Grupo Cibest SA (CIB) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen and welcome to Bancolombia's first quarter 2025 earnings conference call. My name is Zico and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. Please note that this conference call will include forward-looking statements, including statements related to our future performance, capital position, credit-related expenses, and credit losses.

女士們、先生們，早安，歡迎參加 Bancolombia 2025 年第一季財報電話會議。我叫 Zico，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。請注意，本次電話會議將包含前瞻性陳述，包括與我們未來業績、資本狀況、信貸相關費用和信貸損失有關的陳述。

All forward-looking statements, whether made in this conference call, in future filings, in press releases or verbally, address matters that involve risk and uncertainty. Consequently, there are factors that could cause actual results to differ materially from those indicated in such statements including changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by the other companies, lack of acceptance of new products or services by our targeted clients, changes in business strategy, and various other factors that we describe in our reports filed with the SEC.

所有前瞻性陳述，無論是在本次電話會議中、在未來的文件中、在新聞稿中或口頭上，都涉及涉及風險和不確定性的問題。因此，有些因素可能導致實際結果與此類聲明中所示的結果有重大差異，包括總體經濟和商業狀況的變化、貨幣匯率和利率的變化、其他公司推出競爭產品、目標客戶對新產品或服務的接受度不高、業務戰略的變化以及我們向美國證券交易委員會提交的報告中描述的其他各種因素。

With us today is Mr. Juan Carlos Mora, Chief Executive Officer; Mr. Mauricio Botero-Wolff, Chief Strategy and Financial Officer; Mrs. Catalina Tobon, Investor Relations and Capital Markets Director; and Mrs. Laura Clavijo, Chief Economist. I will now turn the call over to Mr. Juan Carlos Mora, Chief Executive Officer. Mr. Juan Carlos, you may begin.

今天與我們一起出席的有首席執行官 Juan Carlos Mora 先生、首席戰略和財務官 Mauricio Botero-Wolff 先生、投資者關係和資本市場總監 Catalina Tobon 女士以及首席經濟學家 Laura Clavijo 女士。現在我將把電話轉給執行長胡安·卡洛斯·莫拉先生。胡安·卡洛斯先生，您可以開始。

Good morning. Welcome to Bancolombia's first-quarter results call. Please go to slide 2. During the first quarter of the year, the Colombian economy experienced some recovery with an increase in investment and domestic demand despite global trade tensions. Inflation rates remained stable for most of the quarter, resulting in unchanged interest rates. Additionally, increased public spending paired with decreased tax collection continued to impact on the fiscal situation, which will be discussed further.

早安.歡迎參加 Bancolombia 第一季業績電話會議。請翻到投影片 2。今年第一季度，儘管全球貿易緊張，哥倫比亞經濟仍出現一定復甦，投資和國內需求增加。本季大部分時間通貨膨脹率保持穩定，導致利率保持不變。此外，公共支出增加而稅收減少繼續影響財政狀況，這將進一步討論。

I would like to bring attention to some key issues of the quarter. The quarterly net income was COP1.7 trillion, reflecting a 4.5% growth both on a quarterly and annual basis. A robust NIM of over 6.4% coupled with strong performance in other income and expenses resulted in an ROE of 16.3%. The loan portfolio decreased slightly this quarter, but grew 7% annually. Deposits fell by 1% in the quarter, yet increased almost 13% annually, demonstrating our ability to secure funding and competition without raising costs.

我想提請大家關注本季的一些關鍵問題。季度淨收入為1.7兆哥倫比亞比索，按季度和年度計算均增長4.5%。超過 6.4% 的強勁淨利差加上其他收入和支出的強勁表現，使得 ROE 達到 16.3%。本季度貸款組合略有下降，但較去年同期成長7%。本季存款下降了 1%，但年增長率卻接近 13%，這表明我們有能力在不增加成本的情況下獲得資金和競爭。

We have achieved positive results in asset quality across the group due to our effective models, technical expertise, and precise credit policy. Due to consistently lower delinquency rates across all banks and positive trends in all segments, the cost of risk for the period was 1.6%. Banistmo saw a significant drop in provision expenses due to measures taken to reduce loan deterioration. Both 30-day and 90-day consolidated MPLs ratios reflect improved performance as we will explain further.

憑藉有效的模型、專業的技術以及精準的信貸政策，我們整個集團的資產品質取得了積極的成果。由於所有銀行的拖欠率持續較低且所有細分市場均呈現正面趨勢，該期間的風險成本為 1.6%。Banistmo 採取了減少貸款惡化的措施，撥備支出大幅下降。30 天和 90 天的合併 MPL 比率均反映出績效的改善，我們將進一步解釋。

Our capital remains strong with a total solvency ratio of nearly 13% and a core equity Tier 1 ratio of 11%. Following our recent ordinary dividend distribution, we are pleased with shareholders' approval of our evolution into Grupo Cibest, allowing us to distribute more value, including an extraordinary dividend of COP624 per share, resulting in a [COP69 million] total dividend payout for the year.

我們的資本依然強勁，總償付能力充足率接近 13%，核心一級資本充足率達 11%。繼最近的普通股息分配之後，我們很高興看到股東批准我們轉型為 Grupo Cibest，這使我們能夠分配更多價值，包括每股 624 哥倫比亞比索的特別股息，使全年股息總額達到 [6900 萬哥倫比亞比索]。

Since approval, we have been completing legal steps to reorganize the entities under the holding structure, with closing expected on May 16. Changes to Colombian operations will appear in May's financial statements. On August 6, we will release Grupo Cibest's second-quarter consolidated results, including a new accounting structure and performance overview of key subsidiaries.

自從獲得批准以來，我們一直在完成重組控股結構下實體的法律步驟，預計將於 5 月 16 日完成。哥倫比亞業務的變化將體現在五月的財務報表中。8月6日，我們將發布Grupo Cibest第二季合併業績，其中包括新的會計結構和主要子公司的業績概覽。

This is Bancolombia's last earning call. Future calls will be focused on Grupo Cibest's financial performance. We are planning a share buyback program for approval at an upcoming extraordinary shareholders meeting. We recently transitioned our banking application to Mi Bancolombia app, enhancing customer experience and saving AT costs. To date, 8.5 million users have migrated with a 93% activity rate over 30 days.

這是 Bancolombia 的最後一次財報電話會議。未來的電話會議將重點放在 Grupo Cibest 的財務表現。我們正在製定股票回購計劃，以供即將召開的特別股東大會批准。我們最近將我們的銀行應用程式轉換為 Mi Bancolombia 應用程序，以增強客戶體驗並節省 AT 成本。截至目前，已有 850 萬用戶遷移，30 天內活躍率為 93%。

I will now hand over to Laura Clavijo, Chief Economist, for a summary of the macroeconomic landscape. Laura?

現在，我將請首席經濟學家勞拉·克拉維霍（Laura Clavijo）總結宏觀經濟情勢。勞拉？

Thank you, Juan Carlos. If you could please turn to slide 3, the beginning of 2025 has been characterized by a turbulent international financial context, nonetheless increasing macro strength for the Colombian economy. The environment of global growth uncertainty, tariff-led pressure on inflation, and monetary policy has triggered high volatility in financial markets and a widespread trend of risk aversion.

謝謝你，胡安卡洛斯。請翻到投影片 3，2025 年初的特色是國際金融環境動盪，但哥倫比亞經濟的宏觀實力卻有所增強。全球經濟成長不確定性、關稅引發的通膨壓力、貨幣政策環境引發金融市場劇烈波動，避險情緒普遍蔓延。

For Colombia, according to preliminary analysis, the ongoing global trade debate would not pose a significant shock to its external position or the economic recovery. In fact, there are potential opportunities to exploit in terms of relative competitiveness in different sectors, such as agriculture and manufacturing, in addition to gains from a weakening exchange rate. Thus, we maintain our view that economic growth will continue to gain ground as inflation continues converging towards its target.

對哥倫比亞而言，初步分析認為，正在進行的全球貿易爭端不會對其外部地位或經濟復甦造成重大衝擊。事實上，除了匯率貶值帶來的收益外，農業和製造業等不同行業的相對競爭力方面還存在潛在的機會可供利用。因此，我們堅持認為，隨著通膨繼續向目標靠攏，經濟成長將繼續加快。

Consequently, we maintain our expectation of 2.6% GDP growth this year and a slight upsurge to 3% in 2026, but we will continue to monitor closely the economic consequences of lower-than-expected growth for key trade partners, such as the United States. Global risk aversion has impacted investor sentiment towards emerging markets and sets an uncertain financial backdrop. which at the outset of Colombia's fragile fiscal position has led to local assets being more severely impacted than regional peers.

因此，我們維持今年 GDP 成長 2.6% 的預期，2026 年將小幅上升至 3%，但我們將繼續密切關注經濟成長低於預期對美國等主要貿易夥伴造成的經濟後果。全球風險規避情緒影響了投資者對新興市場的情緒，並造成了不確定的金融背景。這在哥倫比亞脆弱的財政狀況之初就導致當地資產受到的影響比該地區其他國家更為嚴重。

This has been particularly tangible for the exchange rate which depreciated up to 8% during the second half of March but is also reflected in higher country risk, resulting in a 100-basis-point increase in Colombia's CDS spread compared to the end of 2024. Consequently, this volatile scenario brings additional pressure to an already challenging fiscal situation and limits the course of action in terms of monetary policy.

這對於匯率來說尤其明顯，3 月下半月匯率貶值了 8%，但也反映在更高的國家風險上，導致哥倫比亞的 CDS 利差與 2024 年底相比增加了 100 個基點。因此，這種不穩定的局面給本已充滿挑戰的財政狀況帶來了額外的壓力，並限制了貨幣政策的行動方針。

Indeed, the central bank kept policy rates unaltered during its January and March meetings, despite some apparent room to continue easing, at least from an inflation perspective. The disinflationary process continued its course during the first quarter, especially in terms of core inflation, but at a higher-than-expected minimum wage poses pressure on regulated goods, which supports our revision of end-year forecasts from 4% to 4.4% inflation.

