Banco BBVA Argentina SA (BBAR) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to BBVA Argentina's first quarter 2026 results conference call.

各位早安，歡迎參加 BBVA 阿根廷 2026 年第一季業績電話會議。

Today with us are Mrs. Belen Forquet, Investor Relations Manager, and Diego Cesarini, IRO and Head of Asset and Liability Management.

今天與會者包括投資人關係經理 Belen Forquet 女士，以及投資人關係官（IRO）兼資產負債管理主管 Diego Cesarini。

This presentation and the first quarter 2026 earnings release are available on BBVA's Investor Relations website. Ir.bbva.com.ar and will also be available for download in the chat.

本簡報及 2026 年第一季財報新聞稿可於 BBVA 投資人關係網站取得。Ir.bbva.com.ar，並將於聊天室提供下載。

First of all, let me point out that some of the statements made during this conference call may be forward-looking statements within the meaning of the safe harbor provisions found in Section 27A of the Securities Act of 1,933 under U.S. Federal Securities Law.

首先提醒各位，本次電話會議中部分陳述可能構成前瞻性陳述，符合美國聯邦證券法下《1933 年證券法》第 27A 條安全港條款之定義。

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.

這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與前瞻性陳述所表達者出現重大差異。

Additional information concerning these factors is contained in BBVA Argentina's annual report on Form 20-F for the fiscal year 2025, filed with the U.S. Securities and Exchange Commission.

關於上述因素的更多資訊，載於 BBVA 阿根廷就 2025 會計年度向美國證券交易委員會提交的 Form 20-F 年報中。

During the company's presentation, all microphones will be disabled. At this time, we're going to open it up for questions and answers. If you have a question, please write it down in the Q&A section or click on raise hand for audio questions. You will then receive a request to activate your microphone.

在公司簡報期間，所有麥克風將會關閉。接下來我們將開放問答。如有問題，請在 Q&A 區域輸入，或點選「舉手」以進行語音提問。之後您將收到啟用麥克風的請求。

Please activate it and pick up your headset to provide optimum sound quality when posing your question.

請啟用麥克風並戴上耳機，以在提問時提供最佳音質。

I will now turn the call over to Belen Forcade. Please go ahead.

現在我將把電話會議交給 Belen Forcade。請開始。

Good morning, everyone, and thank you for joining us today for BBB Argentina's first quarter 2026 results conference call. During the first quarter of the year, our business model demonstrated resilience within a macroeconomic environment characterized by a gradual transition and the normalization of key financial variables.

各位早安，感謝各位今天參加 BBB 阿根廷 2026 年第一季業績電話會議。在今年第一季，我們的商業模式在以逐步轉型與關鍵金融變數正常化為特徵的總體經濟環境中展現韌性。

We observed a reduction in interest rate volatility, which sustained the downward trend initiated in the previous year alongside ongoing adjustments in monetary and regulatory policy aimed at a better management of liquidity.

我們觀察到利率波動下降，延續前一年開始的下行趨勢，同時貨幣與監管政策持續調整，以更妥善地管理流動性。

While the combination of fiscal discipline and stabilizing external indicators establishes a more predictable framework for the financial sector, we maintain a cautious and prudent outlook regarding the pace, timing, and evolution of a broader private credit recovery in the upcoming quarters.

儘管財政紀律與外部指標趨於穩定，為金融業建立更可預測的框架，我們對於未來幾季更廣泛的民間信貸復甦之速度、時點與演變，仍維持審慎保守的看法。

Moving into our financial highlights for the quarter, BV Argentina posted an inflation-adjusted net income of ARS85.2 billion pesos for the first quarter of 2026. This represents a 31.2% increase quarter over quarter, driven by revenue performance and expense management.

進入本季財務重點，BV 阿根廷 2026 年第一季通膨調整後淨利為 852 億阿根廷披索。在營收表現與費用管理帶動下，較前一季成長 31.2%。

This bottom line expansion boosted our quarterly ROE to 8.3%. At the same time, net interest income grew by 5.9% sequentially to ARS879.9 billion pesos.

此一獲利擴張使我們單季 ROE 提升至 8.3%。同時，淨利息收入較前一季成長 5.9%，達 8,799 億阿根廷披索。

Our funding costs fell faster than asset yields due to the shorter average life of our. Abilities, expanding our total net interest margin to 18.6%.

由於我們負債的平均存續期間較短，資金成本下降速度快於資產收益率，使整體淨利息利差擴大至 18.6%。

Regarding efficiency, our quarterly efficiency ratio stood at 51.4%, with personal benefits and administrative expenses reflected the ongoing management of our corporate structure.

就效率而言，我們單季效率比率為 51.4%，人員福利與行政費用反映我們對公司組織架構的持續管理。

Let's look at the dynamics of our balance sheet and credit portfolio.

接著看資產負債表與放款組合的動態。

Total financing to the private sector closed the quarter at ARS15.7 trillion pesos.

對民間部門的融資總額於本季末為 15.7 兆阿根廷披索。

While local currency loans fell 6.5% due to seasonal low commercial activity, our foreign currency private loans grew by 6.8% sequentially, which represents a 23.3% increase in dollar terms.

雖然因商業活動季節性低迷，本幣放款下滑 6.5%，但外幣民間放款較前一季成長 6.8%，以美元計成長 23.3%。

We continue to see continuous momentum in pledge and mortgage lines. Furthermore, we continue to capture business effectively, mainly driven by the commercial segment and foreign currency loans. Our consolidated loan market share rose to 12.15%, signaling a total gain of 95 basis points over the last 12 months.

我們持續看到質押與房貸產品線的動能。此外，我們仍有效地取得業務，主要由商業客群與外幣放款帶動。我們合併放款市占率上升至 12.15%，顯示過去 12 個月合計提升 95 個基點。

On the funding side, total deposits reached ARS17.5 trillion pesos.

在資金來源方面，存款總額達 17.5 兆阿根廷披索。

Private deposits saw a minor seasonal 8 basis points market share dip to 9.93%, but they remain up 78 basis points year over year.

民間存款市占率因季節性因素小幅下滑 8 個基點至 9.93%，但仍較去年同期上升 78 個基點。

Regarding asset quality, systemic pressures caused our non-performing loan ratio to rise to 5.60%, primarily driven by the retail card and consumer portfolios.

就資產品質而言，系統性壓力使不良放款比率上升至 5.60%，主要由零售信用卡與消費金融組合所帶動。

However, commercial delinquency remained exceptionally well-behaved at just 0.50%. Our cost of risk dropped from 8.11% last quarter to 6.14%, partially thanks to our strengthened origination policies, leaving our coverage ratio at 88.41%. Looking at solvency and liquidity, our liquidity ratio closed at a very comfortable 45.5%.

