Credicorp Ltd (BAP) 2024 Q2 法說會逐字稿

Good morning, everyone.

大家早安。

I would like to welcome all of you to the Credicorp Limited second-quarter 2024 conference call.

歡迎大家參加 Credicorp Limited 2024 年第二季電話會議。

A slide presentation will accompany today's webcast, which is available in the Investors section of Credicorp's website.

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。

Today's conference call is being recorded.

今天的電話會議正在錄音。

(Operator Instructions)

（操作員說明）

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

現在我很高興將會議交給 Credicorp 的 IRO Milagros Cigüeñas。

You may begin.

你可以開始了。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

Speaking on today's call will be Gianfranco Ferrari, our Chief Executive Officer; and Alejandro Perez-Reyes, our Chief Financial Officer.

我們的執行長 Gianfranco Ferrari 將在今天的電話會議上發言。以及我們的財務長亞歷杭德羅·佩雷斯-雷耶斯。

Participating in the Q&A session will also be Francesca Raffo, Chief Innovation Officer; Cesar Rios, Chief Risk Officer; Diego Cavero, Head of Universal Banking; Cesar Rivera, Head of Insurance and Pensions; Carlos Sotelo, Mibanco's Chief Financial Officer.

首席創新長 Francesca Raffo 也將參加問答環節； Cesar Rios，首席風險長；迭戈‧卡韋羅 (Diego Cavero)，全能銀行業務主管； Cesar Rivera，保險和退休金主管；卡洛斯·索特洛 (Carlos Sotelo)，Mibanco 財務長。

Before we proceed, I would like to make the following Safe Harbor statement.

在我們繼續之前，我想發表以下安全港聲明。

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 uncertainties, and I refer you to the Forward-looking Statements section of our earnings release and recent filings with the SEC.

今天的電話會議將包含前瞻性聲明，這些聲明基於管理層當前的預期和信念，並受到許多風險不確定性的影響，我建議您參閱我們的收益發布和最近向SEC 提交的文件中的前瞻性聲明部分。

We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

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 macroenvironment and brief comments on our digital strategy execution, followed by Alejandro Perez-Reyes, who will present in more detail the evolution of key macro figures, our financial performance, and revised outlook for 2024.

吉安弗蘭科·法拉利(Gianfranco Ferrari) 將以關於我們改善的宏觀環境的開場白以及對我們數字化戰略執行的簡短評論開始電話會議，隨後亞歷杭德羅·佩雷斯-雷耶斯(Alejandro Perez -Reyes) 將更詳細地介紹關鍵宏觀數據的演變、我們的財務表現以及修訂後的前景。

Gianfranco, please go ahead.

詹弗蘭科，請繼續。

Thank you, Milagros.

謝謝你，米拉格羅斯。

Good morning, everyone.

大家早安。

Thank you for joining us today.

感謝您今天加入我們。

During the quarter, we made significant progress in executing our strategic initiatives across most of our operations, resulting in a sound first half of the year.

本季度，我們在大部分業務中執行策略性舉措方面取得了重大進展，上半年業績表現良好。

Our financial results were robust, ending the quarter with resumed loan growth, a resilient risk-adjusted NIM, and a solid balance sheet.

我們的財務表現強勁，本季末貸款成長恢復，經風險調整後的淨利差具有彈性，資產負債表穩健。

Importantly, as the economy improves, we are well positioned to continue to leverage additional opportunities and advance on our mission to efficiently provide products and services that meet our clients' needs while promoting financial inclusion.

重要的是，隨著經濟的改善，我們有能力繼續利用更多機會並推動我們的使命，即高效提供滿足客戶需求的產品和服務，同時促進金融包容性。

Before I turn to discussing several specific areas of our focus at Credicorp, I'd like to comment on the context in which we are operating, particularly in Peru.

在我開始討論 Credicorp 重點關注的幾個具體領域之前，我想先談談我們的營運環境，特別是在秘魯。

GDP growth projections from local economies have been revised upwards and now align with our expectations of GDP growth of 3% for 2024.

地方經濟的 GDP 成長預測已上調，目前與我們對 2024 年 GDP 成長 3% 的預期一致。

Improved weather conditions have broadly benefited the economy, especially the fishing, agriculture, and textile industries.

天氣條件的改善廣泛有利於經濟，特別是漁業、農業和紡織業。

Despite the ongoing government fragility, inflation remains among the lowest in the Latin American region, with improved purchasing power paving the way for the Central Bank to further reduce its benchmark interest rate.

儘管政府持續脆弱，但通膨率仍然是拉丁美洲地區最低的之一，購買力的提高為央行進一步降低基準利率鋪平了道路。

With this, our team is expecting the consumer segment to improve in this second half of the year.

因此，我們的團隊預計消費市場將在今年下半年有所改善。

These factors, combined with increased public investment and high copper and gold prices, underscore expectations for economic growth, highlighting Peru's resilience.

這些因素，加上公共投資的增加以及銅和金的高價，凸顯了對經濟成長的預期，凸顯了秘魯的韌性。

Turning now to our second-quarter results.

現在轉向我們的第二季業績。

We delivered a sound [ROE] of 16.2%, driven mainly by universal banking, insurance, and investment management and Advisory, supported by improved loan growth and high transactional activity in a recovering economy.

我們實現了 16.2% 的良好 [ROE]，主要由全能銀行、保險、投資管理和諮詢推動，並得到經濟復甦中貸款成長改善和高交易活動的支持。

Risk-adjusted NIM remains resilient, reflecting strengthened balance sheet dynamics, a disciplined interest rate management strategy, and our leading low-cost funding position, which together compensate for our controlled, although still high, level of provisions.

風險調整後的淨利差仍然具有彈性，反映出資產負債表動態的增強、嚴格的利率管理策略以及我們領先的低成本融資狀況，這些共同彌補了我們受控撥備水平（儘管仍然較高）的影響。

Additionally, having declared our dividend last quarter, we maintained a strong solvency and balance sheet position, both of which are crucial to navigating the current credit cycle headwinds.

此外，在上個季度宣布派息後，我們保持了強大的償付能力和資產負債表狀況，這兩者對於應對當前信貸週期的逆風至關重要。

We continue to see significant benefits from investing in innovation and enhancing our digital capabilities, which are fortifying our competitive modes, elevating our relationships with current clients, and expanding financial inclusion.

我們持續看到投資創新和增強數位能力帶來的巨大好處，這增強了我們的競爭模式，提升了我們與現有客戶的關係，並擴大了金融包容性。

Looking ahead, we maintained our GDP growth expectation of 3% for this year and expect a similar outlook for 2025.

展望未來，我們維持今年 GDP 成長 3% 的預期，並預期 2025 年的前景類似。

I'd like to take a few moments to address the performance of Mibanco Peru.

我想花一些時間談談 Mibanco Peru 的表現。

We believe we have the right hybrid business model strategy, which combines high touch in-person visits from relationship managers with digital tools, including centralized risk assessment and an expert team in place.

我們相信，我們擁有正確的混合業務模式策略，該策略將客戶關係經理的高接觸度親自拜訪與數位工具（包括集中風險評估和專家團隊）結合起來。

However, we're currently working under extraordinary circumstances.

然而，我們目前的工作環境非常特殊。

Systemic issues are affecting the Peruvian microfinance industry, characterized by a high complex credit cycle, where delinquencies and cost of risk are at the highest level since 2008.

系統性問題正在影響秘魯小額信貸產業，該產業的特點是信貸週期高度複雜，拖欠率和風險成本處於 2008 年以來的最高水平。

Although we're seeing (technical difficulty) rebound in consumer behavior, the most vulnerable segment served by microfinance will be the last to recover.

儘管我們看到消費者行為（技術難度）反彈，但小額信貸服務的最脆弱群體將是最後恢復的。

In this context, while Mibanco is performing better than its peers, [ROE] fell short of our expectations, and we still do not feel comfortable with respect to the risk assessment of our portfolio.

在此背景下，雖然 Mibanco 的表現優於同行，但 [ROE] 未達到我們的預期，我們對投資組合的風險評估仍然感到不滿。

We're currently conducting a thorough review of our risk capabilities while keeping a strong focus on efficiency and expect to have a much better assessment in the upcoming quarter.

我們目前正在對我們的風險能力進行徹底審查，同時高度關注效率，並期望在下個季度獲得更好的評估。

Since launching our microfinance business in 2009, we have navigated various market cycles, generating good returns for the period.

自 2009 年推出小額信貸業務以來，我們經歷了各種市場週期，並在此期間產生了良好的回報。

I am confident that our profitability will recover, although gradually than anticipated.

我相信我們的獲利能力將會恢復，儘管恢復的速度比預期的要慢。

We remain the industry leader in supporting the significant and essential population segment that Mibanco serves in Peru.

在支持 Mibanco 在秘魯服務的重要且重要的人口群體方面，我們仍然是行業領導者。

In Mibanco, Colombia, we implemented a strategy last year to put our business back on course, which included management changes.

在哥倫比亞的米班科，我們去年實施了一項策略，使我們的業務重回正軌，其中包括管理層的變動。

While there is still much work to be done, this business is now performing better in relative terms and is in line with our expectations.

雖然還有很多工作要做，但該業務目前相對而言表現較好，符合我們的預期。

To sum up, we remain fully committed to the long-term potential of Mibanco and believe that it offers a valuable contribution to Credicorp's portfolio of businesses.

總而言之，我們仍然完全致力於 Mibanco 的長期潛力，並相信它為 Credicorp 的業務組合做出了寶貴的貢獻。

Turning to the next slide.

轉到下一張投影片。

We're proud to have a premier disruptive financial franchise in Latin America, underpinned by a well-defined strategy and clear goals.

我們很自豪能夠在拉丁美洲擁有首屈一指的顛覆性金融特許經營權，並以明確的策略和明確的目標為基礎。

Our strategy is geared towards delivering the best experience in the most efficient way to remain competitive while investing in long-term sustainable growth.

我們的策略旨在以最有效的方式提供最佳體驗，以保持競爭力，同時投資長期可持續成長。

Since 2022, we have ramped up our investments in innovative and disruptive initiatives to improve our digital and analytical capabilities, positioning us to become an omnichannel financial services company with a deep understanding of our customer needs.

自2022年以來，我們加大了對創新和顛覆性舉措的投資，以提高我們的數位和分析能力，使我們成為一家深入了解客戶需求的全通路金融服務公司。

We are now seeing tangible results in both our core businesses like BCP and our disruptive ones like Yape.

現在，我們在 BCP 等核心業務和 Yape 等顛覆性業務方面都看到了實際的成果。

These initiatives are delivering more digital customers.

這些舉措正在提供更多的數位客戶。

Digital clients and digital monetary transactions have increased [9 percentile points and 3 percentile points], respectively, year-over-year, with digital clients growing more than [21 percent] points in the last two years.

數位客戶端和數位貨幣交易分別年增 [9 個百分點和 3 個百分點]，其中數位客戶端在過去兩年中成長超過 [21%] 個百分點。

We have greater customer engagement, increased primary banking relationships, and expanded deposits, which provide us access to highly competitive funding.

我們擁有更高的客戶參與度、更多的主要銀行關係以及擴大的存款，這使我們能夠獲得極具競爭力的資金。

At BCP, enhanced customer insights, increased client touchpoints, and strengthened digital analytical capabilities are delivering positive results.

在 BCP，增強的客戶洞察、增加的客戶接觸點以及增強的數位分析能力正在帶來積極的成果。

We can now offer our customers tailor-made products, leading to increased engagement and higher satisfaction, as reflected in the [11 percentile] points improvement in our consumer clients' NPS in the last two years.

我們現在可以為客戶提供量身訂製的產品，從而提高參與度和滿意度，這反映在過去兩年我們消費者客戶的 NPS 提高了 [11 個百分點]。

Our development of digital distribution ecosystem has boosted income while reducing unit costs.

我們數位分銷生態系統的發展增加了收入，同時降低了單位成本。

As a result of these initiatives, BCP's efficiency ratio has fallen 190 basis points in the last five years.

由於這些舉措，BCP 的效率在過去五年中下降了 190 個基點。

Leveraging our digital capabilities, we are meeting banking needs anytime, anywhere, and creating a positive network effect, driving sustainable growth.

憑藉我們的數位化能力，我們隨時隨地滿足銀行業務需求，創造積極的網路效應，推動永續成長。

Our aim is to develop world-class solutions and features that bring the [unbanked] into the financial system and attract and retain customers.

我們的目標是開發世界一流的解決方案和功能，將[無銀行帳戶]納入金融體系並吸引和留住客戶。

Additionally, we are committed to continuing our investment in technology and digital transformation, providing it continues to drive growth, develop efficiencies, and optimizes our businesses in the long run.

此外，我們致力於持續對技術和數位轉型進行投資，使其持續推動成長、提高效率並從長遠來看優化我們的業務。

This strategic approach to investing ensures that we not only lead today, but also secure our success for tomorrow.

這種戰略投資方法不僅確保我們在今天處於領先地位，而且還能確保我們明天取得成功。

Finally, I'd like to give you a brief update on Yape.

最後，我想向大家介紹一下 Yape 的最新情況。

Alejandro will go into more detail shortly, and we'll take a deeper dive during our Credicorp strategic update event on September 26.

Alejandro 很快就會詳細介紹，我們將在 9 月 26 日的 Credicorp 策略更新活動中進行更深入的探討。

With over 15.9 million customers and income per active user of PEN4.1, up from PEN3.7 in Q1, I am proud to announce that in Q2, Yape reached a surprise breakeven, ahead of our expectations.

憑藉 PEN4.1 的客戶數量和每位活躍用戶收入（高於第一季的 PEN3.7），我很自豪地宣布，Yape 在第二季度意外地實現了盈虧平衡，超出了我們的預期。

Income growth accelerated and diversified with the continued addition of functionality in all three lines of businesses.