事實上，儘管至少從通膨角度來看，央行似乎還有繼續放鬆的空間，但在 1 月和 3 月的會議上，央行維持了政策利率不變。第一季度，通貨緊縮進程仍在繼續，尤其是核心通膨，但高於預期的最低工資對管製商品構成了壓力，這支持我們將年底通膨預測從 4% 修正為 4.4%。

Accordingly, we increased our end-of-year policy rate forecasts from 6.5% to 7.5% in the wake of these developments. Finally, it is worth mentioning the recent suspension of access to the IMF Flexible Credit Line, a loan facility that has been available to Colombia since 2009 and is conditional on meeting sound MAF credential policy targets. Even though recent announcements suggest that this does not imply a total cancellation to the fund's facility, it clearly sets additional pressure for the government to develop a credible and adequate fiscal plan to address prevailing risks to Colombia's fiscal sustainability.

因此，鑑於這些發展，我們將年底政策利率預測從 6.5% 上調至 7.5%。最後，值得一提的是，哥倫比亞最近被暫停獲得國際貨幣基金組織靈活信貸額度，這是一項自 2009 年以來一直向哥倫比亞提供的貸款，但條件是滿足健全的 MAF 資格政策目標。儘管最近的公告表明這並不意味著完全取消該基金的機制，但它顯然給政府帶來了額外的壓力，要求政府制定可信且充分的財政計劃來應對哥倫比亞財政可持續性面臨的現有風險。

Now please let me turn the presentation back to Juan Carlos, who will present Bancolombia's quarterly performance.

現在，請允許我將演講交還給胡安·卡洛斯，他將介紹 Bancolombia 的季度業績。

Thank you, Laura. Please proceed to slide 4. After 12 years of promoting financial inclusion in Colombia, Bancolombia La Mano has merged with NECI. Bancolombia La Mano provided banking services for adults without access to financial products, while NECI focused on helping young, under-banked individuals manage their money. With 94% of Colombia's population now banked, our new goal is to meet the evolving technological and financial needs of our clients, a challenge NECI is well equipped for.

謝謝你，勞拉。請看投影片 4。在推動哥倫比亞金融包容性 12 年後，Bancolombia La Mano 已與 NECI 合併。Bancolombia La Mano 為無法獲得金融產品的成年人提供銀行服務，而 NECI 則專注於幫助年輕、銀行服務不足的個人管理他們的資金。目前，哥倫比亞 94% 的人口都已擁有銀行帳戶，我們的新目標是滿足客戶不斷變化的技術和金融需求，NECI 已做好充分準備應對這項挑戰。

After the merger, NECI will add around 2.1 million users, reaching 23.5 million, to whom it will start offering digital and physical debit cards, consumer credit, a broad portfolio of bill payments and top-ups, mobility services, among others. Additionally, former La Mano customers will now be able to register their keys to move their money instantly and free of charge between participating entities enabled through Redeban.

合併後，NECI 將增加約 210 萬用戶，達到 2350 萬，並將開始向這些用戶提供數位和實體借記卡、消費信貸、廣泛的帳單支付和充值、行動服務等。此外，以前的 La Mano 客戶現在可以註冊他們的金鑰，以便在透過 Redeban 啟用的參與實體之間即時且免費地轉移他們的資金。

Also, by centralizing operations in one single platform, we will capture operational efficiencies in avoiding duplicated efforts and, in turn, increase NECI's scalability and revenue generation, contributing to its profitability potential. As a matter of fact, after the merger, NECI will increase its deposits by nearly COP700 billion and forecasts an incremental credit portfolio of COP130 billion by the end of 2025.

此外，透過將營運集中在一個平台上，我們將獲得營運效率，避免重複工作，進而提高 NECI 的可擴展性和創收能力，從而提高其獲利潛力。事實上，合併後，NECI 的存款將增加近 7,000 億哥倫比亞比索，並預計到 2025 年底信貸組合將增加 1,300 億哥倫比亞比索。

This, coupled with an outstanding portfolio that grew over 4 times in the last year and a low loan-to-deposit ratio, will enable NECI to threefold its portfolio balance for year-end, reaching close to COP1.5 trillion by the end of 2025. This move certainly contributes to achieving NECI's breakeven in the first quarter of 2026, driven by a reduction in the cost of to-serve and the increase in RPAC on the back of a broader base of users adopting value-added services under an enhanced financial inclusion proposal. Now please proceed to slide 5.

再加上去年增長了 4 倍多的優秀投資組合和較低的貸存比，NECI 的投資組合餘額將在年底增加三倍，到 2025 年底將達到近 1.5 兆哥倫比亞比索。這項措施無疑有助於 NECI 在 2026 年第一季實現收支平衡，這得益於服務成本的降低和 RPAC 的增加，以及在增強型金融包容性提案下更廣泛的用戶群採用增值服務的支持下。現在請看投影片 5。

Additionally, I would like to present some market metrics that illustrate the progress of our performance in various business lines with the retail segment following the pandemic. First, regarding deposits, Bancolombia's market share in savings accounts and time deposits has increased by 110 basis points as of February 2025, compared to December 2021, outperforming the growth of our peers, some of whom have lost market share with the entry of new participants.

此外，我想介紹一些市場指標，以說明疫情過後我們各個業務線以及零售部門的業績進展。首先，關於存款，截至 2025 年 2 月，Bancolombia 在儲蓄帳戶和定期存款方面的市場份額與 2021 年 12 月相比增加了 110 個基點，超過了同行的增長，其中一些同行隨著新參與者的加入而失去了市場份額。

This demonstrates our well-defined strategy under a universal banking model to attract and retain granular deposits, which explain our low funding costs and a strong market position. Also, I would like to highlight that NECI's deposits have also experienced significant growth, with a 70% year-over-year increase contributing to the overall growth.

這表明我們在全能銀行模式下有明確的策略來吸引和留住細顆粒存款，這也解釋了我們的低融資成本和強大的市場地位。另外，我想強調的是，NECI 的存款也經歷了顯著的成長，年成長 70%，為整體成長做出了貢獻。

Regarding credit card loans, our market share increased by 20 basis points during a period of high interest rates and competition without compromising portfolio quality. With a 16.5% share of outstanding balances, we represent nearly 30% of the transaction value, which raises to 37.7% when debit card transactions are included as of February 2025. We firmly believe that this well-defined strategy, combined with our solid market presence, equip us to effectively navigate new competitors and regulatory changes.

關於信用卡貸款，在高利率和競爭時期，我們的市佔率增加了 20 個基點，同時沒有影響投資組合品質。我們的未償餘額佔比為 16.5%，佔交易價值的近 30%，如果包括 2025 年 2 月的金融卡交易，這一比例將上升至 37.7%。我們堅信，這項明確的策略加上我們穩固的市場地位，使我們能夠有效地應對新的競爭對手和監管變化。

I will now hand over the presentation to Mauricio Botero, who will provide further insights into 2025 first-quarter results. Mauricio?

現在，我將把演講交給 Mauricio Botero，他將對 2025 年第一季的表現提供進一步的見解。毛里西奧？

Thank you, Juan Carlos. Please go to slide number 6. Let's start with an overview of our Central American operations. Banco Agricola in El Salvador had another strong quarter with increasing profitability. Higher net interest income on the back of a growing loan portfolio, coupled with lower operating expenses, compensated for an increase in provisions driven by loan growth in higher-risk segments.

謝謝你，胡安卡洛斯。請翻到第 6 張投影片。讓我們先概述一下我們的中美洲業務。薩爾瓦多農業銀行 (Banco Agricola) 本季表現強勁，獲利能力不斷提升。由於貸款組合不斷增長，淨利息收入增加，加上營運費用降低，彌補了高風險領域貸款成長所導致的撥備增加。

Net income for Banistmo in Panama increased 11.5% this quarter, highlighting a recovery in asset quality, driving its cost of risk to 0.2%, mainly by an improvement in the performance of its retail portfolio, more effective collection strategies, and better risk segmentation. In Guatemala, we had a modest quarterly improvement. Despite recording a 12% decrease in provision expenses for the period, deterioration in consumer loans remains a concern, and so the bank is implementing a program focused on improving collections by reinforcing controls in the credit origination process.

巴拿馬 Banistmo 的淨收入本季成長了 11.5%，凸顯了資產品質的回升，使其風險成本降至 0.2%，這主要得益於其零售投資組合業績的改善、更有效的收款策略以及更好的風險細分。在危地馬拉，我們的季度業績略有改善。儘管本期撥備支出減少了 12%，但消費貸款惡化仍然令人擔憂，因此該銀行正在實施一項旨在透過加強信貸發放流程的控制來改善收款情況的計畫。

All in all, Banco Agricola recorded an ROE of almost 23%, Banistmo of 7%, and BAM 4%. Let's now proceed to slide 7. Given a 5% peso appreciation during the quarter, the loan portfolio slightly declined on nominal terms, while posting a 7% annual expansion. The loan book grew 1.3% in the quarter and 4.1% annually. Mortgages continued with positive momentum, growing at the fastest pace, both quarterly and annually, driven mainly by the operation in Colombia, where more competitive interest rates have stimulated credit demand and helped increase our market share.

總體而言，Banco Agricola 的 ROE 接近 23%，Banistmo 為 7%，BAM 為 4%。現在我們來看第 7 張投影片。鑑於本季比索升值 5%，貸款組合名義上略有下降，但年增率為 7%。本季貸款餘額成長 1.3%，年增 4.1%。抵押貸款繼續保持積極勢頭，季度和年度增長速度最快，主要受哥倫比亞業務的推動，哥倫比亞更具競爭力的利率刺激了信貸需求並幫助增加了我們的市場份額。

Commercial loans grew across all geographies at a moderate pace, both quarterly and annually, then once again by Colombia as per an effective commercial strategy focused on corporate clients that boosted demand. On the other hand, the consumer loan book experienced a contraction during the quarter as the pace of originations was offset with maturities given its short-term nature. Please go to slide 8.

所有地區的商業貸款均以適度的速度成長，無論是季度還是年度，哥倫比亞都再次實現了成長，這是因為其實施了有效的商業策略，重點是刺激需求的企業客戶。另一方面，由於貸款期限較短，發放速度被到期速度所抵消，因此本季消費貸款帳簿出現萎縮。請翻到第 8 張投影片。

Consistent with the loan portfolio performance, deposits slightly decrease in the quarter. Yet year over year, deposits delivered a strong 12% growth but spacing loan growth, which reflects our ability to attract and retain funding. In breaking down by type of deposit, the aggregate balance site deposits outpaced time deposits, mainly attributed to the performance across our Central American operations. Whereas in Colombia, online time deposits maintain a solid growth, gradually overcoming institutional deposit-taking activity, ensuring a more stable and costly efficient source of funding.

