Banco Bbva Argentina SA (BBAR) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to BBVA Argentina's Second Quarter 2023 Fiscal Year results conference call. We would like to inform you that this event is being recorded and all participants will be in a listen-only mode during the company presentation. (Operator Instructions)

早安，女士們先生們，感謝您的等待。此時，我們歡迎大家參加 BBVA 阿根廷 2023 財年第二季業績電話會議。我們謹通知您，該活動正在錄製中，所有參與者在公司演示期間都將處於僅聽模式。 （操作員說明）

First of all, let me point out that there are some statements made during this conference call that may be forward-looking statements within the meaning of the safe harbor provisions found in Section 27A of the Securities Act of 1933 under U.S. federal securities law. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Additional information concerning these factors is contained in BBVA Argentina's annual report on Form 20-F for the fiscal year 2022 and filed with the U.S. Securities and Exchange Commission.

首先，我要指出的是，本次電話會議中所做的一些陳述可能屬於美國聯邦證券法 1933 年《證券法》第 27A 條中安全港條款含義內的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述中表達的結果有重大差異。有關這些因素的更多資​​訊包含在 BBVA 阿根廷向美國證券交易委員會提交的 2022 財政年度 20-F 表格年度報告中。

Today with us, we have Ms. Carmen Arroyo , CFO; Ms. Ines Lanusse, IRO; and Ms. Belen Fourcade Investor Relations. Ms. Ford, you may begin your conference.

今天和我們在一起的有財務長 Carmen Arroyo 女士； Ines Lanusse 女士，IRO；和Belen Fourcade 女士投資者關係部。福特女士，您可以開始會議了。

Good morning, and welcome to BBVA Argentina's Second Quarter 2023 Fiscal Year Results Conference Call. Today's webinar will be supported by a slide presentation available on our Investor Relations website on the Financial Information section. Speaking during today's call will be Ines Lanusse, our Investor Relations Officer, and Carmen Mauricio Arroyo, our Chief Financial Officer, who will be available for the Q&A session.

早安，歡迎參加 BBVA 阿根廷 2023 財年第二季業績電話會議。今天的網路研討會將透過我們投資者關係網站的財務資訊部分提供的幻燈片演示進行支援。我們的投資者關係長 Ines Lanusse 和我們的財務長 Carmen Mauricio Arroyo 將在今天的電話會議上發言，他們也將參加問答環節。

Please note that starting January 1, 2020, as per Central Bank regulation, we have begun reporting results applying hyperinflation accounting pursuant to IFRS rule IAS 29. For ease of comparability, 2022 and 2023 figures have been restated to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2023. Now let me turn the call over to Ines.

請注意，自2020 年1 月1 日起，根據央行規定，我們已開始根據IFRS 規則IAS 29 報告應用惡性通貨膨脹會計的結果。為了便於比較，2022 年和2023 年的數據已重新表述，以反映通貨膨脹的累積影響截至 2023 年 6 月 30 日的每個期間的調整。現在讓我將電話轉給 Ines。

Thank you, Belen. And thank you all for joining us today. As we are all aware, on Sunday, August 13, Javier Milei the candidate for La Libertad Avanza” was the most voted in the primary presidential elections quite above from what surveys were estimating. This implies a higher uncertainty scenario facing the general elections of October, and it is expected that higher volatility will persist. At the same time, the unfavorable macroeconomic conditions have continued to deteriorate, increasing the risk of economic and financial turbulence ahead of the presidential elections scheduled for the last quarter of the year.

謝謝你，貝倫。感謝大家今天加入我們。眾所周知，8 月 13 日星期日，自由黨候選人哈維爾·米雷 (Javier Milei) 在總統初選中得票最多，遠高於調查估計的數字。這意味著10月大選面臨較高的不確定性，預計較高的波動性將持續。與此同時，不利的宏觀經濟狀況繼續惡化，增加了定於今年最後一個季度舉行的總統選舉之前發生經濟和金融動盪的風險。

GDP is expected to fall by around 3.5% this year according to the EBA research due to the impact of the negative weather shock on the production and export of agricultural goods coupled with increasing exchange rate restrictions and political uncertainty. In this context, Its impact on the external and fiscal account has contributed to accelerate the exchange rate depreciation and inflation which, in annual terms reached 113.4% as of July 2023. Referring to BBVA Argentina general performance, a better operating income as of June 2023 was a product of an improvement in interest income boosted especially by government securities and liquidity instruments and better fee income.

