Grupo Aval Acciones y Valores SA (AVAL) 2025 Q2 法說會逐字稿

Welcome to Grupo Aval's second quarter 2025 consolidated results conference call. My name is Regina, and I will be your operator for today's call. Grupo Aval Acciones y Valores Groupo Aval is an issuer of securities in Colombia and in the United States SEC. As such, it is subject to compliance with securities regulation in Colomb. And applicable US Securities regulation.

歡迎參加 Grupo Aval 2025 年第二季合併業績電話會議。我叫 Regina，今天我將擔任您的電話接線生。Grupo Aval Acciones y Valores Groupo Aval 是哥倫比亞和美國 SEC 的證券發行人。因此，它必須遵守哥倫布的證券監管規定。以及適用的美國證券法規。

Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval Financial conglomerates. The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Unconsolidated financial information of our subsidiaries in the Colombian banking system are presented in accordance with Colombian IFRS, as reported the Superintendency of Finance.

作為 Aval Financial 集團的控股公司，Grupo Aval 也受到金融監理局的檢查和監督。本文件中所包含的合併財務資訊是根據國際會計準則理事會目前發布的國際財務報告準則呈現的。根據哥倫比亞金融監理局報告，我們在哥倫比亞銀行體系中的子公司的非合併財務資訊是根據哥倫比亞國際財務報告準則呈現的。

Details of the calculations of non-IFRS measures such as ROAA and ROAE, among others are explained when required in this report. This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as may, will, should, expects, plans, anticipates, believes, estimates, predicts, potential, or continue, or the negative of these and other comparable words.

本報告在需要時解釋了非國際財務報告準則指標（例如 ROAA 和 ROAE）的計算細節。本報告包含前瞻性陳述。在某些情況下，您可以透過諸如可能、將、應該、預期、計劃、預期、相信、估計、預測、潛在或繼續等詞語，或這些詞語和其他類似詞語的否定詞來識別這些前瞻性陳述。

Actual results and events may differ materially from those anticipated herein as a consequence of changes in general economic and business conditions, changes in interest and currency rates, and other risks described from time to time in our filings with the [registro Nacional de loss] and the SEC. Recipients of this document are responsible for the assessment and use of the information provided herein.

由於總體經濟和商業狀況的變化、利率和匯率的變化以及我們向國家稅務總局和美國證券交易委員會提交的文件中不時描述的其他風險，實際結果和事件可能與本文預期的結果和事件存在重大差異。本文件的接收者負責評估和使用此處提供的資訊。

Matters described in this presentation and our knowledge of them may change extensively and materially over time, but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward-looking statements, and do not intend to provide any update for such material developments prior to our next earnings report.

本簡報中所述的事項以及我們對這些事項的了解可能會隨著時間的推移而發生廣泛而重大的變化，但我們明確表示不承擔審查、更新或更正本報告中提供的資訊（包括任何前瞻性陳述）的義務，也不打算在下一份收益報告之前對此類重大發展提供任何更新。

The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description. When applicable in this document, we refer to billions as thousands of millions. (Operator Instructions)

本文檔的內容和其中包含的圖表旨在提供所討論主題的摘要，而不是全面的描述。在本文檔中，當適用時，我們將十億表示為數十億。（操作員指示）

With us today are Ms. Maria Lorena Gutierrez Botero, Chief Executive Officer; Mr. Diego Solano, Chief Financial Officer; Ms. Paula Duren, Corporate VP of Sustainability and Strategic Projects; and Mr. Camillo Perez, Banco de Bogota's Chief Economist.

今天與我們一起出席的有首席執行官瑪麗亞·洛雷娜·古鐵雷斯·博特羅女士、首席財務官迭戈·索拉諾先生、可持續發展和戰略項目公司副總裁保拉·杜倫女士以及波哥大銀行首席經濟學家卡米洛·佩雷斯先生。

I will now turn the call over to Ms. Maria Lorena Gutierrez Botero, Chief Executive Officer. Ms. Maria Lorena Gutierrez Botero, you may begin.

現在我將把電話轉給執行長瑪麗亞·洛雷娜·古鐵雷斯·博特羅女士。Maria Lorena Gutierrez Botero 女士，您可以開始了。

Thank you very much. Good morning, everyone, and thank you for joining us for our (technical difficulty) for 2025 conference call.

非常感謝。大家早安，感謝大家參加我們 2025 年（技術難題）電話會議。

I am here with Diego Solano, our CFO; Camilo Perez, Chief Economist of Banco de Bogota; and Paul Duran and corporate VP of Sustainability and Strategy.

與我一起在場的還有我們的財務長 Diego Solano、波哥大銀行首席經濟學家 Camilo Perez 以及公司永續發展與策略副總裁 Paul Duran。

Let me start during the first half of the year we reach a net income of COP856 billion, 1.7 times higher than in the first half of 2024. Net income for the choir was COP494.9 billion, the highest quarter figure in three years, growing 37% over the quarter and 142% over the year. Results of our banking segment continue consolidating positive trends in core business methods.

首先，今年上半年我們的淨收入達到 8,560 億哥倫比亞比索，比 2024 年上半年高出 1.7 倍。合唱團淨收入為 4,949 億哥倫比亞比索，為三年來季度最高數字，環比成長 37%，年增 142%。我們的銀行部門業績持續鞏固核心業務方法的正面趨勢。

Our net interest margin reached the 4% level in for the first time in three years with our consolidate NIM on loans at 4.5%. This level of NIM (inaudible) is to that we have in the third quarter of [2022].

我們的淨利差三年來首次達到 4% 的水平，合併貸款淨利差為 4.5%。這一水準的淨利差（聽不清楚）與我們在第三季的水準相當。[2022]

At that time, the average central bank is put at 8.83% relative to this quarters average of 9.33%. The cost of risk for the quarter was 1.7%, and the year were 4.81%, the lowest level since the first quarter of 2023.

當時，央行的平均利率為 8.83%，而本季的平均利率為 9.33%。本季風險成本為1.7%，全年為4.81%，為2023年第一季以來的最低水準。

(inaudible) grew 3.2% year-over-year while deposit grew 6.8%. Long growth dynamics have been suffered than we initially anticipate. However, activity has picked out in June and July. Our banks deployed plans to support the flow during the second half of the year, particularly in commercial loans, working, sorry, closely with a banker in (inaudible).

（聽不清楚）年增 3.2%，而存款成長 6.8%。長期成長動力受到的影響比我們最初預期的要大。然而，六月和七月的活動已經活躍起來。我們的銀行製定了計劃，以支持下半年的資金流動，特別是商業貸款，並與一位銀行家密切合作。（聽不清楚）。

During the quarter, our investments for (inaudible) perform wealth, driving an expansion in investments. The performance of (inaudible) stabilization reserve positively contributes to the first results.

