Intercorp Financial Services Inc (IFS) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Intercorp Financial Services first-quarter 2024 conference call. (Operator Instructions) It is now my pleasure to turn the call over to Anna DeAssis of InspIR Group. Ma'am, you may begin.

早上好，歡迎參加 Intercorp Financial Services 2024 年第一季電話會議。（操作員說明） 現在我很高興將電話轉給 InspIR 集團的 Anna DeAssis。女士，您可以開始了。

Thank you, and good morning, everyone. On today's call, Intercorp Financial Services will discuss its first-quarter 2024 earnings. We are very pleased to have with us Mr. Luis Felipe Castellanos, Chief Executive Officer, Intercorp Financial Services; Ms. Michela Casassa, Chief Financial Officer, Intercorp Financial Services; Mr. Gonzalo Basadre, Chief Executive Officer, Interseguro; Mr. Bruno Ferreccio, Chief Executive Officer, Inteligo; Mr. Carlos Tori, Chief Executive Officer, Interbank.

謝謝大家，大家早安。在今天的電話會議上，Intercorp Financial Services 將討論其 2024 年第一季財報。我們很高興能邀請到 Intercorp Financial Services 執行長 Luis Felipe Castellanos 先生； Michela Casassa 女士，Intercorp Financial Services 財務長； Gonzalo Basadre 先生，Interseguro 執行長； Bruno Ferreccio先生，Inteligo執行長；卡洛斯·托里先生，Interbank 首席執行官。

They will be discussing the results that were distributed by the company yesterday. There is also a webcast video presentation to accompany discussion during this call. If you didn't receive a copy of the presentation or the earnings report, they are now available on the company's website, ifs.com.pe. Otherwise, if you need any assistance today, please call InspIR Group in New York at six four six nine four zero eight four three.

他們將討論公司昨天發布的結果。在這次電話會議期間，還有一個網路廣播視訊演示來配合討論。如果您沒有收到簡報或收益報告的副本，現在可以在公司網站 ifs.com.pe 上找到它們。否則，如果您今天需要任何幫助，請致電紐約的 InspIR Group，電話：646940843。

I would like to remind you that today's call is for investors and analysts only, therefore, questions from the media will not be taken. Please be advised that forward-looking statements may be made during this conference call. These do not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such statements made are based on several assumptions and factors that could change, causing actual results to materially differ from the current expectations.

我想提醒大家的是，今天的電話會議只針對投資人和分析師，因此不會接受媒體提問。請注意，本次電話會議期間可能會做出前瞻性陳述。這些並未考慮未來的經濟環境、產業狀況、公司的未來業績或財務表現。由於此類陳述是基於若干可能發生變化的假設和因素，導致實際結果與當前預期有重大差異。

For a complete note on forward-looking statements, please refer to the earnings presentation and report issued yesterday. It is now my pleasure to turn the call over to Mr. Luis Felipe Castellanos, Chief Executive Officer of Intercorp Financial Services for his opening remarks. Mr. Castellanos, please go ahead, sir.

有關前瞻性陳述的完整說明，請參閱昨天發布的收益演示和報告。現在我很高興邀請 Intercorp Financial Services 執行長 Luis Felipe Castellanos 先生致開幕詞。卡斯特拉諾斯先生，請繼續，先生。

Thank you. Good morning, everyone, and welcome to our first-quarter 2024 earnings call. I want to thank you for attending our call today. This is my first call with my revamped role as CEO of IFS that has started May 1. As announced, this new role will allow me to be more focused on growing our platform and creating synergies within our operating companies. Carlos Tori, formerly VP of Payments, has taken our Interbank's CEO role. He has deep expertise in retail, commercial banking, and payments. We believe that this new leadership platform will allow IFS to continue what is on its growing path with more focus to face on the upcoming challenges and opportunities.

謝謝。大家早安，歡迎參加我們的 2024 年第一季財報電話會議。我要感謝您今天參加我們的電話會議。這是我自 5 月 1 日起擔任 IFS 執行長後的第一次電話會議。正如所宣布的，這個新角色將使我能夠更加專注於發展我們的平台並在我們的營運公司內創造協同效應。前支付副總裁 Carlos Tori 已擔任 Interbank 執行長。他在零售、商業銀行和支付方面擁有深厚的專業知識。我們相信，這個新的領導平台將使 IFS 能夠繼續其發展道路，並更加專注於面對即將到來的挑戰和機會。

I will start by assessing the macro situation in Peru. We began 2024, which is slightly better feeling that 2023. Economic growth was positive in the first two months of the year, as El Niño was not as strong as expected, although the recovery is delayed in consumer-linked sectors. In terms of inflation, it has decreased consistently, entering back to the Central Bank's target range in April. In that line, the Central Bank has reduced the Soles reference rate by 200 basis points from its peak to the current level of 5.75%. The combination of falling interest rates, elevated metal prices, and better market sentiment leads us to expect GDP growth to be around 3% for this year, which is a recovery versus last year but still with several challenges ahead.

我首先評估秘魯的宏觀情況。我們從 2024 年開始，感覺比 2023 年稍微好一點。儘管消費相關產業的復甦有所延遲，但由於厄爾尼諾現象沒有預期那麼強勁，今年前兩個月經濟成長呈現正值。通膨方面，持續下降，4月回到央行目標區間。為此，央行已將 Soles 參考利率從高峰下調 200 個基點至目前的 5.75%。利率下降、金屬價格上漲以及市場情緒改善等因素綜合在一起，我們預計今年 GDP 成長率將在 3% 左右，與去年相比有所復甦，但仍面臨一些挑戰。

Moving on to our business, our key strategic priority continues to be to achieve digital excellence for our customers by providing them with a world-class flexible and secure digital platform. We're breaking down geographic barriers to 100% digital products and services that empower Peruvians. We want to become the leading digital platform, providing profitable solutions with clear strategic focus on certain and key businesses. We continue to develop our analytical capability, leveraging on the best talent.0.00. This is our strategy, and we will continue to focus on it with a long-term vision.

繼續我們的業務，我們的關鍵策略重點仍然是透過為客戶提供世界一流的靈活且安全的數位平台來實現卓越的數位化。我們正在打破地理障礙，為秘魯人提供 100% 數位產品和服務。我們希望成為領先的數位平台，提供獲利的解決方案，並針對某些關鍵業務制定明確的策略重點。我們利用最優秀的人才，繼續發展我們的分析能力。這是我們的策略，我們會以長遠的眼光繼續關注它。

IFS continues to show resilience in its core operations. We continue to grow our customer base for all segments as we consolidate the results of our digitalization efforts. At Interbank, market shares across key business lines remained strong despite moderation in retail loans as we are still being very cautious with the cost of risk, mainly in the consumer finance segments. Even though cost of risk remains high, there is a marginal improvement. Interbank remains well provisioned and very well capitalized.

