Grupo Cibest SA (CIB) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Groups of Best Ban of Columbia second quarter 2025 earnings conference call. My name is Christine and I'll be your operator for today's call.

女士們、先生們，早安，歡迎參加哥倫比亞最佳銀行集團 2025 年第二季財報電話會議。我叫克莉絲汀，今天我將擔任您的電話接線生。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Following the prepared remarks, there will be a question and answer session.

準備好的發言之後，將有一個問答環節。

During the question and answer session, if you have a question, please press star then one on your touch tone phone.

在問答環節中，如果您有任何問題，請在按鍵電話上按星號，然後按一。

Please note this conference is being recorded.

請注意，本次會議正在錄製。

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.

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相關的陳述。

All forward-looking statements whether made in this conference call, in future filings, in press releases, or verbally address matters that involve risks and uncertainties. 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.

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、新聞稿中，或是以口頭方式解決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，包括一般經濟和商業狀況的變化、貨幣匯率和利率的變化。

Introduction of competing products by 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.

其他公司推出競爭產品、我們的目標客戶對新產品或服務的接受度不足、業務策略的變化以及我們在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.

今天與我們一起出席的是首席執行官胡安·卡洛斯·莫拉先生。

Mr. Mauricio Botero Wolf, chief strategy and financial officer.

首席策略與財務長 Mauricio Botero Wolf 先生。

Mr. Rodrigo Prieto, Chief Risk Officer.

Rodrigo Prieto 先生，首席風險長。

Miss Mrs. Catalina Toban, investor relations and capital markets director, and Mrs. Laura Clavio, chief economist.

投資者關係和資本市場總監 Catalina Toban 女士和首席經濟學家 Laura Clavio 女士。

I will now turn the call over to Mr. Juan Carlos Moura, Chief Executive Officer.

現在我將把電話轉給執行長胡安·卡洛斯·莫拉先生。

Mr. One Callers, you may begin.

一位來電者先生，您可以開始了。

Good morning.

早安.

Welcome to Gruppo CV's 2nd quarter results conference call.

歡迎參加 Gruppo CV 第二季業績電話會議。

Please go to slide 3.

請翻到幻燈片 3。

I'm pleased to share our first results as Grupo CIs, our new holding company.

我很高興與大家分享我們作為新控股公司 Grupo CIs 的首批成果。

Our formation involved legal transactions, as a transfers and merges that led Bank Colombia to transfer Bitzmoan quaricula, BAM Ney renting Wea Way and other investments to Gruposivists.

我們的成立涉及合法交易，例如轉讓和合併，導致哥倫比亞銀行將 Bitzmoan quaricula、BAM Ney 租賃 Wea Way 和其他投資轉讓給 Gruposivists。

This transformation did not impact our operations, asset portfolio, debt structure or revenue generation capacity.

此次轉型並未影響我們的營運、資產組合、債務結構或創收能力。

Therefore, the consolidated financial results reported on Grouppoivist correspond to those that Groupo and Colombia will have achieved if the corporate changes implemented on May 16th have not occurred.

因此，Grouppoivist 報告的合併財務結果與 Groupo 和哥倫比亞在 5 月 16 日實施的公司變更未發生時所取得的結果相符。

Our main goal is to optimize capital allocation, increase corporate flexibility, and boost value creation and distribution.

我們的主要目標是優化資本配置，提高企業彈性，促進價值創造和分配。

Such as through our ongoing share repurchase program launch on July 17th with the goal to buy up to 1.

例如透過我們正在進行的股票回購計劃，該計劃於 7 月 17 日啟動，目標是回購最多 1 股。

3 trillion pesos in a combination of common prefer and ATRs until June 24, 2026. As of July 31st, 5.2% of the total shares had been repurchased.

截至 2026 年 6 月 24 日，將以普通股和 ATR 組合的形式發行 3 兆披索。截至7月31日，已回購股份總數的5.2%。

Now please proceed to slide 4.

現在請看投影片 4。

With the creation of Group poiv we consolidate our position as a solid regional financial group with a strong footprint.

隨著 Group poiv 的成立，我們鞏固了作為一個擁有強大影響力的穩固區域金融集團的地位。

We offer an integrated client focused value proposition by delivering customized financial solutions to a wide range of clients in our operating countries.

我們透過向營運所在國家的廣大客戶提供客製化的金融解決方案，提供以客戶為中心的綜合價值主張。

Our approach adapts to local market trends while drawing on regional strengths, promoting diversification and supporting sustainable long term growth.

我們的方法適應當地市場趨勢，同時利用區域優勢，促進多樣化並支持可持續的長期成長。

Additionally, the corporate structure supports efficient capital allocation for both organic and inorganic growth as well as various organizational developments with the aim of creating value for stakeholders.

此外，公司結構支援有效的資本配置，以實現有機和無機成長以及各種組織發展，旨在為利害關係人創造價值。

In addition, our ability to expand complimentary businesses supported by customer insights and data access contributes to our value proposition and competitive advantages.

此外，我們在客戶洞察和資料存取的支援下擴展互補業務的能力有助於提升我們的價值主張和競爭優勢。

Now, please proceed to slide 5.

現在，請看投影片 5。

We offer a wide range of financial services covering banking intermediation, transactional and banking services, asset management, treasury and capital markets amongst others throughout Colombia and Central America.

我們提供廣泛的金融服務，涵蓋銀行中介、交易和銀行服務、資產管理、財務和資本市場等，服務範圍遍及哥倫比亞和中美洲。

As of the 2nd quarter of 2025, we serve over 33 million clients.

截至 2025 年第二季度，我們已為超過 3,300 萬名客戶提供服務。

Colombia remains our core market in which Bank Colombia leads the financial sector with over 18 million clients and a market share of 28% in loans and 26% in deposits.

哥倫比亞仍然是我們的核心市場，其中哥倫比亞銀行在金融領域處於領先地位，擁有超過 1800 萬客戶，貸款市佔率為 28%，存款市佔率為 26%。

At a consolidated level, Bank Colombia integrates fiduciary, brokerage, investment banking, real estate fund, and offshore banking services.

從綜合層面來看，哥倫比亞銀行整合了信託、經紀、投資銀行、房地產基金和離岸銀行服務。

Our Central American operations offer valuable diversification.

我們的中美洲業務提供了寶貴的多樣化。

Ban Quaricula lives in El Salvador. Bitsmo is 2nd in Panama and BA ranks 4th in Guatemala, each with growth potential in their markets.

班·誇裡庫拉 (Ban Quaricula) 住在薩爾瓦多。Bitsmo 在巴拿馬排名第二，BA 在危地馬拉排名第四，各自在各自的市場都具有成長潛力。

In addition to our traditional banking services, we are continuously enhancing our digital and transactional ecosystem.

除了傳統的銀行服務外，我們還在不斷增強我們的數位和交易生態系統。

Necky or digital bank now serves more than 25 million clients with an activity ratio approaching 80%.

Necky 或數位銀行目前為超過 2,500 萬客戶提供服務，活動率接近 80%。

Oneing our payments platform facilitates both pays and payouts for small and medium sized enterprises.

我們的支付平台為中小型企業提供支付和付款便利。

Furthermore, Weia is strengthening our presence in the digital asset sector throughout initiatives such as COPW, a stablecoin backed by the Colombian peso.

此外，Weia 也透過 COPW（一種由哥倫比亞比索支持的穩定幣）等措施加強了我們在數位資產領域的影響力。

Now, please proceed to slide 6.

現在，請看投影片 6。

From a capital allocation standpoint, Grupoiv principal entities are its four banks.

從資本配置的角度來看，Grupoiv 的主要實體是其四家銀行。

On Colombia stand alone accounts for 48% of the holdings equity and 66% of the total assets as of June.

截至 6 月份，哥倫比亞的股權佔控股公司的 48%，總資產佔總資產的 66%。

While Bitzu, BA and Banco Agricola comprise the remaining portions.

其餘部分由比祖、BA 和 Banco Agricola 組成。

Moreover, returns of capital are mixed. Bank Colombia standalone recorded a 26% pro forma ROE in the second quarter calculated over the average equity of the 1st and 2nd quarters assuming the transaction had been executed by in 2024, which implies a lower amount as per the capital deconsolidation that took place.

此外，資本報酬率參差不齊。哥倫比亞銀行獨立公司第二季錄得 26% 的預期 ROE，該數字是根據第一季和第二季的平均權益計算得出的，假設該交易在 2024 年之前完成，這意味著根據發生的資本拆分，其金額會更低。

What this metric clearly reflects is the merits of the corporate evolution demonstrating more efficient capital allocation on the main operational entity, thereby driving value creation for shareholders.

這項指標清楚地反映了企業發展的優點，即在主要營運實體上實現更有效的資本配置，從而推動股東價值創造。

On the other hand, Bancoricula continues to deliver high returns that significantly exceed its rela relative size of performing both Banismo andAM.

另一方面，Bancoricula 繼續提供高回報，其回報大大超過 Banismo 和 AM 的相對規模。

Now, please proceed to slide 7.