與貸款組合表現一致，本季存款略有減少。然而與去年同期相比，存款實現了 12% 的強勁成長，但貸款成長卻有所放緩，這反映了我們吸引和留住資金的能力。按存款類型細分，總餘額站點存款超過定期存款，這主要歸功於我們中美洲業務的表現。而在哥倫比亞，網路定期存款維持穩健成長，逐漸超越機構存款活動，確保了更穩定、更有效率的資金來源。

As a matter of fact, the cost of deposits held 37 basis points during the quarter, a remarkable achievement given that the repo rate remained unchanged during the period, reflecting our effective funding strategy, even under a more competitive environment. All in all, savings accounts and time deposits increased their respective share on the funding mix on a quarterly and an annual basis, at the expense of interbank loans and long-term debt, or they're contributing to reducing the overall cost of funding as illustrated in the table. Please proceed to slide 9.

事實上，本季存款成本保持在 37 個基點，考慮到回購利率在此期間保持不變，這是一個了不起的成就，反映了我們即使在競爭更加激烈的環境下也採取了有效的融資策略。總體而言，儲蓄帳戶和定期存款在季度和年度融資組合中的份額有所增加，而銀行間貸款和長期債務的份額則有所減少，或者說，它們有助於降低總體融資成本，如表所示。請翻到第 9 張投影片。

Interest income fell by almost 3% in the quarter, driven by a combination of lower-yielding loans and securities as per the current monetary easing cycle and a smaller investment portfolio. However, this was more than offset with a 7.6% drop on interest expense, such that the lending NIM bounced back to 7% in the quarter, resulting in a 1% net interest income growth.

本季利息收入下降了近 3%，原因是當前貨幣寬鬆週期下貸款和證券收益率較低，以及投資組合規模較小。然而，利息支出下降 7.6% 抵消了這一影響，因此貸款淨利息收益率在本季度反彈至 7%，導致淨利息收入成長 1%。

Consistently, the NIM remained at a solid 6.4%, underscoring our ability to manage margin sensitivity effectively throughout interest rate cycles and market competitive dynamics. Moreover, we continue to adapt our asset and liabilities strategies to mitigate NIM compression on the current easing cycle. As shown on the upper right-hand side graph, during the quarter, we further decreased the net sensitivity to interest rates, driven by a reduction in non-sensitive interest rate liabilities, in other words, current and savings accounts as previously discussed. Please proceed to slide 10.

淨利差持續維持在 6.4% 的穩健水平，凸顯了我們在整個利率週期和市場競爭動態中有效管理保證金敏感度的能力。此外，我們繼續調整資產和負債策略，以減輕當前寬鬆週期下的淨利差壓縮。如右上圖所示，在本季度，我們進一步降低了對利率的淨敏感度，這是由於非敏感利率負債的減少，換句話說，就是前面討論過的活期帳戶和儲蓄帳戶。請翻到第 10 張投影片。

Fee income fell almost 8% over the quarter, explained by lower credit and debit card fees as per the seasonal effect related to year-end, coupled with a slower pace of originations in consumer loans that led to a drop on bancassurance fees. However, fee income increased 9.7% on an annual basis, given the positive aggregate performance of fee income sources derived and a higher volume of transactions and digital adoptions.

本季費用收入下降近 8%，原因是受年末季節性影響，信用卡和金融卡費用下降，加上消費貸款發放速度放緩，導致銀保費用下降。不過，由於費用收入來源的整體表現良好、交易量和數位化採用率增加，費用收入較去年同期成長了 9.7%。

On the other hand, key expenses decreased almost 10% on the quarter, also explained by seasonality, yet increased by 22% year over year due to higher credit and debit card royalties, third-party collections, and increased banking agent costs. Therefore, net fee income was almost flat over the year, accounting for a fee income ratio of 17.1% in the quarter. Please go to slide number 11.

另一方面，本季主要支出下降了近 10%，這也是由於季節性因素，但由於信用卡和金融卡版稅增加、第三方收款以及銀行代理成本增加，主要支出同比增長了 22%。因此，淨費用收入全年基本持平，本季佔費用收入的比例為17.1%。請翻到第 11 張投影片。

Depending on the positive trend from last year, asset quality continued to improve in the quarter, as evidenced by the consistent slower pace of past-view loan formation and consequently lower expected losses. As a matter of fact, the positive performance expected for all segments and the incorporation of improved macroeconomic data into our risk models led to a net provision charge of COP1.1 trillion. This figure represents a 16% year-over-year drop in an analyzed cost of risk of 1.6%.

由於去年的正面趨勢，本季資產品質持續改善，過去貸款形成速度持續放緩，導致預期損失下降。事實上，所有部門預期的積極表現以及將改進的宏觀經濟數據納入我們的風險模型，導致淨撥備費用達到 1.1 兆哥倫比亞比索。這一數字表明，分析的風險成本比去年同期下降了 16%，為 1.6%。

Moreover, delinquency ratios register declines over the quarter and over the year, both on a 30- and a 90-day basis, reflecting the better performance of vintages in an overall healthier loan portfolio. 30-day past-due loans stayed almost flat at 111%, whereas the coverage for 90-day past-due loans increased to 162%.

此外，本季和全年的拖欠率均有所下降，無論是以 30 天還是 90 天計算，這反映出在整體更健康的貸款組合中，各年份的貸款表現更好。 30 天逾期貸款幾乎持平於 111%，而 90 天逾期貸款的覆蓋率則上升至 162%。

The breakdown by stages confirms the better outlook, as you can see Stage 1 loans now representing 88.1%. Also, the coverage ratio for Stage 2 and Stage 3 loans maintained at 41%, ensuring adequate loan loss reserves. Our improved results on asset quality reflect our efforts on developing robust credit risk models and predictive capabilities leveraged on analytics to support decision-making throughout the credit cycle. Please go to slide 12.

按階段細分證實了更好的前景，您可以看到第一階段的貸款現在佔 88.1%。此外，第二階段和第三階段貸款的覆蓋率維持在41%，確保了充足的貸款損失準備。我們資產品質的改善反映了我們致力於開發強大的信用風險模型和利用分析的預測能力來支援整個信貸週期的決策。請翻到第 12 張投影片。

Operating expenses decreased 7.7% compared to the previous quarter, mainly attributable to a seasonal effect as expense related to business transformation tend to gradually increase towards year-end. Personal expenses, on the other hand, increased due to the annual wage adjustment in Colombia and inflation index items, whereas variable bonuses declined.

營業費用較上一季下降 7.7%，主要由於季節性影響，因為與業務轉型相關的費用往往在年底逐漸增加。另一方面，由於哥倫比亞年度薪資調整和通貨膨脹指數項目，個人支出增加，而浮動獎金則減少。

Seen from an annual perspective, operating expenses grew 9.8%, largely explained by IT-related costs, annual wage increase, and a base effect on bonus plan provision given the low provision accrued one year ago. When measured in terms of cost to income, the efficiency ratio fell to 49.6%. Please proceed to slide 13.

從年度角度來看，營運費用增長了 9.8%，主要是由於 IT 相關成本、年度工資增長以及由於一年前計提的撥備較低而對獎金計劃撥備產生的基數效應。若以成本收入比來衡量，效率比則下降至49.6%。請翻到第 13 張投影片。

We know that income reached COP1.7 trillion in the period, marking a quarterly and an annually increase of 4.5%. This represents a return on equity for the quarter of 16.3% and a return on tangible equity of 20.4%, demonstrating the robust operational and financial performance in the beginning of the year. Now please proceed to slide 14.

我們知道，這段時期的收入達到了1.7兆哥倫比亞比索，較上季和年均成長了4.5%。這意味著本季股本回報率為 16.3%，有形股本回報率為 20.4%，展現了年初強勁的營運和財務表現。現在請看第 14 張投影片。

Shareholders' equity fell 6.7% quarter over quarter provided the COP3.8 trillion dividend payout that was approved at our annual shareholders meeting. Year over year, it grew 11.4%. Consistently, the core equity Tier 1 ratio ended at 11.2%, a 73-basis-point decrease over the quarter, even the dividend payout, yet increased 71 basis points during the year on the back of organic capital generation. On the other hand, total solvency stood at 12.9%, both ratios well above Basel III total requirements.

儘管我們的年度股東大會批准了 3.8 兆哥倫比亞比索的股息支付，但股東權益較上季下降 6.7%。較去年同期成長11.4%。核心一級資本充足率最終為 11.2%，比本季下降了 73 個基點，即使扣除股息，但由於有機資本產生的推動，全年仍增加了 71 個基點。另一方面，總償付能力充足率為12.9%，兩項比率均遠高於巴塞爾協議III的總體要求。

I will now hand the presentation back to Juan Carlos for the final remarks. Juan Carlos?

現在我將演講稿交還給胡安·卡洛斯總統，請他做最後的演講。胡安卡洛斯？

Thank you, Mauricio. Please proceed to slide 15. We originated over COP13 trillion under our business with purpose strategy this quarter, reaching a total of COP210 trillion towards our 2030 goal. We financed more than COP5 trillion to support the transition to a low-carbon economy through renewable energy and sustainable transport. We were recognized by Merkel as Colombia's top ESG company for the sixth consecutive year, reaffirming our leadership in sustainability and corporate governance. Please refer to slide 16.

謝謝你，毛里西奧。請翻到第 15 張投影片。本季度，我們根據目標業務策略籌集了超過 13 兆哥倫比亞比索，朝著 2030 年目標總共籌集了 210 兆哥倫比亞比索。我們提供了超過 5 兆哥倫比亞比索的資金，支持透過再生能源和永續交通向低碳經濟轉型。我們連續第六年被梅克爾評為哥倫比亞頂級 ESG 公司，再次肯定了我們在永續發展和公司治理方面的領導地位。請參閱幻燈片16。

Finally, I would like to present our revised guidance for 2025. Following our latest macroeconomic update for year end, which reflects an increased inflation forecast of 4.4% and central bank interest rates of 7.5%, we anticipate a loan growth of approximately 5%. We expect the net interest margin to be around 6.2%, with the cost of risk decreasing to a range of 1.8% to 2%, attributed to strong loan performance in Colombia. Furthermore, we project the efficiency ratio to be approximately 51% and the return on equity to be between 14.5% and 15%.

