Credicorp Ltd (BAP) 2024 Q1 法說會逐字稿

Good morning, everyone. I would like to welcome all of you to the Credicorp Limited First Quarter 2024 Conference Call. A slide presentation will accompany today's webcast, which is available in the Investors section of Credicorp's website. Today's conference call is being recorded. (Operator Instructions)

大家，早安。歡迎大家參加 Credicorp Limited 2024 年第一季電話會議。今天的網路廣播將附有幻燈片演示，可在 Credicorp 網站的投資者部分查看。今天的電話會議正在錄音。 （操作員說明）

Now, it is my pleasure to turn the conference call over to Credicorp's IRO, Milagros Cigüeñas. You may begin.

現在，我很高興將電話會議轉交給 Credicorp 的 IRO Milagros Cigàeàas。你可以開始了。

Thank you, and good morning, everyone. Speaking on today's call will be Gianfranco Ferrari, our Chief Executive Officer; and Cesar Rios, our Chief Financial Officer. Participating in the Q&A session will also be Alejandro Perez-Reyes, Chief Operating Officer; Francesca Raffo, Chief Innovation Officer; Reynaldo Llosa, Chief Risk Officer; Cesar Rivera, Head of Insurance and Pensions; Carlos Sotelo, Mibanco Chief Financial Officer; and Diego Cavero, Head of Universal Banking.

謝謝大家，大家早安。我們的執行長 Gianfranco Ferrari 將在今天的電話會議上發言。以及我們的財務長 Cesar Rios。營運長 Alejandro Perez-Reyes 也將參加問答環節； Francesca Raffo，首席創新長；雷納爾多·略薩，首席風險官； Cesar Rivera，保險和退休金主管；索特洛 (Carlos Sotelo)，Mibanco 財務長；和全能銀行業務主管迭戈·卡韋羅(Diego Cavero)。

Before we proceed, I would like to make the following safe harbor statements. Today's call will contain forward-looking statements, which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties.

在我們繼續之前，我想發表以下安全港聲明。今天的電話會議將包含前瞻性陳述，這些陳述基於管理層當前的預期和信念，並受到許多風險和不確定性的影響。

And I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

我建議您參閱我們收益報告中的前瞻性陳述部分以及最近向美國證券交易委員會提交的文件。我們不承擔更新或修改任何前瞻性陳述以反映新的或變更的事件或情況的義務。

Gianfranco Ferrari will start the call with opening remarks about our improved macro environment and brief comments on our strategic initiatives, followed by Cesar Rios, who will present in more detail the evolution of key macro figures, our financial performance, and revised outlook for 2024.

Gianfranco Ferrari 將首先就我們改善的宏觀環境發表開場白，並對我們的戰略舉措進行簡要評論，隨後 Cesar Rios 將更詳細地介紹關鍵宏觀數據的演變、我們的財務業績以及修訂後的 2024 年前景。

Gianfranco, please go ahead.

詹弗蘭科，請繼續。

Thank you, Milagros. Good morning, everyone. Thank you for joining us. Despite our strong structural macroeconomic figures, the persistent fragility of the government and its limited capacity to implement timely policies aimed at stimulating investment and economic growth has prompted S&P to downgrade our sovereign credit rating to BBB minus. This downgrade is expected to affect investor appetite for our country.

謝謝你，米拉格羅斯。大家，早安。感謝您加入我們。儘管我們的結構性宏觀經濟數據強勁，但政府的持續脆弱性及其及時實施旨在刺激投資和經濟成長的政策的能力有限，促使標準普爾將我們的主權信用評級下調至 BBB 負。此次降級預計將影響投資人對我國的興趣。

In our view, however, we do not expect the economic growth agenda that has been put in place this year by the executive branch to change prior to the 2026 general elections. The overall economic outlook remains positive with expected GDP growth revised upward to 3% in March from the previous projection of 2.5% commented in our last call.

然而，我們認為，行政部門今年制定的經濟成長議程不會在 2026 年大選前改變。整體經濟前景仍然樂觀，3 月份 GDP 成長預期從我們上次電話會議中評論的 2.5% 的預期上調至 3%。

Beyond better weather conditions benefiting the fishing, agriculture, and textile sectors as El Niño has ended, several factors support a gradual recovery of economic activity during the upcoming quarters.

隨著厄爾尼諾現象的結束，更好的天氣條件有利於漁業、農業和紡織業，還有幾個因素支持未來幾季經濟活動的逐步復甦。

Copper and gold prices have increased significantly and are expected to remain high. A lower inflation rate, which will benefit consumers, and lastly, the stimulative effect of counter-cyclical economic policies, such as a lower central bank policy rate and higher dynamism of public investment, which will start to feed into the economy.

銅價和金價大幅上漲，預計將維持高點。較低的通膨率將有利於消費者，最後，反週期經濟政策的刺激作用，例如較低的央行政策利率和較高的公共投資活力，將開始注入經濟。

Despite its challenges, the Peruvian government has placed explicit focus on promoting investment to contribute to business confidence recovery. In the first quarter alone, awarded infrastructure investments reached $3.0 billion. Additionally, the government's plan to establish a unified office for infrastructure investments marks a significant step forward.

儘管面臨挑戰，秘魯政府仍明確將重點放在促進投資上，以促進商業信心的恢復。光是第一季度，獲得的基礎設施投資就達到 30 億美元。此外，政府計劃建立統一的基礎設施投資辦公室，標誌著向前邁出了重要一步。

Economic expectations indicators have trended upward since the end of last year. Anticipated long growth is on the horizon as private sector confidence strengthens. Additionally, inflation stands low compared to other Latin American countries and formal sector wages have experienced recent growth. The Congress' recent approval of the seventh withdrawal of pension funds underscores again the need to reform the current private pension model in Peru.

去年年底以來，經濟預期指標呈現上升趨勢。隨著私部門信心增強，預期的長期成長即將到來。此外，與其他拉丁美洲國家相比，通貨膨脹率較低，正規部門的薪資最近也出現了增長。國會最近批准第七次撤回退休基金，再次強調了改革秘魯當前私人退休金模式的必要性。

Turning to our first quarter results, we delivered a strong ROE of 18.2%, including the impact from the reversal of provisions at BCP and Mibanco. This was achieved in the context of weak long growth and an economy that is slowly starting to recover.

談到我們第一季的業績，我們實現了 18.2% 的強勁 ROE，其中包括 BCP 和 Mibanco 撥備逆轉的影響。這是在長期成長疲軟和經濟緩慢開始復甦的背景下實現的。

Risk-adjusted needs remain resilient, reflecting our disciplined interest rate management strategy, further supported by lower provisions and our leading low-cost funding position. Additionally, our strong solvency has allowed us to increase our dividend to $0.35 per share, while also contemplating our plans for continued sustainable growth.

風險調整後的需求仍然具有彈性，反映了我們嚴格的利率管理策略，並得到了較低準備金和領先的低成本融資地位的進一步支持。此外，我們強大的償付能力使我們能夠將股息提高至每股 0.35 美元，同時也考慮我們的持續永續成長計畫。

Our resolute focus on advancing innovation and strengthening our digital capabilities has fortified our competitive modes. This has not only elevated our relationships with current clients, but has also contributed to expanding financial inclusion.

我們堅定地致力於推進創新和增強數位化能力，從而強化了我們的競爭模式。這不僅提升了我們與現有客戶的關係，也有助於擴大金融包容性。

With respect to the macro backdrop, as I just mentioned, we anticipate a sustained economic improvement during the year, and Cesar will discuss this in more detail shortly.

關於宏觀背景，正如我剛才提到的，我們預計今年經濟將持續改善，塞薩爾很快就會對此進行更詳細的討論。

Now, moving on strategic development, we remain focused on strengthening our core businesses while also complementing them with disruptive initiatives. As one of the few banks to embrace self-disruption to remain ahead of the competition, anchored in allowing clients to decide where and how they bank, has been evident since Credit Corp's inception. These strategic initiatives position Credit Corp for continued digital advancement and customer-centric growth.

現在，在策略發展的道路上，我們仍然專注於加強我們的核心業務，同時也透過顛覆性舉措對其進行補充。自 Credit Corp 成立以來，作為少數採取自我顛覆以保持競爭優勢的銀行之一，其宗旨是讓客戶決定在哪裡以及如何辦理銀行業務。這些策略舉措使 Credit Corp 能夠持續數位化進步和以客戶為中心的成長。

At Mibanco, which mainly provides financing to micro-businesses, we are reaffirming our hybrid model strategy. This strategy leverages high-touch in-person visits from relationship managers and digital tools, including centralized risk assessment. After making significant adjustments in terms of pricing and origination guidelines over the past 6 months, we're observing improved payment performance in new vintages.

在主要為微型企業提供融資的Mibanco，我們正在重申我們的混合模式策略。該策略利用客戶關係經理的高接觸度面對面訪問和數位工具，包括集中風險評估。在過去 6 個月對定價和原產地指南進行重大調整後，我們觀察到新年份的付款績效有所改善。

Additionally, we're now selectively growing within the lower-ticket, higher-yielding segments that have relatively better brief profiles. Our planned advancements are on track, and we expect a rebound in profitability at Mibanco this year.

此外，我們現在有選擇地在票價較低、收益較高且具有相對較好的簡要概況的細分市場中進行成長。我們計劃的進展正在步入正軌，我們預計 Mibanco 今年的盈利能力將反彈。

I want to take a moment to address a question we have been hearing from you on the road related to the contentional overlap of Mibanco and Yape clients. Yape prioritizes consumers as its lending business, and Mibanco provides financing mainly to micro-businesses. While we acknowledge that there is little distinction between the pocket of the individuals and the micro-entrepreneurs, the lending business at Yape is at a very early stage, and we're a long way away from seeing an overlap.

我想花點時間回答您在路上聽到的一個有關 Mibanco 和 Yape 客戶爭議重疊的問題。 Yape 優先考慮消費者作為其貸款業務，Mibanco 主要為微型企業提供融資。雖然我們承認個人和微型創業家的口袋之間幾乎沒有區別，但 Yape 的貸款業務還處於非常早期的階段，我們距離看到重疊還有很長的路要走。

Now, let me turn the call over to Cesar, who will discuss in more detail the micro-environment and the operational and financial performance of our business units.

現在，讓我把電話轉給塞薩爾，他將更詳細地討論我們業務部門的微觀環境以及營運和財務績效。

Thank you, Gianfranco, and good morning, everyone. As Gianfranco mentioned, we deliver a strong overall operating and financial results. As I discuss the highlights of the quarter, I will focus on the year-over-year results, which are not impacted by seasonality. Our long makeshift towards retail, coupled with the repricing of our dollar book, allow us to deliver higher NIM despite a reduction in interest rates in solids.

