Bolsa Mexicana de Valores SAB de CV

BMV:BOLSAA

Earnings Call Transcript 2022-Q1

[Operator]

Greetings and welcome to the Bolsa Mexicana First Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Ramón Güémez, Chief Financial Officer. Thank you. You may begin.

[Ramón Sarre, executive]

Thank you. Good morning and welcome to Bolsa Mexicana de Valores First Quarter 2022 Earnings Conference Call. Before proceeding, I'd like to provide a brief safe harbor statement. This presentation contains forward-looking statements and information related to Bolsa that are based on the analysis and expectations of its management as well as assumptions made and information currently available at Bolsa.

Such statements reflect the current views of Bolsa related to future events, are subject to risks, uncertainties and assumptions. Many factors could cause the current results, performance or achievements of Bolsa to be somewhat different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in the general economic, political, governmental and business conditions both in a global scale and in the individual countries in which Bolsa does business, such as changes in monetary policies, in inflation rates, in prices, in business strategy and various other factors.

Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary considerably from those described herein as anticipated, believed, estimated, expected or targeted. Bolsa does not intend and does not assume any obligation to update these forward-looking statements.

I would also like to remind participants that today's call is being recorded, and a replay of this call will be available online on April 22 at Bolsa's corporate website, www.bmv.com.mx. During this call, all figures are in Mexican pesos and compared to the first quarter of 2021 unless stated otherwise. This call is intended for the financial community only, and the floor will be open at the end to address any questions you may have.

Joining us for today's call are José-Oriol Bosch, CEO; José Manuel Allende, SVP Capital Formation Markets and Information Services; Roberto González, SVP Post Trade; Claudio Vivian, SVP Technology; Hugo Contreras, SVP Compliance and Regulations; Alfredo Guillén, COO; Jose Miguel de Dios, MexDer CEO; Rosa Crespo, Director of Human Resources; Luis René Ramón, Director of Investor Relations; and myself, Ramón Güémez, CFO.

I would now like to turn the call over to our CEO, José-Oriol Bosch.

[José-Oriol Par, executive]

Thank you, Ramón, and good morning, everyone, and thank you for joining us for the first quarter 2022 earnings conference call. As a reminder of the call format, if you want to ask a question, you need to dial in the number that was provided in the press release yesterday.

First, I will go over the results of each businesses line and the business strategy and then open the line for Q&A. And please, if you can go to Slide 3. I would like to talk about the key financial highlights. As you can see, we have achieved strong results this quarter with good revenue growth across transactional businesses and Information Services as we continue to successfully execute on our strategy for growth and technology transformation.

Once again, we recorded the highest-ever quarterly revenue, highest operating income, net income and EBITDA in the company's history. This shows that the strategy that we are executing is delivering positive results and constant growth.

On the revenue side, the revenue was MXN 1.2 billion, up MXN 167 million or 17% compared to the first quarter of 2021, driven by nonrecurring revenue of MXN 129 million coming from both Indeval and SIF ICAP Chile and a stronger performance in transactional businesses, equity, Derivatives and OTC trading and Information Services. On the expense side, expenses were MXN 449 million, down 1% and well under control, mainly explained by lower personnel expenses and a lower provision for the option to purchase the remaining shares of SIF ICAP Chile, which got extended to 2027.

Operating revenue and EBITDA increased at 33% and 30%, respectively, and net income reached MXN 479 million for the quarter, showing a 26% growth. Furthermore, earnings per share were MXN 0.82, up 27% from MXN 0.64. The EBITDA margin for the period was 66% versus 59% last year. In summary, a quarterly all-time high set of numbers mainly driven by higher client activity, efficiency and cost control.

On next slide, on Slide #4, the revenue by business line in the first quarter of 2022. Bolsa has a well-diversified business model with transactional business lines, equity, Derivatives and OTC, weighting 35% of revenue; Central Securities Depository, also 35%; Information Services, 15%; Capital Formation, 11%; and others, which consist of colocation, infrastructure and [ CMCA school ], 4%.

Revenue growth for the first quarter was 17%, showing nonrecurring revenue in the Central Securities Depository and OTC trading and solid growth in Information Services and Equity Trading and Clearing.