然而，商業放款逾期表現仍極為穩健，僅 0.50%。我們的風險成本由上季的 8.11% 降至 6.14%，部分歸功於我們強化的授信承作政策，使覆蓋率維持在 88.41%。就償付能力與流動性而言，我們的流動性比率期末為相當充裕的 45.5%。

More importantly, our capital position remains robust with a regulatory capital ratio of 18.8%, representing 128.7% excess of our minimum regulatory requirements.

更重要的是，我們的資本部位仍然強勁，法定資本適足率為 18.8%，相當於較最低監管要求高出 128.7%。

Before opening the floor to your questions, I want to highlight that on May 15, the central bank approved our dividend distribution for ARS69 billion, which underscores our unyielding commitment to generating shareholder value. In conclusion, BBB Argentina enters the rest of 2026 with an exceptionally solid foundation. Backed by robust capital, healthy liquidity, and an expanding market footprint, we possess all the necessary tools. Lead the market and supply credit as the Argentine financial system normalizes.

在開放提問之前，我想強調，央行已於 5 月 15 日核准我們發放 690 億阿根廷披索股利，彰顯我們對創造股東價值的堅定承諾。總結而言，BBB 阿根廷在 2026 年剩餘期間將以極為穩固的基礎前行。憑藉強健資本、充足流動性與持續擴大的市場版圖，我們具備所有必要工具。在阿根廷金融體系正常化之際，引領市場並提供信貸。

Thank you for your time. Operator, please open the line for questions.

感謝各位撥冗參與。接線員，請開放提問。

Thank you. We are now going to start the Q&A session.

謝謝。我們現在開始問答環節。

To ask a question, you can click on the raise hand button.

如要提問，您可以點選「舉手」按鈕。

Our first question comes from Tito Labarta with Goldman Sachs.

我們的第一個問題來自高盛的 Tito Labarta。

Hi, good morning. Belen, Diego, thanks for the call. I'm taking my questions.

嗨，早安。Belen、Diego，感謝這通電話會議。我開始提問。

My question, I guess, on the asset quality outlook, seems you're getting a little bit more constructive there, although we're still seeing NPLs deteriorate, but provisioning levels came down, we saw coverage come down a little bit more. Just to understand how comfortable you are on the credit quality improving from here, should we already begin to see that in the second quarter?

我想問的是資產品質展望。我猜你們的看法似乎更偏正面一些，雖然我們仍看到不良放款惡化，但提存水準下降，覆蓋率也再小幅下滑。想了解你們對於信用品質從此處開始改善的把握程度，以及我們是否在第二季就應該開始看到改善？

And then what would that then mean for loan growth? Do you think expect loan growth to accelerate as you see that? Or just to get a sense of the timing on how this credit cycle should evolve from here?

另外，這對放款成長意味著什麼？你們是否預期在看到上述情況時，放款成長會加速？或是想請你們談談從現在起這一輪信貸循環的演變時點。

Hello, Dito. This is Diego. Thanks for the question. Well, as you say, we are a little more comfortable with asset quality in this first quarter of the year. We have been able to make provisions at a below level of last quarter.

你好，Tito。我是 Diego。謝謝你的問題。如你所說，我們在今年第一季對資產品質確實稍微更有信心一些。我們能夠以低於上一季的水準進行提存。

There are certain one off there, as we mentioned in our press release. We have a better rating on some wholesale customers that affected us positively. But besides that, I think that our origination policies are working and we are starting to see the light at the end of the tunnel.

如同我們在新聞稿中提到的，當中有一些一次性因素。我們在部分批發客戶上的評等較佳，對我們帶來正面影響。但除此之外，我認為我們的放款承作政策正在發揮作用，我們也開始看到隧道盡頭的曙光。

Having said this, of course, the situation still remains a little difficult.

話雖如此，當然，目前情況仍然有些艱難。

For many quarters in general, we have been thinking that the worst was over and finally then the solution was delayed. So, but we remain reasonably comfortable that during the second quarter, we were stabilizing and we could probably see a better. Outcome than in the first one. Regarding loan growth, well, we have been reviewing downwards our expectations. We started the year thinking about the range of 25% to 30% growth in real terms. Now we are thinking of a range between 15% and 20%. Of course, the first quarter of the year was not easy. Seasonally, it's not the best quarter of the year.

整體而言，過去好幾個季度我們一直以為最糟的已經過去，但最終解決方案又被延後了。不過，我們仍相當有信心，第二季我們正在趨於穩定，結果可能會比第一季更好。至於放款成長，我們一直在下修預期。年初我們原本預期實質成長約25%到30%。現在我們認為區間約在15%到20%。當然，今年第一季並不容易。從季節性來看，第一季也不是一年中最好的季度。

Peso demand is low in the first quarter, but dollar demand was still strong. And second quarter probably will be a little better. And in the second-half of the year, we are seeing probably a better performance.

第一季披索需求偏低，但美元需求仍然強勁。第二季可能會稍微好一些。而在下半年，我們可能會看到更好的表現。

Regarding, the retail business, of course, consumer and credit cards will take longer to recover. We need to be comfortable for new origination.

至於零售業務，當然，消費金融與信用卡需要更長時間才能復甦。我們需要在新的放款承作上感到更有把握。

Okay, that's very helpful.

好的，這非常有幫助。

Thank you, Dale.

謝謝你，Dale。

Our next question comes from Brian Flores with CG.

下一個問題來自CG的Brian Flores。

Hi, Tim. Good morning.

嗨，Tim。早安。

Thank you for the opportunity. Maybe a follow-up on Tito's question. If you could provide maybe an update across the lines, Diego, on the guidance that we know.

謝謝給我這個提問機會。也許接續Tito的問題。Diego，你是否可以就我們已知的指引，提供各條線的最新更新？

We saw some interesting dynamics on the deposit side. And I don't know if you could maybe double click there as to what is happening. We saw very, I would say, competitive dynamics in terms of the funding in dollars. So just wanted to check if this is seasonality, if this is everybody fighting for these dollar deposits. And also if you could provide your outlook for the overall NIMS, because we see that they were expanding maybe despite the challenges, right?

我們在存款端看到一些有趣的動態。我不確定你是否可以再深入說明一下目前發生了什麼。我們看到在美元資金來源方面，我會說競爭態勢非常激烈。所以想確認這是否屬於季節性因素，或是大家都在爭奪這些美元存款。另外，你是否也能提供對整體NIM（淨利差）的展望，因為我們看到即便面臨挑戰，它們似乎仍在擴張，對吧？

Trying to understand how sustainable do you think these good margins should be throughout the year?

想了解你認為這些良好利差在全年能維持到什麼程度？

Thank you.

