Intercorp Financial Services Inc (IFS) 2024 Q4 法說會逐字稿

Good morning and welcome to the Intercorp Financial Services first-quarter 2024 conference call. All lines have been placed on mute to prevent any background noise. Please be advised that today's conference is being recorded. After the presentation, we will open the floor for questions. (Operator Instructions)

早上好，歡迎參加 Intercorp Financial Services 2024 年第一季電話會議。所有線路均已靜音以防止任何背景噪音。請注意，今天的會議正在錄音。演講結束後，我們將開放提問環節。（操作員指令）

It is now my pleasure to turn this call over to Mr. Ivan Peill from InspIR Group. Sir, you may begin.

現在我很高興將這個電話轉給 InspIR 集團的 Ivan Peill 先生。先生，您可以開始啦。

Thank you. And good morning, everyone. On today's call, Intercorp Financial Services will discuss its fourth quarter 2024 earnings. We are 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. Carlos Tori, Chief Executive Officer-Interbank; Mr. Gonzalo Basadre, Chief Executive Officer-Interseguro; Mr. Bruno Ferreccio, Chief Executive Officer-Inteligo. They will be discussing the results that were distributed by the company yesterday.

謝謝。大家早安。在今天的電話會議上，Intercorp Financial Services 將討論其 2024 年第四季的收益。我們很高興邀請到 Intercorp Financial Services 執行長 Luis Felipe Castellanos 先生； Intercorp Financial Services 財務長 Michela Casassa 女士；卡洛斯·托里先生，Interbank 首席執行官； Interseguro 執行長 Gonzalo Basadre 先生； Bruno Ferreccio先生，Inteligo執行長。他們將討論公司昨天發布的結果。

There is also a webcast video presentation to accompany the 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 646-940-8843. 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.

本次通話期間也將提供網路直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 上查看。否則，如果您今天需要任何幫助，請致電紐約 InspIR Group，電話：646-940-8843。我想提醒大家，今天的電話會議僅針對投資人和分析師。因此，我們將不會回答媒體的提問。

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. For a complete note on forward-looking statements, please refer to the earnings presentation and report issued yesterday.

請注意，本次電話會議中可能會做出前瞻性陳述。這些並未考慮未來的經濟狀況、產業狀況、公司的未來表現或財務結果。因此，所做出的聲明是基於多種可能變化的假設和因素，導致實際結果與當前預期有重大差異。有關前瞻性陳述的完整說明，請參閱昨天發布的收益報告和報告。

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.

現在，我很高興將電話轉給 Intercorp Financial Services 執行長 Luis Felipe Castellanos 先生，請他致開幕詞。卡斯特拉諾斯先生，請繼續。

Thank you. Good morning and welcome to our fourth-quarter 2024 earnings call. I want to thank you all for attending our call today.

謝謝。早上好，歡迎參加我們的 2024 年第四季財報電話會議。我要感謝大家今天參加我們的電話會議。

2024 marked a period of recovery both for our country and for IFS. In the macroeconomic front, we finished the year with an improved sentiment and outlook on the bank of a rebound in manufacturing, construction, agro, and fishing. Inflation remained under control and our currency, the sol, was stable. We are anticipating a GDP growth of 3.2% for the year 2024, primarily driven by the mentioned recovery in diverse sectors and improved drivers of private investment and consumption. Peru will probably be the country with the highest growth in the region for 2024.

2024 年對我們國家和 IFS 來說都是一個復甦時期。在宏觀經濟方面，我們以製造業、建築業、農業和漁業反彈的信心和前景改善結束了這一年。通貨膨脹仍然受到控制，我們的貨幣索爾保持穩定。我們預期 2024 年 GDP 成長率為 3.2%，主要得益於各產業的復甦以及私人投資和消費動力的增強。秘魯很可能成為2024年該地區成長最快的國家。

Looking ahead to 2025, we continue to be modestly optimistic about the future growth of Peru. We expect private investment and consumption to continue its positive trend. However, we are cautious given that 2025 is a pre-electoral year and changes in the external environment could create certain volatility.

展望2025年，我們持續對秘魯未來的成長保持適度樂觀。我們預計私人投資和消費將繼續保持積極趨勢。然而，我們保持謹慎，因為 2025 年是選舉前一年，外部環境的變化可能會造成一定的波動。

2024 results for IFS confirm that we are emerging from the most challenging phase of the credit cycle. During the first half of 2024, we still carry the challenges coming from the deterioration of the consumer portfolio from the previous year. But as expected, in the second half and particularly in this last Q, we saw an important recovery, boosted by the liquidity events that helped Peruvian consumers, including the fourth release of pension funds and the availability of severance indemnity deposits.