在本季度，我們對（聽不清楚）表現財富的投資推動了投資的擴張。（聽不清楚）穩定儲備的表現對第一批成果做出了正面貢獻。

Now, regarding the progress of our strategic priorities, I'd like to highlight a few area. Our banks have continued working on improving their deposit mix to our retail funding. The share of peso denominated deposits held by individuals improved during the quarter from 16.7% in the first quarter of this year to 18.2% in the second quarter of 2025.

現在，關於我們策略重點的進展，我想強調幾個面向。我們的銀行一直在努力改善其對零售融資的存款結構。本季個人持有的比索存款份額從今年第一季的 16.7% 上升至 2025 年第二季的 18.2%。

Regarding the the payment business, we continue complimenting our offer of products and services to individuals and companies to go payment. Recently authorized by the Superintendency of Finance as a low value payment management entity both for instant payments and traditional payments.

關於支付業務，我們繼續向個人和公司提供支付產品和服務。最近被金融監理局授權為可進行即時支付和傳統支付的小額支付管理實體。

This will allow us to accelerate the design and go to market to buy other products for our foreign and potential costs. We are on the track to adopt in, the central bank instant payment system when it starts operating in September.

這將使我們能夠加快設計並進入市場以購買其他產品，而無需承擔國外和潛在成本。我們正按計劃在九月採用中央銀行即時支付系統，該系統將於九月開始運作。

We have already been certified but to use keys in the centralized directory and in process to be certified by for transaction settings. On the senior design efficiencies prone, we conducted an analysis of the potentially between the processes of group power entities.

我們已經獲得認證，但要使用集中目錄中的金鑰，並且正在等待交易設定的認證。在高層設計效率易受影響的情況下，我們對集團權力實體之間的流程潛力進行了分析。

As a result, the first wave of implementation will continue through the second half of the year, focusing on seven key areas, procurement, talent attraction and selecting, payroll management, property management, facility management, physical security, and physical challenge management.

因此，第一波實施將持續到今年下半年，重點在於採購、人才吸引和選拔、薪資管理、物業管理、設施管理、實體安全和實體挑戰管理七個關鍵領域。

In the procurement front, we implemented the procurement synergy center which seeks efficiency, economies of scale and a more competitive and sustainable value chain. This center will operate on a spending base of COP4.3 trillion, 4,200 countries, and 16,000 (inaudible) We expect to capture the efficiencies that will result in initial savings more than 10% of a COP2.1 trillion manageable spending days and a reduction in contracting time of 40%.

在採購方面，我們實施了採購協同中心，追求效率、規模經濟和更具競爭力和永續性的價值鏈。該中心的支出基​​礎為 4.3 兆哥倫比亞比索，涉及 4,200 個國家和 16,000 個（聽不清楚）我們期望提高效率，從而在可管理的支出天數中實現 2.1 萬億哥倫比亞比索的 10% 以上的初始節省，並減少 40% 的簽約時間。

(inaudible) attraction and selection, we will build a talent management center for report which will allow us to attract the best talent accelerate onboarding processes and promote internally.. As a significant milestone, next month, we will launch a digital employment platform that will become the largest job opportunity portal in the country.

（聽不清楚）吸引和選拔，我們將建立一個人才管理中心，這將使我們能夠吸引最優秀的人才，加快入職流程並在內部進行推廣。作為一個重要的里程碑，下個月我們將推出一個數位就業平台，該平台將成為全國最大的就業機會入口網站。

Integral management, centralization will not only generate operational efficiencies, but also allow us to deploy people analytic practices across the board. This will give us an integrated view of talent, facilitate the identification of trends at the corporate level and improve data driven decision making.

一體化管理、集中化不僅能提高營運效率，還能讓我們全面部署人員分析實務。這將使我們對人才有一個綜合的認識，有助於識別公司層面的趨勢，並改善數據驅動的決策。

With this, we will be able to anticipate risks such as talent attrition, risking and killing needs or drops in productivity among others. This has already been implemented (inaudible) and will be rolled out during the year to to our other three Colombian banks.

這樣，我們將能夠預測人才流失、風險和需求喪失或生產力下降等風險。這項計劃已經實施（聽不清楚），並將在今年內推廣到我們的其他三家哥倫比亞銀行。

Now I will invite Paula to go over over our energy achievements for this work. Paula?

現在我請 Paula 來回顧我們在這項工作中所取得的能源成就。保拉？

Thank you, Maria Lorena. This further (inaudible) made significant progress in advancing our energy agenda. We updated our total materiality assessment with input from 280 stakeholders, identifying 10 priority topics including economic development, cybersecurity, innovation, sustainable finance, corporate governance, social impact, and climate change. Annual goals in these areas are now under review to ensure full alignment with our strategy.

謝謝你，瑪麗亞·洛雷娜。這進一步（聽不清楚）推動了我們的能源議程取得了重大進展。我們根據 280 位利害關係人的意見更新了整體重要性評估，確定了 10 個優先主題，包括經濟發展、網路安全、創新、永續金融、公司治理、社會影響和氣候變遷。目前正在審查這些領域的年度目標，以確保與我們的策略完全一致。

In terms of corporate governance, we have significant developments. For the first time, we held a joint meeting with the Board of Directors of (inaudible) and its subsidies. The event brought together more than 130 directors for two days in May to address global and local challenges, share perspectives, and foster collaboration.

在公司治理方面，我們取得了重大進展。我們首次與（聽不清楚）董事會及其子公司舉行了聯席會議。該活動於 5 月舉行，為期兩天，聚集了 130 多名董事，共同探討全球和地方挑戰、分享觀點並促進合作。

A key milestone during the event was the launch of the (inaudible) Board of Directors guidelines, a guidance framework for good governance, stating principles regarding the roles of board members, effective and efficient board management, and board evaluation. We also updated our corporate policies, guidelines and codes aligning them with international standards and best practices in corporate governance.

活動期間的一個重要里程碑是（聽不清楚）董事會指南的發布，這是良好治理的指導框架，闡明了有關董事會成員角色、有效和高效的董事會管理以及董事會評估的原則。我們也更新了公司政策、指南和準則，使其與公司治理的國際標準和最佳實踐保持一致。

These updates we enforce and compliance with Colombia's regulatory framework and be a firmer commitment to ethical, transparent and sustainable management. They also send clear messages to our entity regarding the minimum standards expected in their years [each month].

這些更新使我們執行並遵守哥倫比亞的監管框架，並更加堅定地致力於道德、透明和永續的管理。他們也向我們的實體發出了明確的訊息，說明他們年度的最低標準[每月]。

In environments, our entities advanced in implementing the TCF framework supported by global consultancy ERM enabling stronger climate risk management and target states. We also expanded sustainable mobility initiatives with over 5,700 employees adopting low emission transport, avoiding 300 tons of fuel to emissions.