現在，請翻到第 7 張投影片。

In the second quarter of 2025 we achieved robust financial performance aligned with our long term corporate strategy and supported by our operational strengths.

2025 年第二季度，我們實現了強勁的財務業績，這與我們的長期企業策略一致，並得到了我們營運優勢的支持。

Return on equity increased to 17.5%, primarily due to strong net income resulting from an improved net interest margin and reduced provision expenses.

股本回報率增至 17.5%，主要因淨利差改善及撥備支出減少所帶來的強勁淨收入。

Notably, the net interest margin rebounded to 6.6%, driven by growth in both loans and investments which will be discussed in further detail.

值得注意的是，淨利差反彈至 6.6%，這得益於貸款和投資的成長，下文將對此進行詳細討論。

Because of risk of 1.6% and declining non-performing loans ratios highlight the ongoing enhancing of our asset quality.

由於1.6%的風險和不良貸款率的下降凸顯了我們資產品質的持續提高。

It is also not worthy.

也是不值得的。

That deposits continue to exceed long growth on both quarterly and annual basis, maintaining a notably low cost despite increased competition.

存款在季度和年度增長上繼續超過長期增長，儘管競爭加劇，但成本仍然保持明顯較低。

The double leverage ratio for group po CVS is at 105%, indicating solid credit worthiness and providing capacity for further expansion.

集團 POWDER CVS 的雙重槓桿率為 105%，顯示其信用狀況良好，並具有進一步擴張的能力。

Furthermore, Ny reporter loans to.

此外，紐約記者也藉此機會。

1.1 trillion pesos reflecting a substantial 4.7 fold increase over the previous year.

1.1兆比索，比上年增長4.7倍。

This growth has also driven further cost efficiency which we will be discussed in more detail later.

這種成長也進一步提高了成本效率，我們將在後面詳細討論。

I now hand over to Laura Clavijo, chief economist, for a summary of the macroeconomic landscape. Laura.

現在我請首席經濟學家勞拉‧克拉維霍 (Laura Clavijo) 總結一下宏觀經濟情勢。勞拉。

Thank you, Juan Carlos. If you could please turn to slide 9.

謝謝你，胡安卡洛斯。請翻到第 9 張投影片。

The Colombian economy continued to gain momentum during the second quarter, driven by strong domestic demand, household consumption, and a modest recovery in investment. The IOC, a monthly indicator of economic activity, expanded at an annual rate of 2.7% in May.

在強勁的國內需求、家庭消費和投資溫和復甦的推動下，哥倫比亞經濟在第二季繼續保持成長勢頭。作為衡量經濟活動的月指標，IOC 5 月的年增率為 2.7%。

Meanwhile, our nowcast Bank Colombia, based on transactional data suggests the economy grew by 2.9% during the first half of 2025. As a result, we maintain our GDP growth forecast of 2.6% for this year and 3% for 2026.

同時，根據交易數據，我們的哥倫比亞銀行預測顯示，2025 年上半年經濟成長了 2.9%。因此，我們維持今年 GDP 成長 2.6% 和 2026 年 3% 的預測。

Key macro indicators, including inflation, unemployment, and consumer confidence, have continued to stabilize and have thus far mitigated the impact of a volatile global environment and broad-based risk aversion. Nonetheless, both monetary and fiscal policy face significant challenges ahead.

通膨、失業率和消費者信心等關鍵宏觀指標持續穩定，迄今已減輕了全球環境動盪和普遍避險情緒的影響。儘管如此，貨幣政策和財政政策都面臨重大挑戰。

The central bank has adopted a cautious stance throughout much of 2025. Despite inflation falling to 4.8% year over year in June, the monetary authority has kept the policy rate unchanged at 9.25%. These decisions reflect the need to anchor inflation expectations, anticipate potential price pressure from a higher than expected minimum wage in 2026, and prevent second round effects. We expect inflation to end the year above 5%, with interest rates maintaining a predominantly restrictive posture.

在2025年的大部分時間裡，央行都採取了謹慎的立場。儘管6月通膨率年減至4.8%，貨幣當局仍將政策利率維持在9.25%不變。這些決定反映了穩定通膨預期、預測2026年高於預期的最低工資可能帶來的價格壓力以及防止第二輪效應的需要。我們預計今年底通膨率將超過 5%，利率將維持以限制為主的態勢。

On the fiscal front, Colombia faces mounting challenges in both the short and medium term.

在財政方面，哥倫比亞在短期和中期都面臨越來越大的挑戰。

In recent years, the fiscal deficit has deteriorated, widening from 4.2% of GDP in 2023 to 6.7% in 2024, and is projected to exceed 7% in 2025. Overly optimistic revenue projections, high interest payments, rigid budget structures, and reluctance to implement necessary spending cuts led to the activation of the escape clause of the fiscal rule for the 2025-20208 period.

近年來，財政赤字不斷惡化，從2023年佔GDP的4.2%擴大到2024年的6.7%，預計2025年將超過7%。過於樂觀的收入預測、高額的利息支付、僵化的預算結構以及不願實施必要的削減開支，導致 2025-2028 年財政規則的免責條款被激活。

Furthermore, the generous 2026 budget proposal underscores ongoing concerns about fiscal sustainability.

此外，慷慨的2026年預算提案凸顯了人們對財政永續性的持續擔憂。

As a consequence, credit rating agencies Moody's and S&P recently downgraded Colombia's sovereign rating, a move that had largely been priced into sovereign assets which have weakened the line with increased risk premium. Nevertheless, Colombia continues to enjoy a strong reputation in financial markets with a solid track record of debt repayment and credibility that compares favorably to other countries in the region.

因此，信用評級機構穆迪和標準普爾最近下調了哥倫比亞的主權評級，這一舉措在很大程度上已被主權資產的價格所消化，主權資產的風險溢價上升削弱了其信用評級。儘管如此，哥倫比亞在金融市場上仍然享有良好的聲譽，其債務償還記錄和信譽與該地區其他國家相比毫不遜色。

Please turn to slide 10.

請翻到第 10 張投影片。

Turning to Central America, most countries are closely monitoring slower than expected US growth, new tariff announcements and potential policy shifts that could affect remittance flows. El Salvador is expected to grow by approximately 2.2%, supported by low inflation and robust investment in infrastructure and tourism.

談到中美洲，大多數國家都在密切關注美國經濟成長低於預期、新的關稅公告以及可能影響匯款流動的潛在政策變化。受低通膨和基礎設施及旅遊業強勁投資的支撐，薩爾瓦多經濟預計將成長約 2.2%。

Country risk has improved significantly in recent years, and a newly signed IMF agreement has placed fiscal consolidation at the forefront of policy.

近年來，國家風險已顯著改善，新簽署的國際貨幣基金組織協議將財政整頓置於政策的首位。

Guatemala, known for its macroeconomic stability, is projected to grow 3.6% this year, driven by strong domestic demand that could help cushion a potential slowdown in exports.

危地馬拉以其宏觀經濟穩定而聞名，預計今年該國經濟將成長 3.6%，這得益於強勁的國內需求，可能有助於緩解出口可能放緩的影響。

Finally, Panama is gradually recovering from the 2024 copper plant shutdown and disruptions to its canal operations. Growth is expected to reach 3.7% in 2025, underpinned by increased infrastructure investment and solid tourism activity.

最後，巴拿馬正在逐步從 2024 年銅廠關閉和運河營運中斷中恢復過來。受基礎建設投資增加及旅遊活動強勁支撐，預計2025年成長率將達3.7%。

I will now hand over the presentation to Mauricio Botero, who will provide further insights into the 2025 2nd quarter results, Mauricio.

現在我將把演講交給 Mauricio Botero，他將進一步介紹 2025 年第二季的業績，Mauricio。

Thank you, Laura. Please go to slide number 12.

謝謝你，勞拉。請翻到第 12 張投影片。

As of the end of June, the loan portfolio represented 75% of our total assets.

截至 6 月底，貸款組合占我們總資產的 75%。

It was almost flat during the quarter, partially explained by a peso appreciation of 2.9%. However, this result represents a 4.4% growth over the year.

本季幾乎持平，部分原因是比索升值了 2.9%。但這結果比去年同期成長了4.4%。

The commercial loan portfolio remained almost flat over the quarter, as the man remains weak.

由於人手仍然很弱，本季商業貸款組合幾乎保持穩定。

On the flip side, consumer loans regain momentum primarily driven by our operation in Colombia, tied tones exponential loan growth and a continuous positive trend in credit card and payrolls.

另一方面，消費貸款重新獲得動力，這主要得益於我們在哥倫比亞的業務、指數級的貸款成長以及信用卡和薪資的持續積極趨勢。

Mortgages remain as the fastest growing segment on a quarterly and an annual basis, fueled by the rate cut program launched a year ago.

受一年前推出的降息計畫的推動，抵押貸款仍然是季度和年度成長最快的領域。

Please go to slide number 13.

請翻到第 13 張投影片。

As of the end of June, our loan portfolio in Central American banks represents 25% of our total loan book in pesos, providing valuable diversification across markets and currency exposure.