2024 年 IFS 的結果證實，我們正走出信貸週期最具挑戰性的階段。2024 年上半年，我們仍面臨著上一年消費組合惡化所帶來的挑戰。但正如預期的那樣，在下半年，特別是在最後一個季度，我們看到了重要的復甦，這得益於幫助秘魯消費者的流動性事件，包括第四次釋放退休金和提供遣散費補償存款。

The derisking strategy we implemented in the banking segment has definitely paid off as the cost of risk has returned to low levels. Additionally, the market performance has had a positive impact on our investment portfolio, both in the insurance and our wealth management segments. As a result, the recovery of our business is evident. We achieved an ROE of 18%-plus in the fourth quarter, a fast recovery that demonstrates the resilience and value of our operations. We believe that these trends should continue.

隨著風險成本回落至低水平，我們在銀行領域實施的去風險策略確實獲得了回報。此外，市場表現對我們的保險和財富管理領域的投資組合產生了積極影響。因此，我們的業務復甦是顯而易見的。我們在第四季實現了18%以上的股本回報率，這項快速復甦證明了我們營運的韌性和價值。我們相信這些趨勢將會持續下去。

At Interbank, we had a positive year as we have been able to increase our market shares in loans and deposits, consolidating our position as the third largest bank in both. Our growth in loans has been driven by commercial banking where we have gained over 80 basis points in market share. We believe we have begun our recovery path in the consumer portfolio. We have deployed enhanced internal risk models, thus further improving our underwriting standards, although we are still being cautious.

在 Interbank，我們度過了積極的一年，因為我們能夠增加我們在貸款和存款方面的市場份額，鞏固我們在這兩個領域的第三大銀行地位。我們的貸款成長主要由商業銀行業務推動，我們在商業銀行業務的市佔率已超過 80 個基點。我們相信，我們的消費產品組合已開始步入復甦之路。我們已經部署了增強的內部風險模型，從而進一步提高了我們的承保標準，儘管我們仍然保持謹慎。

Izipay and Interbank continue to seize business opportunities together while Plin keeps increasing the engagement of users, fostering more primary banking relationships and supporting growth.

Izipay 和 Interbank 繼續共同抓住商業機會，而 Plin 則不斷增加用戶參與度，培養更多主要銀行關係並支持成長。

On a separate note in the banking segment, it is worth to mention that by year end, we executed a successful issuance of subordinated bonds at the lowest ever spread for Interbank which reaffirms the market's confidence in our franchises. At Interseguro, we have seen relevant growth in our core business, mainly in individual life and annuities where we continue to be the market leader.

另外，在銀行業務領域，值得一提的是，截至年底，我們成功發行了次級債券，利差為銀行間歷史最低，這再次堅定了市場對我們特許經營權的信心。在 Interseguro，我們的核心業務取得了相關成長，主要是在個人壽險和年金領域，我們繼續保持市場領先地位。

Our wealth management segment, Inteligo, at a positive year in its core business as assets under management reached an all-time high, growing by 17% in the year. The investment portfolio's performance also improved.

我們的財富管理部門 Inteligo 的核心業務取得了積極的進展，其管理資產達到了歷史最高水平，全年增長了 17%。投資組合的表現也有所改善。

Our key strategic priority at IFS continues to be to achieve digital excellence for our customers to generate primary relationships. Our ambition is to be a leading digital platform with focus on key businesses and profitable growth, providing a comprehensive offering of the best digital experience with deep analytical capabilities as our competitive advantage. Going forward, we continue to be optimistic about IFS's franchise and outlook on the back of the continued recovery of Peru's fundamentals while we continue to execute our long-term strategy.

IFS 的主要策略重點仍然是幫助客戶實現數位化卓越，從而建立主要關係。我們的目標是成為領先的數位平台，專注於關鍵業務和獲利成長，以深度分析能力作為競爭優勢，提供全面的最佳數位體驗。展望未來，在秘魯基本面持續復甦的同時，我們將繼續執行長期策略，我們繼續對 IFS 的特許經營權和前景持樂觀態度。

Now let me pass it on to Michela for further explanation of this quarter and full-year results. Thank you.

