Grupo Cibest SA (CIB) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Grupo Cibest/Bancolombia second quarter 2026 earnings conference call. My name is Melissa, and I will be your operator for today's call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Grupo Cibest/Bancolombia 2026 年第二季財報電話會議。我是 Melissa，將擔任今天電話會議的接線員。(接線員指示)

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

請注意，本次電話會議將被錄音。請注意，本次電話會議將包含前瞻性陳述，包括與我們未來表現、資本狀況、與信用相關的費用及信用損失相關的陳述。所有前瞻性陳述，無論是在本次電話會議及未來申報文件、新聞稿或口頭所作，均涉及風險與不確定性事項。

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 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.

因此，存在可能導致實際結果與此類陳述所示有重大差異的因素，包括整體經濟與商業環境變化、匯率與利率變動、其他公司推出競爭性產品、目標客戶對新產品或服務接受度不足、商業策略變更，以及我們在向美國證券交易委員會（SEC）提交的報告中所描述的各種其他因素。

With us today is Mr. Juan Carlos Mora, Chief Executive Officer; Mr. Mauricio Botero Wolff, Chief Strategy and Financial Officer; Mr. Rodrigo Prieto, Chief Risk Officer; and Ms. Laura Clavijo, Chief Economist.

今天與會者包括：執行長 Juan Carlos Mora 先生；策略與財務長 Mauricio Botero Wolff 先生；風險長 Rodrigo Prieto 先生；以及首席經濟學家 Laura Clavijo 女士。

I will now turn the call over to Mr. Juan Carlos Mora, Chief Executive Officer. Sir, please go ahead.

接下來我將把電話交給執行長 Juan Carlos Mora 先生。先生，請開始。

Good morning, and welcome to Grupo Cibest's second quarter conference call. Please turn to slide 2. Lower political uncertainty following Colombia's electoral process has helped reduce sovereign risk premiums. However, fiscal sustainability remains a key challenge and will require a credible adjustment path. The economy continues to expand at a moderate pace, and we estimate GDP will grow 2.7% in the second quarter, supported by resilient private consumption and sustained public spending.

各位早安，歡迎參加 Grupo Cibest 第二季電話會議。請翻到投影片第 2 頁。哥倫比亞選舉程序後政治不確定性降低，有助於壓低主權風險溢價。然而，財政永續性仍是關鍵挑戰，並將需要一條可信的調整路徑。經濟持續以溫和步伐擴張，我們估計第二季 GDP 將成長 2.7%，主要受具韌性的民間消費與持續的公共支出所支撐。

Despite the challenging environment, we delivered strong results. Net income reached COP2.7 trillion, supported by a NIM close to 8%, solid asset quality that kept cost of risk at 1.6% and continued efficiency gains. Together, these factors drove a historic quarterly ROE of 28.7% Moreover, we are pleased to see how these results reflect the success of our strategy and the consistency of our execution.

儘管環境充滿挑戰，我們仍交出強勁成果。淨利達 2.7 兆哥倫比亞披索（COP），受接近 8% 的淨利差（NIM）、穩健的資產品質使風險成本維持在 1.6%，以及持續的效率提升所支撐。綜合上述因素，帶動季度股東權益報酬率（ROE）創下歷史新高的 28.7%。此外，我們很高興看到這些成果反映了我們策略的成功與執行的一致性。

First, these results highlight the strength of our competitive advantage, which is built on a value proposition rooted in transactional activity, a sustainable source of low-cost funding and valuable data that enhances credit risk management. Second, they demonstrate the flexibility of our commercial and financial model, which enable us to dynamically allocate resources between the loan and investment portfolios and maximize revenue generation across economic and risk cycles.

首先，這些成果凸顯我們競爭優勢的強度，其建立在以交易活動為核心的價值主張、可持續的低成本資金來源，以及可強化信用風險管理的寶貴數據之上。其次，這些成果展現我們商業與財務模式的彈性，使我們能在放款與投資組合之間動態配置資源，並在不同經濟與風險循環中最大化營收創造。

Third, they prove our commitment to operational efficiency. Ultimately, these results reflect our ability to create value throughout the successful Banistmo divestment, PAM's turnaround, Nequi's growing contribution, the strategic use of capital instruments to strengthen our capital structure and the extraordinary dividend proposal recently announced for shareholder approval in August.

第三，這些成果證明我們對營運效率的承諾。歸根結底，這些成果反映了我們在成功處分 Banistmo、PAM 的轉虧為盈、Nequi 日益提升的貢獻、策略性運用資本工具以強化資本結構，以及近期宣布並將於 8 月提交股東核准的特別股利提案等各方面創造價值的能力。

Last week, Grupo Cibest completed the acquisition of 100% of Avista Colombia, strengthening our capabilities in payroll lending and expanding access to more inclusive tailored financing solutions for Colombians. Avista Colombia strengthens our position in a low-risk lending segment with strong growth and cross-selling potential, complementing our existing offering and expanding our ability to serve this market. By combining Avista's proven technology and business model with Bancolombia's funding advantages, we see a clear path to improve profitability and potentially scale the platform across Central America.

上週，Grupo Cibest 完成收購 Avista Colombia 100% 股權，強化我們在薪資扣繳貸款（payroll lending）方面的能力，並擴大為哥倫比亞民眾提供更具包容性、量身打造的融資解決方案之可及性。Avista Colombia 強化我們在低風險放款領域的地位，該領域具備強勁成長與交叉銷售潛力，能補足我們既有產品並提升我們服務此市場的能力。透過結合 Avista 經驗證的技術與商業模式，以及 Bancolombia 的資金優勢，我們看見一條清晰的路徑可提升獲利能力，並有機會將該平台擴展至中美洲。

I will now hand the call over to Laura Clavijo, our Chief Economist, for an overview of the macroeconomic landscape. Laura?

接下來我將把電話交給我們的首席經濟學家 Laura Clavijo，請她概述總體經濟情勢。Laura？

Thank you, Juan Carlos. If you could please proceed to slide 4. The Colombian economy likely expanded at a pace of around 2.7% during the first half of the year, showing early signs of a moderation in growth dynamics. Public spending and private consumption continue to support overall growth activity. However, elevated interest rates, persistent inflationary pressures and weak private investment remain significant headwinds.

謝謝你，Juan Carlos。請翻到投影片第 4 頁。哥倫比亞經濟在今年上半年可能以約 2.7% 的速度擴張，並已出現成長動能放緩的早期跡象。公共支出與民間消費持續支撐整體成長活動。然而，高利率、持續的通膨壓力以及疲弱的民間投資仍是重要逆風。

Reflecting on this backdrop, we have revised downward our GDP growth forecast for 2026 from 2.9% to 2.6% Inflation remains one of Colombia's most present macroeconomic challenges. At the end of the second quarter, inflation surpassed 6.1%, placing it among the highest in Latin America.

在此背景下，我們將 2026 年 GDP 成長預測自 2.9% 下修至 2.6%。通膨仍是哥倫比亞最突出的總體經濟挑戰之一。第二季末通膨率超過 6.1%，位居拉丁美洲最高之列。

Underlying price pressures remain persistent, particularly in the services sector, while the risk of a severe El Nino event poses additional upside pressures on energy and food prices as well as on inflation expectations. As a result, the Central Bank raised its policy rate by 75 basis points to 12% at its June meeting. According to the bank's staff projections, inflation is expected to reach 6.9% by year-end and remain above target through 2028, suggesting that further monetary tightening may be required. Accordingly, we continue to expect the policy rate to reach 12.75% by the end of 2026.

基礎價格壓力仍然持續，尤其在服務業；同時，嚴重聖嬰（El Nino）事件的風險，對能源與食品價格以及通膨預期帶來額外的上行壓力。因此，央行在 6 月會議將政策利率上調 75 個基點至 12%。依據央行工作人員的預測，通膨預計在年底達到 6.9%，並在 2028 年前仍高於目標，顯示可能需要進一步緊縮貨幣政策。因此，我們仍預期政策利率將在 2026 年底升至 12.75%。

Alternatively, should the Board fail to secure a majority in favor of additional rate hikes, a higher for longer interest rate environment is likely to prevail throughout 2027. From an external perspective, Colombia continues to benefit from several important strengths. Favorable commodity prices, resilient exports and record remittance inflows are supporting both external accounts and domestic demand.

或者，若理事會未能取得支持進一步升息的多數，則「利率更高且維持更久」的環境很可能在 2027 年全年持續。從外部面來看，哥倫比亞仍受惠於幾項重要優勢。有利的商品價格、具韌性的出口，以及創紀錄的匯款流入，正同時支撐對外帳與國內需求。

Meanwhile, the Colombian peso has appreciated significantly, gaining more than 15% year-to-date, driven by carry trade flows and strong market optimism. While this appreciation reflects improved investor sentiment, it may also weigh on export competitiveness.

同時，哥倫比亞披索顯著升值，今年以來升幅超過 15%，主要受利差交易資金流入與市場強勁樂觀情緒所帶動。雖然此一升值反映投資人情緒改善，但也可能削弱出口競爭力。

In addition, global trade tensions, geopolitical uncertainty and tighter financial conditions remain key risks that could affect capital flows, financing costs and broader market sentiment. Consequently, the external environment is likely to remain a source of volatility over the coming quarters. Fiscal dynamics also remain a key source of vulnerability.

此外，全球貿易緊張、地緣政治不確定性與更緊的金融環境仍是可能影響資本流動、融資成本與整體市場情緒的關鍵風險。因此，外部環境在未來幾季很可能仍是波動來源。財政動態亦仍是脆弱性的關鍵來源。

We expect the central government deficit to widen to 6.5% of GDP in 2026 as strong expenditure execution, structural rigidities in public finances and rising financing needs continue to constrain the pace of fiscal adjustments. While authorities are expected to pursue gradual consolidation over the medium term, elevated deficits and rising public debt levels underscore the importance of advancing structural reforms that strengthen fiscal sustainability and reinforce investor confidence.