IFS 的核心業務持續展現韌性。隨著我們鞏固數位化工作的成果，我們繼續擴大所有細分市場的客戶群。在銀行間，儘管零售貸款有所放緩，但主要業務線的市佔率仍然強勁，因為我們對風險成本（主要是消費金融領域）仍然非常謹慎。儘管風險成本仍然很高，但略有改善。銀行間的撥備足夠且資本充足。

At Interseguro, we continue to grow premiums for individual life while consolidating market leadership in annuities. This quarter, Interseguro's results were impacted by the investment portfolio results and by certain accounting adjustments. Our wealth management business had a positive first quarter towards its recovery path as customers' AUMs and fee improved.

在 Interseguro，我們持續提高個人壽險保費，同時鞏固年金市場的領導地位。本季度，Interseguro 的業績受到投資組合績效和某些會計調整的影響。隨著客戶資產管理規模和費用的改善，我們的財富管理業務在第一季取得了積極的復甦。

Finally, on payments, the number of affiliates and transactional volumes continues to expand as Izipay Score business is complemented with a value added service. Interbank and Izipay continue working on creating synergies while Plin continues to engage more users. We aknowledge that this quarter results are below expectations and potential. We're probably at the bottom of the credit cycle, but we remain confident about IFS outlook going forward as we monitor the macro conditions. But we continue to build on our long-term strategy with emphasis on our key strategic priorities, which are growth, digital, and focus on key businesses. Now let me pass it on to Michela for further explanation of our quarterly results. Thank you.

最後，在付款方面，隨著 Izipay Score 業務與加值服務的補充，附屬公司的數量和交易量不斷擴大。Interbank 和 Izipay 繼續致力於創造協同效應，而 Plin 則繼續吸引更多用戶。我們知道本季的業績低於預期和潛力。我們可能正處於信貸週期的底部，但在我們監控宏觀狀況時，我們對 IFS 的前景仍然充滿信心。但我們將繼續建立我們的長期策略，重點關注我們的關鍵策略優先事項，即成長、數位化和專注於關鍵業務。現在讓我將其轉交給米歇拉，以進一步解釋我們的季度業績。謝謝。

Thank you Luis Felipe. Good morning, and welcome again, everyone to Intercorp Financial Services 2024 first-quarter earnings report. Today, we revenue for sections of our earnings presentation. And before we start, let me get a little bit deeper into the macro outlook for Peru.

謝謝路易斯·費利佩。早上好，再次歡迎大家閱讀 Intercorp Financial Services 2024 年第一季財報。今天，我們對收益報告的各個部分進行了收入分析。在我們開始之前，讓我更深入地了解秘魯的宏觀前景。

On slide 3, complementing what Luis Felipe just mentioned, we see early signs of recovery in the macroenvironment as GDP for the first two months of the year grew 2.1%. Inflation is finally within the central bank's boundaries of 2.4% in April. And the exchange rate has remained relatively stable.

在投影片 3 上，補充了 Luis Felipe 剛才提到的內容，我們看到了宏觀環境復甦的早期跡象，今年前兩個月的 GDP 成長了 2.1%。4 月通膨率終於在央行 2.4% 的範圍內。而且匯率一直保持相對穩定。

As you know, the Central Bank started to cut rates the second half of 2023 and has continued to do so, reducing 200 basis points from 7.75% at its peak to 5.75% as of today. We expect 2024 to be a year of recovery from the Peruvian economy with an expectation of 3% GDP growth, mainly due to a base effect versus 2023 as no major disruption was caused by El Niño. Second, recovery and public investment after the first year of the newly elected regional governments; and finally, to some positive impacts from private investments.

如您所知，央行從2023年下半年開始降息，並持續降息，從最高點的7.75%降至目前的5.75%，降息200個基點。我們預計 2024 年將是秘魯經濟復甦的一年，GDP 預計將成長 3%，主要是由於厄爾尼諾現象沒有造成重大破壞，與 2023 年相比產生了基數效應。第二，新當選地方政府第一年後的復甦與公共投資；最後，私人投資的一些正面影響。

On slide 4, we observed signs of progress as leading indicators show moderate improvement. Consumer confidence remained stable while business trust starts improving its trajectory. Moreover, the expectation for private investment in 2024 surplus previous estimates, reflecting some optimism.

在幻燈片 4 上，我們觀察到了進展的跡象，因為領先指標顯示出適度的改善。消費者信心保持穩定，而商業信任開始改善。此外，對2024年私人投資的預期超出了先前的預期，反映出一些樂觀情緒。

We wanted to mention that even though economic data is starting to reflect a better sentiment, S&P recently downgraded Peru from BBB to BBB-, which had an effect in the ratings of several entities in the financial sector. Interbank was the only bank to maintain its previous rating while all other financial companies were downgraded one notch, including IFS.

我們想提一下，儘管經濟數據開始反映出更好的情緒，但標準普爾最近將秘魯的評級從 BBB 下調至 BBB-，這對金融領域多個實體的評級產生了影響。Interbank 是唯一維持先前評級的銀行，而包括 IFS 在內的所有其他金融公司的評級均被下調一級。

Moving on in this context that we continue to build on our three key strategic priorities, which are, first, profitable growth to become a leading digital platform, growing customer double digit for all the segments while still in a challenging environment.

在這種背景下，我們繼續發展我們的三個關鍵策略重點，首先是獲利成長，成為領先的數位平台，在仍然充滿挑戰的環境中，使所有細分市場的客戶數量增長兩位數。

Second, to create the best digital experience as 77% of our retail banking clients are digital in our current MPS for banking is 61. Third, we continued to focus on our core businesses with relevant market shares in consumer banking loans at 21.8% and in the acquiring business at 43.5%. We have grown market shares in banking retail deposits at a record 15.1%, now ranking number three in the Peruvian financial system and in annuities at 31.3% as a market leader. Finally, in wealth management asset under management continue to consolidate growing 11.5% year over year.

其次，創造最佳的數位化體驗，因為我們 77% 的零售銀行客戶已數位化，而我們目前的銀行業 MPS 為 61。第三是持續聚焦核心業務，消費銀行貸款相關市佔率為21.8%，收單業務相關市佔率為43.5%。我們的銀行零售存款市佔率成長至創紀錄的 15.1%，目前在秘魯金融體系中排名第三，年金市佔率成長至 31.3%，成為市場領導者。最後，財富管理資產管理規模持續鞏固，年增11.5%。

Now, let's move on to the first section of the presentation, which focuses on sustainable growth. On slide 7, we wanted to share our key messages for the quarter. First, better banking results partially compensate extraordinary impact from insurance business associated to the investment portfolio and some accounting adjustment. This results into an ROE of 5.6%.