在環境方面，我們的實體在全球顧問公司 ERM 的支持下推進了 TCF 框架的實施，從而實現了更強有力的氣候風險管理和目標狀態。我們也擴大了永續交通計劃，超過 5,700 名員工採用低排放交通方式，避免了 300 噸燃料的排放。

In terms of social impact, we foster collaborative action in the municipality of (inaudible) joined efforts to promote sustainable tourism, education, and sports while that was that. The financial education initiative possibly impacting nearly 500 community members.

在社會影響方面，我們促進市政府的協作行動（聽不清楚）共同努力促進永續旅遊、教育和體育。這項金融教育計畫可能影響近 500 名社區成員。

In addition, we continue delivering on our commitments under [theicio La Guajira] initiative. With six new water purification plants reaching a total of 81 communities now benefiting from social energy solutions. We also enabled free internet zones and announced new strategic partnerships with Colombia, providing free connectivity to over 70 communities, the government of La Guajira National Civil Registry, and UNICEF among owners.

此外，我們將繼續履行[theicio La Guajira]倡議下的承諾。目前，共有 6 座新的淨水廠涵蓋了 81 個社區，這些社區受益於社會能源解決方案。我們也啟用了免費網路區，並宣布與哥倫比亞建立新的策略合作夥伴關係，為 70 多個社區、瓜希拉國家民事登記處政府和聯合國兒童基金會等業主提供免費連線。

This quarter was participated in which trade, the largest diversity and in Latin America, offering more than 1,000 job opportunities and contributing to the academic agenda with the participation of (inaudible) leaders and HR teams from our entity.

本季參與了拉丁美洲最大的貿易、多樣性，提供了 1,000 多個工作機會，並在我們實體的（聽不清楚）領導和人力資源團隊的參與下為學術議程做出了貢獻。

Our entities will also recognize among the top 10 of the 2025 ranking of inclusive organizations in Latin America by the Chamber of Diversity. We remain committed to ensuring that ESG is not just a component of our strategy, but a driver of the long term value creation for our stakeholders. Thank you.

我們的實體也將被多元化商會評選為 2025 年拉丁美洲包容性組織前十名之一。我們始終致力於確保 ESG 不僅僅是我們策略的一個組成部分，而且是為我們的利害關係人創造長期價值的驅動力。謝謝。

Thank you, Paula. Now, on the macro side, let me share some relevant developments during this course. High frequency data indicates that in the second quarter of the year, the Colombian economy continues to perform positively, driven by increased household demand. The main factoring growth, you mean public administration, entertainment, and commerce.

謝謝你，寶拉。現在，從宏觀角度來說，讓我分享一下這一過程中的一些相關發展。高頻數據顯示，今年第二季度，在家庭需求增加的推動下，哥倫比亞經濟持續表現良好。主要的成長因素是公共管理、娛樂和商業。

For this year, we expect the economy to grow by 2.7%. Inflation reached 4.9% in July 2025, driven by service prices as indexation is still high in rents and other services are pressured by the elevated increase in minimum wage.

我們預計今年經濟將成長2.7%。2025 年 7 月通貨膨脹率達到 4.9%，這是由服務價格推動的，因為租金指數仍然很高，而其他服務則受到最低工資上漲的壓力。

We estimate inflation that inflation will close this year around 4.9%. Despite the positive inflation outlook, the country's fiscal outlook was given the central bank's policy rates (inaudible). In July, the Central Bank offered to keep rates and change at 9.25%, maintaining a cautious stance due to both external and internal risk.

我們估計今年通膨率將接近4.9%左右。儘管通膨前景樂觀，但該國的財政前景受到央行政策利率的影響（聽不清楚）。7月份，央行決定將利率和匯率維持在9.25%，由於外部和內部風險，央行保持謹慎立場。

We expect the Central Bank's rate in 2025 at 8.5%. However, recent information will imply an upward pressure on this figure. The biggest challenge facing the economy is fiscal sustainability. In June, the government triggered this close of the fiscal rule and raised its fiscal deficit estimated to 7.1% for this year, 200 basic points above the original target that was 5.1%. Our estimates point towards a fiscal deficit closer to 8% of GDP.

我們預計2025年央行利率為8.5%。然而，最近的資訊暗示這一數字將面臨上升壓力。經濟面臨的最大挑戰是財政可持續性。今年6月，政府啟動了這項財政規則的關閉，並將今年的財政赤字預計提高至7.1%，比原定目標5.1%高出200個基點。我們的估計顯示財政赤字接近GDP的8%。

We anticipate further and short term rates to stem from the Ministry of Finance liability management operations and underlying pressures on long-term interest rates to (inaudible) in the upcoming months. Despite raising political noise in the pre-election year, we remain confident in Colombia's economic resilience and encourage the business sector to stay focused on executing their strategy.

我們預計，未來幾個月，財政部的負債管理作業將進一步推高短期利率，並對長期利率造成潛在壓力（聽不清楚）。儘管選舉前一年政治噪音不斷增加，但我們仍然對哥倫比亞的經濟韌性充滿信心，並鼓勵企業界專注於執行其策略。

Camilo, welcome. Camilo, will now elaborate on our economic outlook.

卡米洛，歡迎。卡米洛現在將詳細闡述我們的經濟前景。

Thank you, Maria. Good morning. In the second quarter, household consumption continues to be the main driver of growth for the global economy. Despite growing domestic and external uncertainty, consumer confidence reaches the level in three years, a situation that has supported domestic demand. This increasing household confidence has been supported by the strength of the labor market for the unemployment rate which is lowest level in almost 20 years.

謝謝你，瑪麗亞。早安.二季度，居民消費持續成為全球經濟成長的主要動力。儘管國內外不確定性增加，但消費者信心仍達到三年來的水平，支撐了國內需求。勞動市場的強勁成長支撐了家庭信心的增強，失業率目前處於近 20 年來的最低水準。

Further more, alternative sources of income are trend remittances which are have record high in the second quarter while coffee and tourism exports continue to rise. In addition to higher incomes, household demand is now being leveraged by credit, which for the first time since 2023 grew during the second quarter.

此外，替代收入來源是趨勢匯款，其在第二季度創下歷史新高，而咖啡和旅遊出口持續成長。除了收入增加之外，家庭需求現在還受到信貸的拉動，信貸在第二季度實現了自 2023 年以來的首次增長。

In this context, the best performing economic sectors continue to be those most dependent on private consumption, such as commerce, entertainment, transportation, lodging, manufacturing, food services, and finance.

在此背景下，表現最好的經濟部門仍然是那些最依賴私人消費的部門，例如商業、娛樂、交通、住宿、製造、食品服務和金融。

Meanwhile, agricultural supply continued to rise due to our input prices and favorable weather conditions. In fact all other sectors with the exception of mining, construction, all services, experience and (inaudible). In the case of mining and construction, probably the implementation of public policy, key to both sectors, explaining part with performance.

