and what to expect for 2022. Let me start by saying that we are in the process of normalizing the provision charge. So, the third quarter was not normal, was very low. We expect the fourth quarter to, eh, have some, eh, non- recurring, eh, charges. So, we will chip in, eh, eh, the cost of risk for 2021 around 2 to one, 2.1%. Also, 2022, we expect, eh, to go towards, eh, a long-term cost of risk for Bancolombia, which should be around 1.8% or 1.9%. You mentioned, eh, Panama inaudible. But even though that we expect, eh, the cycle of normalization in Panama to be a little bit longer, the oher, eh, corporations should perform more in line with what we expect is going to be the cost of risk, long-term cost of risk which, as I said, should be around 1.8% to 1.9%. Eh, your second question, digital strategy and new, eh, competitors entering into the Colombian market, we have been preparing for this for a long time. You mentioned Nequi. Eh, we started Nequi 2015, eh, and now I think we hae the platform that is prepared to compete, eh, face-to-face with, eh, all new fintech entrants to the market. But, it's not just Nequi. What we have been doing is Bancolombia is preparing for this competition in terms of what our, eh, approach offerings, and how we can develop and, and evolve our products to compete, eh, in the market. Remember that, eh, Colombia, eh, has, um, regulated interest rates. We have a cap on interest rates, which is in, in other countries. So, competing in the Colombian market through interest rates is going, it's, it's difficult due to, to caps, and to risk. Eh, risk individuals is not that easy because the, the interest rate, uh, caps, eh, do not, do not allow that. On the other hand, we are also prepared to, eh, compete on the evolution of fees regarding particularly for the purpose of credit cards. As I, I mentioned, we have been preparing for a long time, diversifying our source of income. Eh, competition is, is going to be hard. We, we don't have, we have no doubts about it. But, I think we have been prepared for this for a long time. Thank-you. Thank-you, Yuri. Our next question is, sorry. Our next question is from Andres Soto with Santander. Please go ahead. Good morning. Thank-you. Thank-you for the presentation. My first question is a follow-up, uh, regarding, uh, cost of risk. I, I understand the guidance for the year is, um, 2, um 2.1%. That looks still, uh, pretty conservative considering that during the first, uh, nine months of the year, you, you had about 1.6%. So, that implies, uh, 2.5%, uh, cost of risk for the fourth quarter. And when I, um, when I look at, um, your numbers for, uh, this year, um, the quarter, sorry, and I normalize the, the cost of risk, uh, by the provision of releases that you had, uh, apparently what, you, you should have had is about, around 1.5%. So I'd like to understand why, why are you still conservative about, uh, the cost of, of risk, uh, expectation for, for the rest of this year? Thank-you, Andres. Let me, let me elaborate a little bit more on the, on the cost of risk and what we expect. If we annualize the cost of risk, eh, for the last 12 months, eh, it's 2.2%. And I know we have, eh, fourth quarter of 2020 in that calculation, which, eh, was, was very high. But, what we are expecting for the 20- I'm sorry, for the fourth quarter of 2021, eh, is there are some, eh, issues that are going to relieve some provision. For example, we need to assess if we need to recalculate the growth of the economy in order to introduce that number to the, to the models. But also, if, in a more normalized way, at some point it's going to reflect the, the real situation of the, of the economy, in a sense, of how the clients are, really are. We have also Panama. Eh, remember that the, eh, mark of independence September 30th in Panama, so fourth quarter, eh, is going to be, eh, probably higher provisions from Banistmo, which will, will reincorporate on, on, on that balance sheet. So the fourth quarter is going to be a mix of, eh, provisions releases, and also we need to add provisions. So that's why we have been conservative in the sense that provision charges for, or the cost of risk, I'm sorry, for the whole year should be around, eh, 2%. It could be less. It depends at the end of the performance of the clients during the, eh, fourth quarter in which, as I said, if it's more normalized and we start to see all those customers that we restructured, however, are going to pay. So, maybe we are a little bit conservative, but that's because there's still uncertainty in hos the fourth quarters is going to, is going to be in terms of, of, eh, of payments inaudible. Okay, Juan Carlos. My, my second question is regarding your loan growth expectations for, uh, 2022. You say that, uh, you're expecting a GDP growth for Colombia of 3.6%. So I would like to, to see what, what are your thoughts in terms of how this translates in terms of, uh, loan growth, uh, next year. And bases on this and our cur- current capital location, uh, ratios, how do you feel about your, uh, current, uh, dividend, uh, uh, distribution? Yeah, sure, Andres. Eh, as you, as you mentioned, eh, we expect the activities to grow, to grow around 2.6, 2.7% next, next year. Eh, so that will allow us to have loan growth around 10%, eh, eh, for the year. And regarding distribution, eh, we saw the second half of this year pick up with the growth of retail loans. Eh, and also, eh, in the third quarter, commercial loans started to, to pick up again, to grow. So, regarding distribution, we are very focused on FMEs, and, um, we expect that segment to grow faster. Those are commercial loans even though they control more of, uh, repayments in terms of, eh, eh, risk, but also in terms of, of the income that they generate. So we won't expect a, a dramatic change in distribution of the, eh, of the, eh, the loan book in terms of commercial and, and, and retail loans. Retail loans could grow a little bit higher, but, as I, as I said, it's not going to affect the market di- distribution of, eh, of the loan book. That, that's okay, Juan. What I, what I meant by distribution was dividend distribution. If you, do you expect, you know, your current- crosstalk Yeah. Thank-you. I am so sorry, Andres. Of course. So you were talking about the distribution of, of, of the, of how the- Oh, I'm sorry. I'm going to talk about dividends. Sorry. Dividends, let me, let me say this. Eh, we have a clear policy of, of dividend distribution.