最後，我想介紹一下我們針對 2025 年的修訂指南。根據我們最新的年底宏觀經濟更新，通膨預測上升至 4.4%，央行利率為 7.5%，我們預期貸款成長率約為 5%。我們預計淨利差將在 6.2% 左右，風險成本將降至 1.8% 至 2% 之間，這得益於哥倫比亞強勁的貸款表現。此外，我們預期效率比率約為 51%，股本回報率在 14.5% 至 15% 之間。

This concludes our presentation of the first-quarter results. We are now ready to address any questions you may have.

我們對第一季業績的介紹到此結束。我們現在已準備好解答您可能遇到的任何問題。

(Operator Instructions) Yuri Hernandes, JPMorgan.

（操作員指令）尤里·埃爾南德斯，摩根大通。

Thank you and congrats on the quarter, everyone. I have a question regarding your bonus line, your cost line. When we go to personal expenses, it is tracking above inflation, well above inflation. But I know bonus can be volatile, right, during the year. So just checking what you expect that line was the first quarter higher because of some reasons. So if you can explain that line, that would be interesting.

謝謝大家，恭喜本季取得的成績。我對您的獎金線和成本線有疑問。當我們談到個人開支時，它高於通貨膨脹率，遠高於通貨膨脹率。但我知道獎金在一年內可能會不穩定。因此，只需檢查一下您是否預期該線在第一季會因某些原因而更高。所以如果你能解釋這句話，那將會很有趣。

And then I have a second question regarding margins. I think you have been doing a good job on the funding cost, but I believe there is a limit, right? How much optimization you can have. We see a somewhat competitive environment for funding in Colombia. So just trying to understand if your guidance for NIEM, this 20-bit decrease that you are forecasting for the year versus the first Q, if this implies that you are calling for funding optimization to be less pronounced going forward. Thank you.

然後我還有第二個問題，關於利潤。我認為你們在融資成本方面做得很好，但我相信有一個限度，對嗎？您可以進行多少優化。我們發現哥倫比亞的融資環境具有一定的競爭性。因此，只是想了解您對 NIEM 的指導，即您預測今年與第一季相比將下降 20 位，這是否意味著您呼籲未來的資金優化不那麼明顯。謝謝。

Thank you, Yuri. I am going to address your second question, and I am going to ask Mauricio to address your first one regarding the cost line. Margins. As you said, we have been working very hard on the cost and the results are there. I mean, the cost of funds due to our diversification, the mix we have among the different instruments, savings accounts, CDs, allow us to manage the cost. So on that front, I think we have been doing a good job and we will continue even though the space there is limited due to what we can do because of the level of interest rates.

謝謝你，尤里。我將回答您的第二個問題，並請毛里西奧回答您關於成本線的第一個問題。邊距。正如您所說，我們一直在努力降低成本，並且已經取得了成果。我的意思是，由於我們的多元化，資金成本，我們在不同工具、儲蓄帳戶、CD 之間的組合，使我們能夠管理成本。因此，在這方面，我認為我們一直做得很好，儘管由於利率水準的原因，我們能做的事情空間有限，但我們會繼續這樣做。

On the income side, our expectations were that the central bank was going to lower the interest rates faster. And what we are seeing is that the speed in which they are addressing or applying the monetary policy is less than we were expecting. In the last meeting, the central bank lowered the repo rate 25 basis points. And our expectations today are that the reference rate will end the year around 7.5.

在收入方面，我們預期央行將更快降低利率。我們看到的是，他們解決或應用貨幣政策的速度低於我們的預期。上次會議上，央行下調回購利率25個基點。我們今天的預期是，年底參考利率將在 7.5 左右。

But there, we think there is a risk that is not 7.5 but could be more 8%, even though the central bank is talking about that right now. If that is the case, that means that we could defend the interest income due to what is going to be the interest rate in the economy. So we are confident that the guidance that we are giving around NIM around 6.2% is achievable due to what are we seeing is the behavior of the interest rates in the economy and what we are doing in the cost front. Mauricio, about the cost line?

但我們認為風險不只是 7.5%，而是可能超過 8%，儘管央行現在正在談論這件事。如果事實確實如此，那就意味著我們可以根據經濟中的利率來捍衛利息收入。因此，我們相信，根據我們所看到的經濟中的利率行為以及我們在成本方面所做的努力，我們給出的 6.2% 左右的 NIM 指導是可以實現的。毛里西奧，關於成本線？

Hi, Judy. As you mentioned, we have a significant increase in operating expenses regarding labor expenses, and that's due mainly to bonuses. And that's because at the first quarter of 2024, our expectations for net income for the year were lower. So the provisions for bonuses were lower. And if you remember, we had a pickup in net income in the fourth quarter of the year. So provisions for bonuses in the fourth quarter of the year were higher. So this year, we're expecting better net income for the year Provisions for bonuses started significantly higher from the beginning of the year, so that's a comparison we're going to have throughout the year, and it's only going to match in the fourth quarter.

你好，朱迪。正如您所說，我們的人工費用營運費用大幅增加，這主要是由於獎金。這是因為在 2024 年第一季度，我們對全年淨收入的預期較低。因此獎金撥備較低。如果您還記得的話，我們今年第四季的淨收入有所回升。因此，今年第四季的獎金撥備較高。因此，我們預計今年的淨收入會更好，獎金撥備從年初開始就大幅增加，因此我們將在全年進行比較，並且只會在第四季度達到匹配。

Super clear, Mauricio. If I may, just a follow-up to Juan Carlos on the mean Juan Carlos, can you remind us the sensitivity for rates? I remember it was something closer to 20 bps, but you have been changing your liability sensitivity on the funding, NAC help, so what is the current sensitivity for 100 bps change on rates?

非常清楚，毛里西奧。如果可以的話，我只是對胡安卡洛斯的後續問題，關於胡安卡洛斯，你能提醒我們利率的敏感度嗎？我記得它接近 20 個基點，但您一直在改變對融資、NAC 幫助的責任敏感度，那麼利率 100 個基點變化的當前敏感度是多少？

Yuri, our sensitivity is still the same. Between 20 and 22 basis points for every 100 basis points in the central bank rate. but taking into account that that's the average repo rate.

尤里，我們的敏感度還是一樣。央行利率每上升 100 個基點，就會有 20 到 22 個基點。但考慮到這是平均回購利率。

Perfect. Thank you very much, guys, and congrats again.

完美的。非常感謝你們，再次恭喜你們。

Thank you, Yuri.

謝謝你，尤里。

Ernesto Gabilondo, Bank of America.

埃內斯托·加比隆多，美國銀行。

Thank you. Hi, good morning, Juan Carlos, Mauricio, and Catalina. Thanks for the opportunity to ask questions. I have three from my side. The first one will be on the political and economic outlook. We have seen recent polls such as , and , showing that Gustavo Bolivar is leading the polls. On the other hand, the recent suspension of the IMF agreement indicates there are some fiscal challenges for the country. So I will appreciate your thoughts on both topics.

謝謝。大家好，胡安卡洛斯、毛里西奧和卡塔利娜，早安。感謝給我提問的機會。我這邊有三個。第一個問題是關於政治和經濟前景。我們看到最近的民意調查，如、和，顯示古斯塔沃·玻利瓦爾在民意調查中領先。另一方面，國際貨幣基金組織協議近期的中止顯示該國面臨一些財政挑戰。因此，我將非常感謝您對於這兩個主題的看法。

And if you think the fiscal situation of the country will be the key challenge to be addressed by the new government next year. Then I have a second question related to the subsidiaries. We continue to see El Salvador with very strong ROE levels. But on the other hand, Panama, I believe it posted something around 7% and Guatemala around 4% ROE.

如果您認為國家的財政狀況將是明年新政府要解決的關鍵挑戰。然後我還有第二個問題與子公司有關。我們繼續看到薩爾瓦多的 ROE 水平非常強勁。但另一方面，我認為巴拿馬的 ROE 約為 7%，危地馬拉的 ROE 約為 4%。

So I would like to hear what could be your potential ROE targets among your subsidiaries. And my last question will be on your net income per quarter or what you have said about your guidance. So this quarter, it came at 1.7 trillion Colombian. As you mentioned, an ROE of 16.5%. And you have guided an ROE of around 14.5, 15% for the year. So when making the numbers, would it be reasonable to expect net income per quarter? below the 1.7 trillion Colombian in the next quarters, or what should we think about it? Thank you.

所以我想聽聽你們子公司的潛在 ROE 目標是什麼。我的最後一個問題是關於您每季的淨收入或您對指導的看法。本季度，哥倫比亞的出口額達到了 1.7 兆哥倫比亞比索。正如您所提到的，ROE 為 16.5%。您預計今年的 ROE 將在 14.5% 至 15% 左右。那麼在計算數字時，預期每季的淨收入是否合理？低於未來幾季的1.7萬億哥倫比亞比索，或者我們應該如何看待它？謝謝。

Thank you, Ernesto. Regarding the political environment in Colombia, as you mentioned, there are several polls that show Gustavo Bolívar leading but I think it's too early to have a clear view of what is going to be the situation next year. Remember that in Colombia we will have elections, Congress election in March and the first round of presidential elections in May. I think that we will start seeing clear picture by the end of this year who definitely is going to run. At this moment, there are too many candidates or people with intentions to run, but those are just intentions.

謝謝你，埃內斯托。關於哥倫比亞的政治環境，正如您所說，有幾項民意調查顯示古斯塔沃·玻利瓦爾領先，但我認為現在就明確判斷明年的局勢還為時過早。請記住，哥倫比亞將舉行選舉，三月將舉行國會選舉，五月將舉行第一輪總統選舉。我認為，到今年年底，我們就會清楚知道誰一定會參選。現在有參選意向的候選人或說候選人太多了，但那隻是意向而已。

By the end of the year, I think October, November, we will have a clear picture, as I mentioned, who is going to run for which party, who is going to go as an independent candidate. and a clear picture of who is running we will have at the beginning of next year. And at that moment, I think polls will give us a good information of who is really having a chance to going into the first round of presidential elections with opportunities to move to the runoff. So it's too early is my conclusion.