現在，讓我們進入簡報的第一部分，重點討論永續成長。在投影片 7 上，我們希望分享本季的關鍵資訊。首先，更好的銀行業績在一定程度上彌補了與投資組合相關的保險業務的巨大影響以及一些會計調整。淨資產收益率 (ROE) 為 5.6%。

Second, gradual improvement of cost of risk decreasing by 55 basis points in the quarter translates into better results for Interbank with 30 basis points higher ROE than the previous quarter. Third, we continue the tight management of costs, reflecting solid efficiency levels for IFS.

其次，本季風險成本下降55個基點的逐步改善意味著銀行間的業績更好，ROE比上季高30個基點。第三，我們持續嚴格成本管理，反映了 IFS 穩健的效率水準。

Fourth, asset under management growth in a certain recovery of investment portfolio in wealth management results in more than 7% higher ROE than 2023. Fifth, as mentioned before, insurance net income was impacted by nonrecurring events, still maintaining 5% return of our investment portfolio. And finally, we keep we keep strengthening synergies within IFS as the float coming from Izipay merchants to Interbank accounts grew around 40% year over year.

第四，理財投資組合的一定回升帶動管理資產成長，淨資產報酬率較2023年提高7%以上。第五，如前所述，保險淨收入受到非經常性事件的影響，但仍維持了5%的投資組合報酬。最後，我們持續加強 IFS 內部的綜效，因為從 Izipay 商家到銀行間帳戶的流動資金年增了 40% 左右。

On slide 8, we can see earnings of PEN141 million solid in the quarter, explained mainly by around 100 million non-recurring events related to insurance investment portfolio, of which around PEN42 million are the provision related to Rutas de Lima in some accounting adjustments related to IFRS 17. The other three businesses had a slight improvement when compared with the fourth quarter and mixed results when compared with a year ago.

在投影片8 中，我們可以看到該季度的收益為1.41 億先令，這主要是由於約1 億先令與保險投資組合相關的非經常性事件所致，其中約4,200 萬先令是在一些會計調整中與Rutas de Lima 相關的準備金。其他三項業務較第四季略有改善，但與去年同期相比業績好壞參半。

In the year-over-year comparison, banking still presents high cost of risk levels, while the standout in the wealth management business multiplying its net income by threefold, resulting with an ROE of 11.2%. Excluding the non-recurring items, earnings rise to PEN240 million and ROE elevates to almost 10%, though still below the levels of 2023 and the midterm targets.

年比來看，銀行業的風險成本水準依然較高，而財富管理業務表現突出，淨利潤成長了三倍，ROE達到11.2%。剔除非經常性項目後，獲利上升至 2.4 億先令，淨資產收益率升至近 10%，但仍低於 2023 年的水平和中期目標。

On slide 9, we see a year-over-year growth of 2% on revenues, mainly due to a better performance of wealth management, and the property portfolio starts to recover slightly higher margins in banking, which we will explain in later slides. On slide 10, we wanted to follow up with further insights on the risk profile of the loan portfolio.

在幻燈片9 中，我們看到收入年增2%，這主要是由於財富管理的較佳表現，而房地產投資組合開始恢復銀行業略高的利潤率，我們將在後面的幻燈片中對此進行解釋。在投影片 10 中，我們希望進一步了解貸款組合的風險狀況。

First, 45% of Interbank's portfolio is concentrated in commercial banking, which continues to perform well with cost of risk returning to levels seen a year ago below 1%. This is mainly because of our conservative approach on commercial banking, focusing on low-risk clients, and with quite limited participation in small and micro companies. This approach has allowed us to balance the risk of our overall portfolio, maintaining a lower PDL versus our peers.

首先，銀行間 45% 的投資組合集中在商業銀行業務，商業銀行業務持續表現良好，風險成本回到一年前低於 1% 的水平。這主要是因為我們對商業銀行的態度較為保守，主要關注低風險客戶，對小微企業的參與相當有限。這種方法使我們能夠平衡整體投資組合的風險，保持與同業相比較低的 PDL。

On the consumer portfolio, we have three different risks. First, the unsecured consumer portfolio, which is the one impacted during 2023 and as of today, representing 21% of the total loan book. Second, mortgages, which are 22% of the loan book, and third, payroll deductible loans to the public sector employees are very low risk segment, which represents 12% of the total loan book.

在消費者投資組合上，我們面臨三種不同的風險。首先是無擔保消費者投資組合，即 2023 年至今受影響的投資組合，佔貸款總額的 21%。其次，抵押貸款佔貸款總額的 22%；第三，公部門員工的薪資可扣除貸款是風險極低的部分，佔貸款總額的 12%。

This quarter, still within a challenging macro environment, cost of risk remains high at 4.7%, with retail cost of risk at 7.9%. The good news is that these levels are lower than the previous quarters and slightly better than our estimates. Additionally, the three-month deterioration rate has improved year over year, which means there is good performance from the new harvest. And finally, the coverage ratio for the retail portfolio remains strong above 176%.

本季，宏觀環境仍充滿挑戰，風險成本仍高達 4.7%，零售風險成本為 7.9%。好消息是這些水準低於前幾季度，略好於我們的預期。此外，三個月的惡化率較去年同期有所改善，這意味著新收成表現良好。最後，零售投資組合的覆蓋率仍維持在 176% 以上。

On slide 11, we continue to monitor the behavior of consumer loans. The rescheduling still represent around 20% of the portfolio, although it has slightly decrease. Now, depending behavior for performing loans is quite different for customers with risk candidates. The unpaid portion for regular clients is only 2%, while it is around 16% for reschedule clients for installments that matured as of March slightly higher than what we saw on December.

在投影片 11 中，我們持續監控消費貸款的行為。儘管略有下降，但重新安排仍佔投資組合的 20% 左右。現在，對於有風險的客戶來說，執行貸款的行為方式有很大不同。普通客戶的未付款部分僅為 2%，而對於 3 月到期的分期付款重新安排客戶來說，未付款部分約為 16%，略高於我們在 12 月看到的情況。

Finally, on this section on slide 12, as always, we wanted to highlight the tight management, of course, we continue to pursue with only 2% increase in total expenses at IFS versus the previous year and no increase from the banking segment. With this, the efficiency ratio is 3.3% for IFS and 38.7% for Interbank.

