Welcome to Grupo Aval's second quarter 2024 consolidated results conference call. My name is Regina, and I will be your operator for today's call. Grupo Aval Acciones y Valores S.A., Grupo Aval, is an issuer of securities in Colombia and in the U.S. SEC. As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate. The consolidated financial information included in this document is presented in accordance with IFRS, as currently issued by the IASB. Unconsolidated financial information of our subsidiaries in the Colombian banking system are presented in accordance with Colombian IFRS as reported to the Superintendency of Finance.
Details of the calculations of non-IFRS measures, such as ROAA and ROAE, among others, are explained when required in this report. This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as may, will, should, expects, plans, anticipates, believes, estimates, predicts, potential, or continue, or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general economic and business conditions, changes in interest and currency rates, and other risks described from time to time in our filings with the Registro Nacional de Valores, Emisores, and the SEC. Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation, and our knowledge of them, may change extensively and materially over time.
We expressly disclaim any obligation to review, update, or correct the information provided in this report, including any forward-looking statements, and do not intend to provide any update for such material developments prior to our next earnings report. The content of this document and the figures included herein are intended to provide a summary of the subjects discussed, rather than a comprehensive description. When applicable in this document, we refer to billions as thousands of millions. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. With us today are Ms. María Lorena Gutiérrez Botero, Chief Executive Officer, Mr. Diego Solano, Chief Financial Officer, Mrs. Paula Durán, Corporate VP of Sustainability and Strategic Projects, and Mr. Camilo Pérez, Banco de Bogotá's Chief Economist. I will now turn the call over to Ms. María Lorena Gutiérrez Botero, Chief Executive Officer.
Ms. María Lorena Gutiérrez Botero, you may begin.
Good morning, everyone, and thank you for joining us for our second quarter 2024 conference call. I am here with Diego Solano, our CFO, Camilo Pérez, Chief Economist of Banco de Bogotá, Paula Durán, our Corporate VP of Sustainability and Strategic Projects, and other people of the company. Let me start with some key highlights. To better support the execution of our strategy, we are taking actions to renew and strengthen our management team at the first and second level, both at our main businesses and our holding company level. Juan Camilo Ángel resigned as CEO of Banco de Bogotá after three years of service. Gerardo Hernández was appointed as his successor. Gerardo is the former Chief Legal Officer of Banco de Bogotá and previously served as part of the board of directors of Colombia's Central Bank and as Superintendent of Finance.
We also appointed Milena López, replacing me as CEO of Corficolombiana. Milena has over 20 years of experience in the private and public sectors, most recently serving as CFO of Ecopetrol and Tolar. Also, in July, we strengthened our structure at the holding level with the creation of two new corporate vice presidents. The VP of Sustainability and Strategic Projects is now Paula Durán, and the Corporate VP of Financial Assets and Efficiency is now Juan José Ardila. Paula is the program VP of Strategy and Sustainability at Corficolombiana, and Juan is the former Financial Superintendent. They both have more than 20 years of experience in the public and private sectors. I am confident that the personal and professional qualities of our team will continue to strengthen our market position and help achieve our Grupo Aval long-term strategic goals.
Now, I will invite Paula to go over our regional and ESG achievements in this quarter.
Thank you, María Lorena, and good morning to you all. First of all, I would like to congratulate Banco de Bogotá on its issuance of COP 500 billion in sustainable senior bonds. Also, our banks presented the principles of responsible banking reports as part of their adherence to UNEP FI. This implies that all our banks will have plans to report in terms of climate change, gender equality, financial inclusion, and sustainable finance, among others. During this quarter, we received several recognitions for our advances in terms of diversity and inclusion. Grupo Aval ranked sixth in Latin America for its commitments in this area, and Banco de Bogotá ranked first. Corficolombiana was also recognized for its work towards closing the generational gap, and Tolar moved to successfully launch a job site for employability of senior citizens.
As for recent advances in environmental impact, Banco de Occidente celebrated 30 years of the Planeta prize that recognizes initiatives aimed at water preservation and protection. Our road concessions successfully implemented several biodiversity projects in more than 700 hectares, as well as solar energy projects generating significant efficiencies in energy consumption. In terms of our social impact, in addition to the programs implemented by our subsidiaries, we continue advancing in the Misión Águila program.
