Popular Inc (BPOP) 2025 Q2 法說會逐字稿

Hello, everybody, and welcome to the Popular Incorporated second-quarter 2025 earnings call. My name is Elliot, and I'll be your coordinator today. (Operator Instructions)

大家好，歡迎參加 Popular Incorporated 2025 年第二季財報電話會議。我叫艾略特，今天我將擔任您的協調員。（操作員指示）

I would now like to hand over to Paul Cardillo. Please go ahead.

現在我想把時間交給保羅·卡迪羅。請繼續。

Good morning, and thank you for joining us. With us on the call today is our President and CEO, Javier Ferrer; our CFO, Jorge Garcia; and our CRO, Lidio Soriano. They will review our results for the second quarter and then answer your questions. Other members of our management team will also be available during the Q&A session.

早安，感謝您加入我們。今天參加電話會議的有我們的總裁兼執行長 Javier Ferrer、我們的財務長 Jorge Garcia 和我們的財務長 Lidio Soriano。他們將審查我們第二季的業績，然後回答您的問題。我們的管理團隊的其他成員也將參加問答環節。

Before we begin, I would like to remind you that during today's call, we may make forward-looking statements regarding Popular such as projections of revenue, earnings, credit quality, expenses, taxes, and capital structure as well as statements regarding Popular's plans and objectives. These statements are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements are set forth within today's earnings release and our SEC filings. You may find today's press release and our SEC filings on our web page at popular.com.

在我們開始之前，我想提醒您，在今天的電話會議中，我們可能會對 Popular 做出前瞻性陳述，例如收入、收益、信用品質、費用、稅收和資本結構的預測，以及有關 Popular 的計劃和目標的陳述。這些聲明是基於管理層目前的預期，並受風險和不確定性的影響。可能導致實際結果與這些前瞻性陳述有重大差異的因素已在今天的收益報告和我們向美國證券交易委員會提交的文件中列出。您可以在我們的網頁 popular.com 上找到今天的新聞稿和我們向美國證券交易委員會提交的文件。

I will now turn the call over to our President CEO, Javier Ferrer.

現在我將把電話轉給我們的總裁兼執行長哈維爾費雷爾 (Javier Ferrer)。

Thank you, Paul. Good morning, everybody. I'm happy to be here with you in my first earnings call as CEO. I'd like to take a moment to recognize the impact that my predecessor, Ignacio Alvarez, had on this company during his tenure, as well as on me as a colleague and a friend. It is an honor to follow such a great leader, so thank you, Ignacio, for your partnership.

謝謝你，保羅。大家早安。我很高興作為執行長在這裡參加我的第一次財報電話會議。我想花點時間來認識我的前任伊格納西奧·阿爾瓦雷斯 (Ignacio Alvarez) 在任職期間對這家公司以及作為同事和朋友對我產生的影響。能夠追隨這樣一位偉大的領導者是我的榮幸，所以感謝伊格納西奧的合作。

I am humbled by the opportunity to lead this iconic Puerto Rican institution. For over 130 years, Popular has consistently demonstrated a deep commitment to Puerto Rico, its institutional values and putting our customers at the heart of everything we do. I joined Popular almost 11 years ago. I knew that if I wanted to make a meaningful contribution, this was the place to be. This idea, simple and yet powerful, continues to inspire me.

我很榮幸有機會領導這家標誌性的波多黎各機構。130 多年來，Popular 始終如一地展現出對波多黎各的深切承諾、其機構價值觀以及將客戶放在我們一切工作的核心位置。我加入 Popular 快 11 年了。我知道，如果我想做出有意義的貢獻，這裡就是我該來的地方。這個想法簡單又強大，不斷激勵著我。

Before I discuss the highlights for the second quarter, I am pleased to report that we recently announced two capital actions, a new incremental common stock repurchase program of up to $500 million and a 7% increase in our quarterly common stock dividends to $0.75 per share. These actions evidence the strength of our capital position, which allows us to continue to invest in our franchise and serve the needs of our customers while also returning capital to our shareholders.

在討論第二季的亮點之前，我很高興地報告，我們最近宣布了兩項資本行動，一項高達 5 億美元的新的增量普通股回購計劃，以及將季度普通股股息提高 7% 至每股 0.75 美元。這些舉措證明了我們資本實力雄厚，使我們能夠繼續投資於我們的特許經營權並滿足客戶的需求，同時也為股東帶來資本回報。

On slide 3, we share a few highlights from the period that reflect our strong operating performance in the second quarter. We reported net income of $210 million, an EPS of $3.09 per share, an increase of $32 million and $0.53 per share respectively compared to the first quarter. Importantly, the improvement in our bottom line resulted in a very strong 13.3% return on tangible common equity. Our results were driven by higher net interest income and expanding net interest margin and strong loan and deposit growth. We maintain our credit discipline, and credit quality continue to improve.

在幻燈片 3 上，我們分享了該期間的一些亮點，反映了我們第二季強勁的營運表現。我們報告的淨收入為 2.1 億美元，每股收益為 3.09 美元，與第一季相比分別增加 3,200 萬美元和每股 0.53 美元。重要的是，我們的底線改善導致有形普通股權益回報率達到 13.3%。我們的業績得益於更高的淨利息收入、擴大的淨利差以及強勁的貸款和存款成長。我們堅持信用紀律，信用品質持續改善。

I would like to commend the lending teams at Popular, which grew loans by more than $900 million during the quarter. As a notable example, we served as agent bank for a $425 million loan to the private sector entity that operates and maintains several toll roads in Puerto Rico. This transaction is one of the largest infrastructure financing in Puerto Rico, executed entirely by local financial institutions.

我要讚揚 Popular 的貸款團隊，他們在本季的貸款增加了 9 億多美元。一個顯著的例子是，我們作為代理銀行向在波多黎各運營和維護多條收費公路的私營部門實體提供了 4.25 億美元的貸款。該交易是波多黎各最大的基礎設施融資之一，完全由當地金融機構執行。

Please turn to slide 4. So at the end of the second quarter, business activity in Puerto Rico continued to be solid as reflected by favorable trends in total employment, consumer spending, and other key economic data. The unemployment rate of 5.5% continues to hover around all-time lows. Consumer spending has been resilient and remains healthy. Combined credit and debit card sales for Banco Popular customers increased by approximately 4% compared to the second quarter of 2024.