截至 6 月底，我們在中美洲銀行的貸款組合占我們比索貸款總額的 25%，為跨市場和貨幣敞口提供了寶貴的多元化。

This combined with the commercial loan book from our offshore operations in Panama and Puerto Rico, brings the overall loan book in US dollars to 31% when converted into pesos.

加上我們在巴拿馬和波多黎各的離岸業務的商業貸款，以比索計算，美元貸款總額佔比達到 31%。

When analyzing by operations, Ban Colombia and Ban Quadricula continued to live long growth, whereas BA and Banismo experienced slower activity in different segments.

從營運情況來看，哥倫比亞銀行和四元銀行持續保持長期成長，而英國航空和 Banismo 在不同領域的活動則有所放緩。

Please go to flight number 14.

請前往14號班機。

Deposits grew 2.4% in the quarter, accumulating a 9.6% expansion during the year, outpacing loan growth.

本季存款成長 2.4%，全年累計成長 9.6%，超過貸款成長。

Such growth is especially positive in savings accounts, which was 4% over the quarter and 16% over the year.

儲蓄帳戶的成長尤其顯著，本季成長了 4%，全年成長了 16%。

Driven by Ban Colombia and Banuaricula, where our rich and client engagement are particularly strong. Time deposits were almost flat during the quarter, but grew 4% over the year, and checking accounts kept on growing steadily.

在 Ban Colombia 和 Banuaricula 的推動下，我們的富人和客戶參與度特別高。本季定期存款幾乎持平，但年增 4%，支票帳戶持續穩定成長。

This ability to attract and retain a stable low-cost deposits remains a key competitive advantage even as new competitors emerge. Furthermore, it provides ample room for loan origination going forward.

即使出現新的競爭對手，吸引和保留穩定的低成本存款的能力仍然是一項關鍵的競爭優勢。此外，它為未來的貸款發放提供了充足的空間。

Please go to slide 15.

請翻到第 15 張投影片。

It's encouraging to see the evolution of the funding mix with savings accounts representing now 42%, which has a very positive effect in overall cost. Most of those accounts are very transactional, which provide a stable and low cost of funding.

令人鼓舞的是，資金結構發生了變化，儲蓄帳戶現在佔 42%，這對整體成本產生了非常積極的影響。這些帳戶大多具有很強的交易性，可以提供穩定且低成本的資金。

Interestingly, as well, is the fact that within time deposits, online time deposits continue outpacing institutional time deposits, contributing not only to a more stable, but also cost efficient funding base, as these allow a faster reprising.

同樣有趣的是，在定期存款中，網路定期存款繼續超過機構定期存款，不僅有助於形成更穩定的資金基礎，而且也具有成本效益，因為它們可以更快地重新計息。

Thus, cost of deposits remained very competitive at 4.2%, recording a slight increase over the quarter, but remains well below Colombia's industry average and central bank's reference rate.

因此，存款成本仍然非常具有競爭力，為 4.2%，比本季度略有增長，但仍遠低於哥倫比亞的行業平均水平和中央銀行的參考利率。

Also of note, the cost of other liabilities fell due to the maturity of loans with banks and long-term debts.

值得注意的是，由於銀行貸款和長期債務到期，其他負債成本下降。

Please go to slide 16.

請翻到第 16 張投影片。

Net interest income increased by 2.5% during the quarter, driven by growth in loans and investments. In the case of loans, despite mild overall growth, the expansion of the consumer segment upset the impact of lower interest rates, resulting in a 1.8% increase in interest income from loans.

受貸款和投資成長的推動，本季淨利息收入成長了 2.5%。就貸款而言，儘管整體成長溫和，但消費領域的擴張抵消了低利率的影響，導致貸款利息收入增加1.8%。

On the other hand, given the ample liquidity kept during the quarter, we held an enlarged investment portfolio that generated incremental yields, recording a 12.2% interest and valuation income growth in the quarter.

另一方面，由於本季流動性保持充裕，我們擴大了投資組合，產生了增量收益，本季利息和估值收入增加了 12.2%。

This positive performance on interest income, coupled with a very competitive funding cost explains the rebound in mean up to 6.6%, reflecting our effective assets and liability management.

利息收入的正面表現，加上極具競爭力的融資成本，解釋了平均值反彈至 6.6%，反映了我們有效的資產和負債管理。

When broken down by entity, Van Quadricula and Banismo posted higher names driven by robust loan growth in the case of banquaricula and higher reference rates in the case of Banismo. In contrast, nee at ban remained flat as loan expansion was concentrated in the commercial segment, which carries lower yields.

按實體細分時，Van Quadricula 和 Banismo 的排名更高，其中 Banquaricula 的貸款成長強勁，而 Banismo 的參考利率較高。相較之下，由於貸款擴張集中在收益率較低的商業領域，因此貸款利息保持穩定。

Please proceed to flight 17.

請搭乘 17 號班機。

Revenues from fees increase over the quarter and over the year. The positive performance in the quarter is mainly explained by an increase in transactional values, particularly in credit and debit cards in higher revenues generated through wealth management services, brokers, trust, and investment banking.

費用收入逐季和逐年增加。本季的正面表現主要歸因於交易價值的成長，特別是信用卡和金融卡透過財富管理服務、經紀、信託和投資銀行產生的收入增加。

Also of note, bank insurance resumed its growth in the period, and despite the year over year deceleration, we're confident that as we increase consumer loan originations, this income source will increase accordingly.

同樣值得注意的是，銀行保險在此期間恢復了成長，儘管年比有所放緩，但我們相信，隨著我們增加消費貸款發放，這一收入來源將相應增加。

Fee related expenses increased as well during the quarter, driven by higher royalties on credit and debit cards, on third party collection costs, and on banking agent transactions.

本季費用相關支出也有所增加，原因是信用卡和金融卡的特許權使用費、第三方收款成本以及銀行代理交易的增加。

Please go to slide 18.

請翻到第 18 張投影片。

Moreover, I want to comment about the significant progress we're making in developing and scaling other complementary businesses within the group, which play a critical role in strengthening our competitive advantages in terms of low cost of funding.

此外，我想評論我們在開發和擴大集團內其他互補業務方面取得的重大進展，這些進展對於增強我們在低成本融資方面的競爭優勢發揮關鍵作用。

Access to transactional data and feecom generation.

存取交易資料和費用產生。

For example, Lumpy has built a robust, scalable payment gateway for small and mid-sized merchants that has achieved sustained growth in active users and transactional volumes through payments, disbursements, and an array of other value-added services.

例如，Lumpy 為中小型商家建立了一個強大、可擴展的支付網關，透過支付、支出和一系列其他增值服務實現了活躍用戶和交易量的持續成長。

In the case of Weinia, we have seen promising client engagement and a growing volume of digital asset operations in its earliest stage.

就 Weinia 而言，我們在其早期階段就看到了良好的客戶參與度和不斷增長的數位資產營運量。

As more users join the ecosystem and scale their transactional activity, we anticipate sustained revenue growth in the medium and long term, driven by increasing fee generation.

隨著越來越多的用戶加入生態系統並擴大其交易活動，我們預計在費用增加的推動下，中長期收入將持續成長。

And finally Neki has proven its ability to attract and retain users by scaling up the digital Neobank platform, as we will discuss later.

最後，Neki 透過擴大數位 Neobank 平台證明了其吸引和留住用戶的能力，我們稍後將討論。

Please go to slide 19.

請翻到第 19 張投影片。

In line with the positive momentum observed in the last 18 months, asset quality showed further improvement in the 2nd quarter, as all geographies exhibited good performance in general, with the exception of the retail portfolio in BAM.

與過去 18 個月的積極勢頭一致，第二季度資產品質進一步改善，除 BAM 的零售投資組合外，所有地區總體表現良好。

Consistently, the 30 day NPL ratio declined, while the 90 days remained flat. Both despite comfortable coverage levels.

30天不良貸款率持續下降，而90天不良貸款率保持穩定。儘管覆蓋範圍很廣，但兩者還是很舒適。

Notably, consumer loans continue recovering, which is particularly relevant as we plan to continue growing in this segment, especially in Colombia.

值得注意的是，消費貸款持續復甦，這尤其重要，因為我們計劃繼續在這一領域發展，特別是在哥倫比亞。

The sustained improvement in credit performance is particularly evident when analyzing the loan book by stages.

分階段分析貸款帳簿時，信貸績效的持續改善尤為明顯。

Over the past year, the share of loans classified in stage one has consistently increased, indicating a healthier portfolio.

在過去的一年裡，第一階段的貸款份額持續增加，顯示投資組合更健康。

Consistently, the shares of loans in stages 2 and 3 have steadily declined, mainly associated to retail segments in Colombia and in Panama, where we have made significant progress in the recovery of non-performing loans.

持續來看，第二階段和第三階段的貸款份額穩步下降，主要與哥倫比亞和巴拿馬的零售部門有關，我們在這些國家的不良貸款追償方面取得了重大進展。

Please go to a slide 20.

請翻到第 20 張投影片。

Moreover, net provision expenses came in at 1.1 trillion pesos.

