Hello, everyone, and welcome to Bladex's Fourth Quarter and Full Year 2018 Conference Call on this 28th day of February 2019. This call is being recorded and is for investors and analysts only. If you are a member of the media, you are invited to listen only. Bladex has prepared a PowerPoint presentation to accompany their discussion. It is available through the webcast and on the bank's corporate website at www.bladex.com. Joining us today are Mr. Gabriel Tolchinsky, Chief Executive Officer; and Ms. Ana Graciela de Mendez, Chief Financial Officer. Their comments will be based on the earnings release, which was issued earlier today and is available on the corporate's website. The following statement is made pursuant to the safe harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. In these communications, we may make certain statements that are forward-looking such as statements regarding Bladex's future results, plans and anticipated trends in markets affecting its results and financial conditions. These forward-looking statements are Bladex's expectations on the day of the initial broadcast of this conference call and Bladex does not undertake to update these expectations based on subsequent events or knowledge. Various risks, uncertainties and assumptions are detailed in our press releases and filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in this communication. And with that, I am pleased to turn the call over to Mr. Tolchinsky for his presentation.

Thank you, Travis. Good morning, everyone. Thank you for joining us today. Before Ana Graciela delves into key aspects of our earnings results for the fourth quarter, I would like to discuss with you the economic and business environment in Latin America, important developments that took place during the quarter and the impact of these events on our perception of risk and financial results. During our third quarter 2018 conference call, we mentioned that the credit quality of our portfolio, cost structure and allowances for expected credit losses set the base to improve our earnings generation capacity. Our fourth quarter results are the first step in that direction. On our last call, we also identified key events that were impacting emerging markets, Latin America and commodity-related industries, namely the effect of higher U.S. interest rates and a strong U.S. dollar, protectionist rhetoric on trade and tariffs from the U.S., along with political and macroeconomic uncertainty and overall lower growth prospects for key countries in Latin America. Some of these trends from the third quarter of 2018 continued into the fourth quarter. In December, the Federal Reserve raised interest rates for the fourth time in 2018, responding to strong U.S. growth, low unemployment and core inflation readings above 2%. Higher interest rates brought about weaker financial market conditions. With 10-year U.S. Treasuries over 3% and LIBOR reaching its highest levels in the last 10 years, equity markets started showing signs of stress. In fact, December 2018 was the worst U.S. stock market performance of any December since the Great Depression. Europe was also showing signs of significant deceleration, which, coupled with a stronger U.S. dollar and weakening commodity prices, led to lower fund flows to emerging markets in general and Latin America in particular. China was also a source of uncertainty…

Thank you, Gabby. Good morning, and thank you for joining our conference call on the fourth quarter and full year 2018 results. I will make reference to the presentation uploaded on our website. First, let me highlight on Page 4, the bank's return to profitability, recording a fourth quarter 2018 profit of $20.7 million or $0.52 per share on the improvement of quarter-on-quarter top line revenues by 13%, mainly on the account of increased loan average portfolio balances and higher fees as well as a normalization of credit provisioning. This result represents a significant improvement from third quarter 2018 results and an increase in quarterly trends, denoting the absence of nonrecurring charges and were relatively stable year-on-year. For the year 2018, profits of $11.1 million reflect impairment losses on financial instruments and nonfinancial assets for a total of $68 million. These impairment losses relate to the bank's credit impaired loans, which we also refer to as nonperforming loans or NPLs. In addition, and to a lesser extent, impairment losses also relate to charges associated to the disposal of obsolete technology, in line with the bank's objective to optimize its operating infrastructure. Now I will refer to the evolution of net interest income and financial margins on pages 5 and 6. Net interest income for the fourth quarter of 2018 increased by 2% quarter-on-quarter to $28 million, mainly driven by a 4% increase in average loan balances and the absence of NPLs interest reversals, partly offset by higher low yielding liquid assets. Year-end liquidity balances were above historical levels as the bank scheduled its funding sources anticipating a potential temporary decline of its deposit base. Although average deposits declined by 12% quarter-on-quarter, this trend was reverted by the end of the year, resulting in a 7% quarter-on-quarter increase. Consequently, liquid balances…

Thank you, Ana Graciela. Travis, you can now open the Q&A session.

Thank you. I did not expect that we were so clear, but thank you very much for joining us today. We look forward to talking to you again in April, and have a good day. Thank you very much, everyone.

Thank you, everyone.