到今年年底，我想大概是十月或十一月，我們將對誰將代表哪個政黨參選、誰將以獨立候選人身份參選有一個清晰的了解。到明年年初，我們將對誰會參選有一個清晰的了解。到那時，我認為民意調查將為我們提供良好的信息，讓我們知道誰真正有機會進入第一輪總統選舉，並有機會進入決選。所以現在下結論還太早。

In terms of your second question about the fiscal situation in Colombia, definitely the fiscal situation is the biggest challenge that the Colombian economy has right now. The fiscal deficit that the government presented for last year was too high. So it's something that definitely the government needs to work in. And let me pass Laura Clavijo to give you additional color regarding the FMA line of credit.

關於您提到的第二個問題，哥倫比亞的財政狀況，財政狀況無疑是哥倫比亞經濟目前面臨的最大挑戰。政府去年公佈的財政赤字過高。所以這絕對是政府需要努力解決的事情。讓我透過 Laura Clavijo 向您提供有關 FMA 信用額度的更多詳細資訊。

Yes, thank you. Well, indeed, the fiscal situation is the main weakness in terms of our macro outlook. We revised to 5.9%. of GDP, expected fiscal deficit for end of this year. And let me say that this is a base case scenario, given also recent international turmoil that has, of course, impacted to some extent the FX rate, has expanded kind of the spreads on risk premiums, and given kind of the levels of oil prices may impact further some of the fiscal expectations that this government presented back in February. So it's still kind of an uncertain landscape for the fiscal situation.

是的，謝謝。嗯，事實上，從我們的宏觀前景來看，財政狀況是主要的弱點。我們將今年底的預期財政赤字修正為佔GDP的5.9%。我想說的是，這是一個基本情況，考慮到最近的國際動盪當然在一定程度上影響了外匯匯率，擴大了風險溢價的利差，而且考慮到油價水平可能會進一步影響政府在二月份提出的一些財政預期。因此，財政狀況仍有點不確定。

And of course, a significant budget cut is needed, somewhere between COP30 billion or COP46 billion, depending on kind of the stress scenario. So definitely something to put all eyes on, and I would just add that we're very expectant to see what the government will present in the medium-term fiscal outlook, which should be presented somewhere end of June. So all expectations on how budget cuts can be performed, of course given some inflexibility.

當然，需要大幅削減預算，削減金額在 300 億哥倫比亞比索到 460 億哥倫比亞比索之間，具體取決於壓力情境。因此這絕對是值得所有人關注的事情，我只想補充一點，我們非常期待看到政府將在六月底左右公佈中期財政展望。因此，對於如何削減預算的所有期望當然都會有一定的彈性。

On the IMF decision to constrain access to the flexible credit line, This is, of course, still a discussion in terms of kind of the facility as a whole. But as of today, the access has been blocked on account of giving far more reasonable messages on the fiscal outlook. And again, June, come June, we should have somewhere a more grounded scenario of how the government expects to address these many challenges.

關於國際貨幣基金組織決定限制靈活信貸額度，當然，這仍然是關於整個信貸機制類型的討論。但截至今天，由於在財政前景方面沒有給出更合理的信息，因此該訪問已被阻止。到了六月份，我們應該對政府如何應對這些諸多挑戰有更紮實的規劃。

Thank you a lot. Regarding your second question about the subsidiaries ROE, as you mentioned, the performance is not the same in all countries. Banco Agricola in El Salvador is doing very, very well. I mean, and this year, what we see is that that performance will continue. and ROEs in El Salvador will be above 20%. In the case of Banistmo in Panama, it's notable the recovery of the ROE.

非常感謝。關於您第二個問題，子公司的ROE，正如您所說，各國的表現並不相同。薩爾瓦多農業銀行 (Banco Agricola) 的經營狀況非常非常好。我的意思是，今年我們看到這種表現將會持續下去。薩爾瓦多的 ROE 將超過 20%。在巴拿馬Banistmo案中，ROE的恢復值得關注。

Remember that we are coming from an ROE per year end 2024 of 4.3%. Now this first quarter was 7% and we think that this recovery will continue and we are targeting an ROE above 10% for Banistmo. And in the case of BAM, it's low for the quarter and also we are expecting the BAM to have a better performance It's in the middle of recovery, and the full potential ROE is not going to be delivered this year. We are targeting more 2025, and we are expecting BAM to deliver an ROE close to 14%, 15%.

請記住，我們 2024 年底的 ROE 為 4.3%。目前第一季的成長率為 7%，我們認為這種復甦將會持續下去，我們的目標是 Banistmo 的 ROE 達到 10% 以上。就 BAM 而言，本季的回報率較低，而且我們預計 BAM 會有更好的表現，它正處於復甦中期，今年還無法實現全部潛在的 ROE。我們的目標是到 2025 年，我們預計 BAM 的 ROE 將接近 14%、15%。

So the outlook, I think, is positive in terms of what Banco Agricola is delivering and the trend. that the other two operations in Central America are having. Regarding net income, as you mentioned, 1.7 trillion for the quarter is the highest figure for the last two years. So the average is more close to 1.5 trillion. And since there are still some uncertainties regarding the macro performance of the different countries, what is happening in the global economy.

因此，我認為，從農業銀行的業績以及中美洲其他兩家銀行的業務趨勢來看，前景是樂觀的。關於淨收入，如您所說，本季1.7兆是近兩年來的最高數字。所以平均值更接近1.5兆。由於不同國家的宏觀表現仍然存在一些不確定性，因此全球經濟正在發生什麼。

So we prefer to be cautious and that's why we are talking about an ROE between 14.5 to 15%, even though the ROE for the quarter, for the first quarter was 16%, as you mentioned. Is there an upside potential? I think so, but all depends on external factors. I think the performance of the economies in which we are and how the global tensions, the geopolitics, and the global economy is going to behave. So we want to remain cautious in terms of our guidance for the full year, Ernesto.

因此我們傾向於謹慎，這就是為什麼我們談論的 ROE 在 14.5% 到 15% 之間，儘管本季度的 ROE，即第一季的 ROE 為 16%，正如您所說。有上漲潛力嗎？我認為是的，但一切都取決於外部因素。我認為我們所處的經濟體的表現以及全球緊張局勢、地緣政治和全球經濟將會如何表現。因此，埃內斯托，我們希望對全年的指導保持謹慎。

No, super careful. Thank you very much Juan Carlos and Laura.

不，非常小心。非常感謝胡安卡洛斯和勞拉。

Thank you Ernesto.

謝謝你，埃內斯托。

Andres Soto, Santander.

安德烈斯·索托，桑坦德。

Good morning to all and congratulations on another strong set of results. My question is probably more related to macro. First quarter of 2025 was a good quarter for Colombia but conditions materially deteriorating in the second quarter, or they have been with oil prices at 62. This is $10 lower than what the government expected for the full year. So I would like to understand how these lower oil prices trickle down to your GDP forecast and fiscal forecast, and if you expect to make any revisions, any update to your provisioning model considering this new environment.

大家早安，祝賀你們又取得了一系列優異的成績。我的問題可能與宏觀更相關。2025 年第一季對哥倫比亞來說是一個好季度，但第二季度情況卻大幅惡化，或者說，油價達到 62 美元時情況就一直如此。這比政府預計的全年水準低 10 美元。因此，我想了解較低的油價如何影響您的 GDP 預測和財政預測，以及您是否計劃在考慮到這種新環境的情況下對您的供應模型進行任何修改或更新。

Andres, let me pass your question to Laura, and once she elaborates on the answer, I will take the part of the provisions.

安德烈斯，讓我把你的問題轉達給勞拉，一旦她詳細說明答案，我就會採取部分措施。

Yes. So indeed, we maintained during our first quarter our 2.6% expectation of GDP growth for this year. This was prior to kind of the whole Trump trade volatility as well as more recent events on the fiscal side. We will have a revision again mid-June where we expect to incorporate whatever the government brings to the table on the fiscal outlook as well as kind of the settling of some of these international variables, especially considering oil prices, as you mentioned.

是的。因此，我們確實在第一季維持了對今年 GDP 成長 2.6% 的預期。這是在川普貿易波動以及近期財政方面事件發生之前。我們將在六月中旬再次進行修訂，預計將納入政府在財政前景方面提出的所有意見以及一些國際變數的解決，特別是考慮到油價，正如您所提到的。

It will impact revenues expected. I believe the fiscal plan as to date looked at prices more in the $65 and $70 per barrel range, whereas we are now closer to $60. So definitely something to look at from that perspective. So the fiscal outlook could impact, especially government expenditure that has been one of the leading factors in the economy.

這將影響預期收入。我認為迄今為止的財政計劃更多地考慮的是每桶 65 美元至 70 美元的價格，而現在我們更接近 60 美元。所以絕對值得從這個角度來看。因此，財政前景可能會產生影響，尤其是政府支出，這是經濟的主要因素之一。

On the flip side, and the reason perhaps why we feel kind of comfortable to this extent on the 2.6% GDP growth end of year, which is also what the Central Bank published yesterday emphasizing that same estimated growth, is the fact that we are seeing far more resilience on internal demand.

另一方面，我們對年底 GDP 成長率 2.6% 感到如此安心的原因或許在於，我們看到內部需求的彈性大大增強，這也是央行昨天公佈的同樣預期的成長數據。

Consumer households are exhibiting quite resilience coming from remittances, other types of spending, we are seeing an upswing also in consumption of more durable goods and leading sectors such as entertainment and agriculture are faring relatively well in addition to kind of these new sectors also bringing some dynamics to the table. So two kind of counter-effects. that lead us to some extent to feel comfortable around this 2.6%. Nonetheless, a revision will come mid-year.

消費者家庭在匯款和其他類型的支出方面表現出了相當強的韌性，我們也看到耐用品消費的上升，娛樂和農業等主要行業表現相對較好，此外這些新興行業也帶來了一些活力。因此，兩種反作用在某種程度上使我們對 2.6% 這個數字感到安心。儘管如此，修訂將在年中推出。

And regarding the effect of this macroeconomic outlook in our numbers, and particularly the cost of risk and risk, that's why we are cautious about the guidance of the cost of risk, even though we We have had two very strong quarters in terms of cost of risk. We remain cautious, and that's why our guidance of the cost of risk is between 1.8 and 2, even though the cost of risk for the first quarter this year was 1.6, and the cost of risk for the last quarter of last year even was better. That's why we remain cautious because there are some risks associated to the macro environment that we are considering in our guidance address.