謝謝你，詹弗蘭科，大家早安。正如 Gianfranco 所提到的，我們提供了強勁的整體營運和財務表現。在討論本季的亮點時，我將重點放在不受季節性影響的年比業績。我們長期轉向零售，再加上美元帳簿的重新定價，使我們能夠在固體利率下降的情況下實現更高的淨利差。

Total loans dropped 3.1% measuring average daily balances, driven primarily by lower volumes in wholesale banking and amortization of government program loans. The share of low-cost deposits in our funding base stood at 53.7%. NII grew 9.4% boosted by the aforementioned dynamics.

以日均餘額計算，總貸款下降 3.1%，主要是因為批發銀行業務量和政府計畫貸款攤提減少。低成本存款占我們融資基礎的比例為53.7%。在上述動力的推動下，NII 成長了 9.4%。

Other core income, which is the sum of the income and gains in FX operations, also evolved favorably, boosted by BCP and to a lesser extent by Credicorp Capital. Core income at BCP benefited from monetization initiatives at Yape and solid transactional activity through credit and debit cards.

其他核心收入（即外匯業務收入和收益的總和）也在 BCP 和 Credicorp Capital 的推動下也出現了良好的成長。 BCP 的核心收入受益於 Yape 的貨幣化措施以及透過信用卡和金融卡進行的穩健交易活動。

Lastly, insurance underwriting results dropped 5.8%, which reflected a reduction in income from disability and survivorship products in the life business. The cost of risk increased to 2.3%, which incorporates a $250 million release in provisions associated with El Niño.

最後，保險承保績效下降了 5.8%，反映出人壽業務中殘障和生存產品收入的減少。風險成本增加至 2.3%，其中包括與厄爾尼諾現象相關的 2.5 億美元的準備金釋放。

Throughout this presentation, our analysis of provision expenses and cost of risk will isolate the impact of El Niño provisions registered in the fourth quarter of 2023 and reversed in the first quarter of 2024. We will refer to these adjustments as isolating the impact of El Niño provisions.

在整個簡報中，我們對撥備費用和風險成本的分析將隔離 2023 年第四季度登記並在 2024 年第一季逆轉的厄爾尼諾撥備的影響。 。

After adjustments, cost of risk increased to 3%. The evolution was driven by a deterioration in payment capacity in SME-Pyme and credit cards and by a downturn in payment performance in consumer loans.

調整後，風險成本增加至3%。這一演變是由中小企業-Pyme 和信用卡支付能力惡化以及消費貸款支付績效下滑所推動的。

The NPL ratio rose 77 basis points to 6.2% as delinquency increased across various segments and in older vintages in particular. As a result, NPL coverage stood at 93.5%.

不良貸款率上升 77 個基點，達到 6.2%，因為各個細分市場的拖欠率增加，尤其是較老年份的拖欠率增加。不良貸款覆蓋率達93.5%。

All-in-all, we delivered strong results on the back of solid growth in our margin and uptick in transactional activity and disciplined cost control. In addition, we recently announced a 35 solid dividend per share payout as we pushed capital levels closer to target across our subsidiaries.

總而言之，在利潤率穩健成長、交易活動增加和嚴格的成本控制的支持下，我們取得了強勁的業績。此外，隨著我們使子公司的資本水準更接近目標，我們最近宣布派發每股 35 美元的穩定股息。

Next slide, please. The Peruvian economy is gradually recovering from a very challenging 2023. Economic activity grew 2.8% year-over-year in February, its best print in almost 2 years. Furthermore, all the expectation indicators from the macro Central Bank survey stood in the optimistic range for the first time in 5-years and remained in that range in April.

請下一張投影片。秘魯經濟正從充滿挑戰的 2023 年中逐步復甦。此外，央行宏觀調查各項預期指標5年來首次處於樂觀區間，4月也維持在這一區間。

Even though, we expect a slowdown in economic activity in March, a rebound should follow in April. The global economic outlook has also improved. Recently, the IMF upgraded its 2024 world GDP forecast as positive indicators continue to point towards a soft landing.

儘管如此，我們預計 3 月經濟活動將放緩，但 4 月應該會反彈。全球經濟前景也有所改善。近期，國際貨幣基金組織上調了2024年世界GDP預測，積極指標持續顯示經濟軟著陸。

Importantly, commodity prices, particularly for copper and gold, which combined represents around 50% of our exports, have risen significantly and are expected to remain high.

重要的是，大宗商品價格，特別是銅和黃金（它們合計占我們出口的 50% 左右）已大幅上漲，預計將保持在高位。

Peru has accelerated public investments, which increased 40% year-over-year in real terms in the first quarter, representing the highest such increase reported in 14 years, excluding the pandemic.

秘魯加速公共投資，第一季年增40%，創14年來最高增幅（不包括疫情）。

ProInversión announced that as of April 2024, the government has already advanced 48% of its 2024 goal to award $8 billion in public private investment projects. This goal is more than triple the amount awarded in 2023. This positive backdrop has been clouded somewhat by a Standard & Poor's downgrade of Peru's sovereign credit rating to the lowest rank to qualify as an investment-grade country.

ProInversión 宣布，截至 2024 年 4 月，政府已提前完成 2024 年目標的 48%，即授予公共私人投資項目 80 億美元。這一目標是 2023 年授予金額的三倍多。

The agency indicated that this change was motivated by political uncertainty, the actions of a fragmented Congress and a weak executive branch, which negatively impacted investment sentiment in the private sector and constitute an opportunity cost to growth. In this context, Peru's capacity to rebuild fiscal space is challenged.

該機構表示，這項變革是由政治不確定性、國會分裂和行政部門薄弱的行動所推動的，這對私部門的投資情緒產生了負面影響，並構成了成長的機會成本。在此背景下，秘魯重建財政空間的能力受到挑戰。

Given the aforementioned and despite political noise, we forecast Peru's GDP will grow around 3% after highly negative shocks last year due to poor weather conditions and heightened social turmoil.

鑑於上述情況，儘管存在政治噪音，我們預計秘魯的 GDP 將在去年因惡劣天氣條件和社會動盪加劇而遭受嚴重負面衝擊後增長 3% 左右。

Next slide, please. The United States' strong economy continues to surprise. In fact, due to better-than-expected economic data and hot inflation readings, market participants have pushed back their Fed rate cut expectations once again. Hence, higher-for-longer dollar rates will continue to pose a dilemma for emerging markets.

請下一張投影片。美國強勁的經濟持續令人驚訝。事實上，由於好於預期的經濟數據和炙手可熱的通膨數​​據，市場參與者再次推遲了聯準會降息預期。因此，美元利率長期走高將持續為新興市場帶來兩難。

In Peru, inflation has continued to slow and stand within the Central Bank's target range. Since September 2023, the country's Central Bank has put its policy rate 175 points.

在秘魯，通膨持續放緩並處於央行的目標範圍內。自2023年9月以來，該國央行已將政策利率調整為175點。

In Colombia, inflation remains among the highest of the region and stood at 7.2% as of April. Accordingly, the country's Central Bank has adopted a cautious stance and has lowered its policy rate by 150 points since December.

哥倫比亞的通貨膨脹率仍然是該地區最高的，截至 4 月為 7.2%。因此，該國央行採取了謹慎的立場，自12月以來已將政策利率下調了150點。

Finally, in Chile, inflation is gradually converging toward target. In response, the Central Bank has cut its rate by 475 basis points since its peak.

最後，在智利，通膨正逐漸向目標靠攏。作為回應，央行已將利率自高峰以來下調了 475 個基點。

Next slide, please. BCP delivered a strong result, which in part reflected a reversal of provisions set aside last quarter for anticipated El Niño losses. Analyzing key quarter-over-quarter dynamics, total loans measured in average daily balances fell 1.4% driven by a contraction in wholesale loans and repayments of government-programmed loans in SME-Pyme segments.

請下一張投影片。 BCP 取得了強勁的業績，部分反映了上季度為預期厄爾尼諾損失撥備的撥備的逆轉。分析關鍵的季度環比動態，以日均餘額衡量的總貸款下降了 1.4%，原因是批發貸款收縮和中小企業-Pyme 部門政府計劃貸款的償還。

NII rose 1.5%. This evolution was led by a drop in the funding costs after term deposits were renewed at lower rates. Interest income increased quarter-over-quarter as we profitably managed our liquidity balances in a context of lower loan growth. The provisions expenses, after isolating the impact of El Niño provisions, increased mainly in mortgages due to a base effect and SME- Pyme due to weaker payment capacity of clients in a context of gradual economic recovery.

NII 上漲 1.5%。這種演變是由於定期存款以較低利率更新後融資成本下降所致。由於我們在貸款成長較低的情況下有效地管理了流動性餘額，因此利息收入較上季成長。撥備支出在剔除厄爾尼諾撥備的影響後，主要是受基數效應影響的抵押貸款和經濟逐步復甦背景下客戶支付能力減弱導致的中小企業-皮姆（SME-Pyme）支出增加。

Other income grew 3.1%, fueled mainly by a strong volume of credit card transactions to higher fee channels and secondarily by fee income at Yape. On a year-over-year basis, NII grew 9.3% driven by loan makeshift towards retail and pricing improvements.

其他收入成長了 3.1%，這主要是由於較高費用管道的信用卡交易量強勁，其次是 Yape 的費用收入。受零售和定價改進貸款臨時推動，NII 年成長 9.3%。

Loan loss provisions, excluding the reversal of El Niño provisions, increased 65.7% driven by deterioration in payment capacities in SME-Pyme and credit cards and by a downturn in payment performance for consumer loans.

由於中小企業-Pyme 和信用卡支付能力惡化以及消費貸款支付績效下滑，貸款損失準備金（不包括厄爾尼諾準備金逆轉）增加了 65.7%。

Other income was up 10.5% underpinned by solid growth in the fee income through Yape as well as credit and debit card transactions. Operating expenses increased 8.1% driven by an uptick in expenses for specialized IT personnel and disruptive initiatives. In this context, BCP's contribution to ROE stood at 24.7%.

由於 Yape 費用收入以及信用卡和金融卡交易的穩健增長，其他收入增長了 10.5%。由於專業 IT 人員費用和顛覆性措施的增加，營運費用增加了 8.1%。在此背景下，BCP對ROE的貢獻為24.7%。

Next slide, please. Yape continues to grow and in March registered more than 11.5 million monthly active users who conducted an average of 36 transactions per month. 75% of these active users already generate fee income. Improvements in the lines of business and their functionalities is pure growth in engagement. Fee income and NPS at the end of March, Yaperos used an average of 2.2 functionalities a month. Fee income generated through Yape increased 24.1%, quarter-over-quarter, and the NPS reached 78.

