Banco Latinoamericano de Comercio Exterior, S. A. (BLX) Q4 2022 Earnings Call Transcript

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Banco Latinoamericano de Comercio Exterior, S. A. (NYSE:BLX) Q4 2022 Results Conference Call February 28, 2023 11:00 AM ET

Company Participants

Carlos Raad - IR

Jorge Salas - CEO

Ana Mendez - CFO

Sam Canineu - Chief Commercial Officer


Good greeting everyone and acknowledgment for joining our Fourth Quarter 2022 Earnings Call. Before we statesman our presentation, let maine to punctual that definite statements made during nan people of this chat whitethorn represent forward-looking statements, which are based connected management's existent expectations and beliefs and are taxable to a number of risks and uncertainties that could origin existent results to materially differ, including factors that whitethorn beryllium beyond nan Company's control. For a explanation of these risks, please mention to our filings pinch nan U.S. Securities and Exchange Commission and our net release.

Speaking connected today's telephone is our CEO, Jorge Salas; and our CFO, Ana Mendez. Also joining america coming are immoderate of my colleagues from nan executive squad that will beryllium disposable for Q&A.

With this, fto maine move nan telephone to Jorge. Please spell ahead.

Jorge Salas

Thank you, Carlos. Hello everyone and convey you for joining. Today, we will talk our 4th fourth results and return nan opportunity to summarize nan advancement connected nan execution of our first year, of our 5 twelvemonth strategical plan. Let maine commencement by reviewing nan highlights of 2022 and past I will move nan telephone to Ana, our CFO who will explicate nan 4th fourth results successful detail.

Finally, I'll make immoderate closing comments related to nan outlook for 2023, really we're navigating nan existent situation and supply immoderate guidance. Let maine spell consecutive to Slide 3 please. Amid geopolitical tensions, grounds precocious ostentation and a world slowdown Bladex delivered very beardown results. In 2022, we managed to turn our indebtedness book arsenic overmuch arsenic 18% during nan year, summation our margins and support a very robust plus a quality.

Our NII was up 71% year-on-year, nett liking separator accrued almost 40 ground points. And fees, some syndication and missive of in installments fees were up 8% year-on-year. The results, nett income for nan twelvemonth is almost 50% higher than past year, return connected equity is almost 300 ground points higher than past twelvemonth and possibly much importantly nan inclination arsenic we will spot now is very positive.

Behind these results, location is simply a renewed guidance squad that is cautiously executing a good thought retired strategy designed to capitalize nan beardown upside imaginable of our unsocial business exemplary while taking advantage of nan existent macro scenario. Economic activity successful Latin America exceeded our expectations and remained resilient past year.

The region grew almost 4% and overseas waste and acquisition flows reached grounds high. The anticipated and decisive action of Latin American Central Banks, our Class A shareholders allowed a gradual absorption of world shocks. There is nary uncertainty that nan economical activity successful nan region, together pinch tight in installments markets and precocious commodity prices had a affirmative effect connected Bladex's business performance.

Having said that, nan main drivers of nan coagulated financial results for 2022 were mostly nan merchandise of nan execution of our strategical plan.

Moving to Slide 4. Let maine springiness you a little update connected nan advancement of our strategical plan. As I mentioned, during our Investor Day successful November, Bladex has a clear opportunity to summation its profitability without changing nan principle of its business model. Optimizing superior allocation, expanding transverse income pinch interest generating products, automating cardinal processes, expanding our customer deposit guidelines and increasing our customer guidelines without changing our in installments consequence appetite are immoderate of nan avenues for maturation successful nan plan.

Our renewed commercialized squad now headed by Sam Canineu, has been capable to grow our customer guidelines by 29% frankincense far. All of our caller clients person nan aforesaid consequence floor plan that our existent customer base, apical tier corporations successful nan region. Furthermore, 42% of nan mean maturation successful 2022 came precisely from clients that were added during nan year. The commercialized squad was besides capable to capitalize connected our azygous constituent of interaction exemplary and negociate to summation merchandise penetration by 15%. That is 15% of our customer guidelines has now astatine slightest 1 further product.

Moreover, we were capable to summation our firm deposit base, which together pinch a fixed rate, mean word backing that nan slope has been securing things 2020 person been cardinal to mitigate nan effect of liking complaint hikes connected our costs of funds. All of this was imaginable not only because we added caller bankers successful cardinal markets. It was imaginable because we besides streamline our caller customer onboarding processes, reducing caller onboarding clip by 43% and besides redesign our cardinal operational procedures to trim inefficiency, allowing for further transaction volume, which has accrued already 30% complete nan past year.

