Credicorp Ltd (BAP) 2025 Q1 法說會逐字稿

Good morning, everyone. I would like to welcome you to the Credicorp Limited first quarter 2025 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) Now it is my pleasure to turn the conference over to Credicorp's IRO, Milagro Ciguenas, you may begin.

大家早安。歡迎您參加 Credicorp Limited 2025 年第一季電話會議。今天的網路廣播將附帶幻燈片演示，可在 Credicorp 網站的「投資者」部分找到。今天的電話會議正在錄音。（操作員指示）現在我很高興將會議交給 Credicorp 的 IRO Milagro Ciguenas，您可以開始。

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

謝謝大家，早安。今天的電話會議演講者將是我們的執行長 Gianfranco Ferrari；以及我們的財務長 Alejandro Perez-Reyes。參加問答環節的還有首席創新官 Francesca Raffo、首席風險官 Cesar Rios、保險和退休金主管 Cesar Rivera 以及 Mibanco 財務長 Carlos Sotelo。

Before we proceed, I would like to make the following safe harbor statement. 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 and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC.

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，並受許多風險和不確定性的影響，我請您參閱我們的收益報告和最近向美國證券交易委員會提交的文件中關於前瞻性陳述的部分。

We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. Gianfranco Ferrari will begin the call with remarks on the improved macro environment, a brief overview of our quarterly results and on how Peru is positioned amid global uncertainty, followed by Alejandro Perez-Reyes, who will provide a more detailed analysis of key macroeconomic indicators, our financial performance and our outlook for 2025. Gianfranco, please go ahead.

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。詹弗蘭科·法拉利 (Gianfranco Ferrari) 將在電話會議上首先談到宏觀環境的改善、我們季度業績的簡要概述以及秘魯在全球不確定性中的地位，隨後亞歷杭德羅·佩雷斯·雷耶斯 (Alejandro Perez-Reyes) 將對關鍵宏觀經濟指標、我們的財務業績展望和 2025 年的詳細分析。詹弗蘭科，請繼續。

Thank you, Milagros. Good morning, everyone, and thank you for joining us today. I want to begin by saying that I'm confident in Peru's macroeconomic fundamentals and Credicorp's potential to lead and generate value within it.

謝謝你，米拉格羅斯。大家早安，感謝大家今天加入我們。首先我想說，我對秘魯的宏觀經濟基本面以及 Credicorp 在其中發揮領導作用和創造價值的潛力充滿信心。

The economy is rebounding faster than expected with momentum across sectors from construction to retail and from agriculture to services. This is translating into higher private investment expectations and formal employment recovery.

經濟反彈速度快於預期，從建築業到零售業、從農業到服務業等各行業都呈現強勁動能。這意味著私人投資預期將上升，正規就業也將復甦。

Peru's first quarter 3.9% GDP growth confirmed this trend, supported by private spending, lower inflation and terms of trade at record levels. Declining interest rates and the business cycle recovery are stimulating credit demand and unlocking growth in the private sector.

秘魯第一季 3.9% 的 GDP 成長證實了這一趨勢，這得益於私人支出、較低的通貨膨脹率和創紀錄的貿易條件。利率下降和商業週期復甦正在刺激信貸需求並釋放私營部門的成長。

Despite lingering political uncertainty, Peru's macroeconomic policy has remained broadly responsible. Even modest political stabilization could unlock meaningful upside. And at Credicorp, we are well positioned to capture it.

儘管政治不確定性依然存在，但秘魯的宏觀經濟政策總體上仍然是負責任的。即使只是適度的政治穩定也能帶來有意義的好處。在 Credicorp，我們已做好充分準備來抓住這一機會。

We continue to monitor global development, including President Trump's announcement of a 10% tariff on US imports from all its trading partners. While the direct impact of this tariff on Peru's GDP is expected to be limited. The broader concern is how these developments may affect global growth and commodity prices, given our position as a small and open economy were up to 60% of GDP volatility originated from external factors.

我們持續關注全球情勢發展，包括川普總統宣布對美國所有貿易夥伴的進口產品徵收 10% 的關稅。而此次關稅對秘魯GDP的直接影響預計有限。更廣泛的擔憂是，鑑於我國是一個小型開放經濟體，高達 60% 的 GDP 波動源自於外部因素，這些發展將如何影響全球成長和大宗商品價格。

This issue is particularly relevant as China and the US are Peru's main trading partners. And China is a key destination for Peru's copper exports. Given the rapidly evolving environment, it remains too early to fully assess the potential effects. Nevertheless, we're closely monitoring developments and are prepared to act as necessary. Against this backdrop, Credicorp delivered a solid first quarter.

由於中國和美國是秘魯的主要貿易夥伴，因此這個問題尤其重要。而中國是秘魯銅出口的重要目的地。鑑於環境的快速變化，現在全面評估潛在影響還為時過早。儘管如此，我們正在密切關注事態發展，並準備在必要時採取行動。在此背景下，Credicorp 第一季業績表現穩健。

We saw resumed loan growth, especially in wholesale banking and individuals, while maintaining a prudent risk approach. Risk-adjusted NIM improved year over year, driven by lower provisioning. Profitability remained strong, underpinned by operating dynamics and our ability to leverage Peru's cyclical rebound.

我們看到貸款恢復成長，尤其是批發銀行業務和個人貸款，同時保持了審慎的風險處理方式。受撥備減少的推動，風險調整後的淨利差較去年有所改善。獲利能力依然強勁，這得益於營運動態和我們利用秘魯週期性反彈的能力。

These outcomes result not only from favorable macro conditions, but also from intentional strategic investments with modernized core systems, expanding digital capabilities, and redesigned key client journeys across universal banking, microfinance, insurance, and wealth management.

這些成果不僅源於有利的宏觀條件，還源於有意的策略投資，包括現代化的核心系統、不斷擴展的數位能力以及重新設計的全能銀行、小額信貸、保險和財富管理領域的關鍵客戶旅程。

Turning now to the first quarter results. We reported a high ROE of 20.3% as strong operating results were further boosted by extraordinary gains related to the closing of the acquisition of the remaining 50% stake in the joint venture with Empresas Banmedica. Excluding this non-recurring gain, ROE would have been 18.4%, which still exceeded expectations and reflects solid fundamentals across our core businesses.

現在來看看第一季的業績。我們報告的 ROE 高達 20.3%，這是因為與 Empresas Banmedica 收購合資企業剩餘 50% 股份相關的非經常性收益進一步推動了強勁的經營業績。除去這筆非經常性收益，ROE 應為 18.4%，這仍然超出預期，並反映了我們核心業務的穩固基本面。

Operational performance was strong across universal banking and insurance and pensions. Performance improved microfinance, alongside continued growth in non-interest income, particularly from fee-based and transactional volumes. We achieved 5.4% of risk-adjusted revenues from new businesses this quarter, advancing toward our 10% target by 2026.

全能銀行業務、保險業務和退休金業務的營運表現強勁。小額信貸績效有所改善，非利息收入持續成長，特別是來自費用和交易量的收入。本季度，我們從新業務中實現了 5.4% 的風險調整後收入，朝著 2026 年 10% 的目標邁進。

We're seeing our activation of demand across our main lending segments. In Q1, loan growth was particularly robust in wholesale banking and short-term loans and to a lesser extent, individuals and Mibanco.

我們看到我們的主要貸款領域的需求正在活躍起來。第一季度，批發銀行業務和短期貸款成長尤為強勁，個人貸款和 Mibanco 貸款成長則稍弱。

We expect retail segments and microfinance to accelerate in the coming quarters. Risk-adjusted NIM strengthened sequentially, boosted by enhanced asset quality and a resilient underlying NIM, even as interest rates declined cautioned by our increasing low-cost funding base. On the funding side, deposit growth remained strong, driven by system liquidity and increased client trust.

我們預計零售領域和小額信貸將在未來幾季加速發展。儘管由於我們不斷增加的低成本融資基礎而導致利率下降，但受資產品質提高和基礎淨利息收益率具有韌性的推動，風險調整後的淨利息收益率仍環比增強。在融資方面，受系統流動性和客戶信任度增加的推動，存款成長依然強勁。

Our sustained investments in service and digital platforms have deepened client relationships, and we've gained market share in low-cost deposits, reaching 41.3%. The improving asset quality reflects proactive measures we've taken since 2023, tightening origination standards, repricing risk, strengthening low-risk scheduling and investing in analytics alongside a favorable macro environment.