我們預期 2026 年中央政府赤字將擴大至 GDP 的 6.5%，因為強勁的支出執行、公共財政的結構性僵固，以及上升的融資需求，持續限制財政調整的速度。雖然當局預期將在中期推動循序漸進的整頓，但偏高的赤字與上升的公共債務水準凸顯推進結構性改革的重要性，以強化財政永續並鞏固投資人信心。

Looking beyond 2026, Colombia's economic outlook under Abelardo de la Espriella's administration is likely to be characterized by a combination of opportunities and structural challenges. The start of a new political cycle could help reduce uncertainty and support a gradual recovery in investment, driven by improved business confidence, infrastructure development, housing activity and opportunities in natural resources and financial services. However, the strength and durability of the recovery will ultimately depend on the successful reduction of inflationary pressures, the normalization of interest rates and the restoration of fiscal credibility.

展望 2026 年之後，在 Abelardo de la Espriella 政府執政下，哥倫比亞的經濟前景可能呈現機會與結構性挑戰並存的特徵。新政治週期的開始可望降低不確定性，並在企業信心改善、基礎建設發展、住宅活動，以及自然資源與金融服務領域的機會帶動下，支持投資逐步復甦。然而，復甦的強度與持久性最終仍將取決於能否成功降低通膨壓力、使利率回歸正常化，以及重建財政公信力。

If you could please proceed to slide 5. Central America's outlook remains broadly resilient despite more challenging external environment. In El Salvador, growth is expected to moderate to 2.9% in 2026, but economic activity should remain supported by infrastructure investment and construction, partially offsetting weaker remittance inflows and rising inflation pressure. Guatemala continues to benefit from infrastructure projects and institutional reforms that encourage private investments, supporting solid economic performance despite softer remittance growth and higher inflation.

請您翻到第 5 頁。儘管外部環境更具挑戰性，中美洲的展望整體仍具韌性。在薩爾瓦多，預期 2026 年成長將放緩至 2.9%，但在基礎建設投資與營建活動支撐下，經濟活動仍可望維持動能，部分抵銷匯款流入走弱與通膨壓力上升的影響。瓜地馬拉持續受惠於基礎建設專案與鼓勵民間投資的制度改革，即使匯款成長趨緩且通膨較高，仍支撐穩健的經濟表現。

Meanwhile, Panama is expected to grow at a pace of just under 4%, supported by canal-related activity, logistics, tourism and construction, even as global disruptions, El Nino-related risks and rising unemployment present ongoing challenges.

同時，巴拿馬預期成長率將略低於 4%，在運河相關活動、物流、觀光與營建的支撐下維持動能，儘管全球性干擾、聖嬰現象相關風險以及失業率上升仍帶來持續挑戰。

Now, please let me turn the presentation to Mauricio, who will present CIBEST's quarterly performance.

接下來，請讓我把簡報交給 Mauricio，由他說明 CIBEST 的季度表現。

Thank you, Laura. Please proceed to slide 7. Our gross loan portfolio was almost flat over the quarter as expected due to the uncertainty created by the electoral process. However, on an annual basis, this represents a 5.7% growth or 9.6% net of FX, which is in line with our annual projections. Commercial loans were stable over the quarter and grew slightly over the year.

謝謝你，Laura。請翻到第 7 頁。如預期所示，由於選舉程序帶來的不確定性，我們的總放款組合本季幾乎持平。不過，以年度來看，這代表成長 5.7%，或在扣除匯率影響後成長 9.6%，與我們的年度預測一致。商業放款本季維持穩定，年度則小幅成長。

The mortgage portfolio kept on growing at 1.8% during the quarter and posted a 12% growth over the year. Meanwhile, consumer loans expanded by 0.5% during the quarter and 7.4% over the year, supported by strong growth in vehicle lending, Nequi and credit cards.

房貸組合本季持續成長 1.8%，年度成長達 12%。同時，消費放款本季擴張 0.5%，年度成長 7.4%，主要受車貸、Nequi 與信用卡強勁成長所支撐。

Please proceed to slide 8. Bancolombia and Banco Agricola led credit origination, the latter reflecting the success of our strategy to deepen penetration among retail clients which continues to generate strong and consistent growth. Our US dollar loan portfolio in offshore operations continues to expand at a robust pace. These operations serve as strategic cross-border lending platforms for the group, allowing us to leverage our regional presence and efficiently provide foreign currency funding to clients across different geographies.

請翻到第 8 頁。Bancolombia 與 Banco Agricola 領先帶動授信承作，其中後者反映我們深化零售客戶滲透率策略的成功，並持續帶來強勁且一致的成長。我們在離岸業務的美元放款組合仍以強勁速度擴張。這些業務作為本集團策略性的跨境放款平台，使我們能運用區域布局，並有效率地向不同地理區域的客戶提供外幣資金。

As of June, BAM's cross-border loan portfolio reached $580 million, which represents a 56% growth over the year, while Banco Agricola's cross-border portfolio totaled $751 million, growing 42%. These figures are included exclusively for business performance purposes and are not part of their accounting balances.

截至 6 月，BAM 的跨境放款組合達 5.8 億美元，年增 56%；而 Banco Agricola 的跨境組合合計 7.51 億美元，年增 42%。上述數據僅供業務績效衡量之用，並不屬於其會計帳面餘額的一部分。

Please proceed to slide 9. Over the quarter, deposits declined 0.2%, which represents a 1.2% growth net of FX. Year-over-year, deposits increased 7%, which represents a 12% growth net of FX, outpacing loan growth and reflecting our ample liquidity position. Savings accounts largely explain deposit growth, both over the quarter and over the year.

請翻到第 9 頁。本季存款下降 0.2%，若扣除匯率影響則成長 1.2%。以年增率來看，存款增加 7%，若扣除匯率影響則成長 12%，增速超過放款成長，並反映我們充裕的流動性部位。存款成長主要由儲蓄存款所帶動，無論就本季或年度皆然。

Please proceed to slide 10. Our funding mix continued to demonstrate resilience amid the higher interest rate environment in Colombia. The cost of deposits increased from 4% to 4.4%, mainly reflecting higher remuneration on savings accounts, which accounted for most of the funding growth during the quarter, while remaining significantly less expensive than time deposits.

請翻到第 10 頁。在哥倫比亞利率走高的環境下，我們的資金來源組合持續展現韌性。存款成本由 4% 上升至 4.4%，主要反映儲蓄存款支付的報酬提高；儲蓄存款占本季資金成長的大宗，同時其成本仍顯著低於定期存款。

Despite two policy rate hikes totaling 200 basis points during the first half of the year, Bancolombia's stand-alone cost of deposits increased by only 64 basis points over the past two quarters. This funding strategy reflects our share of side deposits, which has lower sensitivity to the reference rate and represents 57% of our consolidated funding base, reaffirming our ability to attract and retain a stable cost-efficient funding.

儘管上半年政策利率兩度上調、合計 200 個基點，Bancolombia 單體的存款成本在過去兩個季度僅上升 64 個基點。此資金策略反映我們的活期存款占比，其對基準利率的敏感度較低，並占我們合併資金基礎的 57%，再次印證我們吸引並留住穩定、具成本效率資金的能力。

Please proceed to slide 11. Net interest income increased 16.5% during the quarter, supported by a strong performance from both lending and investment portfolios. Lending NIM expanded from 7.8% to 8.3%, mainly reflecting higher asset yields in Colombia.

請翻到第 11 頁。本季淨利息收入成長 16.5%，主要受放款與投資組合雙雙強勁表現所支撐。放款淨利差（NIM）由 7.8% 擴大至 8.3%，主要反映哥倫比亞資產收益率上升。

Our asset-sensitive balance sheet continued to benefit as loan yields repriced in line with the Central Bank's progressive repo rate increases. Investment NIM delivered a very positive performance, rising from 1.8% to 6%. Our strong liquidity position, supported by robust funding and still moderate loan growth enabled us to capitalize in Colombia's fixed income markets.

我們偏向資產敏感型的資產負債表持續受惠，因放款收益率隨中央銀行逐步調升附買回（repo）利率而重新定價。投資淨利差表現非常亮眼，由 1.8% 上升至 6%。在強勁資金支撐下，我們維持充裕流動性且放款成長仍屬溫和，使我們得以把握哥倫比亞固定收益市場的機會。

During the quarter, greater activity from international investors pursuing carry trade strategies supported transaction volumes and related intermediation revenues, contributing to the performance of our investment portfolio. Increased volatility, partly associated with the evolving electoral backdrop created favorable trading and positioning opportunities in peso-related instruments.

本季，採取利差交易（carry trade）策略的國際投資人活動更為熱絡，帶動交易量與相關中介收入，進而貢獻我們投資組合的表現。波動性上升（部分與選舉情勢演變相關）為與披索相關工具帶來有利的交易與部位配置機會。

Therefore, NIM expanded by 91 basis points in the quarter from 7% to 7.9% Banco Agricola and BAM also reported NIM expansion, supported by higher loan portfolio yields and mark-to-market gains on their investment portfolios, particularly in securities issued by their respective governments.

因此，本季淨利差（NIM）擴大 91 個基點，由 7% 升至 7.9%。Banco Agricola 與 BAM 亦回報 NIM 擴大，主要受放款組合收益率提高及其投資組合按市價評價（mark-to-market）收益所支撐，尤其是其各自政府所發行的證券。

Please proceed to slide 12. Net fee income continues to deliver solid growth, increasing 9.8% over the quarter and 17.7% over the year. This growth was supported by the result of bancassurance, particularly through our partnership with SURA. On a year-over-year basis, growth was supported by credit and debit card and payments, reflecting broader card penetration and higher transaction volumes. Banking services also contributed positively, primarily through digital banking fees.

請翻到第 12 頁。淨手續費收入持續呈現穩健成長，本季增加 9.8%，年度增加 17.7%。此成長受銀行保險（bancassurance）成果所支撐，特別是透過我們與 SURA 的合作。以年增率來看，成長主要來自信用卡、簽帳金融卡與支付業務，反映卡片滲透率提升與交易量增加。銀行服務亦有正面貢獻，主要來自數位銀行手續費。

Fee expenses, on the other hand, decreased during the quarter and during the year, improving from ongoing efficiency initiatives. The fee income ratio stood at 18.3%, mainly reflecting a higher contribution from the net interest income due to the NIM expansion that I just explained.