謝謝。

Okay. Hello, Brian. Well, starting with the guidance of deposits, probably we could adjust that guidance regarding how much we are growing on loans. Many years have started to slow on loan growth. And then the year performed better. So in the first quarter, of course, we saw a difficult dynamic in deposits. We reduced our size in real terms. But that is not to worry in our opinion, because of course, as loan demand was not picking up, we needed less deposits. So we were not fighting for commercial ones, especially.

好的。你好，Brian。先從存款指引談起，我們可能會依據放款成長幅度來調整該指引。很多年份一開始放款成長較慢，但之後全年表現會更好。所以在第一季，當然，我們在存款方面看到較困難的動態。以實質來看，我們的規模有所縮小。但我們認為這不需要擔心，因為當放款需求沒有回升時，我們需要的存款也較少。因此我們並沒有特別去爭取商業存款，尤其是。

Regarding dollar deposits, they are growing slowly, but constantly, we are seeing a two to 3% monthly growth.

至於美元存款，它們成長緩慢但持續，我們看到每月約2%到3%的成長。

It's true that banks are retail, the retail side of the business. Is still buying dollars every day. So we are keeping a portion of those deposits. We are not really fighting for deposits. I think that banks in general terms are still liquid, loan to deposit in other terms is still at a systemic level. Probably below 50%. So there's still some room for banking industry to grow in dollar loans without having to fight for more deposits. We are being able to issue also local bonds at reasonable rates. So I see a good dynamic if you ask me in this part of the business.

確實，銀行的零售端業務每天仍在買入美元。因此我們保留了其中一部分存款。我們其實沒有真的在搶存款。我認為整體而言，銀行體系仍然流動性充裕；換句話說，放款對存款比率在系統層級可能仍低於50%。因此，銀行業仍有空間在不必爭取更多存款的情況下，擴大美元放款。我們也能以合理利率發行本地債券。所以就這部分業務而言，如果你問我，我看到的是良好的動態。

Regarding NIMs, nominal NIMs have.

至於NIM，名目NIM已經。

Increased around 100 basis points in this quarter, but it's also true that inflation was also higher. So we like to measure NIMs in real terms and they have been mostly flat in the first quarter. They have grown, I guess, 15 basis points.

本季上升約100個基點，但同時通膨也更高。因此我們更喜歡用實質口徑衡量NIM，而第一季大致持平。我想大概增加了15個基點。

We have seen this real term NIM very stable in the last.

我們看到這個實質口徑的NIM在最近一直非常穩定。

Not just in the last quarter, but in the last year and even more than a year. And we are expecting that behavior for the coming quarters. We expect next quarter to be also flat or.

不僅是上一季，而是過去一年，甚至超過一年。我們也預期未來幾季會維持這樣的走勢。我們預期下一季也會持平或。

Maybe a little positive because inflation is going down.

也許會略為正向，因為通膨正在下降。

And for the second semester, probably we could see if inflation still keeps going down and rates follow that path, we could see a little deterioration in NIM. But in real terms, I would say that it will be a very similar year to last one. We are not seeing, we think that net interest income is a positive contributor to the recovery of ROEs for this year.

而在下半年，如果通膨持續下降、利率也沿著同樣路徑走，我們可能會看到NIM略有惡化。但以實質口徑來看，我會說今年會與去年非常相似。我們認為，今年淨利息收入將是ROE回升的正面貢獻來源。

Perfect, Diego. So just to confirm, your ROE range is reiterated for 2026?

很好，Diego。所以確認一下，你們對2026年的ROE區間指引維持不變？

Yes, we keep that guidance. We have been talking about low to mid-teens. We keep that guidance probably closer to low than to mid, but we are still there.

是的，我們維持該指引。我們一直提到大約是低到中十位數（low to mid-teens）。我們維持該指引，可能更接近低端而非中端，但仍在該區間內。

Perfect.

了解。

Thank you.

謝謝。

Our next question comes from Pedro of Fanding with Latin Securities.

下一個問題來自Latin Securities的Pedro of Fanding。

Hello, good morning, Carmen and Diego Belen.

你好，早安，Carmen和Diego Belen。

Thank you for taking my questions. I wanted to do a follow-on on a question on coverage. How should we think it going forward? It's maybe a goal target for the bank to bring it back closer to the previous levels.

謝謝讓我提問。我想延伸一個關於覆蓋率（coverage）問題的追問。我們應該如何看待未來的走勢？銀行是否有目標要把它拉回到更接近先前的水準？

Pedro, how are you? Well, we have seen our coverage ratio in line with the whole financial system going down a little below 100. Probably we are seeing the bottom of that ratio and we should start seeing a recovery on that ratio in the coming quarters. We do not have a specific target, we do not have a specific timeline, but well, we know that it should go back at least to 100 in the coming future.

Pedro，你好嗎？我們看到我們的覆蓋率與整個金融體系一致，下降到略低於100。我們可能正在看到該比率的底部，並且在接下來幾季應該會開始看到該比率回升。我們沒有特定目標，也沒有特定時間表，但我們知道未來至少應該回到100。

Hello, Pedro, this is Belen. I just wanted to add to what Diego was saying regarding coverage. There is not a specific number right now that we have in mind in terms of rebuffering that level of coverage. We are still focused on the needs that we have on provisioning. I mean, we are still not passed through the fall in the NPL.

你好，Pedro，我是Belen。我想就Diego關於覆蓋率的說法補充一下。目前我們心中並沒有一個特定數字，作為把覆蓋率水位重新補回（rebuffering）的目標。我們仍專注於我們在提列備抵（provisioning）方面的需求。我的意思是，我們仍尚未完全度過不良貸款（NPL）下降的階段。

Matters and on cost of risk. So again, remember that coverage will always be rebuilt as long as we consider that it makes sense for us to increase cost of risk in change of that. So again, as Theo said, the system is at our same level. We are not worried on these levels of coverage.

相關事項以及風險成本。所以再次提醒，只要我們認為以提高風險成本來換取這樣做對我們有意義，覆蓋率就會一直重建。所以再說一次，如 Theo 所說，該系統與我們處於同一水準。我們不擔心這些覆蓋水準。

Perfect.

很好。

Thank you, Benendio. And if I might add on MPNs, how did you see asset quality maybe through the quarter? It was January, February, much different from March or it was an acceleration maybe equally between months.

謝謝你，Benendio。另外如果我可以補充問一下 MPN，你們怎麼看本季資產品質的變化？一月、二月與三月差很多嗎？還是各月份之間的變化加速程度差不多？

No, in March, I think that there was a deceleration and we're seeing that trend to continue. Probably April could be a little above March, but still mainly flat and. From then on, we should see NPL stable for a couple of months and then starting to come down until we reach a level by the end of the year that could be a little below of what we are seeing right now.