隨著所有三個業務線功能的不斷增加，收入成長加速且多樣化。

Our investment in Yape is clearly paying off.

我們對 Yape 的投資顯然得到了回報。

According to [Cantal Studio], Yape is now the top-of-mind brand in Peru across any industry.

據 [Cantal Studio] 稱，Yape 目前已成為秘魯各行業的首選品牌。

Now, let me welcome Alejandro to his first results call as our CFO.

現在，讓我歡迎亞歷杭德羅作為我們的財務長參加他的第一次業績電話會議。

He will discuss in more detail the macroenvironment and the operational and financial performance of our business units.

他將更詳細地討論宏觀環境以及我們業務部門的營運和財務表現。

Alejandro, go ahead.

亞歷杭德羅，繼續吧。

Thank you, Gianfranco, and good morning, everyone.

謝謝你，詹弗蘭科，大家早安。

I am pleased to join you on my first call as CFO.

我很高興能作為財務長參加第一次電話會議。

I look forward to building on the solid foundation that has been set and is reflected today in our strong solvency, sound balance sheet, and stable profitability.

我期待著在已經建立的堅實基礎上再接再厲，這些基礎今天體現在我們強大的償付能力、健全的資產負債表和穩定的盈利能力上。

Moving on to quarterly results, as Gianfranco mentioned, we delivered solid overall operating and financial results.

接下來是季度業績，正如 Gianfranco 所提到的，我們實現了穩健的整體營運和財務表現。

As I discuss the highlights of the quarter, I will focus on the year-over-year results, which are not impacted by seasonality.

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。

Loans began trending upward to stand at 2.9%, measured in quarter-end balances.

以季末餘額計算，貸款開始呈現上升趨勢，達到 2.9%。

Measured in our daily balances, loan growth stood at 0.2%, driven primarily by an uptick in mortgage volumes at BCP and BCP Bolivia.

以我們的每日餘額衡量，貸款成長率為 0.2%，這主要是由於 BCP 和 BCP 玻利維亞的抵押貸款數量增加所致。

This quarter, low-cost deposits continued to grow and now represent 54.5% of total deposits.

本季，低成本存款持續成長，目前佔存款總額的54.5%。

Despite the reduction in Peru's policy rate, we delivered higher NIM on the back of amortization of government program loans, repricing of our retail loan book in soles to reflect the higher cost of risk, and the repricing of our dollar book.

儘管秘魯的政策利率下降，但由於政府計劃貸款攤銷、零售貸款帳簿重新定價以反映較高的風險成本以及美元帳簿重新定價，我們的淨利差有所上升。

(technical difficulty) grew 8.2%, boosted by the aforementioned dynamics.

在上述動力的推動下，（技術難度）成長了 8.2%。

Other core income, which is the (technical difficulty) fee income and gains on FX operations, evolved strongly, boosted by BCP and to a lesser extent by Credicorp Capital.

其他核心收入，即（技術難度）費用收入和外匯業務收益，在 BCP 和 Credicorp Capital 的推動下強勁發展。

[Pisa] BCP benefited from monetization initiatives at Yape and solid transactional activity through credit and debit cards.

[Pisa] BCP 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 rose 6.4%, which reflected a reduction in expenses from the disability and survivorship product in the life business.

最後，保險承保績效成長 6.4%，反映出人壽業務中殘障和生存產品費用的減少。

The cost of risk rose to 3%, driven by a weakening of payment capacities in SME-Pyme and a deterioration in payment performance in credit cards.

由於 SME-Pyme 支付能力減弱和信用卡支付績效惡化，風險成本上升至 3%。

The NPL ratio rose 33 basis points to 6% as delinquency increased, mainly through consumer, mortgage, and credit card loans at BCP.

由於拖欠率增加（主要是透過 BCP 的消費者貸款、抵押貸款和信用卡貸款），不良貸款率上升 33 個基點，達到 6%。

Consequently, NPL coverage stood at 95%.

因此，不良貸款覆蓋率達到95%。

This quarter, we delivered an ROE of 16.2% on the back of solid expansion in margins, an uptick in transactional activity, and disciplined cost control.

本季度，由於利潤率穩健擴張、交易活動增加以及嚴格的成本控制，我們的股本回報率達到 16.2%。

Next slide, please.

請下一張投影片。

The Peruvian economy continues to recover.

秘魯經濟持續復甦。

Economic activity increased 5% year over year in May.

5 月經濟活動年增 5%。

Estimates indicate that GDP expanded 4% year over year in the second quarter, the (technical difficulty) quarterly growth rate in almost three years.

預估第二季GDP年增4%，這是近三年來的（技術難度）季度成長率。

The agricultural, fishing, and primary manufacturing sectors accounted for approximately half of GDP growth, bolstered by the results of the first fishing season, which was canceled in 2023.

農業、漁業和初級製造業約佔 GDP 成長的一半，這得益於 2023 年取消的第一個捕魚季節的結果。

Non-primary sectors grew close to 3% year over year.

非第一產業較去年成長接近3%。

High commodity prices, particularly of copper and gold, which make up 50% of our exports, drove terms of trade to a historical high in May.

大宗商品價格高漲，尤其是占我國出口 50% 的銅和黃金價格，推動 5 月貿易條件創歷史新高。

Although this has not yet translated into overall growth, it should act as a tailwind for the coming quarters and years, especially if a new mining investment cycle materializes with the execution of large projects, such as Tia Maria, Zafranal, Michiquillay, among others, which will require more than $6 billion in investment.

儘管這尚未轉化為整體成長，但它應該會成為未來幾季和幾年的推動力，特別是如果新的礦業投資週期隨著大型專案（如Tia Maria、Zafranal、Michiquillay 等）的執行而成為現實，這將需要超過60億美元的投資。

Additionally, the inauguration of the Chancay Port, which is slated for November, could also help boost the economy in the medium term.

此外，錢凱港定於 11 月落成，也可能有助於提振中期經濟。

Public investment has ramped up.

公共投資增加。

In the first half of the year, it increased nearly 30% year over year in real terms, the highest sprint in 12 years, excluding the pandemic.

上半年年比實質成長近30%，為12年來最高衝刺（剔除疫情）。

As for public-private investment projects, PROINVERSIÓN awarded $5.1 billion in the first six months of 2024, the highest amount granted in 10 years, out of an $8 billion goal for the entire year.

至於公私合作投資項目，PROINVERSIäN 在 2024 年前六個月撥款 51 億美元，為 10 年來的最高撥款金額，而全年目標為 80 億美元。

According to the Ministry of Economy and Finance, this amount is expected to double in 2025.

據經濟財政部稱，這筆金額預計到 2025 年將增加一倍。

The Central Bank's expectations indicators have recovered, positioning the optimistic range in four of the last five surveys, a trend not seen since before the pandemic.

央行的預期指標已經恢復，在過去五次調查中有四次處於樂觀區間，這是自大流行之前以來從未出現過的趨勢。

Given the current economic environment and despite political challenges, we reaffirm our forecast that Peru's GDP will grow around 3%.

鑑於當前的經濟環境和政治挑戰，我們重申秘魯 GDP 將成長 3% 左右的預測。

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(technical difficulty) Central Banks are ahead of the United States in the [easing] cycle.

（技術難度）各國央行在[寬鬆]週期中領先美國。

Market participants expect Fed rate cuts in coming months but that (technical difficulty) exist regarding the pace.

市場參與者預計聯準會將在未來幾個月降息，但降息速度存在技術難度。

As such, elevated rates in dollars continue to challenge emerging markets.

因此，美元利率上升持續對新興市場構成挑戰。

In Peru, headline inflation currently sits comfortably within the target range, while core inflation stands at the upper limit of the range.

在秘魯，整體通膨目前輕鬆落在目標範圍內，而核心通膨則處於該範圍的上限。

However, in July, core inflation showed less persistence compared to previous months.

然而，與前幾個月相比，7 月核心通膨的持續性有所減弱。

Consequently, yesterday, Peru's Central Bank cut its policy rate by 25 basis points to 5.5%, accumulating a total reduction of 225 basis points since September of 2023.

因此，秘魯央行昨天將政策利率調降25個基點至5.5%，自2023年9月以來累計降息225個基點。

The rate is expected to stand around 5% by the end of the year.

預計到今年年底該比率將維持在 5% 左右。

In Colombia, inflation remains among the highest of the region at 6.9% year over year in July.

哥倫比亞 7 月的通膨率年增 6.9%，仍然是該地區最高的。

Although the Central Bank has lowered its policy rate to 150 basis points since December, it remains (technical difficulty) at 10.75%.

儘管央行自12月以來已將政策利率下調至150個基點，但（技術難度）仍維持在10.75%。

Finally, in Chile, the Central Bank has gradually reduced the pace of monetary easing and decided to pause in July as the bulk of the cuts have already occurred and upward inflation risks persist.

最後，智利央行逐漸放慢了貨幣寬鬆的步伐，並決定在7月暫停，因為大部分降息已經發生，通膨上行風險依然存在。

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BCP results remain strong, boosted by a rebound in economic activity and an uptick in liquidity across the financial system.

受經濟活動反彈和整個金融體系流動性增加的推動，BCP 業績依然強勁。

Analyzing key quarter-over-quarter dynamics, what we see is that total loans measured in our daily balances grew 1.3%, driven mainly by rebound in short-term wholesale loans.

在分析關鍵的季度環比動態後，我們發現，以每日餘額衡量的貸款總額增加了 1.3%，這主要是由短期批發貸款反彈推動的。

NII rose 1.9%, fueled by an uptick in interest income from loans via short-term financing in corporate banking, (technical difficulty) a drop in interest expenses via increasing the share of low-cost deposits.

NII 上漲 1.9%，主要是因為企業銀行短期融資貸款利息收入增加，（技術難度）透過增加低成本存款份額而減少利息支出。

Loan loss provisions rose 29.4%.

貸款損失撥備上升29.4%。

If we isolate the impact of the reversal of El Nino provisions that took place in the first quarter of 2024, provisions fell 3%.

如果我們孤立2024年第一季發生的厄爾尼諾撥備逆轉的影響，撥備下降了3%。

This decline was driven by a drop in provision for consumer and mortgage loans, which was partially offset by an increase in wholesale provisions.

這一下降是由於消費者和抵押貸款撥備下降所致，但批發撥備增加部分抵消了這一下降。

Other income grew 11.2%, driven mainly by fee income, which was bolstered by growth in payments through Yape, an uptick in transactions, and disbursement fees at BCP, and a rise in gains on FX transactions through growth in operations via digital channels.

其他收入成長 11.2%，主要由費用收入推動，其中透過 Yape 支付的成長、BCP 交易和支付費用的增加，以及數位管道業務成長帶來的外匯交易收益的增加推動了這一成長。

On a year-over-year basis, NII grew 10.4%, driven mainly by growth in interest income and loans.

NII年成長10.4%，主要由利息收入和貸款成長推動。

Growth in low-cost deposits triggered a decrease in interest expenses, which also contributed to the uptick in NII.

低成本存款的成長引發了利息支出的下降，這也導致了NII的上升。

Loan loss provisions rose 29.1% due to the deterioration in old vintages, particularly among loans originated in the first half of 2023, and mainly in SME-Pyme and credit cards.

由於舊帳狀況惡化，貸款損失準備金增加了 29.1%，特別是 2023 年上半年發放的貸款，主要集中在 SME-Pyme 和信用卡。

Other income rose 16.7%, impacted by growth in fee income via Yape and by uptick in credit and debit card transactions.

受 Yape 費用收入成長以及信用卡和金融卡交易增加的影響，其他收入成長 16.7%。

Operating expenses increased 11.3% year-to-date.

年初至今，營運費用增加了 11.3%。

This was driven mainly by an increase in the headcount of specialized digital talent and an uptick in cloud service use.

這主要是由於專業數位人才人數的增加和雲端服務使用的增加所致。

In this context, BCP's contribution to ROE stood at 23.7%.

在此背景下，BCP對ROE的貢獻為23.7%。

BCP Bolivia's positive results in the second quarter of this year reflect the dynamism within its lower-risk wholesale portfolio and growing transactional fees.

BCP Bolivia 今年第二季的積極業績反映了其低風險批發投資組合的活力和不斷增長的交易費用。

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As anticipated, we are gradually increasing disclosure for Yape.

正如預期的那樣，我們正在逐步增加對 Yape 的揭露。

Today, I would like to announce that revenue generation at Yape continues to accelerate and reached the breakeven milestone in May.

今天，我想宣布 Yape 的收入繼續加速成長，並在 5 月達到了收支平衡的里程碑。

Ongoing growth in Yape's revenues, which rose 1.5 times versus the print in the second quarter of last year, reflects consistent advances in its three business lines.

Yape 營收的持續成長（去年第二季與印刷版相比成長了 1.5 倍）反映了其三大業務線的持續進步。

Yape's payment business line, which is the main generator of income, grew through bill payments, where transaction volume rose 4.6 times, and via the total payment volume, which increased 111% compared to the second quarter of last year.

Yape 的支付業務是主要收入來源，透過帳單支付實現成長，交易量增加了 4.6 倍，而支付總額則比去年第二季度增加了 111%。

Within the financial business line, in addition to the margin obtained from floating based on deposit balances, microloans became an income generator.

在金融業務中，除了透過存款餘額浮動獲得的利潤外，小額貸款也成為了收入來源。

In the second quarter of 2024, disbursements of single installment and multi-installment loans grew 3.2 times year over year.

2024年第二季度，單期和分期貸款支出較去年同期成長3.2倍。

Despite strong growth, the financial business line is in its early stages.