請翻到幻燈片 4。因此，在第二季末，波多黎各的商業活動持續保持穩健，這體現在整體就業、消費者支出和其他關鍵經濟數據的良好趨勢。5.5%的失業率繼續徘徊在歷史最低水準。消費者支出一直保持強勁且健康。與 2024 年第二季相比，Banco Popular 客戶的信用卡和金融卡總銷售額成長了約 4%。

Home purchase activity continues to be strong as demonstrated by the $158 million increase in mortgage balances at Banco Popular during the quarter. While demand for new cars slowed somewhat after a very strong first quarter, we saw our auto loan and lease balances increase by $76 million during the period. The tourism and hospitality sector continues to be a source of strength for the local economy.

購屋活動持續強勁，Banco Popular 本季抵押貸款餘額增加了 1.58 億美元。雖然在第一季表現強勁之後，新車需求有所放緩，但在此期間我們的汽車貸款和租賃餘額增加了 7,600 萬美元。旅遊和酒店業繼續成為當地經濟的強勁動力。

This summer, the sector is benefiting from an added tailwind during what is usually a seasonally slow period due to Benito Martinez Ocasio's, also known as Bad Bunny, 39th concert residency at the Coliseum in San Juan, right next to our Popular Center Complex. Conservative estimates indicate that it will lead to approximately $200 million in additional local economic activity. It is also generating significant media exposure for the island, adding to its strong image as a compelling destination for travelers. The Popular brand is very well represented in the residences.

今年夏天，由於貝尼托·馬丁內斯·奧卡西奧 (Benito Martinez Ocasio)，又名壞兔子 (Bad Bunny)，在聖胡安體育館 (Coliseum) 舉辦第 39 場演唱會，該行業在通常的季節性淡季中受益匪淺，而體育界的這種順風態體育勢也隨之而來，該行業在通常的季節性淡季中受益匪淺，而體育界的這種順風態體育勢也隨之而來，該行業在通常的季節性淡季中受益匪淺，而體育界的這種順風態體育勢也隨之而來，該行業在通常的季節性淡季中受益匪淺，而體育界的這種順風態體育勢也隨之而來，該行業在通常的這種順風態勢也隨之而來。體育館就在我們流行中心綜合大樓的旁邊。保守估計，這將為當地帶來約2億美元的額外經濟活動。它也為該島帶來了顯著的媒體曝光度，增強了其作為旅遊勝地的形象。Popular 品牌在住宅中得到了很好的體現。

Additionally, some colleagues and I recently had an opportunity to attend the rebranding of an emblematic hotel property in San Juan and tour one of the island's new luxury hotels and residential community developments being built on the east coast. It's encouraging to see the scale of private investments being made on the island. And last but certainly not least, we continue to expect that the ongoing disbursement of federal disaster recovery funds will support economic activity for several years to come.

此外，我和一些同事最近有機會參加了聖胡安一家標誌性酒店的品牌重塑活動，並參觀了島上東海岸正在建設的一家新的豪華酒店和住宅社區開發項目。看到島上私人投資的規模如此之大令人鼓舞。最後但同樣重要的一點是，我們繼續預計，聯邦災難復原資金的持續撥付將在未來幾年支持經濟活動。

Given what we see every day. I am convinced there are opportunities for growth in Puerto Rico, and that we are uniquely positioned to leverage them. We do not take our market position for granted. We compete for it every day and are strongly committed to promoting the island's progress as we have done for over 130 years.

鑑於我們每天所看到的情況。我堅信波多黎各有發展的機會，而且我們擁有獨特的優勢來利用這些機會。我們不會將自己的市場地位視為理所當然。我們每天都在為此奮鬥，並堅定地致力於推動島嶼的進步，正如我們 130 多年來所做的那樣。

Before turning it over to Jorge, I would like to briefly comment on the status of our transformation. These efforts are designed to enhance our customers' lives through more personalized and seamless experiences, increase employee performance and satisfaction with more agile work processes, modernize the company's technology to enable greater innovation and security, and generate sustainable and profitable growth for our shareholders. A company-wide, multi-year program such as this one requires commitment, focus, and patience. We are pleased with the substantial progress we have made so far.

在交給 Jorge 之前，我想先簡單評論一下我們的轉型現狀。這些努力旨在透過更個人化和無縫的體驗來改善客戶的生活，透過更靈活的工作流程提高員工績效和滿意度，使公司的技術現代化以實現更大的創新和安全性，並為我們的股東創造可持續的獲利成長。像這樣的全公司範圍的多年計劃需要承諾、專注和耐心。我們對迄今為止的實質進展感到高興。

We have modernized branches to enhance customer experience and operational efficiency, reduce loan processing times for small and mid-sized commercial customers at Banco Popular, and launched a new digital platform to improve our commercial cash management services. These are only a small sample of the many efforts completed and in process that will ensure we are the number one bank for our customers. I am confident that we can improve how we work by becoming simpler, more productive, and more efficient.

我們對分公司進行了現代化改造，以提升客戶體驗和營運效率，減少 Banco Popular 中小型商業客戶的貸款處理時間，並推出了新的數位平台來改善我們的商業現金管理服務。這些只是我們已完成和正在進行的眾多努力中的一小部分，這些努力將確保我們成為客戶心目中的首選銀行。我相信，我們可以透過變得更簡單、更有效率、更有效率來改善我們的工作方式。

We will continue to leverage our position to size additional opportunities for growth in Puerto Rico. I am convinced there are many to drive increased profitability and continue enhancing our performance in the coming years. It has only been a couple of weeks since I officially began in this role, but I'm excited to show everyone what we can achieve together with even greater strategic focus and agility.

我們將繼續利用我們的地位來擴大波多黎各的成長機會。我相信，未來幾年有很多因素可以推動獲利能力的提高，並繼續提升我們的表現。我正式擔任這個職務才幾週時間，但我很高興向大家展示，透過更大的策略重點和靈活性，我們可以共同取得什麼成就。

I will now turn the call over to Jorge for more details on our financial results.

現在我將把電話轉給 Jorge，以了解有關我們財務表現的更多詳細資訊。

Thank you, Javier. Good morning, and thank you all for joining the call today. As Javier mentioned, our quarter net income increased by $32 million to $210 million, and our EPS improved by 21% to $3.09 per share. These results were driven by better NII and noninterest income and a lower provision for credit losses, offset somewhat by higher operating expenses.