此外，淨撥備支出達1.1兆比索。

Recording a 32% annual drop. This was explained by a better than expected performance across all segments, along with a specific provision release that offset an increase driven by revisions to macroeconomic forecasts and updates to model parameters. Thus, the quarterly analyzed cost of risk was 1.6%, flat to the previous quarter.

年減 32%。這是因為所有部門的業績都優於預期，同時特定的撥備釋放抵銷了宏觀經濟預測修訂和模型參數更新帶來的成長。因此，本季分析的風險成本為 1.6%，與上一季持平。

When broken down by entities, the trend of cost of risk is mixed, reflecting diverse macroeconomic and portfolio dynamics. In Colombia, the bank continues to benefit from predictive tools resulting in healthier vintages. In the case of Banismo, the better performance observed during the quarter on consumer and mortgage.

按實體細分時，風險成本趨勢混合，反映了不同的宏觀經濟和投資組合動態。在哥倫比亞，該銀行繼續受益於預測工具，從而獲得了更健康的表現。就 Banismo 而言，本季在消費者和抵押貸款方面表現較好。

Resulted on lower provisions on retail. However, compared to the first quarter, provision expenses increased due to higher expected credit losses for a specific corporate clients.

導致零售撥備減少。然而，與第一季相比，由於特定企業客戶的預期信用損失增加，撥備支出增加。

And a base effect stemming from a parameter of date implemented in Q1.

以及源自 Q1 中實現的日期參數的基本效應。

On the flip side, Bank Quadricula and BAM increased provision charges in the quarter driven by an increasing consumer loan origination seeking to boost risk adjusted returns.

另一方面，由於消費者貸款發放量增加，Bank Quadricula 和 BAM 在本季度提高了撥備費用，以尋求提高風險調整後的回報。

All in all, the consistent better performance exhibited during the last year is a clear example of our discipline approach to risk management, leveraged by robust underwriting models and predictive analytics, which support smarter, faster decision making through the credit cycle.

總而言之，去年持續表現較好的表現清楚地證明了我們嚴謹的風險管理方法，並藉助強大的核保模型和預測分析，支持在信貸週期內做出更明智、更快速的決策。

Please go to slide 21.

請翻到第 21 張投影片。

Operating expenses grew 5.7% during the quarter, mainly driven by administrative expenses such as financial transaction taxes related to the payment of ordinary and extraordinary dividends, legal fees tied to the incorporation of Grupoci, and technology-related costs, supporting transactional channels amongst others.

本季營運費用增加了 5.7%，主要原因是管理費用增加，例如與支付普通股息和非定期股息相關的金融交易稅、與 Grupoci 成立相關的法律費用以及與技術相關的成本、支援交易管道等。

Thus, the efficiency ratio increased to 51%.

因此，效率比提高至51%。

On a yearly basis, expenses are growing 11.8%, primarily explained by an increase in other taxes and a base effect on bonus plan provision aligned with stronger projected year-end results.

按年計算，支出增加了 11.8%，主要原因是其他稅收的增加以及獎金計劃撥備的基數效應與預計的年終業績的強勁增長相一致。

Nets effects. Annual operating expense growth would have been 10.1%. And also, as the year progresses, we anticipate that the annual growth figure will moderate, influenced by seasonal patterns and basic effects.

網路效應。年度營運費用成長率將達到 10.1%。而且，隨著時間的推移，我們預計，受季節模式和基本面影響，年度成長數字將會放緩。

It is worth mentioning the efficiency gains across our Central American operations.

值得一提的是，我們在中美洲的業務效率得到了提升。

Where we expect to sustain a gradual improvement on our cost to income ratio as we remain committed to operational excellence in regional scalability.

我們預計成本收入比將持續逐步改善，因為我們將繼續致力於區域可擴展性的卓越營運。

Please proceed to slide 22.

請翻到第 22 張投影片。

Net income increased by 3% quarter over quarter, driven by the rebound in N, consistent growth in other income sources and lower provision expenses, bringing the year over year growth to a strong 24%.

淨收入環比成長 3%，受 N 反彈、其他收入來源持續成長以及撥備支出降低的推動，較去年同期成長強勁至 24%。

Consistently, ROI jumped to 17.5%. In ROTE to 21%, reflecting the strong operational performance.

投資報酬率持續躍升至 17.5%。ROTE達到21%，體現強勁的營運表現。

But Colombia remained as the primary contributor with close to 78% of total net income, outpacing its share of assets and capital, respectively.

但哥倫比亞仍然是主要貢獻者，佔總淨收入的近 78%，超過了其資產和資本的份額。

Now, please proceed to slide 23.

現在，請翻到第 23 張投影片。

Shareholders equity for Grupocis increased 1.6% quarter over quarter, mainly driven by net income generation despite the payment of extraordinary dividends. Tier one ratio for Bank Colombia stand-alone as of June closed at 11%.

Grupocis 的股東權益較上季成長 1.6%，主要由於儘管支付了特別股息，但仍產生了淨收入。截至 6 月份，哥倫比亞銀行獨立的一級資本適足率收在 11%。

Which, if compared with the previous quarter on a pro forma basis, it grew 43 basis points over the quarter and 75 basis points over the year, reflecting the organic capital generation. Consistently, and Colombia's total solvency reached 13.5%, growing 22 basis points during the quarter and 92 basis points during the year on a pro forma basis.

如果與上一季以備考基礎進行比較，則本季成長了 43 個基點，較去年同期成長了 75 個基點，反映了有機資本的產生。哥倫比亞的總償付能力持續達到 13.5%，以備考基礎計算，本季成長 22 個基點，全年成長 92 個基點。

Now, please proceed to flight 24.

現在請搭乘24號班機。

Neckki continues making good progress towards reaching breakeven.

Neckki 繼續朝著收支平衡的方向取得良好進展。

Performance over the last year has been remarkable. Deposits have grown over 77%, reaching nearly 6 trillion.

過去一年的表現非常出色。存款成長超過77%，達到近6兆。

Loans have grown nearly 5 times. Its activity ratio is now close to 80%, and its total income has increased 90%, contributing to significant cost dilution and robust ARPAC growth. We're very optimistic with Nexus's business model, its scalability, and long-term value generation potential. With this, I will now hand the presentation to Juan Carlos.

貸款增加了近5倍。其活動率目前接近 80%，總收入成長了 90%，有助於顯著降低成本並實現 ARPAC 的強勁成長。我們對 Nexus 的商業模式、可擴展性以及長期價值創造潛力非常樂觀。現在，我將演講交給胡安·卡洛斯。

Juan Carlos.

胡安·卡洛斯。

Thank you, Mauricio.

謝謝你，毛里西奧。

Please proceed to slide 25.

請翻到第 25 張投影片。

Year-to-date, Grouppoiv originated 35 trillion pesos as part of its business with purpose strategy, achieving a total of 324 trillion pesos.

今年迄今為止，Grouppoiv 作為其有目的的業務策略的一部分，已籌集了 35 兆比索，總計達到 324 兆比索。

The organization's objective for 2030 is to disburse 716 trillion pesos throughout the initiatives aimed at supporting sustainable communities, advancing financial inclusion and enhancing the country's productive capacities.

該組織的目標是到 2030 年透過旨在支持永續社區、促進金融包容性和提高國家生產能力的措施發放 716 兆比索。

Regarding Bank Colombia, additional accomplishments in this period include the validation of its emission reduction targets by the science-based targets initiative SBTI as well as achieving the top ranking as the best company to work for, according to Merco.

據 Merco 稱，哥倫比亞銀行在此期間的其他成就包括其減排目標得到科學基礎目標倡議 SBTI 的驗證，並榮獲最佳雇主企業的最高排名。

Please refer to slide 27.

請參閱幻燈片27。

Finally, I would like to present our revised guidance for 2025.

最後，我想介紹一下我們2025年的修訂指南。

According to recent market dynamics, and updated macroeconomic forecast for the year end, loan growth has been adjusted to approximately 5.4% and net interest margin to about 6.3%, reflecting changes in net income and loan volume.

根據近期市場動態和對年底宏觀經濟的最新預測，貸款成長率已調整至約5.4%，淨利差已調整至約6.3%，以反映淨收入和貸款量的變化。

Cost of risk is now projected to range from 1.6% to 1.8% due to ongoing improvements in asset quality.

由於資產品質的持續改善，預計風險成本目前在 1.6% 至 1.8% 之間。

Consequently, return on equity has been revised to approximately 16%.

因此，股本回報率已修正至約16%。

Please proceed to slide 28.

請翻到第 28 張投影片。

The transition to Grupo represents a significant advancement in our strategy to enhance shareholder value.

向 Grupo 的轉型代表著我們提升股東價值策略的重大進展。

NI is steadily progressing towards its goal of achieving break even by the first quarter of 2026, demonstrating disciplined growth and operational efficiency.

NI 正穩步朝著 2026 年第一季實現收支平衡的目標邁進，展現出穩健的成長和營運效率。

Improvement in our asset quality supports expansion into higher yielding consumer loan segments, thereby strengthening our profitability prospects.