另一方面，手續費費用在本季與年度皆下降，受惠於持續推動的效率提升措施。手續費收入比率為 18.3%，主要反映因我剛才說明的 NIM 擴大，使淨利息收入的貢獻提高。

Please proceed to slide 13. Now I would like to highlight the continued progress of our digital ecosystem, where scale, connectivity and innovation are increasingly reinforcing each other. Wompi continues to expand its role in the payments ecosystem, reaching new merchants and broadening its value proposition through solutions such as Nequi Negocios and in-person payments, supporting the platform's profitability and long-term growth potential.

請翻到第 13 頁。接下來我想強調我們數位生態系的持續進展，其中規模、連結性與創新正日益相互強化。Wompi 持續擴大其在支付生態系中的角色，觸及更多新商戶，並透過 Nequi Negocios 與線下收款等解決方案拓展其價值主張，支撐平台獲利能力與長期成長潛力。

At the same time, Wenia is gaining momentum, driven by rapid growth in issuers and transaction values. The successful rollout of Wenia Connect and the launch of USDW are strengthening our capabilities in digital assets, cross-border transactions and future tokenization opportunities. Moreover, through its integration with Wompi and Wenia, Nequi is helping extend the reach of the ecosystem across consumers, merchants and digital financial services.

同時，Wenia 在發行方數量與交易金額快速成長的帶動下動能提升。Wenia Connect 的成功上線以及 USDW 的推出，正強化我們在數位資產、跨境交易與未來代幣化機會方面的能力。此外，透過與 Wompi 與 Wenia 的整合，Nequi 正協助將生態系觸角延伸至消費者、商戶與數位金融服務。

Together, these businesses are creating a more connected ecosystem that accelerates innovation, expands customer relationships and unlocks new opportunities for sustainable growth fully aligned with Grupo Cibest's long-term strategy.

綜合而言，這些業務正在打造更緊密連結的生態系，加速創新、擴大客戶關係，並釋放可持續成長的新機會，完全符合 Grupo Cibest 的長期策略。

Please proceed to slide 14. As previously announced, following the authorization granted by the Financial Superintendency of Colombia, Nequi is expected to begin operating as an independent financial entity within Grupo Cibest on September 1, 2026.

請翻到第 14 頁。如先前所公告，在哥倫比亞金融監理總署核准後，Nequi 預期將於 2026 年 9 月 1 日起在 Grupo Cibest 內以獨立金融機構身分開始營運。

This milestone marks the completion of the transfer of the assets, liabilities and contracts associated with the products and services currently offered under the Nequi brand. Importantly, both Nequi and Bancolombia will continue to operate under Grupo Cibest and the customer experience will remain unchanged.

此一里程碑標誌著與目前以 Nequi 品牌提供之產品與服務相關的資產、負債與合約移轉作業完成。重要的是，Nequi 與 Bancolombia 將持續在 Grupo Cibest 旗下營運，且客戶體驗將維持不變。

There will be no changes on how they access or use Nequi's products and services and the experience within the app as well as customer service channels. Nequi continued to strengthen its ecosystem monetization during the second quarter, supported by sustained growth in users, transactionality, deposits and lending. The monetized user base increased to 18 million, while the activity ratio reached 81.6%.

他們存取或使用 Nequi 產品與服務的方式，以及在 App 內的使用體驗與客服通路，皆不會有任何變更。在第二季，Nequi 在用戶數、交易活躍度、存款與放款持續成長的支持下，持續強化其生態系的變現能力。已變現的用戶基礎增至 1,800 萬人，活動比率達到 81.6%。

Together, these metrics demonstrate deeper customer engagement, broader adoption and value-added products and services and Nequi's growing ability to convert its extensive user base into sustainable revenue opportunities. Deposits closed at COP7.6 trillion, increasing 12% in the last quarter, recovering from the seasonal decline observed at the beginning of the year.

綜合而言，這些指標顯示客戶參與度更深、採用範圍更廣，且加值產品與服務的滲透提升，同時也反映 Nequi 將其龐大用戶基礎轉化為可持續營收機會的能力持續增強。存款期末為 COP7.6 兆，較上季增加 12%，自年初觀察到的季節性下滑中回升。

This performance reinforces Nequi's position as the leading digital savings and transactional platform while strengthening its funding base to support growth. Nequi's loan portfolio reached COP2.2 trillion, growing 14% quarter-over-quarter, driven by low-ticket loans originated through its scalable digital model. Asset quality remained in line with expectations, supported by disciplined underwriting and collection capabilities. Cost of risk reflects Nequi's strategy to expand credit access in underserved segments while maintaining a sound risk management framework.

此一表現鞏固 Nequi 作為領先的數位儲蓄與交易平台之地位，同時強化其資金來源基礎以支持成長。Nequi 的放款組合達 COP2.2 兆，季增 14%，主要由其可擴展的數位模式所發放的小額貸款所帶動。資產品質維持符合預期，得益於嚴謹的授信審核與催收能力。風險成本反映 Nequi 在維持健全風險管理架構的同時，擴大對服務不足族群之信貸可得性的策略。

Please proceed to slide 15. Total income reached COP492 billion, increasing 16% quarter-over-quarter, while financial income grew 19%, supported by loan portfolio expansion and higher investment income. Net fee income increased 10% on stronger transactionality and broader adoption of value-added services.

請翻到第 15 頁。總收入達 COP4,920 億，季增 16%；其中金融收入成長 19%，受惠於放款組合擴張與投資收益提高。淨手續費收入在交易活躍度提升及加值服務更廣泛採用的帶動下成長 10%。

Please proceed to slide 16. Net provision expense amounted to COP1 trillion in the second quarter, representing a 17% quarterly decline, reflecting the overall good performance of the loan portfolio across our geographies. The reduction was mainly driven by recoveries from specific clients. As a result, the quarterly annualized cost of risk declined to 1.6% -- these positive effects more than offset higher provisioning in consumer loans as well as in the SME and commercial segments, where deterioration remained concentrated among specific clients rather than reflecting a broader decline in credit quality.

請翻到第 16 頁。第二季淨提存費用為 COP1 兆，較上季下降 17%，反映我們各地區放款組合整體表現良好。下降主要來自特定客戶的回收。因此，季度年化風險成本降至 1.6%——這些正面因素足以抵銷消費金融貸款以及中小企業與商業放款部位較高的提存；而該等惡化仍集中於特定客戶，並非反映整體信用品質普遍下滑。

When broken down by entity, Bancolombia led the quarterly reduction supported by a stable economic environment and significant recoveries from specific clients. BAM reported broadly stable provision expenses as newer loan vintages continue to improve the portfolio mix. By contrast, Banco Agricola recorded higher provisioning consistent with the loan growth in segments with greater risk appetite and higher risk-adjusted returns.

按個體拆分，Bancolombia 在穩定的經濟環境與特定客戶大額回收的支持下，帶動本季提存下降幅度最大。BAM 的提存費用大致維持穩定，因較新的放款批次（vintages）持續改善組合結構。相較之下，Banco Agricola 的提存增加，與其在風險偏好較高且風險調整後報酬較佳的分群中放款成長一致。

Please proceed to slide 17. In line with the healthy performance observed in recent quarters, overall asset quality remained well contained. From a new past due loan formation standpoint, the volume of loans becoming delinquent declined during the quarter.

請翻到第 17 頁。延續近幾季觀察到的健康表現，整體資產品質仍控制良好。就新增逾期貸款形成而言，本季轉為逾期的放款量下降。

Despite some pressure in consumer loans, mainly credit cards and personal loans as well as some deterioration in mortgages, the overall 30-day and 90-day NPL ratios remained broadly stable, while commercial loans ratios improved slightly. Consistent with this performance, the stage distribution remained relatively stable during the quarter.

儘管消費金融貸款（主要為信用卡與個人貸款）承受部分壓力，且房貸亦有些許惡化，整體 30 天與 90 天不良貸款（NPL）比率仍大致持平，而商業放款比率則小幅改善。與此表現一致，本季分期（stage）分布維持相對穩定。

Stage 2 loans increased modestly, mainly reflecting commercial clients in specific economic sectors under closer monitoring due to foreign exchange exposure and potential effects from El Nino. Meanwhile, Stage 3 loans declined slightly, explained by the release of clients that were previously classified as in default.

第二期（Stage 2）貸款小幅增加，主要反映特定經濟產業的商業客戶因外匯曝險及聖嬰現象可能帶來的影響而被更密切監控。同時，第三期（Stage 3）貸款略為下降，原因在於先前被歸類為違約的客戶解除分類。

Please proceed to slide 18. Operating expenses declined 10% over the quarter, mainly reflecting the COP374 billion wealth tax recognized in the previous quarter under Colombia's Second Economic Emergency decree. On a year-over-year basis, operating expenses increased by only 1.9%, supported in part by the appreciation of the Colombian peso, well-contained labor expenses, the absence of nonrecurring costs associated with the expansion of Grupo Cibest, continued cloud migration efficiencies and lower contact center operating costs.

請翻到第 18 頁。營業費用本季下降 10%，主要反映前一季依哥倫比亞第二次經濟緊急狀態法令認列的 COP3,740 億財富稅。以年增率來看，營業費用僅增加 1.9%，部分受惠於哥倫比亞披索升值、勞務費用控制得宜、未再發生與 Grupo Cibest 擴張相關的一次性成本、持續雲端遷移帶來的效率，以及聯絡中心營運成本降低。

In Colombia, our efficiency agenda remains focused on leveraging artificial intelligence in collections and contact center channels, automating operational workflows among others. By entity, BAM continued to show the most significant improvement supported by its profitability and cost optimization strategy with its efficiency ratio declining from 44.5% to 42.2% in the quarter. Banco Agricola also improved from 47.9% to 47%. Overall, the consolidated cost-to-income ratio reached 43% in the quarter.

在哥倫比亞，我們的效率提升議程仍聚焦於在催收與聯絡中心通路運用人工智慧，以及自動化作業流程等。按個體而言，BAM 在獲利能力與成本優化策略的支持下，改善幅度最為顯著，其效率比率於本季由 44.5% 降至 42.2%。Banco Agricola 亦由 47.9% 改善至 47%。整體而言，合併成本收入比於本季達 43%。

Please turn to slide 19. Grupo Cibest's shareholders' equity grew 4.8% over the quarter, mainly driven by net income generation. On the other hand, Bancolombia's stand-alone common equity Tier 1 ratio stood at 12.1% and total solvency ratio reached 13.9% as of June, an optimal level to support growth while enhancing profitability. At this point, I would like to highlight the broad set of initiatives we're now deploying to manage capital more efficiently across the group, taking advantage of our new corporate structure under the holding company.