請下一張投影片。 Yape 持續成長，3 月註冊的月活躍用戶超過 1,150 萬，平均每月進行 36 筆交易。這些活躍用戶中有 75% 已經產生了費用收入。業務線及其功能的改進純粹是參與度的成長。截至 3 月底的費用收入和 NPS，Yoperos 平均每月使用 2.2 個功能。透過 Yape 產生的費用收入較上季成長 24.1%，NPS 達到 78。

As a result, Yape obtained an income per active user of 3.7 solids, while expenses for active users dropped to 3.9 solids due to seasonal factors. Yape is closest to reaching breakeven in coming months.

結果，Yape 的每位活躍用戶收入為 3.7 固體，而活躍用戶的支出則因季節性因素下降至 3.9 固體。雅普最接近在未來幾個月達到損益兩平。

Next slide, please. To reach breakeven, Yape is accelerating income growth by diversifying its sources of revenue. To achieve this, it has been adding functionality to its 3 lines of business. Yape Payments business is the top revenue producer and has gone from offering P2P payments to possessing a portfolio of fee-generating functionalities, where mobile top-up is the most mature and bill payments, payment with POS, and checkout functionalities are gaining traction.

請下一張投影片。為了實現收支平衡，Yape 正在透過收入來源多元化來加速收入成長。為了實現這一目標，它一直在為其 3 個業務線添加功能。 Yape 支付業務是最大的收入來源，已從提供 P2P 支付發展到擁有一系列收費功能，其中行動充值最為成熟，帳單支付、POS 支付和結帳功能也越來越受歡迎。

Within the financial business line, in addition to the margin received for floating based on deposit balances, we have 2 products that generate income, lending and insurance. Within lending, disbursements of single installments and multi-installments loans grew 2.2-fold year-over-year. In insurance, we currently provide a statutory accident insurance for vehicles and plan to extend our offerings in the short-term. The financial business line is still in the early stage. We are developing differentiated risk management capabilities based on the unique relationship and level of engagement that Yape has built with its users.

在金融業務領域，除了根據存款餘額浮動收取的保證金外，我們還有兩種創收產品：貸款和保險。在貸款方面，單期和分期貸款支出較去年同期成長 2.2 倍。在保險方面，我們目前為車輛提供法定意外保險，並計劃在短期內擴大我們的產品範圍。金融業務線仍處於早期階段。我們正在根據 Yape 與其用戶建立的獨特關係和參與程度來開發差異化的風險管理能力。

Finally, within the marketplace business, we have new features such as Yape Promos and Yape Tienda. Yape Promos offers yapero discounts for consumption and affiliated restaurants, cinemas and other establishments. The gross merchant volume for Yape Promos grew 3-fold year-over-year. Yape Tienda was launched in September and offers appliances and electronics via e-commerce.

最後，在市場業務中，我們推出了 Yape Promos 和 Yape Tienda 等新功能。 Yape Promos 為消費以及附屬餐廳、電影院和其他場所提供 yapero 折扣。 Yape Promos 的商家總量年增 3 倍。 Yape Tienda 於 9 月推出，透過電子商務提供電器和電子產品。

Next slide, please. Moving on to Mibanco. On a quarter-over-quarter basis, total loans measured in average daily balances fell 3.1% driven by stricter origination policies, as we continue to fine-tune our risk models and processes. Additionally, we are selectively starting to grow our small-ticket higher-year loans. NII increased 1.4% mainly due to a drop in the cost of funding, which was triggered repricing of the funding base. In this context, NIM increased 7 basis points and stood at 13.4%.

請下一張投影片。繼續前往米班科。隨著我們繼續微調風險模型和流程，在更嚴格的發放政策的推動下，以每日平均餘額衡量的貸款總額環比下降了 3.1%。此外，我們有選擇地開始增加小額高年期貸款。 NII 成長 1.4%，主要是由於融資基礎重新定價引發融資成本下降。在此背景下，淨利差上升7個基點，達到13.4%。

Provisions. Isolating the impact of El Niño provisions increased 29.2% due to higher delinquency related to old vintages. From a year-over-year perspective, NII was up 5.3% due to an uptick in interest income as active loan pricing management mitigated the impact of a loan contraction. The upswing in NII was offset by a rise in the funding cost. Provisions. Excluding reversals for El Niño provisions fell 10.8% mainly due to a base effect given that the first quarter of '23 more provisions were required due to social and climate events.

規定。由於與舊年份相關的拖欠率增加，隔離厄爾尼諾現象的影響準備金增加了 29.2%。從同比來看，由於積極的貸款定價管理減輕了貸款緊縮的影響，利息收入增加，NII 增加了 5.3%。 NII 的上升被融資成本的上升所抵消。規定。排除厄爾尼諾撥備的逆轉，下降了 10.8%，主要是由於基數效應，因為社會和氣候事件導致 23 年第一季需要更多撥備。

Operating expenses rose 2% over the same period and remained under control, as we continue to invest in digital capabilities. In this context, efficiency stood at 53.3% year-over-year with ROE reached 13.2%. Mibanco Colombia has been challenged by a deterioration in economic conditions and ongoing high inflation, very high funding rates and a reduction in the interest rate ceiling. We have a profitable growth strategy where we have to slow down the growth rate of the portfolio by emphasizing risk control and efficiency. We remain committed to long-term potential of this business.

隨著我們繼續投資於數位化能力，營運支出同期成長 2%，且仍處於控制之中。在此背景下，效率較去年同期達到53.3%，ROE達到13.2%。 Mibanco Columbia 面臨經濟狀況惡化、持續高通膨、極高融資利率和利率上限降低的挑戰。我們有一個獲利成長策略，我們必須透過強調風險控制和效率來減緩投資組合的成長速度。我們仍然致力於該業務的長期潛力。

Next slide please. Profitability of Grupo Pacifico expanded this quarter with ROE standing at 28.9%. In quarter-over-quarter trends, insurance underwriting results remained relatively flat as favorable dynamics in the property and casualty business were offset by lower results in the Life business. It is important to note that the disability and survivorship product continued to demonstrate sequential expansion as the anticipated decrease in revenue was offset by a reduction in claims.

請下一張投影片。 Grupo Pacifico 本季獲利能力擴大，淨資產收益率 (ROE) 為 28.9%。從環比趨勢來看，保險承保績效保持相對平穩，因為財產和意外傷害業務的有利動態被人壽業務的較低業績所抵消。值得注意的是，殘疾和倖存者產品繼續表現出連續擴張，因為預期的收入下降被索賠的減少所抵消。

Despite flat underwriting results, net income grew 60% bolstered by a base effect as non-recurring expenses were reported last quarter and an increase in net financial income. From a year-over-year perspective, Grupo Pacifico net income dropped 2%. This decline was primarily attributable to a drop in life insurance underwriting results, which was driven by individual life and group life problems. Improved performance in the property and casualty business, notably within property and casualty risk product decoupled with increased net financial income partially offset these dynamics.

儘管承保業績持平，但由於上季報告的非經常性費用和淨財務收入增加的基數效應，淨利潤增長了 60%。從年比來看，Grupo Pacifico 淨利潤下降了 2%。這一下降主要是由於個人壽險和團體人壽問題導致人壽保險核保績效下降。財產和意外傷害業務的業績改善，特別是財產和意外傷害風險產品的業績改善，與淨財務收入的增加部分抵消了這些動態。

Next slide please. Profitability in the investment management and advisory line of business increased this quarter with ROE remaining virtually flat at 14.1%. On a quarter-over-quarter basis, net income rose 9%. This evolution was driven primarily by a seasonal drop in operating expenses and growth in income from our wealth management business where assets under management in U.S. dollars were up 9%. The impact of these variations were partially offset by the elimination of corporate finance business unit and less favorable treasury results. It is important to note that despite the uptick in net income, ROE remained unchanged. This was attributable to the average net equity balance, which was boosted by the revaluation of available-for-sale securities as ASB.

請下一張投影片。本季投資管理和諮詢業務的獲利能力有所增長，淨資產收益率基本持平於 14.1%。淨利潤季增9%。這一演變主要是由於營運費用季節性下降以及財富管理業務收入成長推動的，其中美元管理資產增加了 9%。這些變化的影響被取消企業融資業務部門和不太有利的財務表現所部分抵銷。值得注意的是，儘管淨利潤有所上升，但淨資產收益率保持不變。這歸因於平均淨股本餘額，而 ASB 可供出售證券的重估推動了平均淨股本餘額的成長。

On a year-over-year basis, net income increased 8% bolstered by higher income from our capital market business, which registered an uptick in transactional activity among corporate and retail clients. Our wealth management business also contributed positively as assets under management rose 19% in U.S. dollars.

與去年同期相比，淨利潤成長了 8%，這得益於資本市場業務收入的增加，企業和零售客戶的交易活動增加。我們的財富管理業務也做出了積極貢獻，以美元計算的管理資產增加了 19%。

Next slide please. Now we will look at Credicorp consolidating dynamics. On a quarter-over-quarter basis, interest earning assets posted a slight uptick as cash and due from banks offset the decline in loan balances, particularly for wholesale loans. The yield in interest earning assets increased 4 basis points, mainly due to a rerating of the loan portfolio.

請下一張投影片。現在讓我們來看看 Credicorp 的整合動態。環比來看，生息資產略有上升，因為現金和銀行存款抵消了貸款餘額的下降，特別是批發貸款。生息資產收益率上升4個基點，主要是因為貸款組合重估。

On the liability side, we maintain our funding advantage in low-cost deposits. Our term deposit volume, which has risen but has been repriced downwards, drove 5 basis points, decreasing our cost of funds. Additionally, BCP issued a senior bond as part of a strategy to manage long-term debt. On a year-over-year basis, our interest earning assets mix shifted, reflecting upticks in retail loans and investment balances as wholesale loans contracted somewhat, in line with market dynamics.

負債方面，我們保持低成本存款的資金優勢。我們的定期存款量有所上升，但已重新定價，降低了 5 個基點，降低了我們的資金成本。此外，BCP 還發行了優先債券，作為長期債務管理策略的一部分。與去年同期相比，我們的生息資產結構發生了變化，反映了零售貸款和投資餘額的上升，而批發貸款則有所收縮，與市場動態相符。

On the funding side, low-cost deposits continue to be the main source of funding. A favorable funding structure and to a certain extent, a steeping yield curve led the yield in our interest earning assets to rise 73 basis points and outpaced the increase of 37 basis points registered for our funding costs.