I'm going to time off it present for now and move nan telephone to Annie, our CFO, who will locomotion you done our 4th fourth results successful detail. Annie?

Ana Mendez

Thanks, Jorge. Good morning, everyone. I americium pleased to coming our quarterly and yearly results starting connected Slide 5 pinch a $31 cardinal profit for nan 4th fourth of 2022, reaching a full of $92 cardinal for nan twelvemonth denoting a 47% yearly increase.

In turn, annualized quarterly ROE has besides been increasing, reaching a level of 11.6% successful nan 4th fourth positioning nan slope for sustained 2 digit ROE. Actual ROE for nan twelvemonth 2022 scope adjacent to 9%, up by 284 ground points from nan erstwhile year. In nan adjacent fewer slides, I will springiness you much colour connected nan main drivers sustaining nan affirmative trends that travel to nan barroom bottom-line and accrued profitability.

Turning to Slide 6. Total assets accrued by 15% connected an yearly ground to $9.3 billion. On nan backmost of beardown 18% maturation successful nan indebtedness portfolio, reaching $6.8 cardinal astatine year-end. Including different $0.9 cardinal successful contingencies, chiefly consisting of nan issuance and confirmation of letters of in installments Bladex commercialized portfolio closed astatine $7.7 billion, an 18% summation from nan erstwhile year.

This beardown maturation successful Bladex halfway business reflects its attraction connected enhancing cross-selling and expanding nan customer base, while taking advantage of nan macro situation successful LATAM pinch accrued economical and waste and acquisition flows activity. The bank's commercialized business is complemented by an finance portfolio, allowing for further diversification of exposures by country, pinch a equilibrium of complete $1 cardinal astatine year-end.

In addition, nan bank's rate and owed from banks mostly placed pinch nan New York Federal Reserve stood astatine 13% of full assets astatine year-end. Following a prudent liquidity guidance nether Basel III standards, arsenic required by Panama's banking regulator.

Turning to Slide 7, you tin spot nan precocious turnover of our commercialized portfolio pinch maturities exceeding 60% of nan full during nan 4th and disbursement for a akin magnitude allowing america to quickly prime up nan trends successful higher lending spreads which we proceed to acquisition for respective quarters now.

As we proceed to attraction connected separator description done optimization of portfolio operation and consequence adjusted returns. Hence nan mean lending dispersed complete nan marketplace guidelines complaint which is mostly suffer for nan 4th fourth stood astatine 2.81% denoting a 66 ground points summation from a twelvemonth ago. The mean long of nan portfolio remains short astatine adjacent to 12 months, pinch 72% maturing wrong nan adjacent year.

As shown successful Slide number 8, our backing building enactment good diversified. Deposits person historically represented an important and resilient root of backing passim economical cycles, while besides being nan astir costs effective one. As of December 31 2022, deposits represented 40% of full funding, 45% of which came from our cardinal slope Class A shareholder, different 39% from our customer banks and corporations, and nan remaining 16% subordinate to our Yankee CD program.

Apart from deposit, Bladex backing comes from respective sources crossed nan globe, including ample readiness of bilateral in installments lines from a wide scope of analogous banks and nan continuous entree to nan indebtedness superior markets arsenic good arsenic nan world syndicated indebtedness market.

Turning to Slide 9. Bladex remains good capitalized, reaching a Basel III Tier 1 ratio of 15.3% and nan Panamanian regulators superior aliases equity ratio of 13.2% astatine year-end. During 2022, Bladex achieved a much businesslike usage of capital, having accrued its indebtedness portfolio astatine higher margins and returns.

As we commented connected our past quarterly call, we saw a deceleration successful indebtedness maturation during nan 4th quarter, having favored separator description complete equilibrium expanse growth, while remaining committed to a sound superior position, a pillar of our business model. In addition, nan Board precocious declared a dividend of $0.25 per stock for nan 4th unchanged from preceding quarters and representing a payout of 29% of 4 4th earnings.

Turning now to Slide 10, we coming nan continued affirmative inclination successful nett liking separator and spreads driving beardown top-line performance. Net liking dispersed representing nan complaint differential betwixt liking earning assets and financial liabilities reached 1.63% successful nan 4th fourth '22. An summation of 20 ground points from nan erstwhile 4th and 37 ground points from a twelvemonth ago, chiefly connected relationship of accrued lending spreads.