Up to now, we have benefited more than 340 families. That is 3,500 people with clean drinking water solutions, as well as food security. Finally, I would just like to highlight that at Grupo Aval, sustainability is not just a commitment, it is a core principle that drives our every decision. We are dedicated to building a future where financial strength and social and environmental stewardship go hand in hand, ensuring a positive impact for generations to come.
We continue advancing with determination towards our sustainability impact and goals.
Thanks, Paula Durán. Now, on the macro side, let me mention some relevant issues we have been covering. Inflation continues to trend down. To point out our view of our careful central bank that could raise prices, reducing real interest rates from current levels above 6% and continue to support the banking sector and economic recovery. Economic growth has continued to be slow and investment remains well below its total level. The country's fiscal accounts remain under pressure even after extending cost programs. The government is working on a second wave of spending cuts and considering a tax reform for financing law, including for charges to additional sectors while lowering the general corporate tax rate. Camilo Pérez will further comment on this and share our view on the economy.
Thank you, María Lorena Gutiérrez Botero. Good morning to all attendees. Economic activity has turned out better than expected at the beginning of 2024, with annual growth of 2% so far this year to May, compared with projections between 1.5% and 1.8% for the year. The improvement has been influenced first by the recovery of the global economy, which has been reflected in a better performance of foreign trade. The improvements have been, secondly, in local context, very dynamic in sectors such as public administration, agriculture, recreation, and utilities, especially electricity, have also explained the positive surprise in economic performance. In contrast, more traditional sectors of the economy such as construction, commerce, and manufacturing, maintained contraction rates at the beginning of the year. This is evidence of the current dispersion in sectoral performance. Growth in 2024 is likely to exceed the 0.6% of 2023.
However, it will remain below that of the long term. A slow recovery in investment affected by low levels of confidence for both businesses and households, coupled with still high interest rates, has had a negative impact on the present but has also reduced the outlook for future growth. The soft aggregate investment rate as of March 2024 approached its lowest level since the beginning of the series in 2005, that is 17% of GDP, which will have a negative impact on economic growth in the coming years. Thus, potential growth is now estimated to be between 2.5% and 3%, lower than the pre-pandemic estimate of between 2% and 3.5%. Nevertheless, some modest signs from the consumer suggest that the worst is behind us.
The national employment rate saw an annual increase of just 0.2 percentage points in the first half of 2024 to 11.1%, benefiting from higher public and service hiring, which has compensated to some extent for job losses in sectors that were traditionally the engine of the labor market. In addition, we expect lower rates, also higher purchasing power as wages increase more than inflation and the exchange rates have revalued, and a reduction in the financial burden will allow for a change in the consumption cycle. This has been evident in the positive growth of imported consumer goods in the first half of the year. We have upgraded our estimate of growth for 2024 to around 1.75%, against the consensus just below that level. We will get the official numbers for growth in the second quarter later on today.
In July, inflation resumed its downward trend, falling below 10% after being stuck just above this level during the second quarter. The disinflationary path will continue the indexation of services, especially rents, the potential depreciation of the Colombian peso, and the increase in diesel prices will only allow inflation to reach the central bank's target between 2% and 4% until mid-2025. For the year, our forecast for inflation to trend towards 5.6%. The aforementioned macroeconomic balance has explained Banco de la República's relative caution in its process of easing monetary policy, where in July it completed four meetings with 50 basis point rate cuts. However, given the improvements in inflation and the convergence of expectations to the target, the pace of rate cuts is set to accelerate to 75 basis points soon. Furthermore, the forecast of lower rates at a global level reinforces the above.
For the year-end, we expect the central bank rate to reach 8.75%. In terms of the external accounts, the country has seen a significant adjustment with a reduction in the current account deficit to levels close to 2% of GDP. This can be explained by a combination of lower demand for goods produced abroad, especially inputs and capital goods, while the country has seen greater inflow of dollars from remittances and tourism. In net terms, this situation has resulted in a lower need for dollars, which has provided some support to the exchange rate. The other factors that explain the currency behavior are potential interest rate cuts by the Federal Reserve, the United States election, the recent situation, and lower uncertainty. If rate cuts are delayed, the Republicans will not win the presidency. If this situation continues further and local political norms return, the exchange rate will tend to grow.