最後，在投影片 12 的這一部分中，一如既往，我們想強調嚴格的管理，當然，我們繼續追求 IFS 的總費用與前一年相比僅增加 2%，而銀行部門的費用沒有增加。這樣，IFS 的效率為 3.3%，Interbank 的效率為 38.7%。

Moving on to a section on building a digital platform, we continue to develop digital solutions to our clients in all segments. We have invested to build a world-class leading and scalable digital proposition, which is rapidly being adopted by existing and new customers. Interbank app users base has experienced significant growth increasing to over 2.6 million and Izipay's merchants are 1.4 million.

接下來是關於建立數位平台的部分，我們繼續為各領域的客戶開發數位解決方案。我們投資建立了世界一流的領先且可擴展的數位主張，該主張正在迅速被現有和新客戶採用。Interbank 應用程式用戶群經歷了顯著增長，已超過 260 萬，Izipay 的商家數量達到 140 萬。

On slide 15, we have positive news in our digital indicators, which continue to show nice trend when compared to the previous year. As of March '24, digital sales in banking reached 63%, up [three points] from last year; and digital customers reached 77% of retail customers who interact with the bank during the last 30 days, and this is up five points in the past year.

在投影片 15 中，我們的數位指標有正面的消息，與前一年相比，這些指標繼續顯示出良好的趨勢。截至 24 年 3 月，銀行業數位化銷售額達 63%，比去年成長[三個百分點]；過去 30 天內與銀行互動的零售客戶中，數位客戶佔 77%，這一數字較去年上升了 5 個百分點。

Furthermore, our digital self-service indicator has improved sharply from seven points from 69% to 76%, and our NPS improved slightly to 61 points. Insurance and wealth management digital indicators show positive developments as well, with digital self-service reaching 63% in insurance. And SOAT sales reaching 82%, and digital premiums still small but growing reaching 13% at Interseguro. On wealth management, digital transaction for fund management reached 45% at Interfondos and end users reached 21% of total Interfondos customers.

此外，我們的數位自助服務指標從 69% 的 7 個點大幅提升至 76%，NPS 略有提升至 61 點。保險和財富管理數位化指標也呈現正向發展，保險數位化自助服務比例達63%。Interseguro 的 SOAT 銷售額達到 82%，數位溢價仍然很小，但成長達到 13%。財富管理方面，Interfondos基金管理數位化交易比例達45%，終端用戶佔Interfondos客戶總數的21%。

Now, let's move on to show you some more details on the performance of our four key businesses. On slide 18, given the macro scenario mentioned before, we have remained cautious in the loan book, growing double digit in lower risk products such as mortgages and payroll deductible loans with 10% and 13% year-over-year growth in disbursements, respectively. The tightening of credit standards continues to impact credit and debit card purchases as well as the personal loan disbursements. On the other hand, Impulso MyPeru is allowing us to grow in commercial banking with lower risk, hence, the important growth in SME disbursements and commercial banking stock on a year-over-year basis.

現在，讓我們繼續向您展示有關我們四項關鍵業務業績的更多詳細資訊。在投影片 18 中，考慮到前面提到的宏觀情景，我們對貸款保持謹慎態度，抵押貸款和工資可扣除貸款等低風險產品出現兩位數增長，支出同比分別增長 10% 和 13% 。信貸標準的收緊繼續影響信用卡和金融卡的購買以及個人貸款的支付。另一方面，Impulso MyPeru 使我們能夠在風險較低的情況下發展商業銀行業務，因此中小企業支出和商業銀行存量同比顯著增長。

On Slide 19, in line with this conservative strategy in the retail segment, our market share in consumer and retail loans have slightly decreased, still with strong positioning while market share increased to 14.6% in payroll inflows from 13.7% one year ago. The focus on commercial loans and the impact of Impulso MyPeru is reflected in the market share of commercial loans. Moreover, sales finance is one of our key products as market share continues to grow, up from 11% just 12 months ago to almost 17%. Additionally, we have been working hard to enhance our value proposition to clients on the liability side, which has resulted in higher retail banking deposit market share at 15.1%, now, ranking third in the financial system.

在幻燈片19 上，與零售領域的保守策略一致，我們在消費者和零售貸款方面的市場份額略有下降，但仍保持強勢地位，而在工資流入方面的市場份額從一年前的13.7 % 增加到14.6%。對商業貸款的關注以及Impulso MyPeru的影響體現在商業貸款的市場份額上。此外，銷售融資是我們的關鍵產品之一，市佔率持續成長，從 12 個月前的 11% 上升到近 17%。此外，我們一直努力在負債端提升對客戶的價值主張，使得零售銀行存款市佔率上升至15.1%，目前在金融體系中排名第三。

Aligned with the current macro conditions, the government has launched Impulso MyPeru, designed to stimulate economic growth. This program does not provide funding but give 50% to 98% guarantee levels to credit given to SMEs and midsized companies. The allocation of the guarantee is conducted through auctions where the bidding variable is the interest rate offer to clients.

根據當前的宏觀形勢，政府推出了Impulso MyPeru，旨在刺激經濟成長。該計劃不提供資金，但為中小企業和中型企業提供 50% 至 98% 的信貸擔保水準。擔保的分配是透過拍賣進行的，其中投標變數是向客戶提供的利率。

So far, we have been awarded more than PEN1,400 million dollars, of which almost PEN1 billion have been already disbursed, 36% to SMEs and the remaining to mid-sized companies. On slide 21, we observed a reduction of 20 basis points NIM reaching 5.3%, which aligns with the shift of the loan book and the increase of cash balances.

到目前為止，我們已獲得超過 14 億先令，其中近 10 億先令已經發放，其中 36% 給中小企業，其餘給中型企業。在投影片 21 中，我們觀察到淨利差下降了 20 個基點，達到 5.3%，這與貸款帳簿的變動和現金餘額的增加一致。

Unsecured loans, which includes credit cards and personal loans, decreased from 24% to 21% year over year, resulting in a decrease in yield on loans of 10 basis points. On the positive side, risk adjusted NIM improved in the quarter, in line with a lower cost of risk. Furthermore, this quarter brings positive news as the cost of funds start to show change in trend, decreasing to 4% as shown in slide 22. This is attributable to better funding mix in lower market rates as the short duration of interest-bearing deposits allows for faster reprice. Moreover, cost of deposits has seen a decrease of 40 basis points in the quarter.