I will go over each business line in the next slides. So in #5, starting with Equity Trading and Clearing. Cash equity trading revenue was 10% higher than the first quarter of 2021. The average daily traded value for the first quarter was MXN 21 billion, up 11%. Investors in Mexico have the option of investing in over 140 local securities and over 3,000 foreign securities. The local market average daily traded value increased 9%, and BMV had a 97% market share. Global market average daily traded value increased 13%, and Bolsa had an 86% market share. Both market shares have been consistent over the time, proving our experience and level of client satisfaction.

As for CCV, clearing revenues increased MXN 2 million because of higher equity trading in the quarter. The difference between the revenue growth in Equity Trading and Clearing is due to the number of cross trades during the period and the changes in the fee criteria for 2021.

In Slide #6, about Derivatives Trading and Clearing, the revenue in MexDer and Asigna was up MXN 1.5 million or 3%, mainly due to higher trading of dollar futures, longer tenor traded of TIIE Swaps and the updated fee schedule for block trades. The average margin deposits were MXN 30 billion in the first quarter, down 22% because of the new risk management methodology for calculating margin deposits, which allows collateral and capital optimization.

We continue working in finding new ways to grow the derivatives market in Mexico. MexDer launched a liquidity provider program with the aim of encouraging electronic trading of listed derivatives, and it is in the authorization process to list options and futures of shadow-listed securities in Mexico given the success of the global market platform or SIC.

In Slide #7, in OTC Trading, SIF ICAP revenue was up MXN 34 million or 20% compared to the first quarter of 2021. SIF ICAP Mexico revenue was similar to last year, and SIF ICAP Chile increased mainly because of nonrecurring tax benefits for MXN 32 million, which were recovered retroactively for the period 2017-2020. This VAT refund has no impact in the variable compensation or personnel expenses.

On next slide, #8, Capital Formation. Listing revenue reached MXN 12 million, up MXN 3 million or 31% due to higher short- and long-term listings, shadow-listed securities in the global market and CKDs. Regarding the debt market, 255 short-term debt issues were placed for an amount of MXN 44 billion, 4% higher versus the first quarter of 2021; and 32 long-term issues for an amount of MXN 21 billion, 100% -- 130% higher versus the first quarter of 2021. Most of the long-term issues were bank-structured bonds, and we continue witnessing a gradual recovery.

Additionally, Lock Capital Solutions issued 3 CKDs for MXN 55 million. Maintenance fees were MXN 113 million, in line with the first quarter 2021 figures. Given the number of listings and amortization in 2021 that generated maintenance fees in 2022, we are expecting a flat year in maintenance fee revenue. As the economy gets back on track, we'll see growth again in this business line in 2023.

On the next slide, #9, the Central Securities Depository. The Indeval revenue was MXN 407 million, up MXN 95 million from MXN 312 million in the first quarter '21, explained by a nonrecurring revenue of MXN 97 million due to the prescription of liabilities in one of Indeval's dollar accounts. Excluding nonrecurring revenue, Indeval reported a similar revenue to the same period of time in 2021. The average value of assets under custody increased 8% and 13% in the local and global market, respectively. The increment in [ TIIE ] offset the decrease in cross-border transaction and global market services versus the first quarter of 2021 since peso-dollar volatility was down and brokers did not need to transfer as many securities to Mexico from abroad.

Additionally, last year, there were unusual movements in some securities, for example, MEME stocks, which generated volatility and trading. Additionally, it is important to highlight that Indeval now allows the electronic issuance of securities for the benefit of all participants in the Mexican financial market by reducing time, digitizing processes and carrying out a faster settlement. During the first quarter, BMV carried out their first electronic short-term debt issuance.

On Slide #10, regarding Information Services. Information Services reported revenues of MXN 176 million in the first quarter of 2022, up MXN 21 million or 14%, mainly driven by demand and new services. And market data revenue was up MXN 19 million because of sales with new international clients, more individual or retail accounts, new services and reference data products and fee increments in some products.

In Valmer, revenue increased MXN 2 million due to derivative valuation services. I believe we are reporting a strong top line, and we will continue executing on our strategy to deliver consistent growth.

Let me now turn to operating expenses in Slide #11. The operating expenses were well under control, down 1% in the first 3 months of 2022 compared to the same months of 2021. Personnel expenses were recorded at MXN 217 million, and it includes the annual salary increments for 2022. The number is down 5% due to corporate restructuring in June 2021.