請翻到第 19 頁。Grupo Cibest 的股東權益本季成長 4.8%，主要由淨利創造所帶動。另一方面，截至 6 月，Bancolombia 單體普通股權益第一類資本比率（CET1）為 12.1%，總資本適足率達 13.9%，處於支持成長並提升獲利能力的最佳水準。此時我想強調，我們正利用控股公司下的新企業架構，在全體集團推動一系列更有效率的資本管理措施。

First, we continue executing the share buyback program approved in April, which remains effective for three years. We have already repurchased more than 7 million shares amounting to COP967 billion during the last 12 months. Second, we are pursuing corporate development and intra-group capital transactions such as capital contributions to Nequi, AT1 instruments and subordinated debt designed to optimize capital allocation and enhance return for the holding company.

第一，我們持續執行 4 月核准的庫藏股回購計畫，該計畫有效期為三年。過去 12 個月我們已回購超過 700 萬股，金額達 COP9,670 億。第二，我們推動企業發展與集團內資本交易，例如對 Nequi 的增資、AT1 工具及次順位債務，以最佳化資本配置並提升控股公司的報酬。

Third, we have designed a disciplined capital and liquidity management framework that allows Grupo Cibest to optimize capital distributions to shareholders while preserving healthy double leverage ratios to support future growth. Notably, we will propose a $1.2 trillion extraordinary dividend with the proceeds from the Banistmo sale through -- in addition to our annual dividend distributions, demonstrating our continued focus on capital efficiency and long-term value creation for shareholders.

第三，我們設計了一套嚴謹的資本與流動性管理架構，使 Grupo Cibest 能在維持健康的雙重槓桿比率以支持未來成長的同時，最佳化對股東的資本分配。值得注意的是，我們將以 Banistmo 出售所得提出 COP1.2 兆的特別股利——並且是在年度股利分配之外——展現我們持續聚焦資本效率與為股東創造長期價值。

Please turn to slide 20. Net income reached COP2.7 trillion during the quarter, increasing 87% quarter-over-quarter. As a result, annualized ROE stood at 29% with Bancolombia posting a stand-alone ROE of 36%. Our Central American operations continue to generate strong returns in 2026, supported by the strategic advantages of Grupo Cibest's cross-border platform. Access to efficient funding through our international banking operations supports profitable loan growth and enhances reported profitability with both entities, delivering ROEs of 20% in the second quarter.

請翻到第 20 頁。本季淨利達 COP2.7 兆，季增 87%。因此，年化股東權益報酬率（ROE）為 29%，其中 Bancolombia 單體 ROE 為 36%。我們在中美洲的營運於 2026 年持續創造強勁報酬，受惠於 Grupo Cibest 跨境平台的策略優勢。透過我們的國際銀行業務取得具效率的資金來源，支持具獲利性的放款成長，並提升兩個實體的帳面獲利能力，使其第二季 ROE 皆達 20%。

We are particularly encouraged by BAM's sustained momentum and improved performance during the year, supported by improved asset quality and origination standards, higher margins and a record low cost-to-income ratio of 43%, reinforcing its contribution to Grupo SB's overall profitability and efficiency.

我們尤其對 BAM 在今年持續的動能與改善的表現感到振奮，這得益於資產品質與承作標準的提升、更高的利差，以及創新低的 43% 成本收入比，進一步強化其對 Grupo SB 整體獲利與效率的貢獻。

With this, I will now hand the presentation back to Juan Carlos. Juan?

接下來，我將把簡報交回給 Juan Carlos。Juan？

Thank you, Mauricio. Please turn to slide 21. Grupo Cibest continue advancing its business with purpose strategy with cumulative disbursements reaching COP364 trillion since 2020, equivalent to 58% of the group's adjusted 2030 target of COP629 trillion. BAM's 100th anniversary was another important milestone, celebrating a century of contribution to Guatemala's economic development and underscoring its institutional legacy, strong governance and long-term value creation with Grupo Cibest.

謝謝你，Mauricio。請翻到第 21 頁。Grupo Cibest 持續推進其「以使命驅動的業務」策略，自 2020 年以來累計撥款達 COP364 兆，相當於集團經調整後 2030 年目標 COP629 兆的 58%。BAM 的第 100週年是另一個重要里程碑，慶祝其一個世紀以來對瓜地馬拉經濟發展的貢獻，並凸顯其制度傳承、健全治理，以及與 Grupo Cibest 共同創造長期價值。

On the social front, Bancolombia was recognized by Merco Talento 2026 as Colombia's best company to work for and the top employer in the financial sector. Its talent and culture team was also ranked first in the country for the third consecutive year, reflecting our commitment to professional development, employee well-being, diversity and inclusion.

在社會層面，Bancolombia 獲 Merco Talento 2026 評選為哥倫比亞最佳雇主（最佳工作公司），並在金融業中名列第一。其人才與文化團隊亦連續第三年在全國排名第一，反映我們對專業發展、員工福祉、多元與共融的承諾。

Please turn to slide 23. Reflecting the group's strong results, we have updated selected 2026 guidance metrics. Loan growth guidance remains unchanged at 7% to 8%, while NIM guidance has been raised to 7.4% to 7.6%, supported by strong margin performance. We maintain our cost of risk guidance at 1.6% to 1.8% as credit quality continues to perform in line with expectations. For efficiency, we now expect the ratio to be around 48%, reflecting positive operating leverage as revenue growth continues to outpace expenses. As a result, we are raising our ROE guidance to 21% to 22%.

請翻到第 23 頁投影片。反映本集團強勁的業績表現，我們已更新部分 2026 年指引指標。貸款成長指引維持不變，為 7% 至 8%；淨利差（NIM）指引則在強勁利差表現支撐下上調至 7.4% 至 7.6%。由於信用品質持續符合預期，我們維持風險成本指引在 1.6% 至 1.8%。在效率方面，我們目前預期比率約為 48%，反映營收成長持續快於費用所帶來的正向營運槓桿。因此，我們將股東權益報酬率（ROE）指引上調至 21% 至 22%。

Please now turn to slide 24. In closing, one year after our transformation into Grupo Cibest, our results reflect the strength of our strategy and business model. Over the past year, our ATR price increased by more than 90%, demonstrating the market's recognition of the value we have created, while ROE reached 21.5% in the first half of 2026. We remain fully committed to unlocking additional value for our shareholders. The proposed extraordinary dividend is another step in that direction, enhancing shareholder return while preserving disciplined capital management.

現在請翻到第 24 頁投影片。最後，在我們轉型為 Grupo Cibest 一年後，我們的成果反映了策略與商業模式的實力。過去一年，我們的 ATR 價格上漲逾 90%，顯示市場認可我們所創造的價值；同時 2026 年上半年 ROE 達到 21.5%。我們仍全力致力於為股東釋放更多價值。所提議的特別股利是朝此方向邁出的另一一步，在維持嚴謹資本管理的同時提升股東報酬。

Looking ahead, a more favorable macroeconomic outlook and improved security conditions could support a recovery in investment and create better conditions for economic growth.

展望未來，更有利的總體經濟前景與改善的治安條件，可能支持投資復甦並為經濟成長創造更佳環境。

This concludes today's presentation. We will now be happy to take your questions.

今天的簡報到此結束。接下來我們很樂意回答各位的提問。

(Operator Instructions) Yuri Fernandes, JPMorgan.

(接線員指示) Yuri Fernandes，摩根大通。

Congrats for another good quarter, all the trajectory of the bank, very impressive 29% ROEs. We know there were some kind of onetime items, but even excluding a pretty strong quarter. So congrats. I have a question regarding your guidance for the year. And I would like to understand a little bit how you see the second half of the year versus the first half. First half was very strong this quarter. You had the wealth tax that was a negative here as well. Historically, maybe second half is seasonally better than the first half.

恭喜又交出一個很好的季度成績，銀行整體的發展軌跡非常令人印象深刻，ROE 達 29%。我們知道其中有一些一次性項目，但即使排除後，這一季仍然非常強勁。所以恭喜。我有一個關於你們全年指引的問題。我想更了解你們如何看待下半年相較於上半年。上半年非常強勁，尤其是這一季。你們也有財富稅，對這裡造成負面影響。從歷史來看，下半年可能在季節性上優於上半年。

So just asking, do you think like the second half can be as strong as the first half or stronger? Like what is your overall view here? And how this compares to your guidance -- because like in our exercise, if you were to assume the 22% ROE that you had at the top of the guidance, this implies a slowdown in the second half, but I don't know if this is the case.

所以我想請教，你們認為下半年能否與上半年一樣強，或甚至更強？你們整體的看法是什麼？以及這與你們的指引如何對照——因為在我們的推算中，如果假設你們達到指引上緣的 22% ROE，這意味著下半年會放緩，但我不確定是否真是如此。

And then I have a second question regarding asset quality. If you can comment on the said earthquake, if you see any impact for asset quality? And also the stronger currency, how do you see this hurting exporters in Colombia? And how this compares to your guidance of cost of risk?

另外我還有第二個問題，關於資產品質。能否評論一下所提到的地震，你們是否看到對資產品質有任何影響？以及更強勢的匯率，你們如何看待這對哥倫比亞出口商的衝擊？這與你們風險成本指引相比又如何？

Thank you, Yuri. Thank you for your words. Regarding the second half of the year, as you said, usually, the second half of the year, it's better than the first half. There are more demand. The company is prepared for the end of the year season.

謝謝你，Yuri。謝謝你的肯定。關於下半年，如你所說，通常下半年會比上半年更好。需求會更多。公司也會為年底旺季做好準備。

So usually, it's a better period. And we expect that year that to be the case. We need to take into account that there are factors that could have some impact on the second half results. But overall, we expect a strong quarter in line with the -- what is happening in the first half, meaning that we even expect a higher credit demand.

所以通常這是一段更好的期間。我們預期今年也會如此。我們需要考量一些可能對下半年結果造成影響的因素。但整體而言，我們預期將是強勁的季度，與上半年發生的情況一致，也就是說我們甚至預期信貸需求會更高。

The big question is how the risk -- the credit risk is going to behave and what is going to be -- and that's related to your second question. There are some factors, including El Nino that in Colombia creates an effect on no rain, and that could have an effect on inflation.

