What factors influenced CIB's earnings surprises in 2023?

CIB's earnings surprises in 2023 were influenced by a combination of factors, including: 1. **Provisions and Risk Management**: The anticipation of deterioration in the loan book and the proactive measures taken to manage risk, such as setting a cost of risk target of 2.2%-2.4%, had an impact on the bank's earnings. This strategic approach likely influenced the recognition of provisions, which in turn affected the net income surprise. 2. **Interest Expenses**: The increase in interest expenses, driven by higher average loan balances from new loans like the IFC loan, contributed to the financial results. This financial obligation, when combined with the interest income, shapes the net interest margin and overall profitability. In summary, CIB's earnings surprises were shaped by a blend of risk management strategies, interest income and expense dynamics, and provisions for potential risks. These elements, either directly or indirectly, influence the bank's net income and, consequently, its earnings surprises.