同時，由於投入價格和有利的天氣條件，農產品供應持續增加。事實上，除採礦、建築、所有服務、經驗和（聽不清楚）。就採礦業和建築業而言，公共政策的實施可能是這兩個行業的關鍵，用績效來解釋部分情況。

But construction investment in housing and infrastructure is slagging in the second quarter, imports of machinery and equipment, as well as corporate loans continue to rise, suggesting that the Colombian businesses and meet high domestic demand have modestly expanded their investment plans.

但第二季住房和基礎設施建設投資出現下滑，機械設備進口以及企業貸款持續增加，顯示哥倫比亞企業為滿足國內高需求已適度擴大投資計畫。

Given the favorable context by recognizing the risks and the uncertainty leading up to the election next year, the economic growth of 2.7% is expected for 2025, close to potential level and higher than those recorded in 2023 and 2024.

考慮到明年大選前的風險和不確定性，在有利的背景下，預計2025年經濟成長率為2.7%，接近潛在水平，高於2023年和2024年的水平。

Turning to prices, the inflationary process resumed in the second quarter as inflation fell from 5.1% to 4.8% between March and June. It's lowest level since October 2021. In July, inflation picked up to 4.9% and no significant gains are expected by the end of the year, which is expected to slightly below 5%. Once again, outside the target range set by the Central Bank.

談到價格，通膨進程在第二季恢復，3 月至 6 月通膨率從 5.1% 下降至 4.8%。這是2021年10月以來的最低水準。7月通膨率回升至4.9%，預估年底通膨率不會有顯著成長，預估將略低於5%。再次超出央行設定的目標範圍。

Meanwhile, thanks to gaining inflation and expectations, as well as a more complacent global environment towards emerging markets, the Central Bank cut its interest rate by 25 basis points to 9.75% in April. Accumulated gains in inflation and favorable global financial conditions are expected to give Colombia Central Bank a space to cut interest rates to around 8.50% by the end of the year. Nevertheless, using inflation data and tying upward pressure on, and the Central Bank's boom or rate costs is not broader to the fiscal challenges.

同時，受惠於通膨及預期回升，以及全球環境對新興市場更加樂觀，央行4月將利率下調25個基點至9.75%。預計通膨的累積上漲和有利的全球金融環境將為哥倫比亞央行提供空間，使其在年底前將利率降至 8.50% 左右。然而，使用通膨數據並與上行壓力以及央行的繁榮或利率成本掛鉤並不能更廣泛地應對財政挑戰。

In June, with the suspension of the fiscal rule, the governor realizes that fiscal deficit of 2025 from 5.1% to 7.1% of GDP, and for 2026 from 5.4.3% to 6.2% of GDP, the latter depending on the approval of a tax reform. Even this challenging outlook, Moody's and Standard and (inaudible) lowered the country's credit rating. The most significant decision came from Standard and Poor's, which not only assigned the country the lowest credit rating of the three rating agencies, BB, but also maintained its negative outlook.

6月份，隨著財政規則的暫停，行長意識到2025年的財政赤字將從GDP的5.1%降至7.1%，2026年的財政赤字將從GDP的5.43%降至6.2%，後者取決於稅收改革的批准。即使前景如此嚴峻，穆迪和標準普爾（聽不清楚）還是下調了該國的信用評級。最重要的決定來自標準普爾，它不僅將該國的信用評級定為三大評級機構中最低的BB級，而且維持其負面展望。

Despite the complex (inaudible) between March and June, the exchange rate went from COP4,181 to COP4,100 per dollar. Following the global weakening of the green (inaudible). In any case, the government peso appreciated against the dollar by only 2% compared to an average of 6.5% for major Latin American economies.

儘管 3 月至 6 月期間情況複雜（聽不清楚），但匯率從 1 美元兌 4,181 哥倫比亞比索升至 1 美元兌 4,100 哥倫比亞比索。隨著全球綠色（聽不清楚）。無論如何，政府比索兌美元僅升值 2%，而主要拉丁美洲經濟體的平均升值幅度為 6.5%。

For the remainder of this year, the exchange will be volatile in competing forces and the (inaudible), the country's premium could be affected by fiscal and electoral pressures. Furthermore, with a widening external, the year in exchange rate of around COP4,200 per dollar is expected.

在今年剩餘的時間裡，交易所將在競爭力量和（聽不清楚）中波動，該國的保費可能會受到財政和選舉壓力的影響。此外，隨著外部匯率的擴大，預計今年的匯率將達到每美元 4,200 哥倫比亞比索左右。

Specifically, the current account deficit is forecasted to fall from 1.8% of GDP in 2024 to 3.6% of GDP in [2025] due to a stronger recovery in imports and ethos, both in goods and services where the terms of trade will be affected by lower commodity prices.

具體而言，由於進口和精神面貌更加強勁地復甦，商品和服務的貿易條件將受到大宗商品價格下跌的影響，預計經常帳赤字將從 2024 年佔 GDP 的 1.8% 下降到 [2025] 年佔 GDP 的 3.6%。

This wraps up the macroeconomic outlook. Thank you. (inaudible)

宏觀經濟展望到此結束。謝謝。（聽不清楚）

Thank you Camilo. (inaudible) Let me say that we are please to continue signs of recording in the Colombian market. Loan demand has strengthened with growth in real terms, turning positive for the first time in nearly two years. (inaudible) continues to trend downwards, supporting improved profitability across the system. Only 6 out of 29 banks reported that losses as of May 2025 compared to 11 in the same period last year, highlighting a sustained improvement in financial performance.

謝謝你，卡米洛。（聽不清楚）我想說的是，我們很高興看到哥倫比亞市場繼續出現創紀錄的跡象。貸款需求隨著實際成長而增強，近兩年來首次轉為正值。 （聽不清楚）持續呈下降趨勢，支持整個系統獲利能力的提升。截至 2025 年 5 月，29 家銀行中只有 6 家報告虧損，而去年同期有 11 家，凸顯了財​​務表現的持續改善。

Now, I would like to to pass the call to Diego, who will give you details and our results, Diego.

現在，我想將電話轉給 Diego，他將向您提供詳細資訊和我們的結果，Diego。

Thank you, Maria Lorena. I will start on pages 9 and 10 with a few charts showing growth rates and quality portfolio relative to the rest of the Colombian banking system.

謝謝你，瑪麗亞·洛雷娜。我將從第 9 頁和第 10 頁開始用幾張圖表展示相對於哥倫比亞銀行系統其他部分的成長率和優質投資組合。

For (inaudible) reasons, these are unconsolidated figures under Colombian IFRS as published by the Superintendency of Finance.

由於（聽不清楚）原因，這些是哥倫比亞金融監理局發布的《哥倫比亞國際財務報告準則》下的非合併數據。

Starting on page 9, only four months ending on May 2025, commercial loans and mortgages for the system grew 1.3% and 4.6% in real terms, while consumer loans contracted 5.1% in real terms.