現在，讓我將其轉交給 Michela，以進一步解釋本季和全年業績。謝謝。

Thank you, Luis Felipe. Good morning and welcome, everyone, to Intercorp Financial Services 2024 fourth-quarter and full-year earnings call. To begin, we would like to review the macroeconomic outlook for Peru.

謝謝你，路易斯費利佩。早上好，歡迎大家參加 Intercorp Financial Services 2024 年第四季和全年財報電話會議。首先，我們想回顧一下秘魯的宏觀經濟前景。

On slide 2, complementing what Luis Felipe mentioned, the improvement in macroeconomic indicators has been constant throughout the year. Peru's economic recovery has consolidated in the fourth quarter, driven by investment and consumption. As such, GDP for the fourth quarter grew around 3.7%, marking three consecutive quarters with growth above 3%. November alone showed a 3.9% growth, accumulating 3.1% for the year. Primary sectors drove growth, accumulating 3.5% for the year, driven by the second fishing season and a rebound in the agricultural business. While non-primary sectors accumulated 3%.

在投影片 2 中，補充 Luis Felipe 所提到的內容，宏觀經濟指標的改善在全年一直保持持續。在投資和消費的推動下，秘魯經濟復甦在第四季度得到鞏固。其中，第四季GDP成長3.7%左右，連續三個季度成長超過3%。其中11月份成長3.9%，全年累計成長3.1%。初級產業推動經濟成長，全年累計成長 3.5%，主要得益於第二個捕魚季節和農業業務的反彈。非主要行業則累計成長了3%。

In terms of monetary policy, the Central Bank has been able to control inflation and anchor it within its range with the expectation of 2% for 2025. Within the region, Peru was the first to reduce reference rates already cutting 300 basis points from the peak of 7.75%, to the current 4.75%. Although the Central Bank is closer to the mutual interest rate, we believe it still has room to continue reducing rates as low as the Fed continues to cut as expected. Moreover, the currency has been stable throughout the year. Both inflation and the exchange rate are expected to remain stable during 2025.

貨幣政策方面，央行已能控制通膨，並將通膨控制在預期2025年為2%的區間內。在該地區，秘魯是第一個降低參考利率的國家，已將利率從高峰 7.75% 下調 300 個基點至目前的 4.75%。雖然央行利率已更接近互利水平，但我們認為，隨著聯準會繼續如預期降息，央行仍有繼續降息的空間。此外，該貨幣全年一直保持穩定。預計 2025 年通貨膨脹和匯率都將保持穩定。

For 2025, the Peruvian economy is projected to grow by around 2.8% with a stronger first half due to the pre-electoral year which typically reduces dynamism in the second half. The dynamism in sectors include trade, services, construction, agriculture, mining, and tourism is expected to contribute significantly to growth during this year in line with the increase in private spending. Higher prices in copper and gold should generate additional support. However, the fiscal deficit will close at 3.6% of GDP in 2024, still better compared to the region.

預計到 2025 年，秘魯經濟將成長約 2.8%，其中上半年將更加強勁，因為選舉年通常會削弱下半年的經濟活力。隨著私人支出的增加，貿易、服務業、建築業、農業、採礦業和旅遊業等行業的活躍預計將為今年的成長做出重大貢獻。銅價和金價上漲應能提供額外支撐。不過，到2024年，財政赤字將收在GDP的3.6%，與該地區相比仍然好。

Finally, it will be important to closely monitor the evolution of economic policy in the US which could negatively impact the business environment.

最後，密切關注美國經濟政策的演變非常重要，因為這可能會對商業環境產生負面影響。

On slide 3, consistent with the previous slide, indicators show optimism in the labor market and private investment. While a key driver for domestic demand improvement has been private consumption. Consumer confidence has gradually improved each quarter, aligning with economic optimism market recovery. As of November, formal employment and real formal wages have shown year-over-year growth, positively impacting private consumption. This recovery in consumption has also been accelerated by pension fund withdrawals and severance indemnity deposits, enhancing people's purchasing power and consumption levels.