我們對服務和數位平台的持續投資加深了客戶關係，並在低成本存款領域獲得了 41.3% 的市場份額。資產品質的提高反映了我們自 2023 年以來的積極措施，包括收緊發起標準、重新定價風險、加強低風險調度以及在有利的宏觀環境下投資分析。

We also continue to enhance our risk management capabilities as our risk transformation project progresses and is expected to deliver more material impact starting in 2026. Additionally, our strong solvency has enabled us to increase our dividend to PEN40 per share, while also supporting our plans for sustained long-term growth.

隨著風險轉型專案的進展，我們也將持續增強風險管理能力，預計從 2026 年開始將產生更實質的影響。此外，我們強大的償付能力使我們能夠將股息提高到每股 40 秘魯索爾，同時也支持我們持續長期成長的計畫。

Our efficiency ratio is at 45.7% within our guidance range as strategic investments in innovation and digital capabilities continue to drive diversified income streams and scalable growth through deeper market penetration.

我們的效率比率為 45.7%，在我們的指導範圍內，因為對創新和數位能力的策略投資繼續透過更深入的市場滲透推動多元化的收入來源和可擴展的成長。

We continue to embed sustainability deeply into our strategy given that we view sustainability as tied directly to business performance. From inclusive finance, financial education and green loans to environmental risk management and development of social impact metrics, our initiatives are aligned with long-term value creation.

鑑於我們認為永續性與業務績效直接相關，我們將繼續把永續性深深融入我們的策略中。從普惠金融、金融教育和綠色貸款到環境風險管理和社會影響指標的發展，我們的措施都與長期價值創造保持一致。

We recently published our updated sustainability framework from 2025 to 2030 on our website. A more focused, action-oriented framework that reflects our commitment to inclusive sustainable growth. We invite investors to review the full strategy and welcome feedback as we continue to strengthen our sustainability approach.

我們最近在我們的網站上發布了 2025 年至 2030 年更新的永續發展框架。一個更有針對性、更注重行動的框架，體現了我們對包容性永續成長的承諾。我們邀請投資者審查整個策略，並歡迎回饋，因為我們將繼續加強我們的永續發展方法。

This quarter also included a P&L one-off gain of approximately PEN236 million related to the revaluation of our previously held 50% stake in Pacifico's Health business under IFRS accounting. Moreover, there was a non-cash equity adjustment of around PEN257 million stemming from the revaluation of Bolivian assets following the adoption of a more market-reflective exchange rate.

本季還包括約 2.36 億秘魯索爾的一次性損益收益，與根據 IFRS 會計對我們先前持有的 Pacifico 健康業務 50% 股份的重新估值有關。此外，由於採用更反映市場的匯率後玻利維亞資產重新估價，非現金股權調整約為 2.57 億秘魯索爾。

Bolivia remains part of our regional footprint, where we continue to take a disciplined approach to managing our exposure. These results underscore the strength of our core operations and our long-term commitment to building a more agile, client-centric, and resilient financial platform. Looking ahead, Peru's economy is on track to grow around 3% in 2025, assuming global recession risks remain contained.

玻利維亞仍然是我們區域業務的一部分，我們將繼續採取嚴謹的方式來管理我們在該區域的業務。這些結果凸顯了我們核心業務的實力以及我們長期致力於建立更靈活、以客戶為中心、更具彈性的金融平台的承諾。展望未來，假設全球經濟衰退風險仍受到控制，秘魯經濟預計在 2025 年成長 3% 左右。

The momentum from Q1 is expected to extend into Q2, supported by high terms of trades, recovering real wages and resilient private consumption. Other tailwinds include significant profit distributions to employees, the delay impact of monetary easing and strong investment expectations.

受貿易條件改善、實質工資回升和私人消費回升的支撐，第一季的成長動能預計將延續至第二季。其他有利因素包括向員工分配大量利潤、貨幣寬鬆的延遲效應以及強勁的投資預期。

While global uncertainty on the 2026 elections could affect sentiment later this year, the outlook remains encouraging. Let me now take a step back and explore what the evolving global environment means for Peru and the potential challenges and opportunities ahead. There's no doubt that Peru has a strong economic position characterized by positive macroeconomic indicators, robust domestic demand and solid performance in the first quarter.

儘管 2026 年大選的全球不確定性可能會影響今年稍後的市場情緒，但前景仍然令人鼓舞。現在，讓我回顧一下不斷變化的全球環境對秘魯意味著什麼，以及未來可能面臨的挑戰和機會。毫無疑問，秘魯的經濟地位強勁，其特點是宏觀經濟指標積極、國內需求強勁以及第一季表現穩健。

However, we are operating in a globally uncertain environment. marked by evolving trade tensions, global recession risks, and geopolitical factors. While the direct impact of current trade measures on Peru remain limited, there is broader concern about how slower global growth may affect external demand, commodity prices, and overall market sentiment. Recent progress in trade negotiations between the US and its partners is an encouraging sign that could help mitigate potential risk to global growth.

然而，我們正處於一個全球不確定的環境中，貿易緊張局勢不斷演變，全球經濟衰退風險不斷增加，地緣政治因素不斷增加。雖然當前貿易措施對秘魯的直接影響仍然有限，但人們普遍擔心全球經濟成長放緩可能如何影響外部需求、大宗商品價格和整體市場情緒。美國與其合作夥伴之間的貿易談判最近取得進展是一個令人鼓舞的跡象，可能有助於減輕全球經濟成長的潛在風險。

However, we remain digital as certainty continues to weigh on the outlook. Beyond Peru, the implication of trade tensions are moving similarly across the region. In Chile, while the direct effects of tariffs appear limited, the indirect impacts, such as the slowdown of key trading partners declining copper prices and deteriorating business confidence post additional downside risk.

然而，由於確定性持續影響前景，我們仍將保持數位化。除了秘魯之外，貿易緊張局勢的影響也蔓延至整個地區。在智利，雖然關稅的直接影響似乎有限，但主要貿易夥伴經濟放緩、銅價下跌和商業信心惡化等間接影響帶來了額外的下行風險。

Given that copper accounts for nearly half of Chile's export revenues weakening external demand prospects are extending downward pressure on growth expectations. In Colombia, the sharp decline in oil prices, if sustained, could put pressure on fiscal revenues and investment.

鑑於銅佔智利出口收入的近一半，外部需求前景疲軟正在為成長預期帶來下行壓力。在哥倫比亞，油價大幅下跌若持續下去，可能對財政收入和投資造成壓力。

Peru, Colombia, and Chile's economies may benefit over time from a realignment in Global trade close with shifting global sourcing patterns. For Credicorp, these dynamics reinforce our ability to adopt across different economic cycles.

隨著全球貿易重新調整以及全球採購模式的轉變，秘魯、哥倫比亞和智利的經濟可能會隨著時間的推移而受益。對 Credicorp 而言，這些動態增強了我們在不同經濟週期中適應的能力。

As a result, we are focused not just on managing near-term volatility but on positioning Credicorp to benefit from long-term shifts in regional freight and production patterns. Our strong capital base, digital infrastructure and client-centric model gives us the tools to do both. Now I'd like to turn the call over to Alejandro to go into further detail on our operating and financial results.

因此，我們不僅專注於管理短期波動，還致力於讓 Credicorp 從區域貨運和生產模式的長期轉變中獲益。我們強大的資本基礎、數位基礎設施和以客戶為中心的模式為我們提供了實現這兩項目標的工具。現在我想將電話轉給亞歷杭德羅，讓他進一步詳細介紹我們的營運和財務表現。

Thank you, Gianfranco, and good morning, everyone. As Gianfranco mentioned, our 20.3% ROE this quarter includes extraordinary income related to the acquisition of the remaining 50% stake in the joint venture with Empresas Banmedica. Isolating this effect, operating ROE was a robust 18.4%, positioning us for a strong 2025. A non-recurring adjustment affected our balance sheet this quarter.

謝謝你，詹弗蘭科，大家早安。正如 Gianfranco 所提到的，我們本季 20.3% 的 ROE 包括與收購 Empresas Banmedica 合資企業剩餘 50% 股份相關的非經常性收入。撇開這一影響不談，營運 ROE 達到了強勁的 18.4%，為我們在 2025 年取得強勁發展奠定了基礎。本季的非經常性調整影響了我們的資產負債表。

In March, we revalued Bolivia's balance sheet using a more market-reflective exchange rate, we generated an accounting contraction of 2% in Credicorp's total assets. As I discuss the quarter's highlights, I will focus on the year-over-year operating trends and isolate one-off effects.

3月份，我們使用更能反映市場的匯率重新評估了玻利維亞的資產負債表，導致Credicorp的總資產會計收縮了2%。當我討論本季的亮點時，我將重點放在同比營運趨勢並分離一次性影響。

Loans expanded 1.5% measured in average daily balances, driven primarily by short-term loans in wholesale banking. Asset quality has improved materially year over year. NPLs contracted in retail banking at BCP and Mibanco and Credicorp's NPL ratio stood at 5.1% this quarter.