從第9頁開始，僅截至2025年5月的四個月，該系統的商業貸款和抵押貸款實際增長了1.3％和4.6％，而消費貸款實際上收縮了5.1％。

Year-on-year, all banks have gained 112 basis points of market shares in consumer loans, 206 basis points in mortgages, and lost 109 basis points in commercial loans. This yielded the year -on-year 10 basis points lower market share in total loans. Our performance in commercial loans was driven by aggressive price competition in the market.

與去年同期相比，所有銀行在消費貸款方面的市佔率增加了112個基點，在抵押貸款方面的市佔率增加了206個基點，在商業貸款方面的市佔率減少了109個基點。這使得總貸款市佔率年減了 10 個基點。我們的商業貸款表現受到市場激烈價格競爭的推動。

For the last two months, loans grew 1.7% in the system, even though dynamics continued to show signs of recovery, real growth was staging considering the 1.7% quarterly inflation. Mortgages grew 2.3% and commercial loans 1.6% in nominal terms over the quarter, while consumer loans returned to growth with 1.3% increase for the quarter.

過去兩個月，體系內貸款成長了 1.7%，儘管經濟動態持續顯示復甦的跡象，但考慮到 1.7% 的季度通膨率，實際成長仍在停滯。本季抵押貸款名義成長 2.3%，商業貸款名義成長 1.6%，而消費貸款則恢復成長，本季成長 1.3%。

On page 10, loan quality for both the system and the (inaudible) banks showed an improvement during the quarter for all loan categories. Our banks continue to achieve better or equivalent portfolio quality in the system in all main categories. I will now move to the consolidated results of oval under IFRS.

第 10 頁顯示，本季系統和（聽不清楚）銀行的所有貸款類別的貸款品質均有所改善。我們的銀行在所有主要類別中繼續在系統中實現更好或同等的投資組合品質。現在我將介紹 IFRS 下的 oval 合併結果。

And assets grew 6% over the year and 1.8% on the quarter to COP336 trillion. Those loans, which account for 57% of our assets, reached COP189.4 trillion pesos, growing 3.2% year on year and 0.3% over the quarter. Retail loans have driven a growth. Consumer loans will be 6% year on year and 0.5% in the quarter with payment loans [NAV].

資產總額年增 6%，季增 1.8%，達到 336 兆哥倫比亞比索。這些貸款占我們資產的 57%，達到 189.4 兆披索，年增 3.2%，季增 0.3%。零售貸款推動了成長。消費貸款年增6%，本季成長0.5%，其中分期付款貸款[導航]。

We have decreasing 4.8% year on year and 0.6% during the quarter loans growing at 4.2% year on year and 1% over the quarter. Auto loans growing 3.9% year on year and contracting 0.9% during the quarter, and credit cards contracting 4.7% year on year and 26% in the quarter.

我們的貸款年減 4.8%，本季下降 0.6%，而貸款年增 4.2%，本季成長 1%。汽車貸款年增 3.9%，本季收縮 0.9%，信用卡貸款年增 4.7%，本季收縮 26%。

Mortgages, the second part of our retail loans continue, we continue to be underweighted 20% year on year and 2.8% during the quarter.

抵押貸款，也就是我們的零售貸款的第二部分，我們繼續保持低配，年減 20%，本季下降 2.8%。

Finally, commercial loans expanded from 3% year on year and contracted.3% over the quarter. Our dynamics during the quarter reflect aggressive price competition, some of our peers. We expect 2025 loan growth to be close to 7%.

最後，商業貸款年增3%，本季收縮3%。我們本季的動態反映了我們和一些同業激烈的價格競爭。我們預計2025年貸款成長率將接近7%。

On page 12, we present the evolution of funding and deposits. Total funding increased 6.3% year on year and 1.5% in the quarter. Deposits that account for 3 points of our funding through 6.8% in year on year and 1.9% quarter on quarter. Our deposits to net loans ratio closes at 110%.

第 12 頁，我們介紹了資金和存款的演變。總融資額年增 6.3%，本季成長 1.5%。存款占我們資金的3個百分點，較去年同期成長6.8%，較上季成長1.9%。我們的存款與淨貸款比率接近110%。

Which representing the mission of our total capitalization of and the capital equity ratio of our banks. Our total equity increased 3.1% over the quarter and 6.2% year on year, while a tribute on equity increased 3.4% over the quarter and 6.2% year on year. Total solvency and one rat show evidence of slight increase in most of our banks.

代表了我們銀行的總資本和資本權益比率的使命。我們的權益總額比本季成長 3.1%，比去年同期成長 6.2%，而權益利息比本季成長 3.4%，比去年同期成長 6.2%。我國大多數銀行的償付能力和淨利潤均出現小幅成長。

On page 14, we present a (inaudible) and loans, cost of funds, spreads, and means. Total increased to [52 AC] points to 4% quarter to 4%, [52 AC] points growth over the quarter, mainly driven by an improvement in money investments to 2.4%. Our consolidated Niemann loans expanded 20 basis points year on year and 7 basis points quarter on quarter to 4.5%.

在第 14 頁，我們介紹了（聽不清楚）和貸款、資金成本、利差和手段。總計增加 [52 AC] 點至 4% 至 4%，較上季成長 [52 AC] 點，主要由於貨幣投資改善至 2.4%。我們的合併尼曼貸款年增 20 個基點，較上季成長 7 個基點，達到 4.5%。

It incorporates 77 basis points expansion of the term loans to 6% and a 34 basis points year on year contraction of mean on commercial loans to 3.3%. Focusing on our banking techniques, Neiman knows of our banking techniques in 9 basis points in the quarter to 5%.

其中包括定期貸款利率擴大 77 個基點至 6%，商業貸款平均利率年減 34 個基點至 3.3%。專注於我們的銀行技術，Neiman 了解到我們的銀行技術在本季成長了 9 個基點，達到 5%。

With this incorporating a 10 basis points including in the monthly loans to 6.5% and 6 basis points and commercial loans to 3.9% during the quarter. The name of our banking technique expanded 38 basis points on the quarter to 4.6% due to the same dynamics that affected our consolidated needs.

其中包括本季月度貸款利率上調 10 個基點至 6.5% 和 6 個基點以及商業貸款利率上調 3.9%。由於影響我們合併需求的相同動態，我們的銀行技術名稱本季擴大了 38 個基點，達到 4.6%。

The consolidated basis, the average yield and loans for the quarter increased [4]basis points quarter and quarter to 11.7%, while the average three month IVR decreased 12 basis points to 9.2%. So the cost of funds was seriously stable, falling 3 basis points quarter on quarter to 6.8%. Finally, driving the the previous results, the central bank stood flat at [.25%] in the second quarter.