在投影片 3 上，與上一張投影片一致，指標顯示勞動市場和私人投資呈現樂觀態勢。而國內需求改善的一個主要驅動力是私人消費。消費者信心每季都在逐漸改善，與經濟樂觀市場復甦保持一致。截至11月，正規就業和實際正規工資均呈現年增，對私人消費產生了正面影響。退休金提領和遣散費存款也加速了消費的復甦，提高了人們的購買力和消費水準。

Business trust has remained stable and positive throughout the year. The Central Bank's latest report anticipates private investment to grow by 4.1% in 2025, reflecting a more optimistic view of the Peruvian economy. According to the Ministry of Foreign Affairs, there are more than six infrastructure projects in the pipeline for upcoming years, 2025-2026, represented in an estimated total amount invested of $16 billion, of which, $7.6 billion are expected to come in for 2025. For instance, the New Carretera Central, the Linea 2 of the Metro de Lima, and the reposition of (inaudible). In terms of mining projects, there are several for the upcoming years as the total investment is expected to surplus $50 billion by 2028. Some examples include Tia Maria, Yanacocha, and Los Chankas.

全年商業信任保持穩定、積極。央行最新報告預計2025年私人投資將成長4.1%，反映出對秘魯經濟更樂觀的看法。據外交部稱，2025 年至 2026 年期間，肯亞將有 6 個以上的基礎設施項目正在籌備中，預計總投資額為 160 億美元，其中 2025 年預計將投資 76 億美元。例如，新中央公路、利馬地鐵 2 號線以及（聽不清楚）。就採礦項目而言，未來幾年將有多個項目，預計到 2028 年總投資將超過 500 億美元。一些例子包括 Tia Maria、Yanacocha 和 Los Chankas。

In this context, we continue to build on our three key strategic priorities. On slide 4, first, we aim for profitable growth to become a leading digital platform. IFS has demonstrated solid recovery, showing resilience through their credit cycle with a net income 70% higher than the same period last year and achieving over 18% ROE in the fourth quarter, in line with our midterm target. Additionally, we continue to grow our customer base at double-digit rates across all segments, consistent with the macroeconomic record.

在此背景下，我們持續鞏固三大策略重點。在第 4 張投影片上，首先，我們的目標是實現獲利性成長，成為領先的數位平台。IFS 表現出穩健的復甦勢頭，在信貸週期中表現出韌性，淨收入比去年同期高出 70%，第四季度實現了超過 18% 的 ROE，符合我們的中期目標。此外，我們在所有領域的客戶群繼續以兩位數的速度成長，這與宏觀經濟記錄一致。

Second, we strive to create the best digital experience, aiming to generate primary banking relationships. As a result, more than 80% of our retail banking customers and over 70% of our commercial customers are digital and our MPS for retail banking was 55 points as of the end of December, with a positive trend for January as our internal estimate is about 60 points.

第二，我們努力創造最佳的數位體驗，旨在建立主要的銀行關係。因此，我們 80% 以上的零售銀行客戶和 70% 以上的商業客戶都是數位化客戶，截至 12 月底，我們零售銀行的 MPS 為 55 點，1 月呈現正面趨勢，因為我們的內部估計約為 60 點。

Third, we continue to focus on our core businesses, maintaining a significant market share in consumer banking loans at 21%, ranking second in the market; retail deposits around 15%, ranking third in the market; and in annuities as the leader with over 30% market share. Finally, in wealth management, assets under management continues to grow at double-digit rates reaching 17% year-over-year and surpassing previous maximum.

第三是我們持續聚焦核心業務，在消費銀行貸款領域維持了較大的市場份額，達到21%，排名市場第二；零售存款佔15%左右，排名市場第三；在年金領域處於領先地位，佔有超過30%的市場。最後，在財富管理方面，管理資產持續以兩位數的速度成長，年增至17%，超過了先前的最高水準。

On slide 5, we wanted to share our key messages for the quarter. First, we have observed a strong recovery in earnings and profitability in the last quarter of the year, driven by banking and investment results reaching a net income of PEN490 million at IFS level. This has resulted in an ROE now exceeding 18%, marking a significant improvement from the previous quarter and aligning with our medium term ROE growth.

在投影片 5 上，我們想分享本季的關鍵資訊。首先，我們觀察到今年最後一個季度收益和盈利能力強勁復甦，這得益於銀行和投資業績，按 IFS 水平計算，淨收入達到 4.9 億秘魯索爾。這使得 ROE 目前已超過 18%，較上一季有顯著改善，與我們的中期 ROE 成長保持一致。

Second, our quarterly cost of risk continues to decrease, standing at 2.6% which is 180 basis points below last year and 50 basis points lower than the previous quarter. Consequently, we see better results for Interbank with an ROE at 16% higher than both the previous quarter and the same period last year.