資金方面，低成本存款仍是主要資金來源。良好的資金結構和某種程度上陡峭的殖利率曲線，使得生息資產殖利率上升73個基點，超過融資成本37個基點的成長。

Next slide please. Recent balance sheet and interest rate dynamics led NIM and NII to increase boosting core income growth on a quarter-over-quarter basis. NIM increased 10 basis points and stood at 6.3%. Risk-adjusted NIM grew 75 basis points to 4.85%. If we isolate the effect of provisions for expected losses for El Niño, risk-adjusted NIM fell 16 basis points.

請下一張投影片。最近的資產負債表和利率動態導致NIM和NII增加，推動核心收入環比成長。淨利差 (NIM) 上升 10 個基點，達到 6.3%。風險調整後淨利差成長 75 個基點至 4.85%。如果我們孤立厄爾尼諾現象預期損失撥備的影響，風險調整後的淨利差下降了 16 個基點。

Core income was boosted mainly by NII, which increased 2.3% quarter-over-quarter. When analyzing the result for fee income and FX transactions, it is important to note that both lines have been affected by our operations in Bolivia BCP, which has adopted its fee structure for foreign transfers to offset the losses reported for FX sell purchase transactions.

核心營收主要受到NII的推動，NII季增2.3%。在分析費用收入和外匯交易的結果時，需要注意的是，這兩條線路均受到我們在玻利維亞 BCP 業務的影響，該業務採用了國外轉帳的費用結構，以抵消外匯買賣交易報告的損失。

Excluding BCP Bolivia's operations, other income grew 1.3% quarter-over-quarter driven by an uptick of 3.1% in fee income at BCP, driven mainly via fees from credit card transactions, with registered growth to the e-commerce channels and by an increase in transactions to Yape and Prima due to growth in the volume of payroll contributions.

不包括 BCP 玻利維亞的業務，其他收入環比增長 1.3%，主要是由於 BCP 的費用收入增長 3.1%，主要來自信用卡交易費用、電子商務渠道的增長以及增長。的交易量增加。

On a year-over-year basis, NIM rose 46 basis points and risk-adjusted NIM increased in 31 basis points. If we exclude BCP Bolivia operations, core income increased 8.5% on the back of NII, which grew 9.2% driven mainly by BCP via an uptick in transactions to Yape credit cards and debit cards.

與去年同期相比，淨利差上升 46 個基點，風險調整後的淨利差上升 31 個基點。如果我們排除 BCP 玻利維亞業務，核心收入在 NII 的推動下成長了 8.5%，NII 成長了 9.2%，這主要是由 BCP 透過 Yape 信用卡和金融卡交易增加所推動的。

Next slide, please. Let's look at the dynamics for non-performing loans. On a quarter-over-quarter basis, growing non-performing loans was led by BCP, followed by Mibanco. Within BCP, NPL growth was driven by consumer mortgages and wholesale and partially offset by SME-Pyme.

請下一張投影片。讓我們看看不良貸款的動態。從季度環比來看，不良貸款成長最多的是 BCP，其次是 Mibanco。在 BCP 內，不良貸款成長由消費者抵押貸款和批發推動，並被 SME-Pyme 部分抵消。

In consumer, NPL growth was related to refinancing of vulnerable clients, while growth in mortgage NPL was fueled by clients that also registered a delinquency and other problems. The NPL volume in wholesale was impacted by refinancing for a specific corporate client. This evolution was partially offset by a contraction in NPLs and SME-Pyme, which reflected the impact of loan collateral on or in process for government loans.

在消費者領域，不良貸款的成長與脆弱客戶的再融資有關，而抵押貸款不良貸款的成長則受到同樣存在拖欠和其他問題的客戶的推動。批發不良貸款數量受到特定企業客戶再融資的影響。這種變化被不良貸款和中小企業-Pyme 的收縮部分抵消，這反映了貸款抵押品對政府貸款或正在進行的政府貸款的影響。

At Mibanco, delinquency was concentrated in all vintages where clients were affected by macroeconomic, social, and environmental impacts in 2023. On a year-over-year basis, NPLs increased mainly to BCP and Mibanco.

在Mibanco，拖欠行為集中在2023年客戶受到宏觀經濟、社會和環境影響的所有年份。

Within BCP, NPLs grew mainly to consumer, which experienced an uptick in refinanced loans and delinquency among all vintages, and to mortgages after the payment performance of or indebted clients deteriorated and refinancing rose.

在 BCP 內，不良貸款主要成長到消費者（所有年份的再融資貸款和拖欠率均有所上升），以及在負債客戶的付款表現惡化和再融資增加後的抵押貸款。

In Mibanco, the drivers of NPL growth year-over-year were the same as those seen in the quarterly analysis. In this context, the NPL coverage ratio stood at 93.5%, while NPL coverage ratio isolating government programs stood at 97.2%.

在 Mibanco，不良貸款年增率的驅動因素與季度分析中看到的相同。在此背景下，不良貸款覆蓋率為93.5%，而孤立政府專案的不良貸款覆蓋率為97.2%。

Next slide, please. Moving on to provisions. The cost of risk stood at 2.3%, isolating the effect of El Niño provisions, the underlying cost of risk increased 45 basis points quarter-over-quarter to stand at 3%.

請下一張投影片。繼續討論條款。風險成本為 2.3%，排除厄爾尼諾撥備的影響，基本風險成本較上季上升 45 個基點，達到 3%。

Let's go through the dynamics for provision expenses, which isolate the aforementioned impact. Provisions grew 16% quarter-over-quarter, driven by a base effect in mortgage, which reflected reversal for specific products last quarter, and in SME-Pyme, which reported higher write-offs and a deterioration in payment capacity in a context of gradual economic recovery.

讓我們來看看撥備費用的動態，它隔離了上述影響。撥備金環比增長 16%，這是由抵押貸款的基數效應推動的，這反映了上季度特定產品​​的逆轉，以及 SME-Pyme 的基數效應，在經濟復甦。

At Mibanco, growth in provisions was due to higher delinquency related to all vintages. On a year-over-year basis, provisions rose 46.9%. Growth was fueled by a deterioration in payment capacity in SME-Pyme and credit cards, and a downturn in payment performance in consumer loans. The aforementioned was partially offset by a drop in provisions of wholesale banking at Mibanco.

在 Mibanco，準備金的增長是由於與所有年份相關的拖欠率增加。撥備年增46.9%。中小企業-Pyme 和信用卡支付能力惡化以及消費貸款支付績效下滑推動了成長。上述情況已被 Mibanco 批發銀行業務撥備的減少部分抵銷。

Next slide, please. We will review the evolution of efficiency on a year-over-year basis to isolate the impact of seasonal effects. Operating expenses grew 6.9% year-over-year, driven primarily by disruptive initiatives at the credit card level and within core businesses at BCP, expenses for disruptive initiatives at credit card level increased 31.8% percent. The most significant expenditures were in Yape and Tenpo, which together accounted for 60% of this quarter's disruptive expense.

請下一張投影片。我們將逐年檢視效率的演變，以隔離季節性影響的影響。營運支出較去年同期成長 6.9%，主要由信用卡層面的顛覆性舉措推動，而 BCP 核心業務中，信用卡層面的顛覆性舉措的支出成長了 31.8%。最重要的支出是 Yape 和 Tenpo，它們合計佔本季顛覆性支出的 60%。

At BCP, core businesses were fueled growth in expenses through an uptick in IT expenses related to moves to attract more specialized digital talent and increased use of the cloud as clients become more digital and transactions level increased. Operating leverage remained strong at BCP core businesses due to control expenses. At Mibanco, operating expenses remained under control and operating income is starting to turn around.

在 BCP，隨著客戶變得更加數位化和交易水平提高，吸引更多專業數位人才以及增加雲端使用的舉措導致 IT 支出增加，從而推動了核心業務支出的成長。由於控制費用，BCP 核心業務的營運槓桿仍然強勁。 Mibanco 的營運支出仍受到控制，營運收入也開始好轉。

n this context, our efficiency ratio stood at 43.6% in the first quarter of 2024, down 70 basis points year-over-year, driven mainly by positive operating leverage at BCP.

在此背景下，2024 年第一季我們的效率率為 43.6%，年減 70 個基點，主要得益於 BCP 的正營運槓桿。

Next slide, please. First quarter profitability was sustained by solid results in our universal banking and insurance businesses and by a recovery in our macro finance business. In addition, we benefited from a considerable uptick in the performance of our investment portfolio at the holding level. In this context, ROE for the first quarter stood at 18.2%.

請下一張投影片。第一季的獲利能力得益於全能銀行和保險業務的穩健業績以及宏觀金融業務的復甦。此外，我們也受惠於控股層級投資組合績效的大幅上升。在此背景下，第一季ROE為18.2%。

Now, I will move on to our updated guidance. As previously explained, our GDP growth guidance improved to around 3%. Regarding our profitability drivers, first, given the low demand in wholesale banking and still cautious origination volumes in retail banking at BCP and Mibanco, we expect loan growth measuring average daily balances to be at the lower end of the guidance range.

現在，我將繼續介紹我們更新的指南。如同先前所解釋的，我們的 GDP 成長指引提高至 3% 左右。關於我們的獲利驅動因素，首先，鑑於批發銀行業務的需求較低，以及 BCP 和 Mibanco 零售銀行業務的發放量仍然謹慎，我們預計衡量日均餘額的貸款成長將處於指導範圍的下限。

Second, we expect NIM, cost of risk and efficiency to stand within our guidance range. Finally, we are observing better-than-expected dynamics for fee income and insurance underwriting results. Given all of the aforementioned, we maintain our ROE guidance for 2024 at around 17%.

其次，我們預期淨利差、風險成本和效率將維持在我們的指導範圍內。最後，我們觀察到費用收入和保險承保結果的動態好於預期。考慮到上述所有因素，我們將 2024 年 ROE 指引維持在 17% 左右。

With this, we can turn to the Q&A.

這樣，我們就可以進入問答環節了。

(Operator Instructions) Our first question today is from Ernesto Gabilondo with Bank of America.

（操作員說明）我們今天的第一個問題來自美國銀行的埃內斯托·加比隆多（Ernesto Gabilondo）。

Thank you very much for your presentation, and congrats on your better-than-expected net income and the ROE for the quarter at 18%. My first question will be on fees. So, we saw a strong expansion in fees of 20% on a yearly basis. You mentioned that we're starting to see the benefits from Yape in your revenues. So, just wondering if there is a target on how much could Yape be contributing to your fee income revenues, and what can we expect for the growth of fees in 2024?