儘管成長強勁，但金融業務仍處於早期階段。

We are developing differentiated risk management capabilities based on transactional data from daily use, which should help us grow this line profitably.

我們正在根據日常使用的交易數據開發差異化的風險管理能力，這應該有助於我們在這條線上實現盈利。

Finally, within the marketplace business, gross merchant volume doubled year over year.

最後，在市場業務中，商家總交易量較去年同期翻了一番。

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Moving on to Mibanco.

繼續前往米班科。

On a quarter-over-quarter basis, the microfinance industry continued to evolve in a complicated context.

環比來看，小額信貸產業在複雜的背景下持續發展。

At Mibanco, total loans measured in average daily balances fell 3.2%, impacted by stricter origination policies and lower demand for loans in general.

在 Mibanco，受更嚴格的發放政策和整體貸款需求下降的影響，以每日平均餘額衡量的貸款總額下降了 3.2%。

This drop reflects a contraction in higher-ticket loans, which was partially offset by growth in small-ticket, higher-yield loans.

這一下降反映出高額貸款的收縮，但小額高收益貸款的成長部分抵消了這種收縮。

Despite drop in loans, NII increased 1.9%, mainly due to the drop in the cost of funding after the funding rate was repriced to take advantage of lower rates.

儘管貸款下降，NII 仍成長 1.9%，主要是由於利用較低利率重新定價融資利率後融資成本下降。

In this context, NIM increased 19 basis points and stood at 13.6%.

在此背景下，淨利差上升19個基點，達到13.6%。

If we isolate the impact of El Nino provision reverse of last quarter, provisions rose 19.8%.

如果我們孤立上季度厄爾尼諾現象撥備逆轉的影響，撥備上升19.8%。

This evolution reflects a deterioration in the payment performance of old vintages, higher write-offs, and weakening in the payment capacity of vulnerable clients who continue to be impacted by adverse events in 2023.

這種演變反映了老年份支付績效的惡化、沖銷的增加以及弱勢客戶支付能力的減弱，這些客戶在 2023 年將繼續受到不利事件的影響。

From a year-over-year perspective, NII was up 2.6%.

從年比來看，NII 成長了 2.6%。

The uptick in interest income was boosted by income from the investment portfolio and by a drop in interest expenses after the funding base was repriced.

投資組合收入以及融資基礎重新定價後利息支出下降推動了利息收入的成長。

Provisions increased 31.6% due to the same dynamics mentioned earlier.

由於前面提到的同樣的動態，撥備增加了 31.6%。

Operating expenses on a year-to-date basis remain under control and efficiency stood at 52.1%.

年初至今的營運費用仍受到控制，效率達到 52.1%。

Finally, ROE stood at 5.4%, negatively impacted by a contraction in loans and high provisions levels.

最後，淨資產收益率為 5.4%，受到貸款收縮和高撥備水準的負面影響。

This scenario was similar across the microfinance industry and reflects the challenges of a complex credit cycle.

這種情況在整個小額信貸產業都很相似，反映了複雜信貸週期的挑戰。

Mibanco Colombia has been impacted by deteriorating economic conditions: ongoing high inflation, very high funding rate, and a reduction in the interest rate ceiling.

Mibanco 哥倫比亞受到經濟狀況惡化的影響：持續的高通膨、極高的融資利率以及利率上限的降低。

We have a profitable growth strategy where we have slowed portfolio growth by emphasizing risk control and efficiency.

我們有一個獲利成長策略，透過強調風險控制和效率來減緩投資組合的成長。

This strategy is leading us to perform better in relative terms and in line with our expectations.

這項策略使我們的表現相對更好，符合我們的預期。

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Profitability at Grupo Pacifico continued to be strong, with ROE starting at 26.4%.

Grupo Pacifico 的獲利能力持續強勁，淨資產收益率 (ROE) 為 26.4%。

In quarter-over-quarter terms, net income dropped 10%, negatively impacted by higher income tax expenses, other non-recurrent expenses, and lower gains from investment in associates via the corporate health insurance joint venture in particular.

按季度計算，淨利潤下降了 10%，受到所得稅費用、其他非經常性費用增加以及透過企業健康保險合資企業投資於聯營公司的收益減少的負面影響。

Insurance underwriting results rose 19%, primarily due to a base effect in the P&C business as reinsurance results normalized after a particularly unfavorable first quarter.

保險承保績效成長了 19%，主要是由於財產險業務的基數效應，因為在第一季特別不利的情況之後，再保險業績已恢復正常。

The life business also contributed positively as claims dropped, particularly for credit life, and disability and survivorship products.

隨著索賠金額下降，人壽業務也做出了積極貢獻，特別是信用人壽、殘疾和倖存者產品。

From a year-over-year perspective, Grupo Pacifico's net income dropped 6%.

從年比來看，Grupo Pacifico 的淨利潤下降了 6%。

This decline was primarily driven by growth in expenses for income tax and higher interest expenses associated with life insurance contracts.

這一下降主要是由於所得稅費用的增長以及與人壽保險合約相關的利息費用的增加所致。

An improvement in insurance underwriting results, mainly via the life business, partially upset these dynamics.

保險核保績效的改善（主要透過壽險業務）在一定程度上擾亂了這些動態。

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Profitability in the investment management and advisory business increased by 386 basis points quarter over quarter, with ROE standing at 18.6%.

投資管理和諮詢業務獲利能力較上月成長386個基點，ROE為18.6%。

On a quarter-over-quarter basis, net income registered a robust 27% increase.

與上一季相比，淨利潤強勁成長 27%。

This positive dynamic was primarily attributable to an improvement in the performance of sales and trading in our capital markets business.

這種積極的動態主要歸因於我們資本市場業務的銷售和交易表現的改善。

The trading unit leveraged rate volatility to capitalize on opportunities, while the sales unit saw a surge in transactional activity among our corporate clients in Colombia.

交易部門利用匯率波動來抓住機會，而銷售部門則看到哥倫比亞企業客戶的交易活動激增。

In addition, we registered a significant contribution from our now discontinued corporate finance business unit related to a past deal.

此外，我們也從與過去的交易相關的現已終止的企業融資業務部門做出了重大貢獻。

These favorable business dynamics were partially offset by a rise in income tax and expenses.

這些有利的業務動態被所得稅和費用的增加部分抵消。

On a year-over-year basis, net income rose 12%, bolstered by the robust performance of our capital market business.

得益於資本市場業務的強勁表現，淨利潤年增12%。

Both our wealth and asset management businesses also contributed to the uptick with AUMs climbing 15% and 20% in US dollars, respectively.

我們的財富和資產管理業務也對成長做出了貢獻，以美元計算的資產管理規模分別成長了 15% 和 20%。

These positive business dynamics were partially offset by a drop in treasury results and an uptick in income tax expenses.

這些積極的業務動態被財務業績下降和所得稅費用上升部分抵消。

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Now we will analyze Credicorp at a consolidated basis, starting with favorable balance sheet and pricing dynamics, which drove a strong NII.

現在，我們將在合併的基礎上分析 Credicorp，從有利的資產負債表和定價動態開始，這推動了強勁的 NII。

On a quarter-over-quarter basis, on the asset side, loan balances resumed growth, driven primarily by wholesale lending and to a lesser extent, by retail loans.

從環比來看，資產端貸款餘額恢復成長，主要由批發貸款帶動，其次是零售貸款。

These dynamics, coupled with favorable pricing, helped us maintain resilient yields on interest-earning assets.

這些動態，加上有利的定價，幫助我們維持了生息資產的彈性報酬率。

On the liability side, our funding advantage in low-cost deposits was further boosted by inflows from pension fund withdrawals.

負債方面，退休基金提款流入進一步增強了我們在低成本存款方面的資金優勢。

In this context, the funding cost fell 12 basis points, outpacing the reduction in the yield on interest-earning assets, which fell 6 basis points.

在此背景下，融資成本下降12個基點，超過生息資產收益率下降6個基點的幅度。

On a year-over-year basis, asset growth was driven by loan growth in the SME-Pyme, SME business, and middle market segments of BCP.

與去年同期相比，資產成長是由 SME-Pyme、中小企業業務和 BCP 中間市場領域的貸款成長所推動的。

The investment portfolio balance also rose, driven by our ongoing strategy to increase the duration of interest-earning assets.

在我們持續增加生息資產久期的策略的推動下，投資組合餘額也有所增加。

These dynamics led the yield on interest-earning assets to rise 25 basis points despite a drop in interest rates.

儘管利率下降，這些動態導致生息資產收益率上升 25 個基點。

On the funding side, the aforementioned increase in low-cost deposits and a downward re-rate of our time deposit balance led the funding cost to contract.

在融資方面，上述低成本存款的增加和定期存款餘額的下調導致融資成本收縮。

This evolution was partially offset by an increase in wholesale funding cost, which was impacted by a BCP bond issuance earlier this year.

這種變化被今年稍早 BCP 債券發行影響的批發融資成本增加所部分抵消。

These dynamics led the cost of funding to drop 5 basis points.

這些動態導致融資成本下降 5 個基點。

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Our risk-adjusted NIM remained resilient, supported by growth in NII, which, alongside a rise in fee income and FX transactions, boosted core income.

在NII成長的支撐下，我們的風險調整後淨利差保持彈性，隨著手續費收入和外匯交易的增加，核心收入也隨之增加。

On a quarter-over-quarter basis, NIM increased 3 basis points to stand at 6.33%, while risk-adjusted NIM stood at 4.4%.

季減而言，淨利差上升 3 個基點，達到 6.33%，風險調整後淨利差為 4.4%。

If we isolate the effect of a reversal in El Nino provisions last quarter, risk-adjusted NIM was flat.

如果我們孤立上季度厄爾尼諾現象撥備逆轉的影響，風險調整後的淨利差持平。

Core income increased 3.9%, bolstered by NII, and strong growth in both fee level and effect transaction volumes, where the main drivers were BCP and Credicorp Capital.

在 NII 以及費用水準和有效交易量強勁成長的推動下，核心收入成長了 3.9%，其中主要驅動力是 BCP 和 Credicorp Capital。

At BCP, growth in the fee level was fueled mainly by Yape and by core transactional services.

在 BCP，費用水準的成長主要是由 Yape 和核心交易服務所推動的。

Income from FX transactions grew 31.1%, bolstered by transactions through digital channels and wholesale banking.

在數位管道和批發銀行交易的推動下，外匯交易收入成長了 31.1%。

At Credicorp Capital, core businesses drove a solid fee income result.

在 Credicorp Capital，核心業務推動了穩健的費用收入結果。

On a year-over-year basis, NIM rose 31 basis points, while risk-adjusted NIM fell in 31 basis points.

與去年同期相比，淨利差上升 31 個基點，風險調整後淨利差下降 31 個基點。

Growth in other income was driven by BCP due to the same dynamics seen quarter over quarter.

其他收入的成長是由 BCP 推動的，因為季度與季度的動態相同。

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Let's look at the dynamics for asset quality.

讓我們看看資產品質的動態。

It is important to note that the diversity of BCP's loan portfolio provides a natural buffer in the context of a challenging credit cycle for the Peruvian financial system.

值得注意的是，在秘魯金融體系信貸週期充滿挑戰的背景下，BCP 貸款組合的多樣性提供了天然的緩衝。

Mibanco, on the other hand, is more exposed, given that it is concentrated in micro-business clients who are more vulnerable.

另一方面，Mibanco 的風險更大，因為它主要集中在更脆弱的微型企業客戶中。

Cost of risk at Credicorp stood at 3%.

Credicorp 的風險成本為 3%。

Underlying risk, which isolates the effects of reversals of El Nino provisions, was flat quarter over quarter.

潛在風險（隔離了厄爾尼諾現象逆轉的影響）季度環比持平。

Let's go through underlying risk dynamics.

讓我們來了解潛在的風險動態。

Provisions grew 2.4% quarter over quarter, driven by Mibanco and (technical difficulty) offset by BCP.

在 Mibanco 的推動和 BCP 抵消（技術難度）的推動下，準備金環比增長 2.4%。

At Mibanco, growth in provisions was triggered by a deterioration in the payment performance of all old vintages, which was concentrated in high ticket loans, higher write-offs, and a weakening in the payment capacity of vulnerable clients.

在Mibanco，準備金的成長是由於所有舊年份的支付績效惡化而引發的，這主要集中在高額貸款、更高的沖銷以及弱勢客戶支付能力的削弱。

Within BCP, the contraction in provisions was driven by consumer, which reported a drop in new refinancing and by mortgage, where an improvement in payment capacity was observed as client leverage decreased.

在 BCP 內，撥備的收縮是由消費者推動的，消費者報告稱新的再融資下降，而抵押貸款則隨著客戶槓桿率的下降而支付能力有所改善。

This evolution was partially offset by growth in provisions, in wholesale due to a base effect, and in credit cards due to further deterioration of payment performance among vulnerable clients.

這種變化被撥備成長、基數效應導致的批發成長以及弱勢客戶支付績效進一步惡化導致的信用卡成長所部分抵消。

On a year over year basis, provisions rose 35.9%, mainly through BCP and Mibanco.

撥備年增 35.9%，主要透過 BCP 和 Mibanco 實現。

Within BCP, provisions grew primarily through SME-Pyme and reflected weakening in the payment capacity of over-indexed clients and deterioration in the payment performance of old vintages.

在 BCP 內，準備金主要透過 SME-Pyme 成長，反映出指數過高的客戶支付能力減弱以及舊年份支付績效惡化。

Additionally, provisions increased in credit cards via the same dynamics seen quarter over quarter.

此外，信用卡撥備金的增加也與上一季相同。

At Mibanco, the (technical difficulty) provisions was driven by the same dynamics as those in quarter over quarter.