第二，我們的季度風險成本持續下降，為2.6%，比去年同期低180個基點，比上一季低50個基點。因此，我們預計 Interbank 的業績將更為出色，其 ROE 將比上一季和去年同期高出 16%。

Third, the cost of funds continues to improve, decreasing by 100 basis points year over year, outperforming the system's average decrease by 40 basis points. This improvement is primarily due to faster repricing and a better funding mix, supported by synergies with Izipay and the proactive management of low-cost funding which enable us to increase low-cost deposits by 16% year over year.

三是資金成本持續改善，較去年同期下降100個基點，高於系統平均降幅40個基點。這項改善主要歸功於更快的重新定價和更好的資金組合，加上與 Izipay 的協同效應和對低成本資金的主動管理，使我們能夠將低成本存款同比增長 16%。

Fourth, we have strengthened our commercial and payments ecosystem, generating primary banking relationships that allowed us to increase our market share commercial banking by more than 130 basis points in 2024. Additionally, the share of Izipay's flows to Interbank accounts is currently above 40%. Fifth, we have achieved double-digit growth in individual life and annuities, demonstrating improvement in our insurance core business and maintaining our leadership in annuities.

第四，我們加強了商業和支付生態系統，建立了主要的銀行關係，使我們能夠在 2024 年將商業銀行的市佔率提高 130 個基點以上。此外，Izipay 流入銀行間帳戶的份額目前已超過 40%。第五，個人壽險和年金業務均達到兩位數成長，保險核心業務水準進一步提升，持續維持年金業務領先地位。

And finally, in wealth management, we experienced a record year in asset under management which grew significantly throughout the year. This growth drove the fee income up while also allowed us to gain market share in Interfondos, our mutual fund company.

最後，在財富管理方面，我們的資產管理規模經歷了創紀錄的一年，全年均大幅成長。這種成長推動了費用收入的上升，同時也使我們在共同基金公司 Interfondos 的市佔率有所提升。

Moving on, we will review four sections of our earnings presentation: Sustainable growth, key businesses, digital update, and finally, guidance and takeaways.

接下來，我們將回顧收益報告的四個部分：永續成長、關鍵業務、數位更新，以及最後的指導和要點。

Let us start with the first section which focuses on sustainable growth. On slide 8, the net income of PEN490 million from the quarter is 71% higher than the net income reported last year and 26% higher than the previous quarter. This improvement results in an ROE of 18.2% which is already in line with our midterm ROE goal, as previously mentioned.

讓我們從第一部分開始，專注於永續成長。第 8 頁，本季的淨收入為 4.9 億秘魯索爾，比去年報告的淨收入高出 71%，比上一季高出 26%。這項改善使 ROE 達到 18.2%，這已經符合我們之前提到的中期 ROE 目標。

In banking, net income has almost tripled year-over-year comparisons, primarily due to a lower cost of risk and a slight improvement in margins through a reduction in the cost of funds. This has allowed many income to grow by 2.6 times compared to last year, reaching an ROE of 16% which is more than double that of the previous year. It is important to mention that there is a seasonal effect on banking results due to the high level of activity in December.

銀行業淨收入較上年同期成長了近兩倍，這主要是由於風險成本降低和資金成本降低導致利潤率略有提高。這使得許多收入比去年增長了2.6倍，ROE達到了16%，是去年的兩倍多。值得一提的是，由於 12 月份活動水準高，銀行業績受到季節性影響。

In the insurance business, our core operations remain solid as annuities and life insurance continue to grow. The year-over-year decrease is attributed to the extraordinary results from the investment portfolio in the fourth quarter of 2023.

在保險業務方面，由於年金和人壽保險持續成長，我們的核心業務依然穩固。年比下降的原因是 2023 年第四季投資組合的出色業績。

Finally, in the wealth management business, the positive dynamic with clients continues as assets under management hit record levels once again, driving fee income upward. Additionally, the investment portfolio had an extraordinary performance in the last quarter. Consequently, there is a significant recovery year over year, rebounding 1.9 times and improving ROE to 28.3%.

最後，在財富管理業務中，由於管理資產規模再次創下歷史新高，推動費用收入上升，客戶的積極態勢持續增強。此外，該投資組合在上個季度表現出色。因此，與去年同期相比出現了顯著的復甦，反彈了 1.9 倍，ROE 提高了 28.3%。

On slide 9, we aim to highlight the consistent improvement in quarterly earnings at the banking segment which represents around 70% of IFS results. Firstly, the cost of risk exhibited a positive trend throughout the year, falling below our 3% appetite for the fourth quarter of 2024. This improvement followed the rise in provisions in 2023 within the consumer portfolio which was due to the deterioration in the payment capabilities of retail clients amid sustained high inflation, low economic growth, and various disruptions caused by weather and political factors in 2023.