非常感謝您的介紹，並恭喜您本季的淨利潤優於預期，淨資產收益率達到 18%。我的第一個問題是關於費用。因此，我們看到費用每年強勁增長 20%。您提到我們開始在您的收入中看到 Yape 帶來的好處。那麼，只是想知道 Yape 是否有一個目標可以為您的費用收入貢獻多少，以及我們對 2024 年費用成長的預期是什麼？

Yes. I'll take a more conceptual answer, and then I'll ask Cesar to go into the details. Regarding the impact on Yape in terms of fees, it's a quite complex question, because what is happening with Yape is that there's sort of a J-curve in terms of businesses, and therefore, income generation. So, each target we set is we surpassed that target every month, quarter, or whatever. So, we're very positive on what Yape is going to have a positive impact in the long run, in the medium and long run.

是的。我將採取更概念性的答案，然後我將請塞薩爾詳細說明。關於費用方面對 Yape 的影響，這是一個相當複雜的問題，因為 Yape 的業務以及創收方面存在某種 J 曲線。因此，我們設定的每個目標都是每月、每季或其他任何時間都超過該目標。因此，我們對 Yape 從中長期來看將產生的正面影響非常樂觀。

On the other hand, on fees in general, I would argue that what is paying off is that the strategy we launched a few years ago, which we called War on Cash. We've been heavily investing mostly at BCP in how to become the payment hub in Peru, and obviously this is paying off. I'll ask Cesar to complement me into the details.

另一方面，就一般費用而言，我認為真正得到回報的是我們幾年前推出的策略，我們稱之為「現金戰爭」。我們一直在 BCP 上投入巨資，主要致力於如何成為秘魯的支付中心，顯然這正在取得回報。我會請塞薩爾補充我的細節。

As Gianfranco mentioned, the main structural drivers are long-term capabilities that are -- we have been building. I would like to highlight that this 20.5% is slightly distortion by the situation of Bolivia. I would say that a more structural figure will be in the low teens. The situation in Bolivia is that we charge a higher fee and we registered a loss in the FX transaction. But we -- if you take out this, we can be in the low teens, and is driven by higher transactional activity, the expansion of different products that we are introducing and scaling very rapidly in Yape.

正如 Gianfranco 所提到的，主要的結構性驅動因素是我們一直在建立的長期能力。我想強調的是，這個20.5%是由於玻利維亞的情況而略有扭曲。我想說，更具結構性的數字將在十幾歲左右。玻利維亞的情況是我們收取較高的費用，我們在外匯交易中出現了虧損。但如果你把這個去掉，我們可能會處於十幾歲的水平，並且是由更高的交易活動、我們在 Yape 推出的不同產品的擴展和快速擴展所驅動的。

And I will also highlight that other subsidiaries of the group are starting to increase fee income growth also that is very positive. That implies that we are starting to have the capacity to, let's say, navigate with more than 2 engines at this point.

我還要強調的是，該集團的其他子公司也開始增加費用收入成長，這也是非常正面的。這意味著我們現在開始有能力使用 2 個以上的引擎進行導航。

And then for my second question is in terms of regulation. We have recently seen some proposals at Congress. So can you elaborate on what could be the potential impacts to your business? I think there was something related to banking transfers and credit card payments. And also, I don't know if there's like a last update on pension or pension reforms.

我的第二個問題是監管方面的。我們最近在國會看到了一些提案。那麼您能否詳細說明一下這對您的業務可能產生哪些潛在影響？我認為這與銀行轉帳和信用卡支付有關。而且，我不知道退休金或退休金改革是否有最新更新。

That's a more complex question than the first one, actually. Congress in Peru is Congress in Peru. Having said that, I'll start with the last question. Unfortunately, all the efforts that have been done both by regulators, regulators, I mean, technical regulators, and by -- and actually by us as Credicorp and so on, in reform proposals regarding the pension funds haven't been approved or taken into account by Congress. And unfortunately, they decided to approve a seventh withdrawal.

實際上，這是一個比第一個問題更複雜的問題。秘魯的國會是秘魯的國會。話雖如此，我將從最後一個問題開始。不幸的是，監管機構、監管機構，我的意思是技術監管機構，以及實際上是我們 Credicorp 等在有關養老基金的改革提案中所做的所有努力尚未獲得批准或考慮。不幸的是，他們決定批准第七次撤回。

As I've mentioned before, in our opinion, the pension system in Peru, in general, has been attacked for the last or perforated for the last, I don't know, 3, 4 years. Therefore, unless we do have a structural reform, we are putting in danger the pension system or the retirement plan for Peruvians in the next, I don't know, 10 to 15 years. That's in pensions, and I would say that's the most structural reform that is needed in Peru.

正如我之前提到的，在我們看來，秘魯的退休金制度總體上已經是最後一次受到攻擊或被穿孔了，我不知道，已經有三、四年了。因此，除非我們確實進行結構性改革，否則我們將在未來（我不知道）10到15年內將秘魯人的退休金制度或退休計劃置於危險之中。這就是退休金，我想說這是秘魯最需要的結構性改革。

Regarding specific regulation in terms of fees, yes, it's on and off. If you go, I don't know, back 5, 10 years in time, a lot of fees have been taken out by Congress. It is what it is. We -- what we're doing is trying to call through the technical regulators, trying to work on what's the reasonability for charging those fees.

關於收費方面的具體規定，是的，有斷斷續續的。如果你去的話，我不知道，早在5年、10年前，國會已經收取了很多費用。就是這樣。我們正在做的是嘗試致電技術監管機構，試圖了解收取這些費用的合理性。

But is there any potential impact, any timeline for this to be approved or not?

但這是否有任何潛在影響，是否有批准或不批准的時間表？

We really don't know. As you mentioned, specifically on the interbank fees, it was approved at the first voting scheme. There should be a second one, and nothing has happened. That might be approved or not, we really don't know. It's really a question mark. That's why I said this question is more complex than the first one. Because of a -- it's very -- I would say, the level of populism at Congress has risen a lot over the last few years, a couple of years.

我們真的不知道。正如您所提到的，特別是關於銀行同業拆借費用的問題，它在第一次投票計劃中獲得了批准。應該還有第二次，但什麼事也沒發生。這可能會被批准，也可能不會被批准，我們真的不知道。這實在是一個問號。所以我說這個問題比第一個問題更複雜。我想說，因為——非常——國會的民粹主義程度在過去幾年、幾年大幅上升。

The next question is from Renato Meloni with Autonomous.

下一個問題來自 Autonomous 的 Renato Meloni。

My question is on the guidance. What is your perspective on how you reconcile achieving the growth guidance that's been lagging? But at the same time that you want to achieve the cost of risk guidance, particularly in light here of the tight coverage ratio that you currently have?

我的問題是關於指導。您對於如何協調實現一直落後的成長指引有何看法？但同時，您希望實現風險指導的成本，特別是考慮到您目前的覆蓋率很緊？

Sure. I'll ask Cesar and Reynaldo to answer that question.

當然。我會請塞薩爾和雷納爾多回答這個問題。

Yes. I think probably you are referring to higher GDP expectations, similar loan growth, and cost of risk all put together. And I think it's a matter of timing and mix. The GDP growth is actually, the perspective is improving, but our clients are already impacted. So we have corporate clients that are very worldwide. They are very creditworthiness, but they are still very conservative in their demands. And we are more internally being more conservative in the origination of the loan -- and retail loan portfolio.

是的。我認為您可能指的是更高的 GDP 預期、類似的貸款成長以及風險成本的總和。我認為這是一個時機和組合的問題。 GDP 成長實際上，前景正在改善，但我們的客戶已經受到影響。因此，我們擁有遍佈全球的企業客戶。他們很有信譽，但他們的要求還是很保守。我們內部在貸款發放和零售貸款組合方面更加保守。

This implies that even in a higher expectation of GDP growth, the combined loan portfolio is going to be in the similar range that we were expecting with a lower GDP growth.

這意味著，即使 GDP 成長預期較高，合併貸款組合也將處於我們對 GDP 成長較低預期的類似範圍內。

And in terms of cost of risk, and Reynaldo can complement and correct me, we are also seeing significant improvement in the cost of risk of the new vintages, but the deterioration of the already-originated portfolio is still there, and we need to go through a process in which they go through the process of really deteriorating to the point of charge-off in a certain percentage, and after that, these old vintages are going to be extinguished and came down in relative volumes at the end of the year.

就風險成本而言，雷納爾多可以補充和糾正我，我們也看到新年份的風險成本有了顯著改善，但已經產生的投資組合的惡化仍然存在，我們需要去在這個過程中，它們將經歷一個真正惡化到一定比例的報銷點的過程，之後，這些舊年份將被淘汰，並在年底相對數量下降。

Yes. This is basically what Cesar has mentioned. We expect to see the results of the impact of the new vintages and a better looking economic outlook, especially on the second semester of the year. So we -- that's why we decided to maintain our guidance in terms of cost of risk for the year.

是的。這基本上就是塞薩爾提到的。我們預計會看到新年份的影響和更好的經濟前景，特別是在今年下半年。因此，這就是我們決定維持今年風險成本指引的原因。

Understood. Then, in terms of loan growth, do you expect the inflection point also to happen in the second Q, when you start accelerating growth?

明白了。那麼，就貸款成長而言，您預計拐點也會在第二季開始加速成長時出現嗎？

Yes. Yes, because we have 2 factors. One factor is the gradual effect of economic growth, the reduction in interest rates, but in also a comparison base, because last year we had a decrease in volumes through the year, so we need to go through this process, I would say, like a sun rising, which we gradually are starting to have less tougher comparisons through the year. I don't know if this is clear.

是的。是的，因為我們有兩個因素。一個因素是經濟成長的逐步影響，利率下降，但也是一個比較基數，因為去年我們全年的數量有所減少，所以我們需要經歷這個過程，我想說，比如太陽升起，這一年我們逐漸開始進行不那麼嚴格的比較。我不知道這是否清楚。

Last year, you have higher volumes at the beginning, lower volumes at the end, and we expect to have the reverse this year. So, through the quarters, we are going to have less tougher comparisons as the year progresses.

去年，年初的銷售量較高，年底的銷售量較低，我們預期今年情況會出現相反的情況。因此，在整個季度中，隨著時間的推移，我們將進行不那麼嚴格的比較。

That's clear. Thank you. The next question is from Thiago Batista with UBS.