資產品質的改善支持我們向收益更高的消費貸款領域擴張，從而增強我們的獲利前景。

With a solid balance sheet and a stable liquidity, we are well positioned to capitalize on growth opportunities and adaptively manage the complexities of the current macroeconomic landscape.

憑藉穩健的資產負債表和穩定的流動性，我們能夠充分利用成長機會並靈活應對當前宏觀經濟情勢的複雜性。

This concludes our presentation of the 2nd quarter results. At this time, we welcome any questions you may have.

我們對第二季業績的介紹到此結束。目前，我們歡迎您提出任何問題。

(Operator Instructions)

（操作員指示）

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, and good morning to all your team.

謝謝。大家好，胡安卡洛斯、毛里西奧和卡塔利娜，還有你們團隊的各位早安。

Congrats on the results and the revised guidance and thanks for taking my call.

恭喜您所取得的成果和修訂後的指導，感謝您接聽我的電話。

My first question is if you can provide any update on the political landscape ahead of the Presidential elections, and what do you think are the key dates, that we should be monitoring.

我的第一個問題是，您是否可以提供總統選舉前政治情勢的最新消息，以及您認為我們應該關注的關鍵日期是什麼。

And the second question would be on your new expectations. Just wondering what you see means normalizing after more stable interest rates over the next years. We have been seeing, silence rates in this year. So how do you see memes, evolving next year? Should we expect more pressure? And on the other hand, what would be the strategy to protect me, I don't know, with a better loan means. When I look to consumer loans, do they represent 20% of total loans. I noted that in the last year, they presented around 22% of total loans, so I don't know if that could be one of the solutions to protect me in next year. And then I have a question of cost to risk, and perform. Much better than expected, as you mentioned, it could be around 1.6, 1.8% a year. So, when you see the sustainable level for the cost risk over the next years, especially if you start to resume consume a long road, if you have better economic prospects.

第二個問題是關於您的新期望。只是想知道您看到的含義是在未來幾年利率更加穩定之後正常化。我們已經看到，今年的沉默率。那麼您如何看待明年迷因的發展呢？我們是否應該期待更多壓力？另一方面，我不知道有什麼策略可以保護我，採取更好的貸款方式。當我查看消費貸款時，它們是否佔總貸款的 20%？我注意到，去年他們提供了約 22% 的總貸款，所以我不知道這是否可以成為明年保護我的解決方案之一。然後我有一個關於風險成本和執行的問題。比預期好得多，正如您所說，每年可能在 1.6% 到 1.8% 左右。因此，當您看到未來幾年成本風險的可持續水平時，特別是當您開始恢復消費漫長的道路時，如果您有更好的經濟前景。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, Ernesto. And thank you for your questions. Let me address some of them and I'm going to ask Mauricio and to help me with some of your, of the answers. And also I'm going to ask Laura to provide additional color on the macro situation because it's clearly related. To what is going to happen with our names in the coming.

謝謝你，埃內斯托。感謝您的提問。讓我來回答其中的一些問題，我會問毛里西奧，他可以幫我找到一些答案。而且我還會請勞拉對宏觀情況提供更多說明，因為這顯然是相關的。我們的名字將來會發生什麼變化。

In the coming year.

在未來的一年裡。

Let's start, for your first question. Political landscape in Colombia, it's, with a lot of issues, I mean, a lot of polarization in the country. We just yesterday.

讓我們開始回答您的第一個問題。哥倫比亞的政治格局存在著許多問題，我的意思是，這個國家存在著許多兩極化。我們就在昨天。

What was started the last year of the current government, meaning that already we have 3 years of this government. So, the, all the electoral noise started very early in Colombia and, it will continue to be, an issue in the coming months.

這是本屆政府執政的最後一年開始的，也就是說本屆政府已經執政 3 年了。因此，哥倫比亞的選舉噪音很早就開始了，並且在未來幾個月仍將是一個問題。

Still, it's a bit, a little bit early to TRY to understand.

不過，現在嘗試去理解還為時過早。

How is going to be that the environment and the Who is going to be, going to take the lead on this electoral process. I think by October, there are some primaries in some political parties that will start adding some clarity of who are going to run. And by the end, by the beginning of next year. We will have, I think, clarity on who are going to run. Remember that we have congres elections in March, and that's a key point because also there are going to be primaries at that at that moment that will select candidates to run for presidency who And and the the first round of Presidential elections will be May. So a lot of issues, a lot of noise around the political situation, opposition and government and candidates speaking, but still too much noise and not a lot of clarity on the political landscape. We will see more clarity by the end of the year, beginning of next year.

環境將會如何？誰將會主導這場選舉進程？我認為到十月份，一些政黨將舉行初選，這將使參選人選更加明確。到年底，也就是明年年初。我認為，我們將會明確誰將參選。請記住，我們在三月有國會選舉，這是一個關鍵點，因為那時還將舉行初選，選出總統候選人，而第一輪總統選舉將在五月舉行。因此，圍繞政治局勢、反對派、政府和候選人的發言存在著許多問題和噪音，但噪音仍然太多，政治格局不太明朗。到今年年底或明年年初，我們將會看到更清晰的答案。

Regarding, it is clearly correlated with the, how the central bank in Colombia is going to move its interest rates. And last meeting, the.

顯然，這與哥倫比亞中央銀行如何調整利率有關。和上次會議一樣。

The central bank left the rates unchanged at 925, 9.25%. the market was expecting a reduction of a quarter point. So that, what that means is that they are seeing risk on inflation.

央行維持利率在925不變，即9.25%。市場預期利率將下調四分之一個百分點。所以，這意味著他們看到了通貨膨脹的風險。

And for us, what is going to happen is that we will continue, defending our margin, as I mentioned, it's very, it's very related with the market rates, but our expectations are that Since inflation remains a risk and it's not yet in the target of the central bank, that will probably delay the reduction of interest rates next year and we will have a better margin than expected in the coming year. But by the end of the year, probably we will reach around 6%. At this point, I will ask Laura to give us some more color about how we see inflation and how it's going to be the posture of the central bank related to that inflation trends.

對我們來說，接下來會發生什麼事？我們將繼續捍衛我們的利潤率，正如我所提到的，這與市場利率非常相關，但我們的預期是，由於通膨仍然是一個風險，而且還沒有達到央行的目標，這可能會推遲明年的降息，我們明年的利潤率將比預期的要好。但到今年年底，我們可能會達到6%左右。此時，我將請勞拉給我們進一步說明我們如何看待通貨膨脹，以及央行將如何應對通貨膨脹趨勢。

Thank you, Juan Carlos. To compliment a bit, we are seeing, good dynamics in terms of, economic activity. Our nowcastban Colombia with, information to to towards July. Is showing 3 moving a month average of 3.2% growth. This is kind of a precursor to what we might expect of GDP growth moving forward. So we're seeing robust activity, mainly driven by consumer, the commerce sector, and, we still see the agricultural sector, quite strong as well as services coming from the entertainment business. This, in line also with the inflation expectation is something that also the central bank noted as possible pressures going forward because demand, internal demand is in fact, expanding at a higher rate as expected. So perhaps the space that the central bank had previously in terms of kind of economic output to lower rates is not so clear now moving forward and perhaps the balance is moving more towards the risks as were mentioned fiscal pressure moving forward on 2026 and onwards as the debilitating. Situation in the fiscal deficit, we also see an international setting of, a Fed that will also, have some, doubts regarding when to lower rates, given inflation pressures, and in general sense that's why we, still maintain our 5.1%, inflation. Forecast for this year and 3.9%, next year we will be revising, these, issues, as soon as we come around September, but, we also anticipate a minimum wage, that will be packed for for for 2026 that is announced may come also at a high rate as in in previous years. So in some of these pressures to inflation. Lead us to believe that the central bank will continue with a more cautionary approach, even though of course inflation will continue its descent and, rates will, come to a trend of cuts but at a lower pace.

謝謝你，胡安卡洛斯。值得稱讚的是，我們看到經濟活動呈現出良好的動態。我們的 nowcastban 哥倫比亞資訊將於 7 月發布。顯示3個月平均成長率為3.2%。這可以說是我們對未來 GDP 成長預期的先兆。因此，我們看到了強勁的活動，主要由消費者、商業部門推動，我們仍然看到農業部門相當強勁，以及來自娛樂業的服務。這與通膨預期相符，央行也指出未來可能存在壓力，因為需求、內部需求實際上正以預期的更高速度擴張。因此，也許央行先前在經濟產出方面降低利率的空間現在不那麼明確了，也許平衡正更多地轉向風險，正如提到的 2026 年及以後的財政壓力將使經濟衰弱。財政赤字的情況，我們也看到一個國際背景，即聯準會也會對何時降低利率產生一些疑慮，考慮到通膨壓力，總的來說，這就是為什麼我們仍然維持 5.1% 的通膨率。預計今年和明年的最低工資分別為 3.9% 和 3.9%，我們將在 9 月左右修改這些問題，但我們也預計，2026 年公佈的最低工資標準也可能像前幾年一樣處於高位。因此存在一些通貨膨脹的壓力。讓我們相信，儘管通膨將繼續下降，利率也將呈現下降趨勢，但速度會有所放緩，但央行將繼續採取更謹慎的態度。

Thank you, Laura. With this, Ernesto, we will continue seeing some pressure on them, but probably delay on time, and that will help our results and as you mentioned, and that's going, that will be, that is going to be the case. We will continue adding more consumer loans that also will help on our, on maintaining our margin. Adding some pressure on provisions, since the origin origination of consumer loans will add some provisions, but, with all of these elements, we think that we can manage that reduction that is going to happen in on time and we will adapt very well to that, to that trend.