謝謝你，哈維爾。早安，感謝大家今天參加電話會議。正如哈維爾所提到的，我們的季度淨收入增加了 3,200 萬美元，達到 2.1 億美元，每股收益提高了 21%，達到每股 3.09 美元。這些結果是由更好的NII和非利息收入以及較低的信貸損失準備金推動的，但被更高的營運費用所抵消。

There are numerous positives to highlight this quarter. The most significant for us is that the improvement in net income, coupled with our repurchase activity, which resulted in a 13.3% ROTCE for the period, an increase of 190 basis points from last quarter. As we have mentioned before, our objective is to deliver sustainable financial results. Our prior guidance of achieving at least a 12% ROTCE in Q4 of this year still stands. Additionally, given this quarter's results and credit outlook, we are increasingly confident we should exceed a 12% ROTCE for the full year and not just in Q4. Longer term, we remain focused on achieving a sustainable 14% return on tangible common equity.

本季有許多值得強調的正面因素。對我們來說最重要的是淨收入的改善，加上我們的回購活動，導致本期間的ROTCE達到13.3%，比上一季增加了190個基點。正如我們之前提到的，我們的目標是實現可持續的財務表現。我們先前對今年第四季至少實現 12% ROTCE 的指導仍然有效。此外，鑑於本季的業績和信貸前景，我們越來越有信心，全年的 ROTCE 應該超過 12%，而不僅僅是在第四季度。長遠來看，我們仍將致力於實現有形普通股權益可持續的 14% 回報率。

Please turn to slide 6. Our net interest income of $632 million increased by $26 million and was driven by balance sheet growth, asset repricing in our investment portfolio, and lower deposit costs in both of our banks. Our net interest margin expanded by 9 basis points on a GAAP basis and 12 basis points on a tax equivalent basis, driven by lower deposit costs and a larger balance of loans and tax-exempt investment securities.

請翻到幻燈片 6。我們的淨利息收入為 6.32 億美元，增加了 2,600 萬美元，這得益於資產負債表的成長、投資組合中的資產重新定價以及兩家銀行存款成本的降低。由於存款成本降低以及貸款和免稅投資證券餘額增加，我們的淨利差按 GAAP 計算擴大了 9 個基點，按稅收等值計算擴大了 12 個基點。

After a slow Q1, loan growth of $931 million in the quarter was very strong, with both banks contributing to the increase. At BPPR, we saw loan growth of $681 million reflected across all portfolios but driven primarily by commercial and construction lending. This includes the $265 million that we retained from the toll roads financing that Javier described earlier.

在經歷了緩慢的第一季之後，本季貸款成長非常強勁，達到 9.31 億美元，兩家銀行都為這一成長做出了貢獻。在 BPPR，我們看到所有投資組合的貸款增加了 6.81 億美元，但主要受到商業和建築貸款的推動。其中包括哈維爾先前描述的我們從收費公路融資中保留的 2.65 億美元。

At PB, we saw loan growth of $251 million, driven by commercial and construction lending. Last quarter, we guided to the lower end of the 3% to 5% loan growth range due to expected payoffs in our construction portfolio and the uncertainty in the economic environment. However, given the loan growth realized in Q2 and continued demand in Puerto Rico and in our niche lending businesses in the US, we reiterate our original 3% to 5% guidance.

在 PB，我們看到貸款增加了 2.51 億美元，這主要得益於商業和建築貸款。上個季度，由於我們建築投資組合的預期收益和經濟環境的不確定性，我們將貸款成長預期控制在 3% 至 5% 的低端。然而，考慮到第二季度實現的貸款成長以及波多黎各和美國利基貸款業務的持續需求，我們重申最初的 3% 至 5% 的指導。

In our investment portfolio, we continued to reinvest proceeds from maturities into treasuries, targeting a yield of at least 4%, while trying to manage the duration of the portfolio. During the quarter, we purchased approximately $2.4 billion of treasuries at an average yield of around 4%. The duration of these was closer to 1.5 years, as we felt the yields on that part of the curve were more attractive, particularly when considering the extension we achieved through our loan growth. We expect to continue to invest in treasuries to lessen our NII sensitivity to lower rates while maintaining an overall duration of two to three years in the investment portfolio.

在我們的投資組合中，我們繼續將到期收益再投資於國債，目標是殖利率至少達到 4%，同時努力管理投資組合的久期。本季度，我們購買了約 24 億美元的國債，平均收益率約為 4%。這些債券的期限接近 1.5 年，因為我們認為這部分曲線的收益率更具吸引力，特別是考慮到我們透過貸款成長實現的延期。我們預計將繼續投資於國債，以降低我們的 NII 對較低利率的敏感性，同時將投資組合的總體期限維持在兩到三年。

Ending deposit balances increased by $1.4 billion, while average balances grew by $499 million. Puerto Rico public deposits ended the quarter at $20.9 billion, an increase of approximately $1.3 billion compared to Q1. We continue to expect public deposits to be in the range of $18 billion to $20 billion. At BPPR, excluding Puerto Rico public deposits, ending deposit balances decreased by approximately $60 million end-to-end, and average deposits grew by approximately $440 million, with noninterest-bearing deposits accounting for $93 million of that increase. At PB, ending deposit balances increased by approximately $150 million, net of intercompany deposits. Total deposit costs decreased by 5 basis points.

期末存款餘額增加了 14 億美元，平均餘額增加了 4.99 億美元。波多黎各公共存款本季末為 209 億美元，與第一季相比增加約 13 億美元。我們繼續預期公共存款將在 180 億美元至 200 億美元之間。在 BPPR，不包括波多黎各公共存款，期末存款餘額環比減少約 6,000 萬美元，平均存款增加約 4.4 億美元，其中無息存款佔增加額的 9,300 萬美元。在 PB，扣除公司間存款後，期末存款餘額增加了約 1.5 億美元。總存款成本下降了5個基點。

At BPPR, deposit cost decreased by 3 basis points to 1.52%, mostly due to a 10-basis-point reduction in the cost of market-linked public deposits. At Popular Bank, deposit cost decreased by 14 basis points as we continued our efforts to reduce the cost of our US deposits.

在 BPPR，存款成本下降 3 個基點至 1.52%，主要是由於與市場掛鉤的公共存款成本降低了 10 個基點。在 Popular Bank，隨著我們繼續努力降低美國存款成本，存款成本下降了 14 個基點。

We're very happy with the efforts of our teams and their focus on deposit retention and growth strategies. However, we continue to expect third-quarter deposit balances in BPPR to reflect historical seasonality and decrease as our retail plan base spends Q1 and Q2 tax refunds. That said, given the results in the first half of the year, along with the anticipated NIM expansion for the rest of the year from repricing of our fixed rate earning assets and deposit retention strategies, we now expect to see higher NII growth of 10% to 11% in 2025.