EBA的研究顯示，由於不利天氣衝擊對農產品生產和出口的影響，加上不斷增加的匯率限制和政治不確定性，預計今年GDP將下降3.5%左右。在此背景下，其對外部和財政帳戶的影響加速了匯率貶值和通貨膨脹，截至2023 年7 月，年增長率達到113.4%。參考BBVA 阿根廷的整體表現，截至2023 年6 月，營業收入有所改善這是利息收入改善的產物，特別是政府證券和流動性工具以及更好的費用收入。

Now moving into business dynamics, as you can see on Slide 3 of our webcast presentation, our service offering has evolved in such a way that by the end of June 2023 weaker digital client penetration reached 62%, remaining stable from a year back. while that of retail mobile clients reached 56% from 54% as of the same period of last year. The response on the side of customers has been satisfactory, and we are convinced this is a back to pursue in the aim of sustaining and expanding our competitive position in the financial system.

現在進入業務動態，正如您在我們的網路廣播簡報的幻燈片3 中看到的那樣，我們的服務產品已經發展到2023 年6 月底，較弱的數位客戶滲透率達到62%，與一年前相比保持穩定。零售行動客戶佔去年同期的54%上升至56%。客戶方面的反應令人滿意，我們相信這是維持和擴大我們在金融體系中的競爭地位的目標的回報。

Retail digital sales measured in units have increased from 90.8% in the second quarter of 2022 to 93.9% in the second quarter of 2023 and represents 71.8% of the bank's total sales measured in monetary value versus 57.1% in the second quarter of 2022. New customer acquisitions through digital channels reached 75% in the second quarter of 2020 from 70% in the second quarter 2022. The bank actively monitors its business, financial conditions and operating results in the aim of keeping a competitive position to face contextual challenges.

以單位衡量的零售數位銷售額從2022 年第二季的90.8% 上升至2023 年第二季的93.9%，佔該銀行以貨幣價值衡量的總銷售額的71.8%，而2022 年第二季為57.1%。透過數位管道取得的客戶比例從2022 年第二季的70% 增至2020 年第二季的75%。該銀行積極監控其業務、財務狀況和經營業績，以保持競爭地位以應對環境挑戰。

Moving to Slide 4. I will now comment on the bank's second quarter 2023 financial results. BBVA Argentina Second quarter 2023 net income was ARS 30.4 billion, increasing 63.3% quarter-over-quarter. This implies a quarterly ROE of 21.3% and a quarterly ROAE of 3.9%. Operating income in the second quarter of 2023 was ARS 125.3 billion 28.6% above the ARS 97.5 billion recorded in the first quarter of 2023. Quarterly operating results are mainly explained by: one, better interest income results through public securities and liquidity instruments to better fee income; and three, higher net income from write-down of assets at fair value through OCI mainly due to the voluntary bond swap offered in June by the National Treasury.

轉到投影片 4。我現在將評論該銀行 2023 年第二季的財務表現。 BBVA 阿根廷 2023 年第二季淨利為 304 億阿根廷披索，季增 63.3%。這意味著季度 ROE 為 21.3%，季度 ROAE 為 3.9%。 2023 年第二季的營業收入為1,253 億阿根廷比索，比2023 年第一季的975 億阿根廷比索高出28.6%。季度營運業績主要解釋為：一、透過公共證券和流動性工具獲得更好的利息收入結果以更好的費用收入;第三，透過OCI以公允價值減記資產的淨利潤增加，主要是由於國家財政部在6月份提供了自願債券互換。

This effect was partially offset by: one, an increase in other operating expenses, boosted by greater turnover tax due to a higher elite position two, an increase in personnel expenses; and three, an increase in administrative expenses. Net income for the period was highly impacted by income from net monetary recession and inflation increase from 21.7% in the first quarter of 2023 to 23.8% in the second quarter of 2023. Turning into the P&L lines in Slide 5 and 6 Net interest income for the second quarter of 2023 was ARS 195.5 billion, increasing 14.2% quarter-over-quarter.