In turn, nett liking separator representing nan output of liking earning assets, including nan information financed by nan bank's equity reached 2.11% successful 4Q '22, an summation of 34 ground points from nan erstwhile 4th and of 69 ground points year-on-year, supported by some higher nett liking dispersed and by nan effect of expanding marketplace complaint connected nan wide output of assets financed by nan bank's equity.

Moving connected to Slide 11, we tin spot that nan wide effect of complaint increases connected assets and liabilities supported by higher lending spreads and marketplace rate, arsenic I conscionable stated, was nan logic down astir half of nan $61 cardinal summation successful nett liking income for nan twelvemonth 2022. The different half is attributed to beardown mean in installments growth, chiefly connected nan indebtedness portfolio, which accrued by complete $1.4 cardinal aliases 28% erstwhile compared to nan twelvemonth before, complemented by different $536 cardinal maturation successful mean in installments finance portfolio accompanied by nan related summation successful financial liabilities and a continued prudent and proactive liquidity management.

On Slide 12, interest income from letters of in installments person shown an expanding quarterly inclination passim 2022, resulting successful a full of $14 cardinal for nan year, representing a 16% yearly summation from nan erstwhile year. The different important constituent of interest procreation for nan slope relates to nan structuring and syndication business. Given its transaction based nature, its activity should beryllium analyzed annually alternatively than connected a quarterly basis. So for nan twelvemonth 2022, it besides showed stronger results expanding by 15% to a level adjacent to $5 million.

As shown connected Slide 13, Bladex maintains sound plus value level. Low consequence Stage 1 vulnerability accounted for 98% of nan full in installments portfolio astatine $8.5 cardinal astatine year-end. Accounting for different 1.7% were credits classified arsenic Stage 2 for a full of $147 million, representing intimately monitored credit, which person knowledgeable accrued risk, fees origination, but are still performing.

Finally, Stage 3 aliases impaired in installments represents merrily 0.4% of full vulnerability for a full of $35 cardinal astatine year-end 2022, arsenic we classified caller credit, for a full of $25 cardinal arsenic impaired during nan 4th quarter. Overall, full reserve sum is astir 2 times nan equilibrium of impaired credit.

Total in installments proviso charges for 2022 amounted to $19.5 cardinal related to summation individually allocated allowances to Stage 3 credits arsenic good arsenic to an summation of Stage 1 corporate reserve connected in installments portfolio maturation during 2022.

On Slide 14, we tin spot a affirmative inclination successful nan bank's efficiency, arsenic coagulated gross maturation has consistently overcompensated higher expenses by design. For nan twelvemonth 2022, nan costs to income ratio ratio stood astatine 33% compared to 38% successful nan erstwhile 2 years.

With a attraction connected strengthening Bladex's execution capabilities, disbursal increases, chiefly bespeak a higher net based connected caller hires and a caller capacity based adaptable compensation structure, on pinch different expenses related to strategical initiatives to amended processes and technology.

Let maine time off it present and move nan telephone backmost to Jorge for his last remarks. Thank you.

Jorge Salas

Thank you very overmuch Annie. The macro economical and financial outlook for Latin America is acold from being settled successful balance. We spot 2023 of nan twelvemonth of transition, modulation towards little growth, modulation towards little liking rates and modulation towards a somewhat little ostentation rate, but still supra nan target. Clearly, ostentation is apt to beryllium much persistent than galore expected not truthful agelong ago. The abstraction and timing for turning constituent liking complaint is nan large mobility mark. Our anticipation is that this will hap towards nan extremity of 2023.

Key for nan region and for Bladex is nan truth that constituent waste and acquisition flows that are presently astatine grounds levels will turn an further 2% reaching almost $3 trillion by nan extremity of 2023. That is 37% higher than pre-pandemic 2019 levels. There is nary uncertainty that nan surge successful commodity prices exacerbated by nan Russian penetration of Ukraine is nan main driver of this affirmative waste and acquisition daze for Latin America and peculiarly for South America.

Having said that, while commodity value increases are favorable, intelligibly mediocre GDP maturation and precocious ostentation is not favorable for nan region. In this context, during 2023, we will attraction much connected profitability and little connected growth.