沒有，三月我認為出現了放緩，而且我們看到這個趨勢會持續。四月可能會比三月略高一點，但整體仍大致持平。之後，我們應該會看到不良貸款（NPL）在幾個月內保持穩定，然後開始下降，直到年底達到一個可能略低於目前所見的水準。

Thank you, Dio.

謝謝你，Dio。

You are welcome, Pedro.

不客氣，Pedro。

Please hold while we poll for questions.

請稍候，我們正在徵詢是否有提問。

Our next question comes from Carlos Gomez-Lopez with HSBC.

下一個問題來自匯豐（HSBC）的 Carlos Gomez-Lopez。

Hello and good morning.

你好，早安。

You have probably commented on this already, but can you tell us how the quarter is coming along? We're already in the middle -- actually, at the end of May, we saw this negative growth in the first quarter.

你們可能已經評論過了，但能否談談本季進展如何？我們已經在五月中旬——其實已經到五月底了——而第一季出現了負成長。

Now you have lower rates. Now you have perhaps a more stable framework. Are you starting to see demand come back and so in these areas?

現在利率更低。現在或許也有更穩定的框架。你們是否開始看到需求回來，尤其是在這些領域？

Hello, Carlos, this is Diego. Well, the quarter started slowly even with lower rates in terms of peso activity, but in the last couple of weeks, we have seen more demand on more questions from department of companies regarding peso loans.

你好，Carlos，我是 Diego。嗯，本季一開始即使利率較低，就比索業務活動而言仍然偏慢，但在過去幾週，我們看到更多需求、也有更多來自企業財務部門對比索貸款的詢問。

When deposit rates were around 30 something, there was no interest in peso loans. But now that deposit rates have fallen to 20 something level, we are seeing more interest from companies. So we are expecting a pickup in demand mainly in commercial loans.

當存款利率在 30% 多的時候，對比索貸款沒有興趣。但現在存款利率已降到 20% 多的水準，我們看到企業的興趣增加。因此我們預期需求會回升，主要在商業貸款。

As I said before, seasonally the first. Three or four months of the year are usually very low on peso demand, but starting in May with tax payments and next month when companies pay the , they have a complimentary salary that they pay, we usually start to see a better demand in local currency.

如我先前所說，季節性來看，一年中的前三到四個月通常對比索需求很低，但從五月開始有繳稅，且下個月公司支付——他們會支付一筆補充薪資——我們通常會開始看到本幣需求變得更好。

Regarding dollar, of course, there have been pretty good demand in the first four months of the year.

至於美元，當然，今年前四個月的需求相當不錯。

On the contrary, in May, we are seeing a little more calm in this currency.

相反地，在五月我們看到這個幣別稍微平靜一些。

And in terms of the dollars, if I can ask, in the past, you have had continuous purchase by retail investors of physical dollars. How has that evolved in the last couple of months?

再問一下美元方面，過去散戶投資人一直持續買入實體美元。過去幾個月這個情況如何演變？

Retail investors have been buying dollars since all the regulations were lifted one year ago.

自從一年前解除所有管制以來，散戶投資人一直在買美元。

Of course, we are not seeing the same level of demand that we saw in the third quarter of last year, but I would still say that it's high compared with historical levels. So we are not at the highest, of course, but people are still buying and saving in dollars mainly.

當然，我們看到的需求水準不如去年第三季那麼高，但我仍會說，相較於歷史水準仍然偏高。所以雖然不是最高點，但人們仍主要在買入並以美元儲蓄。

Thank you very much, Steve.

非常感謝你，Steve。

Our next question comes from Matthias Cattarruzzi with Adcap.

下一個問題來自 Adcap 的 Matthias Cattarruzzi。

Hi, Tim. How are you? I have two questions. First, how do you see the Tamar trajectory or the coming quarters. Do you expect pesonim to hold or lower?

嗨，Tim。你好嗎？我有兩個問題。第一，你怎麼看 Tamar 的走勢或未來幾季？你預期比索 NIM 會持平還是下降？

And do you have an NPL guidance for year-end 2026? And what is the view on GDP growth and a potential recovery in real wages in the second part of 2026?

另外，你們對 2026 年底的 NPL 有指引嗎？以及對 GDP 成長與 2026 年下半年實質薪資可能復甦的看法是什麼？

Hi, Matthias. Well, I will start with Tamar.

嗨，Matthias。嗯，我先從 Tamar 開始。

Well, we have seen a pretty strong decrease in Tamar rates, in the first, through March and April probably, that has provided good fuel for our NII as well. Of course, we have a shorter term liabilities than assets. So what we are seeing is that this negative level of interest rates, of course, is not sustainable. Probably we are seeing.

我們看到 Tamar 利率在年初到三月、四月期間大幅下降，這也為我們的淨利息收入（NII）提供了很好的動能。當然，我們的負債期限比資產更短。所以我們看到的是，這種負的實質利率水準當然不可持續。我們可能正在看到。

Coming to a neutral level or something close to neutral in the coming months, but mainly because inflation is going down more than the Tamar going down. Probably we are expecting Tamar to be in line with inflation for the coming months. So inflation keeps going down, Tamar could go marginally down, but not too much. I think that the big movement has already been done this year at least. Regarding peso NIMS, as I was saying before, it has remained pretty stable in real terms. We are expecting it nominally to fall a little as interest rates go down, but when you consider that inflation is also going down, so we are seeing a smaller loss. On our net income on inflation, it's reasonable to say that pesonims will hold pretty stable in the coming quarters, probably a little down, but no more than 50 basis points or 100 at the most.

未來幾個月回到中性水準或接近中性，主要是因為通膨下降的幅度大於 Tamar 的下降。我們預期未來幾個月 Tamar 會與通膨大致一致。因此若通膨持續下行，Tamar 可能會小幅下調，但不會太多。我認為至少今年大的調整已經完成了。至於比索 NIM，如我先前所說，以實質來看一直相當穩定。我們預期名目上會隨著利率下行而略降，但考量通膨也在下降，因此我們看到的損失較小。就我們的通膨調整後淨利而言，可以合理地說，比索 NIM 在未來幾季會大致維持穩定，可能略降，但最多不超過 50 個基點或 100 個基點。

Regarding NPL, we are not providing specific guidance, but as I said before, we think that it will be a little lower than the levels that we have seen at the end of this first quarter. It should be around 5%, we guess, or a little below.

關於 NPL，我們不提供具體指引，但如我先前所說，我們認為它會略低於第一季末所見的水準。我們猜測應該在 5% 左右或略低。

Regarding GDP, we are expecting 3%. And I think that you have made another question.

