the minimum regulatory requirements, not only in the consolidated basis but in the standalone operation. The growth of the shareholders' equity takes place because of the good results of this period. We considered that the leverage of the bank is an optimal level, given the current balance sheet risk and asset growth expectations. We have enough capital to support the loan book growth in the upcoming years. On slide 13, we present the liquidity position of the bank. In a consolidated basis we continue operating with a sufficient level of liquidity. Also, this corporate saving and checking accounts represents 56% of inaudible This increase has been compensated with a decrease in term deposits and credits with corresponding banks. As we have mentioned during the call, the economic activity in the loan book are showing better trends quarter by quarter, so we expect to gradually increase the balance in term deposits to support this growth. As a result, and with the expected hikes from the Central Bank, the cost of the deposits may increase. On to slide 14, we present. On slide 14, we present a snapshot of our stand-alone operations. In general terms, the trend through all of the different geographies operated by Bancolombia was similar, stable margins, steady growth of the loan book, increase of expenses, and decreasing provision charges. Over the last years the training the main metrics of the stand-alone operations is positive. The American operations were percent, 28% of profit, but 32% of net income. Now, I want to give you a quick overview of each of the Central American countries where we operate. Let's start with Banco Agricola El Salvador in Guatemala. This quarter, the growth of the portfolio was driven by the consumer portfolio. Each reflects the bank's strategy within the total portfolio mix. Commercial and mortgages also had a good performance in third quarter. The recent charges show the recovery thanks to the improvements in the reigning commercial giants, and in specific divisions. Banco Agricola El Salvador continued consolidated the portfolio growth that is boosting recovery. As an accumulated portfolio grows, both in retail and commercial segments, responding to the dynamics of economic recovery that the country is experiencing. And we ch- also reflect a solid recovery of free income. Finally, inaudible The positive dynamics of loan distribution begins during the second quarter continued and consolidated in the third quarter driven by weakened loans and the reactivation the demand for corporate lines. inaudible positive growth is strategy and a renewed physical assets, making it possible not only relevant increase, but also a change in the inaudible, where savings and checking accounts are being shared, improving the common cost. The bank continues over-performing in other tiers regarding loans and deposits growth. inaudible we see the evolution of margins and net interest income. Net interest inaudible in the 5% area as we were expecting. The rate hike inaudible started in September and we expect the reference rate to close 2022 in 4.25%. This is going to be positive for inaudible but will be reflecting the first couple of quarters of next year. inaudible will continue with the same pace of growth, gradually overcome 2019 fears. These inaudible may be treated like a reduction in the funding cost. We continue using the liquidity in a more efficient way as the dynamic of the establishment improves. Slide 17 shows the evolution of expenses efficiency. Personal expenses, excluding viable compensations, increased 1% in the cumulative figures, year to date. New areas of administrative expenses grew 5%. As a result, operating expenses as of September are 9% up, when compared to the same period of 2020. The main driver for expansion and expenses from 2021 inaudible related to digital transformation. Slide 17 shows evolution of peace. Net fees continue to be one of the most resilient lines inaudible, growing over 10% year to date. Payment and collections, as well as banking services, have added to the strong performance, although fees from inaudible and commercial establishments is the line with the largest contribution, thanks to increasing the volume of transactions the use of the Dutch Islandsinaudible. Slide 18 shows the profitability metrics. During the three first quarters of this year, we have delivered material year on year earnings growth maintaining the pace of investment in digital transformation. Net income for the quarter was 943 billion pesos, and return on equity is 12.7%. Even though provision charges were the main driver of these results, I want to highlight the good performance of the oldest lines of the inaudible such challenging situations, stable margins, steady growth of inaudible. And the fast recovery of the inaudible income. Finally, it is worth mentioning the impact of the tax we file in Colombia, which is inaudible calculation of deferred tax by generating an additional provisional inaudible. Now, I want to turn the presentation to Juan Carlo for the closing remarks. Juan? Thank-you, Jose. We are getting back to normal faster than expected. This quarter we were positively surprised by the bank's results. The country and the economy are doing better. Our clients, too. Bancolombia is ready to perform again with a strong balance sheet, liquidity, products, and services. We are looking forward to seeing you all in our Virtual Investor Day next week, where we will elaborate in a detailed way about our digital strategy. After elaborating on these key topics, we want to open the line for questions. 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 remove yourself from the question cue, please press star then two. If you're using a speaker phone, you may need to pick up the handset before pressing any keys. Once again, if you have a question, please star then one on your telephone. Our first question is from Yuri Fernandes with J.P Morgan. Please go ahead. Hello. Good morning. Uh, congrats on the results and thank-you for, for the opportunity of asking questions. I have the first one regarding the, the asset quality to look for 2022. You already provide some color, un, in the call, but, I guess, the, the indicators, they were good for the quarter, right? And, we were concerned with Panama. Panama data was okay. So, so my question is, what should we expect for asset quality, uh. Is the worst behind? Like, what should be like the normalized level losses for, for the next year? And I have a second question regarding your digital initiatives. I guess Nequi is a very good platform, like when we look to the, to the KPIs, number us users, ratings, Google trends, you know you name it. But we are starting to see some peers, uh, entering, uh, the Colombian market, like some fintechs, some big ones. So, just like a high level view from you, uh, how do you see this competition evolving in Colombia with some players coming? Um, what are the, are the challenges in the market? What are you doing to prepare the company, uh, for those new guys? Thank-you. Thank-you for, Yuri, for your questions. Your first one regarding, uh, asset quality,