綜合來看，本季平均殖利率和貸款較上季增加 [4] 個基點至 11.7%，而平均三個月 IVR 下降 12 個基點至 9.2%。因此資金成本非常穩定，季減 3 個基點至 6.8%。最後，受先前結果的影響，央行第二季的利率維持在 [.25%] 不變。

With this slow rate cuts implying longer adjustment periods than we anticipated in this scenario, Armenians will continue to expand, though at a slower pace.

由於緩慢的降息意味著調整期比我們預期的要長，亞美尼亞將繼續擴張，儘管速度會放緩。

On page 15, 16 represents a portfolio rats starting on page 15. No portfolio quality ratios further strengthened during the quarter. CDL metrics continue to improve in all categories. Three APL formation for the quarters was the lowest since the second quarter of [2022], while 19 PL formation reached the lowest level of the last few years.

第 15 頁、第 16 頁代表從第 15 頁開始的投資組合。本季度，投資組合品質比率沒有進一步加強。CDL 指標在所有類別中持續改善。本季3艘APL的組成數量為2022年第二季以來的最低水平，19艘PL的組成數量達到近幾年的最低水準。

[38 POs] were 4.81%, at 37 basis points improvements over three months and 99 basis points improvements over 12 months. (inaudible) was 3.51%, 23 basis points improvements over the quarter, and 73 basis points improvement over 12 months. Commercial 33 APOs. Well, (inaudible) improvement quarter on quarter and 80 basis points improvement year by year. [19018Ls] worth 3.87% and 19 basis points improvements over the quarter and 63 basis points improvement over the year.

[38 個採購訂單] 為 4.81%，三個月內提高了 37 個基點，12 個月內提高了 99 個基點。 （聽不清楚）為 3.51%，本季提高了 23 個基點，12 個月內提高了 73 個基點。商業 33 APO。嗯，（聽不清楚）季度環比改善，年比去年同期改善 80 個基點。 [19018Ls] 價值 3.87%，較上季改善 19 個基點，比前一年改善 63 個基點。

Consumer 38PLs include 39 basis points from the quarter to 5.07%, while [1980s] increased 30 basis points to 2.84%. Mortgage [38 PDLs in 198DLs] include 1 basis points and 20 basis points respectively over the quarter. Finally, the ratio of charge offs to average 1980DLs was 0.85 times.

消費者 38PL 比本季增加 39 個基點至 5.07%，而 [1980 年代] 增加 30 個基點至 2.84%。抵押貸款[198DL 中的 38 PDL]在本季分別上漲 1 個基點和 20 個基點。最後，沖銷額與平均 1980DL 的比率為 0.85 倍。

On page 16, the share of our portfolio classified as Stage 1 remains stable at 88.5% while Stage 3 fell for the third consecutive quarter to 6.1%, driven by improvements across all portfolios. As a result, coverage measured as allowances for stages to entry at the percentage of stages 2 and 3 were 31.5% at the end of quarter.

在第 16 頁，我們投資組合中歸類為第 1 階段的份額保持穩定在 88.5%，而第 3 階段的份額連續第三個季度下降至 6.1%，這得益於所有投資組合的改善。因此，以第 2 階段和第 3 階段百分比衡量的進入階段津貼覆蓋率在本季末為 31.5%。

And page 17, cost of risk net of recovery continues to show the improvement in the quality of our portfolio. This decreased 31 basis points to 1.7%. We expect 2025 cost risk to be in the 1.95% (inaudible).

第 17 頁，扣除回收後的風險成本持續顯示我們的投資組合品質有所改善。下降了 31 個基點，至 1.7%。我們預期 2025 年的成本風險將在 1.95%（聽不清楚）。

Cost of risk in that for commercial loans decreased 46 basis points to [0.4%] for the quarter, and cost of risk of recovery for consumer loans with 27 basis points to 4.2%. The cost of risk of credit cards and loans includes quarter on quarter.

本季商業貸款風險成本下降 46 個基點至 [0.4%]，消費貸款回收風險成本下降 27 個基點至 4.2%。信用卡和貸款的風險成本包括季度環比。

At least 18% net fees and other income. Gross fee income grew 3.5% year on year and slightly increased.3% quarter on quarter. Net fee income is 1% and 1.1% respectively over these periods. A reason for from the non-financial sector was around 80% of that quarter in the second quarter 2024 due to all contribution from the energy and gas to the infrastructure sectors.

至少18%的淨費用和其他收入。總手續費營收年增3.5%，季增0.3%。這兩個期間的淨費用收入分別為 1% 和 1.1%。2024 年第二季非金融部門的貢獻約佔該季度的 80%，這是由於能源和天然氣對基礎設施部門的貢獻。

Finally, at the bottom of the page, the quarter on quarter decrease in our operating in (inaudible) by the seasonal high incomes in the first quarter, more contribution from the realities and FXs and OCR realizations from Colombian government bond exchanges that position a portfolio with higher yields going forward. These were partially offset by stronger overall rate.

最後，在頁面底部，我們的營業收入（聽不清楚）環比下降是由於第一季度的季節性高收入，更多的是來自現實和外匯以及哥倫比亞政府債券交易所的 OCR 實現，這使得投資組合在未來具有更高的收益率。但整體利率的提高在一定程度上抵消了這種影響。

On page 19 represents some efficiency ratios. Total expense includes 2.4% quarter on quarter and 9.2% year on year. General and administrative expenses increased slightly by 0.8% quarter on quarter and 4.4% year on year with operating taxes and deposit insurance accounting for 34% of this (inaudible).

第 19 頁列出了一些效率比率。總支出較上季成長2.4%，較去年同期成長9.2%。一般及行政開支季增 0.8%，年增 4.4%，其中營業稅和存款保險費佔 34%。（聽不清楚）。

Cost to assets per quarter were 2.8% increasing 3 basis points quarter on quarter and 6 basis points year and year. Our quarterly cost to income slightly deteriorated to 52% over the quarter.

每季資產成本為 2.8%，季增 3 個基點，較去年同期增加 6 個基點。本季我們的成本收入比略有下降，為 52%。

Finally, on page 20, we present our net income and profitability ratios. Attribute to net income for the quarter was COP195 billion or COP20.8 per share, increasing 36.9% relative to first quarter 2025 and being the highest in the last two quarters. A return on average assets and a return on average equity for the quarter was 1.1% and 11.3% respectively.

最後，在第 20 頁，我們展示了我們的淨收入和獲利比率。本季歸屬於淨收入的金額為 1,950 億哥倫比亞比索，即每股 20.8 哥倫比亞比索，較 2025 年第一季增長 36.9%，為近兩個季度以來的最高水準。本季平均資產回報率和平均股本回報率分別為1.1%和11.3%。

I will now summarize our general guidance here and out through through this part of the presentation. We expect a 2025 return on average equity to using in the 10.5% value. These notes on a loan loan in the 30% value the commercial loans growing in the 5 percentile with the loans growing in the 9 percentile.