謝謝你，勞拉。埃內斯托，有了這個，我們將繼續看到他們面臨一些壓力，但可能會延遲時間，這將有助於我們的結果，正如你提到的那樣，情況就是這樣，情況就是這樣。我們將繼續增加更多的消費貸款，這也將有助於我們維持利潤率。由於消費貸款的起源會增加一些撥備，因此撥備壓力會增加，但是，考慮到所有這些因素，我們認為我們可以及時管理即將發生的減少，並且我們將很好地適應這種趨勢。

Regarding cost of risk, As you mentioned, our guidance is between 1.6 and 1.8 for this year. We think that due to the last results and what Laura mentioned about the economic performance of the Colombian economy, we see positive trends, so we are optimistic that we can continue managing the cost of risk and we could be more around 1.6 by the end of the year. .

關於風險成本，正如您所說，我們對今年的指導價在 1.6 到 1.8 之間。我們認為，根據最近的結果以及勞拉提到的哥倫比亞經濟的經濟表現，我們看到了積極的趨勢，因此我們樂觀地認為我們可以繼續管理風險成本，到今年年底我們的成本可能會達到 1.6 左右。。

Our sustainable level is more around 1.8, 1.9. So this year due to what I mentioned economic activity, the level could be more around 1.6. I don't know if you want to add something about NO or cost of risk.

我們的可持續水準大約在1.8或1.9左右。所以今年，由於我提到的經濟活動，這個水準可能會在1.6左右。我不知道您是否想補充一些關於NO或風險成本的內容。

No.

不。

That's very clear.

這很清楚。

Thanks. Yeah, no, super careful.

謝謝。是的，不，非常小心。

Thank you very much.

非常感謝。

You're welcome, Earnest.

別客氣，歐內斯特。

Yuri Fernandes, JPMorgan.

摩根大通的尤里費南德斯。

Thank you all and congrats. A very good quarter here. I think the funding, on the margin side pretty good. I have just one clarification regarding the Bank Colombia unit ROE. I see on your slide 35, about 16.5 ROE for Bank Colombia standalone.

謝謝大家，恭喜你們。這是一個非常好的季度。我認為，從保證金方面來看，融資情況相當不錯。關於哥倫比亞銀行單位 ROE，我只想澄清一點。我在您的第 35 張投影片上看到，哥倫比亞銀行的獨立 ROE 約為 16.5。

But on your press release, I also see 25 ROE for Bank Colombia standalone. So just trying to understand because I know with the group. There were some, moving parts on good and some intangible reclassification. So just trying to understand, here the earnings power of the Colombia unit, what is the ROE you are seeing in the Colombia unit. And then I have a follow up regarding that. You're already discussing the presentation and I think the RA versus costerli is a pretty nice one. If you can comment a little bit on your, views for break even, I think the message has been always for 2026. I know the cost to serve, they don't include cock and some other expenses, but just trying to understand what is your view, for Nike, in the coming, like, could we see, break even sooner for 2025, that kind of message.

但在您的新聞稿中，我還看到了哥倫比亞銀行獨立的 25 ROE。所以我只是想了解一下，因為我了解這個群體。有一些關於商品和無形資產重新分類的變動部分。所以只是想了解一下，哥倫比亞分部的盈利能力，您在哥倫比亞分部看到的 ROE 是多少。然後我會對此進行跟進。您已經在討論演示了，我認為 RA 與 costerli 的對比非常精彩。如果您能就收支平衡問題發表一些看法，我認為這個訊息始終是針對 2026 年的。我知道服務成本，其中不包括雞巴和其他一些費用，但我只是想了解你對耐吉的看法，在未來，比如，我們是否可以看到，在 2025 年更早實現收支平衡，諸如此類的信息。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Yi. Let me take your question about Nky and then Mauricio will address your question about the ROE.

咿。讓我來回答您關於 Nky 的問題，然後 Mauricio 將回答您關於 ROE 的問題。

Let me start by saying that we are very happy with the developments at May.

首先我想說的是，我們對五月的進展感到非常高興。

The Activity, it's very positive in terms of number of users, active users, the level of deposits, the integration of Bank Colombia, Amano has been very successful.

就用戶數量、活躍用戶、存款水平而言，該活動非常積極，與哥倫比亞銀行的整合非常成功。

So.

所以。

Trends are very positive.

趨勢非常積極。

Particularly.

特別。

We are very happy with how the loan book it's performing and it's behaving. We continue adding loans on NI now we are at the level of, by the end of the semester of 1.2 billion. And continue adding more loans with a good performance, which is key. So, we will continue, we think that is a trend, additional services also are positive and and are generating fees.

我們對貸款帳簿的表現和行為感到非常滿意。我們繼續增加對北愛爾蘭的貸款，到本學期末，我們的貸款額將達到 12 億。並繼續增加更多表現良好的貸款，這是關鍵。因此，我們會繼續，我們認為這是一個趨勢，附加服務也是正面的，並且會產生費用。

So on top of this performance, we are seeing that Nekki, it's it's very close to bridge.

因此，除了這次表演之外，我們還看到 Nekki 非常接近橋樑。

The level in in which we are at the, at break even.

我們現在處於收支平衡的水平。

That could happen this year and we are optimistic that with the trends that we are seeing, Ny, we will reach probably that level.

這可能會在今年發生，我們樂觀地認為，按照我們看到的趨勢，我們可能會達到這個水平。

By the end of this year. .

到今年底。。

And as I mentioned, the activity is good. So we will continue adding additional services. We have plans to continue adding services to our customers. It's May in Colombia. It's today used for more than 21 million clients.

正如我所提到的，這項活動很好。因此我們將繼續增加額外的服務。我們計劃繼續為客戶增加服務。現在是哥倫比亞的五月。目前，已有超過 2,100 萬客戶使用它。

And also we are starting, adding clients in El Salvador and Guatemala. So very positive trends, and a break even, we will think we can reach that and second semester is not at the latest in the first quarter of, next.

而我們也開始在薩爾瓦多和瓜地馬拉增加客戶。因此趨勢非常積極，並且收支平衡，我們認為我們可以實現這一目標，第二學期最遲不會在明年第一季。

Year, Yuri regarding.

年，尤里關於。

ROE, Mauritio will take your question.

ROE，毛里求斯將回答您的問題。

Hi Judy, and before I go to your question about ROE, I would just like to comment on the measure we have for Necky. As most of the fintechs in the market, are measured by ARPAC, minus CTS, but when we think about break even, we like to think about net income break even, and that includes, operational expenses and cost of risk. So our measure is more stringent and that's why we don't believe we have reached break even yet, but we're very close.

你好，朱迪，在回答你關於 ROE 的問題之前，我想先評論一下我們針對 Necky 採取的措施。由於市場上大多數金融科技公司都是用 ARPAC 減去 CTS 來衡量的，但當我們考慮到損益平衡時，我們喜歡考慮淨收入損益平衡，其中包括營運費用和風險成本。因此我們的措施更加嚴格，這就是為什麼我們認為我們還沒有達到收支平衡，但我們已經非常接近了。

Now, In terms of ROE, the ROE that you see in the mid-20s, it's a pro forma ROE for the Colombian operation. If you calculate the ROE with the average of the last 12 months of equity, you're going to see that the equity of Bank Colombia was significantly higher, preivist.

現在，就 ROE 而言，您在 1920 年代中期看到的 ROE 是哥倫比亞業務的預期 ROE。如果您使用過去 12 個月的平均股權回報率來計算 ROE，您會發現哥倫比亞銀行的股權回報率明顯高於預期。

So that's why you see the 16.5%. But the pro forma ROE is the one you should be looking at, and in any calculation that that you do on the ROE of the Colombian operation is going to be above 20%. But bear in mind, we're going to work with proformas until we build the 12 month.

這就是您看到 16.5% 的原因。但您應該關注的是形式上的 ROE，並且無論如何計算，哥倫比亞業務的 ROE 都將超過 20%。但請記住，我們將使用形式發票，直到我們建立 12 個月。

History.

歷史。

No, super clear Mauricio and thank you Juan Carlos for the comments.

不，毛里西奧非常清楚，並感謝胡安卡洛斯的評論。

Thank you, Yuri.

謝謝你，尤里。

Lindsey Shema, Goldman Sachs.