無擔保貸款（包括信用卡和個人貸款）年比從 24% 下降至 21%，導致貸款收益率下降 10 個基點。從正面的一面來看，本季風險調整後的淨利差有所改善，這與風險成本的降低一致。此外，本季帶來了正面的消息，資金成本開始出現趨勢變化，下降至 4%，如投影片 22 所示。這是由於在較低的市場利率下實現了更好的融資組合，因為生息存款期限較短，可以更快地重新定價。此外，本季存款成本下降了 40 個基點。

Positive news is also that the deposit share in total funding remained stable, and that retail deposit market share continues to increase. Finally, our loan-to-deposit ratio of 96% is in line with the industry standard.

正面的消息還包括存款佔資金總額的比重保持穩定，零售存款市佔率持續增加。最後，我們的貸存比達到了96%，符合業界標準。

On payments, we want to give you a quick summary of the recent developments. Starting with Plin on slide 23, the new landscape of interoperable P2P system has enabled Plin to accelerate its growth as transaction expand by fourfold in one year in users, which more than 50 million by the end of March, with Interbank participation stable at 46%. Also, the volume has multiplied by 2.6 in the same period.

在支付方面，我們想向您簡要介紹最近的進展。從幻燈片 23 上的 Plin 開始，可互通的 P2P 系統的新格局使 Plin 能夠加速增長，用戶交易量在一年內增長了四倍，截至 3 月底超過 5000 萬，銀行間參與度穩定在 46% 。此外，同期交易量也增加了 2.6 倍。

Plin and Yape interoperability started in April and QR code interoperability was added in September. This development is helping to bring more Peruvians into the financial system, reducing the use of cash, which continues to be high in the country.

Plin 和 Yape 互通性於 4 月開始，QR 碼互通性於 9 月添加。這項發展有助於讓更多的秘魯人進入金融體系，減少現金的使用，該國現金的使用仍然很高。

On slide 24, the acquiring business continues to grow in all segments as the synergy between Izipay and Interbank is key for our payment strategy. The enhanced value proposition Izipay has to offer has resulted in an increase of 17% of merchants year over year, reaching 1.4 million, while transactional volume grew 11%. In the case of IzipayYa, our solution for micro merchants, important growth continues. The number of micro merchants has grown 42% in the transactional volumes, 40% year over year.

在投影片 24 中，由於 Izipay 和 Interbank 之間的協同作用是我們支付策略的關鍵，所有細分市場的收單業務都在持續成長。Izipay 提供的增強價值主張導致商家數量年增 17%，達到 140 萬，交易量增加 11%。就我們為微型商家提供的解決方案 IzipayYa 而言，重要的成長仍在繼續。微商數量成長42%，交易量較去年同期成長40%。

On slide 25, Izipay represents a profitable operation as the number of affiliated merchants in transactional volumes continued to expand. Revenues continued to grow slightly on a yearly basis, although there is a decline of 13% in the quarter due to the effect of the Christmas season on the previous quarter.

在投影片 25 中，隨著交易量的附屬商家數量持續成長，Izipay 呈現出一項獲利的業務。儘管由於聖誕節期間上一季的影響，本季收入下降了 13%，但收入繼續同比小幅增長。

EBITDA has seen a contraction due to margin compression in a more competitive landscape. We have been working to accelerate the growth of our payment ecosystem, focusing on increasing transactional volumes, offering merchants value added service, continue to pilot low risk loans to merchants, and use Izipay as a distribution network for Interbank as well as source to increase growth.

由於競爭更加激烈，利潤率壓縮，EBITDA 出現收縮。我們一直致力於加速支付生態系統的發展，專注於增加交易量，為商家提供增值服務，繼續試點向商家提供低風險貸款，並使用 Izipay 作為銀行間的分銷網絡以及促進成長的來源。

We are starting to see results from this strategy as evidenced by the following four key figures 20% yearly increase in Izipay flow coming to interbank accounts, and 40% increase in float from merchants. 1.6 times yearly increase in transaction volumes, and 7% growth in float from micro-merchant. Thanks to IzipayYa.

我們開始看到這項策略的成果，以下四個關鍵數字證明了這一點：銀行間帳戶的 Izipay 流量每年增加 20%，商家的營運資金增加 40%。交易量每年增長1.6倍，小商戶流通量增加7%。感謝伊茲佩亞。

Now moving to Insurance on slide 26. Premiums were up 3% in the quarter and more than 16% year over year. As market share of annuities raised to 31.3% as of March 24, above 7.1% from the previous year. Individual Life in private annuities business lines continue to grow nicely year over year or 18% each, increasing their contribution to total premiums. On the other hand, retail insurance had a contraction in the first quarter, mainly due to three reasons, change in SOAT broker, lower loan activity at interbank, and pleasing of vehicle insurance.

現在轉到投影片 26 上的保險。本季保費成長 3%，年增超過 16%。截至3月24日，年金市佔率上升至31.3%，高於上年的7.1%。私人年金業務線中的個人人壽繼續逐年良好增長，各增長 18%，增加了其對保費總額的貢獻。另一方面，零售保險第一季出現萎縮，主要是由於SOAT經紀人的變動、銀行間貸款活動減少、車險的改善三個原因。

Finally, on wealth management, we continue to see growth in asset under management with a yearly growth of 11.5% and 3.5% on a quarterly basis. On the back of that, there is a recovery on fee income on a quarterly basis. At last, we see more consistent investment results that align with a well-diversified portfolio.

最後，在財富管理方面，我們的管理資產規模持續成長，年增11.5%，季增3.5%。在此背景下，費用收入按季度出現復甦。最後，我們看到了與多元化投資組合一致的更一致的投資結果。

Now, let me move to the final part of the presentation where we will provide an update on ESG, operating trends for 2024, and some takeaways. On slide 29, we want to share our sustainability update. We are proud to have been recognized for our sustainability efforts, both at national level, occupying the first place in the Merco ESG responsibility and at international level being included in the S&P's 2024 Sustainability Yearbook.

現在，讓我進入演示的最後部分，我們將提供有關 ESG 的最新資訊、2024 年的營運趨勢以及一些要點。在投影片 29 上，我們希望分享我們的永續發展最新動態。我們很自豪我們的永續發展努力得到認可，無論是在國家層面，在 Merco ESG 責任中佔據首位，還是在國際層面被納入標準普爾 2024 年永續發展年鑑。

Additionally, last week, we have been included once again in the S&P/BVL Peru General ESG index. In line with our responsible business strategy, we continue to build a sustainable platform, following our three main pillars. In the environmental front, we finance new green line for up to $11 million related to sustainability-certified agricultural and forestry activities.