至於 GDP，我們預期是 3%。我想你還問了另一個問題。

Sorry, about real wages recovery.

抱歉，是關於實質薪資復甦。

Well, real wages should recover as inflation is going down, I guess. I think that one of the main reasons why real wages decreased in the latest last year was the pickup in inflation. So we are expecting a reversal on that trend. We are pretty confident generally on the outlook.

嗯，隨著通膨下降，實質薪資應該會復甦，我想。我認為去年實質薪資下滑的主要原因之一是通膨加速上升。因此我們預期這個趨勢會反轉。整體而言，我們對前景相當有信心。

This first quarter has brought a lot of good news for. For the financial system and the country. So we think that those news should start to have an impact soon.

第一季帶來了很多好消息，對於。對金融體系與國家而言。所以我們認為這些消息應該很快就會開始產生影響。

Great. And then as a follow-up, are you seeing a real interest rate in the coming quarters, but tighter than before?

很好。那追問一下，你們是否看到未來幾季的實質利率會比以前更緊？

Real interest rates, we're expecting them to come back to neutral levels. But more as a consequence of inflation going down than that of Tamar going up.

實質利率方面，我們預期會回到中性水準。但這更多是通膨下降的結果，而不是 Tamar 上升所致。

Thank you so much.

非常感謝。

You're welcome.

不客氣。

Our next question comes from William Barangarge with Itau BBA.

下一個問題來自 Itau BBA 的 William Barangarge。

Thank you for the presentation. I have two quick ones. First, on your recently done layoff program, if you could share with us the amount of savings you're expecting from it.

感謝簡報。我有兩個簡短問題。第一個，關於你們最近進行的裁員措施，能否與我們分享預計可帶來多少節省？

And a second one still on loan growth. If you could go through the year in terms of expectations of growth, when it accelerates and what is the amount expected for growth, if any, in the second-half of the year.

第二個仍是關於放款成長。能否請你們說明全年對成長的預期：何時會加速，以及下半年若有的話，預計成長幅度是多少？

Those are the two ones.

以上兩個問題。

Okay, thanks, William. Regarding our layoff program, it's not really a program, I would say.

好的，謝謝你，William。關於我們的裁員，我會說這其實不算是一個「計畫」。

The bank in the latest two years, as a part of our growth plan, we've been very aggressive in growth. We have grown. More than 400 basis points in loans through the last three years without having acquired any entity. In fact, we are the bank that has grown the most in the Argentinian financial system without buying or merging with other bank.

銀行在過去兩年，作為我們成長計畫的一部分，我們在成長上非常積極。我們確實成長了。在過去三年中，在未收購任何機構的情況下，放款成長超過 400 個基點。事實上，我們是在阿根廷金融體系中，在未購併或與其他銀行合併的情況下成長最多的銀行。

So we have been growing in payrolls. Now this quarter, we are making a little efficiency, but it's usual business probably in the coming quarter, you could also see some.

因此我們的人事編制也一直在擴張。而在本季，我們做了一些效率調整，但這可能是正常的經營作法，在接下來的季度你們也可能會看到一些。

Some more layoffs, but as I said before, it's not a part of a program, it's just the usual business. Sometimes we grow, sometimes we go down on employees.

可能還會有一些裁員，但如我先前所說，這不是某個計畫的一部分，只是正常的經營管理。有時候我們擴編，有時候員工數會下降。

And savings will impact relatively quick. I think that we have, it's less than approximately a year or 15 months.

而節省的效果會相對快速反映。我認為大概不到一年或 15 個月左右。

In that time we recover what we have paid for those layoffs.

在那段時間內，我們就能回收為這些裁員所支付的成本。

In terms of loans.

至於放款方面。

As I was saying, we are expecting every quarter to be a little better than the previous one.

如我所說，我們預期每一季都會比前一季好一些。

At the beginning, the focus, of course, will be on the commercial side and bigger companies and medium-sized companies.

一開始，重點當然會放在商業端，以及大型企業與中型企業。

Dollar demand, even if I said that May was coming a little soft, we are expecting to pick up quickly. We have many companies looking for dollar loans. Many projects were there.

美元需求方面，即便我提到 5 月稍微偏弱，我們預期會很快回升。有很多公司在尋求美元貸款。也有許多專案在進行中。

On the retail part of the business, we are more focused right now on mortgages. Mortgages have shown a really low impact in NPLs. They are still at very low level. People are paying. We are originating mortgages very cautiously with loans to value that are very safe. So we are not.

在零售業務方面，我們目前更聚焦在房貸。房貸在不良貸款（NPL）上的影響非常低。目前仍維持在很低的水準。民眾都有按時還款。我們在承作房貸時非常謹慎，採用很安全的貸款成數（LTV）。所以我們不會。

We are not slowing down on mortgages.

我們不會放慢房貸的腳步。

We were the only bank that in the fourth quarter of last year kept very competitive prices. So we are still leading the recovery in this market and the same with pledges. Even if in car loans, even if the first quarter was not as big in new demand, we are partners with four. Brands and we have a substantial portion of the new car loan, so we still want to be there. It's the same that in mortgages. We think that the retail demand of loans should be rotating from consumer, which consumer has.

去年第四季，我們是唯一一家仍維持非常具競爭力定價的銀行。因此我們仍在帶動這個市場的復甦，汽車質押貸款也是一樣。即便在車貸方面，即便第一季新需求沒有那麼強，我們與四個。品牌合作，且在新車貸市場占有相當大的份額，所以我們仍希望維持在這個市場。這與房貸的邏輯相同。我們認為零售端的貸款需求應該會從消費貸款轉向，因為消費貸款曾經。

Had an abnormal portion of banks' portfolios in the past years as a consequence of the economic situation, but as stability is growing in Argentina, we should see that this.

在過去幾年因經濟情勢的緣故，曾在銀行投資組合中占比異常偏高；但隨著阿根廷的穩定性提升，我們應該會看到。

These investment lines like cars or mortgages should take a bigger part of our portfolio in the future. But as I said before, this is probably, this is not the year to be that aggressive in general terms in retail business. We have been growing very fast in the past two years. We grew more than 80% in real terms in 2024, then we grew almost 50% last year. So it doesn't really matter if this year we are growing 20. Or 25, it's the same. We intend to keep growing in the country and there is a lot of room to keep going. So we are not really in a hurry, especially in the retail business until general conditions start to improve.

像汽車或房貸這類投資型授信，未來應該會在我們的投資組合中占更大的比重。但如我先前所說，就整體而言，今年可能不是在零售業務上特別積極進攻的一年。過去兩年我們成長非常快。2024 年以實質計算我們成長超過 80%，去年又成長了將近 50%。所以今年成長 20%。或 25%，其實都差不多。我們打算持續在國內成長，而且還有很大的成長空間。因此我們並不急，尤其是在整體環境開始改善之前，零售業務更是如此。

Okay, thank you very much.