Technology was in line with the first quarter of 2021 as we continue executing on our technology transformation. Consulting fees were up MXN 5 million due to our regulatory project for segregating post-trade infrastructure and the security operations center for cybersecurity. Both items are ongoing costs incurred from the regulation and security in our business operations.

In other, we have extended the put call option to purchase the remaining 20% of SIF ICAP Chile to 2027. Therefore, we are recording a lower provision. In annual terms, we are expecting to register MXN 15 million in 2022 versus MXN 27 million recorded in 2021. Additionally, as business is getting back to normal, we have started again with promotional activities and events to continue promoting financial awareness in Mexico.

On Slide #12, regarding our projects. Our technology transformation continues as we execute on Bolsa's project plan. Direct custody projects and CCP for bonds continuous pending regulatory approval. In the first one, we want to provide access to the local CSD infrastructure. And in the second one, we will provide clearing services for all of -- all the on-the-run M bonds.

Regarding the new project for 2022, the first 2 projects are regulatory. Post-trade segregation consists of separating the technology infrastructure for Indeval, Asigna and CCV. We are reviewing open-source licenses and performing the right hardware sizings to minimize the debt costs. Regarding the DRP for equity and Derivatives trading, similar to what we have done in the post trade, we need to strengthen and improve our front DRP capabilities. Both projects are in progress.

The next 3 projects on the list are growth projects. We are working with a global third-party provider to deliver agile and high-precision data to perform in-depth analysis by testing a very large amount of data with the goal of attracting funds and algo trading. In Asigna, we are analyzing together with financial authorities and participants, different models to accept securities as margin deposits. In addition to cash, this initiative will increase liquidity in the formal derivatives market and increase margin deposits.

As for the minimum viable product for securities lending, the new platform will allow our clients to negotiate transactions and keep records in an easier and user-friendly manner. All 3 projects are in progress, and we expect to start offering these services in the second half of 2022.

In Slide #13, as a summary, the Mexican Stock Exchange and at the center of Mexican financial market is a vital institution that serves as an engine in the Mexican economy's transition towards sustainable development. It is the fourth consecutive year that BMV participated in the ring the bell for gender equality together with more than 80 stock exchanges worldwide and the second consecutive year that we participated in the global Money Week in our effort to promote financial literacy in Mexico.

As for the financial results, we have delivered a strong set of numbers in the first quarter, and we are well positioned across the financial markets value chain to continue delivering a strong result for all our stakeholders. I am convinced that further technology integration together with new products and services will deliver increased value for our clients. BMV's technological transformation is at the center of our strategy for 2025 to run growth and transform our operations with an efficient, scalable and seamless platform.

Lastly, regarding the annual dividend, BMV's Board of Directors agreed to recommend to our shareholders assembly a dividend of MXN 2.16 per share, which translates into an 80% payout. This dividend will be paid at the beginning of May.

With that, I thank you for your time. And together with my colleagues, we will gladly answer any questions you may have. And on the next slide, we have all the contact information. Thank you.

[Operator]

[Operator Instructions] Our first questions come from the line of Ernesto Gabilondo with Bank of America.

[Ernesto María Gabilondo Márquez, analyst]

I have 3 questions from my side. The first one is on the trading segment. How do you see the impact of a hiking cycle in the equity segment? And also related to the trading segment, do you think that the sale of Citibanamex and the potential issuance of shares from another company to acquire it could be a catalyst for Bolsa's maintenance fees? This is especially in the context of the recent listing of some companies and the fact that Citibanamex transaction could represent an important amount.

And then my second question is on the potential listing of new fintechs or digital banks in the Mexican Exchange. I would like to know your thoughts on what could be Bolsa's strategy to attract those type of companies and to build it in the Mexican Exchange? And then finally, my last question is on how you see Bolsa drivers for this year?

[Ramón Sarre, executive]

Sorry, Ernesto, could you repeat the last question, please?

[Unknown Executive]

Bolsa drivers.

[Ernesto María Gabilondo Márquez, analyst]

Yes. Bolsa's drivers for this year.

[Unknown Executive]

Drivers for growth.

[José-Oriol Par, executive]

Okay. Thank you, Ernesto, for attending and for your questions. Let me start with the first one. You were talking about the hiking cycle and the impact. I personally think that -- and now we already have rates in Mexico at 6.5% and probably, it looks like will continue to increase. However, if we look at the performance of the Mexican Bolsa Index has been better than most of our -- of the other indices in the world.