Moving connected to Slide 17, fto maine mentioned a fewer words connected management's attraction for nan year. Unlike past year, we grew 18%. In 2023, we purpose astatine single-digit growth, 3% to 4% accordant pinch a macro trend. We scheme to support subject in installments underwriting standards, arsenic nan existent precocious liking complaint situation poses clear risks, peculiarly for complete leveraged companies, particularly if we coupled that pinch a request shock.

Thirdly, arsenic Annie mentioned earlier, we spot a affirmative inclination successful margins going forward. The slope is presently positioned arsenic plus delicate successful anticipation of further liking rates. Moreover, our frontline successful our treasurer units are focused not only successful optimizing consequence reward lending spreads, but besides making judge that we support increasing our deposit base, which is intelligibly our astir costs businesslike backing source.

Lastly, we are convinced that we request to support making advancement connected process redesign and automation, and enhancing our merchandise offering. As I mentioned before, changes made successful cardinal processes are already yielding bully results. We're moving difficult to complement our merchandise offering pinch treasury and system waste and acquisition and moving superior solutions. This will not only fortify customer relationship, but besides favour our profitability going forward. When we spell into nan past slide, Slide 18, fto maine stock immoderate guidance for nan year.

We expect halfway equity ratios to beryllium strengthened. We are forecasting a scope betwixt 15% and 16% arsenic our maturation will beryllium mean and moreover much profitable than past year. We expect our nett liking separator for this twelvemonth to beryllium supra 2022 levels betwixt 2.1 and 2.4. Net liking separator for Q4 stood astatine 2.1% and that fig still does not incorporated nan afloat effect of higher marketplace rates. Fees will proceed to turn betwixt 8% and 10% mostly from letters of credit, but besides from our syndication desk.

Our ratio target will beryllium astir 2022 levels. That intends 33% arsenic we expect that higher revenues will proceed to offset finance successful process betterment and technology. Last but not least, our return connected equity will apt beryllium connected nan low-double-digits successful statement pinch a longer word guidance that we shared during nan investor time past November. By nan way, nan afloat webcast is disposable successful nan IR conception of our website.

I'm going to time off it present for now and unfastened nan telephone for questions. Operator?

Question-and-Answer Session


[Operator Instructions] We'll commencement pinch nan first matter mobility from Patrick Brown. First of each fantabulous results and congratulations. I person 2 questions. My first mobility is, fixed nan caller proviso concatenation disruptions, and peculiarly pinch China, there's a batch of talk that Mexico has benefited from near-shoring. What are you seeing connected nan ground? Has this represented immoderate opportunities for Bladex?

And past nan 2nd question, gross maturation during 2022 has helped to compensate nan worldly summation successful expenses. But portion of this gross maturation is owed to markets. How are you preparing nan slope for perchance little marketplace script to prolong existent costs to income ratio?

Jorge Salas

Thank you, Mr. Brown for your question. Let maine commencement tackling nan 2nd mobility first. As we person mentioned, nan main nonsubjective of our strategical scheme is to make judge that nan slope has sustainable returns. As we stated connected Investor Day, nan target is mid teens, returns by 2026. And we're intelligibly connected way arsenic you tin see. Bladex stock wallet pinch astir clients is improving but there's still intelligibly a large upside, but a merchandise offering is besides constricted successful arsenic I said, we're moving difficult connected that.

We are processing caller products that will make further spreads and fees and that will compensate for judge for imaginable alteration successful rates. This includes scaling our missive of in installments business, task payments fees, revenues from treasury products, expanding successful our deposit base. That will for judge compensate a alteration successful rates arsenic we make progress. And nan slope summation standard we were for sure, support our ratio and perchance amended it. I person to opportunity having said each this that we do not spot pre-pandemic liking complaint levels successful nan adjacent early for judge not a 0% wherever we that was you know, erstwhile everything started.

In regards to nan 2nd mobility astir near-shoring, short reply is yes, we are starting to spot immoderate business opportunities that we judge are nan consequence of nan first phases of near-shoring, peculiarly successful Mexico, we're seeing companies processing business parks, chiefly successful nan automotive and telecommunications arsenic a matter of fact, I saw coming an announcement that Tesla is considering opening manufacturing accumulation successful Mexico near-shoring for judge will powerfully use ample Latin conglomerates that our clients, astir of our clients person us.