最大的問題在於風險——信貸風險將如何表現，以及會是什麼狀況——這也與你的第二個問題相關。有一些因素，包括聖嬰現象在哥倫比亞造成少雨的影響，而這可能對通膨造成影響。

And the other is the yesterday's earthquake that also have some impact. So we think it's going to be a strong quarter that our guidance -- we maintain even with those effects, our guidance for the full year ROE on 22% and a NIM that is going to be positive. So overall, we think that, that guidance could have a little at risk. But in general, it will be in line with the first semester. I don't know, Mauricio, if you want to complement something.

另外還有昨天的地震也會帶來一些影響。因此我們認為將會是強勁的季度；即使有這些影響，我們仍維持全年指引：ROE 為 22%，且 NIM 將保持正向。整體而言，我們認為該指引可能會有些許下行風險。但總體上，將與上半年表現一致。Mauricio，你是否想補充？

Yuri, if you look at the first half ROE, we are in 21.5%, which is right in the middle of the range of the guidance for the whole year. So yes, there could be some downside risks around asset quality, but there are also some upside risks -- so just to project the guidance between 21% and 22% should be in line with the projections.

Yuri，如果你看上半年 ROE，我們是 21.5%，正好落在全年指引區間的中間。所以是的，資產品質方面可能存在一些下行風險，但也有一些上行風險——因此將全年指引落在 21% 到 22% 之間，應該與我們的預測一致。

And just to complement regarding the strong peso, that also could have some effect on some exposures that could also affect the cost of risk. So those are the elements that we are taking into account to support our guidance for the full year.

另外補充一下，關於比索走強，這也可能對部分曝險產生影響，進而影響風險成本。這些都是我們在制定全年指引時所納入考量的要素。

No. Super clear, Juan Carlos. So basically, better margins, maybe better volumes, but the main risk is the asset quality cost of risk. And when we put all those things together, you're comfortable with '21, '22 ROE guidance.

沒有。非常清楚，Juan Carlos。所以基本上，利差更好、可能量也更好，但主要風險在於資產品質與風險成本。把這些因素綜合起來，你們對 21%、22% 的 ROE 指引感到有把握。

Ernesto Gabilondo, Bank of America.

Ernesto Gabilondo，美國銀行。

My first question is also in terms of the NIM trends. So we are seeing we can have interest rates higher for longer and maybe that this could last for the first half of next year. So do you see potentially looking to some alternatives to reduce the sensitivity to interest rates? I don't know if you will be evaluating derivatives or changing the loan mix. And I believe today, for every 100 basis points increase in the average repo rate, it improves NIMs by around 20 basis points. So how much could this sensitivity be reduced over the next months? So that's my first question.

我的第一個問題也與 NIM 走勢有關。我們看到利率可能在更長時間內維持高檔，甚至可能延續到明年上半年。因此你們是否可能考慮一些替代方案，以降低對利率的敏感度？我不確定你們是否會評估使用衍生性商品或調整放款組合。而我相信目前平均回購利率每上升 100 個基點，NIM 約可改善 20 個基點。那麼在接下來幾個月，這種敏感度可以降低多少？這是我的第一個問題。

Then my second question is on your sustainable ROE. As you pointed out, ROE could be between 21%, 22% and likely that to translate into 2027. But what should we think about the sustainable ROE when you have a normalization in interest rates? And my last question is on Nequi. We noted asset quality deterioration in terms of NPLs and cost of risk on a sequentially basis.

第二個問題是關於你們可持續的 ROE。如你所指出，ROE 可能在 21% 到 22% 之間，且很可能延續到 2027 年。但當利率正常化時，我們應如何看待可持續 ROE？最後一個問題是關於 Nequi。我們注意到資產品質在不良貸款（NPL）與風險成本方面，按季出現惡化。

We have the NPL at 3.7%, cost of risk at 14.6%. So what would be the maximum levels that both ratios should be reaching? And at what level of both ratios would you be more conservative in your loan growth appetite?

我們的不良貸款（NPL）為 3.7%，風險成本為 14.6%。那麼這兩個比率的最高水準應該到多少？而在這兩個比率達到什麼水準時，您會在放款成長的風險偏好上採取更保守的態度？

Thank you, Ernesto. Let me start for the second -- your second question. I will also take your third about Nequi, and me to ask Mauricio to give you some comments about the NIM. And I'm going also to take the opportunity of your question to ask Laura, our Chief Economist, to give her view on interest rates and on inflation that I think it is important to give you background to your question.

謝謝你，Ernesto。我先從第二個——你的第二個問題開始。我也會回答你第三個關於 Nequi 的問題，並請 Mauricio 就淨利差（NIM）給你一些評論。我也想藉由你的問題，請我們的首席經濟學家 Laura 就利率與通膨分享她的看法，我認為這對於回答你的問題、提供背景很重要。

So regarding sustainable ROE, we think that in the level of '21, '22, we can think on a sustainable ROE on those levels. We know that interest rates are going to go down probably by the second half of next year, and Laura will elaborate on that in a moment. But even with that, we think with the loan volume that we are building and the developments of our strategy, we are able to deliver an ROE above 20%.

關於可持續的股東權益報酬率（ROE），我們認為以 2021 年、2022 年的水準來看，可以把那樣的 ROE 視為可持續的水準。我們知道利率很可能在明年下半年開始下行，Laura 等一下會進一步說明。但即便如此，我們認為憑藉我們正在建立的放款規模以及策略的推進，我們有能力交付 20% 以上的 ROE。

So we are -- we firmly believe that we can deliver an ROE above 20% on the long term. Regarding Nequi, as you know, Nequi, it's building its loan book with very healthy growth. It is -- they are -- Nequi targets a segment that is not bankerized. We are in the process of learning how that segment behaves.

所以我們——我們堅信長期而言可以交付 20% 以上的 ROE。至於 Nequi，如你所知，Nequi 正以非常健康的成長速度建立其放款組合。它——他們——Nequi 鎖定的是尚未被銀行服務覆蓋（未銀行化）的客群。我們正在學習該客群的行為模式。

But with that, we are very confident that in the levels that we are, Nequi loan book is profitable. We don't expect additional deterioration. You probably will see some changes. But at those levels, we feel comfortable. We are following -- closely following all the vintages in Nequi and how the loan book is behaving.

即便如此，我們對於目前的水準非常有信心，Nequi 的放款組合是有獲利的。我們不預期會有進一步的惡化。你可能會看到一些變化。但在這些水準下，我們覺得很安心。我們正——密切追蹤 Nequi 各期放款（vintages）以及放款組合的表現。

And we now have enough information to be confident that at those levels, it's profitable and we can maintain those levels without additional deterioration. So Mauricio, about the NIM and then Laura about the interest rates and the inflation.

而且我們現在已經有足夠資訊可以有信心：在這些水準下它是有獲利的，並且我們可以在不進一步惡化的情況下維持這些水準。所以 Mauricio 請談一下淨利差（NIM），接著 Laura 請談利率與通膨。

Ernesto, in fact, as you mentioned, the lending NIM is going to have a positive impact because of the repricing of the assets. We're seeing that, and we believe that, that's going to continue, as Juan Carlos mentioned, because of the repo rate until at least the first half of next year. So we're going to have a benefit from that in 2026, the whole year. And we believe in 2027, it's going to be even better because at the beginning of the year, the interest rates will be at around 12% to 12.75%. So thinking about derivatives, yes, but not yet. We were doing it.

Ernesto，事實上如你所提到的，放款端的淨利差（NIM）會因資產重新定價而受到正面影響。我們正在看到這點，也相信這種情況會持續，正如 Juan Carlos 所說，因為回購利率（repo rate）至少會維持到明年上半年。因此我們在 2026 年整年都會從中受益。而我們認為 2027 年會更好，因為在年初利率大約會在 12% 到 12.75% 左右。所以談到衍生性商品，是的，但還不到時候。我們之前有在做。

We were implementing some hedge accounting measures when interest rates were coming down. Now that they are going up, we don't see a need to implement derivatives, but that's a tool that we have ready to use once we believe we're reaching the inflection point.

當利率下行時，我們曾在推動一些避險會計措施。現在利率上行，我們看不到需要去做衍生性商品的必要性，但那是一個我們已準備好、在我們認為到達拐點時就能使用的工具。

And the other thing to take into account in terms of sensitivity is that we were mentioning that for every 100 basis points in interest rates, we had a 20 basis points NIM effect. That has moved from 20 to 25 basically because of the divestment of Banistmo because now Grupo depends more on Bancolombia's results, which is the entity that is more asset sensitive.

另外在敏感度方面要考量的是，我們提到過利率每變動 100 個基點，對淨利差（NIM）的影響是 20 個基點。這個數字已從 20 提升到 25，基本上是因為我們處分了 Banistmo，現在集團更依賴 Bancolombia 的結果，而 Bancolombia 是對資產端更敏感的實體。

With that, I'll give it to Laura.

接下來交給 Laura。

Thank you. So inflation continues to be one of the main challenges moving forward. And even though yesterday, July print showed a little bit receding headline inflation, we still believe pressures in inflation will come. The phenomenon El Nino is said to be quite aggressive and could impact prices of food, which was one of the segments that helped the July inflation reading.

謝謝。因此，通膨仍然是未來前進道路上的主要挑戰之一。即使昨天公布的 7 月數據顯示整體通膨略有回落，我們仍然認為通膨壓力還會出現。厄爾尼諾現象被認為相當強烈，可能影響食品價格，而食品正是支撐 7 月通膨讀數的項目之一。

So in this sense, we believe that the Central Bank still has space to continue a restrictive monetary policy to the 12.35% level. But in case the Board does not manage to find common grounds on further hikes, especially perhaps giving some leeway to the new government, and the fiscal adjustment that is set to be in place. We believe that at the 12% level, 2027 will be a year of higher for longer rates, as was mentioned.