For the time being, the aforementioned forces have found a fragile balance that has favored a flat exchange rate with an upward bias in the midst of a recession period in the U.S. On fiscal front, even though the government has straightened out its accounts with a significant spending cut, risks are still present, and compliance with the fiscal rules is at stake, as indicated by the autonomous committee of the fiscal rule. For the remainder of the year, it is necessary for tax collection to meet the established targets and for the government to restrain its spending in order to ease concerns about the sustainability of public finances. In any case, rating agencies are alert to any new development, while the markets are already pricing a lower level for the foreign ratings.
Fiscal risks remain for 2025 due to potential budget financing issues with the need for the approval in Congress of a financing law and an earlier end to the transition period of the fiscal year. As of today, details regarding the financing law are still limited. That sums up our economic view. Thank you. Back to you, María Lorena.
Thank you, Camilo. We strongly believe that a country's recovery needs to be driven by government policies that lead to stronger investment, effective execution, and confidence of the legal environment and physical security. However, we believe that in addition to these foreign efforts, private sector initiatives need acts to recover. We have set ourselves to contribute and support the country's economy recovery by launching a group-wide plan to contribute to sustainable growth and employment generation in key sectors such as SME, housing, energy transition, agriculture, and the popularization of the IoT economy. These sectors have immediate effect on economic activity and employment. We have committed to provide forms of preferential rates to these key growth sectors ensuring a COVID-19 processes. We also continue our ambitious plans of more than COP 1.9 trillion in priority sectors such as infrastructure, gas, agribusiness, and tourism.
Before the end of this very brief update of our results, let me go over the highlights of our financial results. The second quarter saw a stronger loan deposit growth that allow us to continue increasing our market share. Over the quarter, our bank combined growth loans grew 1.8%, reaching a 25% market share by March of this year. Positively, asset quality improved relative to the previous quarter, and operating expenses remained under control. Regarding asset quality, it seems we have finally reached the peak in card losses and the increases of consumer loans. On commercial loans, the increase in the increases has been milder than what could be expected in this cycle. We remain vigilant for potential finance sickness or return defaults.
We are currently designing an ambitious cost energies and efficiency plan, which we will launch over the coming months and expect to provide new details on our following call. Finally, the central bank continues to be resistant to speed up interest rate reductions. We maintain our view that the central bank can cut rate faster, reducing the current and high real interest rates, which have resulted in a lower net interest margin than our initial forecast. Net interest margin on retail loans has benefited from the repricing process of loans. However, the adjustments made by the Superintendency of Finance to the formula used to determine this rate cut have caused a steep decline in credit cards, personal loans, and other high-rate consumer lending products.
On the other hand, net interest margin for commercial loans has been affected by competition, which put pressure on spreads, mainly in the higher trade quality corporate segment. As a result, net income to our shareholders was COP 204 billion, and return on average equity was 4.9%. This result was obtained in the Colombian context of 10 banks out of total of 28, including significant losses of May, the worst figure since 2009. We expect the end of the credit cycle in consumer loans and the recovery of net interest margin will enable the banking sector to return to profitability over the next months. To position our bank for upcoming growth and return to capital, ensure our bank- With this performance in these charts, we are addressing the capital structure of Banco de Occidente, Banco Popular, and Banco AV Villas.
Now, I would like to pass the call to Diego Solano, who will give you details on our report.
Thank you, María Lorena Gutiérrez Botero. I'll start on pages eight and nine with a few charts regarding the growth rate and quality of our loan portfolio relative to the rest of the Colombian banking system. For comparability reasons, these figures are unconsolidated under Colombian IFRS as published by the Superintendency of Finance. On page eight, we continue to outflow our competitors in all loan categories. This quarter, by end of May, year-on-year market share gains are 53 basis points in total loans, 108 basis points in commercial loans, 125 basis points in consumer loans, and 57 basis points in mortgages. On page nine, the quality of consumer loans appears to have begun to improve in the Colombian banking system, but commercial loans and mortgages slightly deteriorated.
