be very helpful. My last question is on your net income growth guidance. Just wondering how do you see the trends for the earnings growth in the second half. We have seen first half practically flat. Just wondering if we can start to see the double digit earnings growth in the third quarter or do you think it's something that will more likely come in the last quarter when you have a better lending seasonality and when it tends to be the highest quarter. Thank you. In terms of the expectation for the TIIE, even though we haven't started the budget for next year, we expect in general around 6.25% or 6% at most, and we believe that will be a stable rate. We maintain the sensibility maybe for the investment securities I already mentioned. If the rate goes down faster, it will help to defend the margin temporarily for a couple of quarters. That's about normalizing the or policy rate. In terms of OpEx, yes, we expect, as we mentioned since the last quarter, to converge between 10%- 12% growth on the full OpEx line, including both salaries and general operative expenses. We usually don't guide, but it is what we expect, between 10%- 12% of growth for the end of the year. Branches, yes, we will open maybe not the 20 during the next six months, but at least we have more than 10 in process, and the team is focused on the 20, focusing, as Manuel mentioned, on profitability and location where it makes sense. We are not opening branches just for the sake to fulfill a budget. It is where it makes sense, where we forecast that will be more profitable every point, every single point. Maybe for October we will have a more precise number, but right now we're working on 12, and we have eight more on the line. If everything happens legally in contracts as well as in adaptations and construction in time, maybe we could end up with the 20, maybe 16 or 18, but we are not stopping. That will be the summary. We are not stopping the opening of branches, but also we are not rushing. We are selecting very carefully each location. In terms of OpEx of Hey, as I mentioned, some of the promotions and some of the marketing investment, that is not marketing, digital marketing is, as I mentioned, sponsorship and alliances and some promotions. In terms of what we call super cashbacks, we are giving for a short period of time higher cashbacks, 10% in selected merchants. Yes, it is included in the OpEx, but it's not the main reason of the increase. The main reasons are still the branches, the new branches, plus, as we mentioned last time, all the technology investments that were made in the last two years that we are amortizing in these quarters. Excellent, Enrique. Did you ask the last question? Yes, let me. I will open my file. Your question is about the trend, two- digits but barely two- digits. We see it for the fourth quarter, but it will depend on seasonality. As you well said. As you know, the last quarter is a lot of transactions and a lot of loans. It will be the only one where we see two- digit growth. I don't have the projection for the next year. No, super helpful. Thank you very much, Enrique. Thank you to you. Our next question comes from Neha from HSBC. Hi, thank you for taking my question. Could you tell us what is your exposure to the real estate sector, agribusiness, and to the exporters? Sorry, let me open my. To construction for the whole loan book is 23%. Construction and rental property that we consider also real estate because the collateral is real estate is 11%. That should be 33%. I mentioned in a couple of questions a different proportion because I was thinking only on the business loans side. Once you put all the individuals plus Hey plus Auto plus mortgage, it's 33%. 33% to real estate in general, including construction 22% and rental property 11%. For Agro, it's 7%, 6.9%. Exporters is direct exporters only 2% and indirects at another 4%. Okay, these are the segments where you're seeing most of the pressure from tariffs, from the macro environment. Mainly in construction and partially in rental property. Okay, are most of the problems in your view kind of identified? All new originations in the past few months have been more cautiously, or do you believe that in the coming months we could see more problems come up with some of the loans that have been given out already? Sorry, I couldn't understand it. Sorry for the background noise. Have you identified most of the issues in this segment, or do you think more problems, one of cases, could come up in the coming months? Not as big as the ones that we have been talking in these first two quarters. There is always customers in stage two that can move to stage three, but not a specific one that we can identify right now. For Hey Banco, previously I think we talked about loan growth being more than 20%. You just mentioned that you're focusing more on quality versus growth. What kind of loan growth can we expect for Hey Banco for this year, and what will be the main drivers for that? It's around 15%- 20% what we expect, and it's mainly on auto and SMEs. It's mainly small because the largest loan in Hey Banco was MXN $20 million pesos. The drivers are basically our bankers and all the efficiencies that we have done in the credit process. We are automating, fully automating the credit process. The bankers are more for selling, for contacting the customers, for fraud prevention to ensure that the customer exists and it sells what it says, what it sells. After that, all the process is being automated, streamlined. That's why we are focusing more on SMEs. That's it. Last question from my side. You just revised the guidance slightly downwards. Where do you see the most risk of not meeting the new guidance provided? Thank you so much. Enrique and Manuel. In total on growth, that will be loan growth, where there is the highest risk. As I mentioned, if there are still prepayments or the demand doesn't pick up as we expect seasonally, the second semester is always better. That will be the more challenging part because cost of risk right now is 0.91% should remain around, and it's already included in the new guidance. As we have been mentioning, expenses should compare to below 12%, 10% -1 2%. Everything else is in place, and the NIM already considers the policy rate. The only one that is, at least from my point of view, is total loan growth. Very clear, Enrique. Thank you so much, all of you. Thank you. Our next question comes from Pablo Ordóñez from GBM. Hi, good morning. Manuel, Enrique, and Alejandro. Thanks for taking my question. I have a follow-up on your guidance for the loan growth with this new range of 7%- 10%. What are you expecting in terms of the wholesale and the retail banking loan growth? Should we expect a slowdown in the consumer and the auto loans from the digit growth rates that we have observed in the previous quarters? Also, can you comment on the competitive dynamics that you are observing? Some other banks are mentioning that they are looking to grow their portfolio by taking market share. How are you seeing