至於宏觀經濟前景對我們的數據的影響，特別是風險成本和風險，這就是為什麼我們對風險成本的指導持謹慎態度，儘管我們在風險成本方面已經有兩個非常強勁的季度。我們仍然保持謹慎，這就是為什麼我們對風險成本的指導是在 1.8 到 2 之間，儘管今年第一季的風險成本為 1.6，而去年最後一個季度的風險成本甚至更好。這就是我們保持謹慎的原因，因為我們在指導方針中考慮了宏觀環境的一些風險。

Thank you so much, Juan Carlos and Laura. And if I might follow up on Laura's answer, what would be the solution for the government to fix at least temporarily, the big budget challenges that they have for this year. Do you see a possibility for some of the measures that have been proposed, such as bringing forward tax payments for companies to be the solution? And what other solutions can the government implement to patch the hole that is being created and is growing as the everyday passes?

非常感謝胡安卡洛斯和勞拉。如果我可以繼續勞拉的回答，那麼政府有什麼解決方案可以至少暫時解決今年面臨的巨大預算挑戰？您是否認為已經提出的一些措施（例如提前繳納公司稅）有可能成為解決方案？政府還能採取什麼其他解決方案來修補日益形成並不斷擴大的漏洞？

Well, our base case scenario of 5.9% of GDP fiscal deficit suggests breaking the fiscal rule again this year. So it's already a stressed scenario, which kind of incorporates some space to endure expenditure cuts. But of course we know there's a lack of flexibility and maybe also lack of willingness in a pre-electoral year.

嗯，我們的基本情況是，財政赤字佔 GDP 的 5.9%，這表明今年的財政規則將再次被打破。因此，這已經是一個緊張的局面，其中有一定的空間來承受削減開支。但我們當然知道，在選舉前一年，人們可能缺乏彈性，也可能缺乏意願。

So I think it would have to be a combination of many things, as you mentioned, kind of delaying some budget execution, in fact cutting expenditure to some extent, and kind of all these different initiatives that are ongoing. but it is a scenario that in any case, our basic scenario is of not compliance of the fiscal rule and especially given kind of those very high expenditure objectives.

所以我認為這必須是多種因素的結合，正如您所說，推遲一些預算的執行，實際上在一定程度上削減開支，以及所有這些正在進行的不同舉措。但無論如何，我們的基本情況是不符合財政規則，特別是考慮到那些非常高的支出目標。

Thank you, Laura. Thank you, Andres.

謝謝你，勞拉。謝謝你，安德烈斯。

Brian Flores, Citi.

花旗銀行的 Brian Flores。

Hi, team. Congratulations on the results. Thanks for the opportunity. Two questions here on my side. The first one is I wanted to understand how should we think of provisions, right, and the relationship with growth. You reduced your guidance in terms of both items slightly, quarter over quarter. So I just wanted to confirm you are expecting lower growth, particularly in consumer. And also if you could expand your guidance by segments, I think that would be really helpful.

大家好。恭喜你取得這樣的成績。感謝有這個機會。我這裡有兩個問題。第一個是我想了解我們應該如何看待規定，對吧，以及與成長的關係。與上一季相比，你們對這兩項的預期均略有下調。所以我只是想確認您是否預計成長會放緩，尤其是在消費領域。此外，如果您可以按部分擴展您的指導，我認為這將非常有幫助。

And then my second question is you made very interesting comments on NECI and Bancolombia La Mano. Just wanted to confirm if you said two things. One, you're reaching break-even in the first quarter of 2026 and you will reach COP1.5 trillion in loans also by the end of this year. Just wanted to confirm those data points. and then maybe a derivative of this question, right? You're seeing more transactions increase in the LDR. Can you say or quantify if Bre-B is having an impact or should have an impact on fees and this is already incorporated in your guidance? Thank you very much.

我的第二個問題是，您對 NECI 和 Bancolombia La Mano 發表了非常有趣的評論。只是想確認您是否說了兩件事。首先，你們將在 2026 年第一季達到收支平衡，到今年年底，你們的貸款總額也將達到 1.5 兆哥倫比亞比索。只是想確認這些數據點。然後也許是這個問題的衍生詞，對嗎？您會看到 LDR 中的交易量增加。您能否說出或量化 Bre-B 是否對費用產生影響或應該產生影響，並且這已經納入您的指導中？非常感謝。

Thank you, Brian, for your question. Let me address your second question regarding NECI. As you mentioned, we decided at the beginning of this year to merge Bancolombia, La Mano, and NECI, and that's undergoing. And by the end of May, we are expecting to finish the clients of Bancolombia, La Mano, moving to NECI. That will give NECI a considerable size. We expect NECI to end May with around 24 million to 24.5 million clients.

布萊恩，謝謝你的提問。讓我來回答一下關於 NECI 的第二個問題。正如您所說，我們在今年年初決定合併 Bancolombia、La Mano 和 NECI，目前該合併案正在進行中。預計到五月底，我們將完成 Bancolombia 和 La Mano 客戶向 NECI 的遷移。這將使 NECI 擁有相當大的規模。我們預計 NECI 5 月底的客戶數量將達到 2,400 萬至 2,450 萬左右。

And I would like to highlight that of those, the level of activity is very high. I mean, 78% of the clients of NECI are active at least once a month moving money. That's very, very, very high. That means that NECI is used frequently by NECI users. And as you mentioned, we are very happy with the with the development of the loan portfolio.

我想強調的是，這些活動的水平非常高。我的意思是，NECI 的 78% 客戶每月至少會進行一次資金轉移。這非常非常高。這意味著 NECI 被 NECI 使用者頻繁使用。正如您所說，我們對貸款組合的發展感到非常滿意。

And you said that we were expecting to have COP1.5 trillion in loans by the end of the year. The figure at the end of April is COP1.2 trillion. So we are in line and our expectation is that we are going to have a better performance in terms of loans for NECI. And those are loans of average of $500. So it's a small amount of credit. And the performance, as I said, is very good. And this is to ratify that we are expecting NECI to reach the break-even point by the beginning of next year. And that's a very, very important milestone for NECI.

您說我們預計今年年底貸款額將達到 1.5 兆哥倫比亞比索。4月底的數字是1.2兆哥倫比亞比索。因此，我們符合預期，我們期望 NECI 的貸款方面會有更好的表現。這些貸款平均金額為 500 美元。所以這只是一筆小額的信用。正如我所說，性能非常出色。這是為了確認我們預計 NECI 將在明年年初達到收支平衡點。這對 NECI 來說是一個非常非常重要的里程碑。

We are very, very happy with the performance, the development, how the loan portfolio is behaving, not just in terms of volume, but in terms of quality. It's very much in line with our expectations, even better than our expectations, so we are very positive and very optimistic about the performance of NECI. Let me pass your first question to Mauricio, the one regarding provisions.

我們對貸款組合的表現、發展和表現非常滿意，不僅在數量方面，而且在品質方面。這非常符合我們的預期，甚至比我們的預期還要好，所以我們對NECI的表現非常積極和樂觀。讓我將您的第一個問題轉交給毛里西奧，即有關規定的問題。

Thanks, Brian. Regarding provisions, as we mentioned before, it was a very positive quarter in terms of cost of risk, 1.6. But the good thing I would like to highlight is how we got there. And it's basically the deterioration of the different segments was better than expected. So if you take a look at the different metrics regarding asset quality, they are looking good.

謝謝，布萊恩。關於撥備，如我們先前所提到的，本季風險成本表現非常積極，達到了1.6%。但我想強調的是，我們是如何實現這一目標的。基本上，各部分的惡化情況都比預期的要好。因此，如果你看一下有關資產品質的不同指標，它們看起來都不錯。

We don't have any one-offs in the quarter that would explain the 1.6. So provisions looking good in the quarter, looking good for the year, but we still need to be prudent because of the macro scenario that we have mentioned before. Now in terms of guidance, The breakdown of the guidance is commercial loans growing at 4%, mortgage loans growing at 4.5%, and consumer loans growing at 8%.

本季我們沒有任何一次性支出可以解釋1.6%的降幅。因此，本季的撥備看起來不錯，全年也一樣好，但考慮到我們之前提到的宏觀經濟形勢，我們仍然需要謹慎行事。現在就指導而言，指導的細分是商業貸款增長 4%，抵押貸款增長 4.5%，消費貸款增長 8%。

That is very helpful. And then just a quick follow-up on the first answer. I think we did not discuss the impacts of Bre-B. Do you think Bre-B could present any downside risks to your fees in the coming quarters? Thank you.

這非常有幫助。然後對第一個答案進行快速跟進。我認為我們沒有討論 Bre-B 的影響。您認為 Bre-B 在未來幾季會為您的費用帶來任何下行風險嗎？謝謝。

Thank you. Thank you, Brian. I'm sorry that I didn't address that part. Yes. I mean, Bre-B is going to have an impact in terms of how people are moving money, but let me say that we are expecting that that impact is going to be mild. We, in January, opened the Bancolombia and NECI platforms to have free, immediate transactions among several banks. So today, it is possible to move money among several, I mean more than 10, probably 15 banks in Colombia without fees and costs, and immediately, I'm sorry.

謝謝。謝謝你，布萊恩。很抱歉我沒有提到那部分。是的。我的意思是，Bre-B 將對人們轉移資金的方式產生影響，但我要說的是，我們預計這種影響將是溫和的。我們在一月開設了 Bancolombia 和 NECI 平台，以便在多家銀行之間進行免費、即時的交易。所以今天，我們可以在哥倫比亞的幾家銀行之間（我的意思是超過 10 家，可能是 15 家銀行）轉移資金，而且無需支付任何費用和成本，但是，我很抱歉。

So there will be some effect, definitely, but we are very well prepared to manage that effect. And as I mentioned, we move forward and we didn't wait for Bre-B to be ready and we make available for our customers the possibility to move money freely among banks. So I think at the end the effect will be positive in terms of how money is going to move in Colombia and we think we are very well positioned to take advantage of that possibility, Brian.

因此肯定會有一些影響，但我們已經做好了充分的準備來應對這種影響。正如我所提到的，我們不斷前進，沒有等待 Bre-B 準備就緒，我們就為客戶提供了在銀行之間自由轉移資金的可能性。因此我認為最終對哥倫比亞的資金流動將產生積極的影響，我們認為我們完全有能力利用這種可能性，布萊恩。

Thank you.