此外，上週我們再次被納入 S&P/BVL Peru General ESG 指數。根據我們負責任的業務策略，我們繼續建立一個可持續的平台，遵循我們的三大支柱。在環境方面，我們為與永續發展認證的農業和林業活動相關的新綠線提供高達 1,100 萬美元的資助。

In the social from all four of our subsidiaries were once again recognized by Great Place to Work, this time in general and women-focused rankings for 2024. Also, building upon our group-wide platform, Izipay participated in an Intercorp Pilot that brought digital and financial inclusion to more than 1,000 bodegas around the country and plans to expand during the rest of the year.

在社群媒體上，我們的所有四家子公司再次獲得了「最佳工作場所」的認可，這次是在 2024 年綜合排名和以女性為重點的排名中。此外，在我們集團範圍內的平台上，Izipay 參與了 Intercorp Pilot，該試點為全國 1,000 多家酒窖帶來了數位和金融包容性，並計劃在今年剩餘時間內進行擴張。

In the governance front, interbank became the only bank in Peru, part of the UN Global Compact for faster initiatives in which we have been committed to disclose our progress in sustainable finance. Additionally, Interbank was recognized as number one in customer experience in the Peruvian banking sector by both CX Index and IZO Solutions.

在治理方面，銀行間銀行成為秘魯唯一一家加入聯合國全球契約的銀行，旨在加速舉措，我們一直致力於揭露我們在永續金融方面的進展。此外，Interbank 被 CX Index 和 IZO Solutions 評為秘魯銀行業客戶體驗第一名。

On slide 30, let me give you an update on our operating results for the first quarter '24 in the comparison with the guidance. We continue to present some capital levels, with total capital ratio of 15.1, and core equity Tier 1 ratio at 11.3%, which after dividend distribution are above our guidance. ROE of 5.6% in the quarter is still below midterm branch has been impacted by cost of risk and nonrecurring investment results. Year- end recovery of ROE will depend mostly on the recovery of these two factors.

在投影片 30 上，讓我向您介紹我們 24 年第一季的經營業績與指導意見的比較的最新情況。我們繼續呈現一定的資本水平，總資本比率為15.1，核心一級資本比率為11.3%，在股息分配後高於我們的指引。本季 5.6% 的 ROE 仍低於中期，受到風險成本和非經常性投資績效的影響。年底ROE的恢復將主要取決於這兩個因素的恢復。

Loan growth of 2.2% is below our guidance but above the financial system, reflecting our ongoing market share gains in key products. It is worth to mention that this is aligned with the conservative approach on unsecured loans as consumer loans decreased by 2.4%. NIM for Interbank was 5.3%, slightly below guidance. We expected to recover during the year as cost of funds decrease in line with lower market rates.

2.2% 的貸款成長率低於我們的指導，但高於金融體系，反映出我們在關鍵產品上的市佔率持續成長。值得一提的是，這與無擔保貸款的保守態度一致，消費貸款下降了 2.4%。銀行同業拆借利率為 5.3%，略低於指引值。我們預計，隨著資金成本隨著市場利率下降而下降，年內將實現復甦。

Cost of risk for banking was 4.7% in the quarter, slightly better than our expectations for this quarter due to improvements and also improving from previous quarter. As mentioned in the last conference call, we expect a gradual recovery. So in the following quarters, we should see a better payment behavior from the consumer portfolio.

本季銀行業的風險成本為 4.7%，由於有所改善且較上一季度有所改善，略優於我們對本季的預期。正如上次電話會議中提到的，我們預計經濟將逐步復甦。因此，在接下來的幾個季度中，我們應該會看到消費者組合中更好的支付行為。

We continue to see good efficiency levels of IFS in line with the guidance as we are strictly monitoring and managing costs, especially at the bank, which has reached a cost-income ratio below 39%.

我們繼續看到 IFS 的良好效率水準符合指導方針，因為我們嚴格監控和管理成本，尤其是銀行，其成本收入比已低於 39%。

On slide 31, let me finalize the presentation with some key (technical difficulty) Okay. Let me go back to slide 31 to finalize the presentations with some key takeaways. First, macro-environment is showing first recovery signs in 2024. Second, on the investment portfolio was impacted by nonrecurring events and by mark-to-market, and we expect a recovery over the year.

在投影片 31 上，讓我用一些關鍵（技術難度）來完成簡報 好的。讓我回到投影片 31，透過一些關鍵要點來結束簡報。首先，2024年宏觀環境首次顯現復甦跡象。其次，投資組合受到非經常性事件和以市價計價的影響，我們預期年內會有所復甦。

Third, selective growth in retail banking with a slight improvement in cost of risk. Fourth, Impulso MyPeru enables growth in commercial banking at low risk. Fifth, tight management of costs reflected in solid efficiency levels. And finally, we continue strengthening our digital positioning and presence in payments. Thank you very much. And now we welcome any questions you might have.

第三是零售銀行業務選擇性成長，風險成本略有改善。第四，Impulso MyPeru 能夠以低風險實現商業銀行業務的成長。第五，嚴格的成本管理體現在紮實的效率水準。最後，我們持續加強我們在支付領域的數位定位和影響力。非常感謝。現在我們歡迎您提出任何問題。

(Operator Instructions) Alonso Aramburú, BTG.

（操作員說明）Alonso Aramburú，BTG。

Yes. Hi, good morning and thank you for the call. Two questions on my side. First, you mentioned some early signs of economic recovery. Can you maybe comment if you're seeing some early signs of demand for loans, whether that's improving or not? And second, regarding your payment business, are you growing volume and merchants in numbers year over year but fees are flat? Can you comment maybe on the dynamic of fee income and competition at Izipay. Thank you.

是的。你好，早安，謝謝你的來電。我這邊有兩個問題。首先，你提到了經濟復甦的一些早期跡象。如果您看到貸款需求的一些早期跡象，無論情況是否有所改善，您能否發表評論？其次，關於您的支付業務，您的交易量和商家數量是否逐年增長，但費用卻持平？您能否評論一下 Izipay 的費用收入和競爭動態？謝謝。

Okay. Thanks, Alonso, for your questions. Let me pass it on to Carlos Tori, so he can also make his debut in answering questions as recently appointed CEO of Interbank.

好的。謝謝阿隆索的提問。讓我把它轉給卡洛斯·托里（Carlos Tori），這樣他也可以作為最近被任命的 Interbank 首席執行官首次亮相回答問題。

Hello, Alonso, how are you doing? Thanks for your question. On the first one, in terms of the economy and loans, we have seen -- well, everybody expected the year to start very negatively with El Niño, right? So just not having El Niño was positive. But we have also seen the Central Bank controlling inflation and lower rates and slight growth in GDP.