以平均每日餘額計算，貸款增加了 1.5%，主要受批發銀行短期貸款的推動。資產品質逐年大幅改善。本季度，BCP 和 Mibanco 零售銀行的不良貸款減少，而 Credicorp 的不良貸款率為 5.1%。

Cost of risk fell to a low of 1.6%, driven by a more dynamic portfolio management and supported by improvements in payment performance in the Peruvian economic backdrop. Net interest income increased 4.3%, spurred by a contraction in interest expenses after interest rates fell and low-cost deposits expanded and registered a 59% share of the funding base.

風險成本降至 1.6% 的低點，這得益於更動態的投資組合管理以及秘魯經濟背景下支付績效的改善。淨利息收入成長 4.3%，原因是利率下降後利息支出減少，低成本存款擴大並佔資金基礎的 59%。

In this context, NIM remained resilient at 6.2% despite a year-over-year contraction in asset yields. Diversified sources of income reported double-digit growth year over year. Fee income increased 16%, boosted by transactional activity at Yape and BCP. Gains on FX transactions increased 12.6% through higher volumes at BCP. Lastly, the insurance underwriting result rose 17.9%, reflecting a stronger reinsurance result in the P&C business.

在此背景下，儘管資產收益率同比下降，但淨利差仍保持在 6.2% 的水平。多元化收入來源較去年同期均達到兩位數成長。受 Yape 和 BCP 交易活動的推動，費用收入增加了 16%。由於 BCP 交易量增加，外匯交易收益增加了 12.6%。最後，保險承保績效成長 17.9%，反映出財產和意外保險業務的再保險表現更加強勁。

We delivered robust operating results through strengthened asset quality and diversified income sources, showcasing the success of our decoupling strategy and of our investment in digital capabilities. Finally, we recently announced a dividend payout of PEN40 per share as we move capital levels closer to target across our subsidiaries.

我們透過加強資產品質和多元化收入來源實現了強勁的經營業績，展現了我們脫鉤策略和對數位化能力投資的成功。最後，隨著我們所有子公司的資本水準更接近目標，我們最近宣布每股派息 40 秘魯索爾。

Next slide, please. Peru's GDP grew 3.9% year over year in the first quarter of 2025, marking the third consecutive quarter of growth at this pace. This positive momentum, which reflects the transition to the mid-cycle phase of the business cycle, is expected to continue supporting growth in the second quarter.

請看下一張投影片。2025年第一季度，秘魯GDP年增3.9%，這是該國連續第三個季度維持此成長速度。這一積極勢頭反映了向商業週期中期階段的過渡，預計將繼續支撐第二季的成長。

High frequency economic indicators, such as car sales and imports are growing rapidly, while employment and real wages continue to recover. According to the Central Bank survey, business investment expectations hit a historical peak, reaffirming that private investment is poised to improve. Inflation remains within the Central Bank's target range at 1.7% year over year in April.

汽車銷售和進口等高頻經濟指標正在快速成長，而就業和實質薪資持續復甦。央行調查顯示，企業投資預期創歷史新高，再次印證了民間投資可望改善。4月通膨率年增1.7%，仍在央行目標範圍內。

This figure is among the lowest reported in both advanced and emerging economies, further supporting the recovery in private consumption. Moreover, the quota for the first anti-efficiency announced in April was 20% higher than last year's and marked a seven-year high and will benefit the fishing and primary manufacturer sectors in the second quarter of this year.

這一數字在已開發經濟體和新興經濟體中均處於最低水平，進一步支持了私人消費的復甦。此外，4月公佈的首次反增配額比去年高出20%，創七年來新高，將使今年第二季的漁業和初級製造業受益。

Record high terms of trade are also bolstered in economic growth. In 2024, gold constituted nearly 20% of our exports and its price has surged to historical highs. Gold shipments this year could be twice that of 2023 and approach the level of copper, our main export product, which represents 31% of total exports.

創紀錄的貿易條件也受到經濟成長的支撐。2024年，黃金占我國出口的近20%，其價格已飆升至歷史高點。今年的黃金出貨量可能是 2023 年的兩倍，接近我們的主要出口產品銅的水平，銅占出口總額的 31%。

If a global recession is kept at bay, the probability at Peru will grow above 3% this year remains high given the favorable domestic environment. Even though the highest uncertainty imposes downside risks to growth, markets are more optimistic after the recent trade deal between the US and UK and the US and China. Hence, the impact of tariffs is expected to be mild.

如果全球經濟衰退得到控制，鑑於國內環境良好，秘魯今年經濟成長超過 3% 的可能性仍然很高。儘管最高的不確定性為經濟成長帶來下行風險，但在最近美國與英國和美國與中國達成貿易協議後，市場更加樂觀。因此，預計關稅的影響將會比較溫和。

Next slide, please. The Federal Reserve has been in a holding pattern this year, and Chairman Powell has said that it is in no hurry to adjust its policy stance as they wait for more economic data. Market expectations for rate cuts are divided, influenced by varying perspectives on the impact of tariffs and uncertainty regarding growth and inflation.

請看下一張投影片。聯準會今年一直處於觀望狀態，主席鮑威爾表示，在等待更多經濟數據之際，並不急於調整政策立場。市場對降息的預期存在分歧，受到對關稅影響的不同看法以及成長和通膨的不確定性的影響。

Fed futures have shifted another pricing two rate cuts by year-end. The unpredictability of President Trump's announcement continues to drive market volatility, and this tendency is likely to persist. In Peru, the Central Bank lowered its policy rate 25 basis points to 4.5% in May this year.

聯準會利率期貨已再次預測年底前將降息兩次。川普總統聲明的不可預測性繼續推動市場波動，而且這種趨勢可能會持續下去。秘魯央行今年5月將政策利率調降25個基點至4.5%。

The Central Bank will remain cautious and prudent until the global outlook can be determined with greater certainty, especially as its rate stands close to neutral levels. In Colombia, inflation has decelerated to 5.2% year over year in April, although it remains above the upper bound of the target range of 4% Consequently, the Central Bank decided to cut its policy rate by 25 basis points to 9.25%, maintaining a cautious approach due to fiscal challenges and uncertainties on the external front.

在全球前景能夠更加確定之前，央行將保持謹慎和審慎，特別是目前其利率接近中性水準。哥倫比亞4月通膨率年減至5.2%，但仍高於4%的目標區間上限。因此，央行決定將政策利率下調25個基點至9.25%，鑑於財政挑戰和外部不確定性，央行保持謹慎態度。

Finally, in Chile, the Central Bank also opted to keep the rate stable throughout 2025, as inflation has remained pressured upwards and stood at 4.5% year over year in April. The latest monetary policy report suggests that only one rate cut will be made over the year.

最後，智利央行也選擇在 2025 年全年維持利率穩定，因為通膨仍面臨上行壓力，4 月通膨率年增 4.5%。最新的貨幣政策報告表明，今年只會降息一次。

Next slide, please. BCP posted strong performance, mainly on the back of improvements in asset quality and diversified sources of revenues, which continue to represent a key strength. On a quarterly basis, ROE stood at 27.1%, driven by the following dynamics.

請看下一張投影片。BCP 業績表現強勁，主要得益於資產品質的改善和收入來源的多元化，這仍然是其主要優勢。按季度計算，ROE 為 27.1%，受以下動力推動。

Total loans measured in average daily balances rose 1%, mainly fueled by wholesale banking and secondarily by consumer loans, both at BCP and Yape. NIM remained resilient at 5.8% despite decreasing interest rates, cautioned by a lower cost funding structure. NPL volumes fell 4.7%, mainly driven by wholesale banking and SME-Pyme.

以平均每日餘額衡量的總貸款增加了 1%，主要得益於批發銀行業務，其次是消費貸款，BCP 和 Yape 都是如此。儘管利率下降，淨利差仍維持 5.8% 的韌性，這得益於低成本融資結構。不良貸款量下降 4.7%，主要受批發銀行業務和 SME-Pyme 的影響。

The cost of risk stood at 1.3%. Recent improvement in cost of risk are due to cumulative impact of enhancements in underwriting and risk management, a relatively strong Peruvian economy, and a few one-time events, including consumer and credit card risk model recalibration pension fund withdrawal in the second half of last year and increased customized loan restructuring to clients in hardship.