the competitive dynamics? Are you seeing some pressure on your spreads for the commercial loans? Any color on this will be very helpful. Thank you. Okay, as I answer to Neha, basically our main concern is in wholesale. We expect exactly what it says, the total loan growth 7%- 10%, and this, as it is the largest portfolio, is the one that will drive the whole growth for businesses, small businesses, and in general consumer. We still expect mid-teens, between 15%- 20% growth. We see a lot of demand, and in terms of competition, we haven't seen any change in any way. It's not like in other situations when some banks are more cautious or reduce their risk appetite. We haven't seen that. We haven't seen the opposite. Nobody is more aggressive either on growth or price. There are some exceptions in some regions, but it's mainly the drive of the local managers. It's not like a whole bank pushing faster, but at the same time, we haven't seen—well, maybe the only exception is Banamex that for natural reasons, they were in a spin-off last year. This year they are more active, but nothing irrational or that would impact the market. Very clear. Thanks a lot. Our next question comes from Tito Labarta from Goldman Sachs. Hi Tito. Hi, good afternoon. Thank you for the call taking my questions. A couple questions if I can. I guess I'll follow up a little bit on margins. Just to understand the dynamic between loan growth. Since you have the slower loan growth but you maintained the NIM guidance, should the slower loan growth impact NIM in any way? I mean, is that offset just because deposits will also grow less or also because you have the higher repos that kind of potentially offsets any pressure on NIM from slower loan growth? Just to understand if we isolate the impact of loan growth on NIM and any impact that can have. My second question just on fees. Fee growth has remained fairly healthy, growing double digits year over year. Do you think that trend sort of continues? Would that be impacted at all from the slower loan growth? If you could give any color on the outlook for fee income. Thank you. Yes, in terms of loan growth impact on NIM. Yes, it affects but affects positively in terms of the mix. As I mentioned, we still expect a mix for small businesses and consumer. There are higher margins and even though proportionally are still less than 20% of the loan book, they help to increase or to protect a little bit the NIM, and the one that is growing slower than we expected, that is wholesale, are the portfolios that are mainly indexed to TIIE. It helps a little bit, this change, but not that much. It is not to change the 14 basis points of impact. Not in terms of the repo business and deposits. If we don't see the growth as we usually do when we have excess of liquidity, we channel that to the repo business and to buy more investment securities. That could affect a little bit the NIM as the margin is lower. As I mentioned, we have acquired in advance some of the for the next two years investment securities, basically set this, then that should help to not be affected for that not growth and change the deposits from time deposits to the repo business. Okay, that's very clear. On the fee income? In terms of fee income, as you can see in the quarterly report where we split the growth, basically there are some impact on the foreign exchange mainly because the price reduction of the peso or the exchange rate peso dollar. We weren't expecting the reduction. Right now it is below 19 pesos. That affected and has stayed there for the last almost six months. The spread has been reduced and the volume also. That is one line where we don't see very big increase. We were expecting more than 15%. Right now we're expecting around 10%. The other one is you see like it's mix. We will split it for future quarters. It makes the, it says merchant, and in that line is included both the cards, the credit card fees that we charge, plus the acquiring business. The acquiring business is growing very well and we expect that to be maintained more than 20% year on year. The credit card specifically in Hey has decreased the transactionality and also we have some impact on the exchange rate as the cost of the credit card is denominated in dollars. In general, we expect still double- digit but not above 15% that we were expecting at the beginning of the year. All the other lines are in line of our expectations. Okay, no, that's clear. Very helpful. Maybe just one. On the insurance income, which was down a bit in the quarter but still very strong year over year, should that trend continue also? Yes, if you remember last year around November we signed a 10-year renewal of our alliances with Job and Qualitas, and we have improved our conditions and also we're improving the new sale of insurance. We should see an improvement. There are months that are better because some quarters we have what we call profit sharing. More than profit sharing, really, is that we meet some goals and we have annual incentives. We cannot disclose every single incentive of the deals. What we can say is that we don't have, as used to be the previous agreement, just once in a year, but every quarter we review some goals and we have extra incentives, and the base is still very, very strong. It is mainly, as we have said, related to loans, auto loans. As long as auto loans grow 20%, 18% that is growing right now, we will continue the auto insurance plus the self-buy in the branches and in life. We are growing also pretty fast. Okay, that's very clear. Thank you. Thank you. Our next question comes from Danele Miranda from Santander. Good morning, everyone. Thanks for taking my question. Just a quick one from my side. We noticed your coverage ratio decreased to 140 from over 160 last year. He also mentioned some real estate collaterals. am just wondering how would your coverage look like including those collaterals? Is this new 140 a l evel you're comfortable with going forward? Thank you. Sorry, I don't have the measure included t he c ollaterals we can calculate, but what we can say is that 97% of our loan book has any type of collateral, and out of that, 50% have real estate collateral. Usually, we request 1.5- 1% in real estate related loans, but an exact number of plus collaterals, I don't have it. In terms of feeling comfortable, yes, anything above one, one times is good. As you remember, we follow very strictly the CMBB rules for provisioning for a credit rating, and then after the rating, the provisioning. We don't have anymore as we used to have a goal for coverage ratio, we feel comfortable with 1.4. Yes, and as soon as we solve some of these loans, large loans that we are negotiating or foreclosing either way or restructuring, we expect that to go back at least at 1.5 times the NPLs. Perfect. Very clear. Thank you. Thank you, Daniel. Since there are no more questions on behalf of our senior management, I would like to thank everyone for joining the call, and we look forward to speaking with many of you in the coming weeks.