So we will apply that policy, with a target of 11% or around 11% Tier 1 target. And that is what we are going to proposed our Board of Directors and to the shareholders meeting that we have a target of Tier 1. And then, with that we calculate the dividends, or that we are €“ that we will declare. So, with that I will €“ I would pass to José Humberto to complement my answer and talk about the ROE that you ask.
Jose Humberto Acosta: That is very clear, Juan. I just want to complement. There are additional main drivers for healthy return on equity for the next coming years. The first one is, the fee income growth at a very healthy pace as we mentioned in the previous question. The second one is, you can see a weight in consumer loans bigger. Right now, we have around 24% of our loans in consumers and provide us a very good NII and NIM. And third, as we mentioned in the speech, our funding structure primarily comes from our clients with support the ROE, but the answer are very clear Juan, is very clear.
Tito Labarta: Thanks, Carlos and Jose Humberto. That’s very clear. One quick follow up, just on the capital returns. Given the stock trading below book value, would you consider any buybacks at these levels?
Juan Carlos Mora: We are not allowed to do buybacks in Colombia.
Tito Labarta: Yes. Okay. Thanks.
Juan Carlos Mora: Thank you.
Operator: Our next question comes from Carlos Gomez of HSBC. Please go ahead.
Carlos Gomez: Hello. Good morning, Juan Carlos, Humberto and two questions from me. The first one refers to Banistmo. You have this very large case of the real estate developer. Could you give a bit more detail in terms of the size, what coverage you think is appropriate? You said you have 60% now, where do you want to go? What are your expectations of recovery? And when do you think that the situation will be resolved? Our understanding is that the debt is currently €“ is current, it is pain. When do you think you would have to officially declare it, nonperforming, and when do you think that the situation can be resolved one way or another? And second, follow-up on the capital issue. I mean, just to be bit more clear, you mentioned that your target is 11% Tier 1, you are now at 10. The expectation is that peso might depreciate even more from where we are today. Is there room for a dividend in calendar 2023, or you might have to reserve all the capital? Thank you.
Juan Carlos Mora: Thank you, Carlos. Let me take your first question and José Humberto will take the second after I do some initial comments. Regarding Banistmo and the corporate client that you mentioned, we serve around $50 million for that client. The total outstanding of that client is $250 million. So now with this additional provision, the coverage level, now it’s at 56%. It’s good to have in mind that we have the asset, and the asset, the €“ it’s the value of the asset exceeds the outstanding of the debt. At this moment, that client is in a process of €“ we are working with that client restructuring the debt. So they are not paying at this moment, because we are in that process. That’s why we reserved an additional amount.