在投影片 9 上，我們旨在強調銀行部門季度收益的持續改善，這佔 IFS 業績的 70% 左右。首先，風險成本全年呈現正面趨勢，低於我們對 2024 年第四季 3% 的預期。這項改善是由於 2023 年消費者組合中的撥備增加，這是由於 2023 年持續的高通膨、低經濟成長以及天氣和政治因素造成的各種混亂導致零售客戶的支付能力下降。

Secondly, better net interest income was achieved through a reduction in the cost of funds which will be elaborated on in subsequent slides. Interbank's ROE reached 16% in the fourth quarter, twofold the same period of a year ago, driven by 1.6 times growth in their income. These results, along with the insurance and wealth management mentioned on the previous slides, positioned IFS on a recovery trend, achieving midterm ROE in the fourth quarter.

其次，透過降低資金成本實現了更好的淨利息收入，這將在後面的幻燈片中詳細說明。同業拆借銀行第四季的淨資產收益率達到16%，是去年同期的兩倍，這得益於其收入成長了1.6倍。這些結果，加上前面幻燈片中提到的保險和財富管理，使 IFS 呈現復甦趨勢，並在第四季度實現了中期 ROE。

On slide 10, we see a recovery in revenues in the last quarter, mainly due to an important improvement in revenues from Inteligo as fees continue to grow and the investment portfolio had a good quarter. Additionally, an improvement in margins at Interbank on a year-over-year basis is driven by a reduction in the cost of funds. Finally, we see good performance of core business at Interseguro with a better return on the investment portfolio in the last quarter.

在投影片 10 上，我們看到上個季度的營收有所回升，這主要歸功於 Inteligo 的收入顯著改善，因為費用持續成長，且投資組合本季表現良好。此外，銀行間利潤率年增是由於資金成本的降低。最後，我們看到 Interseguro 的核心業務表現良好，上個季度的投資組合報酬率更高。

Finally, in this section of slide 11, we wanted to highlight that the efficiency remains a top priority for us. There is a 5% increase in total expenses at IFS level versus the previous year, driven by the 5% increase from the banking segment mainly due to variable costs. The cost-to-income ratios are still within the expected levels at 37% for IFS and 39% for Interbank for the full year which is best practice in (inaudible).

最後，在第 11 張投影片的這一部分，我們想要強調的是，效率仍然是我們的首要任務。與前一年相比，IFS 層面的總支出增加了 5%，這主要是由於銀行部門支出增加了 5%，這主要是由於變動成本所致。成本收入比仍在預期水準之內，全年 IFS 為 37%，Interbank 為 39%，這是最佳實踐（聽不清楚）。

Now let's move on to show you more details on the performance of our three key businesses. On slide 13, we wanted to show you the evolution of our loan portfolio. As we observe, a full-year loan growth of 6.5% in a context where the overall market has grown a little bit below 2%. On one side, the commercial book had an important growth this year. With 17% growth year over year, it has gained relevance in the mix, passing from 44% to 48%.

現在我們繼續向您展示我們三大重點業務的業績詳情。在投影片 13 上，我們想向您展示我們的貸款組合的演變。我們觀察到，在整體市場成長率略低於2%的情況下，全年貸款成長率達到6.5%。一方面，商業圖書今年取得了重要成長。隨著年增 17%，其在組合中的相關性不斷提升，從 44% 上升至 48%。

During the year, we have leveraged on the Impulso MyPeru Program which allowed us to grow in SME and mid-sized companies with government guarantees. Moreover, sales finance remains one of our key products with market share growing from 17.7%, just 12 months ago, to more than 19% ranking second in the market. Therefore, the commercial banking portfolio has outperformed the system as mid-sized companies gain over 80 basis points in market share, now consolidating a third in the market, boosting our commercial banking market share by 130 basis points to 10.9% which is our all-time high.