在 Mibanco，（技術難度）準備金是由與季度相比相同的動態驅動的。

Next slide, please.

請下一張投影片。

Moving on to non-performing loans.

轉向不良貸款。

On a quarter-over-quarter basis, growth in non-performing loans was led by Mibanco and partially offset by BCP.

從環比來看，不良貸款的成長由 Mibanco 帶動，但被 BCP 部分抵銷。

At Mibanco, NPL growth was driven by an uptick in delinquency in government program loans, which have high coverage levels, and by growth in delinquency in high ticket loans among vulnerable clients affected by concurrent adverse events in 2023.

在 Mibanco，不良貸款成長的推動因素是覆蓋範圍較高的政府計劃貸款拖欠率上升，以及受 2023 年同時發生的不利事件影響的弱勢客戶的高額貸款拖欠率增加。

Within BCP, the drop in NPLs reflected improvement within SME-Pyme, where honoring processes for government loans are underway.

在 BCP 內部，不良貸款的下降反映出 SME-Pyme 內部的改善，政府貸款的兌現流程正在進行中。

This evolution was partially offset by an uptick in NPLs in credit cards and mortgages among vulnerable clients who are highly leveraged and lack stable employment.

這種變化被高槓桿且缺乏穩定就業的弱勢客戶的信用卡和抵押貸款不良貸款上升所部分抵消。

Deterioration in credit cards was concentrated in vintages originated in the first half of 2023.

信用卡的惡化主要集中在 2023 年上半年的年份。

In this context, the NPL coverage ratio for total loans stood at 95%, or 98.2% if we isolate the impact of government loans.

在此背景下，貸款總額的不良貸款覆蓋率為95%，如果剔除政府貸款的影響，則為98.2%。

We have learned lessons from this cycle and have taken measures to recover asset quality faster.

我們吸取了這一周期的教訓，採取措施加快資產品質恢復。

At Mibanco, a significant and growing number of clients have seen their income shrink, which has led to higher indebtedness and weakened payment capacities.

在 Mibanco，越來越多的客戶發現自己的收入縮水，這導致債務增加和支付能力減弱。

In this context, we have stepped up restrictions at the origination level as we strengthen monitoring, collections, and reprogramming evaluation processes.

在此背景下，我們在加強監測、收集和重新編程評估流程的同時，加強了源頭層面的限制。

While Mibanco is performing better than its peers, we are still adjusting our risk management capabilities.

雖然 Mibanco 的表現優於同行，但我們仍在調整我們的風險管理能力。

At BCP, deterioration is concentrated in the vulnerable segment within individual clients.

在 BCP，惡化主要集中在個人客戶中的弱勢群體。

Despite most restricted origination and offered temporary credit facilities, exposure and deterioration continues to persist in this segment.

儘管發起活動受到大多數限制並提供了臨時信貸便利，但該領域的風險敞口和惡化狀況仍然持續存在。

We are taking more aggressive action by selectively tightening origination guidelines in vulnerable individuals since May and by offering medium-term rescheduling to both individuals and SME-Pyme clients in the second half of 2024.

我們正在採取更積極的行動，自 5 月起有選擇地收緊弱勢個人的發起指南，並在 2024 年下半年向個人和 SME-Pyme 客戶提供中期重新安排。

Next slide, please.

請下一張投影片。

We will review the evolution of efficiency on an accumulated basis to isolate the impact of seasonal effects.

我們將在累積的基礎上審查效率的演變，以隔離季節性影響的影響。

Operating expenses grew 9.2%, driven primarily by core businesses at BCP and disruptive initiatives at the Credicorp level.

營運支出成長 9.2%，主要由 BCP 的核心業務和 Credicorp 層面的顛覆性舉措推動。

Core businesses at BCP fueled growth in expenses through an uptick in IT expenses related to move to attract talent to fill vacant positions and specialized digital talent, and increased use of the cloud as clients become more digital and transaction levels increase.

BCP 的核心業務透過增加與吸引人才填補空缺和專業數位人才相關的 IT 支出來推動支出成長，並隨著客戶變得更加數位化和交易水平提高而增加雲端的使用。

Expenses for disruptive initiatives at the critical level rose 29.2%.

關鍵水準的顛覆性舉措的費用增加了 29.2%。

The most significant expenditures were in Yape, Tenpo, and Culqi, which together accounted for 66% of this semester's disruptive expenses.

最重要的支出是 Yape、Tenpo 和 Culqi，它們合計佔本學期乾擾支出的 66%。

Finally, an uptick in operating income and accelerating operating expenses led the efficiency ratio to drop 19 basis points to stand at 44.3% year-to-date in the first half of 2024.

最後，營業收入的上升和營業支出的加速導致 2024 年上半年效率比率下降 19 個基點，至年初至今的 44.3%。

Next slide, please.

請下一張投影片。

This quarter (technical difficulty) stood at 16.2%, driven by strong results in our universal banking, insurance, and investment management and advisory businesses.

本季（技術難度）為 16.2%，這得益於我們全能銀行、保險以及投資管理和諮詢業務的強勁業績。

Meanwhile, the ROE for the semester was 17.2%.

同時，本學期的 ROE 為 17.2%。

These results are a testament to our resilience and ability to adapt to challenging circumstances.

這些結果證明了我們適應充滿挑戰的環境的韌性和能力。

Now, I will move on to our updated guidance.

現在，我將繼續介紹我們更新的指南。

Next slide, please.

請下一張投影片。

As previously stated, our GDP growth expectation remains unchanged at around 3%.

如前所述，我們的GDP成長預期維持在3%左右不變。

Regarding loan growth, despite the recent pick up in wholesale lending, our still cautious approach to originations in our retail banking and microfinance segment has led us to revise our guidance on total loan growth, measured in average daily balances to the 1% to 3% range.

關於貸款成長，儘管最近批發貸款有所回升，但我們對零售銀行和小額信貸部門的起源仍持謹慎態度，這導致我們修改了總貸款成長指引（以日均餘額衡量）至1% 至3 %範圍。

Our NIM is expected to stand by the end of the year towards the upper end of our guidance, which is between 6% and 6.4%.

預計到今年年底，我們的淨利差將達到我們指導的上限，即 6% 至 6.4% 之間。

We expect cost of risk to situate around the upper end of our guidance, which is between 2% and 2.5%.

我們預計風險成本將位於我們指引的上限附近，即 2% 至 2.5% 之間。

The credit cycle has proven to be longer and tougher than expected.

事實證明，信貸週期比預期更長、更艱難。

Although we are confident on the effectiveness of the credit measures taken, the stress is likely to linger in the individuals and microfinance segments for the better part of the year.

儘管我們對所採取的信貸措施的有效性充滿信心，但今年大部分時間個人和小額信貸領域的壓力可能會持續存在。

We achieved solid efficiency levels as we continue to invest in our disruptive initiatives.

隨著我們繼續投資於顛覆性舉措，我們實現了穩固的效率水準。

We are controlling growth in expenses at our core businesses to offset the aforementioned headwinds and expect to close the year with an efficiency ratio near the lower end of our guidance, which is between 46% and 48%.

我們正在控制核心業務的支出成長，以抵消上述不利因素，並預計今年結束時的效率比率將接近我們指導的下限，即 46% 至 48% 之間。

Given the aforementioned dynamics and the better-than-anticipated evolution of both our fee income and insurance underwriting results, we reaffirmed our ROE guidance for 2024 at around 17%.

鑑於上述動態以及我們的費用收入和保險承保業績優於預期的變化，我們重申 2024 年 ROE 指引為 17% 左右。

With these comments, we can move to the Q&A session.

有了這些評論，我們就可以進入問答環節了。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Ernesto Gabilondo, Bank of America.

埃內斯托·加比隆多，美國銀行。

Thank you.

謝謝。

Hi, good morning, Gianfranco, Alejandro, Francesca, Cesar, and good morning to the rest of the team, and thanks for the opportunity to ask questions.

大家早安，Gianfranco、Alejandro、Francesca、Cesar，還有團隊其他成員早安，感謝給我提問的機會。

My first question will be on Mibanco and the microfinance industry in Peru and also in Colombia.

我的第一個問題是關於 Mibanco 以及秘魯和哥倫比亞的小額信貸產業。

How do you see the credit appetite and the indebtedness in the sector?

您如何看待該行業的信貸需求和債務？

Are you detecting any positive sign-offs on the evolution of the clients, given that there will be an expected better outlook for the economy?

考慮到預期的經濟前景會更好，您是否發現客戶的發展有任何正面的跡象？

Or do you continue to see the same levels of deterioration?

還是您繼續看到同樣程度的惡化？

The asset quality?

資產品質？

Any color on this would be very helpful.

任何顏色都會非常有幫助。

Yeah, good morning, Ernesto.

是的，早上好，埃內斯托。

As I mentioned in my opening remarks, we still don't feel comfortable where we stand in our portfolio -- in terms of risk, in the portfolio we have at Mibanco.

正如我在開場白中提到的，我們仍然對我們的投資組合的現狀感到不滿意——就風險而言，在 Mibanco 的投資組合中。

As a matter of fact, we are tightening our credit policies over the last, I would say -- the last quarter, I would say, because we still don't see any improvement in that business.

事實上，我們在過去一個季度收緊了信貸政策，因為我們仍然沒有看到該業務有任何改善。

But having said that, if we take a longer -- we have provision going back, Mibanco -- and the microfinance industry in Peru is a very relevant industry.

但話雖如此，如果我們花更長的時間——我們有規定可以退回，Mibanco——秘魯的小額信貸行業是一個非常相關的行業。

Mibanco (technical difficulty) at the beginning and then Mibanco when we merged the two institutions, they -- it has provided very sound and nice results.

一開始是 Mibanco（技術難度），然後是 Mibanco，當我們合併這兩個機構時，它們提供了非常健全和良好的結果。

And going forward, we are still very positive on the fundamentals of the business.

展望未來，我們對業務的基本面仍然非常樂觀。

But I would say it's too soon to tell that we're seeing any improvements both in the market and within our risk capabilities.

但我想說，現在就斷言我們看到市場和我們的風險能力有所改善還為時過早。

Colombia is a different story.

哥倫比亞則是另一回事。

Columbia is a much smaller play.

哥倫比亞是一個規模小得多的戲劇。

Having said that and having taken into account that the Colombian environment overall for the banking system is much more complicated than the one in Peru, I would say that the Colombian -- the Mibanco in Colombia has today a clearer path in terms of what has been done over the last six months.

話雖如此，並考慮到哥倫比亞銀行體系的整體環境比秘魯複雜得多，我想說，哥倫比亞的 Mibanco 今天在過去的發展方面有一條更清晰的道路。

Perfect.

完美的。

Thank you very much.

非常感謝。

Just a second question.

只是第二個問題。

Your '24 guidance, I think in your second-quarter press release, you were indicating to expect solid growth in other income and disciplined management of operating expenses.

我認為，你們在第二季度的新聞稿中表示，你們的 24 年指導方針表明，預計其他收入將實現穩健增長，並嚴格管理營運費用。

So can you elaborate on your expectations for other income?

那麼您能詳細說明一下您對其他收入的期望嗎？

Is this coming because of Yape?

這是因為 Yape 的緣故嗎？

Is this showing in fees or in other income?

這是否反映在費用或其他收入中？

Just wanted to understand a little bit more on that.

只是想多了解一點。

And then, in terms of expenses, I don't know if you would be willing to postpone some not urgent projects to maintain OpEx under control?

然後，在費用方面，不知道你們是否願意推遲一些不緊急的項目來控制OpEx？

Alejandro?

亞歷杭德羅？

Sure.

當然。

Going first to the fees, we are expecting the strong fees that we're seeing to continue along the year -- part of the expenses we've done over the last few years actually to increase our transactional capabilities.

首先是費用，我們預計今年將繼續收取高額費用——這是我們過去幾年實際上為提高交易能力而支出的部分費用。

And this is paying out in these fees that we're seeing right now.

這就是我們現在看到的這些費用的支付。

We expect it to continue.

我們預計這種情況會持續下去。

We're expecting both at the Yape level, also at the core business at BCP to increase.

我們預期 Yape 層級以及 BCP 的核心業務都會成長。

And so, we should see strong numbers along those lines going forward.

因此，我們應該看到未來的強勁數據。

As for expenses, we're controlling the cost of income.

至於費用，我們正在控制收入成本。

We are always looking into opportunities to be as efficient as possible, but we are not currently considering cutting any particular project that we are in at the time.

我們一直在尋找盡可能提高效率的機會，但我們目前不考慮削減我們當時正在進行的任何特定項目。

So, yeah, as long as we control for the cost of income, we are okay currently with that.

所以，是的，只要我們控制收入成本，目前就可以接受。

Still, as I said, we are always looking at expenses.

不過，正如我所說，我們總是在考慮費用。

And that's the reason why I said that our guidance (technical difficulty) to be on the lower side of the cost to income guidance, and that is because we tend to choose some things, but there are smaller things, not necessarily the big projects that we're working on.

這就是為什麼我說我們的指導（技術難度）處於成本收入指導的較低側，那是因為我們傾向於選擇一些東西，但有一些較小的東西，不一定是大項目我們正在努力。

Renato Meloni, Autonomous Research.

雷納托·梅洛尼，自主研究。

Please go ahead.

請繼續。

Hi, good morning everyone.

嗨，大家早安。

Thank you for the opportunity to ask questions.

感謝您給我提問的機會。

Just to start a follow-up here on Mibanco.

只是為了在 Mibanco 上開始後續行動。

During your initial remarks, you said that you were doing a better assessment of the situation in the upcoming quarters.