風險成本為1.3%。近期風險成本的改善是由於承保和風險管理的加強、秘魯經濟相對強勁以及一些一次性事件的累積影響，包括去年下半年消費者和信用卡風險模型重新調整養老基金提取以及增加對困難客戶的定制貸款重組。

On a quarter-over-quarter basis, provisions contracted, driven by the one-time events previously mentioned and by an improvement in payment performance. Additionally, in wholesale, provisions dropped due to higher reversals after repayments by corporate clients. In this context, BCP's risk-adjusted NIM stood at 5%.

與上一季相比，撥備有所減少，這主要是由於前面提到的一次性事件以及支付績效的提高。此外，批發業務中，由於企業客戶還款後沖銷金額增加，撥備有所下降。在此背景下，BCP 的風險調整後淨利差為 5%。

From a year-over-year perspective, I would like to highlight the following dynamics. Loans grew 2.9% in average daily balances, driven primarily by wholesale loans and secondarily by retail loan and mortgages in particular. NIM remained resilient, impacted by the same dynamics in quarter over quarter.

從年比來看，我想強調以下動態。貸款日均餘額增加 2.9%，主要受批發貸款推動，其次是零售貸款和抵押貸款。NIM 保持彈性，每季都受到相同動態的影響。

Other core income rose 17.8% driven mainly by fee income, which increased on the back of rising transactional levels. Gains on FX transactions were fueled by higher volumes amid market volatility. The cost of risk fell across mutual banking segments as payment performance improved in a strengthening economic bad.

其他核心收入成長 17.8%，主要受交易水準上升帶動的費用收入成長所致。市場波動導致交易量增加，推動外匯交易收益增加。隨著經濟情勢惡化，支付表現改善，互助銀行部門的風險成本下降。

The efficiency ratio stood at 37.7% this quarter. Growth in operating expenses was spurred by an uptick in provisions for variable compensation, which rose on the back of stronger business performance and by investments in innovation initiatives. It is noteworthy that the ratio for other core income to assets has been rising since the second half of last year, which affects to the positive impact of initiatives to diversify BCP's income streams.

本季效率比率為37.7%。營業費用的成長是由於浮動薪酬撥備增加所致，而浮動薪酬撥備的增加是由於業務表現增強和對創新舉措的投資所致。值得注意的是，自去年下半年以來，其他核心收入與資產的比率一直在上升，這影響了 BCP 收入來源多元化措施的正面影響。

Next slide, please. Yape continues to demonstrate strong user growth, adding over 0.5 million new active users per quarter to surpass the 14 million mark in the first quarter of this year.

請看下一張投影片。Yape 持續展現強勁的用戶成長勢頭，每季新增超過 50 萬活躍用戶，今年第一季用戶數突破 1,400 萬。

The Yape superiority is reflected in solid engagement results, where Yape conduct more than 52 transactions a month on average and use 2.6 functionalities. Regarding monetization, Yape revenue generation remained strong and represented 4.8% of Credicorp's risk-adjusted revenues.

Yape 的優勢體現在穩固的參與結果上，Yape 平均每月進行超過 52 筆交易並使用 2.6 種功能。在貨幣化方面，Yape 的營收依然強勁，佔 Credicorp 風險調整後營收的 4.8%。

Notably, the gap between revenues and expenses per now is gradually increasing every quarter. Our payments business continues to be the key driver of revenue growth representing 56% of Yape's revenues. This uptick was mainly driven by build QR code and checkout payments. Moreover, the financial business expanded due to improvements in the effectiveness of lead.

值得注意的是，每季的收入和支出之間的差距正在逐漸擴大。我們的支付業務繼續成為營收成長的主要驅動力，佔Yape收入的56％。這一增長主要得益於二維碼構建和結帳付款。此外，由於領導效率的提高，金融業務也擴大了。

Multi-installment loans, which have better asset quality profile than single installment loans have accelerated and now represent 50% of loan balances, compared to 25% at the beginning of 2024. By the end of the first quarter of this year, lending revenue represented 13% of Yape's revenues, and we are halfway to achieving our aspiration of having 5 million [Yape users] with at least one loan disbursement.

多期貸款的資產品質優於單期貸款，其成長速度加快，目前佔貸款餘額的 50%，而 2024 年初這一比例為 25%。截至今年第一季末，貸款收入佔 Yape 總收入的 13%，我們距離實現擁有 500 萬至少發放過一筆貸款的 [Yape 用戶] 的目標已經過去了一半。

Finally, we are improving the value proposition of current features, while maintaining the highest standards of security and stability to provide the best app possible for Peruvian.

最後，我們正在改進當前功能的價值主張，同時保持最高的安全性和穩定性標準，為秘魯人提供最佳的應用程式。

Next slide, please. This quarter, Mibanco Peru sustained profitability in the mid-teens as asset quality metrics strengthened and loan growth resumed.

請看下一張投影片。本季度，隨著資產品質指標的加強和貸款成長的恢復，Mibanco Peru 的獲利能力維持在十五左右。

I would like to highlight key quarter-over-quarter dynamics. Mibanco's loans measured in average daily balances grew 0.7%, following an uptick in disbursements that was particularly strong in March, which reflect improvements incorporated in our models to better assess risk profiles and subsequently expand loan offering. This growth was mainly concentrated in small ticket higher yield loans.

我想強調季度環比變化的關鍵動態。Mibanco 的貸款以平均每日餘額衡量增長了 0.7%，此前 3 月份的貸款支出出現了尤為強勁的增長，這反映出我們的模型有所改進，可以更好地評估風險狀況並隨後擴大貸款供應。這一增長主要集中在小額高收益貸款。

The NPL ratio fell for a third consecutive quarter to stand at 6.4%, in line with pre-pandemic levels. This reflects the positive impact of ongoing adjustments to origination guidelines, debt relief facilities, and improvements in debt collection processes.

不良貸款率連續第三個季度下降，至6.4%，與疫情前的水準一致。這反映了對發起指南、債務減免機制的持續調整以及債務催收流程的改進所產生的正面影響。

NIM contracted due to a less favorable asset mix and stood at a strong 13.9%. The cost of risk rose to 5.1% due to a base effect even that write-offs were low last quarter. In this context, risk-adjusted NIM stood at 10.1%. From a year-over-year perspective, I would like to highlight the resilience of Mibanco's NIM. Our active loan pricing management, coupled with a decrease in the cost of funding help sustaining.

由於資產組合較不利，淨利差出現收縮，但仍維持在 13.9% 的強勁水準。儘管上季的沖銷額較低，但由於基數效應，風險成本仍上升至 5.1%。在此背景下，風險調整後的淨利差為 10.1%。從同比角度來看，我想強調 Mibanco 的 NIM 的彈性。我們積極的貸款定價管理，加上融資成本的下降有助於維持。

The cost of risk rose 53 basis points, which reflects one-time reversals made in the first quarter of last year. If we exclude this effect, the cost of risk decreased 104 basis points. reflecting an improvement in underlying risk and lower risk vintages gain traction in the portfolio. Operating expenses remained under control and efficiency stood at 52.9%. In this context, Mibanco's first quarter contribution to ROE was 14.7%.

風險成本上升了53個基點，反映了去年第一季的一次性逆轉。如果我們排除這種影響，風險成本就會下降 104 個基點，這反映出潛在風險的改善以及低風險年份在投資組合中的吸引力。營運費用保持可控，效率達52.9%。在此背景下，Mibanco第一季的ROE貢獻為14.7%。

The Mibanco Colombia's results improved significantly despite a challenging business environment, thanks to its focus on efficiency as well as disciplined risk processes and controls. In this context, loan origination resumed growth and new vintages present lower risk.

儘管面臨嚴峻的商業環境，哥倫比亞米巴科銀行的業績仍顯著改善，這得益於其對效率的重視以及嚴謹的風險流程和控制。在此背景下，貸款發放恢復成長，新貸款風險降低。

Next slide, please. Grupo Pacifico insurance underwriting results remained strong this quarter, supported by solid commercial dynamics in both the P&C and Life businesses. Nonetheless, profitability was impacted by credit downgrades in the investment portfolio and stood at 19.3%.

請看下一張投影片。本季度，太平洋集團的保險承保業績依然強勁，這得益於財產險和意外險以及人壽保險業務強勁的商業動力。儘管如此，獲利能力仍受到投資組合信用評等下調的影響，僅為 19.3%。

This quarter figures also reflect the full consolidation of Empresa Americas operations, effective since March, with no material impact on the results in this period. On a quarterly basis, net income rose 8%, primarily driven by a drop in operating expenses due to seasonality.

本季的數據也反映了 Empresa Americas 業務自 3 月以來的全面合併，對本期間的業績沒有重大影響。以季度計算，淨收入成長 8%，主要由於季節性因素導致營業費用下降。

This was partially offset by lower insurance underwriting results in the Life business, mainly related to the disability and survivorship product given that Pacifico was not awarded a tranche of [Cisco 8] for this year as opposed to having one a tranche under [Cisco 7] last year. And lower results from our corporate health business due to higher claims.