我們對團隊的努力以及他們對存款保留和成長策略的關注感到非常高興。然而，我們仍預期 BPPR 第三季的存款餘額將反映歷史季節性，並隨著我們的零售計畫基礎支出第一季和第二季的退稅而減少。儘管如此，考慮到今年上半年的業績，以及由於我們的固定利率收益資產重新定價和存款保留策略而預計今年剩餘時間的淨利息收益率 (NIM) 將會擴大，我們現在預計 2025 年的淨利息收益率 (NII) 將增長 10% 至 11%。

Please turn to slide 7. Noninterest income was $168 million, an increase of $16 million compared to Q1 and above the high end of our 2025 quarterly guidance. There were two primary drivers of the delta versus our expectations: better fees related to customer transaction activity as a result of higher credit and debit card spending and higher other operating income which was mostly due to a $3 million increase in income from equity method investments and approximately $3 million related to a reimbursement from the IRS. Based on the quarter's results, we now expect quarterly noninterest income for 2025 to be at the high end of the $155 million to $160 million range.

請翻到幻燈片 7。非利息收入為 1.68 億美元，與第一季相比增加了 1,600 萬美元，高於我們 2025 年季度指引的高端。與我們的預期相比，出現這種差異的主要原因有兩個：由於信用卡和金融卡支出增加，與客戶交易活動相關的費用有所提高；其他營業收入增加，這主要是由於權益法投資收入增加了 300 萬美元，以及與美國國稅局報銷相關的約 300 萬美元。根據本季的業績，我們現在預計 2025 年季度非利息收入將達到 1.55 億美元至 1.6 億美元的高端。

Please turn to slide 8. Total operating expenses were $493 million, an increase of $22 million when compared to last quarter. The largest expense variance in the quarter was the $17 million increase in personnel costs. We've had a very good first half of 2025. As can reasonably assumed by our improved outlook for NII and credit, our internal net income forecast for the full year are now outpacing the original 2025 budget expectations by a significant enough margin to prompt us to begin to accrue profit sharing expense.

請翻到第 8 張投影片。總營運費用為 4.93 億美元，與上一季相比增加了 2,200 萬美元。本季最大的支出差異是人事成本增加了 1700 萬美元。2025 年上半年我們表現非常好。根據我們對 NII 和信貸前景的改善可以合理地假設，我們對全年內部淨收入的預測現在已經遠遠超過了最初的 2025 年預算預期，足以促使我們開始累積利潤分享費用。

During the quarter, we accrued $13 million for profit sharing in addition to other performance-related incentives. If we continue to outperform for the remainder of the year, the total profit sharing expense will be capped at approximately $40 million, or approximately 2% of our expense base.

本季度，除了其他與績效相關的獎勵外，我們還累計了 1,300 萬美元的利潤分享。如果我們在今年剩餘時間內繼續表現出色，那麼總利潤分享費用將限制在約 4,000 萬美元，或約占我們費用基礎的 2%。

Being in a position to share profits with all of Popular's full-time employees is a terrific outcome and allows our teams to benefit from the acceleration and the improvement of our profitability. This expense was not included in our original 4% expense growth guidance at the beginning of the year. However, we're working to mitigate the impact of these costs on our total expenses for the year with sustainable efficiency efforts. We now expect the increase in 2025 expenses, including profit sharing, to be between 4% and 5% when compared to last year. In other words, excluding profit sharing, we should see expense growth below our original 4% expectation.

能夠與 Popular 的所有全職員工分享利潤是一個了不起的結果，並使我們的團隊能夠從盈利能力的加速和提高中受益。這筆費用並未包含在我們年初制定的 4% 費用成長預期中。然而，我們正在努力透過可持續的效率努力來減輕這些成本對我們全年總支出的影響。我們現在預計，2025 年包括利潤分享在內的支出將比去年增加 4% 至 5%。換句話說，不包括利潤分享，我們應該看到費用成長低於我們最初的 4% 預期。

Please turn to slide 9. Regulatory capital levels remain strong. Our CET ratio of 15.91% decreased by 20 basis points from Q1, mainly due to loan growth during the quarter and the effects of capital actions net of quarterly net income. Tangible book value per share at the end of the quarter was $75.41, an increase of $3.39 per share from Q1, driven by our net income and lower unrealized losses in our MBS portfolio, offset in part by our capital return activity in the quarter.

請翻到第 9 張投影片。監理資本水準依然強勁。我們的 CET 比率為 15.91%，較第一季下降了 20 個基點，主要原因是本季貸款成長以及資本行動扣除季度淨收入的影響。本季末每股有形帳面價值為 75.41 美元，較第一季增加 3.39 美元，這得益於我們的淨收入和 MBS 投資組合中未實現損失的減少，但部分被我們本季度的資本回報活動所抵消。

During the second quarter, we repurchased approximately $112 million in shares at an average price of $99 per share. As of July 15, we had $33 million remaining on the share repurchase authorization announced in July of 2024, in addition to the incremental $500 million announced last week.

第二季度，我們以平均每股 99 美元的價格回購了價值約 1.12 億美元的股票。截至 7 月 15 日，除了上周宣布的 5 億美元增量外，我們在 2024 年 7 月宣布的股票回購授權中還剩餘 3,300 萬美元。

With that, I turn the call over to Lidio.

說完，我把電話轉給了 Lidio。

Thank you, Jorge, and good morning. Credit quality metrics improved during the second quarter with lower NPLs, lower inflows, and lower net charge-offs. Our mortgage and commercial loan portfolios continue to drive the results, with credit metrics significantly below prepandemic levels, coupled with improved performance from our consumer portfolio. Over the years, we have managed credit under different macroeconomic and operating environments. And more recently, we have taken several credit tightening actions to reduce our exposure to riskier segments.

謝謝你，豪爾赫，早安。第二季信貸品質指標改善，不良貸款減少、資金流入減少、淨沖銷減少。我們的抵押貸款和商業貸款組合繼續推動業績成長，信貸指標遠低於疫情前的水平，同時我們的消費者組合的表現也有所改善。多年來，我們在不同的宏觀經濟和經營環境下管理信貸。最近，我們採取了多項信貸緊縮措施，以減少對高風險領域的曝險。

We continue to carefully monitor the performance of our book and response to the environment accordingly. However, we are confident that the improvement in the risk profile of our loan portfolios positions Popular to operate successfully under more difficult economic conditions.