謝謝。

Tito Labarta, Goldman Sachs.

高盛的 Tito Labarta。

Hi, good morning. Thanks for the call and taking my question. A couple of follow-ups, if I may. First, Carlos, on the margin, because you kept the margin guidance the same, but you also mentioned that you expect the policy rate to be higher than what you were initially expecting at 7.5. I think you had mentioned initially 6.5 with the risk that it can be even 8. So and you said the sensitivity to rates didn't really change. So just to understand why you kept the NIM guidance the same even though it looks like rates could be higher than initially expected. or is there just some conservativeness and potential upside there?

嗨，早安。感謝您的來電並回答我的問題。如果可以的話，我想問幾個後續問題。首先，卡洛斯，關於利率，您維持了利率指引不變，但您也提到，您預期政策利率將高於您最初預期的7.5%。我認為您最初提到的是6.5，但也可能達到8。所以您說對利率的敏感度其實並沒有改變。所以只是想了解為什麼儘管利率看起來可能高於最初的預期，您仍保持 NIM 指導不變。還是只是有一些保守和潛在的上行空間？

And then my second question, following up on the loan growth a little bit, because you did lower the guidance, even though asset quality is doing well, there's still a little bit of uncertainty on the economy. So just to think, like, Is there some more downside risk to the loan growth? When can that inflect and maybe see some upside? Just to get a sense, because you have some good asset quality trends, but some uncertainty on the economy, just to think about the maybe longer-term outlook for loan growth. Thank you.

然後我的第二個問題是，稍微跟進一下貸款成長情況，因為您確實下調了預期，儘管資產品質表現良好，但經濟仍然存在一些不確定性。那麼試想一下，貸款成長是否還存在一些下行風險？什麼時候這種情況能夠轉變並且可能看到一些好處？只是為了了解一下，因為你有一些良好的資產品質趨勢，但經濟存在一些不確定性，只是考慮一下貸款成長的長期前景。謝謝。

Thank you, Tito. And let me give you some color on your two questions, and I will pass to Mauricio if he wants to add something. Margin. We were more... What we saw at the end of last year and probably before is that this year, 2025, the interest rates will go down faster and our expectations at that moment was that even the NIM was going to be close to six or even below six percent.

謝謝你，蒂托。讓我來解釋一下你的兩個問題，如果毛里西奧還想補充什麼的話，我會讓他回答。利潤。我們更加...我們在去年年底甚至更早之前就看到，今年，也就是 2025 年，利率將會下降得更快，我們當時的預期是，淨利差將接近 6%，甚至低於 6%。

With the behavior of the inflation and what the central bank, the Banco de la Republica is doing regarding that inflation and the speed on which they are applying the monetary policy, that's why we are talking about 6.2% of NIMH for the full year. And we ended this quarter in 6.3. What we see is a 100 basis points reduction, and the interest rate is, the reference interest rate at this moment is 9.25, and we mentioned that could be 7.5, but with the risk that it could be 8.

考慮到通貨膨脹的行為以及中央銀行、共和國銀行針對通貨膨脹所採取的措施以及他們實施貨幣政策的速度，這就是我們談論全年 NIMH 為 6.2% 的原因。本季末利率為6.3。我們預期利率將下調100個基點，目前的參考利率為9.25，我們先前提到利率可能為7.5，但也存在可能為8的風險。

So that 125 basis points or 175 basis points reduction -- so that's why in that sensitivity, it's where we are moving regarding the margin. But definitely what we see is that if there is a risk now, it's a positive risk that we can defend the margin in terms of the speed of which the interest rates is going down in Colombia. We are on the conservative side. It is possible, depends on how the interest rates move in the economy, but definitely could be a positive risk in terms of that the interest rates remain higher for longer, and that will allow us to maintain the NIM for longer also, increasing the interest income.

因此，減少 125 個基點或 175 個基點 - 這就是為什麼在這種敏感性下，我們會對保證金進行調整。但我們肯定看到的是，如果現在有風險，那麼就哥倫比亞利率下降的速度而言，我們可以保住利潤，這是一個積極的風險。我們處於保守的一面。這是有可能的，取決於經濟中的利率如何變動，但就利率長期維持在高位而言，這絕對可能是一個積極的風險，這也將使我們能夠更長時間地維持淨利差，從而增加利息收入。

Loan growth definitely is a challenge. Let me put it this way. What we are seeing in the economy is that the economy is performing pretty well. I mean, the asset quality is good. Demand is affected for the political uncertainty and what we see in terms of what is happening globally. So there are some uncertainties, but in terms of Consumption is strong.

貸款成長無疑是一個挑戰。讓我這樣說吧。我們看到的經濟狀況是，經濟表現相當良好。我的意思是，資產品質良好。需求受到政治不確定性以及全球局勢的影響。因此存在一些不確定性，但消費方面強勁。

So what we are seeing is and what we mentioned on the terms of loan growth and divided in the different segments is that consumption or consumer loans could grow a little bit faster. What we are seeing is that there are demands, and I mentioned NECI, which is now performing very, very well, better than what we were expecting. Also, disbursements in terms of consumption or consumer loans are improving.

因此，我們看到的是，就貸款成長而言，按不同部分劃分，消費或消費者貸款可能會成長得更快一些。我們看到的是，有需求，我提到了 NECI，它現在的表現非常非常好，比我們預期的要好。此外，消費或消費貸款方面的支出也在改善。

Commercial loans, I think, will depend on projects that, due to the expectations of the new government will start demanding some credit, and the performance on mortgages is very good. It's really, really good. So it will depend at the end on macro and expectations regarding the political environment. Mauricio, I don't know if you want... No? Okay. That's our point of view regarding your questions, Tito.

我認為，商業貸款將取決於那些由於新政府的預期而開始要求一些信貸的項目，而且抵押貸款的表現非常好。真的非常好。因此，最終將取決於宏觀因素和對政治環境的預期。毛里西奧，我不知道你是否想要…不？好的。這就是我們對你的問題的看法，蒂托。

Okay, no, that's very clear. Thanks, Juan Carlos. So just to be clear, on the NIM guidance, it sounds like there could be maybe some upside risk there, but the trend is still should be coming down as rates come down, but with some potential upside, given the rates may be coming down slower than expected.

好的，不，這很清楚。謝謝，胡安卡洛斯。因此，需要明確的是，就 NIM 指導而言，聽起來可能存在一些上行風險，但隨著利率下降，趨勢仍應下降，但考慮到利率下降的速度可能比預期的要慢，因此仍具有一些潛在的上行空間。

That's correct.

沒錯。

Okay, perfect. Thank you, Juan Carlos.

好的，完美。謝謝你，胡安卡洛斯。

Carlos Gomez, HSBC.

卡洛斯‧戈麥斯，匯豐銀行。

Hello. Thank you for taking my questions. Two brief ones. One, you have modified slightly your guidance. We have gone through different elements, but I see that the CET1 that you had between 11 to 11.5 is no longer part of the guidance, and I was wondering if you want to have more flexibility as to how much capital you want to hold. Second question is, once you have a group of C-VEST set up, is your priority still to do the buyback for $300 million, or what else do you think you can do immediately that you couldn't do as Bancolombia? Thank you.

你好。感謝您回答我的問題。兩個簡短的。一，你稍微修改了你的指導。我們已經討論了不同的要素，但我發現，您所擁有的 11 到 11.5 之間的 CET1 不再是指導的一部分，我想知道您是否希望在持有多少資本方面擁有更大的靈活性。第二個問題是，一旦您成立了 C-VEST 集團，您的首要任務是否仍然是回購 3 億美元股票，或者您認為您還能立即做什麼，而作為 Bancolombia 您無法做到？謝謝。

Thank you, Carlos. Let me address your second question, and I will pass your first one to Mauricio. Definitely, we are in the way of setting up Grupo Cibest. Our expectation is by the end of May we will have everything in place and we will have a side-best shareholders meeting in June and our idea is to present to that shareholder meeting the buy-back program. and, as you mentioned, we are planning to present a $300 million, the equivalent in, of course, of $300 million program of buybacks at that first side-based shareholder meeting that, as I mentioned, we are expecting to take place in June.

謝謝你，卡洛斯。讓我來回答你的第二個問題，然後我會把你的第一個問題轉給毛里西奧。毫無疑問，我們正在阻礙 Grupo Cibest 的成立。我們的預期是，到 5 月底，我們將做好一切準備，並在 6 月召開一次股東大會，我們的想法是向股東大會提交回購計畫。正如您所提到的，我們計劃在第一次股東大會上提出一項 3 億美元的回購計劃，當然，這相當於 3 億美元的回購計劃，正如我所提到的，我們預計將在 6 月份舉行。

And hi, Carlos. Yes, complementing that, as we mentioned give us a lot of options and that optionality is going to be targeted in parallel ways in the different options as we say capital allocation, corporate development, more flexibility and I guess the simplicity to understand the operations. So one of them is capital structure, and we already have a distribution of an extraordinary dividend, which is the result of that optimization of the capital structure.

你好，卡洛斯。是的，正如我們所提到的，補充一下，這給了我們很多選擇，而這種可選性將以不同的方式並行實現，就像我們所說的資本配置、企業發展、更大的靈活性，我想這也是為了便於理解營運。其中之一就是資本結構，我們已經分配了特別股息，這是資本結構優化的結果。

So the buyback is another thing, and things will keep going on. Then regarding the guidance for core equity Tier 1, The reason why we didn't include it is because the guidance is going to be basically Cibest guidance. At the end of the year, we're going to be presenting Cibest results. And for Cibest, CET-1 will not be a metric to take into account. That will be a metric to take into account in the operational companies. Bancolombia's, CET1 will still have a target between 11 and 11.5, but Cibest will not. So I guess the metric that we will be including would be double leverage starting from second quarter.

因此回購是另一回事，而且事情還會繼續下去。然後關於核心股權一級資本的指導，我們沒有將其納入是因為該指導基本上是 Cibest 指導。年底，我們將公佈 Cibest 的結果。對 Cibest 來說，CET-1 不會成為需要考慮的指標。這將是營運公司需要考慮的指標。Bancolombia 的 CET1 目標仍為 11 至 11.5 之間，但 Cibest 則不會。因此，我猜我們將要採用的指標是從第二季開始的雙倍槓桿。

That's very clear. Thank you.