很清楚。謝謝。下一個問題來自瑞銀集團的蒂亞戈·巴蒂斯塔。

I have a follow-up question on Ernesto, one about Yape. By the way, Yape is presenting impressive numbers. But you have already achieved 11.5 million, active clients, and this is probably half of the adult population in Peru. So, how much more clients can Yape add? When you look, let's say, 4 or 5 years from now, how do you believe will be Yape's revenues? Do you see any big change in the type of revenues that Yape will generate or not?

我有一個關於埃內斯託的後續問題，一個關於亞普的問題。順便說一句，Yape 正在展示令人印象深刻的數字。但您已經擁有 1,150 萬活躍客戶，這可能是秘魯成年人口的一半。那麼，Yape 還能增加多少客戶呢？假設 4 或 5 年後，您認為 Yape 的收入會如何？您認為 Yape 的收入類型是否會發生重大變化？

Yes, great question, Thiago. So, let me go back to how the strategy regarding Yape has evolved. When we launched Yape, the main focus was to gain users, or Yaperos, what we call Yaperos.

是的，很好的問題，蒂亞戈。那麼，讓我回顧一下 Yape 的策略是如何演變的。當我們推出 Yape 時，主要重點是獲得用戶，或 Yaperos，我們稱之為 Yaperos。

When we got traction in that sense, we then switched to usage. As you can see, the level of usage has risen dramatically over the last few years. Nowadays, what the focus is how to -- on one hand, monetize that usage; and on the other hand, keep releasing new features and new functionalities so as to solve the daily life of Peruvians.

當我們在這個意義上獲得牽引力時，我們就會轉向使用。正如您所看到的，過去幾年的使用水準急劇上升。如今，焦點是如何——一方面，將這種使用貨幣化；另一方面，如何將這種使用貨幣化。另一方面，不斷發布新功能、新功能，解決秘魯人的日常生活。

So, regarding your first question, the main target today is not to keep adding new users. However, having said that, the number of users is increasing by roughly 300,000 users per month. But the main focus or the main strategy today is usage and monetization.

所以，關於你的第一個問題，今天的主要目標不是不斷增加新用戶。然而，話雖如此，用戶數量每月增加約 30 萬用戶。但今天的主要焦點或主要策略是使用和貨幣化。

Regarding your second question, again, I go back to the first question regarding fees, the one made original by Ernesto Gabilondo, is, again, there's a J-curve in terms of usage of Yape. So, going forward, we expect Yape to have different sources of income. We really don't know exactly today what those sources of income are. Obviously, the ones that are more mature are going to be more relevant in the near future.

關於你的第二個問題，我再次回到關於費用的第一個問題，這個問題是由埃內斯托·加比隆多（Ernesto Gabilondo）原創的，同樣，Yape 的使用存在一條 J 曲線。因此，展望未來，我們預期 Yape 將有不同的收入來源。今天我們確實不知道這些收入來源到底是什麼。顯然，更成熟的技術在不久的將來會更有意義。

Having said that, going forward, there might be new sources of income, and we're constantly looking for alternatives, and also looking for benchmarks and wallets that have been -- that are more developed in their countries where Yape is in Peru.

話雖如此，展望未來，可能會有新的收入來源，我們一直在尋找替代方案，也在尋找已經在秘魯亞佩所在的國家更加發達的基準和錢包。

If you allow me to complement, we have a page in the presentation that helps to understand this, because in payment, that is the more mature business, we are starting to add new functionalities. And among these, the composition has changed, incorporating relative volumes of the new ones.

如果您允許我補充一下，我們在簡報中有一個頁面可以幫助理解這一點，因為在付款方面，這是更成熟的業務，我們開始添加新功能。其中，成分發生了變化，納入了新成分的相對體積。

In the second, it's lending that is starting to gain traction and relative volumes, and in the third place is marketplace. So, we expect to change the composition. We don't know exactly what is going to happen, but if you see as a combination of compounding business, the second ones are starting to grow relative weight down the road.

第二個是貸款開始獲得吸引力和相對數量，第三個是市場。因此，我們希望改變成分。我們不知道到底會發生什麼，但如果你將其視為複利業務的組合，那麼第二個業務將開始增加相對的權重。

The next question is from Tito Labarta with Goldman Sachs.

下一個問題來自高盛的 Tito Labarta。

My question is on your margin. Good performance there. It continues to expand within the guidance range. But just thinking from the evolution from here, do you see any room for the NIM to continue to increase? I know you expect loan growth maybe to pick up second half of the year, but it's still been negative, right? So -- and even if it increases, it's increasing to the mid-single-digit. So, given that relatively muted loan growth that's expected, can the margin increase further? And can you also remind us on the sensitivity of margins as rates continue to come down?

我的問題是關於你的。那裡表現不錯。它在指導範圍內繼續擴大。但從現在的演變來看，你認為淨利差還有繼續成長的空間嗎？我知道您預計下半年貸款成長可能會加快，但仍然是負值，對嗎？所以——即使它增加了，它也會增加到中個位數。那麼，考慮到預期的貸款成長相對溫和，利潤率還能進一步增加嗎？您能否提醒我們，隨著利率持續下降，利潤率的敏感度？

Cesar?

塞薩爾？

Yes. We think that we can maintain -- sorry, some noise there. I think we can maintain these levels of net income, and I would like to remind you that these levels are more than 100 basis points higher than previous to the pandemic. These are significantly high levels of net income. And at the end of the day, what we actually manage and monitor is the risk-adjusted NIM. That is a combination of this and the cost of risk.

是的。我們認為我們可以維持——抱歉，那裡有一些噪音。我認為我們可以維持這些淨收入水平，我想提醒大家，這些水平比大流行之前高出100多個基點。這些淨收入水平非常高。歸根究底，我們實際管理和監控的是風險調整後的淨利差。這是這一點和風險成本的結合。

Inside the dynamics, we have had the capacity to extend the duration of the portfolio, the solid portfolio. And due to the international rates, we expect to still have dollar rates in a high range for some time that are going to allow us to converge this further decrease with the change of the portfolio towards a more retail base.

在動態範圍內，我們有能力延長投資組合（即穩健的投資組合）的期限。由於國際匯率的影響，我們預計美元匯率在一段時間內仍將處於高位，這將使我們能夠隨著投資組合向零售基礎的轉變而進一步降低利率。

So, I think it's reasonable to expect relative stable NIMs and trying to improve the combination of NIM and cost of risk, shifting the profile of the portfolio down the road. I think this is a reasonable assumption. And when this process converges probably next year, we expect to have a higher, more positive loan growth that impulses the total results for the further years -- for the following years.

因此，我認為預期淨利差相對穩定並嘗試改善淨利差和風險成本的組合，從而改變投資組合的狀況是合理的。我認為這是一個合理的假設。當這個過程可能在明年收斂時，我們預計會有更高、更積極的貸款成長，從而推動未來幾年的整體表現。

The next question is from Yuri Fernandes with JPMorgan.

下一個問題來自摩根大通的尤里·費爾南德斯。

I have one on your operating expenses and overall efficiency ratio. You are tracking below the guidance, and still you are not changing. I understand for secure seasonal, so maybe this is part of the explanation. But when we look to your breakdown of disruption expenses, we see that line, although, it's still growing a lot, even also decelerating, right? It used to be growing 50%, 60% year-over-year, and now it's growing, I don't know, like 30% year-over-year. So, my question to you is, how should we think about this? Like can't you be a little bit more efficient? Thinking on the long-term, I understand for this year is 46%, 48% guidance for efficiency. But what is your goal like in the long run? Can we see Credicorp running below 40%? Like anything you can comment.

我有一份關於你們的營運費用和整體效率比率的資料。你正在遵循指導方針，但你仍然沒有改變。我理解安全季節性，所以也許這是解釋的一部分。但是，當我們查看中斷費用的明細時，我們會看到這條線，儘管它仍然增長很多，甚至也在減速，對嗎？過去每年年增 50%、60%，現在我不知道，大概是年增 30%。所以，我向你提出的問題是，我們該如何思考這個問題？你就不能提高一點效率嗎？從長遠來看，我理解今年的效率指導是 46%、48%。但從長遠來看，你的目標是什麼？我們能看到 Credicorp 的運作率低於 40% 嗎？喜歡什麼都可以評論。

So, my question is, is there a chance that this year you surprise us on the long end of the guidance? And 2, where should efficiency sit? Because now most of the new projects, they are getting more mature. We have the app, you have the Tenpo getting bigger scale. So just trying to understand if we could see a positive trend on your efficiency and operating expenses.

所以，我的問題是，今年您是否有可能在指導的長期內容上給我們帶來驚喜？ 2、效率該放在哪裡？因為現在大部分新項目，都在變得更成熟。我們有應用程序，你有規模更大的 Tenpo。因此，我們只是想了解您的效率和營運費用是否呈現正面趨勢。

Yes. If we were not investing in any new technology, I totally agree with you, technology or innovation, I totally agree with you that the cost to income could go down. If you recall, maybe a couple of years ago, we said that by 2025, the disruptive initiatives in terms of cash flow should be cash flow neutral. We have reaffirmed that position. We don't expect, actually, it might be a slightly better than what we stated a few years ago. Having said that, as we all know, there are a lot of new technologies coming up, specifically one that pops up in my mind is artificial intelligence. And in the short run, that might have a negative impact in terms of cost to income.

是的。如果我們不投資任何新技術，我完全同意你的觀點，技術或創新，我完全同意你的觀點，即收入成本可能會下降。如果你還記得，也許幾年前，我們說過，到 2025 年，現金流方面的顛覆性舉措應該是現金流中性的。我們已經重申了這一立場。事實上，我們並不期望它會比我們幾年前所說的稍微好一點。話雖如此，眾所周知，有許多新技術正在湧現，特別是我腦海中浮現的一項是人工智慧。從短期來看，這可能會對收入成本產生負面影響。

Obviously in the long run, it should improve cost to income. So I would divide the question in 2. If we were not investing in any new technologies, the cost to income should go down. Having said that, we are, as a matter of fact, we've recently launched an internal AI, an overall corporate AI program that we are going to invest in that program. At the beginning, mostly focused on cost reduction. However, that's not going to have a positive impact in the long run -- in the short run, sorry.

顯然，從長遠來看，它應該會提高收入成本。因此，我將問題分為 2。話雖如此，事實上，我們最近推出了一個內部人工智慧，一個整體的企業人工智慧項目，我們將投資該項目。一開始，主要關注的是降低成本。然而，從長遠來看，這不會產生積極的影響——從短期來看，抱歉。

I would like to complement something. If you see our figures, year-over-year, our expenses have grew almost 7%, 6.9%. But I would like to highlight that this was achieved, including a 31%, almost 32% increase in disruption. But this disruption is building businesses that are gradually more profitable and gaining scale. For example, these expenses were 9% of the total cost base 1 year ago.