這被人壽業務的承保業績下降部分抵消，主要與殘疾和生存產品有關，因為 Pacifico 今年沒有獲得 [Cisco 8] 的部分份額，而去年則獲得了 [Cisco 7] 的部分份額。由於索賠金額增加，我們的企業健康業務表現也出現下滑。

On a year-over-year basis, net income dropped 16%, primarily impacted by an increase in the net loss on securities, which continued to be impacted by a credit downgrade in the investment portfolio last quarter.

與去年同期相比，淨收入下降了 16%，主要受到證券淨損失增加的影響，而證券淨損失繼續受到上個季度投資組合信用評級下調的影響。

The impact of this variation was, nonetheless, partially offset by higher insurance underwriting results in both the P&C and Life businesses.

儘管如此，這種變化的影響還是被財產險和意外險以及人壽險業務的更高承保業績所部分抵消。

Next slide, please. Operating dynamics were strong this quarter for investment management and advisory business, which reaffirms that our strategic approach is on target and puts us in good stead for 2025.

請看下一張投影片。本季投資管理和諮詢業務的營運動力強勁，這再次證明了我們的策略方針是正確的，並為我們在 2025 年的發展奠定了良好的基礎。

ROE for the line of business according to internal managerial figures came in above expectations stood at 18.4%, which is impacted by a one-off charge for equity related to last year's results. If we exclude this effect, ROE stood at 16.9%, driven by the following operating trends.

根據內部管理數據，該業務線的 ROE 高於預期，達到 18.4%，這是受到與去年業績相關的一次性股權費用的影響。如果我們排除此影響，ROE 為 16.9%，這受到以下營運趨勢的推動。

On a quarter-over-quarter basis, net income rose 47%, fueled primarily by a seasonal growth in operating expenses and growth in income from our asset management business, where AUM in US dollars were up 12%.

與上一季相比，淨收入成長了 47%，主要原因是營運費用的季節性成長以及資產管理業務收入的成長，其中以美元計算的資產管理規模成長了 12%。

The impact of these variations was partially offset by lower income from our wealth management business and less favorable treasury results. On a year-over-year basis, net income increased 10%. And fueled primarily by lower operating expenses and higher income from our asset management business, where AUM in US dollars were up 20% and our capital markets business, which registered an uptick in transactional activity among corporate clients.

這些變化的影響被我們財富管理業務收入的下降和財務表現的不佳部分抵消。與去年同期相比，淨收入成長了10%。主要得益於營運費用的降低和資產管理業務收入的增加，其中以美元計價的資產管理規模增長了 20%，而我們的資本市場業務的企業客戶交易活動也出現了增長。

The impact of these variations was partially offset by lower income from wealth management due to a decrease in net interest income from time deposits and current accounts in the context of declining interest rates.

由於利率下降導致定期存款和活期帳戶的淨利息收入減少，財富管理收入減少，部分抵消了這些變化的影響。

Next slide, please. Now I would like to review Credicorp's consolidated evolution. As we mentioned earlier, we revalued Bolivia's balance sheet by increasing the exchange rate, which led Credicorp's balance sheet to contract.

請看下一張投影片。現在我想回顧一下 Credicorp 的合併演進。正如我們之前提到的，我們透過提高匯率重新評估了玻利維亞的資產負債表，這導致Credicorp的資產負債表收縮。

I will now focus on explaining underlying quarter-over-quarter dynamics. The 23 basis points drop in the yield on interest-earning assets was fueled by the interest-earning asset mix, which reported a shift to our assets with lower rates by a decline in market rates.

我現在將重點解釋潛在的季度環比動態。生息資產收益率下降 23 個基點，是由於市場利率下降導致生息資產組合轉移到利率較低的資產。

On the liability side, lower market interest rates and ongoing growth in low-cost deposit share of total funding, led the cost of funding to drop 14 basis points. On a year-over-year basis, similar balance sheet dynamics drove a contraction of around 50 basis points, both in yield on assets and funding costs. Going forward, improving macroeconomic conditions and growth in retail loans should help us sustain resilient NIM despite lower interest rates.

負債方面，市場利率下降，以及低成本存款在總融資中所佔份額的持續成長，導致融資成本下降14個基點。與去年同期相比，類似的資產負債表動態導致資產收益率和融資成本均收縮了約 50 個基點。展望未來，儘管利率較低，但宏觀經濟狀況的改善和零售貸款的成長應有助於我們維持穩健的淨利差。

Next slide, please. Moving on to loan portfolio quality. Asset quality has clearly turned the corner and NPL volumes continue to contract across segments, falling to levels below those reported two years ago prior to the credit [measures].

請看下一張投影片。繼續討論貸款組合品質。資產品質明顯好轉，不良貸款規模在各領域持續縮減，降至兩年前信貸危機爆發前的水準以下。[措施]

Provisions dropped over the past nine months due to an improvement in payment performance, successful risk management measures at both BCP and Mibanco and the one-time events mentioned previously. Consequently, the cost of risk dropped to 1.6%. In this context, the NPL coverage ratio rose and stood at 107.4%.

由於付款表現改善、BCP 和 Mibanco 的成功風險管理措施以及前面提到的一次性事件，過去九個月的撥備有所下降。因此，風險成本下降至1.6%。在此背景下，不良貸款覆蓋率上升至107.4%。

Going forward, we expect some of the impacts of onetime events to gradually anticipate. We will resume more balanced origination and as a result, Cost of risk is expected to increase and remain under control at the lower end of our guidance.

展望未來，我們預期一些一次性事件的影響將逐漸顯現。我們將恢復更平衡的起源，因此，風險成本預計會增加，並保持在我們指導的低端控制之下。

Next slide, please. Let's move on to an analysis of our year-over-year income and the evolution of expenses. Core income rose 7%, driven by other core income, which increased 15% on the back of our recovery strategy. We expect our diverse sources of fee generation and fortified FX digital capabilities to sustain growth down the line.

請看下一張投影片。讓我們繼續分析一下我們的年比收入和支出變化。核心收入成長了 7%，這得益於其他核心收入在我們復甦策略的推動下成長了 15%。我們預計，我們多樣化的費用產生來源和增強的外匯數位能力將維持未來的成長。

Regarding margins, we set new heights for our risk-adjusted NIM, which has recent 39 basis points to 5.24% on the back of resilient NIM and a significant decrease in the cost of risk. The efficiency ratio stood within guidance of 45.7%. Operating expenses grew 15.6%, driven primarily by the core business at BCP and by investments in our innovation portfolio.

關於利潤率，我們的風險調整後淨利差 (NIM) 創下了新高，在 NIM 保持強勁和風險成本大幅下降的推動下，NIM 最近上漲了 39 個基點，達到 5.24%。效率比率符合指導值45.7%。營業費用成長了 15.6%，主要受到 BCP 的核心業務和創新組合投資的推動。

At the core business of BCP expenses growth was mainly related to increased provisioning for variable compensation and IT expenses.

BCP核心業務的費用成長主要與浮動薪資和IT費用的撥備增加有關。

Next slide, please. ROE for the quarter stood at 20.3% after we benefited from extraordinary gains related to the finalization of our acquisition of the remaining 50% stake from the joint venture we had with Empresas America. If we exclude this nonrecurring gain, ROE stood at 18.4%, fueled by strong operating results at our universal banking and insurance businesses.

請看下一張投影片。在我們最終收購與 Empresas America 合資企業剩餘 50% 股份後，我們獲得了非經常性收益，本季的 ROE 達到 20.3%。如果不計入這筆非經常性收益，股本回報率 (ROE) 為 18.4%，這得益於全能銀行和保險業務的強勁經營業績。

It is important to highlight that recurring consolidated net income this quarter represented a record high for the company as we leverage a decrease in the cost of risk and harness the power of diversified sources of income. Now I will move on to our guidance.

值得強調的是，由於我們利用風險成本的下降和多元化收入來源的力量，本季經常性合併淨收入創下了公司的歷史新高。現在我將繼續我們的指導。

Next slide, please. As previously mentioned, assuming there is no global recession, we maintain our expectation for Peru GDP to grow around 3% in 2025. We expect loan book year-over-year growth of around 3.5% measured in average daily balances or around 6% measured in quarter end balances in both cases, excluding the impact of Bolivia's balance sheet revaluation.