好的，非常感謝。

Our next question comes from Martin Argento with Delta Asset Management.

下一個問題來自 Delta Asset Management 的 Martin Argento。

Hi, thanks for taking my question. And I have a few quick questions. First on efficiency, the ratio came in 51% this quarter. Partly, I know that impact by this one of severance, but where do you see the efficiency ratio landing by year end? And what's the steady state in the long-term now?

嗨，謝謝讓我提問。我有幾個簡短問題。第一個關於效率比率，本季比率為 51%。我知道部分受到這次資遣費的一次性影響，但你們預期年底效率比率會落在什麼水準？長期的穩態水準又會是多少？

And the other question is about ROE.

另一個問題是關於股東權益報酬率（ROE）。

You have guided to mid 10th for 2026, and I know it's tough to give a number for 2027, given the election cycle. But directionally, where do you see ROE in the longer-term now when the cycle fully normalized, if you imagine?

你們指引 2026 年 ROE 在 10% 中段，我知道考量選舉週期，要給 2027 的數字很困難。但方向性來看，當景氣循環完全正常化後，長期 ROE 你們現在怎麼看？

And related with this, how much of drug is rec pumped for ROE nowadays?

另外相關地，目前 ROE 有多少是靠「drug is rec pumped」所推升的？

That's the questions.

以上是我的問題。

Okay, thanks Martin for the question. Regarding efficiency, well, this last year as a whole, our efficiency was 53.9%. Last quarter of last year was really low, but because of one-offs probably, and when you compare to this first quarter, you see a spike in the ratio that jumps to 51, but it also, as you mentioned, has some one-offs.

好的，謝謝 Martin 的提問。關於效率比率，去年全年我們的效率比率是 53.9%。去年第四季的比率非常低，但可能是因為一次性因素；當你把它和今年第一季相比，就會看到比率跳升到 51%，但如你所提到的，其中也包含一些一次性因素。

For the whole year, for this year, we are expecting to be much better than the previous one as our fees are improving, we have been improving in. We have been improving in NII, of course, as we have been mentioning for some quarters, and our expenses are under control. So we are expecting.

就今年全年而言，我們預期會比去年好很多，因為我們的手續費收入正在改善，我們也一直在改善。我們也一直在改善淨利息收入（NII），當然，正如我們過去幾季所提到的，而我們的費用也在控制之中。因此我們預期。

A better performance of this ratio, probably it will be the year as a whole below 50.

這個比率會有更好的表現，全年可能會低於 50。

I could say that it would be around 48, 49, but it should be a substantial improvement compared to the coming to the past years.

我可以說大概會在 48、49 左右，但相較於過去幾年應該會有顯著改善。

In the future, we need, of course, to keep improving on this ratio. It's still very high.

未來我們當然需要持續改善這個比率。它仍然非常高。

We do not have a specific target, but yes, we know that banks. Course, and our bank is going to keep growth in place. So volume should offset the fall in NIMs and fees should keep going. And as I said before, expenses should be kept under control. So the trend for this ratio is that it will keep going down.

我們沒有特定目標，但我們也知道銀行。當然，我們的銀行將會持續推動成長。因此，規模成長應可抵消淨利差（NIM）下滑，而手續費也應持續成長。如我先前所說，費用應維持在可控範圍內。因此這個比率的趨勢是會持續下降。

Regarding ROE.

關於 ROE。

Yes, it's very difficult, as you said, giving guidance for coming years as we do not have a track record of normal years, as I'd like to say in Argentina. We have been living under regulations and many regulations that have kept us from having. Normal banking activity.

是的，正如你所說，要對未來幾年給出指引非常困難，因為我們沒有「正常年份」的歷史紀錄——我喜歡說在阿根廷就是如此。我們一直生活在各種監管之下，而且有很多監管，讓我們無法擁有。正常的銀行業務活動。

We know that we still have a lot of room to grow.

我們知道我們仍然有很大的成長空間。

We are confident that we will reach higher ROEs.

我們有信心能達到更高的 ROE。

We know that when hyperinflation accountancy, when we get rid of that, we do not have a specific date for that, but we know that Argentina could possibly comply with one of the requirements that is having an accrued inflation over the last 36 months below 100%. That requirement could be met by the end of next year, but it doesn't necessarily mean that the central bank is going. To rule that we have to, that we can get rid of that kind of accountancy. But of course, that makes us not right now, not comparable to banks in other geographies. If we had to compare with a Brazilian or a Peruvian or a Colombian bank in countries where inflation is running among three and four or 5%, well, when we saw ROEs from those geographies.

我們知道，當高通膨會計處理——當我們擺脫那個之後——我們沒有一個確切日期，但我們知道阿根廷可能可以符合其中一項要求，也就是過去 36 個月的累積通膨低於 100%。這項要求可能在明年年底達成，但這不一定代表央行就會。裁定我們必須、或我們可以取消那種會計處理。但當然，這使得我們目前無法與其他地區的銀行相比。如果我們要拿巴西、秘魯或哥倫比亞等通膨約 3%、4% 或 5% 的國家銀行來比較，那麼當我們看到那些地區的 ROE 時。

You should subtract 2, 3, 4% from those ROEs to make them comparable with the banks in Argentina.

你應該從那些 ROE 中扣除 2%、3%、4%，才能與阿根廷的銀行具有可比性。

The impact, the precise, let's suppose that in 2028 we are without that adjustment.

至於影響的精確程度，假設 2028 年我們已經不需要那項調整。

The impact it's difficult to consider because it will depend on how high inflation is at that moment. If inflation is running at.

影響很難評估，因為它將取決於當時通膨有多高。如果通膨是。

3%, let's say, it's difficult, but the impact will be small. If inflation is still running at 10, 12%, the impact will be much higher. But just trying to make it brief, we think that we have a lot of room to keep improving on our ROE. And we know that if we want to, even if we are very comfortable with our capital position, we know that if we want to be a bigger bank in a bigger financial system. We have to deliver on ROE.

比如說 3%，這很難，但影響會很小。如果通膨仍在 10%、12%，影響就會大得多。但簡單說，我們認為我們仍有很大的空間持續改善 ROE。而且我們知道，如果我們想要——即使我們對資本部位非常滿意——我們也知道若要在更大的金融體系中成為更大的銀行。我們就必須交出 ROE。

That's very clear for us.

這點對我們非常清楚。

Our next question comes from Marcos Seru with Alaria.

下一個問題來自 Alaria 的 Marcos Seru。

Hi, good morning.

嗨，早安。

Thank you for taking my question.