As mentioned in the past, our portfolio composition skews towards lower consumer- lower risk consumer products, resulting in a better credit quality than the system average. I now move to our consolidated results as reported under IFRS. Starting on page 10. Assets grew 3.2% over the quarter to COP 317 trillion, accumulating a 6.2% increase year on year. Gross loans are our main assets, reached COP 193 trillion, growing 2.4% during the quarter and 4.8% year on year. An 8% depreciation of the Colombian peso during the quarter had a positive effect on quarter-on-quarter metrics, contributing 1.2 percentage points to quarter growth. Over the year, the peso appreciated 10.7%, having no material impact on growth metrics. Commercial loans and mortgages continued driving our nominal growth, while consumer loans resumed growth following two consecutive quarters of contraction.
Commercial loans expanded 2.9% over the quarter and 5.9% year-on-year, with peso appreciation contributing 1.8 percentage points to quarter growth. Consumer loan growth regained steam at 1.9% increase in the quarter. Retail loans and auto loans grew 1.2% and 2.6% respectively during the quarter, while personal loans and trade cards continued contracting 0.2% and 1.7% respectively during the quarter. Finally, mortgages grew 4.2% on the quarter and 10.8% year-on-year. We anticipate loan growth rates to rise later this year and into 2025 due to a normalization of monetary policy, productivity growth, and improvement in consumer demand. We expect our 2024 loan growth to continue outpacing the banking system. On page 11, we present funding and deposit evolution. Total funding increased 3.4% during the quarter, accumulating 6.8% year-on-year. Deposits account for 3.7% of funding, growing 4.8% quarter-on-quarter and 10.1% year-on-year.
Savings deposits grew 7.3% in the quarter and 13.8% year-on-year, increasing their share of our deposit mix by 169 basis points and 94 basis points respectively over this period. Our deposits to loan ratio increased to 108%. On page 12, we present the evolution of our total capitalization, our Tier 1 regulatory equity, and the capital equity ratio of our banks. Our core equity grew 1.9% in the quarter and 3% year-on-year, while our Tier 1 equity increased 1.6% in the quarter and 1.5% year-on-year. During the quarter we strengthened the capitalization of our banks to position them for stronger growth. Banco de Occidente second quarter ratios reflect $125 million raised in a 4.95% Tier 2 notes issued on May 7th that added 125 basis points to its solvency.
In addition, we recently announced issuances of COP 100 billion in equity and COP 100 billion in subordinated bonds at Banco Popular to strengthen its capital position. Banco Popular's unconsolidated solvency ratio was 12.3% for total solvency and 10.6% for core equity Tier 1. These issuances will add approximately 1 percentage point to our consolidated solvency. Finally, we are also considering a subordinated bond issuance for Banco AV Villas. On page 13, we present our yearly loans price to funds spread and mean. Total mean increased five basis points quarter-on-quarter to 3.4%. Our consolidated minimum loans were stable at 7.3%. New non-core loans to MMLC priced at fixed rates expanded 29 basis points to 5.1%, while new commercial loans to MMLC floated over IBR fell 18 basis points to 3.7%.
The expansion of minimum loans continues to be slow due to higher funding costs in line with shy central banking prevention rate reduction pace. In addition, loan growth has been hurt by a concentration of growth in higher quality, lower rate assets and by changes made by the Superintendency of Finance in the formula used to determine interest rate caps affecting some credit cards and personal loans. We expect that the central bank will have room to accelerate its pace in rate cuts as the year progresses given the positive evolution of inflation, the very high positive real interest rate level, and the recent reduction in the output for years rate levels. This analysis supports our view of loan expansion over following quarters. Finally, continuing with total loan expansion, our minimum deposits increased to 20% in the quarter.
Regarding our banking segment, the consumer loans contracted 9 basis points quarter-on-quarter to 5%, still far below historic levels. This incorporates the newer retail loans that expanded 14 basis points to 5.7%, and newer commercial loans that decreased 39 basis points to 4.4%. The total loan of our banking segment expanded 3 basis points to 4.2%, driven by the same trends impacting our consolidated loan. On pages 14 to 16, we present term loan performance quality ratios. Starting on page 14. The evolution of asset quality points to the end of the credit cycle for consumer loans, with three arranges and three formations featured in first quarter 2024 across all products. Three formations for credit cards and personal loans was the lowest in current quarters. 30-day PDLs decreased to 5.8%, while 90-day PDLs increased to 4.2%.