請看下一張投影片。如前所述，假設沒有全球經濟衰退，我們預期 2025 年秘魯 GDP 將成長 3% 左右。我們預計，貸款帳簿年增率將達到約 3.5%（以平均每日餘額計算）或約 6%（以季末餘額計算），不包括玻利維亞資產負債表重估的影響。

Amid a more dynamic economic backdrop, we expect growth to accelerate over the remainder of the year, driven mainly by retail banking at BCP and by Mibanco. The loan acceleration anticipated and the shift in the mix towards retail should support NIM, while interest rates trend downward.

在更活躍的經濟背景下，我們預計今年剩餘時間內的成長將會加速，主要受 BCP 和 Mibanco 的零售銀行業務的推動。預期的貸款加速和向零售的轉變應該會支持淨利差，而利率則呈下降趨勢。

Accordingly, we expect to stand between 6.2% to 6.5%. This quarter's cost of risk was below expectations. As we anticipate the effects of one-time events to gradually fade our retail origination to increase, the cost of risk is expected to approach the lower end of our guidance range.

因此，我們預計成長率將在 6.2% 至 6.5% 之間。本季的風險成本低於預期。由於我們預計一次性事件的影響將逐漸消退，我們的零售起源將會增加，風險成本預計將接近我們指導範圍的下限。

Given the current global economic uncertainty, we are maintaining our guidance for both cost of risk and risk-adjusted mix. On the efficiency front, we maintain our guidance range for 2025. Fee income is expected to grow in the low double digits this year, supported by an acceleration in economic activity and ongoing diversification of our income sources.

鑑於當前全球經濟的不確定性，我們維持對風險成本和風險調整組合的指導。在效率方面，我們維持 2025 年的指導範圍。受經濟活動加速和收入來源持續多樣化的推動，預計今年費用收入將實現低兩位數成長。

Additionally, insurance underwriting results are expected to remain solid and relatively stable compared to 2024. While the robust ROE in the first quarter of 2025 places us in a favorable position with potential upside, global uncertainties have led us to maintain our guidance for ROE at around 17.5% for this year. With these comments, I would like to start the Q&A session.

此外，與 2024 年相比，保險承保業績預計將保持穩健且相對穩定。雖然 2025 年第一季強勁的 ROE 使我們處於有利地位並具有潛在的上升空間，但全球的不確定性使我們維持今年 ROE 的預期在 17.5% 左右。基於這些評論，我想開始問答環節。

(Operator Instructions)

（操作員指示）

Brian Flores, Citibank.

花旗銀行的布萊恩‧弗洛雷斯。

Congrats on the results. Why don't I ask you on the guidance? As you mentioned, there is a very improving environment, right? And as you mentioned, of course, the first quarter ROE, with or without one-offs is perhaps ahead of the midpoint of the guidance. So I just wanted to ask you, of course, you mentioned the heightened uncertainty.

恭喜取得成果。我為什麼不向你請教指導呢？正如您所說，環境正在不斷改善，對嗎？當然，正如您所提到的，第一季的 ROE（無論是否包含一次性支出）可能都高於預期的中點。所以我只是想問你，當然，你提到了不確定性的加劇。

But what is keeping you from updating this guidance, right? Is it more on the electron side? Is it on the risk of lower commodity prices? And just if things go as they are apparently going by the second quarter, would it be possible to think of our revision by the second quarter? And then just a quick follow-up because you also mentioned last quarter that the sustainable ROE of Credicorp would be around 18%.

但是，是什麼阻止您更新該指南呢？它更偏向電子嗎？是否存在大宗商品價格下跌的風險？如果到第二季情況依照現在的趨勢發展，我們能在第二季考慮修改嗎？然後只是一個快速的跟進，因為您在上個季度也提到 Credicorp 的可持續 ROE 將在 18% 左右。

So maybe on the first question or kind of the first part of the question is on the short term on this kind of midterm and longer term, is it reasonable because you're already achieving it to start dreaming of, let's say, higher levels of sustainable ROE above 18%.

因此，也許第一個問題或問題的第一部分是關於短期、中期和長期的，這是否合理，因為你已經實現了它，所以開始夢想，比如說，18% 以上的更高水平的可持續 ROE。

Alejandro, can you take that?

亞歷杭德羅，你能接受嗎？

Sure. Thanks for the question. So yes, I think you are right in the sense that from what we're seeing today, we would expect to be probably above of the current guidance of around 17.5%. But given the world situation and I would place it not on the Peruvian situation, to be honest, this year, we are not expecting any changes to our views.

當然。謝謝你的提問。所以是的，我認為你是對的，從我們今天看到的情況來看，我們預計可能會高於目前的 17.5% 左右的指導水平。但考慮到世界局勢，說實話，我不會把重點放在秘魯局勢上，今年我們並不期待我們的觀點會改變。

We think Peru is going to have a strong year and the political events are probably going to be felt more in the beginning of 2026 and 2025. The main issue is related to tariffs or this trade war and not from a direct effect. So the direct effects that we expect for Peru are very, very mild. But the issue is that if you have a well recession where China starts growing less.

我們認為秘魯今年將迎來強勁發展，政治事件的影響可能在 2026 年初和 2025 年初更加明顯。主要問題與關稅或貿易戰有關，而不是直接影響。因此，我們預期秘魯受到的直接影響非常非常輕微。但問題是，如果出現嚴重的經濟衰退，中國經濟就會開始放緩。

The US are growing less. Gianfranco mentioned, we're a small open economy. That certainly has an impact. Price of copper has an impact. So in that scenario, we could envision a number closer to the guidance we gave.

美國的成長正在減緩。詹弗蘭科提到，我們是一個小型開放型經濟體。這肯定會產生影響。銅價有影響。因此，在這種情況下，我們可以設想一個更接近我們給出的指導的數字。

It's not our base scenario, especially is what we've seen in the last couple of weeks in the sense of potential agreements happening. And certainly, as soon as we have more clarity, we intend to give new guidance, assuming things remain stable, and we have more clarity.

這不是我們的基本情景，尤其是我們在過去幾週看到的潛在協議正在發生的情況。當然，一旦我們獲得更清晰的認識，我們打算給予新的指導，假設情況保持穩定，並且我們獲得更清晰的認識。

So yeah, you could expect some revision. As for the longer-term ROE, again, we are in a process of revising that we've had the conversation. I think there are the backdrop and all the things that we've been doing at Credicorp makes us feel that we might be able to increase that number.

是的，你可以期待一些修改。至於長期 ROE，我們正在修改我們已經討論過的內容。我認為，在 Credicorp 的背景和我們所做的一切讓我們覺得我們可能能夠增加這個數字。

But we need to have a thorough review. We want to give that number to be really stable going forward. So we will review it and come back to you in a few months (technical difficulty).

但我們需要進行徹底的審查。我們希望這個數字在未來能真正保持穩定。因此，我們將進行審核，並在幾個月後給您答复（技術難度）。

Pardon me, this is the conference operator. We seem to have a connection issue with the speakers. Give me one moment.

對不起，我是會議接線生。我們的揚聲器似乎有連接問題。請稍等片刻。

I think we're okay now.

我想我們現在沒問題了。

You're back online.

您已恢復線上。

Sure. Yeah, so I was going to say that for the longer term, yes, we are doing a review, but it's going to have -- it's going to take a little bit longer because we want to be really sure about the numbers we give the market will come back in the future with that revision.

當然。是的，所以我想說，從長遠來看，是的，我們正在進行審查，但這將會——這將需要更長的時間，因為我們想要真正確定我們提供給市場的數字在未來會隨著修訂而回來。

Renato Meloni, Autonomous Research.

雷納托·梅洛尼，自主研究。

So we saw a pretty subdued cost of risk this quarter. You mentioned a revision in the models similar to what happened in 4Q, but within different segments. So I wonder here, what are the drivers if it's only helping here on the model revision and improvement in cost of risk? And if you expect this to continue going forward? So you still can revise models for different segments. And if the conditions improve, we can actually have cost of risk much lower than the guidance this year?

因此，我們看到本季的風險成本相當低。您提到了模型的修訂，類似於第四季度發生的情況，但在不同的部分。所以我想知道，如果它只是幫助模型修改和風險成本改進，那麼驅動因素是什麼？您是否希望這種情況繼續下去？因此您仍然可以針對不同的部分修改模型。如果情況改善，我們今年的風險成本實際上可以比指導值低得多嗎？

Yeah. Thank you, Renato, for the question. I would like to emphasize that there are several factors behind this reduction in the cost of risk. Of course, the macroeconomic environment is more positive. We have had some particular events that has impacted the current situation, but also the accumulative effect of several measures taken in the origination process since the second part of 2023 through 2024 that has aligned our credit policy, streamline the process.