Last year was quite similar, last year in ballpark numbers. The Mexican Bolsa Index increased 20%, in line with the main indices in the U.S. and in the rest of the world. However, this year, we are seeing the U.S. indices going down as well as most of the indices in Europe and in Asia. However, in Mexico, we have seen a positive trend. We reached a couple of record highs in the Mexican Bolsa Index during the first quarter of this year. And I think that these fees mainly because the Mexican Bolsa is still in terms of -- if we compare -- and you are more expert than I am. But in terms of ratios, et cetera, the Mexican Bolsa looks attractive or cheap compared to most of the Bolsas in the world.

This is good and bad news. This is good news if you are a buyer. But if you are planning to issue -- to have an IPO in the Bolsa, probably you are going to wait to have a better or higher levels. And on the contrary, if the Bolsa remains cheap, maybe this has been anticipating most of the delistings that you are talking about.

And actually, I'm making a bit of history. And now we are talking that the Mexican Bolsa is at record highs, but this is in terms of pesos. If we look at the record high of the Bolsa in terms of dollars, that was almost 10 years ago in 2013, as far as I remember. So -- and was not a coincidence that the Mexican Bolsa in 2013, that was the record high in terms of dollar, had a lot of IPOs. And I think that in terms of dollars, the Mexican Bolsa is probably 25% or something like that, lower than the levels that it reached in 2013.

Having said that, going to the next quarter, you were talking about Citibanamex. And obviously, we are ready. I think that would be very good news for everybody to have the Citibanamex delisted in the Mexican Bolsa, so will be obviously pretty welcome, as already talked about the delistings.

And on the fintech side, we are working and we have been in contact -- very close contact with the fintechs. We have been already participating with other products, not with stocks, not with the IPOs of the stock, but helping some of the fintechs to get financing to some of the products that we already have at the Bolsa. We will continue working with them. I would say that maybe as of today, we do not see one of them with the right size. And some of them that already have the size have been already working with the Bolsa and talking with the Bolsa and with other markets.

The main competitor that we have at the Bolsa is for these big fintechs and for the unicorns that we have in Mexico is the U.S. market. And this has been happening in -- also in other countries, talking about the -- as an example, a new bank had an IPO and was delisted but in the New York Stock Exchange.

So this is something that we are aware. And this is basically because, again, the valuation, the multiples, the ratios that they can get out of Mexico are higher than they are in Mexico. And I do not want to take much more time, but part of the explanation is that in Mexico, we need to continue, and we are also working on that, to continue to increase the participation of the people in the stock market to continue to develop and increase the retail base in Mexico. And for those companies, I think that it would be great to have them either in Mexico or with a dual listing in Mexico and in the U.S. So we are and will continue being very close with them.

On the -- and then the last one, as far as I remember, it was the drivers, right? The main drivers, I think, that -- on the main drivers, and it was mentioned in the presentation, I think that we have a couple of them. We have -- the base is still small, but we have had a good quarter in Derivatives. I continue to believe that in derivatives in Mexico, we have a huge potential. We are working in a couple of projects. We are working in the fixed income market -- in the fixed income government bond market. As you know, this market has been trading [ antiquated ] old-fashioned style and by phone for the -- as the first M bond was issued like 20 years ago.

And we think that -- we think and we share the -- and the financial authorities share the same opinion, but we think that it is time and probably we're already late to move this market to a more sophisticated electronic market that requires CCP for M bonds. So this is one of the projects that we have already been working, I would say, for probably more than a year or 2 years. And now I think that we are pretty close to start with that.

And another one is, as already mentioned on the other, this would be for an additional activity for the CCP in addition to equities to act as a central counterparty for M bonds. And talking about the other CCP, which is Asigna, we are working in Asigna with the -- mainly with the financial -- with the institutional investor to provide some additional services that we think that this is also going to start in the second half of the year. So we continue working and looking for -- those are the, I would say, the projects, but they will continue looking for new projects, new ideas to continue to increase our business.

[Operator]

Our next questions come from the line of Jorge Henderson with Santander.