這項影響部分抵銷：一是其他營運費用的增加，這是由於菁英職位更高而導致流轉稅增加所致；二是人事費用的增加；三是管理費用增加。該期間的淨利潤受到淨貨幣衰退和通貨膨脹率從2023年第一季的21.7%上升到2023年第二季的23.8%的嚴重影響。請參閱投影片5和6中的損益表，淨利息營收2023 年第二季為 1,955 億阿根廷比索，較上季成長 14.2%。

In the second quarter of 2023, interest income in monetary terms increased more than interest expenses, mainly due to: one, an increase in income from share over adjustment driven by public securities with this adjustment; and two, a higher precision and yield of public securities, in particular of LELIQ. Additionally, there is a positive effect from income from loans, mainly discounted instruments and from repo operations. In the second quarter of 2023, interest income totaled ARS 371.2 billion increasing 20.3% compared to the first quarter of 2023.

2023年第二季度，貨幣利息收入增幅大於利息支出，主要是由於：一是本次調整帶動公募證券調整帶來的份額收益增加；第二，公共證券，特別是 LELIQ 的精度和收益率較高。此外，貸款（主要是貼現工具）和回購作業的收入也產生正面影響。 2023年第二季度，利息收入總計3,712億阿根廷比索，較2023年第一季成長20.3%。

In the quarter, monetary policy rate gradually increased from 78% at the beginning of the quarter, up to 97% at quarter end. Interest expenses totaled BRL 185.7 billion, denoting a 27.1% increase quarter-over-quarter. Quarterly increase is described by higher time deposit expenses. Interest from time deposits, including investment account, explain 77.7% of interest expenses versus 82.8% the previous quarter. Net fee income as of the second quarter of 2023 totaled ARS 23.7 billion, increasing 69.3% quarter-over-quarter in real terms.

本季，貨幣政策利率從季初的78%逐步上升至季末的97%。利息支出總計 1,857 億雷亞爾，季增 27.1%。季度增長是透過定期存款費用增加來描述的。包括投資帳戶在內的定期存款利息佔利息支出的 77.7%，而上一季為 82.8%。截至 2023 年第二季的淨費用收入總計 237 億阿根廷比索，較上季實際成長 69.3%。

In the second quarter of 2023, fee income totaled ARS 33.4 billion, growing 22.6% quarter-over-quarter. The quarterly increase is mainly explained by an increment of fees from credit cards considering that this line includes Puntos BBVA loyalty program. Regarding fee expenses, this totaled ARS 9.6 billion, falling 27%. In the quarter of 2023, loan loss allowances increased only 9.6% due to the good performance of our portfolio. During the second quarter of 2023, total operating expenses were ARS 92.6 billion, increasing 8.4% quarter-over-quarter of which 31% personnel benefit costs. Personnel benefits increased 6.3% quarter-over-quarter. The quarterly increase is mainly explained by the inflation adjustment of vacation stock provisions. Quarterly increases were also affected by a 25.8% collective agreement on wages which implies a 56% accumulative increase as of the second quarter of 2023.

2023年第二季度，手續費收入總計334億阿根廷比索，較上季成長22.6%。季度成長主要是由於信用卡費用增加，考慮到該產品線包括 Puntos BBVA 忠誠度計劃。費用支出總計 96 億阿根廷比索，下降 27%。 2023年季度，由於我們的投資組合表現良好，貸款損失準備僅增加9.6%。 2023 年第二季度，總營運費用為 926 億阿根廷比索，較上季成長 8.4%，其中人員福利成本成長 31%。人員福利季增 6.3%。季度成長主要是由於假期庫存準備金的通膨調整所致。季度漲幅也受到 25.8% 工資集體協議的影響，這意味著截至 2023 年第二季累計增長 56%。

As of the second quarter of 2023 administrative expenses increased 5% quarter-over-quarter. The quarterly increase is mainly explained by: one, outsourced administrative expenses to rate of rent expenses; and three, increase in software services, all of them related to services contracted with the parent company. Being this said, the quarterly efficiency ratio as of the second quarter of 2023 was 42.8%, improving compared to the 62.4% reported in the first quarter of 2023. The quarterly improvement is explained by a higher increase in income and expenses, especially due to a significant increase in interest and fee income.