Many of those clients are asking for superior for their investments. So, nan short reply is yes, this should yet lead to accrued waste and acquisition flows betwixt nan U.S. and successful Mexico. And that's nan halfway of our business truthful inevitably will use blacks successful nan agelong run.


Okay, convey you very overmuch for that answer. Our adjacent mobility comes from Mr. Ricardo Vallarino, Individual Investor.

You commented connected nan Investor Day that you group a target size pinch commercialized portfolio of $10 cardinal to $11 cardinal for nan twelvemonth 2026. Recently, you person commented that you expect portfolio maturation to slow down to 2023. Can you springiness america a roadmap connected really you spot Bladex reaching nan investor target?

Jorge Salas

The gait of our maturation is limited successful ample portion because of nan dynamics of nan region. So, we grew much than expected nan first twelvemonth and past we're slowing down a small spot this year, basically, because of nan headwinds and nan economics of nan region that we're seeing now. So, nan $10 cardinal to $11 cardinal target connected our commercialized portfolio is we're measurement connected track. And again, nan gait of nan maturation will dangle mostly successful nan dynamics of nan region, but besides to nan grade that we person further products and a larger customer guidelines arsenic we are getting now.


The adjacent mobility is besides matter question. This is from Mr. Jeffrey Auto from Jeffrey Auto CPA.

Congratulations connected your 4th fourth and afloat twelvemonth 2022 results. I had precocious expectations and you person exceeded them. I do person a interest astir your NPLs. In nan 4th quarter, they grew from 11 cardinal to 35 cardinal pinch nan slope mostly progressive successful waste and acquisition finance. Generally short-term, I'll for illustration to person immoderate colour connected this. Is this consequence of nan bank's changing lending criteria, a mistaken oversight connected nan Company, manufacture aliases state lending activity? Is this a level we should expect to spot pinch nan measurement successful nan slope is doing?

Jorge Salas

Thank you for your question. First of all, in installments underwriting standards person not changed and will not change. We will stay very conservative. We did person an uptick connected NPLs and it's chiefly owed to 1 vulnerability successful particular, is simply a non-banking financial institution successful Mexico. That represents little than 0.3% of our indebtedness book and it's mostly reserved by nan extremity of 2022. We person materially accrued nan sum aft nan Company announced Chapter 11 successful Mexico past November.

So, we're really not concerned astir our exposures successful non-bank financial institutions. That is 1 of lawsuit successful Mexico successful our non-bank financial institutions do not correspond much than 3% of our portfolio, and it's chiefly regulated companies aliases affiliates of financial institutions, and it's chiefly successful Chile. So, we are we are not concerned and not changing our in installments consequence appetite.


Our adjacent mobility comes from Andrea Atuesta from Bancolombia.

I would for illustration to person much colour astir what you were expecting successful NIM and profitability successful nan rates originates to alteration but nan expenses are stable. What will nan strategy to support coagulated margins be?

Jorge Salas

Let maine move nan telephone to, nan mobility to Annie. Do you want to remark connected rates?

Ana Mendez

Sure. Thank you. Yes, our expectations arsenic Jorge already mentioned pinch respect to nan NIM, what we spot is, we still person to spot each nan re-pricing of liking complaint increases successful our assets and liabilities. So, successful nan very short-term, we expect nett liking separator to proceed expanding. Jorge mentioned betwixt 2.2%, 2.4% that depends connected a early fed actions and nan re-pricing that we spot successful our equilibrium sheet.

After complaint increases, dream they travel to a stop. Like Jorge conscionable mentioned successful nan erstwhile answer, we are successful nan process of processing caller building products and tailor-based solutions that will heighten spreads and that's precisely what our 5 twelvemonth scheme is about. So, we do expect is to that to beryllium capable to compensate complaint increases.

And besides arsenic Jorge mentioned, we do not expect that liking rates are going to spell backmost to 0% that we saw astatine nan opening of nan pandemic. So much than normalize liking rates of astir 2.5% to 3% nan fed money rates should stay constant. So, successful our projections for ROE target of meetings, that is decidedly contemplated. So separator description , caller interest generating products and liking rates that successful a normalized level should beryllium astir 2.5%.

Jorge Salas

I deliberation Sam, our Chief Commercial Officer, wants to opportunity if you're worried astir that, too.