你好，阿隆索，你好嗎？謝謝你的提問。第一個方面，就經濟和貸款而言，我們已經看到——好吧，每個人都預計今年伊始會因厄爾尼諾現象而非常消極，對嗎？因此，沒有厄爾尼諾現象就是正面的。但我們也看到央行控制通膨、降低利率、GDP小幅成長。

So all of that helps. Consumption is growing slightly, and we have been able to -- or we're confident on our new vintages of loans are performing well in terms of the last six, nine months of vintages. We're still going through the older vintages in terms of credit risk, but the new portfolio is performing well.

所以所有這些都有幫助。消費正在小幅增長，我們已經能夠——或者說我們相信我們的新貸款年份在過去六、九個月的年份中表現良好。就信用風險而言，我們仍在經歷較舊的時期，但新的投資組合表現良好。

We are being cautiously confident in terms of growth. We want to start growing again, but we want to do it in the products and segments where we are comfortable. We have been growing more in commercial banking, and we have been able to build on the Impulso MyPeru program for small -- for SMEs.

我們對成長持謹慎信心。我們希望再次開始成長，但我們希望在我們感到滿意的產品和細分市場中做到這一點。我們在商業銀行業務方面取得了更大的發展，並且我們已經能夠為小型中小企業建立 Impulso MyPeru 計劃。

So that is helping us grow. And hopefully the GDP growth and inflation will continue to -- GDP growth grow and inflation to continue to be under control. So that's kind of what we're looking at.

所以這正在幫助我們成長。希望GDP成長和通膨能夠持續－GDP成長，通膨繼續受到控制。這就是我們正在尋找的。

And then in terms of your questions for Izipay, well, there's basically, I would say two, maybe three things that impact the competition dynamic. The first one is there's more competitors. There used to be two acquisition players, Niubiz and Izipay.

然後，就您對 Izipay 的問題而言，我想說，基本上有兩件事，也許三件事會影響競爭動態。第一個是競爭對手更多。曾經有兩家收購者，Niubiz 和 Izipay。

Today there are five. There are three new competitors. So there is pressure on pricing for sure. We have been able to hold our market share. And we have had to be more aggressive on pricing on certain segments. We're trying to have a mix of keeping our market share but not going too aggressive on pricing on certain segments.

今天有五個。出現了三個新的競爭對手。因此，定價方面肯定存在壓力。我們已經能夠保持我們的市場份額。我們必須在某些細分市場的定價上更加積極。我們正在努力保持我們的市場份額，但在某些細分市場的定價上不要過於激進。

As Michaela mentioned, some of the value -- a large portion of the value of Izipay is not only on the fees that you charge to the merchant, but on having the flows of those sales come to Interbank and the relationship and the other [portfolio] allows you. So that is one thing that affects dynamics.

正如 Michaela 所提到的，Izipay 的一些價值——很大一部分價值不僅在於您向商家收取的費用，還在於這些銷售流流入銀行間以及這種關係和其他[投資組合] ] 允許你。所以這是影響動態的一件事。

And the other one is the economics with credit cards and debit cards. And that is something with the brand. That is always changing and moving in terms of how much pricing you give to each type of credit card. So those are two things that are pressing on margins, but we have been able to successfully keep profits stable while growing transactions and keeping our market share.

另一種是信用卡和金融卡的經濟學。這就是品牌的特色。就您為每種類型的信用卡提供的定價而言，情況總是在變化和變化。因此，這兩件事對利潤率造成了壓力，但我們成功地保持了利潤穩定，同時增加了交易並保持了市場份額。

One good thing about the payments market is that it continues to grow a lot in terms of more payments going through digital instead of cash. And that is a positive -- any way you look at it, in terms of flows, in terms of float to the bank and also in terms of the cost or the cost that you're not having in terms of moving cash around in our branches and our ATMs. So, still very positive on that front.

支付市場的一大好處是，它持續大幅成長，越來越多的支付透過數位方式而不是現金進行。這是正面的——無論你如何看待它，無論是在流量方面，還是在銀行的流通方面，以及在我們的現金流動方面所沒有的成本方面。所以，在這方面仍然非常積極。

Thank you, Carlos. And congratulations on the new role.

謝謝你，卡洛斯。恭喜你擔任新角色。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Juan Nicolas Pardo, Credit Corp. Could you go through the details of the investment portfolio events that took place during the quarter?

Juan Nicolas Pardo，信貸公司。

Okay, let me pass it on to Gonzalo so he can help us addressing the investment portfolio results. Let me just do a brief introduction. The non-recurrent that was reported includes some accounting changes that represent approximately 20% to 25% of the reported number, and then the investment portfolio effects. So now Gonzalo can help us in the specific of the investment portfolio effect.

好的，讓我將其轉交給貢薩洛，以便他可以幫助我們解決投資組合結果問題。我簡單介紹一下。報告的非經常性包括一些會計變更，約佔報告數量的 20% 至 25%，然後是投資組合影響。所以現在貢薩洛可以幫助我們了解特定的投資組合效果。

Sure. Thanks, Luis Felipe. As you mentioned, PEN100 million solid is composed of actually three different things. First is, the accounting change you mentioned is around PEN23 million. Then we have an impairment.

當然。謝謝，路易斯費利佩。正如你所提到的，1億PEN實際上是由三種不同的東西組成的。首先，你提到的會計變更約為2,300萬先令。那我們就有了障礙。

Regarding Rutas de Lima, as Michela mentioned, that's around PEN42 million. And then for PEN33 million, it's a loss on the evaluation of some investments.

至於 Rutas de Lima，正如 Michela 所提到的，大約是 4,200 萬先令。然後對於 3300 萬先令來說，這是一些投資評估的損失。

Remember our portfolio of above PEN16 billion in assets. We infrequently have this a loss of this magnitude. This is not very common because most of our investments are fixed income and health to maturity. But from time to time we may have this kind of either losses or in other cases, gains.

請記住我們的資產組合超過 160 億先令。我們很少遇到如此嚴重的損失。這種情況並不常見，因為我們的投資大多是固定收益且健康成熟的。但有時我們可能會遭受這種損失，或在其他情況下獲得收益。

Thank you, Gonzalo.

謝謝你，貢薩洛。

Yuri Fernandes, JP Morgan. Can you please explain details the PEN100 million potential nonrecurring --

尤里‧費爾南德斯，摩根大通。您能否詳細解釋一下 1 億潘（PEN100 百萬潛在非經常性）--

The next question comes from Jose Ignacio Mejia. Regarding your banking operations, our analysis shows that your delinquency rate adjusted by charge offs has been increasing at a significant pace over the last months, while the NPL coverage ratio is at an historical low point. Given these trends, when can we expect to see an improvement in loan quality and a subsequent reduction in loan provisions?