在您最初的演講中，您表示您正在對未來幾季的情況進行更好的評估。

So I wonder if you could offer some more color on what this assessment is and maybe offer some order of magnitude in extra provisions that you might have to incur and if that could materially impact the guidance?

因此，我想知道您是否可以就這一評估提供更多信息，並可能在您可能需要承擔的額外條款中提供一定數量級的信息，這是否會對指導產生重大影響？

And then a second question here is just on the -- what do you think is the driver for the increase in low-cost deposits, and if you expect that to increase during the rest of the year?

第二個問題是－您認為低成本存款增加的驅動因素是什麼？

Thank you.

謝謝。

Yeah, I'll ask Cesar to answer the -- to take the first question and I'll take the second.

是的，我會請塞薩爾回答第一個問題，我會回答第二個問題。

Okay, thank you.

好的，謝謝。

I would like to remind something that Gianfranco has mentioned us.

我想提醒一下 Gianfranco 提到的一件事。

One is the general context of the market has been very challenging, particularly for the micro segment.

一是市場的整體環境非常具有挑戰性，特別是對於微型細分市場。

You can say that we are doing a very thorough analysis of our internal capabilities and performance.

可以說我們正在對我們內部的能力和表現進行非常徹底的分析。

And I would like to lead a little bit more light about what we mean for our thorough assessment.

我想更詳細地說明我們徹底評估的意義。

We are reviewing the entire process, checking, for example, our monitoring capabilities, how granular are there, what are we monitor.

我們正在審查整個流程，例如檢查我們的監控能力、監控的粒度、我們監控的內容。

We are reviewing the performance and calibration of our models, how effectively are we combined our on the field capabilities with the modeling central system that compounds the hybrid model that we are convinced are the right one, but how finely tuned are these.

我們正在審查我們模型的性能和校準，我們如何有效地將我們的現場能力與建模中央系統相結合，該系統組合了我們確信是正確的混合模型，但這些模型的調整程度如何。

And we are also reviewing cultural aspects that has been probably affected during a long period of a tough market, affecting the behavior of the clients and probably even our internal -- our end.

我們也正在審查在長期的艱難市場中可能受到影響的文化方面，影響客戶的行為，甚至可能影響我們的內部——我們的最終結果。

So summarizing everything, we are reviewing every conceivable aspect of the credit process to be sure that even under very tough market circumstances, we are performing at the best possible level.

總而言之，我們正在審查信貸流程的每一個可以想像的方面，以確保即使在非常艱難的市場環境下，我們也能保持最佳水平。

And we are finding opportunities to improve all along the lines that I already mentioned, and the expectation is to have a clear picture in a quarter or so.

我們正在沿著我已經提到的方向尋找改進的機會，並且期望在一個季度左右的時間內獲得清晰的情況。

I'll complement Cesar's answer that goes beyond risk management at Mibanco.

我將補充 Cesar 的答案，該答案超出了 Mibanco 的風險管理範圍。

We've talked about it in previous calls.

我們在之前的通話中已經討論過這一點。

I would say Mibanco and like most of the microfinance institutions in the traditional business, has been 99% focused in lending.

我想說，Mibanco 和傳統業務中的大多數小額信貸機構一樣，99% 都專注於貸款。

And the whole microfinance industry has a strategic weakness, but at the same opportunity, in terms of gathering retail deposits, transactional deposits, and improving the fee income business.

且整個小額信貸產業存在策略弱點，但同時在聚集零售存款、交易性存款、提高手續費收入業務方面。

Those are two levers that obviously will take time, but strategically is something that we're working at Mibanco that won't help in the short-term for sure.

這兩個槓桿顯然需要時間，但從戰略上講，我們在 Mibanco 正在努力，這在短期內肯定不會有幫助。

The short-term is what Cesar just mentioned, but in the longer path we do see that Mibanco has an opportunity to actually start basically and improve those two sources of income.

短期是塞薩爾剛才提到的，但從長遠來看，我們確實看到 Mibanco 有機會真正開始並改善這兩個收入來源。

Going to your second question, the answer is quite direct and easy, is we've been investing in transactional capabilities for, I would say -- I don't know -- 15 years.

至於你的第二個問題，答案非常直接和簡單，我想說——我不知道——15年來，我們一直在投資交易能力。

And obviously that doesn't pay off when interest rates are low, but it pays in environments like the ones we've been living for the last 24 months, 18 months, whatever, and we will continue to invest.

顯然，當利率較低時，這並沒有什麼回報，但在我們過去 24 個月、18 個月等所生活的環境中，這是值得的，我們將繼續投資。

So a few years ago it was heavily investing in physical distribution capabilities.

因此，幾年前，它大力投資物流能力。

Today, it's heavily invested in digital distribution capabilities.

如今，它在數位發行能力方面投入了大量資金。

A clear example and the most successful one so far has been Yape.

Yape 就是一個明顯的例子，也是迄今為止最成功的例子。

But if you recall, a few years ago we started a strategy called war on cash.

但如果你還記得的話，幾年前我們開始了一項名為「現金戰」的策略。

That's exactly what's happening.

這正是正在發生的事情。

We're not only improving in terms of market share, but the market -- non-cash market has been growing steadily over the last few years.

我們不僅在市場佔有率方面有所提高，而且市場——非現金市場在過去幾年中一直在穩步增長。

Brian Flores, Citi.

布萊恩·弗洛雷斯，花旗銀行。

Hi, team.

大家好。

Thank you very much for the opportunity to ask questions.

非常感謝您給我提問的機會。

I have a question on Yape.

我有一個關於雅普的問題。

As you mentioned, you achieved breakeven.

正如您所提到的，您實現了損益平衡。

I wanted to understand a bit.

我想了解一點。

How do you envision this going forward the 33% quarter-over-quarter expansion on revenues?

您如何看待收入環比增長 33% 的前景？

Do you think this is a sustainable -- something that you already have within your budget?

您認為這是可持續的嗎？

And also, wanted to ask and confirm if now that the investments have been mostly done for -- on the technology side and the capability side, as you were mentioning, on the transaction side -- if going forward, this is purely, let's say, profit or only, let's say, largest part of it from the revenue side will translate into profits directly, right, on this one?

而且，想問並確認現在投資是否大部分已經完成 - 正如你提到的，在技術方面和能力方面，在交易方面 - 如果繼續前進，這純粹是，比方說，利潤或者只是，比方說，來自收入方面的最大一部分會直接轉化為利潤，對吧，就這一點？

Thank you.

謝謝。

Francesca?

弗朗西斯卡？

So in addition to today's primary revenue streams for Yape, I've mentioned before, flows and payments and also beginning to the lending business, what I think is very strong for Yape in the future is that the monthly active users continue to grow at a fast pace.

因此，除了我之前提到的 Yape 的主要收入來源之外，流量和支付以及借貸業務的開始，我認為 Yape 未來非常強勁的是每月活躍用戶繼續以快節奏。

And also, the level of transactions that they have is continually increasing.

而且，他們的交易水準也在不斷增加。

If you look at a year-to-year, quarter-to-quarter comparison at the transactional level with 25 transactions per customer, now it's 40, with a growth in customers as well.

如果您從交易層面進行逐年、逐季比較，每位客戶的交易次數為 25 筆，現在為 40 筆，而且客戶數量也在增加。

So the current pace of growth, I don't see it slowing down on the revenue streams that we know -- bill payments and floating -- but what we are going to see is a difference in percentage in the relative growth rate of new businesses.

因此，目前的成長速度，我認為我們所知道的收入流（帳單支付和浮動）並沒有放緩，但我們將看到的是新業務相對成長率的百分比差異。

We mentioned lending; we're growing fast on lending in terms of not still creating a large balance, but really incrementing the pace at which we lend for all Yape customers.

我們提到了貸款；我們的貸款成長很快，不僅沒有創造大量餘額，而且確實加快了向所有 Yape 客戶提供貸款的速度。

We believe that 50% of the Yape base should be able to have lending products available.

我們相信 50% 的 Yape 群體應該能夠提供貸款產品。

And also, the new revenue streams in terms of foreign exchange remittances, which are highly fee-based business, are also growing at a -- still small but also growing -- and finally, the newer business models, which are marketplace.

此外，外匯匯款的新收入來源（這是一種高度收費的業務）也在不斷增長——雖然規模仍然很小，但也在不斷增長——最後，新的商業模式，即市場。

We are currently having a lot of promotions, a lot of transactions around Yape, which gives us an optimistic view in terms of creating a new business plan.

我們目前正在進行大量促銷活動，圍繞 Yape 進行大量交易，這讓我們對制定新的業務計劃持樂觀態度。

Yeah.

是的。

Maybe just to complement Francesca's answer, bear in -- we've talked about it before.

也許只是為了補充弗朗西斯卡的答案，請耐心等待——我們之前已經討論過。

Bear in mind that what happens with this (technical difficulty) startups actually is that they have a J-curve in terms of income and therefore, profits.

請記住，這些（技術難度）新創公司實際上會發生的情況是，它們在收入和利潤方面具有 J 曲線。

So that's what's happening, building on what Francesca mentioned.

這就是正在發生的事情，以弗朗西斯卡提到的為基礎。

Just on your last comment, don't get me wrong, we're not going to cut investments in technology.

關於您最後的評論，請不要誤會我的意思，我們不會削減對技術的投資。

If we see an opportunity, we will continue investing in developing new features for our clients.

如果我們看到機會，我們將繼續投資為客戶開發新功能。

And that's something -- that brings me to highlighting the meeting we're going to have in September 26, in which we are going to be deep diving in Yape and another tech initiative or the disruptive initiatives, which, by the way, I invite you all.

這讓我想強調一下我們將於 9 月 26 日舉行的會議，我們將在會議上深入探討 Yape 和另一項技術舉措或顛覆性舉措，順便說一句，我邀請你們大家。

Perfect.

完美的。

If I just make a quick follow-up on your comment on Francesca's, as you were mentioning, you see a big opportunity in terms of lending via Yape.

正如您所提到的，如果我對您對弗朗西斯卡的評論進行快速跟進，您會看到透過 Yape 提供貸款方面的巨大機會。

I also know from your presentation that you want to be cautious, right, on the consumer segment.

我還從您的演講中了解到，您希望對消費者細分市場保持謹慎態度，對吧。

So how do we reconcile this, let's say, more timid appetite from consumer and credit cards with perhaps a better optionality here with Yape to originate lending via the app?

那麼，我們如何調和這一點，比如說，消費者和信用卡的胃口越來越小，而 Yape 可能有更好的選擇來透過應用程式發起貸款？

Thank you.

謝謝。

Yeah, the keyword -- you mentioned the keyword, optionality.

是的，關鍵字——你提到了關鍵字，選擇性。

The Peruvian market is -- the labor market actually is -- I don't know -- 75% informal market.

秘魯市場——勞動市場實際上是——我不知道——75%是非正規市場。

So in the past, the whole financial system (technical difficulty) two barriers for successfully lending to those segments.

因此，在過去，整個金融體系（技術難度）是成功向這些細分市場放款的兩個障礙。

One is distribution costs and the other one is data.

一是分銷成本，二是數據。

Obviously, by dispersing through the app, the distribution cost is marginally zero.

顯然，透過應用程式進行分散，分發成本幾乎為零。

And the models we are building -- the risk models, I mean, we're building through the data we've gathered over the last few years in Yape has helped us in developing these new models.

我們正在建立的模型——風險模型，我的意思是，我們透過過去幾年在亞普收集的數據構建的模型幫助我們開發了這些新模型。

And so far, the performance of those, as Francesca mentioned, basically short-term loans have been very good.

到目前為止，正如弗朗西斯卡所提到的，這些短期貸款的表現基本上都非常好。

So we'll go step by step, but we see a very large opportunity there.

所以我們會一步一步地進行，但我們看到了一個非常大的機會。

Tito Labarta, Goldman Sachs.

蒂托·拉巴塔，高盛。

Hi, good morning.

嗨，早安。

Thank you for the call and taking my question.

感謝您的來電並回答我的問題。

First question just on the revision in the loan growth quite a little bit lower, despite 3% GDP growth.

第一個問題是，儘管 GDP 成長了 3%，但貸款成長的修正幅度相當低。

Is this primarily related to Mibanco?

這主要與 Mibanco 有關嗎？

I mean, what do you need to see here for loan growth to really improve from here?

我的意思是，您需要在這裡看到什麼才能使貸款成長真正改善？

Maybe starting there.

也許從那裡開始。

Sure.

當然。

So the revision is a reflection not only of what we're expecting, but this has already happened during the year.

因此，此次修訂不僅反映了我們的預期，而且這一情況在今年已經發生了。

The revision is on average daily basis, the first half of the year we've only grown in 0.2% in the average daily balances.

修正是按日均計算的，今年上半年我們的日均餘額僅增加了 0.2%。

So that makes it harder to expect the 3% to 5% growth that we had earlier -- before.

因此，這使得我們更難預期我們之前的 3% 到 5% 的成長。

So we are expecting growth to pick up in the second half of the year.

因此，我們預計下半年成長將會加快。

It's just that it's going to be in specific areas, not necessarily as fast as we were expecting, but the economy continues to grow.

只是它會出現在特定領域，不一定像我們預期的那麼快，但經濟會繼續成長。

We've seen rates coming down.

我們已經看到利率下降。

We see there's no inflation.

我們看到沒有通貨膨脹。

There's investment on the private sector and a lot of other leading indicators that show that the growth is becoming more widespread.

私營部門的投資和許多其他領先指標表明成長正在變得更加廣泛。

Because at the beginning it was very much on the primary sector, so you didn't feel it necessarily on the loan book.

因為一開始它主要是在第一產業領域，你並不覺得它一定在貸款簿上。

But now it's becoming more widespread and we see a lot of different metrics that show that including -- we included in the presentation, the transactions with our credit and debit cards, that is a leading indicator that is moving stronger and in different industries.