這非常清楚。謝謝。

Olavo Arthuzo, UBS.

瑞銀的 Olavo Arthuzo。

Hi. Good morning, everybody. Thank you for taking my question. Actually, I have just one. It's related to the profitability of the bank because I just wanted to understand what would be the leverage for ROE to increase again and return to that high team figures that we used to see in the past. Because I totally understand the top-down elements, which they are key in this process, but what could you share with us in terms of bottom-up initiatives? I just wanted to understand the focus of the bank on the in-house efforts and try to do some analysis here. and also in this context, if possible, of course, could you remind us or update about the long-term ROE of the bank, which the bank is targeting for the long-term? Thank you very much, guys.

你好。大家早安。感謝您回答我的問題。事實上，我只有一個。這與銀行的獲利能力有關，因為我只是想了解 ROE 再次增加並恢復到我們過去曾經看到的高團隊數據的槓桿作用是什麼。因為我完全理解自上而下的要素，它們是這過程中的關鍵，但是您能與我們分享一下自下而上的舉措嗎？我只是想了解銀行在內部努力上的重點，並嘗試在這裡做一些分析。此外，在這種背景下，如果可能的話，當然，您能否提醒我們或更新銀行的長期 ROE，這是銀行的長期目標？非常感謝你們，夥伴們。

Thanks for the question. I'm going to start from the end. Our long-term ROE The goal is to reach 16%. Maybe you have ROE figures from a couple of years ago when margins were significantly higher and we reached ROEs of even higher than 20%. Those are not sustainable, but we do believe we can reach 16% ROE going forward.

謝謝你的提問。我將從結尾開始。我們的長期ROE目標是達到16%。也許您有幾年前的 ROE 數據，當時利潤率要高得多，我們的 ROE 甚至達到了 20% 以上。這些是不可持續的，但我們確實相信未來我們可以達到 16% 的 ROE。

And the way to think about that in terms of upside would be with the initiation of Cibest managing the capital structure, taking advantage of the possibilities give us, along with a transition in terms of macro and economic that allow us to grow the loan book faster than it is growing now. That would push fees also and give us or take us to a more sustainable cost of risk, a long-term cost of risk of around 1.8. If we reach that in the long term, ROE could be Higher than 16 may be reaching 17% or so, but long-term, you should think about 16% in a sustainable way.

從好的方面來看，我們可以這樣想：Cibest 啟動資本結構管理，利用帶給我們的可能性，同時進行宏觀和經濟方面的轉型，讓我們的貸款成長速度比現在更快。這也會推高費用，並使我們的風險成本達到更永續的水平，長期風險成本約為1.8%。如果我們長期達到這一水平，股本回報率可能會高於16%，甚至可能達到17%左右，但從長遠來看，16%的水平應該是一個可持續的目標。

Okay, that's great. Thank you very much, guys.

好的，太好了。非常感謝你們，夥伴們。

Nicholas Riva, Bank of America.

美國銀行的尼古拉斯·里瓦。

Thanks very much, Juan Carlos and team, for the chance to ask questions. I have two questions. One, it's a follow-up from the question that I think Carlos Gómez-López had asked on capital, but if you can give us your thoughts regarding plans to raise additional capital. Basically, because I look at the buffer or the minimum requirement for total capital a bit on the thin side for a bank of your size, so I think total capital was 12.9% at the end of March, which is about 140 basis points above the minimum.

非常感謝胡安卡洛斯和他的團隊給予我提問的機會。我有兩個問題。首先，這是對卡洛斯·戈麥斯·洛佩茲關於資本問題的後續回答，我想問您能否談談對籌集額外資本計劃的想法。基本上，因為我認為對於您這種規模的銀行來說，緩衝或總資本的最低要求有點低，所以我認為 3 月底的總資本為 12.9%，比最低要求高出約 140 個基點。

So if you can give us some thoughts regarding your plans, if any, to raise additional capital. And then second question, also a follow-up regarding the creation of the new holding company of Cibest. if you are thinking of using that new vehicle in a way to raise funding, senior debt, but also to raise capital in the sense that you could raise senior debt out of the new holding company and then downstream it as capital to the bank, to the Colombian bank. Thanks.

因此，如果您可以向我們提供一些關於您的計劃的想法（如果有的話），以籌集更多資金。第二個問題，也是關於 Cibest 新控股公司的創建的後續問題。您是否正在考慮使用該新工具來籌集資金、優先債務，同時也在某種意義上籌集資本，即您可以從新控股公司籌集優先債務，然後將其作為資本下游到銀行，到哥倫比亞銀行。謝謝。

Hi, Nicolas. Thank you for the questions. First, regarding the capital position, we have used, In order to distribute dividends, we have used a year-end target of 11%. Last year, for example, when we distributed dividends, it dropped to 10.5% as expected and came up above 11% at year-end. This year, after distributing dividends, it only went down to 11.2% in basic capital. So the figures that you mentioned give us comfort. We have run all the stress tests. We have run all the scenarios. We're very conservative. We keep in touch with risk rating agencies, and we feel comfortable with the capital levels we have at this time.

你好，尼古拉斯。謝謝您的提問。首先，關於資本狀況，我們已經使用了，為了分配股息，我們使用了 11% 的年終目標。例如去年我們分紅的時候，如預期降到了10.5%，到年底又回升到了11%以上。今年派息後，基本資本僅下降至11.2%。所以您提到的數字讓我們感到安慰。我們已經進行了所有壓力測試。我們已經運行了所有場景。我們非常保守。我們與風險評級機構保持聯繫，對目前的資本水準感到滿意。

Mauricio, if I can do a follow-up there, because I see, as you said, at the CET1 level, you have quite some buffer, I think over 400 basis points, but if I look at total capital, given that the 27s, well, so you're about two years away from maturity and they are losing capital treatment, so that's why I'm thinking more regarding tier two capital, if there are any plans to replace the capital you're going to be losing with the 27s, and again, given that the buffer on total capital looks a bit thinner,

Mauricio，我可以再問一下嗎？正如您所說，在 CET1 級別，您有相當大的緩衝，我認為超過 400 個基點。但如果我看一下總資本，考慮到 27 倍債券，那麼距離到期還有兩年左右的時間，而且它們正在失去資本待遇，所以我更多地考慮二級資本，是否有計劃用 27 倍債券來替代您將要損失的資本。同樣，考慮到總資本的緩衝看起來有點薄弱，

Right, right. Yes, that was your second question that I was going to address. And the answer is, Nicolas, in the short term, that means 2025, we're not planning any capital or any issuances of different instruments, but of course, That's going to be an optionality that CVS will bring us both at the holding company and at the operating company levels. So we might be tapping the market for Tier 2 instruments in 2026, but we can also do AT1s at the holding company. We don't know. It's not a short-term need. but we do know the options are there and the market is asking about that.

對，對。是的，這是我要回答的第二個問題。答案是，尼可拉斯，在短期內，也就是 2025 年，我們不打算發行任何資本或任何不同的工具，但當然，這將是 CVS 在控股公司和營運公司層面為我們帶來的一種選擇。因此，我們可能會在 2026 年開拓 Tier 2 儀器市場，但我們也可以在控股公司生產 AT1。我們不知道。這不是短期需求。但我們確實知道有選擇，而且市場也在問這一點。

I was going to say one last follow-up question for Mauricio on that. I would imagine that, as you said, the holding company doesn't have capital requirements other than perhaps double leverage, so I would assume that you would either issue senior debt at the holding company level at Citus and then downstream debt as an equity injection to the bank or you could raise AT1 or TR2 capital at the Colombian bank level because that's the entity that has the capital requirements. Is that kind of fair?

我本來想就此向毛里西奧問最後一個後續問題。我想，正如你所說，控股公司除了雙倍槓桿之外沒有其他資本要求，因此我認為你要么在 Citus 的控股公司層面發行優先債務，然後發行下游債務作為對銀行的股權注入，要么你可以在哥倫比亞銀行層面籌集 AT1 或 TR2 資本，因為那是具有資本要求的實體。這樣公平嗎？

It is fair enough, Nicolas -- and I just want to highlight what you just mentioned. The evolution of our corporate structure will give us flexibility, and as you described, we can look for additional resources at the holding level, at the Cibest level. The level of double leverage that we have at Cibest is very comfortable, so we have a space there. but also we can look for additional instruments at the subsidiary level.

這很公平，尼可拉斯——我只是想強調你剛才提到的內容。我們公司結構的演變將為我們帶來靈活性，正如您所描述的，我們可以在控股層面、在 Cibest 層面尋找額外的資源。Cibest 的雙倍槓桿水平非常舒適，因此我們在那裡有空間。但我們也可以在子公司層級尋找額外的工具。

So we have the flexibility to tap the market depending on what are our requirements, the interest, so we have that flexibility. But I want to emphasize what Mauricio said is that this year we feel comfortable with the level of capital that we have. on both levels at the holding company or at the operational banks in the different geographies. But now we have the flexibility, again, to go to the market with any of the operations to go for resources if we need additional capital in any of the operations, Nicolas.

因此，我們可以根據自己的需求和興趣靈活地開拓市場，所以我們有這種彈性。但我想強調的是，毛里西奧所說的是，今年我們對我們擁有的資本水準感到滿意。無論是控股公司或是不同地區的營運銀行。但是現在，如果我們在任何業務中需要額外資本，我們可以再次靈活地將任何業務推向市場以獲取資源，尼古拉斯。

Okay, thanks very much, Juan Carlos and Mauricio.

好的，非常感謝胡安卡洛斯和毛里西奧。

Thank you. We have no further questions at this time. I would like to hand the conference over to Mr. Juan Carlos for closing remarks.

謝謝。目前我們沒有其他問題。我想將會議交給胡安·卡洛斯先生作閉幕發言。

Thank you everybody for attending this conference call. Our next conference call, we will present the results of Cibest, so the results for the second quarter will be results due to our corporate evolution as I mentioned. So again, thank you very much and hope to see you in our next conference call. Thank you very much, everybody, and have a good day.

感謝大家參加本次電話會議。我們將在下次電話會議上公佈 Cibest 的業績，因此第二季的業績將是我所提到的公司發展所帶來的業績。再次感謝您，希望在下次電話會議中見到您。非常感謝大家，祝大家有個愉快的一天。

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

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。