[Jorge Henderson Cubillas, analyst]

Congratulations on the results. I wanted to ask you about your operating strategy for 2022 on Capital Formation, Information Services and trading. And if you see space for pricing fees increases during this year, considering the current market and competitive landscape. Also, it would be very helpful if you could share with us any guidance you have for EBITDA margin, revenues, expenses or net income.

[Ramón Sarre, executive]

Jorge, regarding our pricing strategy for Capital Formation and trading, I'll let José Manuel.

[José Allende Zubiri, executive]

Jorge, regarding the listing activity and trading fees, we do not see any changes on that segment because of competition on the last 2 or 3 years. Back 3 years ago, we decreased some of the -- those tariffs. Last year, we did -- also, we lowered those fees, but we are not seeing anything -- any reduction again on the future.

[Ramón Sarre, executive]

And on your second question, Jorge, regarding guidance, our Board has agreed for the second year that -- or has instructed us not to give out any guidance. So we're sorry, but at this point, we're not guiding any numbers, either EBITDA or net income.

[Operator]

Our next questions come from the line of Carlos Gomez with HSBC.

[Carlos Gomez-Lopez, analyst]

Three brief questions. First on Banamex. Because it is already a listed and highly regulated company, would it be relatively fast to list it? And what time line would you expect to have if they decided to go ahead with the public offering?

Second, on algorithmic trading, I mean you are making progress. How far do you think you are from your potential? And how big can this become in Mexico compared to the U.S. or Brazil or other countries that have it well developed? And the third one, if you could give us details about your variable compensation scheme. We saw it was quite binary last year, and it changed a lot from 1 quarter to another. Is it going to be the same this year? Will there be a single goal? Or should we expect more even compensation in expenditure over the next 3 quarters?

[José Allende Zubiri, executive]

Carlos, regarding the Banamex, I think if the strategy of the sellers is to do it for the Mexican Stock Exchange [ or ] the public market. And as it will be, I think, a national priority to have it local. The listing could be very, I think, very fast, got some weeks. On the exchange, we are ready and prepared for doing it as we receive, in that case, the filing papers. And that could be really, really fast, I think.

[Carlos Gomez-Lopez, analyst]

Okay. And also, if you can answer the algo trading question?

[Alfredo R. Lara, executive]

Yes. Carlos, in terms of the algo trading facilities that we have at the exchange, we have been pretty competitive in terms of the trading features we have been providing to our clients' clients, which are the algo traders, both the arbitrage traders and the high-frequency traders. We have been delivering new trading facilities to promote a low liquidity -- low-liquid stocks, specifically at the SIC, the global portion of the market.

So we have encountered a big opportunity to give these participants trading facilities to arbitrage, names that are not particularly liquid in the Mexican Stock Exchange but could be liquid in the U.S. So we are pretty confident that in the near future, this portion of the market and this line of business will grow substantially.

Nevertheless, we have been experiencing a lot of participation from institutional investors. So we are prepared to, in any case, to receive orders from these algorithmic clients.

[José-Oriol Par, executive]

Thank you, Alfredo. And if I can also add something, Carlos. I was talking about the natural evolution that we are going to have in Mexico in the fixed income market, mainly in the fixed income government bond trading. And I think this is also a big potential we have, talking about algo trading. Let me tell you why.

Today, we have -- as mentioned, we have a trading that is done by phone. And it is -- with this way to trade, it is impossible to have algo trading. However, once we have that -- we think that is going to happen anytime soon. Once we have electronic trading for M bonds, once we have a CCP for M bonds, I think that this could bring some, in addition to more -- a much higher traded volume, we can start to have some algo trading and arbitrages between the M bonds future contract and the cash market, something similar that you can see in the -- I don't know, in the U.S. market between the cash for U.S. treasuries and the future contract for U.S. treasuries.

So -- and this will bring liquidity, algo trading. And I think that this is also a big potential for also Bolsa and in particular, for the CCP and for MexDer. And I think this evolution happened in Mexico in the cash equity trading more than 20 years ago. In January 1999 in Mexico, we moved the trading for equity from an open outcry to 100% electronic from one day to the other.

In the case of fixed income, it's going to be much more gradual. It's not going to be moving from 100% from one day to the other, but it's going to be gradual. And I think that this is going to bring new traded volume liquidity and business opportunities for -- in particular, for the Bolsa and a lot of advantages for the market players.