高盛的林賽謝瑪 (Lindsey Shema)。

Hi, good morning and thank you for taking my question. Congrats on the updated guidance. I was just wondering in particular with the faster loan growth guidance it sounds like it's mostly on stronger consumer, but could you break it down particularly by segment and you mentioned you also were seeing some weaker commercials so maybe you could elaborate on that as well. And then my second question is the updated ROE guidance is around that kind of sustainable 16% ROE you've mentioned in the past, but it sounds like there should be some cost to risk pressure and some n pressure, going forward, so just wanted to hear the pathway to kind of maintain that 16% going forward.

大家好，早安，感謝您回答我的問題。祝賀指南更新。我只是特別想知道，對於更快的貸款成長指導，聽起來它主要集中在更強大的消費者身上，但你能否按細分市場進行細分，並且你提到你也看到了一些較弱的商業廣告，所以也許你也可以詳細說明一下。我的第二個問題是，更新後的 ROE 指引是圍繞您過去提到的可持續的 16% ROE，但聽起來未來應該會有一些風險成本壓力和一些 n 壓力，所以我只是想聽聽未來保持 16% 的途徑。

Thank you.

謝謝。

Hi Lindsay, and let me break down the guidance for the loan book. So, we're thinking about 5.4% overall, and the breakdown is commercial loans growing at 4.2%, consumer loans growing at 7%, and mortgage loans growing at 7.5%. now, regarding, your second question, it's about the sustainability of.

你好，Lindsay，讓我來解釋一下貸款手冊的指導。因此，我們考慮的是整體成長 5.4%，其中商業貸款成長 4.2%，消費貸款成長 7%，抵押貸款成長 7.5%。現在，關於您的第二個問題，是關於永續性的問題。

The ROE, right?

ROE，對嗎？

Hm.

嗯。

Yeah The the way the way we're thinking about are we going forward is managing both operational wise, the banks, as you can tell, we're delivering better results, not only in Colombia, but also in Panama and in El Salvador. And we're having a particular retail.

是的，我們正在考慮的方式是從營運角度管理銀行，正如您所看到的，我們不僅在哥倫比亞，而且在巴拿馬和薩爾瓦多都取得了更好的業績。我們有專門的零售業務。

Segment asset quality situation in BAM, but that's going to be looking better next year.

BAM 中的分部資產品質狀況，但明年將會更好。

So operational wise, looking better in terms of the capitalist structure, the way we're thinking about buybacks and the way we're thinking about the double leverage ratio and the different capital ratios that allows us to think about sustainable ROEs of 16% going forward.

因此，從營運角度來看，從資本主義結構、回購方式、雙重槓桿率和不同資本比率的角度來看，情況會更好，這使我們能夠考慮未來可持續的 16% ROE。

Andres Soto, Santander.

安德烈斯·索托，桑坦德。

Good morning Juan Carlos. Mauricio.

早安，胡安卡洛斯。毛里西奧。

Thank you for the presentation and the opportunity for ask questions. My question is regarding and your comments on Niki. I would like to to understand a little bit about the economics of, lending in Ny. What is, the type of cost of risk that you are getting there? What is, the margins that, you are seeing? What is the average loan? How scalable is that business considering the restrictions for interest rates in Colombia? What is the potential market within your large customer base? How many of those really can get a loan, considering, the GAAP that you have, on the loan yield?

感謝您的演講和提問的機會。我的問題是關於您對 Niki 的評論。我想了解一點有關紐約貸款的經濟情況。您面臨的風險成本類型是什麼？您看到的利潤是多少？平均貸款額是多少？考慮到哥倫比亞的利率限制，該業務的可擴展性如何？您的龐大客戶群中的潛在市場是什麼？考慮到你所採用的 GAAP 和貸款收益率，其中有多少人真正能夠獲得貸款？

Thank you, Andres.

謝謝你，安德烈斯。

Mm, let me give you some additional information about the loan book.

嗯，讓我給你一些有關貸款簿的附加資訊。

In Niki.

在尼基。

As I mentioned.

正如我所提到的。

The level of the volume of the loan book at the end of the semester is 1.2 billion. The average loan, it's around 2.5 million pesos.

本學期末的貸款餘額為12億。平均貸款額約250萬比索。

So meaning that we have around 600,000 clients now with loans. The interest rate, it's very close to the highest rate that we can charge, so it's around 25%.

這意味著我們現在有大約 60 萬名貸款客戶。利率非常接近我們可以收取的最高利率，約 25%。

And remember that the cost of funds of May, it's very low. So we have a financial margin that is, that is good in terms of that allow us to absorb risk.

請記住，五月的資金成本非常低。因此，我們擁有良好的財務利潤，可以讓我們吸收風險。

And regarding risk, the level of past due loans.

至於風險，則是逾期貸款的水平。

On a 30-day basis it is around 5%.

以 30 天計算，約 5%。

And the cost of risk of those loans, it's more, it's around 9, 10%.

這些貸款的風險成本更高，約為 9% 至 10%。

But with all with all that economics, that loans are are profitable. So, and I want to emphasize something about your question. It's the potential as I mentioned, we now have around 600,000.

但從所有經濟因素來看，貸款都是有利可圖的。所以，我想強調一下你的問題。正如我所提到的，這是潛力，我們現在有大約 600,000 個。

Clients with loans, but we have a total number of users of $25 million and $0.20 active, so we continue evaluating the credit worthiness of these clients and and the and the potential, and we will continue adding loans.

有貸款的客戶，但我們的用戶總數為 2500 萬美元，活躍用戶為 0.20 美元，因此我們將繼續評估這些客戶的信用價值和潛力，我們將繼續增加貸款。

Taking care of risk because that's for us, that's the key part. I mean, we have the potential, we have the customer base, they are now recurrent users of May.

處理風險，因為這對我們來說是關鍵部分。我的意思是，我們有潛力，我們有客戶群，他們現在是 May 的回頭客。

But we need to continue building, on how, the risk is performing. So far we are doing very well in that regard. It's into the parameters that we were that we estimated, and as I mentioned, we will continue adding. Are in a loans on that book. So the perspectives are, in our view very positive Andres.

但我們需要繼續研究風險的表現方式。到目前為止，我們在這方面做得很好。它是我們估計的參數，正如我所提到的，我們將繼續添加。正在藉閱那本書。因此，我們認為前景非常積極，安德烈斯。

Thank you very much, Michael very helpful. And you mentioned, the average loan. What is the duration of the of the loan on average? And as you scale up the business, are you expecting to extend duration or is going to be the same type of product that you are offering now just being offered to a broader a base of customers?

非常感謝，邁克爾非常有幫助。您提到了平均貸款。平均貸款期限多長？隨著業務規模的擴大，您是否希望延長持續時間，或者是否將您現在提供的相同類型的產品提供給更廣泛的客戶群？

Hi, Andres. The average ticket in Neki is around $500 and the duration is up to 5 years, but the average is 28 months.

你好，安德烈斯。尼基的平均票價約為 500 美元，期限最長為 5 年，但平均期限為 28 個月。

And we will continue with that product. I mean, we are not expecting to move as I, as Mauricio mentioned, it's 28 months. We are an average of $500 to 2.5 to 0.2 million pesos. So around 20 to 25 months will be the average duration of the loans.

我們將繼續生產該產品。我的意思是，我們並不期望搬家，正如毛里西奧提到的那樣，這是 28 個月。我們平均是500美元到250萬到200萬比索。因此貸款的平均期限約為 20 至 25 個月。

That that's very helpful. And just one final question, how many disbursements, new disbursements, do you guys conduct this quarter, or however you measure that?

這非常有幫助。最後一個問題，本季你們進行了多少次支出，多少次新支出，或者你們如何衡量？

We are averaging around 150.

我們的平均人數約為 150。

150,000 pesos, that's around 50 million 40 million a month, with an average of 500. So.

15萬比索，也就是一個月大概5000萬到4000萬，平均500。所以。

Until, in the first semester that adds around 600,300 billion pesos to the loan, to the loan book. So the dynamic is very positive and it's every month, we are adding around something like 50,000 new customers to that. To that the book.

直到第一學期，貸款餘額增加了約 6003,000 億比索。因此，我們的動態非常積極，每個月我們都會增加約 50,000 名新客戶。就那本書而言。

Perfect. That's very clear.

完美的。這很清楚。

Thank you, Carlos and Mauricio and congratulations on the results.

謝謝卡洛斯和毛里西奧，恭喜你們取得的成績。

Thank you, Andres.

謝謝你，安德烈斯。

Brian Flores, Citi.

花旗銀行的 Brian Flores。

Hi Tim. Good morning. Thanks for the opportunity. I want to ask you on your, efforts in cost of funding, particularly in Colombia, we see very stable as a percentage of the, reference rate, right, around 50%. So I just wanted to ask you if you think this is sustainable and if you could elaborate a bit on the efforts you're doing, how sustainable they are to see this, I would say very controlled cost of funding in Colombia. And then, I have a question maybe it's a follow up on capital distributions. You mentioned about the buybacks.

你好，提姆。早安.感謝有這個機會。我想問您在融資成本方面的努力，特別是在哥倫比亞，我們看到的參考利率百分比非常穩定，大約在 50% 左右。所以我只是想問您是否認為這是可持續的，您是否可以詳細說明您正在做的努力，它們的可持續性如何，我想說哥倫比亞的融資成本非常可控。然後，我有一個問題，也許這是對資本分配的後續行動。您提到了回購。

Would you be, accelerating this mechanism at the current levels given the price action? And I think that's, it would be great to understand.