謝謝讓我提問。

It is about MPLs.

是關於 MPL。

The central bank rules required to classify a loan as non-performing, even if that client isn't non-performing with you. But it is delinquent with another bank. I wanted to know how much of the NPL you reported is driven by this cross-bank reclassification rule and how much is kind that are actually delinquent with the bank.

央行規定要求將一筆貸款分類為不良，即使該客戶在你們這裡並非不良。但他在另一家銀行有逾期。我想了解你們報告的 NPL 中，有多少是由這個跨銀行重新分類規則所驅動，又有多少其實是對你們銀行本身就已逾期的。

And also another question, if you could separate the deposits and loan growth.

另外還有一個問題，如果你們可以把存款與放款的成長拆開來看。

Sorry, guidance between pesos and dollars.

抱歉，我是指以披索與美元分開的指引。

Thank you.

謝謝。

Hello, Marcos.

你好，Marcos。

Thank you for your question.

謝謝你的提問。

The first part regarding what you said about having in stage three on IFRS or stage three and over on the central bank.

第一部分，關於你提到在 IFRS 的第三階段，或在央行的第三階段及以上。

Classification. This only applies for commercial loans, not for individuals. I think you mean this rule where you have to classify a client as non-performing if they are non-performing in another bank. This only applies for commercial and we have had almost nothing. I mean, our commercial NPL is below 1% and the only.

分類。這只適用於商業貸款，不適用於個人。我想你指的是這項規則：如果客戶在另一家銀行是不良，就必須把該客戶分類為不良。這只適用於商業貸款，而我們幾乎沒有遇到。我的意思是，我們的商業 NPL 低於 1%，而唯一的。

Maybe worsening, but that we are already seeing an improvement by April was with some SMEs, but we don't have any particular clients or that is substantial to your question and to our provisioning.

可能惡化、但我們在 4 月已經看到改善的，是一些中小企業（SME），但我們沒有任何特定客戶或對你的問題與我們提列備抵有重大影響的情況。

I think that's what you meant in this case, if I'm not mistaken.

我想這就是你在這個情況下的意思，如果我沒有理解錯的話。

Yes, perfect.

是的，完全正確。

Okay, and regarding the other question, Marcos, of course, we are seeing stronger growth on dollar deposits and loans than in pesos for this year.

好的。至於另一個問題，Marcos，當然，今年我們看到美元存款與美元放款的成長都比披索更強。

Regarding pesos, the central bank monetary policy has been very restrictive in the last couple of years.

就披索而言，央行的貨幣政策在過去幾年一直非常緊縮。

As a system, deposits have not grown in the last. Two years, the bank, BBA, yes, we have grown a lot because we have gained market share. But for this year, which is not especially strong, as I was mentioning in local currency, we are expecting both deposits and loan growth in local currency of around 10%, 10 to 15% in real terms.

以整個系統來看，存款在過去。兩年並沒有成長；但本行 BBA 有，我們成長很多，因為我們取得了市占。但就今年而言——如我提到的，本幣並不是特別強——我們預期本幣的存款與放款成長約 10%，以實質計約 10% 到 15%。

Of course, that means that we are seeing a strong second-half of the year.

當然，這代表我們預期下半年會很強。

Because the year started very slow. And regarding dollars, we are seeing deposit growth of around 30% and loan growth of around 40%.

因為今年一開始非常緩慢。至於美元方面，我們看到存款成長約 30%，放款成長約 40%。

Our next question comes from Brian Flores with Citi.

下一個問題來自 Citi 的 Brian Flores。

Hi, Tim.

嗨，Tim。

Thank you for the opportunity of circling back here. I think we didn't touch on the regulatory side, so I just wanted to check with you because we know that the government has been really, I would say, flexibilizing some of the measures. So I just wanted to check with you if there's any short-term low-hanging fruits that the banking system as a whole is still asking for in terms of support on the regulation side. And also, Diego, I think maybe the idea we get from what you mentioned today along with Belen is that we are seeing more of a normalized cycle, right, in terms of credit. So you spoke a bit on, I would say, some.

謝謝讓我再回到這個議題。我想我們沒有談到監管面，所以我想跟你確認一下，因為我們知道政府一直在——我會說——放寬一些措施。所以我想確認一下，短期內在監管支持方面，整個銀行體系是否還有任何仍在爭取、比較容易達成的事項。另外，Diego，我想從你今天提到的內容以及 Belen 的說法來看，我們似乎看到信貸方面更正常化的循環，對吧。所以你談到了一些——我會說——某些。

Better trends and I wouldn't say very optimistic trends, but better trends in terms of credit demand. So if you could maybe in your view, provide a view of what is missing here as the missing piece to maybe turn the whole cycle around in a more, I would say, strong way, given the solid initial fraction that we are seeing.

較好的趨勢；我不會說是非常樂觀的趨勢，但在信貸需求方面是較好的趨勢。所以如果可以的話，請你從你的角度，說說目前還缺少什麼關鍵拼圖，才能在我們看到這個穩健的初始動能之下，把整個循環更強勁地扭轉過來。

Okay, thanks, Brian. Regarding your first questions about regulations.

好的，謝謝，Brian。關於你第一個有關監管的問題。

We all know what happened in the third quarter of last year and all the reserve requirement regulations that were put in place. That meant, of course, interest rates going up very quickly, the impact that it had in our NIIs and all the difficulties we had operationally, because it was very difficult to comply on those reserve requirements on a daily basis.

我們都知道去年第三季發生了什麼，以及當時推出的所有存款準備金要求相關規定。那當然意味著利率非常快速上升，對我們淨利息收入（NII）的影響，以及我們在營運上遇到的各種困難，因為要每天符合那些準備金要求非常困難。

Those regulations have been mainly removed. I think that made sense. It was on the central bank agenda that as soon as elections were over, they were going to dismantle all this and they have complied with that. So we are seeing an environment of less volatility, rates going down, everything has normalized pretty well. So there are minor issues. Of course, reserve requirements are still very high in Argentina.

那些規定大多已被取消。我認為這是合理的。央行的議程是選舉一結束就會拆除這一切，而他們也確實做到了。因此我們看到波動較小的環境、利率下行、各方面都相當程度地正常化。所以只剩一些小問題。當然，阿根廷的準備金要求仍然非常高。

Even if not 100% of those requirements mean necessarily some harm to our incomes. If you consider local currency, reserve requirements reach 30% of our deposits, but just third of that we complied on a central bank account at zero rate, and the remaining two thirds of those requirements are met with bond positions that we would hold anyway.