我想補充一些東西。如果你看我們的數據，我們的開支年增了近 7%、6.9%。但我想強調的是，這個目標已經實現，其中中斷增加了 31%、近 32%。但這種顛覆正使企業的獲利能力逐漸提高，規模不斷擴大。例如，一年前這些費用佔總成本基數的 9%。

Now, it's more than 11%. So what we are going to see is an overall figure that probably doesn't change too much, but a significant change in the composition following the strategy that Gianfranco mentioned, in which the more traditional business gain in efficiency, and the disruptive ones still maintains relative high cost to income and gains relative weight, but building new business and capabilities down the road. This is very visible now in our figures already, with the BCP growing 4.7% year-over-year, including almost 18% increase in IT-related costs.

現在，這一比例已超過 11%。所以我們將看到的是一個總體數字可能不會有太大變化，但是按照Gianfranco提到的策略，構成會發生重大變化，其中更傳統的業務提高了效率，而顛覆性的業務仍然保持不變收入成本相對較高，權重相對較高，但未來會建立新的業務和能力。這在我們的數據中已經非常明顯，BCP 年比成長 4.7%，其中 IT 相關成本成長了近 18%。

I just have a hard time. Like your low growth will accelerate, your margins should be mostly stable from here, right? And the new initiatives, they're getting more mature, right? Like when you look to cost-to-serve, and the RPAC of Yape, they are almost crossing each other, right? So the break-even is real, and it's getting closer. So I struggle to see the efficiency moving from 44 to 46, 48, that is your guidance, and I wish we could see some upside here. That was my point, but it's very clear.

我只是很難過。就像你的低成長會加速一樣，你的利潤率從現在開始應該基本上已經穩定，對吧？新措施正在變得更加成熟，對嗎？就像當你考慮到服務成本和 Yape 的 RPAC 時，它們幾乎相互交叉，對嗎？所以損益平衡是真實的，而且越來越接近。因此，我很難看到效率從 44 提高到 46、48，這是您的指導，我希望我們能在這裡看到一些好處。這就是我的觀點，但它非常清楚。

You're right. Your view is right. Maybe the only caveat is that, if there were new investments to do or to make in either innovation or new technologies, we're going to do that, and that might have a negative impact. But your view is right.

你說得對。你的觀點是對的。也許唯一需要注意的是，如果在創新或新技術方面需要進行新的投資，我們就會這樣做，這可能會產生負面影響。但你的觀點是對的。

(Operator Instructions) The next question is from Carlos Gomez-Lopez with HSBC.

（操作員說明）下一個問題來自匯豐銀行的 Carlos Gomez-Lopez。

You've talked extensively about Yape. Could you perhaps refer to the other initiatives, like Tenpo in Chile and EO in Peru? How are those advancing so far?

您廣泛地談論了 Yape。您能否參考一下其他舉措，例如智利的 Tenpo 和秘魯的 EO？到目前為止，這些進展如何？

Yes. I'll go with Tenpo, and I'll ask Diogo to talk about EO, or Francesca to talk about EO. Tenpo is right on track. Remember, though, that Tenpo is way below break-even yet. Having said that, the leading indicators, the operating leading indicators are on track, and some of them are outperforming our initial expectations. We filed an application for a full banking license for Tenpo in Chile, and that should be approved anything between 18 months to 24 months.

是的。我會和 Tenpo 一起去，我會請 Diogo 談談 EO，或請 Francesca 談談 EO。 Tenpo 正走在正軌上。但請記住，Tenpo 的獲利水準還遠低於收支平衡。話雖如此，領先指標、營運領先指標都步入正軌，其中一些指標超出了我們最初的預期。我們為 Tenpo 在智利申請了完整的銀行牌照，該申請應在 18 個月至 24 個月內獲得批准。

But in a nutshell, Tenpo is performing well. We do not expect to break-even in the short run, and maybe in the next call or in a couple of calls, we can be more specific on the Tenpo figures. I don't know if Francesca or Diogo want to go into specifics on EO.

但簡而言之，Tenpo 表現良好。我們預計短期內不會實現收支平衡，也許在下一次或幾次電話會議中，我們可以更具體地了解 Tenpo 的數據。我不知道 Francesca 或 Diogo 是否想詳細介紹 EO。

Yes. Let me complement a little bit on Tempo and continue on EO. In addition to what Gianfranco said, I think 2 paths to Tenpo which are very promising. One is the transactional base on the prepaid and debit card still growing, and now the credit card path is also around 40,000 customers already on-boarded and using with a healthy transaction base as well. So, GPD is solid, and we're on track on those 2 main entries. So, that's very promising, and if you look at the brand landscape, whether it's credit card or debit card, EO is on the top 10 brands for Chile. So, I think that shows a good position.

是的。讓我對 Tempo 進行一些補充，然後繼續 EO。除了Gianfranco所說的之外，我認為通往Tenpo的兩條道路非常有前途。一是預付卡和金融卡的交易基礎仍在成長，現在信用卡途徑也已有約 4 萬名客戶加入並使用，交易基礎也良好。所以，GPD 是可靠的，我們正在這兩個主要條目上走上正軌。所以，這是非常有前途的，如果你看看品牌格局，無論是信用卡還是藉記卡，EO 都是智利十大品牌之一。所以，我認為這表明了一個很好的立場。

The other venture that you didn't mention is Kulki, the acquiring business. I think that's another very mature business that BCP is now embracing in their SME business to continue to grow because it complements the value proposition, and it's still growing in fee income, but GPD volumes are good, and the customer base continues to grow.

您沒有提到的另一家企業是 Kulki，收購業務。我認為這是BCP 現在在其中小型企業業務中採用的另一項非常成熟的業務，以繼續增長，因為它補充了價值主張，而且費用收入仍在增長，但GPD 量很好，而且客戶群也在持續增長。

On the EO side, we're focusing more on the mass affluent segment in Peru with a new value proposition that is completely digital. Growth is still slow. We're growing because we have a value proposition that is still not complete with a credit card, but we're seeing good transaction levels and good levels of active users, but stickiness in terms of the customers that we do acquire stay with EO for the past 12 months. So, that is promising as well.

在 EO 方面，我們更加關注秘魯的大眾富裕階層，並提出完全數位化的新價值主張。增長仍然緩慢。我們正在成長，因為我們的價值主張仍然不完全是透過信用卡完成的，但我們看到了良好的交易水平和活躍用戶水平，但我們確實獲得的客戶的粘性仍留在 EO 中過去 12 個月。所以，這也是有希望的。

So, if you're going to expand on EO, are you already in the general advertising level or still in the friends and family phase?

那麼，如果您要擴展 EO，您是已經處於一般廣告階段還是仍處於朋友和家人階段？

No, we're at the general advertising level. We still use a lot of digital marketing more than TV or non-mass market advertising, but we are open to the public using, at this point, only BCP's risk policies. So, we're targeting -- we're using the BCP's risk modeling to target customers that are not currently, basically not currently BCP customers with a credit card.

不，我們處於一般廣告水平。我們仍然使用大量數位行銷而不是電視或非大眾市場廣告，但我們目前僅使用 BCP 的風險政策向公眾開放。因此，我們的目標是——我們正在使用 BCP 的風險模型來定位目前、基本上不是擁有信用卡的 BCP 客戶的客戶。

Can we have an idea of the order of quantity of customers that you have, either activated or registered? Again, not exact numbers, but how many are we talking about? 100,000? 10,000?

我們能否了解一下您擁有的啟動或註冊客戶數量的順序？再說一次，不是確切的數字，但我們談論的是多少？ 10萬？一萬？

No, we're at the 10,000 number, still, yes.

不，我們仍然有 10,000 個數字，是的。

10,000?

一萬？

This is an early venture, yes, yeah.

這是一個早期的冒險，是的，是的。

The next question is from Andres Soto with Santander.

下一個問題來自桑坦德銀行的安德烈斯·索托。

My question is regarding dividends. You guys declared a dividend that implies a significant increase versus last year, 40%. And yet, when I look at the capitalization levels of your main subsidiaries, they are still above what you say is the minimum that you expect. Specifically, when I look at BCP, BCP is currently at 12%, and you say that the target post-dividends is 11%. Mibanco is at 16% versus 15% that you set as a target. So my question is, what prevented you from being more aggressive in terms of dividend distribution, and if you see any space for additional distribution, especially dividends throughout the year?

我的問題是關於股息。你們宣布的股息意味著與去年相比顯著增加，40%。然而，當我查看你們主要子公司的資本水準時，它們仍然高於你們所說的最低預期。具體來說，我看BCP，BCP目前是12%，你說股息後的目標是11%。 Mibanco 的利率為 16%，而您設定的目標為 15%。所以我的問題是，是什麼阻止了你們在股息分配方面更加激進，以及你是否看到任何額外分配的空間，特別是全年股息？

First, I am going to address probably the capital levels of the operating units, and after that, the dividend at Credicorp level. Actually, we set up a minimum of 11%, as you rightly mentioned, at BCP, and we usually put some kind of a small cushion. Particularly at the end of the quarter in BCP, we have a decrease in corporate loans that were beyond what we were expecting. For that reason, we have a Core Equity Tier 1 above that was going to be, I would say, an unexpected level, some decimal points there.

首先，我可能會討論營運單位的資本水平，然後是 Credicorp 層面的股利。實際上，正如您正確提到的，我們在 BCP 至少設定了 11%，我們通常會放置某種小緩衝。特別是在 BCP 季度末，我們的企業貸款減少超出了我們的預期。出於這個原因，我們有一個以上的核心股權一級，我想說，這將是一個意想不到的水平，有一些小數點。

And at Credicorp level, we expect to have a growing first dividend through the year. So we feel that this was a significant increase over the last year, and we, based on the capital needs of the remaining part of the year, can evaluate further dividends.

在 Credicorp 層面，我們預計今年的首次股息將持續成長。所以我們覺得這比去年有顯著的成長，我們可以根據今年剩餘時間的資本需求來評估進一步的股利。

The next question is from Alonso Aramburu with BTG Pactual.

下一個問題來自 BTG Pactual 的 Alonso Aramboru。

I wanted to ask also about Yape. Regarding the multi-installment loans, which you guys have been growing lately, can you comment on the asset quality behavior of those loans? What are the size of those loans? Are these going to be new clients, non-BCP clients? And have you been able to develop a risk model based on Yape data, or are you still using the BCP risk models?