[Carlos Gomez-Lopez, analyst]

And to follow up on the -- you are the only player who is preparing for this. This will be the only organized market for trading bonds? Or does your competitor also have a similar setup?

[José-Oriol Par, executive]

No. And we do not want to have that. This is and the regulation even for CCPs is open. However, we do have the advantage of our expertise, talent, technology. So as mentioned for the M bonds, we will not be starting from zero. We will be -- we are modifying our CCP to include debt in addition to equities. For other participants, probably will be a more complicated, and they will have to start from zero.

And on the -- this is on the CCP side. On the electronic trading, I think that the CCP is going to be open for any electronic platform, either local or global, that want to participate in this market. We cannot limit that to one participant.

Something similar of what we have today for the CCV for the Contraparte Central de Valores. The [ CCV ] is providing services to all the exchanges -- stock exchanges that we have or we will have in Mexico. As of today, we have 2, but the CCP is providing services to both Bolsa and BIVA. So I think that since the [ CCV ] for government debt is going to be something similar, providing the CCP services for all the electronic platforms.

[Unknown Executive]

No, one moment. We also have one question on the compensation that is going to answer Rosa Crespo, who is the Head of HR at the Bolsa School and the financial quarter at the Bolsa.

[Rosa Lara Crespo Casas, executive]

Carlos, regarding your question on variable compensation, I would say that it is, for all companies right now, very important to review the total compensation. We are living a very hard time right now with the Great Resignation. So we are very concerned about attract and retain the top talent that we can have here, especially for variable compensation.

I will say that we are working with a compensation committee to review the values and the indicators that we use and to see how we can reflect the achievements that we have in the businesses, so that the variable compensation is [ as at ] the best that we can establish. And probably another thing that I will mention is that we are doing a project with a third-party company to evaluate the compensation for some key roles that we have in the group to see if we are competitive with other financial firms.

[Operator]

[Operator Instructions] Our next question comes from the line of [ Ed Sinergia ] with Suma Capital.

[Unknown Analyst]

I have a couple of them. The first one is related to Asigna. I was wondering if you can give us more color about the margin deposits in the terms of the new methodology. This -- for this quarter, it was slower than in the first quarter of 2021. So I was wondering if this new methodology has an impact on the margin deposit and the reason for a lower number is for that new methodology? The second question is regarding on the projects for 2022. The NBP securities lending, the -- Oriol talked about in the call, could you give us a little bit about the time line or your expectations of going, let's say, live, not necessarily in this pilot period?

[Alfredo R. Lara, executive]

Regarding the margin deposits in Asigna, the new methodology certainly is much better and is what we needed to do and following what other CCPs are doing in the world. And we already knew that it could have an impact around 20% of the margin deposits. The good news is that it was not that big and the deposits -- the margins are much better due to more activity in the market. So if that impact was considered, and we believe that this new methodology also should attract for investors since we now have a benefit and certainly are more accurate in how we calculate the margins required to perform the duty. So that's where we are there.

And what we are working, as Oriol briefly mentioned, is mainly with the pension funds and a regulation that would allow them to provide and -- or Asigna to provide additional services so that we can get more deposits in securities that would allow them to move more activity to Asigna versus the OTC market. Today, pension funds might have more than 90% of the derivatives over the counter. And the idea that some of them that could be -- it could be moved partially towards Asigna. And we're working authorities with also the main participants in the derivatives market. And regarding the NBP, we're working on the project. And we believe that, that should be ready by July this year, so that we should announce it to the market with the new features.

[Unknown Analyst]

Okay. Great. As a follow-up, I think Oriol mentioned that it's going to be an annual dividend of MXN 2.16. Have I got it right?

[Ramón Sarre, executive]

Sorry, an annual what?

[Unknown Executive]

Dividend.

[Ramón Sarre, executive]

Dividend. Dividend, MXN 2.16 per share.

[Unknown Analyst]

Yes. Exactly. Got it. Congrats on the results.

[Ramón Sarre, executive]

That's MXN 2.16.

[Operator]

Thank you. There are no further questions at this time. I would now like to turn the call back over to Oriol Bosch for any closing comments.

[José-Oriol Par, executive]

Okay. Thank you very much. Once again, thanks to all of you for attending, for all your questions. And we will continue, focused on building value for our shareholders and clients. So we [ are ] talking in one quarter. Thank you very much. Have a good day.

[Operator]

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.