截至 2023 年第二季度，管理費用較上季成長 5%。季度成長的主要原因是：一、外包管理費用佔租金費用的比例；第三，軟體服務增加，所有這些都與與母公司簽訂的合約服務有關。話雖如此，截至 2023 年第二季的季度效率為 42.8%，較 2023 年第一季的 62.4% 有所改善。季度改善的原因是收入和支出增加較多，特別是由於利息及手續費收入大幅增加。

The accumulated efficiency ratio as of the second quarter of 2023 was 56.6% and improving compared to the 62.4% reported in the first quarter of 2023 and versus the 71.3% reported in the second quarter of 2022. In terms of activity on Slide 7, private sector loans as of the second quarter of 2023 totaled ARS 1.1 trillion, slightly decreasing 0.3%. And 3.5% year-over-year. Loans to the private sector in pesos fell 1.1% in the second quarter of 2023. During the quarter, the decrease was especially driven by a 37.5% decline in overdraft followed by a 6.8% fall in consumer loans. The fall was partially offset by a 17.8% increase in discounted instruments and a 10.4% increase in other loans, the later pushed by floorplanning.

截至 2023 年第二季的累積效率為 56.6%，與 2023 年第一季報告的 62.4% 和 2022 年第二季報告的 71.3% 相比有所改善。就投影片 7 的活動而言，私人企業截至2023 年第二季度，產業貸款總額為1.1 兆阿根廷披索，小幅下降0.3%。較去年同期成長 3.5%。 2023 年第二季度，以比索計價的私部門貸款下降了 1.1%。本季度，下降的主要原因是透支下降 37.5%，隨後消費貸款下降 6.8%。降幅被貼現工具成長 17.8% 和其他貸款成長 10.4% 所部分抵消，後者是由佈局規劃推動的。

Loans to the private sector denominated in foreign currency increased 12.1%. In quarterly increase is mainly explained by a 13.9% growth in financing and prefinancing of exports. Loans to the private sector in foreign currency measured in U.S. dollars increased 13% quarter-over-quarter. During the quarter, both the retail and commercial portfolio remained practically flat. As observed in previous quarters, loan portfolio were impacted by the effect of inflation during the second quarter of 2023, which reached 23.8%. In nominal terms, BBVA Argentina managed to increase the retail commercial and total loan portfolio by 23.8% and 23.4%, respectively, during the quarter, practically reaching quarterly inflation levels.

對外幣私部門貸款成長12.1%。季度成長主要是由於出口融資和預融資成長 13.9%。以美元計價的私部門貸款較上季成長 13%。本季度，零售和商業投資組合幾乎保持不變。正如前幾季所觀察到的，貸款組合在 2023 年第二季受到通膨影響，達到 23.8%。以名義價值計算，BBVA 阿根廷本季的零售商業貸款和總貸款組合分別增長了 23.8% 和 23.4%，幾乎達到了季度通膨水平。

BBVA Argentina's consolidated market share of private sector loans reached 9.01% as of the second quarter of 2023, improving from the 8.35% a year ago. In the second quarter of 2023, asset quality ratio was 1.38% compared to the 1.31% recorded in the first quarter of 2023. The slight increase is mainly explained by an increase in the retail nonperforming portfolio. On the funding side, as seen on Slide 8, Private nonfinancial sector deposits in the second quarter of 2023 totaled ARS 2 trillion, increasing 3.5% quarter-over-quarter.

截至 2023 年第二季度，BBVA 阿根廷私部門貸款綜合市佔率達到 9.01%，高於一年前的 8.35%。 2023年第二季度，資產品質率為1.38%，而2023年第一季為1.31%。小幅上升的主要原因是零售不良投資組合的增加。在資金方面，如投影片 8 所示，2023 年第二季私人非金融部門存款總額為 2 兆阿根廷披索，季增 3.5%。

The bank's consolidated market share of private deposits reached 7.03% as of the second quarter of 2023. Private nonfinancial sector deposits in pesos increased 6.7% compared to the first quarter of 2023. The quarterly change is mainly affected by: one, a 19.7% increase in saving accounts, which were partially pushed by exporters and agricultural producers deposits linked to the "dollar soja III" program and a 14.8% increase in checking accounts; and three, a fall investment accounts by 18.9%, which offsets the growth in peso of funding.