是的。謝謝雷納托提出的問題。我想強調的是，風險成本降低背後有幾個因素。當然，宏觀經濟環境更加積極。我們經歷了一些特殊事件，這些事件影響了當前的情況，但自 2023 年下半年至 2024 年以來，在發起過程中採取的多項措施也產生了累積效應，這些措施調整了我們的信貸政策，簡化了流程。

Part of this process is adjusting the models and now our models are recognizing lower expected losses in specific segments. But given say that, down the road, we expect to originate higher volumes in riskier, more profitable segments. So we are going to train up the cost of risk but coupled with significantly improved margins in this specific sector. So the net effect in risk-adjusted NIM should be net positive.

這個過程的一部分是調整模型，現在我們的模型識別出特定部分的預期損失較低。但有鑑於此，我們預期未來風險更高、利潤更高的領域將產生更高的交易量。因此，我們將提高風險成本，但同時大幅提高這一特定領域的利潤率。因此，風險調整後的淨利差的淨效果應該是淨正值。

Tito Labarta, Goldman Sachs.

高盛的 Tito Labarta。

I guess my question is a little bit a follow-up on the potential upside risk to guidance because it does look like it's primarily coming on the cost of risk and asset quality trends were good, good performance there. But NIM was down a little bit. Loan growth still remains fairly muted. I understand it should go up. I mean, it's hardly growing given how strong the economy is growing.

我想我的問題是關於指引的潛在上行風險的後續問題，因為它看起來主要來自風險成本，而且資產品質趨勢良好，表現良好。但 NIM 略有下降。貸款成長仍然相當低迷。我理解它應該會上漲。我的意思是，考慮到經濟的強勁成長，它幾乎沒有成長。

And if the cost of risk has been closer to the guidance of 2%, I estimate ROE and picking up on Medicare would have been closer to 17%. So just to understand, would the upside risk come from just primarily a lower cost of risk and to really get -- what's it going to take for loan growth to accelerate from here because the economy is doing well. Asset quality is doing well, but you still haven't really seen that pick up in loan growth. Just to understand where the upside could come from.

如果風險成本更接近 2% 的指導水平，我估計 ROE 和醫療保險的回報率將接近 17%。因此，只需理解，上行風險是否主要來自於較低的風險成本，以及真正了解——由於經濟表現良好，貸款成長需要什麼才能加速。資產品質表現良好，但仍沒有看到貸款成長回升。只是想了解好處來自哪裡。

Yeah. I was just going to mention on the loan growth part of the question. So usually, when these cycles like the one we had in 2023 and 2024, a lag on the recovery of loans. And the other thing that we've seen is very high liquidity, which has also bring high repayments -- prepayments from clients. So what we are seeing is an increase in loan sales especially the last couple of months, we've seen very, very good numbers.

是的。我只是想提一下問題中的貸款成長部分。因此，通常情況下，當像 2023 年和 2024 年這樣的周期出現時，貸款的回收會出現滯後。我們看到的另一件事是流動性非常高，這也帶來了高額的還款——來自客戶的預付款。因此，我們看到貸款銷售額有所成長，特別是最近幾個月，我們看到了非常非常好的數字。

But again, it takes a little bit to build up the portfolio. So -- but still, we are confident that we are going to be able to be in the guidance of 3.5% in average daily balances and above 6% in year-over-year numbers. So I would say that it's just the ramp-up after a complicated cycle.

但同樣，建立投資組合需要一點時間。所以 — — 但我們仍然有信心能夠實現平均每日餘額 3.5% 的目標和同比增長 6% 以上的目標。所以我想說這只是一個複雜週期之後的加速。

Yeah. Maybe hi Tito, just to complement Alejandro, is first, we need to be -- to feel quite comfortable with the risk processes and models and so on and then push the trouble in terms of loan growth and not the other way around. So yes, this quarter, the impact has been mainly related to a great cost of risk going forward, as it was mentioned before, we feel very comfortable that the loan growth is going to be there.

是的。也許嗨，蒂托，只是為了補充亞歷杭德羅，首先，我們需要 - 對風險流程和模型等感到非常滿意，然後在貸款增長方面推動困難，而不是相反。是的，本季的影響主要與未來的巨大風險成本有關，正如之前提到的，我們對貸款成長感到非常有信心。

Yuri Fernandes, J.P. Morgan.

尤里‧費爾南德斯，摩根大通。

Congrats on another good set of results, 18% ROE even if the one-off is pretty good. I had a question regarding loan growth, and I understood Bolivia revaluation took a hit. I see you are keeping your average loan growth guidance of 3.5% unchanged. So just trying to understand how quickly loan growth will rebound.

恭喜您又取得了一組好成績，即使是一次性的，ROE 也達到了 18%，這已經相當不錯了。我對貸款成長有疑問，我知道玻利維亞的貨幣重估受到了打擊。我看到您維持 3.5% 的平均貸款成長指導不變。所以只是想了解貸款成長將反彈得多快。

And if you are still comfortable with this because given this is an average accrual, right, this is your average book, not your end-of period book, it gets tougher, right, after, I would say, a more soft growth in the first Q. So if you can explain a little bit the loan growth dynamics, I would appreciate.

如果您對此仍然感到滿意，因為考慮到這是一個平均應計金額，對，這是您的平均賬簿，而不是期末賬簿，那麼它會變得更加困難，對，我想說，在第一季增長較為疲軟之後。因此，如果您能稍微解釋一下貸款成長動態，我將不勝感激。

Sure. Thank you, Yuri. Yeah, I get the point. Still, as I was mentioning, we've already seen a couple of months that are very strong. Actually, the numbers from the last month are very high in historical terms in the sense of loan sales.

當然。謝謝你，尤里。是的，我明白了。不過，正如我所提到的，我們已經看到了幾個月非常強勁的表現。實際上，從貸款銷售額的角度來看，上個月的數字在歷史上是非常高的。

So we are expecting this second quarter to pick up and then actually accelerate more in the third quarter as all of our risk capabilities, we're going to be more comfortable with them. So I would say this second -- these next six months, we should see an important acceleration in loans.

因此，我們預計第二季將會回升，然後在第三季進一步加速，因為我們將對所有風險能力更加放心。所以我想說，在接下來的六個月裡，我們應該會看到貸款成長顯著加速。

Another important thing to mention is that in March specifically, we had some prepayments in the wholesale side that also decreased the number and showed a lower number than we've had before. So again, we are confident that it's going to pick up. And it's what we're seeing actually right now. Again, we are seeing more activity on the lending side right now.

另一件值得一提的重要事情是，具體到三月份，我們在批發方面的一些預付款也減少了，而且比以前要低。因此，我們再次堅信它會回升。這正是我們現在所看到的。再次，我們現在看到貸款方面活動增加。

Carlos Gomez-Lopez, HSBC.

卡洛斯·戈麥斯-洛佩茲，匯豐銀行。

Congratulations on the very good results. I had a question on the sensitivity to rates. You continue to post a very good margin in part because rates in the US and in -- mostly in the US have remained relatively high.

恭喜你取得非常好的成績。我對利率敏感性有疑問。你們繼續保持非常好的利潤率，部分原因是美國的利率——主要是美國的利率——仍然相對較高。

Can you remind us what your sensitivity is to each 100 basis points decline in rates, both locally and internationally? And if I may add, I know we are supposed to have only one question, but you do sound more positive. And I would say I'm surprised you sound so positive about the politics. I mean you just lost the Prime Minister. You have elections next year. But you seem more confident than in previous cycles that things will be okay. Is that -- do I interpret it correctly?

您能否提醒我們，您對國內和國際利率每下降 100 個基點的敏感度是多少？我可以補充一點，我知道我們應該只有一個問題，但你聽起來確實更積極。我想說，我很驚訝你對政治的態度如此積極。我的意思是你們剛剛失去了首相。明年你們有選舉。但你似乎比前幾次更有信心，事情會好轉。那是──我的理解正確嗎？

Carlos, Alejandro, let me take the second question first. Yeah, the short answer to your second question, Carlos, is yes. but it's an unfortunate situation. We've been under, I don't know, a really mediocre government for the last four years. So the changes we've seen over the last few days, what we expect is the same situation, the continuity.

卡洛斯、亞歷杭德羅，要我先回答第二個問題。是的，卡洛斯，對於你的第二個問題，簡短的回答是肯定的。但這是一個不幸的情況。我不知道，過去四年我們一直處於一個非常平庸的政府的統治之下。因此，我們在過去幾天看到的變化，我們預計情況會繼續保持下去。

And despite all the political noise and instability, the macro figures, as we mentioned before, are very solid. So we do believe that the performance of not only Credicorp, but Peru in the following quarter is going to be quite strong.