我還想問一下關於 Yape 的事情。對於最近你們不斷成長的分期貸款，你們能評估一下這些貸款的資產品質表現嗎？這些貸款的規模是多少？這些是新客戶、非 BCP 客戶嗎？您是否能夠基於 Yape 資料開發風險模型，或者您仍在使用 BCP 風險模型嗎？

So I would say, going to the specifics, in Yape, we started with a 1 installment loan, a very, very short duration, less than 30 days. NPLs have been very, very low, surprisingly low, I would say. And that has been mostly targeted to or using BCP's model. We've learned about it with those loans, and now we've launched multi-installment loans, which are longer in tenure and larger in tickets. And we're currently also using data and pilot so as to enhance the models at BCP that haven't worked solely with BCP data, and also leveraging on Yape's data. Today, as I mentioned in my initial words, we're at very early stages in the lending business in Yape, but so far the performance of that business is very promising.

所以我想說，具體來說，在 Yape，我們從一筆分期貸款開始，期限非常非常短，不到 30 天。我想說，不良貸款一直都非常非常低，低得驚人。這主要是針對或使用 BCP 的模型。我們透過這些貸款了解了這一點，現在我們推出了分期貸款，期限更長，金額更大。我們目前也正在使用數據和試點來增強 BCP 的模型，這些模型不僅適用於 BCP 數據，還利用了 Yape 的數據。今天，正如我在開頭提到的那樣，我們在 Yape 的貸款業務處於非常早期的階段，但到目前為止，該業務的業績非常有前途。

The next question is a follow-up from Yuri Fernandes with JPMorgan.

下一個問題是尤里·費爾南德斯 (Yuri Fernandes) 與摩根大通 (JPMorgan) 的後續提問。

Just to follow up on capital, 2 topics. Do you have excess capital at the holding? I remember sometimes in the past, credit card holding had excess capital, so just checking if there is any capital there. And 2 effects, I know the Sol has been mostly stable, but can you remind us whatever the Sol goals, like do you have any correction to one impact? Like does effects impact your capital base, because you have, I don't know, loans in dollars and this can affect your RWA? Can you just refresh here on effects volatility for you?

只是為了跟進資本，2個主題。您的控股公司是否有多餘的資本？我記得以前有的時候，信用卡持有的資金是多餘的，所以就檢查一下有沒有資金就可以了。兩種影響，我知道 Sol 基本上是穩定的，但你能提醒我們 Sol 的目標是什麼，例如你對一種影響有什麼修正嗎？就像影響會影響你的資本基礎一樣，因為你有，我不知道，美元貸款，這會影響你的 RWA 嗎？您能否在此為您回顧一下影響波動性的情況？

I'll take your first question and then ask Cesar for the second one. We've explained it before. The policy we have is we retain whatever is needed, from profits I mean, whatever is needed at the subsidiaries level to fund growth within the Common Equity Tier 1 that we've decided to keep. From that, which basically are Mibanco and BCP, and obviously at Pacifico regarding the Solvency ratios we need to maintain. Beyond that, the policies that we pay, all of the subsidiaries pay dividends in full of the rest of what is needed to Credicorp.

我會回答你的第一個問題，然後問塞薩爾第二個問題。我們之前已經解釋過了。我們的政策是，我們保留所需的一切，我的意思是，從利潤中，子公司層級所需的一切，為我們決定保留的普通股一級的成長提供資金。由此看來，基本上就是 Mibanco 和 BCP，顯然是 Pacifico，我們需要維持償付能力比率。除此之外，根據我們支付的保單，所有子公司都全額支付 Credicorp 所需的其餘股利。

And as Cesar mentioned, the policy we're following in Credicorp is that the usual dividend to rise it on a yearly basis, and that's the reason we've risen this current dividend. And depending on the performance of the economy, depending on the growth of the businesses, and depending on inorganic growth opportunities that we may find, we do pay an extraordinary dividend in the last quarter or the second semester of the year. That's how we manage it. So going to the specific question, yes, in a short answer is yes, we have excess capital, but the logic is what I just explained.

正如塞薩爾所提到的，我們在 Credicorp 遵循的政策是通常每年增加股息，這就是我們增加當前股息的原因。根據經濟表現、業務成長以及我們可能發現的無機成長機會，我們確實會在最後一個季度或今年第二季支付特別股息。這就是我們的管理方式。那麼，回到具體問題，是的，簡單來說，是的，我們有過剩的資本，但邏輯就是我剛才解釋的。

Yes. And regarding the second question, I would like to remind you that our functional currency is solid, and our books are, I will say, by policy, structurally balanced and neutral. So we try to maintain in all the subsidiaries within a very short range outside of a specific trading operations, a balanced book. So we are going to have some impact for the FX impacts in the P&L, but structurally we are neutral in operating currency at subsidiary level.

是的。關於第二個問題，我想提醒大家，我們的功能貨幣是穩固的，而且我想說的是，從政策上看，我們的帳目在結構上是平衡和中性的。因此，我們試圖在所有子公司的特定貿易業務之外的很短的範圍內保持平衡的帳簿。因此，我們將對損益表中的外匯影響產生一些影響，但從結構上講，我們對子公司層級的營運貨幣持中性態度。

Given say that, we have operation outside of Peru that are conducting the business and other currencies, dollars of Colombian pesos or Chilean pesos, in which case we have on top of the volatility of the FX and the P&L an impact of the relative exchange from this currency to Solvency in the balance sheet reflected as a non-realized losses or gains. At this point, these impacts are very moderate.

有鑑於此，我們在秘魯境外開展業務，並以其他貨幣、哥倫比亞比索或智利比索的美元進行業務，在這種情況下，除了外匯和損益表的波動性之外，我們還受到相對匯率的影響這種貨幣以償付能力在資產負債表中反映為未實現的損失或收益。目前來看，這些影響非常溫和。

It appears there are no further questions at this time. I will now turn the call back over to Mr. Gianfranco Ferrari, Chief Executive Officer, for closing remarks.

目前似乎沒有其他問題了。現在，我將把電話轉回給首席執行官吉安弗蘭科·法拉利 (Gianfranco Ferrari) 先生，他將致閉幕詞。

Thank you. Thank you all for your questions. As Cesar mentioned, we're optimistic about Credicorp's ability to realize our revised guidance for 2024 and reiterate our 2024 ROE guidance. Furthermore, I'd like to reaffirm that we are confident in our ability to achieve the 18% sustainable ROE by 2025, based on the following drivers.

謝謝。謝謝大家的提問。正如 Cesar 所提到的，我們對 Credicorp 實現 2024 年修訂後指引的能力持樂觀態度，並重申我們的 2024 年 ROE 指引。此外，我想重申，基於以下驅動因素，我們有信心在 2025 年實現 18% 的可持續 ROE。

A resilient NIM, as we have managed the sensitivity of our margins to market interest rates on the back of our asset liability management and our ongoing shift towards retail loans. A reduced cost of risk, as we leave the current through-the-grade cycle behind, and enhanced efficiency as Yape and other disruptive initiatives mature.

具有彈性的淨利差，因為我們在資產負債管理和持續轉向零售貸款的支持下，管理了利潤率對市場利率的敏感度。由於我們拋棄了目前的整個等級週期，因此降低了風險成本；隨著 Yape 和其他顛覆性措施的成熟，​​效率也提高了。

Moreover, the political environment now is clearly more stable than the 1 year ago, and we expect that the current administration will remain in office until 2026. This is, without a doubt, positive to business confidence. Having said that, the recent S&P downgrade should serve as a wake-up call for us. Merely having stable governments is insufficient to catalyze the robust growth needed to alleviate poverty in Peru.

此外，現在的政治環境明顯比一年前更穩定，我們預期本屆政府將繼續執政到2026年。話雖如此，最近標準普爾的降級應該會給我們敲響警鐘。僅僅擁有穩定的政府不足以促進秘魯消除貧窮所需的強勁成長。

We need our executive and legislative authorities to take bold steps forward in fostering growth and safeguarding democracy. This entails implementing structural reforms in education and health, and eliminating the bureaucratic barriers that hinder the execution of our mining and infrastructure projects. As leaders, it is our responsibility to advocate for policies that unlock our country's untapped potential and drive progress.

我們需要我們的行政和立法當局在促進成長和維護民主方面採取大膽的步驟。這需要實施教育和衛生領域的結構性改革，並消除阻礙我們採礦和基礎設施項目執行的官僚障礙。身為領導人，我們有責任倡議釋放我國未開發潛力並推動進步的政策。

And on that note, we recently published our 2023 Annual and Sustainability Report, prompting me to take this opportunity to reaffirm our commitment to our purpose, to contribute to improving lives by driving the changes that our countries need.

為此，我們最近發布了 2023 年年度永續發展報告，促使我藉此機會重申我們對目標的承諾，即透過推動我們國家所需的變革，為改善生活做出貢獻。

Lastly, I would be remiss, if I do not mention that this marks Cesar Rios' final presentation in our quarterly earning calls. I wish to express my gratitude for his invaluable contribution during his tenure as CFO.

最後，如果我沒有提到這標誌著塞薩爾·裡奧斯在我們的季度財報電話會議上的最後一次演講，那就是我的失職。我謹對他在擔任財務長期間所做的寶貴貢獻表示感謝。

Starting July 1, he will transition to the role of Chief Risk Officer at Credicorp and BCP, leading our risk management strategy into a new chapter as we continue to tap new segments and markets. Additionally, I look forward to working closely with Alejandro Perez-Reyes in his new position as CFO of Credicorp and BCP.

從 7 月 1 日開始，他將轉任 Credicorp 和 BCP 首席風險官，隨著我們不斷開拓新的細分市場和市場，帶領我們的風險管理策略進入新的篇章。此外，我期待與擔任 Credicorp 和 BCP 財務長的新職位 Alejandro Perez-Reyes 密切合作。

Our experienced leadership team has a long track record of successfully managing through both challenging economics and regulatory environments. We are focused on driving sustainable, profitable growth and building long-term value for our shareholders through prudent capital and risk management. Thank you all for participating in today's call.

我們經驗豐富的領導團隊在應對充滿挑戰的經濟和監管環境方面擁有成功管理的悠久記錄。我們致力於透過審慎的資本和風險管理推動可持續的獲利成長並為股東創造長期價值。感謝大家參加今天的電話會議。

Thank you, ladies and gentlemen. This concludes today's presentation. You may now disconnect.

謝謝你們，女士們、先生們。今天的演講到此結束。您現在可以斷開連線。