因此在這個意義上，我們認為央行仍有空間將緊縮的貨幣政策延續到 12.35% 的水準。但如果理事會無法就進一步升息達成共識，特別是可能會給新政府一些操作空間，以及即將到位的財政調整。我們認為在 12% 的水準下，2027 年將會是「高利率維持更久」（higher for longer）的一年，如先前所提到的。

And in that case, in line with what my colleagues have mentioned, should maintain more in duration kind of those high levels in the length of time and not so much reaching that peak of the 12.75%. Inflation is still an ongoing challenge despite yesterday's more receded reading.

在那種情況下，與我同事們所提到的一致，利率更可能是在時間長度上維持在那些高水準（偏向久期的概念），而不是一定要觸及 12.75% 的峰值。儘管昨天的讀數較為回落，通膨仍然是一項持續的挑戰。

Brian Flores, Citibank.

Brian Flores，花旗銀行。

Congrats on the results. Two questions here. One, now that we have your whole team there, I just wanted to get your views on the incoming administration. I know the sector as a whole was very targeted in terms of taxes. And I just wanted to cross check with you what are your impressions, your initial discussions regarding what could happen, not only as they present the reform in some days now, but going forward, right?

恭喜這次的業績。我這裡有兩個問題。第一，既然你們整個團隊都在，我想聽聽你們對即將上任的政府的看法。我知道整個產業在稅負方面成為相當被針對的對象。我想跟你們核對一下，你們的印象是什麼、初步的討論是什麼：不僅是他們在幾天內提出改革時可能會發生什麼，還有未來的走向，對吧？

I think it could be very determinant for the sector. And then a second question on capital allocation. naturally, with the levels of ROE, maybe you get more optionalities. I just wanted to check with you what your priorities are, if it's a bit more dividends, organic growth, buybacks, I just wanted to check with you.

我認為這可能對產業非常關鍵。第二個問題是關於資本配置。自然地，在目前的 ROE 水準下，你們可能有更多選項。我想確認一下你們的優先順序是什麼：例如更多股利、內生成長、庫藏股回購等，我想跟你們確認一下。

Thank you, Brian. The administration that started a few days ago creates a positive environment in general. And let me explain why. the Minister of Finance, it's given a message that they are going to work on the fiscal deficit as a main priority. And I think that's important because one of the main issues in the Colombian economy is that specifically the fiscal deficit.

謝謝你，Brian。幾天前上任的政府整體上創造了正面的環境。我解釋一下原因。財政部長傳達的訊息是：他們將把處理財政赤字作為主要優先事項。我認為這很重要，因為哥倫比亞經濟的主要問題之一，特別就是財政赤字。

So the message in which they are going to work not just on taxes, but on the expenses of the government. And particularly, they have talked about be more efficient on tax collection and create a more business-friendly environment, it is -- those are very, very important messages.

因此，他們傳達的訊息是：不僅要在稅收上著力，也要在政府支出上著力。尤其是，他們談到要提升稅收徵管效率並創造更友善企業的環境——這些都是非常、非常重要的訊息。

So it is not an easy task, but I think the new government, particularly the Minister of Finance and the team that he has designated in the -- to help him in that task are very capable with experience. So that creates a positive view of what is coming. There are challenges around what Laura mentioned inflation, how interest rates are going to behave. But in general, I think it's a positive view that what the measures that they take in order to be more have a more flexible fiscal situation will help.

這不是一項容易的任務，但我認為新政府，特別是財政部長以及他所指派、協助他完成這項任務的團隊，都非常有能力且具備經驗。因此，這讓我們對未來的走向抱持正面看法。仍有一些挑戰，例如 Laura 提到的通膨，以及利率將如何走勢。但整體而言，我認為是正面的看法：他們為了讓財政狀況更具彈性而採取的措施將有所助益。

That will take probably a year, but that is also simple. Another aspect that is positive is we believe that private investment, local and international investments are going to come to Colombia, and that will also create a positive economic activity in the future. So in general, it's positive, but being clear that it's challenging what is coming, particularly in the first year of the government. Regarding capital allocation, I'm going to pass that question to Mauricio.

那可能需要大約一年，但那也很簡單。另一個正面的面向是，我們相信私人投資、國內與國際投資將會進入哥倫比亞，而這也將在未來帶來正面的經濟活動。所以整體而言是正面的，但也要清楚接下來會很具挑戰性，特別是在政府上任的第一年。關於資本配置，我會把這個問題交給 Mauricio。

Brian, in terms of capital allocation, we're definitely going to use all the tools we have at pace they make sense. Let me explain how. Extraordinary dividends respond to a specific moment or specific matters. Last year, it was because of the creation of Cibest. This year is because the divestment of Banistmo.

Brian，就資本配置而言，我們肯定會在合理的節奏下運用我們所有可用的工具。我來解釋一下。特別股利是因應特定時點或特定事項。去年是因為成立了 Cibest。今年則是因為處分 Banistmo。

So every time we have a significant corporate event, we would be able to consider that. Ordinary dividends, our plan is to grow in real terms. So a couple of points above inflation. That's our plan. Buyback program, it's only going to be executed according to market conditions.

因此，每當我們有重大的公司事件時，我們就能夠考慮這件事。至於普通股利，我們的計畫是以實質（real terms）成長。也就是比通膨高出幾個百分點。這是我們的計畫。庫藏股回購計畫只會依市場狀況來執行。

So we're not forced to execute the whole amount approved by the shareholders' assembly, but only if it makes sense. Corporate development initiatives very much linked to strategy. So capabilities that would make sense in terms of our strategy is something that we are always going to consider as long as they also make sense in terms of profitability. And we are investing a lot in internal initiatives. So if you look at all the tools we have, plus the facts and the instruments we have executed internally in Grupo Cibest, we have deployed more than COP5 trillion in capital in the past 12 to 15 months.

所以我們並不被迫要把股東大會核准的全部額度都執行完，而是只有在合理的情況下才會執行。企業發展（corporate development）計畫與策略高度連結。因此，凡是就我們策略而言合理的能力建置，我們都會持續評估，只要在獲利性上也合理。我們也在內部計畫上投入很多。所以如果你看我們所有的工具，再加上我們在 Grupo Cibest 內部已執行的事實與工具，在過去 12 到 15 個月，我們已部署超過 5 兆哥倫比亞披索（COP5 trillion）的資本。

Super clear. Just if I may, would it be, in your view, fair to say that maybe the -- I would say, the risk of higher taxes or specific taxes targeting the financial system, could we say that now are a bit lower than maybe, I don't know, three, six months ago. Is that fair?

非常清楚。如果我可以再問一下，就你的看法，是否可以說，也許——我會說——更高稅負或針對金融體系的特定稅種的風險，現在比起例如三、六個月前要低一些？這樣說公平嗎？

It's difficult to tell, Brian. We think that the general message of this incoming government is not additional taxes. I think yesterday earthquake creates a situation in which could generate additional taxes to attend the emergency. But in general, and letting aside that situation, I think your comment is fair that it's lower. But it's -- in this matter, it's better to wait and see.

很難說，Brian。我們認為這個即將上任政府的整體訊息是不加徵額外稅負。我想昨天的地震造成了一種情況，可能會為了應對緊急狀況而產生額外稅負。但整體而言，撇開那個情況，我認為你的評論是公平的，風險確實較低。不過——在這件事上，最好還是觀望。

Carlos Gomez, HSBC.

Carlos Gomez，匯豐（HSBC）。

We always say congratulations for the results, but this really was quite something. So congratulations on the results. And the long-term strategy and how you have restructured the group and where Bancolombia is today relative to where it was 12 years ago. So looking forward, first, we have talked about the incoming government.

我們總是會恭喜你們的成果，但這次真的相當不一樣。所以恭喜你們的表現。以及長期策略、你們如何重組集團，還有 Bancolombia 相較於 12 年前的定位。展望未來，首先，我們已談到即將上任的政府。

We know that one important issue that happened in the last four years was the change in the usury rate, the interest rate cap. What do you think the chances are that, that could be reviewed by the new government? We understand that it's early days, but do you have any insight on whether this is something that is at all in their horizon or not?

我們知道過去四年發生的一個重要議題是高利率上限（usury rate）、也就是利率上限的變更。你認為新政府重新檢視這件事的可能性有多大？我們理解現在還很早，但你是否有任何洞見，這是否在他們的視野之內？

And second, regarding the geographical structure of the group, you are down to three countries. Colombia is now 80% of the total. Where do you see the group five years from now? Do you see it operating in more geographies, perhaps with other countries that could be of interest? Or do you see it operating in the same or perhaps fewer but diversifying into things like things or other products?

第二，關於集團的地理結構，你們已縮減到三個國家。哥倫比亞現在占總體的 80%。你們如何看待五年後的集團？你們會看到在更多地理區域營運，例如進入其他可能有興趣的國家嗎？或者你們會看到在相同、甚至更少的地理區域營運，但轉而多元化到例如其他事業或其他產品？

Thank you, Carlos. Regarding the interest rate cap, which has been in Colombia for very long, I mean, more than 30, 40 years. It is a continuous conversation on the impact of the cap rate. We are convinced that, that measure what generates is exclusion of credit alternatives of many people.

謝謝你，Carlos。關於利率上限，這在哥倫比亞已經存在很久了，我是說，超過 30、40 年。關於上限利率影響的討論一直都在進行。我們深信，這項措施所造成的是讓許多人被排除在信貸替代方案之外。

And we -- and with the banking association, we promote the conversation around what we need to do as a country to include more people on formal credit. With that, I mean it's a discussion that is not easy. What happened during the last four years is that the cap rate went down on, I think, more artificial calculations in the sense that we're not in line with other rates in the economy. With this, I think it's an active conversation. I think it's possible.

而我們——並且與銀行公會一起——推動關於作為一個國家，我們需要做什麼才能讓更多人納入正式信貸體系的討論。就此而言，我的意思是這不是一個容易的討論。過去四年發生的是，上限利率下降，我認為是基於較為人為的計算方式，因為它與經濟中的其他利率並不一致。因此，我認為這是一個持續且活躍的對話。我認為是有可能的。

We are, as a banking association promoting alternatives that creates more credit opportunities, which is what we are looking for. So it will be, I think, a matter that will be on the table, but it will take some time to evolve, I think. But it's a continuous and active conversation, and we will continue promoting that more credit patches.