下一個問題來自何塞·伊格納西奧·梅希亞。關於貴公司的銀行業務，我們的分析顯示，過去幾個月，貴公司按核銷調整後的拖欠率一直在大幅上升，而不良貸款覆蓋率則處於歷史低點。鑑於這些趨勢，我們什麼時候可以看到貸款品質的改善以及隨後貸款撥備的減少？

Sure, let me answer that. I guess obviously we're going through the credit cycle. Based on what we're seeing, we think that we might be hitting the bottom. So it's probably this and the next quarter. We already, as Carlos mentioned, seeing early signs of recovery. So hopefully, based on our models and our expectations of the economy, we will see marginal improvement going forward.

當然，讓我來回答一下。我想顯然我們正在經歷信貸週期。根據我們所看到的情況，我們認為我們可能已經觸底。所以可能是這個季度和下個季度。正如卡洛斯所提到的，我們已經看到了復甦的早期跡象。因此，希望根據我們的模型和對經濟的預期，我們將看到未來的邊際改善。

Actually, this quarter was a marginal improvement versus last quarter. Given what Carlos mentioned about vintages and the evolution of the economy, probably this trend should continue. Maybe, maybe not as fast as we expected, given that the economic recovery is lagging in terms of consumer activity and consumer confidence. However, we're probably already in the path of a slight recovery.

事實上，本季與上季相比略有改善。鑑於卡洛斯提到的年份和經濟發展，這種趨勢可能應該持續下去。也許，也許沒有我們預期的那麼快，因為經濟復甦在消費者活動和消費者信心方面落後。然而，我們可能已經走上了小幅復甦的道路。

Let me maybe just add something related to the NPL coverage ratio, which as of the first quarter was 141% for the bank. Particularly, the coverage ratio for retail banking was 176%, which is a pretty high coverage ratio, considering that it is more than 200% for the consumer unsecured portfolio, knowing much lower for mortgages and payroll deductible loans.

讓我補充一些與不良貸款覆蓋率相關的內容，截至第一季度，該銀行的不良貸款覆蓋率為 141%。特別是，零售銀行的覆蓋率為176%，考慮到消費者無擔保投資組合的覆蓋率超過200%，而抵押貸款和工資可扣除貸款的覆蓋率要低得多，這是一個相當高的覆蓋率。

So you see a decrease in this level over the past two years. But this is because we have some, let's say, expert criteria provisions that were made during COVID that brought those levels to, let's say, historically high levels. And they have been normalizing over the quarter.

所以你會看到這個水平在過去兩年有所下降。但這是因為我們在新冠疫情期間制定了一些專家標準規定，這些規定使這些水準達到了歷史最高水準。他們在本季一直在正常化。

Thank you, Michela.

謝謝你，米凱拉。

Next question comes from Rodrigo Freire, an Independent Investor. I would like to know the ROE expectations for Q2?

下一個問題來自獨立投資者 Rodrigo Freire。我想知道第二季的ROE預期？

Sure. Well, it's actually pretty hard to give you an exact number. However, given what has been mentioned during the call, probably it was low ROE number for this quarter. And assuming that we will reach our 12% --around 12% for the year, we should start seeing a recovery in the upcoming quarters, including next quarter. But at the end, the whole year should bring us to what we guided for. So numbers should start coming up. The big question, why continues to be the market volatility on the base at which on consumer payments start to improve.

當然。嗯，實際上很難給你一個確切的數字。然而，考慮到電話會議中提到的內容，本季的淨資產收益率可能較低。假設我們今年將達到 12%——大約 12%，我們應該會在接下來的幾個季度（包括下個季度）開始看到復甦。但最終，一整年應該讓我們達到我們的指導目標。所以數字應該會開始出現。最大的問題是，為什麼消費者支付開始改善的市場仍然在波動。

Your next question comes from Diego Guzman from BTG Pactual. Does your ROE guidance for 2024 includes the PEN100 million one-off that can be in the range of guidance of a 2025 ROE with a smoother operation with a new NIM mix and traditional reality?

您的下一個問題來自 BTG Pactual 的迭戈·古茲曼 (Diego Guzman)。您的 2024 年 ROE 指導是否包括一次性的 1 億先令，可以在 2025 年 ROE 的指導範圍內，並透過新的 NIM 組合和傳統現實實現更平穩的操作？

I'm sorry, can you repeat the question, please.

抱歉，請您重複這個問題好嗎？

Of course, the question is, does your ROE guidance for 2024 includes this PEN100 million one-off that can be an early range of guidance of 2025 ROE with a smoother operation with a new NIM mix in a strategic reality.

當然，問題是，你們 2024 年的 ROE 指導是否包括這個 1 億先令的一次性指導，它可以是 2025 年 ROE 的早期指導範圍，並在戰略現實中透過新的 NIM 組合實現更平穩的運作。

Sure. Yeah, we expect, where we stand today, that we will be able to recoup these onetime through our normal activities. Again, that will be subject to market conditions, but that continues to hold as true. And then I think it's early to tell 2025 range for ROE. However, we do expect that as the macro conditions normalize, we will be targeting to go back to our what we believe is our sustainable ROE, which is around 18% for IFS. However, when we will be targeting that, depends on the evolution and we'll keep you posted.

當然。是的，我們期望，就我們今天的情況而言，我們將能夠透過我們的正常活動一次性收回這些損失。同樣，這將取決於市場條件，但這仍然是事實。然後我認為現在判斷 2025 年 ROE 範圍還為時過早。然而，我們確實預計，隨著宏觀條件正常化，我們的目標是回到我們認為的可持續股本回報率，即 IFS 的 18% 左右。然而，我們何時瞄準這一目標，取決於事態的發展，我們會隨時通知您。

At this time, there are no further questions. Thank you, Carlos. I will turn the call back to the operator.

目前，沒有其他問題了。謝謝你，卡洛斯。我會將電話轉回給接線生。

Okay. Thank you very much. And there appears to be no further questions at this time. Now I would like to turn the floor back over to Ms. Casassa or any closing remarks.

好的。非常感謝。目前似乎沒有進一步的問題。現在我想請卡薩薩女士發言或發表結束語。

Thank you very much. Thank you, everybody, for joining our call. We'll see each other again in the next -- in the second quarter results. Bye-bye.

非常感謝。謝謝大家加入我們的電話會議。我們將在接下來的第二季業績中再次見面。再見。

Thank you very much. This concludes today conference call. You may now disconnect. And have a great day.

非常感謝。今天的電話會議到此結束。您現在可以斷開連線。祝你有美好的一天。

Thank you.

謝謝。