現在，我將在此總結我們整個演示部分的總體指導。我們預計 2025 年平均股本回報率將達到 10.5%。這些貸款記錄顯示，貸款價值的 30% 是商業貸款成長的 5%，貸款成長的 9%。

Our consolidated mean in the 4% (inaudible) between my loans in the 4.5%. (inaudible) with unknowns in the 5.3% cost of risk net of recoveries at 1.95% (inaudible). Cost to assets in the two quarters area and the financial sector of 90% of that for 2024 and the income ratio at the 21% target.

我們的合併平均值為 4%（聽不清楚），我的貸款為 4.5%。 （聽不清楚）未知數為 5.3%，風險成本扣除回收率為 1.95%（聽不清楚）。兩季區域及金融業資產成本達2024年的90%，營收比達到21%的目標。

Okay, thank you, Diego. Before moving into questions and answers, I would like to share some final thoughts, Colombia and the following in this year 2025.

好的，謝謝你，迭戈。在進入問答環節之前，我想分享一些關於哥倫比亞以及 2025 年接下來的事情的最後想法。

For year to date performance has been largely in line with our projection. Net income has been supported by a positive trend in cost of risk, a gradual improvement in our needs, and controlled expend.

今年迄今的表現基本上符合我們的預測。淨收入受到風險成本的正面趨勢、需求的逐步改善以及支出的控制的支持。

However, the speed at which our need on loans has recovered is still modest, driven by a high real central bank integration rates, changes in regulations that forced lower interest rate caps for consumer loans, and an intense price competition for high quality corporate clients.

然而，受央行實際利率較高、監管變化迫使消費者貸款利率上限降低以及對優質企業客戶的激烈價格競爭推動，我們的貸款需求復甦速度仍然不快。

We are actively working to adapt to this environment to improve our margins under this higher or longer monetary policies. That said, the progress in our financial diversification efforts is building (inaudible). Three of our four banks have shifted the commercial focus toward higher easing and faster break even products such as personal loans and credit cards.

我們正在積極努力適應這種環境，以提高我們在更高或更長期的貨幣政策下的利潤率。儘管如此，我們的金融多元化努力正在取得進展（聽不清楚）。我們四家銀行中的三家已將商業重點轉向更高寬鬆政策和更快盈虧平衡的產品，例如個人貸款和信用卡。

At the same time, we continue working on stepping towards lower cost and a stable deposits. Although loan growth has been modest, we are already seeing a change in trend which we expect to consolidate in the second half of the year, especially in commercial loans.

同時，我們繼續努力降低成本並實現存款穩定。儘管貸款成長溫和，但我們已經看到趨勢的變化，預計這種變化將在下半年得到鞏固，尤其是商業貸款。

We are encouraged by the solid result for this part which support our constructive view and trend in an income and return on equity. We remain focused on sustaining double digit profitability throughout the remainder of the year.

這部分的穩健表現令我們感到鼓舞，它支持了我們對收入和股本回報率的建設性觀點和趨勢。我們將繼續致力於在今年剩餘時間內保持兩位數的獲利能力。

With this, we are now open for questions.

現在，我們可以回答問題了。

Thank you. We will now begin the question and answer session.( Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員指令）

Daniel Mora, Credicorp Capital.

丹尼爾‧莫拉 (Daniel Mora)，Credicorp Capital。

Hi, good morning and thank you for the presentation. I have, if I may three questions. The first one is regarding the cost of risk. In this quarter, it was quite low, but was explained by high recoveries rather than by lower provisions. So can you provide further color on this performance and you see this as a trend that can be repeated in the coming quarters or should be considered a one-off in this particular quarter? That will be my first question.

大家好，早安，感謝您的演講。我可以問三個問題。第一個是關於風險成本。本季度，這一數字相當低，但這是由於回收率高而不是撥備額低造成的。那麼，您能否進一步說明這項表現？您認為這一趨勢在未來幾季會重複出現嗎？還是應該被視為本季的一次性現象？這是我的第一個問題。

The second one is regarding other income. It had a solid performance, but I would like to understand what was the reason behind this number. It was the other income inside the total other operating income. Thank you so much.

第二個是關於其他收入。它的表現很穩定，但我想了解這個數字背後的原因。這是其他營業收入總額中的其他收入。太感謝了。

And the third one is regarding NIM. Given the lower reduction of the monetary policy rate, how do you see NIM evolving not only in 2025, but in 2026? Do you expect the recovery cycle of the banks of about to take longer than initially expected? Thank you so much.

第三個是關於 NIM 的。鑑於貨幣政策利率下調幅度較小，您認為 2025 年和 2026 年淨利差將如何演變？您是否預期銀行的復甦週期會比原先預期的要長？太感謝了。

Thanks for the questions, and let me try to take them in order. Starting in, perhaps the most important one regarding NIM, as Maria Lorena mentioned in her closing remarks, we're actively focusing on expanding NIM beyond what happens to the monetary cycle. That's why we are changing our mix both on the deposit side and on the loan side.

感謝您的提問，讓我試著按順序來回答。首先，也許是關於 NIM 最重要的一點，正如瑪麗亞·洛雷娜 (Maria Lorena) 在結束語中提到的那樣，我們正積極致力於將 NIM 擴展到貨幣週期之外。這就是我們改變存款和貸款結構的原因。

What we have seen in Colombia as well has been some distortion that has been implied by changes in regulation. And it's tough to have a precise number of what the implication of the changes in the formula for interest rate caps has been, but there could be a discussion between 300 and 400 basis points compared to the previous formula for the consumer side. That has pressed numbers lower and in fact has had an implication in growth for consumer loans.

我們在哥倫比亞也看到了監管變化所導致的一些扭曲。很難確切知道利率上限公式變化的影響是什麼，但與先前的消費者利率公式相比，可能會有 300 到 400 個基點之間的變化。這導致貸款數量下降，事實上對消費貸款的成長產生了影響。

On the other hand, on the corporate side and the commercial side, we included a new (inaudible) graph on them here to try to show what is going on in the Colombian market, and it is we're having an expected NIM expansion on the consumer side as cost of funds goes down. But on the commercial side, the lack of growth has forced a very intense price competition for the highest quality loans.

另一方面，在企業方面和商業方面，我們在這裡添加了一個新的（聽不清楚）圖表，試圖展示哥倫比亞市場的情況，隨著資金成本的下降，我們預計消費者方面的 NIM 將會擴大。但在商業方面，成長乏力導致對最優質貸款的價格競爭異常激烈。

As we have emphasized to a number of our previous calls, we are very disciplined in our pricing to make sure that we have profitable growth moving forward, and that's the reason that has given a lower growth on the consumer side and we might have desired in the past.