但現在它變得越來越普遍，我們看到許多不同的指標表明，包括我們在演示中包含的信用卡和借記卡交易，這是一個在不同行業中正在走強的領先指標。

Also, energy consumption is growing at a more robust pace.

此外，能源消耗正在以更強勁的速度成長。

So we see a lot of different indicators that show us that the economy should continue to improve and be more widespread and that will have an impact on the growth of the portfolio for the second half of the year.

因此，我們看到許多不同的指標向我們表明經濟應該繼續改善並且更加廣泛，這將對下半年投資組合的成長產生影響。

That moves us to the (technical difficulty) 1% to 3% on average daily balances.

這使我們的（技術難度）日均餘額下降了 1% 到 3%。

But again, we are going to be selective in specific risks because, the credit cycle is still not over.

但同樣，我們將選擇性地處理特定風險，因為信貸週期尚未結束。

Okay.

好的。

Thanks for that.

謝謝你。

And I guess just on Mibanco again.

我想又是在 Mibanco 上。

To see the growth pick up there, I mean, why is so weak if the economy seems to be improving?

看到那裡的成長加速，我的意思是，如果經濟似乎正在改善，為什麼成長如此疲軟？

Is this just because of the informality of those types of clients that not necessarily captured in the formal macro figures?

這是否只是因為這些類型的客戶的非正式性，不一定反映在正式的宏觀數據中？

Just to understand why the continued weakness there?

只是為了了解為什麼要持續疲軟？

What would it take for that to really begin to improve?

怎樣才能真正開始改善呢？

Yeah, Tito, maybe a more structural answer and then a more short-term answer.

是的，蒂托，也許是一個更具結構性的答案，然後是一個更短期的答案。

The microfinance industry is a more volatile is -- within our portfolio, the business has the highest volatility.

小額信貸產業是一個波動性較大的產業－在我們的投資組合中，該業務的波動性最高。

And bear in mind that the microfinance sector has been hit since COVID like constantly.

請記住，自新冠疫情以來，小額信貸產業一直受到打擊。

In Peru, I mean, so first COVID, then the terrible government we had, then the social unrest.

我的意思是，在秘魯，首先是新冠疫情，然後是糟糕的政府，然後是社會動盪。

So it hit like for -- I don't know -- a period of three years or four years, something like that.

所以它持續了——我不知道——三年或四年之類的時間。

This on one hand.

這是一方面。

On the other hand, this GDP growth, it takes time to trickle down to those segments.

另一方面，GDP 的成長需要時間才能滲透到這些領域。

So it's a matter of -- I would say it's a matter of time, but we do not have clarity as of today and when is that time coming to benefit that portfolio.

所以這是一個問題——我想說這是一個時間問題，但截至今天我們還不清楚，以及什麼時候該投資組合才會受益。

Maybe just to complement the growth in the first half of the year has been very tied to primary sectors and hasn't come necessarily with a big increase in hiring in companies.

也許只是為了補充上半年的成長，這與主要行業密切相關，並不一定會帶來公司招聘的大幅增加。

Now the good news is that today, when you look at the Central Bank expectation survey, all of the indices are in the positive side, including the hiring expected for the next quarter.

現在的好消息是，今天，當你看央行預期調查時，所有指數都處於積極的一面，包括下一季的招募預期。

So we are seeing more positive news, but still it has to go from the primary sector to the full economy.

因此，我們看到了更多正面消息，但仍必須從第一產業轉向全面經濟。

Okay.

好的。

That makes sense.

這是有道理的。

That's very helpful.

這非常有幫助。

And maybe just follow up on the -- I guess, on the cost of risk there.

也許只是跟進——我想，就是那裡的風險成本。

I mean, you said that the higher end of the range.

我的意思是，你說的是範圍的高端。

I mean, this quarter was a bit higher; first quarter was a bit lower, but you had some reversals there.

我的意思是，這個季度有點高；第一季有點低，但出現了一些逆轉。

Do you think this -- and you're sort of well above like historical levels.

你認為這一點嗎——你的水平遠高於歷史水平。

So just to put that into context, I mean, do you think that remains a bit elevated maybe because of Mibanco, like thinking into 2025 a little bit?

因此，將其放在上下文中，我的意思是，您是否認為這仍然有點高，也許是因為 Mibanco，例如考慮到 2025 年？

Or can that improve going forward sort of significantly, maybe back to historical levels eventually?

或者說，這種情況能否顯著改善，最終可能回到歷史水準？

Well, the first thing I'll say is we are expecting to be in range on the upper side of the range.

好吧，我要說的第一件事是我們預計會處於該範圍的上限之內。

So that certainly means that we are expecting some improvement during this year.

因此，這當然意味著我們預計今年會有所改善。

Still not necessarily this year going back to pre all of these conditions that Gianfranco mentioned, to levels pre-recession and COVID, et cetera.

今年仍然不一定會回到吉安弗蘭科提到的所有這些條件之前，經濟衰退和新冠疫情等之前的水平。

So this year, I think, it's more of a transition year where we'll see a decrease, but slow decrease along the year.

因此，我認為今年更像是過渡年，我們會看到下降，但全年下降緩慢。

Probably help us get into the range but very much on the upper side.

可能會幫助我們進入這個範圍，但非常偏上。

And hopefully 2025 is the year where it normalizes.

希望 2025 年能夠正常化。

And maybe complementing that.

也許可以補充這一點。

Regarding cost of risk, there are like two forces going in opposite directions.

關於風險成本，就像有兩種相反方向的力量。

One is that if we stand still with the current portfolio, cost of risk should be lower going forward.

一是，如果我們維持目前的投資組合，未來的風險成本應該會更低。

But on the other hand, the retail portfolio, overall, is growing at a faster pace than the wholesale portfolio and that portfolio has a higher cost of risk.

但另一方面，整體而言，零售投資組合的成長速度快於批發投資組合，而且該投資組合的風險成本更高。

Actually, what we manage is risk-adjusted NIM.

實際上，我們管理的是風險調整後的淨利差。

Having said that, we expect overall the risk adjusted NIM to improve going forward.

話雖如此，我們預期風險調整後的淨利差總體將會改善。

Eric Ito, Bradesco BBI.

埃里克·伊藤，布拉德斯科 BBI。

(Operator Instructions)

（操作員說明）

Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯，摩根大通。

Thank you, and good morning everyone.

謝謝大家，大家早安。

I have a follow up on Yape on the breakeven and the loan growth, right.

我對 Yape 的盈虧平衡和貸款成長進行了跟進，對吧。

Like usually Peru, you provisioning expected losses, and we see a good growth on disbursement here.

像通常秘魯一樣，您撥備了預期損失，我們看到這裡的支出出現了良好的增長。

If you can share, maybe the balance, it would be help us.

如果您可以分享，也許是餘額，這對我們有幫助。

But I guess if you give me the number of Yape loans, right, like 700,000 disbursements.

但我想如果你給我 Yape 貸款的數量，對吧，例如 70 萬筆支出。

My question here on the breakeven is the following.

我關於損益平衡的問題如下。

How are you provisioning for this?

您對此有何準備？

Are you building provisions ahead?

您是否正在提前建立供應？

Like basically, this is penalizing your expenses.

基本上，這會懲罰你的開支。

And even on expenses, is the total expenses line for Yape that you have in the table reflecting provisions?

即使在費用方面，表中 Yape 的總費用是否反映了準備金？

So trying to understand the breakeven, basically, if this is the breakeven, considering the credit and the cost of credit, like the potential expected losses or not yet, you are not including provisions in those lines?

因此，試圖了解損益平衡，基本上，如果這是損益平衡，考慮到信貸和信貸成本，例如潛在的預期損失或尚未，您是否在這些行中不包括準備金？

Thank you very much, guys.

非常感謝你們，夥伴們。

Yuri, what you saw in the presentation is overall cost, at Yape, we're a business unit by itself.

Yuri，您在演示中看到的是整體成本，在 Yape，我們本身就是一個業務部門。

So it has all of the costs, including provisioning.

因此它擁有所有成本，包括配置。

Yape loans -- the bulk of the portfolio of Yape is very short-term loans.

Yape 貸款－Yape 投資組合的大部分是非常短期的貸款。

So we provision whatever is needed.

因此，我們提供所需的一切。

But actually, it's the NPLs, the ones that generate provisions.

但實際上，是不良貸款產生撥備。

Delinquency is directly related to provisioning, because since the loans are very, very short-term loans, the typical way of provisioning doesn't apply to the Yape portfolio.

拖欠率與撥備直接相關，因為由於貸款是非常非常短期的貸款，典型的撥備方式不適用於 Yape 投資組合。

(multiple speakers)

（多個發言者）

Sorry, go ahead.

抱歉，請繼續。

And the actual performance of the portfolio is much clear and faster revealed in this kind of portfolio because you have very short maturities.

在這種投資組合中，投資組合的實際表現更加清晰、更快地顯現出來，因為你的期限很短。

So in a very short period of time, you have a perfect a profile of the payment expectation, and you can provision based on that.

因此，在很短的時間內，您就擁有了完美的付款預期概況，並且您可以根據該概況進行配置。

Thank you, guys.

謝謝你們，夥計們。

And just a follow-up on these loans.

這只是這些貸款的後續行動。

Why are you more confident with Yape loans than Mibanco?

為什麼您對 Yape 貸款比 Mibanco 更有信心？

I know it's different, the nature of the business, but given with all the questions, everything we're seeing on Mibanco, why are you confident that you can grow on Yape loans?

我知道業務的本質是不同的，但考慮到所有問題，以及我們在 Mibanco 上看到的一切，為什麼您有信心透過 Yape 貸款實現成長？

What is different here?

這裡有什麼不同？

A few reasons, Yuri, and we've discussed it about this issue before, because you can -- so Mibanco goes to micro businesses; Yape goes to consumer lending.

有幾個原因，尤里，我們之前已經討論過這個問題，因為你可以——所以 Mibanco 轉向微型企業； Yape 涉足消費貸款領域。

You can argue, and I may agree, that at those levels -- those segments is the same pocket or the pocket gets mixed.

你可以爭辯說，我可能同意，在這些層面上——這些細分市場是同一個口袋，或者口袋會混合在一起。

But one reason is that one.

但原因之一就是這個。

The other reason is the model.

另一個原因是模型。

Yape is completely built on risk models and digital capabilities.

Yape 完全建立在風險模型和數位功能的基礎上。

The acquisition cost is much, much lower than the acquisition cost at Mibanco.

收購成本比 Mibanco 的收購成本低得多。

And maybe the last one, which is the most important one, is tenure.

也許最後一項，也是最重要的一項，就是終身​​教職。

Mibanco's duration is around 13 months.

Mibanco 的期限約為 13 個月。

The Mibanco portfolio is around 13 months.

Mibanco 投資組合的期限約為 13 個月。

Yape's portfolio is around 1 month.

Yape 的投資組合大約是 1 個月。

So it's very different.

所以這是非常不同的。

No, go ahead, Francesca.

不，繼續吧，弗朗西斯卡。

Sorry.

對不起。

To add, I think to the previous question and to this one, one of the things we're also trying in Yape is innovation around disbursement channel, collection channel, and product innovation.

補充一點，我認為對於上一個問題和這個問題，我們在 Yape 也在嘗試的事情之一是圍繞支付管道、收款管道和產品創新進行創新。

It's very different to give a working loan capital than a very small 20-day or 45-day loan.

提供行動貸款資金與提供非常小的 20 天或 45 天貸款有很大不同。

So this is -- there's space for all of these products.

所以，所有這些產品都有空間。

So what we need to find is the niches around that.

所以我們需要找到周圍的利基市場。

Super clear, everybody.

大家超清楚。

And congrats on Yape.

祝賀亞普。

It is great.

太棒了。

Like, when I see the [shark] off and you are attack in your cost of service, it's pretty nice.

就像，當我看到[鯊魚]消失而你的服務成本受到攻擊時，這真是太好了。

So just trying to check like the potential questions here.

所以只是想檢查一下這裡的潛在問題。

Thank you very much.

非常感謝。

Eric Ito, Bradesco BBI.

埃里克·伊藤，布拉德斯科 BBI。

Hi, guys, good morning.

嗨，夥計們，早安。

Thanks for taking my question here.

感謝您在這裡提出我的問題。

I have one question regarding loan growth.

我有一個關於貸款成長的問題。

You mentioned that economy should continue to improve.

您提到經濟要繼續向好。

We have rates coming down, low inflation next year.

明年我們的利率會下降，通膨也會較低。

So I just want to get a bit of color for 2025.

所以我只想為 2025 年增添一點色彩。

If you can give us some numbers on loan growth expectations for next year and maybe give us a breakdown for microfinance between the segments, retail, and wholesale?

您能否給我們一些明年貸款成長預期的數據，或是給我們細分零售和批發領域的小額信貸？

Thank you.

謝謝。

Eric, just to be clear, we don't provide guidance on 2025 until, I believe, it's February of 2025.

Eric，需要澄清的是，我認為要到 2025 年 2 月，我們才會提供 2025 年的指導。

If we go back to 2024, which is what we can discuss, basically -- so Peru's main driver for growth over the last -- I don't know -- two decades has been private investment.

如果我們回到 2024 年，這就是我們可以討論的，基本上 - 所以秘魯過去增長的主要驅動力 - 我不知道 - 二十年來一直是私人投資。

Therefore, loan growth has been highly correlated to private investment.

因此，貸款成長與私人投資高度相關。

And even though, as we mentioned before, we expect to grow 3% this year, we still don't see relevant private investment or private projects that -- for investment.