我們作為銀行公會正在推動能創造更多信貸機會的替代方案，這正是我們所追求的。所以我認為這會是一個會被放在桌面上的議題，但我想它需要一些時間才能演進。但這是一個持續且活躍的對話，我們也會繼續推動更多的信貸管道。

Regarding your second question, in five years, we think that there are opportunities in Latin America, not the traditional opportunities of buying an established institution, but through the creation of entities and capabilities that allow us to serve markets in other geographies in Latin America. So we are actively looking for opportunities, and we will analyze and that will take time. We are not going to jump in the market if we are not sure that we can deploy our knowledge and capabilities, and that will contribute to Grupo Cibest.

至於你的第二個問題，五年後，我們認為拉丁美洲存在機會，但不是傳統那種收購既有機構的機會，而是透過建立實體與能力，讓我們能在拉丁美洲其他地理市場提供服務。因此我們正積極尋找機會，我們會分析，而這需要時間。如果我們不確定能夠部署我們的知識與能力，並且能對 Grupo Cibest 有所貢獻，我們不會貿然進入市場。

But definitely, it's very difficult to think on an expansion on a traditional way of the path of buying established institution. We'll be more deploying the capabilities that we are creating with Nequi, with Wenia, with Wompi, with our even more advanced financial services and entities.

但可以肯定的是，要以傳統方式擴張、也就是走收購既有機構的路徑，是非常難以想像的。我們會更著重於部署我們正在打造的能力，例如透過 Nequi、Wenia、Wompi，以及我們更先進的金融服務與實體。

Juliana Ohara, Goldman Sachs.

Juliana Ohara，高盛（Goldman Sachs）。

Congratulations on the results again. Could you describe more about your recent acquisition of Avista? I know it's focused on payroll lending, but I want to understand more of the strategic rationale behind the acquisition and how you see this scaling and contributing to the Cibest over time? And if I can -- a second one, could you also share a bit more what drove equity income and fees? I know they were super strong, but I wanted to understand more as well if they should be sustainable through the rest of the year.

再次恭喜你們的成果。你能否多描述一下你們近期收購 Avista 的情況？我知道它聚焦於薪資扣繳貸款（payroll lending），但我想更了解這項收購背後的策略理由，以及你們如何看待它隨時間擴張規模並對 Cibest 做出貢獻？另外如果我可以——第二個問題，你們也能多分享一下是什麼驅動了權益法收益（equity income）與手續費收入嗎？我知道它們非常強勁，但我也想了解在今年剩餘期間是否具有可持續性。

Thank you, Juliana. Avista, it's an acquisition that complements our offering on payroll lending. It's a line in which we want to grow. And what we are bringing to Grupo S is an expertise, technology, a team that will help us on that goal. So we are confident that this acquisition, as I mentioned, complement our offering and will allow us to grow on a segment that has a lower cost of risk and important opportunities.

謝謝你，Juliana。Avista 這項收購補強了我們在薪資扣繳貸款方面的產品提供。這是一條我們希望成長的業務線。而我們帶給 Grupo S 的，是專業能力、技術，以及一個能協助我們達成目標的團隊。因此我們有信心，正如我提到的，這項收購能補強我們的產品提供，並讓我們在一個風險成本較低且機會重要的細分市場中成長。

Regarding your second question, let me give you, Juliana, some color on the NIM from investments. There is an open window as of today, a carry trade for international investors to participate in the local market. So that has been growing. And we have been able to use our funding, our low-cost funding, liquidity that we have because the loan book has not been as dynamic as we were expecting because of the elections and all of that.

關於你的第二個問題，Juliana，讓我補充一些投資帶來的淨利差（NIM）背景說明。截至今天，存在一個開放的窗口，也就是讓國際投資人參與本地市場的套息交易（carry trade）。因此這部分一直在成長。而且我們能夠運用我們的資金來源、我們的低成本資金，以及我們所擁有的流動性，因為貸款組合沒有像我們原先預期那麼活躍，主要是受到選舉等因素影響。

So we have been able to serve those international investors by selling derivatives on the Colombian sovereign debt, but we are also buying the bonds. So we're not increasing our interest rate exposure, and we are serving them in short-term investments. Those are 30-day investments that most of them have rollover situations, and we're able to capture a carry trade along with international investors.

因此，我們能透過出售與哥倫比亞主權債相關的衍生性商品來服務這些國際投資人，但同時我們也在買入這些債券。所以我們並沒有增加利率曝險，而是以短期投資來服務他們。這些多為30天期投資，其中大多數會有續作（rollover）的情況，而我們能與國際投資人一起捕捉套息交易收益。

So that's why you see the investment portfolio expanding and the NIM from investments expanding. That window should be reduced over time, but it is open as of today, and we're taking advantage of that. And regarding fees, fees are also behaving very well, particularly bancassurance, it's evolving very well, and that's because of an agreement that we have with Sura Seguros.

所以你會看到投資組合擴張，以及投資帶來的淨利差（NIM）擴大。這個窗口應該會隨時間縮小，但截至今天它仍然開放，我們正在把握這個機會。至於手續費，手續費表現也非常好，特別是銀行保險（bancassurance）發展得很順利，這是因為我們與Sura Seguros有一項合作協議。

So I think those fees are sustainable and will continue to be on strong performance, Juliana.

所以我認為這些手續費是可持續的，並且會繼續維持強勁表現，Juliana。

Andres Soto, Santander.

Andres Soto，Santander。

Good morning, everybody, and thank you again for very strong results. I have a few questions. The first is related to macro in the context of the change of government. When I see your GDP estimates for 2027, you are expecting 2.6%, in line with the performance of 2026, but I would imagine very different drivers as Colombia's economy has been supported by consumption, which probably is going to suffer if the government decides to stop spending while investment could recover.

各位早安，也再次感謝你們交出非常強勁的業績。我有幾個問題。第一個與政權更替背景下的總體經濟相關。當我看到你們對2027年的GDP預估為2.6%，與2026年的表現一致，但我想驅動因素會非常不同，因為哥倫比亞經濟一直由消費支撐；若政府決定停止支出，消費可能會受影響，而投資則可能回升。

So can you help us understand how fast this transition can occur? And what are your expectations for investment recovery versus consumption slowdown, given the new government policies. Still on macro, but more related to short-term events, do you have any expectations of what could be the implications of the earthquake in Colombia in terms of the short-term macro performance and specifically regarding your portfolio, what is the exposure of CBS to the areas exposed to this calamity?

所以你們能否協助我們理解這個轉換可能會多快發生？在新政府政策下，你們對投資復甦相對於消費放緩的預期為何？同樣是總經，但更偏向短期事件：你們是否預期哥倫比亞地震在短期總經表現上可能帶來哪些影響？特別是就你們的投資組合而言，CBS對受此災害影響地區的曝險有多少？

And finally, on capital, can you please remind us after your capital optimization deployment initiatives for this year, where do you see your double leverage ratio? And what would be the level that you consider is still possible for you to achieve?

最後，關於資本：在你們今年的資本優化與資本部署措施之後，能否提醒我們你們的雙重槓桿比率（double leverage ratio）會落在哪裡？以及你們認為仍有可能達到的水準是多少？

Thank you for your question. We did revise downward for 2.9% expected GDP to the 2.6% you have mentioned for 2026. This is according to our calculations, also GDP potential for Colombia, and we are currently somewhere around that also for 2027. Nonetheless, as you have mentioned, there are many policy pushes that could come in terms of investment, in terms of the dynamics for key sectors such as infrastructure, construction, housing as well as the energy sector. Those will be obviously very contingent on the policies that are put in place as well as the likelihood of them being implemented.

謝謝你的提問。我們確實把原先預期的GDP 2.9%下修至你提到的2026年2.6%。依照我們的計算，這也接近哥倫比亞的潛在GDP成長率，而我們目前對2027年的看法也大致落在這個區間。不過，如你所提，政策面可能會在投資方面帶來多項推動，尤其是基礎建設、營建、住宅以及能源等關鍵產業的動能。這些顯然會高度取決於實際推出的政策，以及其落地執行的可能性。

But we see that perhaps favoring growth more for the second half of 2027, especially because these are more long-term investments. And on the flip side, as you have mentioned, consumption has been giving the push for just growth dynamics in general. From the transactional data that we process, we are seeing somewhat of a moderation in terms of consumption dynamics. Nonetheless, it's still quite strong. We see strong households in terms of still remittances and other forms of revenue.

但我們認為，這些因素可能更有利於2027年下半年的成長，特別是因為這些屬於較長期的投資。另一方面，如你所提，消費一直是整體成長動能的主要推力。從我們處理的交易數據來看，我們確實看到消費動能有些許趨緩。但整體仍然相當強勁。我們看到家庭部門仍然穩健，包括匯款（remittances）與其他收入來源仍具支撐。

And in that sense, consumption -- private consumption is still a driving force for -- to sustain kind of that 2.6% growth. And as also you mentioned, the other key driver, of course, is public spending. we saw this accelerate significantly up to the second quarter. And even though the new government is bringing in good signs in terms of budget cut of $20 billion and some freezing of just public spending, we know that there are some rigidities in terms of really doing that fiscal adjustment.

因此，消費——民間消費仍是支撐約2.6%成長的重要力量。另外，如你所提，另一個關鍵驅動因素當然是政府支出；我們看到政府支出一路加速到第二季。即便新政府釋出一些正面訊號，例如削減200億美元預算以及部分凍結公共支出，我們也知道在真正進行財政調整方面仍存在一些僵固性（rigidities）。

And in that sense, for 2027, when there's kind of this pushback in terms of government spending, but a new investment perhaps from private sector, that could help even out kind of those opposing forces. So just to conclude, 2.6% represents a number that denotes moderate growth, but we do see headwinds for 2027, and we will be revising that forecast come September.

因此，對2027年而言，當政府支出出現某種程度的回落，但民間部門可能帶來新的投資，這或許能在某種程度上抵銷這些相反力量。總結來說，2.6%代表的是溫和成長，但我們確實看到2027年存在逆風，我們將在9月更新並修訂該預測。

And, in terms of asset quality and the exposure we have to the earthquake areas and sectors, I would say we don't have exact figures yet, but I would say the downside risk from asset quality. But we see the double leverage ratio at 105 at the end of this year after distributing the extraordinary dividends and implementing the different capital instruments that we have disclosed we're going to implement.