儘管存在各種政治噪音和不穩定因素，但正如我們之前提到的，宏觀數據非常穩健。因此，我們確實相信，不僅 Credicorp，而且秘魯在下一季的表現都將相當強勁。

Okay. I'll take the other question. We've actually just revised the analysis. So for 2025, if there were to be a parallel shift of 100 basis points, we would be talking about 17 basis points effect on the NIM, which basically 92% of it, like almost 16 basis points comes from our dollar portfolio, okay? The soles portfolio, we don't think there's too much risk.

好的。我來回答另一個問題。實際上，我們剛剛修改了分析。因此，對於 2025 年，如果平行移動 100 個基點，我們將討論對 NIM 的 17 個基點的影響，其中基本上 92%（例如近 16 個基點）來自我們的美元投資組合，好嗎？我們認為，對於鞋底投資組合來說，風險不會太大。

And besides, Central Bank is probably close to neutral. So we're not even expecting more than 25 basis points of rate cuts. So we don't expect too much movement from there. But in the dollar side, it would be around 16 basis points just on the dollar side, if there were to be a parallel shift of 100 basis points, which, of course, it's a very theoretical exercise.

此外，央行可能接近中立。因此我們甚至不預期降息幅度會超過 25 個基點。所以我們並不期望那裡會有太大的動靜。但在美元方面，如果要平行移動 100 個基點，那麼僅美元方面就會有 16 個基點左右，當然，這只是一個非常理論化的操作。

Andres Soto, Santander.

安德烈斯·索托，桑坦德。

My question is on Yape. We have seen positive results this quarter. Congratulations from Japan already contributing to profits. My question is specifically on lending. I would like to hear again what you mentioned regarding multi-installment loans and how much that already represents from the disbursements made through Yape?

我的問題是關於 Yape 的。本季我們看到了積極的成果。祝賀日本已為利潤做出貢獻。我的問題具體是關於貸款的。我想再次聽聽您提到的有關多期貸款的問題，以及這已經占到透過 Yape 支付的金額的多少？

And based on that, what are your expectations for the ramp up of lending and which areas of lending, are you seeing opportunities for lending are you seeing there? It's going to be individual lending? Or are you also considering SME lending to be a driver in the short term.

基於此，您對貸款成長有何預期？您認為哪些貸款領域存在貸款機會？這將是個人貸款嗎？或者您是否也考慮將中小企業貸款作為短期的推動力。

Francesco, can you answer that?

弗朗西斯科，你能回答這個問題嗎？

Yeah. Thank you, Andres. And today, I would say that for the last part of your question, our main focus is on individual lending right now. We still have ways to go to design product offering and to fine-tune the sales process, the collection process and so forth. But our ambition is, of course, to go into SME lending.

是的。謝謝你，安德烈斯。今天，我想說，對於你問題的最後一部分，我們現在的主要關注點是個人貸款。我們仍有辦法設計產品供應並微調銷售流程、收集流程等。但我們的目標當然是進軍中小企業貸款業務。

We have a big portion of our customers are in the SME business, their small businesses. And we have, we think, a lot of data to be able to create something there. but we have started with individuals. Today, I would say that still mono quota represents the biggest chunk of disbursement, but end of balances, of course, you see multi quota beginning to be more relevant because not -- they stay for more than a month. Our idea is to move more towards multi-quarter, but we're doing it on a low-and-grow type of view.

我們的客戶大多是中小企業，即小型企業。我們認為，我們擁有大量數據，能夠在那裡創造一些東西。但我們是從個人開始的。今天，我想說的是，單一配額仍然佔支出的最大份額，但當然，在餘額結束時，你會看到多重配額開始變得更加相關，因為它們會停留一個多月。我們的想法是更多地轉向多季度，但我們是從低成長的角度來做的。

And therefore, we do believe that the balance by the end of the year is going to be mainly the outstanding balances is going to be mainly multi-quarter.

因此，我們確實相信，到年底的餘額將主要是未償餘額，而且主要是多個季度的餘額。

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。現在我將把電話轉回給執行長 Gianfranco Ferrari 先生，請他致最後一次發言。

Thank you. The first quarter of 2025 marked a strong start for the year and reaffirmed the strength and adaptability of Credicorp's businesses with an ROE of 20.3% and 18.4% excluding the extraordinary gain from America, we exceeded expectations while remaining focused on quality, sustainability, and execution. These results reflect more than favorable macro conditions.

謝謝。2025 年第一季標誌著今年的強勁開局，並再次證明了 Credicorp 業務的實力和適應性，ROE 為 20.3%，不包括來自美國的非凡收益則為 18.4%，我們超出了預期，同時仍然專注於質量、可持續性和執行力。這些結果反映的不僅是有利的宏觀條件。

They are the product of consistent strategic decisions deepening client relationships, strengthening risk management, and investing in the capabilities that will define financial services in the years ahead. Despite an evolving rate environment, margins remain resilient.

它們是持續策略決策的產物，旨在深化客戶關係、加強風險管理以及投資未來幾年金融服務領域的關鍵能力。儘管利率環境不斷變化，利潤率依然保持彈性。

Our deposit base grew and efficiency was in line with our expectations as we accelerated investment in disruptive growth. We're particularly encouraged by the progress of disruptive initiative strategies, which reached 5.4% of risk-adjusted revenues this quarter, evidence that our innovation is scaling with the impact.

隨著我們加速對顛覆性成長的投資，我們的存款基礎不斷成長，效率也符合我們的預期。顛覆性舉措策略的進展尤其令我們感到鼓舞，該策略在本季度達到了風險調整後收入的 5.4%，這證明我們的創新正在隨著影響力的擴大而擴大。

As these new models mature, we are confident in our ability to meet our structural ROE ambition of 18% by 2026, while expanding access and generating shareholder value. At the same time, we're embedding sustainability deeper into our business.

隨著這些新模式的成熟，我們有信心在 2026 年實現 18% 的結構性 ROE 目標，同時擴大訪問範圍並創造股東價值。同時，我們正在將永續性更深地融入我們的業務中。

Our updated 2025-2030 sustainability framework reflects this commitment linking long-term value creation with financial inclusion access to quality health care and health insurance, sustainability, finance, resilience and trust.

我們更新的 2025-2030 永續發展框架反映了這一承諾，將長期價值創造與金融包容性、優質醫療保健和健康保險、永續性、金融、復原力和信任聯繫起來。

With over 6 million Peruvians newly integrated into the financial system in 2020, this is more than a strategy. It is our purpose in action. We're also monitoring the external environment carefully. The recent US tariff announcements are expected to have limited direct impact on Peru.

2020 年，秘魯將有超過 600 萬新人融入金融體系，這不僅是一種策略。這是我們的行動目的。我們也在密切關注外在環境。預計美國近期宣布的關稅對秘魯的直接影響有限。

However, we are mindful of second order effects on global freight and commodity flows, particularly given China's importance to Peru's export base. The recent 90-day tariffs reprieved between the US and China, along with progress on the UK, US trade deal are positive developments. That said, we remain attentive to evolving dynamics in the external environment.

然而，我們注意到對全球貨運和商品流動的二階效應，特別是考慮到中國對秘魯出口基礎的重要性。美國和中國最近達成的90天關稅減免以及英國和美國貿易協定的進展都是正面的進展。儘管如此，我們仍關注外在環境的變化動態。

As always, we are prepared to respond with agility and discipline. Looking ahead, we see a supportive backdrop. Peru's recovery is gaining momentum. Private investment in strengthening and confidence is returning. Credicorp is exceptionally well-positioned to capture this cycle and lead through it with our diversified portfolio strong capital base and a clear sense of strategic decisions. Thank you all for your questions.

像往常一樣，我們準備以敏捷和嚴謹的態度做出回應。展望未來，我們看到了有利的背景。秘魯的復甦正在加速。私人投資在增強信心方面正在恢復。憑藉多元化的投資組合、強大的資本基礎和清晰的策略決策意識，Credicorp 擁有極佳的條件來掌握這個週期並引領這一周期。謝謝大家的提問。

We look forward to speaking with you again next quarter and to welcome many of you in person at our upcoming Investor Day in New York City on October 9, 2025. As we celebrate Credicorp's 30-year IPO anniversary, we'll share updates strategic priorities and progress on our innovation agenda. More details will be shared in due course. Thank you very much.

我們期待下個季度再次與您交談，並歡迎各位親臨我們即將於 2025 年 10 月 9 日在紐約舉行的投資者日活動。在慶祝 Credicorp 首次公開募股 30 週年之際，我們將分享最新的策略重點和創新議程的進展。我們將適時分享更多詳細資訊。非常感謝。

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

謝謝各位，女士們、先生們。今天的演講到此結束。您現在可以斷開連線。