正如我們在之前的多次電話會議中所強調的那樣，我們在定價方面非常嚴格，以確保未來實現盈利增長，這也是消費者方面的增長放緩的原因，而這在過去可能是我們所期望的。

However, when you look at the numbers, the trend has changed in late May, June, and July, and we're having a better behavior in the market that makes us positive and how things will evolve. To wrap up what's going up with what's going on with NIM, what we're seeing is we expect the NIM on the commercial side to start to pick up again to more levels closer to where Colombia should be operating at and we expect to see the improvement on the consumer side to continue as rates go down.

然而，當你查看數字時，趨勢在 5 月底、6 月和 7 月已經發生了變化，我們在市場上的表現更好，這讓我們對事情的發展充滿信心。總結一下 NIM 的上升情況，我們看到的是，我們預計商業方面的 NIM 將開始再次回升至更接近哥倫比亞應有的水平，並且我們預計隨著利率下降，消費者方面的改善將繼續下去。

And this is slower than what we could have anticipated or anybody in Colombia a year ago, but monetary policy has been quite slow. So I hope I didn't expand too much on that, but we are positive and that is the case for our guidance moving forward. And the cost of risk you're right, it was a positive quarter on the cost of risk side. However, we have stuck to the guidance of 1.95% that we had given in the past and the guidance for our (technical difficulty) the numbers But this is positive. It does not change our view on what the numbers will look like.

這比我們或一年前哥倫比亞任何人預期的都要慢，但貨幣政策一直相當緩慢。所以我希望我沒有對此進行過多的闡述，但我們是積極的，這也是我們未來指導的情況。至於風險成本，您說得對，從風險成本來看，這是一個積極的季度。然而，我們堅持過去給出的 1.95% 的指導方針和我們（技術難度）數字的指導方針，但這是積極的。它不會改變我們對數字的看法。

And finally, another income we have different items going there. Some of those have to do with recoveries, some controversy. We had that in like a positive income. Some of those have upsets on the higher expenses that you saw during this quarter. So all in all, we are stuck to our overall guidance. Perhaps the only change is a slightly slower loan growth and a slightly more positive nonfinancial, but overall, basically the same guidance that we gave on the last.

最後，我們還有另一項收入，那就是不同的項目。其中一些與復甦有關，有些則存在爭議。我們有這樣的正收入。其中一些人對本季支出增加感到不滿。總而言之，我們堅持我們的整體指導。也許唯一的變化是貸款成長略有放緩，非金融數據略有積極，但總體而言，基本上與我們上次給出的指導相同。

Brian Flores, Citibank.

花旗銀行的布萊恩‧弗洛雷斯。

Hi Tim. Thank you for the opportunity to ask questions. I have a question on trading assets because on your balance sheet, it is clear that they are gaining relevance year over year, quarter over quarter. I just wanted to ask you, you can share your thoughts. Are you taking, a technical advantage here of certain market opportunities? Is this a strategy to enhance yields, just to want to understand not only what is being achieved, because I think as you see, trading is benefiting results, but also how you're managing risk here and the volatility on the segment.

你好，提姆。感謝您給我提問的機會。我有一個關於交易資產的問題，因為在您的資產負債表上，很明顯地它們逐年、逐季度地變得越來越重要。我只是想問你，你可以分享你的想法。您是否利用了某些市場機會的技術優勢？這是一種提高收益的策略嗎？只是想了解不僅取得了什麼成果，因為我認為正如您所見，交易正在帶來收益，還要了解您如何管理這裡的風險和細分市場的波動性。

And a second maybe follow up is if you could repeat the guidance. I'm a bit slow here in typing, so if you could repeat, it would be great. Thank you.

第二個可能的後續問題是您是否可以重複該指導。我打字有點慢，所以如果你能重複一下，那就太好了。謝謝。

Okay. And regarding trading assets, there's two things going on. One is we are indeed using, taking advantage from the exchanges of funds that the Colombian government has done during this year, and what that does is we give a bonds that already had a OCI that reduced up the price of those bonds in our book, but that we (technical difficulty) so some of what you see of our strategy there thinking of expanding NIM is we are refreshing those portfolios.

好的。關於交易資產，有兩件事正在發生。一是，我們確實在利用哥倫比亞政府今年進行的資金交換，這樣做的好處是，我們發行了已經具有 OCI 的債券，從而降低了我們賬簿上這些債券的價格，但是我們（存在技術困難），所以你們看到的我們擴大 NIM 的策略是，我們正在更新這些投資組合。

The other thing that you might see there is we've been working over time expanding our treasury business for clients and some of the growth that you see on the trading assets on the trading book have an upset with positions that we have taken with clients. So, when you take into consideration all those positions from the risk management that I think was your second question, that is taken care in that way. So we're not actually taking more risk on our portfolio, even though you've seen some growth because of that treasury business with our customers.

您可能還會看到，我們一直在努力為客戶擴大財務業務，而您在交易帳簿上看到的交易資產的成長與我們為客戶採取的立場有所不同。因此，當您考慮到風險管理中的所有立場時，我認為這是您的第二個問題，那就是以這種方式處理的。因此，儘管您已經看到我們與客戶的財務業務帶來了一些成長，但我們實際上並沒有在投資組合上承擔更多風險。

(Operator Instructions)

（操作員指示）

I think I didn't repeat guidance for Brian. I apologize for that. Brian, the ROE is in the 10.5% (inaudible). It's in the middle of the range that we have given out last time, the 10% to 11%, and that is building on loan growth in the 7% (inaudible) with commercial loans growing 5% (inaudible) and consumer or retail loans in the 9% (inaudible).

我想我沒有向布萊恩重複指導。我對此表示歉意。布萊恩，ROE 為 10.5%（聽不清楚）。它處於我們上次給出的範圍的中間，即 10% 到 11%，這是基於 7% 的貸款增長（聽不清楚），其中商業貸款增長 5%（聽不清楚），消費者或零售貸款增長 9%（聽不清楚）。

Then NIM, consolidated NIM in the (inaudible). And if you only look at the banking segment, nearly 4.7% and on loans 5.3%. Cost of risk, as I mentioned before, 1.95% cost to assets two and three quarters area. Income from the non-financial sector 90% of that for 2024 and the income ratio in the 21%.

然後是 NIM，合併後的 NIM（聽不清楚）。如果你只看銀行業務，你會發現其成長率接近 4.7%，貸款成長率為 5.3%。風險成本，正如我之前提到的，資產成本為 1.95%，佔二分之三季的 1.95%。其中來自非金融部門的收入佔2024年居民收入比重的90%左右，達21%。

Super clear. Thank you.

超級清晰。謝謝。

Ladies and gentlemen, that will conclude our call for today. We thank you all for joining. You may now disconnect your line.

女士們、先生們，我們今天的會議到此結束。我們感謝大家的加入。現在您可以斷開線路了。