我們將繼續密切關注我們的圖書表現並相應地對環境做出反應。然而，我們相信，貸款組合風險狀況的改善將使Popular能夠在更困難的經濟條件下成功運作。

Turning to slide number 10. Nonperforming assets and loans decreased slightly during the quarter driven by Banco Popular. NPLs in Banco Popular decreased by $4 million, reflected across all loan segments. NPLs in Popular Bank increased by $2 million, driven by a $3 million commercial NPL inflow during the quarter. OREOs decreased by $6 million, driven by sales of residential real estate properties in Puerto Rico.

翻到第 10 張投影片。在 Banco Popular 的推動下，本季不良資產和貸款略有減少。Banco Popular 的不良貸款減少了 400 萬美元，這反映在所有貸款部門。由於本季有 300 萬美元的商業不良貸款流入，Popular Bank 的不良貸款增加了 200 萬美元。受波多黎各住宅房地產銷售的推動，奧利奧銷售額下降了 600 萬美元。

Inflows of NPLs decreased by $4 million quarter-over-quarter. In Banco Popular, inflows decreased by $5 million, driven by the commercial portfolio. In Popular Bank, NPL inflows remained flat. The ratio of NPLs to total loans held in portfolio decreased 2 basis points to 82 basis points.

不良貸款流入量較上季減少 400 萬美元。在 Banco Popular，受商業投資組合的影響，流入資金減少了 500 萬美元。在大眾銀行，不良貸款流入量保持穩定。不良貸款佔貸款總額的比率下降2個基點至82個基點。

Turning to slide number 11. Net charge-offs amounted to $42 million or annualized 45 basis points, compared to $49 million or 53 basis points in the prior quarter. Net charge-offs in Banco Popular decreased by $7 million, driven by lower auto loans and personal loans, offset in part by a commercial loan recovery recognized in the first quarter. In Popular Bank, net charge-offs remained flat.

翻到第 11 張投影片。淨沖銷金額為 4,200 萬美元，折合成年率為 45 個基點，而上一季為 4,900 萬美元，折合成年率為 53 個基點。由於汽車貸款和個人貸款減少，Banco Popular 的淨沖銷額減少了 700 萬美元，但第一季確認的商業貸款回收部分抵消了這一減少。在 Popular Bank，淨沖銷額維持不變。

Given our credit performance during the first half of the year and our outlook for the second half, we now expect net charge-offs to be between 45 to 65 basis points for the full year, below our original guidance of between 70 to 90 basis points. The allowance for credit losses increased by $7 million to $770 million, driven by higher reserves from portfolio growth and less favorable economic assumptions, offset in part by revised probability weights and changes in credit quality.

鑑於我們上半年的信貸表現和對下半年的展望，我們現在預計全年淨沖銷額將在 45 至 65 個基點之間，低於我們最初預期的 70 至 90 個基點。信貸損失準備金增加了 700 萬美元，達到 7.7 億美元，這主要是由於投資組合成長帶來的儲備增加和經濟假設的不利影響，但修訂後的機率權重和信貸品質的變化部分抵消了這一影響。

We leverage multiple scenarios to estimate our ACL in the second quarter, which slightly reduced the pessimistic weight, resulting in a $4 million decrease in the ACL. In Banco Popular, the ACL increased by $3 million, driven by auto loans due to changes in credit quality and changes in the economic scenarios, offset in part by improvements in the credit quality of our commercial portfolios and changes in probability weights.

我們利用多種情境來估計第二季的 ACL，這略微降低了悲觀權重，導致 ACL 減少了 400 萬美元。在 Banco Popular，ACL 增加了 300 萬美元，這主要是由於信貸品質和經濟狀況的變化導致汽車貸款增加，但部分抵消了我們商業投資組合信貸品質的提高和機率權重的變化。

In Popular Bank, the ACL increased by $4 million, driven by the changes in economic forecast and higher qualitative reserves for the CRE portfolio. The cooperation ratio of the ACL to loans held in portfolio was 202 basis points compared to 205 basis points in the prior quarter, while the ratio of the ACL to NPL was 247% compared to 243% in the prior quarter. The provision for credit losses was $50 million compared to $65 million in the prior quarter. In BPPR, the provision was $10 million lower, while in Popular, the provision was $7 million lower. The combined provision to net charge-off ratio for the quarter was 117%.

在 Popular Bank，ACL 增加了 400 萬美元，這得益於經濟預測的變化和 CRE 投資組合的定性儲備增加。ACL 與投資組合中持有的貸款的合作率為 202 個基點，而上一季為 205 個基點，而 ACL 與不良貸款的合作率為 247%，而上一季為 243%。信貸損失準備金為 5,000 萬美元，而上一季為 6,500 萬美元。在 BPPR 中，撥備減少了 1000 萬美元，而在 Popular 中，撥備減少了 700 萬美元。本季綜合撥備與淨沖銷比率為 117%。

To summarize, credit quality metrics improved during the second quarter. We are attentive to the evolving environment but are confident that the improvement in the risk profile of our loan portfolios will allow us to operate successfully under different economic conditions.

總而言之，第二季信貸品質指標有所改善。我們關注不斷變化的環境，但相信貸款組合風險狀況的改善將使我們能夠在不同的經濟條件下成功運作。

With that, I would like to turn the call over to Javier for his concluding remarks.

最後，我想請哈維爾做最後的總結發言。

Thank you, Lidio and Jorge, for your update. I am extremely pleased with our financial performance in the second quarter. We increased net interest income, grew loans and deposits, and maintained strong credit metrics. We have had a strong first half of the year. We will continue to execute on our objectives, and I am urging our teams to remain focused on deposit retention, loan generation, and particularly on our expense discipline.

感謝 Lidio 和 Jorge 的更新。我對我們第二季的財務表現非常滿意。我們增加了淨利息收入，增加了貸款和存款，並維持了強勁的信貸指標。今年上半年我們表現強勁。我們將繼續執行我們的目標，我敦促我們的團隊繼續專注於存款保留、貸款生成，特別是我們的費用紀律。

We are committed to generating value for our shareholders and to achieving our ROTCE objectives. We will continue to execute our transformation program, determined to be the number one bank for our customers and to simplify our operations to improve efficiency and drive sustained performance. We're also focused on reinvesting in the communities we serve and believe we are making a meaningful difference. These efforts are highlighted in our Corporate Sustainability Report, which we published in June.

我們致力於為股東創造價值並實現我們的 ROTCE 目標。我們將繼續執行我們的轉型計劃，決心成為客戶的第一銀行，並簡化我們的營運以提高效率並推動持續的績效。我們也致力於對我們服務的社區進行再投資，並相信我們正在做出有意義的改變。我們在六月發布的《企業永續發展報告》重點介紹了這些努力。

I want to give a shout out to our colleagues and recognize their hard work. I see what they do every day in our branches, call centers and centralized offices. We are pushing ourselves to deliver more for our clients every day, and I am incredibly grateful for their commitment.