截至2023年第二季度，該行私人存款綜合市場份額達到7.03%。以比索計的私人非金融部門存款較2023年第一季增長6.7%。季度變化主要受以下因素影響：一、增長19.7%儲蓄帳戶部分是由與「美元大豆III」計劃相關的出口商和農業生產者存款以及支票帳戶增加14.8%推動的；第三，投資佔比下降18.9%，抵銷了比索資金的成長。

Private nonfinancial sector deposits in foreign currency expressed in pesos fell 8.5%. In terms of capitalization, BBVA Argentina continues to show strong solvency indicators in the second quarter of 2023. Capital ratio reached 28.4%. And exposure to the public sector in the second quarter of 2023, excluding Central Bank instruments, represents 11% of total assets above the 9.1% in the first quarter of 2023. And below the 17.3% reported by the system as of June 2023. It is worth mentioning that as of the date of this report, BBVA Argentina has distributed 3 of the 6 installments scheduled on dividend payments from the ARS 50.4 billion total to be paid.

以比索表示的私人非金融部門外幣存款下降了 8.5%。資本適足率方面，BBVA阿根廷公司2023年第二季持續表現出強勁的償付能力指標，資本適足率達28.4%。 2023 年第二季公共部門的曝險（不包括央行工具）佔總資產的 11%，高於 2023 年第一季的 9.1%，低於系統截至 2023 年 6 月報告的 17.3%。值得一提的是，截至本報告發布之日，BBVA Argentina 已分配了擬支付的504 億阿根廷比索股息中的6 期股息中的3 期。

According to the plan published on June 7, 2023, and based on the terms agreed with the Central Bank. The bank's total liquidity ratio remained healthy at 84.1% of total deposits as of June 30, 2023. This concludes our prepared remarks. We will now take your questions. Operator, please open the line for questions.

根據2023年6月7日發布的計劃，並基於與央行商定的條款。截至 2023 年 6 月 30 日，該銀行的總流動性比率保持在總存款的 84.1% 的健康水準。我們準備好的發言到此結束。我們現在將回答您的問題。接線員，請開通提問線。

(Operator Instructions) The first question comes from Carlos Gomez.

（操作員說明） 第一個問題來自 Carlos Gomez。

A general question about how you contemplate the end of this year and the beginning of next year, how is the bank positioning in terms of liquidity, in terms of willingness to expand to take risk or do the opposite and how you can hedge yourself against unexpected inflation or unexpected foreign currency movements.

關於您如何考慮今年年底和明年年初的一般性問題，銀行在流動性方面的定位如何，在擴大風險或採取相反措施的意願方面如何，以及如何對沖意外情況通貨膨脹或意外的外匯變動。

Hello, Carlos, it's nice to hear from you. Okay. It's quite uncertain the projection for Argentina actually in this period of the year is when we prepare our budgets and it's difficult to project our research department is updating, for example, inflation, particularly on an everyday basis. We are already in levels to the end of the year around or 175% to 200% monetary policy rate although it has already been increased last week to 119% we are still expecting a higher monetary policy rate for the end of the year around 138% but it's still difficult to say when that increase is going to take place and how much it's going to be and at what basically to understand if interest rates will remain positive or negative also projection for official USD is projected today in ASR 700 per dollar at the year-end.

你好，卡洛斯，很高興收到你的來信。好的。當我們準備預算時，對阿根廷實際上在今年這個時期的預測相當不確定，而且很難預測我們的研究部門正在更新，例如通貨膨脹，尤其是每天的情況。我們已經處於年底貨幣政策利率 175% 至 200% 左右的水平，儘管上週已將其提高至 119%，但我們仍預計年底貨幣政策利率將達到 138% 左右但仍然很難說加息何時會發生、升息幅度是多少，以及升息幅度是多少，以了解利率是否會保持正值或負值，目前官方美元預測為每美元兌換700 ASR。年底。

But again, macro variables are moving every day. And this is tied also to the political uncertainty. As you know, Milei, this was unexpected. And today, we have not only a possibility that Milei can be precedent, but we have 3 very strong parties running for the presidential elections. Being that said, as you see the numbers of the bank, the bank has reported very good results, very good ROEs, ROAs, all positive in real terms. Our loan growth this quarter has remained flat. But if you see our market share from 1 year ago, it's still growing.