另外，就資產品質以及我們對地震影響地區與產業的曝險而言，我會說我們目前還沒有精確數字，但我會說資產品質面臨下行風險。但在今年底，在發放特別股利並落實我們已揭露將採用的各項資本工具之後，我們預期雙重槓桿比率將在105。

So in terms of appetite for double leverage is 120. So in 105, we are at very comfortable levels. Now in terms of Bancolombia as an individual operation, we see total solvency reaching 15.3% at the end of the year, well above our appetite of around 12.5%.

就雙重槓桿的風險偏好（appetite）而言是120。因此在105，我們處於非常舒適的水準。至於Bancolombia作為單一營運體，我們預期年底總資本適足率將達到15.3%，明顯高於我們約12.5%的風險偏好水準。

Thank you, Mauricio. I'm not sure if it was just me, but we lost you for a bit. Can you just repeat the number for double leverage after the corporate transactions that you are planning in the second half of the year?

謝謝你，Mauricio。我不確定是不是只有我這邊，但我們剛剛有一段時間聽不到你。你能否再重複一次：在你們計畫於下半年進行的公司層級交易之後，雙重槓桿的數字是多少？

I'm sorry. We have an interruption in the call. Could you repeat that question, please?

抱歉。我們的電話會議出現中斷。可以請你再重複一次問題嗎？

Yes, Mauricio. We lost you just at the end, when you were responding to my question on the impact of the earthquake, there was a long silence, and you came back when you were giving the numbers on the double leverage.

好的，Mauricio。你在回覆我關於地震影響的問題時，我們在最後一段突然聽不到聲音，沉默了一段時間；你回來時已經在講雙重槓桿的數字了。

Okay. So I'm sorry. So in terms of asset quality, I would say the downside risks that we have and the things you should pay attention to is earthquake, El Nino effect and the effect that the exchange rate could have on exporters. So those are the three topics to take into account for asset quality in the second half and in 2027. In terms of capital, we are very comfortable at 94% double leverage.

好的。抱歉。就資產品質而言，我會說你們需要關注的下行風險包括：地震、聖嬰現象（El Nino）的影響，以及匯率可能對出口商造成的影響。因此，這三個主題是下半年以及2027年資產品質需要納入考量的重點。就資本而言，我們目前的雙重槓桿比率在94%，非常舒適。

We expect to close the year at 105. And as an individual entity, Bancolombia is expected to close the year with a solvency ratio of 15.3%, also well above our appetite and what has been the historical level for solvency ratio of the bank.

我們預期年底會到105。而作為單一法人實體，Bancolombia預期年底資本適足率將為15.3%，同樣明顯高於我們的風險偏好，也高於本行歷史上的資本適足率水準。

Daniel Vaz, Banco Safra.

Daniel Vaz，Banco Safra。

I guess most of the questions have been answered. And I wanted to touch base on your 2027 appetite for loan growth. You mentioned in the call good and some bad trends. So you have more of a fiscal scenario, still sticky inflation though. And if we were to think of your next year or next year's growth for commercial loans, is this new environment enough for you to grow at high single digits again on the commercial side?

我想大多數問題都已經回答了。我也想跟進一下你們對 2027 年貸款成長的偏好。你們在電話會議中提到一些好的趨勢，也有一些不好的趨勢。所以你們的情境比較偏向財政面，但通膨仍然黏著。如果我們思考你們明年、或明年的商業貸款成長，這個新環境是否足以讓你們在商業端再次達到高個位數的成長？

Do you expect the commercial to still continue to lose participation in total loans? And maybe a word on consumer mortgages. Also, if you can comment on your consumer appetite, you have been growing at low teens if we exclude the FX impact and mortgages as well, very good pace and very strong momentum in loan. So if you can give us a little guidance on the next year's appetite for these three lines incentive.

你們預期商業貸款在總貸款中的占比仍會持續下滑嗎？也請談一下消費者房貸。另外，如果你們能評論一下你們對消費金融的偏好：若排除匯率影響以及房貸，你們一直維持低十位數的成長，速度非常好、貸款動能也很強。所以如果可以，請就明年對這三條業務線的成長偏好給我們一些指引。

Daniel, 2027 loan growth should be, I would say, in the upper range -- in the upper part of the range for 2026, which has a guidance of 7% to 8%. Now the breakdown of that, we don't see double digits yet for 2027. The breakdown of that should be double digits for mortgages maybe double digits for consumer, but commercial should be around 8%. We don't see more growth than that, which is in line with the nominal GDP. And why not?

Daniel，2027 年的貸款成長應該會——我會說——落在 2026 年指引區間（7% 到 8%）的上緣、也就是偏上半部。至於拆分來看，我們還不認為 2027 年會到雙位數。拆分而言，房貸可能會是雙位數，消費金融也可能是雙位數，但商業貸款應該在 8% 左右。我們看不到比這更高的成長，這也與名目 GDP 相符。那為什麼不是更高？

Because interest rates are still going to be high and some of the significant investments that we see from our corporate customers will take time to happen because of infrastructure, because of structuring terms. So we might see more of that in the second half of 2027, not at the beginning of 2027. So overall, loan growth of around 8%, maybe a little bit more than that, but not until double-digit figures. until the interest rates come down.

因為利率仍將維持在高檔，而我們看到企業客戶的一些重大投資需要時間才會發生，原因包括基礎建設、以及條件結構的安排。因此，我們可能會在 2027 年下半年看到更多這類投資，而不是在 2027 年初。所以整體而言，貸款成長大約 8%，也許會略高一些，但在利率下來之前，不會到雙位數。

Santiago Villanueva, Davivienda Corredores.

Santiago Villanueva，Davivienda Corredores。

Congratulations on the results. I just have three questions. My first question is, how are you seeing Bancolombia relative to the rest of the Colombian banking market? Do you believe that the current ROE levels would allow you to put pressure on prices across the rest of the market to gain market share? Or are you preparing to protect your current NIM levels?

恭喜你們的業績。我有三個問題。第一個問題是，你們如何看待 Bancolombia 相對於哥倫比亞其他銀行同業的狀況？你們認為目前的 ROE 水準是否足以讓你們在市場上對價格施壓、以取得市占？還是你們會準備保護目前的 NIM 水準？

And my second question is, it's interesting to see how the asset mix changed during the quarter. But the portfolio grew 6% year-over-year. Investment grew 40% and increased from 9% as a percentage of the total assets in December to 13% right now.

第二個問題是，本季資產組合的變化很有意思。但投資組合年增 6%。投資部位成長 40%，且占總資產的比重從 12 月的 9% 提升到目前的 13%。

And given the performance of investments during this quarter, the asset allocation was quite sound. And the question is, is this asset mix sustainable? Or you -- or should we expect a decline in the proportion of investment relative to the total assets? And my third question is, if you could please break down the NIM guidance for NIM on loans and NIM on investment?

考量本季投資的表現，這樣的資產配置相當穩健。問題是，這樣的資產組合是否可持續？或者——我們是否應預期投資相對於總資產的占比會下降？第三個問題是，能否請你們拆分一下 NIM 指引：貸款 NIM 與投資 NIM 各是多少？

Thank you, Santiago. We have been creating competitive advantages during now a long period. And our focus is on delivering ROE to our shareholders, and we will continue on that line. I mean we have improved the delivery of our results based, as I mentioned, on competitive advantages, and we will continue doing that. I mean there is not a particular objective different of continue developing that strategy and delivering a strong return to our shareholders.

謝謝你，Santiago。我們在相當長的一段時間內持續建立競爭優勢。我們的重點是為股東創造 ROE，我們也會持續沿著這條路走。我的意思是，我們如我先前提到的，基於競爭優勢改善了成果的交付，我們會繼續這麼做。也就是說，並沒有一個不同於持續發展該策略、並為股東帶來強勁報酬的特別目標。

So that's the strategy, and we will behave in the market with that in mind. The other question, I'm going to pass them to Mauricio.

所以這就是策略，我們在市場上的行為也會以此為出發點。其他問題我會交給 Mauricio。

In terms of the breakdown of the assets, yes, we had a very dynamic quarter for the investment portfolio, but that's taking into account two things. One is the window opportunity that I mentioned before about the carry trade and the international investors coming in the market. So we take advantage of that, but also the fact that there was no enough demand for credit because of the uncertainty of the electoral process. So once that picks up, you may see a recomposition of the assets moving some money from investments to the loan book.

就資產拆分而言，是的，本季投資組合非常活躍，但這要考量兩件事。第一是我先前提到的窗口期機會：關於套利交易（carry trade）以及國際投資人進入市場。所以我們把握了這個機會；同時也因為選舉過程的不確定性，信貸需求不足。因此一旦需求回升，你可能會看到資產重新配置，把部分資金從投資移回貸款組合。

Now, in terms of NIM, the breakdown of the guidance of the NIM should be the lending NIM around 8% and the investment NIM should be around 3.5%, both numbers for the whole year.

至於 NIM，指引的拆分應該是：放款 NIM 約 8%，投資 NIM 約 3.5%，這兩個數字都是以全年為基準。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Mora for final comments.

各位女士先生，我們的問答環節到此結束。我把時間交回給 Mora 先生做最後的結語。

Thank you, everybody, for joining this second quarter Cibest results. We are very happy with the performance of Grupo Cibest's companies. We believe that we have created a strategy that could deliver mid- and long-term results. The BAM is performing much, much better, and we will continue improving that performance. Bancolombia, particularly, it's doing very well.

感謝各位參與本次第二季 Cibest 業績說明。我們對 Grupo Cibest 旗下公司的表現非常滿意。我們相信我們已建立一套能夠帶來中長期成果的策略。BAM 的表現好很多很多，我們也會持續改善其表現。尤其是 Bancolombia，表現非常好。

Nequi will be separated from Bancolombia and will act as a separate entity under Grupo Cibest and will also allow the company to deliver its strategy. So we are very positive with what is coming for the rest of the year and for 2027. So again, thank you for joining this call, and we wish to see you on our third quarter results conference call. Have a good day, everybody.

Nequi 將自 Bancolombia 分拆，並在 Grupo Cibest 旗下以獨立實體運作，也將使公司能夠落實其策略。因此，我們對今年剩餘時間以及 2027 年的發展都非常正向。再次感謝各位參與本次電話會議，也期待在第三季業績電話會議再與各位相見。祝各位有美好的一天。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與。