我想向我們的同事致敬，並認可他們的辛勤工作。我親眼目睹了他們每天在我們的分店、呼叫中心和中央辦公室所做的事情。我們每天都在努力為客戶提供更多服務，我非常感謝他們的承諾。

We are now ready to answer your questions.

我們現在準備好回答您的問題。

(Operator Instructions)

（操作員指示）

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

This is actually Forrest Hamilton in Gerard's place for today. Nice quarter. And just one quick question. There has been a lot of recent highlights and headlines on stablecoins. And I was just curious how you guys see stablecoins potentially impacting Popular's business and deposits and the medium- to long-term outlook?

這實際上是今天福雷斯特漢密爾頓 (Forrest Hamilton) 代替杰拉德 (Gerard) 的場景。不錯的季度。還有一個簡短的問題。最近有很多關於穩定幣的亮點和頭條新聞。我只是好奇，你們如何看待穩定幣對 Popular 的業務和存款以及中長期前景的潛在影響？

Well, thank you for that question. I just want to say that we're looking at it given that the GENIUS Act was approved. We put together a team to do deeper dives and try to think about potential use cases. So that's where we are. We did it.

嗯，謝謝你的提問。我只是想說，鑑於《GENIUS 法案》已獲批准，我們正在考慮這個問題。我們組建了一個團隊來進行更深入的研究並嘗試思考潛在的用例。這就是我們現在的處境。我們做到了。

We realized that it's coming, and it will have an impact in the industry. It's early innings, but we have started moving on the opportunity.

我們意識到它即將到來，並且將對行業產生影響。雖然比賽才剛開始，但我們已經開始抓住機會。

Timur Braziler, Wells Fargo.

富國銀行的 Timur Braziler。

Looking at the level of current accruals for the profit sharing, I'm just wondering what the interplay is between the $13 million that's accrual today versus the max of $40 million and the revenue guide that's out there. Does the revenue guide imply that current accrual is the right number, and you need to top that in order to get closer to the $40 million? Or as we get closer to hitting that new guide, that accrual should continue inching higher?

透過查看當前利潤分享的應計水平，我只是想知道今天應計的 1300 萬美元與最高 4000 萬美元和現有的收入指南之間的相互作用是什麼。收入指南是否意味著當前應計數字是正確的，並且您需要超過該數字才能接近 4000 萬美元？或者，隨著我們越來越接近新的指導方針，這筆累積額應該會繼續緩慢上升？

So first, I'll remind you, Timur, the way the profit sharing works is that we have to beat our budget by -- of net income by at least 3%. And if that number increases and the payoff gets greater, it's capped off up to 8% of our employees' salary up to a maximum total compensation of $70,000. That's where the 8% applies to. So if you make more than $70,000, you don't keep accruing. And this is a great opportunity for us to share in with our employee base when we really exceed plan. When everybody executes and exceed plan, we feel that our interests are aligned between shareholders and our employees.

首先，我要提醒你，Timur，利潤分享的運作方式是，我們必須超出預算——淨收入至少 3%。如果這個數字增加且回報更大，則最高限額為員工薪資的 8%，最高總薪酬為 70,000 美元。這就是 8% 適用的情況。因此，如果您賺了 70,000 美元以上，您就不會繼續累積。當我們真正超出計劃時，這對我們來說是一個與員工分享的絕佳機會。當每個人都執行並超越計劃時，我們感到股東和員工的利益是一致的。

Having said that, the guide that we have provided, which includes increasing net interest income as well as increasing expenses, the expense rates that we have, we are certainly expecting to accrue the max of profit sharing, and that's embedded in our guidance. So we don't take lightly Javier's comments of making sure our teams continue to be focused on executing.

話雖如此，我們提供的指南包括增加淨利息收入以及增加支出，我們的費用率，我們當然希望獲得最大的利潤分享，並且這已包含在我們的指導中。因此，我們不會輕視哈維爾的評論，確保我們的團隊繼續專注於執行。

Okay. Great. I appreciate that color. And then maybe a two-part question on deposits. I think I heard commercial deposit competition was maybe picking up on the island, driving some of the higher costs there.

好的。偉大的。我很欣賞那個顏色。然後也許可以問一個關於存款的兩部分問題。我想我聽說島上的商業存款競爭可能正在加劇，導致那裡的成本上升。

And then I appreciate the comments on typical seasonality in 3Q. I'm just wondering if you can frame how that seasonality looks in 2025 versus what we saw last year?

然後我很欣賞第三季典型季節性的評論。我只是想知道您是否可以描述一下 2025 年的季節性與去年相比有何不同？

In terms of competition, Javier likes to say we compete every day for our customers for our business. We do it on service and sometimes some price as well, right? And I would say that on the commercial side, we don't see as much yield-seeking behavior or pushback. I think a lot of that has been embedded in our baseline.

就競爭而言，哈維爾喜歡說我們每天都在爭取客戶、爭奪業務。我們在服務上也這樣做，有時在價格上也這樣做，對嗎？我想說的是，在商業方面，我們沒有看到太多的追求收益的行為或阻力。我認為其中許多已經融入我們的基線。

On the retail clients, there are still many discussions and still some yield-seeking behavior. We continue to see outflows of roughly $100 million a month into our Popular Security subsidiary. So there's still some yield-seeking behavior and from our retail clients.

對於零售客戶來說，仍然存在著許多討論，並且仍然存在一些追求收益的行為。我們繼續看到每月約有 1 億美元的資金流入我們的 Popular Security 子公司。因此，我們的零售客戶仍然存在一些追求收益的行為。

The one thing that is different than last year for your question is that our teams are much more focused on deposit gathering and deposit retention strategies in our branches. As you know, we adjusted our compensation plans, we adjusted targets to really make sure that we were incentivizing the deposit retention behavior. When we look back pre-pandemic, where you don't have all the noise that we saw during the pandemic, it is clear that there's a trend where our client base gets more inflows in the first half of the year. They tend to spend some of that in the third quarter and then you see stability and maybe an uptick in the fourth quarter. We expect those trends to continue.