儘管正如我們之前提到的，我們預計今年將成長 3%，但我們仍然沒有看到相關的私人投資或私人項目——用於投資。

Having said that -- and again, I want to stress out that we don't provide guidance for 2025 -- what we expect is that next year, maybe by the end of this year, some private investment should pick up, because there's activity in the new brownfield and greenfield projects in the mining sector.

話雖如此，我想再次強調，我們不會提供 2025 年的指導，但我們預計明年，也許到今年年底，一些私人投資應該會有所增加，因為有活動在採礦業的新棕地和綠地項目中。

Alejandro mentioned the Port of Chancay, which has already been financed, but there's a huge collateral positive impact; the airport is going to be -- the new airport is going to be inaugurated by year end and so on.

亞歷杭德羅提到了錢凱港，該港已經獲得融資，但附帶的正面影響巨大；機場將會－新機場將在年底前落成，等等。

So we are positive on growth -- the portfolio growth, but it's going to be for next year, and not -- maybe the last quarter of this year, but mostly next year.

因此，我們對成長持正面態度——投資組合成長，但這將是明年的事，而不是——可能是今年最後一個季度，但主要是明年。

Maybe I'll just add that even though private is a driver, it should be going forward, there's this project (technical difficulty) there's also a big push from government for this private-public concessions.

也許我會補充一點，儘管私人是一個驅動力，但它應該繼續前進，有這個項目（技術困難），政府也大力推動這種私人-公共讓步。

And one important one is this peripheric beltway that has been assigned for $3.4 billion, which is also something that could generate some dynamism.

其中一個重要的項目是耗資 34 億美元的周邊環城公路，這也可以產生一些活力。

So we are seeing more things going on.

所以我們看到更多的事情正在發生。

Still, the private investment is not necessarily online as of now.

不過，目前私人投資不一定是線上的。

Okay.

好的。

Thank you.

謝謝。

Just a follow-up, if I may.

如果可以的話，只是一個後續行動。

What's the level of a sustainable ROE you guys think is the one for the bank?

你們認為銀行可持續的股本報酬率是多少？

Yeah.

是的。

What we've mentioned -- what we've been mentioning for the last three of four years is 18%.

我們所提到的──過去三年、四年我們一直提到的是 18%。

Andres Soto, Santander.

安德烈斯·索托，桑坦德銀行。

Good morning, Gianfranco and team.

早上好，詹弗蘭科和團隊。

Thank you for the presentation.

謝謝您的介紹。

My first question is regarding your longer outlook vis-a-vis with the level and the potential for extraordinary dividends.

我的第一個問題是關於您對非凡股息的水平和潛力的長期展望。

When I look at your capitalization, it is at 12% for BCP and close to 17% for Mibanco, both significantly higher than what you have said, that's target.

當我查看你們的資本化時，BCP 為 12%，Mibanco 接近 17%，兩者都明顯高於你們所說的目標。

And I expect this to continue to improve considering that the profitability will continue to improve and loan growth is not going to pick up dramatically.

考慮到獲利能力將繼續改善且貸款成長不會大幅加快，我預計這一情況將繼續改善。

So are you considering the possibility of distributing additional dividends in the second half of the year as you used to do before COVID?

那麼您是否正在考慮在下半年分配額外股息的可能性，就像您在新冠疫情之前所做的那樣？

(multiple speakers)

（多個發言者）

Go ahead.

前進。

If you want to elaborate, go ahead.

如果您想詳細說明，請繼續。

But I want to change topics

但我想換個話題

No.

不。

Are we considering it?

我們正在考慮嗎？

Yes, we are considering it, yes.

是的，我們正在考慮，是的。

We haven't decided anything, but yes, we are considering it.

我們還沒有做出任何決定，但是，我們正在考慮。

Makes total sense.

完全有道理。

Perfect.

完美的。

Thank you.

謝謝。

Now, my second question is regarding actually to Yape loans.

現在，我的第二個問題實際上是關於 Yape 貸款。

The 700,000 disbursements caught my attention.

70萬的支出引起了我的注意。

I would like to understand, is this still only single installment loans or are you already doing multi-installment loans?

我想了解一下，這還是單期貸款還是已經在做分期貸款了？

And if you can give us any color on what is the breakdown between both of them, and any feedback that you have regarding the preliminary potential of this?

您能否告訴我們兩者之間的區別，以及您對此初步潛力有何回饋？

Francesca just mentioned 50% of Yape users should be eligible to get loans.

Francesca 剛剛提到，50% 的 Yape 用戶應該有資格獲得貸款。

So I would like to understand also out of that, how many are already clients at BCP or any other credit card subsidiary and which will be sort of incremental growth for their franchise.

因此，我還想了解，有多少人已經是 BCP 或任何其他信用卡子公司的客戶，以及這將是他們的特許經營權的增量增長。

Francesca?

弗朗西斯卡？

Yeah.

是的。

So, currently we disbursed around a little over 300,000 loans, short-term loans per month in Yape.

因此，目前我們在 Yape 每月發放約 30 萬多筆短期貸款。

Around 90% of that is still a month, between 15 days and 29 days in terms of term.

其中約 90% 仍然是一個月，即 15 天到 29 天之間。

And we have for second-time and third-time customers, longer term; longer term meaning two months and three months.

我們為第二次和第三次客戶提供長期服務；較長的意思是兩個月和三個月。

So it's still very early on and what we are actually looking at is amount and repayment type.

所以現在還處於早期階段，我們真正關注的是金額和還款類型。

So it is very early on for that.

所以現在還為時過早。

What we are seeing is that the customer base is very repetitive.

我們看到的是客戶群非常重複。

So there is a lot of customers that are coming back for short-term loans, and we want to still understand how we can penetrate the larger base of the 12 million customers for Yape.

因此，有許多客戶回來申請短期貸款，我們仍然想了解如何才能滲透到 Yape 1,200 萬客戶的更大基礎。

So the 50% that I mentioned is our goal, our north star goal, saying that what we want to do is actually be able to lend to half of Yape's customer base, because if you've seen Peru's numbers, loan growth in terms of number of people has been very

所以我提到的 50% 是我們的目標，我們的北極星目標，也就是說我們想做的實際上是能夠向 Yape 一半的客戶群提供貸款，因為如果你看過秘魯的數字，貸款增長就人數已經非常多

(technical difficulty).

（技術難度）。

In the past 10 years, it hasn't been a real growth path.

過去10年，這並不是一條真正的成長之路。

Congratulations again on the results.

再次恭喜結果。

Sergey Dubin, HL.

謝爾蓋·杜賓，HL。

Yes.

是的。

I had a question regarding the direction of your net interest margin in the context of your asset yields and funding costs.

我有一個關於您的資產收益率和融資成本背景下的淨利差方向的問題。

I see that both asset yields and -- basically, asset yield expended.

我看到資產收益率和——基本上，資產收益率都被消耗了。

Your funding cost has also rose, but slower than asset yield.

你的融資成本也上升了，但速度慢於資產收益率。

So your NIM has expanded as well.

所以你的 NIM 也擴大了。

But could you put it in context also of the interest rate trajectory, because it looks like, as you showed in the presentation, the Central Bank has been cutting rates since June of '23.

但您是否也可以將其放在利率軌蹟的背景下，因為正如您在演示中所示，央行自 2023 年 6 月以來似乎一直在降息。

So how are you able to achieve expansion in asset yields for so long after the rate cuts have begun?

那麼，在降息開始後這麼長時間內，如何能夠實現資產收益率的擴張呢？

Number one.

第一。

And number two, how sustainable is that NIM expansion given that you expect BCRP to cut rates to 5% by the end of the year?

第二，考慮到您預計 BCRP 將在年底前將利率降至 5%，NIM 擴張的可持續性如何？

That's the first question.

這是第一個問題。

Sure.

當然。

So far we've been able to reprice loans due to the current risk situation.

到目前為止，由於當前的風險狀況，我們已經能夠對貸款重新定價。

And at the same time, low-cost funding has been improving in an important way.

同時，低成本融資也得到了重要改善。

And also, we've had returns from investments.

而且，我們也獲得了投資回報。

And all of that has contributed to our numbers and to the fact that we're expecting to be on the upper side of the range.

所有這些都對我們的數字以及我們預期處於範圍上限的事實做出了貢獻。

I want to make a general comment and then I'll comment specifically.

我想先做一般性評論，然後再具體評論。

If we were to do nothing, the sensitivity of our portfolio to changes in rates with a lot of assumptions, basically a high basis point shift, both in dollars and in soles, would be around 14 basis points in a year and around 20 basis points in a three-year period.

如果我們不採取任何行動，我們的投資組合對利率變化的敏感度（在大量假設下，基本上是高基點變化，無論是美元還是索爾）一年內將分別約為14 個基點和20 個基點左右在三年的時間內。

We measured it in a three-year period because of the movement of the whole portfolio and the durations.

由於整個投資組合和久期的變動，我們以三年為單位進行了衡量。

So that is in a case where you basically maintain the portfolio as it is during these change in rates.

因此，在這種情況下，您基本上維持投資組合在利率變動期間的狀態。

Of course, that's not the ideal.

當然，這不是理想的情況。

We're moving more onto the retail side and that should change the mix and allow us to maintain a resilient NIM in the foreseeable future.

我們正在更多地轉向零售方面，這應該會改變結構，並使我們能夠在可預見的未來保持有彈性的淨利差。

Okay.

好的。

Just to clarify, because I want to make sure I understand this very clearly.

只是為了澄清，因為我想確保我非常清楚地理解這一點。

So are you saying that some portion of your loan book is not directly tied to reference rate and you price it more in a kind of like risk fashion?

那麼您是說您的貸款簿的某些部分與參考利率沒有直接聯繫，並且您以類似風險的方式對其定價更高嗎？

So it's not -- I would suppose that would be more an SME-Pyme and more high risk-segments.

所以它不是——我認為這將更像是一個中小企業-Pyme 和更高風險的細分市場。

Is that right?

是這樣嗎？

So these

所以這些

--

--

Yeah, that's what happened during the last year because of the change in risk conditions in the market, okay?

是的，這就是去年由於市場風險狀況的變化而發生的情況，好嗎？

So, all of our book is of course related to base rate movements, but given the credit cycle that we've been through, we've been able to reprice to the upside some of our loans because of higher risk in the cycle.

因此，我們所有的書當然都與基本利率變動有關，但考慮到我們所經歷的信貸週期，由於週期中的風險較高，我們已經能夠對部分貸款進行重新定價。

When that risk comes down over time, that should also normalize more.

當這種風險隨著時間的推移而下降時，這種情況也應該會更加正常化。

Okay.

好的。

That's fine.

沒關係。

That's clear.

很清楚。

And then the second part of my question was, given the ongoing decline in reference rates, and then if you expect these risks to come down, so that obviously suggests that you're going to reprice your loans down, which means that your asset yields will come down probably somewhat substantially.

然後我的問題的第二部分是，考慮到參考利率的持續下降，如果你預期這些風險會下降，那麼這顯然表明你將重新定價你的貸款，這意味著你的資產收益率可能會大幅下降。

So would you still be able to reprice your deposits' overall funding down more so that you can keep your NIM at least flat?

那麼，您是否仍然能夠將存款的整體資金重新定價得更低，以便您的淨利差至少保持不變？

Or do you think there is some downside to NIM and later part of this year maybe or next year?

或者您認為 NIM 以及今年稍後或明年可能會出現一些負面影響嗎？

If we didn't change the composition of the portfolio over time, yes, there should be some pressure backwards on NIM, because we already have a very high market share in low-cost deposits.

如果我們不隨著時間的推移改變投資組合的組成，是的，NIM 應該會面臨一些向後的壓力，因為我們在低成本存款方面已經擁有非常高的市場份額。

We have been repricing those.

我們一直在重新定價。

Even though there might still be some repricing to be done where rates come down in time deposits, et cetera, the effects aren't big.

儘管定期存款利率下降等情況可能仍需要一些重新定價，但影響並不大。

Having said that -- and we'll do that, of course, over time -- but on the other hand, we are shifting the mix of the portfolio and moving into more retail, where you have a higher margin.

話雖如此——當然，隨著時間的推移，我們會這樣做——但另一方面，我們正在改變投資組合的組合，並轉向更多的零售業，在那裡你有更高的利潤。

So that mix is what makes us think that we'll be able to sustain these levels for longer.

因此，這種混合使我們認為我們將能夠更長時間地維持這些水平。

And could you repeat your -- yeah, so your sensitivity to, let's say, I don't know what is like 25 basis points in rate moves is 14 basis in NIM.

你能重複一下你的——是的，所以你對，比方說，我不知道利率變動的 25 個基點的敏感度在淨息差中是 14 個基點。

Is that correct?

這是正確的嗎？

To a 100 -- the calculation I gave is 100 basis points move -- parallel move, both in soles and dollars, that (technical difficulty) an impact in three years of around 20 basis points, in one year, around 14 basis points, that is, with the portfolio without having any changes.

到 100——我給的計算是 100 個基點移動——平行移動，無論是索爾還是美元，（技術難度）在三年內影響約 20 個基點，在一年內影響約 14 個基點，也就是說，投資組合沒有任何變化。

So that basically taking the balance sheet as it is and going through the cycle of rates coming down.

因此，基本上保持資產負債表不變，並經歷利率下降的周期。

When we move the portfolio and we go a little bit more into retail, that's when we compensate a part of that.

當我們調整投資組合併更多地涉足零售業時，我們就會補償其中的一部分。

So that's a perfect segue into my next question.

這是我下一個問題的完美銜接。

You've been saying this line for like a long time that you guys are moving into retail, and it should bring higher NIM, which is true.

你們長期以來一直在說你們正在進入零售業，這應該會帶來更高的淨利差，這是事實。

But also, it's very apparent now, it's bringing higher cost of risk as well.