Consumer loans three formation also on a 30 and a 90-day basis was reduced. Commercial loans and mortgages show mild deterioration over the quarter. The information reflects an improvement in 30-day horizons, and a roll forward to 90 days of a portion of commercial loans that became delinquent since last quarter. Finally, the annualized ratio of charge-offs to average 90 PDLs was 0.64 x. On page 15, the share of our loan performance classified as Stage 1 portfolio decreased slightly in this quarter, mostly driven by a better performance in consumer loans. Coverage measured by the allowance for Stage 2 and three loans as a percentage of Stage 3 and three loans slightly declined in this quarter to 37.4%, with coverage for consumer and commercial loans at 35.9% and 35.4% respectively. On page 16, as anticipated, the cost of risk increased during the quarter.
We expect a positive trend over the following quarters, even in a more favorable local market scenario. Cost of risk net in consumer loans increased 194 basis points to 5.56%. Cost of risk for credit cards and personal loans substantially improved quarter-on-quarter, falling 563 basis points to 9.6%, and 253 basis points to 12.9% respectively. The lower cost of risk in commercial loans incorporates an improvement in risk rating of previously pre-rated corporate clients that have had over time a consistent performance behavior. This explains improvements of 36 basis points in early cost of risk and 61 basis points for commercial loans during this quarter. On page 17, we present net fees and other income. Net fees income decreased 2.2% quarter-on-quarter and 4% year-on-year. Net fees income increased 0.9% and 1.9% respectively in this period.
Net pension and severance fees decreased 7% quarter-on-quarter and increased 7.2% year-on-year due to higher mandatory pension fund management fees. Wealth management fees increased 2.1% quarter-on-quarter and 2.6% year-on-year due to higher transactional volume. Income from the non-financial sector contracted to 4.5% during the quarter, driven by some concessions that are transitioning from a construction phase to operation. Finally, on the bottom of the page, the 30 increase in our operating income is explained by one, the negative FX losses that are negatively correlated with the higher returns from the non-financial sector. Two, net losses on sale of investments and OCI realization associated with fixed income portfolio management. And three, comparison with unusually high fees received by our subsidiaries during the first quarter. On page 18, we present some efficiency ratios.
In line with our cost control efforts, general and administrative expenses increased 10.8% quarter-on-quarter and 1.2% year-on-year. General and administrative expenses increased 2% quarter-on-quarter and 2.1% year-on-year. G&A expenses continue to be driven by operating taxes and deposit insurance that accounts for 38% of total G&A expenses. Cost to assets for the quarter was 2.7%, improving 4 basis points quarter-on-quarter and 9 basis points year-on-year. Our charge to income increased to 54.7%, mainly due to a lower prior operating income described on the previous chart. Finally, on page 19, we present our net income and profitability ratios. Achieved net income for the quarter was COP 204 billion, or COP 8.6 per share. Returning average assets and returning average equity for the quarter were 1.6% and 4.9%, respectively.
Before passing it back to María Lorena, I will now summarize our general guidance for FY 2024 . We expect loan growth between 7.5% and 8%, with commercial loans growing between 9% and 9.5%, and home loans growing between 5% and 6%. Loans in the QMC portfolios area, with minimum loans under 4.5% area. Loans of our banking segment in the 4.5% area with minimum loans in the 5.25 area. Cost of risk net of recoveries in the 2.2% area. Cost to assets in the 2.7% area. Income from the non-financial sector of 80% of that for 2023. Efficiency ratio between 20% and 25%. Finally, we expect our 2024 returning average equity to be between 2.6% and 5%. I now pass it back to María Lorena.
Thank you, Diego. Finally, let me mention that we are focused on sustainable growth and strength.
That are very macroeconomic in nature in the second half of the year into four variables that we see going into 2025. So maybe we have 14.
Thank you. We will now begin the question and answer session. If you have a question, please press star then one on your touch tone phone. If you wish to be removed from the queue, please press star one again. If you are using a speaker phone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press star then one on your touch tone phone. Our first question comes from the line of Julián Ausique with Davivienda Corredores. Please go ahead.