對於您的問題，與去年不同的是，我們的團隊更加重視分行的存款收集和存款保留策略。如您所知，我們調整了薪酬計劃，調整了目標，以真正確保我們能夠激勵存款保留行為。當我們回顧疫情之前的情況時，我們並沒有看到疫情期間出現的所有噪音，但很明顯，我們的客戶群在上半年的流入趨勢是更多的。他們傾向於在第三季度花掉其中的一部分，然後你會看到第四季的穩定，甚至可能出現上升。我們預計這些趨勢將會持續下去。

But I would also say, when we look at the inflows of our clients, particularly in the first half of the year, our clients have received more tax refunds than they did last year. And even though last year, we had the special onetime rebate from the Puerto Rico government. And inflows outside of the tax proceeds are about 6% higher. So people are earning more. So it really does go to demonstrate the strength of the consumer in Puerto Rico.

但我還要說的是，當我們查看客戶的流入情況時，特別是在今年上半年，我們的客戶獲得的退稅比去年更多。儘管去年我們獲得了波多黎各政府的一次性特別退稅。稅收收入以外的流入量高出約 6%。因此人們的收入增加了。這確實證明了波多黎各消費者的實力。

So we are confident in our teams, but there is a seasonality. We have over 1 million retail clients that are very difficult to understand their -- predict their spending behavior. But that all is accounted in our NII guide, Timur.

因此，我們對我們的團隊充滿信心，但也存在季節性。我們有超過 100 萬零售客戶，很難了解他們的消費行為並預測他們的消費行為。但這一切都在我們的 NII 指南《Timur》中有所記載。

Kelly Motta, KBW.

凱利·莫塔，KBW。

I thought maybe kicking it off to the loan side of things, you had a really strong quarter, and you highlighted the larger infrastructure project. I believe the guidance bakes in some planned runoff in the US. Can you give us a bit more color as to what that is, one? And two, the activity in Puerto Rico, I feel like the second half of the year usually is better for you. So I'm wondering if you could help provide additional color on both parts of the business.

我認為也許從貸款方面開始，你們的季度表現非常強勁，並且你們強調了更大的基礎設施項目。我相信該指導意見已經考慮到了美國的一些計劃中的決選。您能否向我們詳細介紹一下那是什麼？其次，就波多黎各的活動而言，我覺得下半年對你來說通常會更好。所以我想知道您是否可以幫助為這兩個業務部分提供更多資訊。

Thanks, Kelly. So we do see strong pipelines, particularly into the third quarter in both Puerto Rico and the US. So like what we're seeing, still continue to see large transactions that make a difference, and those jump from point to point.

謝謝，凱利。因此，我們確實看到了強大的管道，特別是在波多黎各和美國的第三季。因此，就像我們所看到的，仍然可以看到產生影響的大額交易，而這些交易從一個點跳到另一個點。

In the US, we continue to expect that we will see some payoff in the construction portfolio. The speed at which that portfolio has been growing and the pipeline behind it, we expect that eventually is going to come down. As you know, those construction loans end up -- they're mostly multifamily projects. And we don't always succeed in retaining the take out the term loans after the construction project is completed. So we do expect that decrease to happen more likely in the fourth quarter than in the third quarter.

在美國，我們繼續預期建築投資組合將會帶來一些回報。我們預計，該投資組合及其背後管道的成長速度最終將會下降。如您所知，這些建築貸款最終大多是多戶型專案。而且，在建築項目完工後，我們並不總是能夠成功保留並提取定期貸款。因此，我們確實預期第四季出現下降的可能性比第三季更大。

Got it. That's helpful. And on the funding side, it looks like most of the deposit growth was on the government side, and you took out some borrowings to bridge the gap. Wondering, especially with the deposit seasonality as you look ahead, the expected cash flows cover the loan growth you're expecting? Or would you anticipate necessitating some more borrowings here to fund your growth outlook?

知道了。這很有幫助。在資金方面，看起來大部分存款成長都來自政府方面，而你們則借了一些錢來彌補缺口。想知道，特別是考慮到存款的季節性，預期的現金流量是否能夠涵蓋您預期的貸款成長？或者您預計需要更多藉款來為您的成長前景提供資金？

Right. So a couple of things. I mean, let me -- I just want to clarify a couple of things. We did see end-to-end growth that was mostly the public funds. But on an average basis, the public funds were -- I think they grew maybe $50 million, $60 million. Really, the nonpublic deposits grew almost $500 million on an average basis in the quarter, including about $150 million in noninterest-bearing accounts, about $100 million of that in Puerto Rico, $50 million in the US. So the deposit franchise was strong.

正確的。有幾件事。我的意思是，讓我——我只是想澄清幾件事。我們確實看到了端到端的成長，其中大部分是公共資金。但平均而言，公共資金——我認為它們可能增長了 5000 萬美元、6000 萬美元。實際上，本季非公開存款平均成長了近 5 億美元，其中包括約 1.5 億美元的無息帳戶，其中約 1 億美元在波多黎各，5,000 萬美元在美國。因此，存款特許經營權很強大。

We did do some borrowings in the US, short term Federal Home Loan Bank borrowings that we do at any time as part of our liquidity. We have over $25 billion in off-balance sheet and on balance sheet liquidity in both banks combined. So it's more about being able to fund.

我們確實在美國進行了一些借款，短期聯邦住房貸款銀行借款，我們隨時將其作為流動資金的一部分。兩家銀行的表外和表內流動資金總計超過 250 億美元。因此，這更多的是關於能否獲得資金。

As you know, in the US, the alternative area of growth for us has been direct deposits on the Internet online channel. We'll continue to use that, just as we have flexibility to fund quicker or at a better price on a short-term basis than Federal Home Loan Bank, we will do that. In Puerto Rico, we did not have any change in our wholesale borrowing.

如您所知，在美國，我們的替代成長領域是透過網路線上管道進行直接存款。我們將繼續使用這種方式，就像我們比聯邦住房貸款銀行能夠更靈活地以更快的速度或更優惠的價格提供短期融資一樣，我們也會這樣做。在波多黎各，我們的批發借貸沒有任何變化。

Got it. Last quick question from me is on the expense side. You rightly pointed out that with the profit sharing expense, your operating expenses are actually lower than what you had previously expected. Wondering if you could offer what's driving that? Are you pushing out some of the transformational expenses next year or realizing greater efficiencies with what you've done so far?