但現在很明顯，它也帶來了更高的風險成本。

And it's actually -- what it looks like to me, a lot of people here focused on Mibanco, but really, your SME-Pyme segment within credit core, which I think contributes most to your credit cost increase just by sheer size of the portfolio.

事實上，在我看來，這裡很多人都關注 Mibanco，但實際上，信貸核心中的 SME-Pyme 部分，我認為僅透過投資組合的規模，它對信貸成本增加的貢獻最大。

So my question there is, how are you -- first of all, like what exactly changed between Q1 and Q2?

所以我的問題是，你怎麼樣——首先，第一季和第二季之間究竟發生了什麼變化？

Because I was under impression that your credit costs were most vulnerable last year and expectation of El Nino.

因為我的印像是去年你們的信用成本是最脆弱的，而且對厄爾尼諾現像也有預期。

Then El Nino happened; it wasn't as bad.

然後厄爾尼諾現象發生了；情況並沒有那麼糟。

You reversed some provisions, so it looked like things were actually improving.

你們撤銷了一些規定，所以看起來情況實際上正在改善。

But then, now it's deteriorating again.

但現在情況又惡化。

So what has changed between Q1 and Q2 that you saw this deterioration?

那麼，第一季和第二季之間發生了什麼變化，導致您看到這種惡化？

Well, we -- nothing has changed in the sense that the trend has been the same.

嗯，我們——從趨勢不變的意義上來說，沒有任何改變。

What has been a bit of a surprise that it was stronger than we expected beforehand.

令人有點驚訝的是，它比我們之前預期的要強。

So the point is we knew we were in a bad credit cycle.

所以關鍵是我們知道我們正處於一個糟糕的信貸週期。

We were expecting it to start turning a little bit earlier in the year, and it's taken longer, but it's not necessarily changed in any way.

我們預計它會在今年早些時候開始轉動，並且花了更長的時間，但它不一定會以任何方式改變。

Having said that, this is a cycle that is going on right now, and it will pass.

話雖如此，這是一個現在正在發生的循環，它將會過去。

And our strategy to move into retail is a more structural strategy that is not necessarily linked to the specific moment.

我們進軍零售業的策略是更具結構性的策略，不一定與特定時刻有關。

So we're not going to rush into something today when we're still expecting the risk to be better.

因此，當我們仍然預期風險會更好時，我們今天不會倉促採取行動。

Strategically, we are moving more into the retail segment.

從戰略上講，我們正在更多地進入零售領域。

Okay.

好的。

So that's the

這就是

(multiple speakers)

（多個發言者）

Sergey, there's a lot of people in the call.

謝爾蓋，電話裡有很多人。

What we can arrange with our IR team is a specific conversation, and we can go in as much detail you want, if you're okay.

我們可以與 IR 團隊安排一次具體的對話，如果您同意的話，我們可以討論您想要的盡可能多的細節。

Carlos Gomez, HSBC.

卡洛斯‧戈麥斯，匯豐銀行。

Hello.

你好。

Thank you.

謝謝。

First, thank you for the disclosure on the NIM sensitivity.

首先，感謝您揭露 NIM 敏感性。

That's very clear, and we appreciate that.

這非常清楚，我們對此表示讚賞。

I had two different questions.

我有兩個不同的問題。

One is about your international operations.

一是關於您的國際業務。

Given that Peru is taking time to take off, how do you see your operations in Bolivia, in Colombia and in Chile?

鑑於秘魯的起飛需要時間，您如何看待在玻利維亞、哥倫比亞和智利的業務？

And how much are you willing to invest in your fintech in Chile?

您願意在智利的金融科技領域投資多少？

And second, regarding the investor remuneration, you mentioned the possibility of an extraordinary dividend.

其次，關於投資者報酬，你提到了特別股息的可能性。

I noticed that another company associated with the group has been very active in buybacks.

我注意到與該集團有關聯的另一家公司在回購方面非常活躍。

Is that something that Credicorp will consider at some point?

Credicorp 在某個時候會考慮這一點嗎？

Or will you stay with your policy of always sticking to dividends?

還是會繼續堅持派息的政策？

Thank you.

謝謝。

Good morning, Carlos.

早安，卡洛斯。

Let me start with the second one.

讓我從第二個開始。

As of today, we are not evaluating any buyback opportunities.

截至今天，我們尚未評估任何回購機會。

We have mentioned before, the plan is to pay the relevant -- important dividend.

我們之前提到過，該計劃是支付相關的重要股息。

The ordinary dividend we pay in May, June this year we raised that by 40%, I believe.

我相信，今年 5 月、6 月我們支付的普通股息我們將其提高了 40%。

And if there's the growth -- portfolio growth is not there or whatever, we'll pay an extraordinary dividend, I would say, the last quarter of the year.

如果有成長——投資組合成長不存在或其他什麼，我想說，我們將在今年最後一個季度支付非凡的股息。

Those are the plans.

這些就是計劃。

There's nothing formal yet.

還沒有什麼正式的事情。

We're evaluating that.

我們正在對此進行評估。

Regarding your first question, let me go by customers (technical difficulty) and business by business.

關於你的第一個問題，我按照客戶（技術難度）和業務來分。

Bolivia, the bank is performing quite well.

玻利維亞銀行表現相當不錯。

Unfortunately, I always say, we have the right franchise in the wrong country.

不幸的是，我總是說，我們在錯誤的國家擁有正確的特許經營權。

The country macroenvironment is very complicated.

國家宏觀環境十分複雜。

What we've been doing over the last, I would say, 18 months is de-risking our portfolio.

我想說，過去 18 個月我們一直在做的就是降低投資組合的風險。

And even though it's not a very dollarized portfolio, we've been de-dollarizing our portfolio too.

儘管這不是一個非常美元化的投資組合，但我們也一直在對我們的投資組合進行去美元化。

The nice thing we've been doing in Bolivia -- and we will talk about it more in September -- is that we launched Yape in Bolivia, I would say, about a year ago or 18 months ago, not because Bolivia was a large market or a interesting market by itself, but because we wanted to confirm or not our thesis that Yape was exportable and leveraging on a non-leading bank in the country.

我們在玻利維亞所做的一件好事——我們將在9 月更多地談論它——是我們在玻利維亞推出了Yape，我想說，大約一年前或18 個月前，而不是因為玻利維亞是一個大國家市場本身就是一個有趣的市場，但因為我們想確認或不確認我們的論點，即 Yape 可以出口並利用該國的非領先銀行。

And so far, we've been successful with Yape in Bolivia.

到目前為止，我們在玻利維亞的 Yape 計畫取得了成功。

As I mentioned, we'll be talking more about it in September 26.

正如我所提到的，我們將在 9 月 26 日對此進行更多討論。

That's Bolivia.

那是玻利維亞。

Obviously, we don't plan to invest more in Bolivia.

顯然，我們不打算在玻利維亞進行更多投資。

Regarding Colombia, the country -- the whole country is going through a lot of structural changes.

就哥倫比亞而言，整個國家正在經歷許多結構性變化。

The financial sector, I'm sure you are -- some of you are investors in some of the large banks in Colombia.

我相信你們是金融領域的——你們中的一些人是哥倫比亞一些大型銀行的投資者。

The financial sector overall is struggling.

金融業整體陷入困境。

The microfinance business, we've talked about it.

小額信貸業務，我們已經討論過了。

Credicorp Capital in Colombia is performing quite well.

哥倫比亞的 Credicorp Capital 表現相當不錯。

We shared the overall results of Credicorp Capital.

我們分享了 Credicorp Capital 的整體表現。

We feel quite comfortable with the ROE we have.

我們對現有的交戰規則感到非常滿意。

The plan we deployed last year, we're -- actually, beyond the KPIs we set with a target for 2025.

事實上，我們去年部署的計畫超出了我們為 2025 年設定的 KPI。

So we're quite happy.

所以我們很高興。

That's -- I'm targeting -- I'm talking about Colombia and Chile at the same time, when I'm talking about Credicorp Capital.

我的目標是，當我談論 Credicorp Capital 時，我同時談論哥倫比亞和智利。

And lastly, regarding Chile and Tenpo -- actually I've been this week in Chile.

最後，關於智利和 Tenpo——實際上我這週一直在智利。

Tenpo is right on track with the KPIs we set when we started.

Tenpo 完全符合我們一開始設定的 KPI。

We've been assessing development of Tenpo quarter by quarter.

我們每季都在評估 Tenpo 的發展。

So the performance of the business is satisfactory today.

所以今天的業務表現還是令人滿意的。

We already asked for a banking -- full banking license.

我們已經要求銀行業務—完整的銀行執照。

We expect that license to be awarded -- sorry, the first stage of that license to be awarded quite soon.

我們預計該許可證將會被授予——抱歉，該許可證的第一階段很快就會授予。

So the plans are there.

所以計劃就在那裡。

Therefore, we plan to keep investing in Tenpo until it goes -- it reaches breakeven.

因此，我們計劃繼續投資 Tenpo，直到它達到損益兩平。

We will also be talking about it in September 26.

我們也將在 9 月 26 日討論此事。

Presumably, you don't have a date for breakeven right now?

想必您現在還沒有達到收支平衡的日期吧？

We do have a date in our plan.

我們的計劃中確實有一個日期。

I'm not sure we're going to share it with you today.

我不確定今天是否要與您分享。

It appears there are no further questions at this time.

目前似乎沒有其他問題了。

I will now turn the call back over to Mr. Gianfranco Ferrari, Chief Executive Officer, for closing remarks.

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, and thank you all for your questions.

謝謝大家，也謝謝大家的提問。

Our second-quarter results showcase a solid ROE of 16.2%, driven by universal banking, insurance, and investment management and advisory, supported by improved loan growth and high transactional activity, significant strides in strategic initiatives resulted in a robust first half of the year, positioning us to achieve our 2024 ROE guidance.

在全能銀行、保險、投資管理和諮詢的推動下，在貸款成長改善和高交易活動的支持下，我們第二季度的淨資產收益率達到16.2%，戰略舉措的重大進展帶來了上半年的強勁表現，使我們能夠實現 2024 年 ROE 指導。

Our financial performance was sound with resumed loan growth, a resilient NIM and a solid balance sheet.

我們的財務表現良好，貸款成長恢復，淨利差富有彈性，資產負債表穩健。

With these dynamics, we are offsetting the still-high provisions.

透過這些動態，我們正在抵消仍然較高的準備金。

As the economy strengthens, we are well positioned to capitalize on new opportunities and meet our clients' evolving needs.

隨著經濟的走強，我們處於有利位置，可以利用新機會並滿足客戶不斷變化的需求。

In Peru, despite current systemic issues in the microfinance sector, we remain confident in our hybrid business models and are conducting a thorough review of risk capabilities to realign this business, and we still do not feel comfortable with risk assessment of this portfolio.

在秘魯，儘管小額信貸行業目前存在系統性問題，但我們對我們的混合業務模式仍然充滿信心，並正在對風險能力進行徹底審查，以重新調整這項業務，但我們仍然對該投資組合的風險評估感到不滿。

While the quarter's ROE fell short, this business segment has created value for Credicorp over the longer term, and we anticipate a gradual recovery in profitability.

雖然本季的淨資產收益率有所下降，但從長遠來看，該業務部門為 Credicorp 創造了價值，我們預計獲利能力將逐步恢復。

Our focus remains on supporting the essential population segment we serve through Mibanco.

我們的重點仍然是支持我們透過 Mibanco 服務的重要人群。

The economic context in Peru is favorable, with a stable outlook for 2025, driven by strong underlying fundamentals, including controlled inflation levels, increased public investment, and robust commodity prices.

秘魯的經濟環境有利，在通膨水準受控、公共投資增加和大宗商品價格強勁等強勁基本面的推動下，2025 年前景穩定。

In this context, we reaffirm our long-term target of 18% ROE.

在此背景下，我們重申 18% ROE 的長期目標。

This profitability level will be supported by a resilient NIM during a period of decreasing rates and a reduced cost of risk once the credit cycle is overcome.

一旦克服信貸週期，在利率下降和風險成本降低的時期，這種獲利水準將得到有彈性的淨利差的支持。

These dynamics will be further enhanced by strong non-interest income and optimized efficiency as disruptive initiatives mature.

隨著顛覆性措施的成熟，​​強勁的非利息收入和優化的效率將進一步增強這些動力。

Our disruptive financial franchise is thriving, driven by a clear strategy and goals.

在明確的策略和目標的推動下，我們的顛覆性金融業務正在蓬勃發展。

Our commitment to digital advancement and customer-centric growth is evident in the tangible results across both core and disruptive businesses.

我們對數位化進步和以客戶為中心的成長的承諾在核心業務和顛覆性業務的實際成果中得到了體現。

Investments in innovation have led to increased digital customers, sales, and transactions, with reductions in unitary costs and notable improvements in customer engagement and satisfaction.

對創新的投資增加了數位客戶、銷售和交易，降低了單一成本，並顯著提高了客戶參與度和滿意度。

Lastly, Yape has surpassed breakeven ahead of schedule with significant income growth and diversification.

最後，Yape 憑藉顯著的收入成長和多元化，提前實現了盈虧平衡。

We look forward to providing further details on this exciting business and our innovation portfolio at the Credicorp Strategic Update event on September 26 at 2:00 PM Eastern Time.

我們期待在美國東部時間 9 月 26 日下午 2:00 舉行的 Credicorp 策略更新活動上提供有關這項令人興奮的業務和我們的創新產品組合的更多詳細資訊。

Thank you all for participating in today's call.

感謝大家參加今天的電話會議。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

This concludes today's presentation.

今天的演講到此結束。

You may now disconnect.

您現在可以斷開連線。