但宏觀變數每天都在變化。這也與政治不確定性有關。正如你所知，米萊，這是出乎意料的。今天，我們不僅有可能米萊成為先例，而且我們還有 3 個非常強大的政黨參加總統選舉。話雖如此，正如您所看到的銀行數據，該銀行報告了非常好的業績，非常好的股本回報率、資產回報率，按實際價值計算，都是積極的。本季我們的貸款成長保持穩定。但如果你看看我們一年前的市場份額，你會發現它仍在成長。

We are around 9%. And the bank is basically trying to protect the balance sheet from inflation. This has been a quarter where inflation has increased, and the strategy of the bank is to acquire mainly [Ceron] that protect our balance sheet for inflation. That keeps being the main focus of the bank going forward. And we need to see how the macroeconomic environment evolves to prepare the bank for the future. So it's a tough question to answer because the macro variables are not clear enough for us to understand how the bank is going to be prepared.

我們大約是9%。銀行基本上是在試圖保護資產負債表免受通貨膨脹的影響。這是通貨膨脹加劇的一個季度，銀行的策略是主要收購 [CERON]，以保護我們的資產負債表免受通貨膨脹影響。這仍然是該銀行未來的主要關注點。我們需要了解宏觀經濟環境如何演變，以便銀行為未來做好準備。所以這是一個很難回答的問題，因為宏觀變數還不夠清晰，我們無法了解銀行將如何做好準備。

But the bank has good liquidity, both in pesos and dollars, has the protection of the balance sheet is improving efficiency ratios. Fees are improving. The margin, obviously, is improving we believe we are one of the banks that is in a good position to keep reporting good results this year and the next.

但該銀行擁有良好的流動性，無論是比索還是美元，都有資產負債表的保護，正在提高效率比率。收費正在改善。顯然，利潤率正在改善，我們相信我們是能夠在今年和明年繼續報告良好業績的銀行之一。

Okay. So again, to summarize, at this point in time, meaning today, your inflation forecast is 175% and your monetary policy 135% .

好的。再次總結一下，在這個時間點，即今天，您的通膨預測為 175%，貨幣政策為 135%。

For the year-end, it's between 175% and 200% still not defined because was only 175%, but we know they're working on a higher probably inflation rate for the year-end. Monetary is still not defined, but probably around 138% can be a possibility. But again, it's not a fixed number. Numbers are changing on an everyday basis.

對於年底，它仍然沒有定義在 175% 到 200% 之間，因為只有 175%，但我們知道他們正在研究可能更高的年底通膨率。貨幣仍然沒有定義，但大概有 138% 左右的可能性。但同樣，這不是一個固定的數字。數字每天都在變化。

It's difficult to tell you the numbers today that may change tomorrow. What we know that we believe there is going to be an extra increase in monetary policy rates. It's not going to be remaining in 118% because we still see the FX increasing before the end of the year.

今天很難告訴你明天可能會改變的數字。據我們所知，我們相信貨幣政策利率將會額外增加。它不會保持在 118%，因為我們仍然看到外匯在年底前上漲。

Right Okay. And again, this monetary policy rate at the monthly rates, which compounded give you a number above 200%?

對吧好吧。再說一遍，這個貨幣政策利率是按月利率計算，複合後的數字會超過 200%？

Yes, the inflation rate, yes. Year-end 200%.

是的，通貨膨脹率，是的。年終200%。

All right. The second question, in terms of the results of the second quarter, and I have asked it to advance as well. We have seen that all the banks have reported high profitability in the second quarter. Again, is there any element of either seasonality or share pricing rates or suppressing inflation that has made the second quarter special? Or is there something that we could project into the third or the fourth quarter?

好的。第二個問題，關於第二季的業績，我也要求它推進。我們看到，第二季所有銀行的獲利能力都很高。再說一遍，是否有任何季節性因素、股價因素或抑制通膨因素使第二季變得特別？或者我們可以預測第三季或第四季的情況嗎？

It has to do with the increase in the monetary policy rate that you had in the second quarter that went from 78% to 97%. And remember, by the end of the first quarter to the second quarter, and that had a repricing also in loans. So -- and the other factor is the position in CER and LELIQ from our public sector exposure today LELIQ represent 76% and increasing so that is part of the results that all the banks are presenting.

這與第二季貨幣政策利率從 78% 上升至 97% 有關。請記住，從第一季末到第二季度，貸款也進行了重新定價。因此，另一個因素是我們今天公共部門敞口中 CER 和 LELIQ 的地位，LELIQ 佔 76%，並且還在增加，因此這是所有銀行公佈的結果的一部分。

Most of the NII of the banks is increasing mainly by public sector exposure which is high, but in control now, in the case of us, probably more control than other banks because of our parent company so mainly the increase in NII and the good result has to do with that with the increase of monetary portion rates and the position in public sector assets.