知道了。我的最後一個問題是關於費用方面的。您正確地指出，加上利潤分享費用，您的營運費用實際上低於您先前預期的水平。想知道您是否能提供推動這現象的原因？您是否會在明年推遲一些轉型費用，或透過迄今為止所做的工作實現更高的效率？

It really is all of the above. I mean, we are -- we do have -- as part of the transformation efforts, we do have work streams that are focused on efficiency. We are finding opportunities and sustainable efficiencies that are operational and technology expenditures, just managing data purge exercises, how we manage different operational accounts with more precision and urging our teams for a commitment of excellence and not being just being on top of their responsibility and making sure that we have that discipline. We are incentivizing people on expense control, and that usually warrants people to start paying attention in our focus on that.

確實，以上皆是。我的意思是，作為轉型努力的一部分，我們確實有註重效率的工作流程。我們正在尋找機會和可持續的效率，包括營運和技術支出、管理數據清除練習、如何更精確地管理不同的營運帳戶，並敦促我們的團隊致力於卓越，而不僅僅是履行他們的責任，並確保我們有這種紀律。我們正在激勵人們控制開支，這通常會引起人們開始關注我們對此的關注。

On the transformation, there are projects that get delayed, and that impacts our total expense base. Some of it is delayed because of things that we do. Other things are delayed because of bigger picture things like there's a recent conversion in Fed wires that impacted the entire banking sector and that got delayed about a quarter. So you see some of that in our expense delays.

在轉型方面，有些項目被推遲，這影響了我們的總支出基礎。有些事情因為我們所做的事情而被推遲了。其他事情則因為更大範圍的事情而被推遲，例如最近聯準會電彙的轉換影響了整個銀行業，導致延遲了大約一個季度。因此，您可以從我們的費用延遲中看到一些這樣的情況。

So it really is a combination of a lot of different things. But our teams are focused, and we want to make sure that we get to pay out on that profit sharing and also mitigate the total expense base for Popular.

所以它其實是很多不同事物的組合。但我們的團隊非常專注，我們希望確保能夠支付利潤分成，同時減輕 Popular 的總支出基礎。

(Operator Instructions)

（操作員指示）

Jared Shaw, Barclays.

巴克萊銀行的賈里德·肖。

Maybe on the loan growth, you highlighted the large deal that you led. Are you now at the point where you're starting to see the federal stimulus money or federal investments really start to get traction? Should we start to expect more of these larger deals? And I guess what's your comfort with the upper end of hold size on this?

也許在貸款成長方面，您強調了您領導的大型交易。您現在是否開始看到聯邦刺激資金或聯邦投資真正開始獲得關注？我們是否應該開始期待更多這樣的大型交易？我猜您對這個尺寸的上限感到滿意嗎？

Well, we are seeing -- talking to the government agencies that are handling the federal funds and also for our customers, we are seeing deployment of those funds in Puerto Rico. We expect to have more projects announced in the next few weeks to months. I don't think that we're going to be seeing in the next few weeks anything on public partnership activity. That doesn't mean that there won't be more. But I want -- I wouldn't want to mislead you to tell you there's a pipeline on public partnership transactions or financings of that nature.

嗯，我們看到——與處理聯邦資金的政府機構以及我們的客戶交談時，我們看到這些資金在波多黎各的部署。我們預計將在未來幾週到幾個月內宣布更多項目。我認為在接下來的幾週內我們不會看到任何有關公共合作活動的進展。這並不意味著不會有更多。但我想——我不想誤導你，告訴你有一個關於公共合作交易或融資的管道。

There are certain things that are being discussed in Puerto Rico. And definitely, we are the go-to bank locally when the government and third parties want to come in and participate in P3 projects. So again, I don't think that I can share at this moment things that are being discussed, but we're committed to financing and participating in those deals. So I mean -- and I want to say also, I think the government is very much focused on economic development, permitting agility. And given their good relationships with the Trump administration, what we hear and see is encouraging.

波多黎各正在討論一些事情。毫無疑問，當政府和第三方想要參與 P3 計畫時，我們就是當地的首選銀行。所以，我再次強調，我認為我現在無法分享正在討論的事情，但我們致力於為這些交易提供資金並參與其中。所以我的意思是──我也想說，我認為政府非常注重經濟發展，允許彈性。鑑於他們與川普政府的良好關係，我們所聽到和看到的是令人鼓舞的。

Okay. All right. Maybe shifting just to the fee income guide, should we assume basically steady trends from here, excluding maybe in the equity investment adjustment and the refund, that $6 million and other? Or is there any other areas that are seeing outsized opportunity?

好的。好的。也許只是轉向費用收入指南，我們是否應該假設從這裡開始基本上呈現穩定的趨勢，不包括股權投資調整和退款，那 600 萬美元和其他？或者有其他領域正在經歷巨大的機會嗎？

I mean, there are cyclical cycles -- I'm sorry, for the double there. But if you look historically, second quarter and fourth quarter tend to be higher. You have more transactional activity in the second and fourth quarter, some insurance fees that happen that come in, in the second and fourth quarter as well. Certainly, we highlighted the IRS refund. That's not something that we would -- that's something unusual.

我的意思是，存在著週期性的循環——抱歉，這裡說了兩次。但如果從歷史角度來看，第二季和第四季的漲幅往往會更高。第二季和第四季的交易活動更多，一些保險費用也在第二季和第四季產生。當然，我們強調了國稅局的退款。這不是我們會做的事情——這是不尋常的事情。

But the equity pickup, there was nothing unusual about that. It just had a slower first quarter and picked up in the second quarter. So we feel good about the updated guidance for the year and just -- you can do the math, it just signifies top end of the guidance for the second half of the year as well.

但股權回升並沒有什麼不尋常之處。只是第一季成長放緩，第二季有所回升。因此，我們對今年的最新指導感到滿意，而且——你可以算一下，它也代表了下半年指導的最高點。

Okay. Okay. And then just finally on the capital and the buybacks, a good level of buybacks this quarter. Is this a pace you feel comfortable with given the broader capital backdrop and growth outlook?

好的。好的。最後，關於資本和回購，本季的回購水準良好。考慮到更廣泛的資本背景和成長前景，您是否對這個速度感到滿意？

I think it's a reasonable pace, and we still feel that our share price is very attractive at these levels.

我認為這是一個合理的速度，我們仍然認為我們的股價在目前的水平上非常有吸引力。

This concludes our Q&A. I'll now hand back to Javier Ferrer, CEO, for any final remarks.

我們的問答到此結束。現在我將把發言權交還給執行長哈維爾費雷爾 (Javier Ferrer)，請他做最後的發言。

Well, thanks again for joining us and for your questions. We look forward to updating you on our third-quarter results in October. Thank you.

好吧，再次感謝您加入我們並提出您的問題。我們期待在十月向您報告我們的第三季業績。謝謝。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。