即使未必 100% 符合那些要求，也不一定會對我們的收入造成傷害。如果以本幣來看，法定準備金要求達到我們存款的 30%，但其中只有三分之一是我們以零利率存放在央行帳戶來履行，剩下三分之二的要求則是以我們本來就會持有的債券部位來滿足。

So what we assume is that whenever a loan demand in pesos pick up and central bank is comfortable regarding the path of inflation, they will start to release these abnormally high reserve requirements. In the meantime, I have to say that we have more liquidity.

因此我們的假設是，當比索貸款需求回升、且央行對通膨走勢感到放心時，他們就會開始釋放這些異常偏高的準備金要求。同時，我必須說，我們的流動性更充裕。

We have free liquidity. We have enough liquidity to grow even if Central Bank doesn't decrease this level of requirements in the short-term. So we are not worried. About liquidity, we think that we still can gain some market share in local currency and of course in foreign currency too. So liquidity is not really an issue and to complete your question regarding all other regulatory issues, I think that there's nothing really. Really very important, very substantial. We are always talking and Silver Bank is always willing to receive our comments on small issues, but I think that the system is working really good right now.

我們有可自由運用的流動性。即使央行短期內不降低這個要求水準，我們也有足夠的流動性來成長。所以我們不擔心。就流動性而言，我們認為我們仍能在本幣市場、當然也包括外幣市場，取得一些市占率。因此流動性並不是問題；至於你提到的其他所有監管議題，我認為其實沒有什麼。沒有真正非常重要、非常重大的事項。我們一直在溝通，而 Silver Bank 也一直願意聽取我們對一些小問題的意見，但我認為目前整個體系運作得非常好。

Regarding what is needed to normalize the cycle of credit, I think that we should bear in mind that a lot of things are happening in Argentina and.

關於要讓信貸循環正常化所需的條件，我認為我們應該記住，阿根廷正在發生很多事情，而且。

Not everything has its effect that quick. We come from many decades of doing things wrong from the economic and institutional and political point of view.

並不是所有事情的影響都會那麼快顯現。從經濟、制度以及政治的角度來看，我們經歷了數十年做錯事的時期。

And just to have to bear in mind, a lot has happened in the past four or five months.

而且要記住，過去四、五個月發生了很多事。

Argentina has passed two or three very important reforms, labor reform, glacial law amendment. We have the new.

阿根廷通過了兩到三項非常重要的改革：勞動改革、冰川法修正案。我們有新的。

We have passed a budget.

我們通過了預算案。

The central bank has started buying dollars.

央行已開始買入美元。

A rating agency has improved the rating of the country. We keep the fiscal order and inflation keeps going down. So Argentinian companies and sovereigns have been issuing plenty of dollars in foreign markets.

某家評等機構上調了該國的評等。我們維持財政紀律，通膨也持續下降。因此，阿根廷企業與主權發行人在海外市場發行了大量美元債。

We have lower rates, we have lower taxes for exports. So I'm probably forgetting a lot of things that are happening to Argentina and probably those things will start to have an effect on activity soon. But probably we are a little anxious regarding how quick this can happen.

我們有更低的利率，也有更低的出口稅。所以我可能還漏掉了很多阿根廷正在發生的事情，而這些事情很可能很快就會開始對經濟活動產生影響。但我們可能對這件事能多快發生有點焦慮。

We have to bear in mind that we come from many decades of mismanagement on these issues. So I think that we are on the right path. Eventually, things will start to get better. Of course, I cannot tell when this is going to happen, but having lower rates, just to give an example, and lower inflation in the coming months and quarters probably should prove to be very.

我們必須記住，在這些議題上我們經歷了數十年的管理不善。所以我認為我們走在正確的道路上。最終，情況會開始改善。當然，我無法告訴你這會在何時發生，但例如未來幾個月與幾個季度的較低利率與較低通膨，可能會被證明是非常。

Good pieces of news for our short-term activities. So we think that, of course, when we originate, just to take the example of retail business, of course, we keep originating retail loans at much lower extents than a year ago, and we are giving those loans to our.

對我們短期業務而言是好消息。因此我們認為，當然，當我們放款時——以零售業務為例——我們當然仍在承作零售貸款，但規模遠低於一年前，而且我們以更低的利率把這些貸款提供給我們的。

Customers, let's say, at lower rates. And those laws are providing are proving to behave better. They are behaving really good. So with time, we will start to be a little more loose on how. We can keep originating those kinds of loans, we will be making proofs and eventually we will get more comfortable with this origination. But of course, we are not in a hurry. As I said before, we have been growing fast in the coming two, in the past two years, we have gained a place of relevance in the financial system. We are bank number two bank in market share in private loans, we are number four, three. Four years ago and all this without having acquired any other entity. So we are very confident that we are on the right path.

客戶，也就是說，以較低利率。而且這些貸款的表現正被證明更好。它們表現得非常好。因此隨著時間推移，我們在如何。持續承作這類貸款方面會更放寬一些；我們會做一些驗證，最終我們會對這些放款的承作更有信心。但當然，我們不急。如我先前所說，過去兩年我們成長很快，我們在金融體系中取得了重要地位。我們在私人貸款市占率方面是第二大銀行，我們是第四、第三。四年前，而這一切都沒有透過收購任何其他機構。因此我們非常有信心，我們走在正確的道路上。

Thank you. This concludes today's question-and-answer. I would now like to hand the floor back to BBVA's team for closing remarks.

謝謝。今天的問答環節到此結束。我現在把時間交回給 BBVA 團隊作結語。

Okay, thanks. Well, I want to thanks again for joining. We are really pleased, as we said, that how BBA has been able to carry out our strategy in a context that all of you know that has not been the ideal in the last three quarters, and especially having been able to make the necessary tactical amendments to our strategy.

好的，謝謝。嗯，我想再次感謝各位參與。我們非常高興，正如我們所說，儘管各位都知道過去三個季度的環境並不理想，但 BBA 仍能執行我們的策略，並且特別是能夠對策略做出必要的戰術性調整。

And we know that we have been able to keep our growth strategy, as I said.

而且我們知道，我們已能如我所說，持續推進我們的成長策略。

We have shown for our second quarter in a row with a sequential improvement in our net income, though we are still very far from what we think is our potential. And of course, we remain very focused and confident that with all these reforms that are taking place in the country and the better financial conditions that we are starting to see these quarters. We should be soon able to resume growth and keep this path of improvement in our financial performance. So that's all and thanks again for joining.

我們已連續第二個季度呈現淨利的季比改善，儘管我們仍遠低於我們認為的潛力。當然，隨著國內正在推動的所有這些改革，以及我們在這幾個季度開始看到的更佳金融條件，我們仍然非常專注且充滿信心。我們應該很快就能恢復成長，並延續這條財務表現改善的路徑。以上就是全部，再次感謝各位參與。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以掛線。