大多數銀行的NII增加主要是由於公共部門風險敞口很高，但現在處於控制之中，就我們而言，由於我們的母公司，可能比其他銀行有更多的控制權，所以主要是NII的增加和良好的結果這與貨幣比例的增加和公共部門資產的地位有關。

Next question comes from [Ludovic Cachot]

下一個問題來自[Ludovic Cachot]

Congratulations for the results. I've got 2 questions. The first one is about the impact of the devaluation of the official FX rate on your results and on your book value, your equity, what would be the impact of a devaluation of the FX official rate? And the second question is regarding the consolidation that we have seen in the market with Banco Macro buying out Itau Argentina would be they are interested in external growth, buying out a local subsidiary of foreign bank or merging with a competitor. Would you be interested in external growth?

祝賀結果。我有 2 個問題。第一個是關於官方外匯匯率貶值對您的業績以及您的帳面價值、您的權益的影響，官方外匯匯率貶值會產生什麼影響？第二個問題是關於我們在市場上看到的整合，Banco Macro 收購了 Itau Argentina，他們是否對外部成長感興趣，收購了外國銀行的當地子公司或與競爭對手合併。您對外部成長有興趣嗎？

Sorry, I didn't understand the last part of your question. I understand and it's still the part of buying Itau but the last part was?

抱歉，我不明白你問題的最後一部分。我明白，這仍然是購買 Itau 的一部分，但最後一部分是？

The last part was if you BBVA Argentina could be interested in buying a subsidiary of an international bank or to merge with another local bank?

最後一部分是，你們 BBVA 阿根廷公司是否有興趣購買一家國際銀行的子公司或與另一家當地銀行合併？

Okay. Let me start by the last question. Regarding the Itau BMA acquisition, I think it's a good position for BMA. It's a bank that offers a good branch network in the area where BMA had less franchises. And I think it's a good merger for them. If you see, again, today with the last information of the system is March, but with those information, market shares and ramping stay quite stable.

好的。讓我從最後一個問題開始。關於收購 Itau BMA，我認為這對 BMA 來說是一個很好的定位。該銀行在 BMA 特許經營權較少的地區擁有良好的分行網路。我認為這對他們來說是一次很好的合併。如果您再次看到，今天系統的最後訊息是三月份，但根據這些訊息，市場份額和成長保持相當穩定。

There's not much change by BMA acquire Itau, but I believe it's a good acquisition for BMA strategy. Regarding us, again, it's a very unstable moment. So it's difficult to say what other M&A is going to take part. BBVA as a bank looks out of every opportunity and trying to remain in the market. So any opportunity that may rise up, we take a look at it and see if it's an opportunity for us.

BMA收購Itau並沒有太大的改變，但我相信這對BMA的策略來說是一次很好的收購。對我們來說，這又是一個非常不穩定的時刻。因此很難說還會有哪些其他併購活動參與其中。 BBVA 作為一家銀行，抓住每一個機會，努力留在市場中。因此，任何可能出現的機會，我們都會審視一下，看看這對我們來說是否是一個機會。

Okay. Regarding the valuation that was the other part of your question, as you know, by recognization we have a cat in the position that we can have loan in assets. Basically to avoid this high increase in results because of a sudden devaluation. Being that said, we have some bonds tied to FX that helps our results in FX. And basically, that's what we can do. Now there's not much we can do there. It's quite limitated what we can do regarding the valuation.

好的。關於您問題的另一部分的估值，如您所知，透過認識到我們有一隻貓處於可以貸款資產的位置。基本上是為了避免因突然貶值而導致結果大幅增加。話雖如此，我們有一些與外匯相關的債券，這有助於我們的外匯表現。基本上，這就是我們能做的。現在我們無能為力。我們在估值方面能做的非常有限。

This concludes the question-and-answer section. At this time, I would like to turn the floor back to Ms. Lanusse for any closing remarks.

問答部分到此結束。現在，我想請拉努斯女士發表結束語。

Okay. Thank you for your time. And let us know you have further questions. Have a nice day.

好的。感謝您的時間。如果您還有其他問題，請告訴我們。祝你今天過得愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。