考慮到價格走勢，您是否會在當前水平加速這一機制？我認為，理解這一點會很有幫助。

Thank you.

謝謝。

Hi, Brian.

你好，布萊恩。

Regarding cost of funds, we're focusing more than in a rate per se, we're focusing more on the value proposition we have for our customers and making that value proposition is interesting enough to keep principality of our customers.

關於資金成本，我們關注的不僅僅是利率本身，我們更關注我們為客戶提供的價值主張，並且使該價值主張足夠有趣以保持客戶的主權。

Maintaining transactionality as the focus of our strategy, allowing us to to maintain very stable low low cost of funding and that's the way you see savings accounts growing significantly.

將交易性作為我們策略的重點，使我們能夠保持非常穩定的低融資成本，這就是您看到儲蓄帳戶大幅成長的原因。

Even though the cost of funds for those savings accounts, it's 2.3%. Now, we're growing savings accounts, we're growing. Checking accounts and in time deposits were not only growing but we also changing the mix, evolving, from institutional investors time deposits to retail digital investors time deposits, allowing us to have lower rates and allowing us to reprise faster those time deposits. So.

儘管這些儲蓄帳戶的資金成本為 2.3%。現在，我們的儲蓄帳戶正在增加，我們正在成長。支票帳戶和定期存款不僅在增長，而且我們的結構也在發生變化，從機構投資者定期存款發展到零售數位投資者定期存款，這使我們能夠降低利率，並使我們能夠更快地重新獲得這些定期存款。所以。

Overall, a very positive trend on funding costs which allows us to manage the margin compression that we mentioned before. And.

總體而言，融資成本呈現非常積極的趨勢，這使我們能夠管理先前提到的利潤率壓縮。和。

Now going back to your.

現在回到你的。

Capital distribution and the buybacks.

資本分配和回購。

Capital distribution. The way you should think about capital distribution, Brian, is in terms of solvency one ratios, in the different operating banks. So, remember, we used to think about 11% solvency capital, tier one capital for Bank Colombia as the trigger for dividend distribution. That's going to be the same way going forward. And the buybacks.

資本分配。布萊恩，你應該從不同營運銀行的償付能力比率的角度來考慮資本分配。所以，請記住，我們過去認為 11% 的償付能力資本，即哥倫比亞銀行的一級資本是股息分配的觸發因素。今後也將採取同樣的方式。還有回購。

Are going to allow us to maintain that distribution levels because of the double leverage ratio we're having.

由於我們擁有雙倍槓桿率，這將使我們能夠維持該分配水準。

As you can see, the 105 double leverage ratio is an underleveraged capital structure. So, with the dividends coming from the operational entities.

可以看出，105倍槓桿率是一種低槓桿的資本結構。因此，股利來自經營實體。

Plus the liquidity getting in the holding company, that's going to give us ample space to continue doing both buybacks and dividend distribution that can grow in real terms.

再加上控股公司的流動性，這將為我們提供充足的空間來繼續進行實際成長的回購和股息分配。

Perfect, super clear. If I may just a very quick follow up on Lindsey's question, you mentioned structural cost of risk around 1.8, 1.9. Is this already including the acceleration in NI?

完美，超級清晰。我可以快速跟進Lindsey的問題嗎？您提到結構性風險成本大約在1.8到1.9之間。這是否已經包含了NI的加速成長？

Yes, Brian, yes, that considers the dynamic in consumer loans, including necy.

是的，布萊恩，是的，這考慮了消費貸款的動態，包括 necy。

Super clear.

超級清晰。

Thank you.

謝謝。

Thank you, right.

謝謝，是的。

Carlos Gomez-Lopez, HSBC.

卡洛斯·戈麥斯-洛佩茲，匯豐銀行。

Hello and good morning and thank you for extending the call and taking all the questions. First, I wanted to congratulate you because I think you just celebrated your 30th anniversary listed in the New York Stock Exchange. So many more to come. We are at a time in which you are changing your structure, Sura, your main shareholder, is also changing the structure. Do you see, and we have asked this before, but this was checking again, do you see any change coming from the restructuring at their level that could affect you or any change in the relationship between the two companies in the near or mid-term future?

您好，早上好，感謝您撥通電話並回答所有問題。首先，我想向您表示祝賀，因為我認為您剛剛慶祝了在紐約證券交易所上市 30 週年。未來還會有更多。我們正處於你們改變結構的時期，你們的主要股東蘇拉也在改變結構。您是否看到了，我們之前也問過這個問題，但這次是再次確認，您是否看到重組在他們的層面上會帶來任何可能影響您的變化，或者在近期或中期兩家公司之間的關係會發生任何變化？

Thank you.

謝謝。

Hi.

你好。

Carlos. As you mentioned, we are, we are very happy with the evolution that we are having.

卡洛斯。正如您所說，我們對我們正在經歷的演變感到非常高興。

Particularly the creation of Grupoiv for us was a great success and is showing a positive results. That is going to give us additional.

特別是對於我們來說，Grupoiv 的創建是一個巨大的成功，並且正在顯示出積極的結果。這將為我們帶來更多。

Possibilities in terms of corporate development, we will, it's a, it's a clearer, more clear structure in which all our stakeholders could evaluate our performance, the performance of the bank. We will continue adding new businesses that complement. Our financial services offer, offerings in a different, in the geography. So the structure allow us flexibility and future developments at at the same time that it's very, it's more. It's very clear to to our stakeholders regarding a future developments in terms of shareholders, that depends on them and particularly we have a structure in which We have pension funds, we have our ATR program, we have our shareholders in Colombia and Sura, which is our main shareholders, now it's concentrated on on financial services and their main main investment is, it's it's Bank Colombia. This is structure, it's again, it's a, it's a listed company with all the.

就企業發展而言，我們將擁有一個更清晰、更明確的結構，所有利害關係人都可以評估我們的績效、銀行的表現。我們將繼續增加新的補充業務。我們的金融服務在不同的地域提供。因此，這種結構為我們提供了靈活性和未來的發展空間，同時它的作用也更大。我們的利害關係人非常清楚，就股東而言，未來的發展取決於他們，特別是我們有一個結構，其中我們有退休基金，我們有 ATR 計劃，我們在哥倫比亞和蘇拉有股東，這是我們的主要股東，現在它專注於金融服務，他們的主要投資是哥倫比亞銀行。這是結構，它再次是一家，它是一家擁有所有一切的上市公司。

Benefits of public company that reports to the public markets and with a very solid base of shareholders. So we are very happy with the structure that we built and with the flexibility that adds in our corporate developments and we are the main investment of Sura that now is a financial services, so I think that will consolidate that.

向公開市場報告並擁有非常穩固的股東基礎的上市公司的優勢。因此，我們對所建立的結構以及為我們的公司發展增添的靈活性感到非常滿意，我們是 Sura 的主要投資，現在是一家金融服務公司，所以我認為這將鞏固這一點。

Relationship.

關係。

Okay. Now, one thing that we noticed is that, both companies have, important international operations, but they, there's limited overlap, right? They are in Chile, they're in Peru, they're in, Mexico, you are in Central America. Do you see that changing in either direction in the future?

好的。現在，我們注意到的一件事是，兩家公司都有重要的國際業務，但它們的重疊有限，對嗎？他們在智利，他們在秘魯，他們在墨西哥，你在中美洲。您認為未來這種情況會改變嗎？

As I mentioned, our new corporate structure, give us a lot of flexibility and add possibilities. We will explore any option that is good for the evolution of group poivs, and that we add. Value to our stakeholders. So, with this new structure, we will continue exploring new avenues of growth, and, we'll explore them and we will take them if they make sense for our shareholders.

正如我所提到的，我們的新公司結構為我們提供了很大的靈活性並增加了可能性。我們將探索任何有利於群體觀點演變的選項，並加以補充。為我們的利害關係人創造價值。因此，有了這個新結構，我們將繼續探索新的成長途徑，並且，如果這些途徑對我們的股東有意義，我們就會進行探索並採取這些途徑。

Thank you very much, Juan Carlos, and again, congratulations on the results and on the creation of the structure.

非常感謝您，胡安·卡洛斯，再次祝賀您所取得的成果和結構的創建。

Thank you.

謝謝。

Thank you, Carlos.

謝謝你，卡洛斯。

Thank you. We have reached the end of the question and answer session. I'd now like turn floor back over to Mr. One Callers more for closing comments.

謝謝。問答環節已經結束。現在我想把發言權交還給 One Callers 先生，請他發表最後評論。

Thank you for joining our 2nd quarter results, conference call. We look forward to welcoming you on our, 3rd quarter call. Have a good day, everybody.

感謝您參加我們的第二季業績電話會議。我們期待您參加我們的第三季電話會議。祝大家有愉快的一天。

Ladies.

女士們。

And gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time.

先生們，今天的電話會議到此結束。現在您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與並祝您有美好的一天。