Hi, everyone, and thank you for having me. First of all, I would like to confirm the guidance. Can you tell me, can you let me understand what you are saying? Could you speak a little higher, please? Okay. Can you hear me now? It is better? Let me go ahead, but it is still difficult to understand. Okay. First of all, I would like to confirm the guidance in terms of NIM and ROE. My second question is regarding the impact of Banco Popular due to the equity issuance that was announced yesterday, and what will the participation that Grupo Aval would have to take in that sense. The third question is regarding if you already have any view about 2025 results, so a little bit of what is the call or what are the expectations for 2025?
Could you repeat your first question?
No, could you confirm our guidance?
The ROE guidance is 6.5%, and NIM, as you might remember, we give out two different sets of guidance for the banking segments and then for our consolidated numbers, being that they are also consolidated for Corficolombiana , mainly interest expense and that will be interviewing in intermediation. So NIM of our banking segment is a 4.5% area with NIM loans of the banking segment in the 4.25% area. That implies a NIM of 2.25% area with NIM loans in the 4.5% area. That is your first one. Regarding Banco Popular, the issuance are supported by Grupo Aval, as we planned it in the past. That is what we expect to see. We will be anchoring those or supporting them fully.
Finally, our view on 2025, here we can only be directional as María Lorena Gutiérrez Botero mentioned, and throughout the call, we emphasized we see a positive trend, NIM and cost of risk, and a return to normal numbers from the central bank sometime at the middle of next year. If we had a positive flow results, we have not yet given out a quantitative guidance.
Okay. Thank you.
Again, if you would like to ask a question, press star, then the number one on your telephone keypad. Our next question comes from the line of Nikolai Dimitrov with Morgan Stanley. Please go ahead.
Hi there. Good morning. I have a couple of questions. Apologies, the connection seems to be pretty bad, so I do not know, you might have already answered this, but I have a question about your capital allocation decisions. It became clear that Banco Popular shareholders have agreed to raise COP 100 billion yesterday. Can you walk me through the rationale for that? Because I know that the entity has been struggling for a year and a half, but when I look at capital, it is 18%, 18.2% to be exact. At the same time, this is the strongest or the best capitalized subsidiary within the group. At the same time, there are banks such as Banco de Occidente, whose capital is significantly lower.
I was just kind of wondering about the rationale to raise equity for Banco Popular when it is the strongest capitalized entity within the group, and why not Banco de Occidente? That is the first question. The second one is, I understand that there is also a decision to raise COP 100 billion of Tier 2 capital, again for Banco Popular. I was looking to get an update in terms of where you are in the process of raising the Tier 2 money. Thank you.
Could you go over the first question just to make sure I got it right?
I am sorry, say that again.
Could you repeat your first question to make sure I got it right?
The first question is the rationale for Banco Popular to raise money when optically it looks very well capitalized.
Sorry. Number two. Let me answer first two, and then we can answer the third one. The decision to strengthen Banco Popular is to address, number one, we look not only at the consolidated numbers but also at the unconsolidated numbers. The only bank that there is a material difference between those numbers is Banco Popular, and that is the reason why when I went through the numbers, I will single out for Banco Popular. Then Banco Popular has a combination of two things happening in its cycle. Number one, it is losing money, therefore, it has been destroying capital over several periods. Then we see a very strong potential for growth moving forward.
We are also capitalizing it because we are replenishing part of what was lost in the process. Also, we expect management of the bank to be able to execute a much more aggressive growth strategy that will be requiring that sort of capitalization. Then moving into Banco de Bogotá and Banco Popular somehow, different than Banco Popular because they have been quite profitable throughout the cycle. We will continue strengthening the banks if further required, if demanded by law. At this point, the use of capital seems to be the right amount. As we have done in the past, if we see our banks being able to outflow our expectations, we can go back and review that plan. Could you repeat the question?
Yeah. The second question is regarding 100 billion Colombian pesos of Tier 2 capital for Banco Popular. Where are you in the process of raising the money?
Okay. I think that was the previous question. We are ready to support it internally from the group, so we do not see a market execution risk with that issue.
Okay. Thank you.
There are no further questions at this time. Ms. María Lorena Gutiérrez Botero, I turn the call back over to you.
Thank you. Thank you to you all, to the viewers in this call. As you know, if you have questions, comments in the coming months, you can call us or write us. Until the next call, have a good day.
Thank you, ladies and gentlemen. This concludes today's conference. Thank you for joining. You may now disconnect.