Sam Canineu

Yes, I'd conscionable for illustration to reenforce that, moreover though mightiness not beryllium truthful noticeable wrong nan numbers, but a large portion of nan expanding profitability that we face, we past facing 4th aft 4th comes from, well, I would opportunity this caller furniture of business that Bladex has been building that is simply a halfway portion of our caller strategy that comes from, if you heard our Investor Day to nan various types of arbitrage that we were doing, some successful position of clients, financing different countries arsenic good arsenic each nan building waste and acquisition finance, parts, proviso chain, finance receivable, discounts.

And this and that furniture of business person been expanding 4th aft quarter. And that comes pinch nan higher margin. Same arsenic caller clients, caller clients that we've been onboarding, and I deliberation you person nan numbers for past year, we did summation that substantially. And we proceed to build that caller furniture of business, and to build much optionality pinch everything that we do. So, we're not limited connected let's opportunity nan bequest business aliases nan business aliases nan business arsenic usual, that we ever been doing. I deliberation that that is building well. And I deliberation we're correct connected course, pinch what we nan scheme that we presented past year. Thank you.


We person a follow-up mobility from Andrea. How do you expect commissions and fees to behave successful 2023 for syndication letters of in installments business? What is your anticipation of maturation connected this front?

Jorge Salas

Those traditions because they have, they're very different successful nature. The letters of in installments business, again, is portion of nan strategy that we've been doing. First of all, adding caller clients that are specifically doing much this type of business. So, a batch of nan clients that we onboarded past year, they were clients specifically for nan missive of in installments business arsenic good arsenic we've been focusing connected cross-selling letters of in installments business to clients that are only doing lending. And we've been much and much successful connected that.

So, I deliberation that guidance for that business successful peculiar is to proceed to grow. Of course, we dangle connected nan marketplace missive of in installments is very tied to waste and acquisition successful nan region. And if nan waste and acquisition flows reduced of people nan business suffers, but that should beryllium compensated a caller aliases much clients that we're adding some existing clients successful position of transverse waste arsenic good arsenic caller clients. So for nan syndication business, that is simply a wholly different business and that is simply a business that it's really to turn nan business much substantially, it takes time.

Bladex wherever we person a rather beardown captive guidelines of investors that travel on pinch america successful nan astir transactions that we do. But we're besides very observant connected what we waste to nan market. So, it's a business that we are -- we person not been much aggressive. We proceed to do arsenic we did successful nan past, creating solutions to clients that are consenting to salary an other interest for america to fundraise for them, that besides is simply a business bargain to M&A activity erstwhile they require certainty of funds. And we do. I mean, nan marketplace has been slower this year.

What we added that is caller is simply a task finance business that should besides make much building aliases building and fees. So, I expect this twelvemonth to beryllium very overmuch successful statement pinch past year, hopefully, looking to summation nan number, because we deliberation we tin summation nan number, but we dangle connected marketplace conditions for nan syndication business.


Our adjacent mobility comes from Michael Rockman from GBR Consulting.

How is nan guidance and nan committee of board reasoning astir superior allocation pinch dividend being much than 3 times covered and nan banal astatine a important discount to book value?

Jorge Salas

Capital allocation, dividends and each nan alternatives. I mean, including buybacks, imaginable hybrid instrument, that's an ongoing discussion. At nan committee level, we conscionable reported a 15.3 communal equity Tier 1 ratio, which is astatine nan little extremity of nan scope that we person established. We want to run nan banquet ranges betwixt 15 and 16.

As I mentioned, we are committed to a sound superior position. It's a pillar of our business model, and it's a pillar of our finance people rating. I tin opportunity we're focused connected optimizing nan slope superior allocation to support nan maturation of our semipermanent 5 twelvemonth plan. And that will return nan slope to betwixt $10 cardinal and $11 cardinal commercialized portfolio. So, if we're focused connected nan semipermanent target, much than nan short-term.


I'm seeing nary further questions astatine this point. I will now beryllium passing nan statement backmost to nan guidance squad for nan concluding remarks.

Jorge Salas

No, I conscionable want to convey your questions and everybody for joining this call. As I mentioned before, we spot 2023 arsenic a twelvemonth of modulation successful nan region. We committed to profitability and possibly not truthful fierce maturation this year, underwriting standards will not alteration and will attraction connected profitability going forward.

That's what I person to opportunity for now and convey you everybody for connecting.


Thank you very much. This concludes today's convention call. We'll now beryllium closing each nan lines. Thank you and person a awesome day. Goodbye.

Editor: Naga

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