今年，我們利用了 Impulso MyPeru 計劃，該計劃使我們在政府擔保下在中小型企業中實現了成長。此外，銷售融資仍然是我們的主要產品之一，其市場份額從僅僅12個月前的17.7%增長至19%以上，排名市場第二。因此，商業銀行投資組合的表現優於系統，因為中型公司獲得了超過 80 個基點的市場份額，現在鞏固了市場三分之一的地位，使我們的商業銀行市場份額提高了 130 個基點，達到 10.9%，這是我們的歷史最高水平。

On the other side, we see two separate trends in the retail loans. First, we experienced significant growth in mortgages and payroll deductible loans with over 7% year-over-year growth each. In the second half of the year, we had a boost in our mortgage loans, gaining 40 basis points market share over the past year. Second, the fourth quarter was an inflection point for consumer loans. The regulation in consumption and the increase in cash loans disbursement have driven a recovery in the retail segment with a slight increase of 0.4% in the portfolio in the last quarter. Still, with a conservative approach to growth, the enhancement of our internal models including customer-centricity mission, helps us generate a more comprehensive value proposition for our clients, allowing us to grow in a healthy manner.

另一方面，我們看到零售貸款有兩種不同的趨勢。首先，我們的抵押貸款和工資扣除貸款大幅成長，年增率均超過7%。下半年，我們的抵押貸款業務有所成長，市佔率比去年增加了 40 個基點。第二，第四季是消費貸款的轉捩點。消費調控和現金貸款發放增加推動了零售業的復甦，上個季度零售業投資組合小幅成長了 0.4%。儘管如此，透過採取保守的成長方式，我們內部模式的加強（包括以客戶為中心的使命）有助於我們為客戶創造更全面的價值主張，從而讓我們以健康的方式成長。

On slide 14, risk-adjusted NIM had a gradual increase during the year with a full-year improvement of 40 basis points and 160 basis points from the bottom by the end of last year. This trend is in line with the reduction in cost of risk. Meanwhile, there was an impact on yields due to the shift of the loan book mix. Consumer loans, which include credit cards and personal loans, decreased from 22% to 18% year over year. Quickly, we see lower yield of loans of 70 basis points in the annual comparison, reaching 10.5% for the full year 2024. However, we have been proactive in managing our investment portfolio to offset this effect, taking advantage of market opportunities to generate additional markets.

在投影片 14 中，風險調整後的 NIM 在年內逐步增加，全年改善了 40 個基點，較去年底的底部提高了 160 個基點。這一趨勢與風險成本的降低相一致。同時，貸款組合的變動也對收益率產生了影響。消費貸款（包括信用卡和個人貸款）較去年同期從 22% 下降到 18%。很快，我們發現年度貸款收益率下降了 70 個基點，2024 年全年達到 10.5%。然而，我們積極管理我們的投資組合以抵消這種影響，並利用市場機會開拓更多市場。

On slide 15, we wanted to point out that the cost of risk and NPLs are already below risk appetite at 2.6% and 2.5%, respectively. Both indicators have followed a downward trend as anticipated given the improvement in the economic indicators and to some extent, the liquidity events from the second quarter. The improved micro environment is slowly starting to enhance people's purchasing power and increase the disposable income, leading to better payment behavior from customers.

在第 15 張投影片上，我們想指出風險和不良貸款成本已經低於風險偏好，分別為 2.6% 和 2.5%。由於第二季經濟指標的改善以及一定程度上的流動性事件，這兩項指標均呈下降趨勢，這是意料之中的。微觀環境的改善正慢慢開始提升人們的購買力，增加可支配收入，進而改善消費者的支付行為。

Now let's walk through some additional insights. First, we have increased our exposure to commercial banking, moving from 44% in 2023 to 48% of Interbank's portfolio as of the end of 2024. This segment has performed well during the year as approximately 13% of the commercial portfolio is backed by guarantees from the Impulso MyPeru Program which generated growth at a lower cost of risk. For the following year, we expect to continue growing in this segment still with a conservative approach.

現在讓我們來了解一些額外的見解。首先，我們增加了對商業銀行的曝險，從 2023 年的 44% 增加到 2024 年底的銀行間投資組合的 48%。該部門在今年表現良好，因為約有 13% 的商業投資組合由 Impulso MyPeru 計劃的擔保支持，從而以較低的風險成本實現了增長。在接下來的一年裡，我們預計仍將以保守的方式繼續在該領域實現成長。

Second, during this year, we have actually been growing on lower risk products, shift in the mix of our retail portfolio. Credit cards and personal loans have decreased, now representing 18% of the total loan book. Although in the fourth quarter, we have seen a slight improvement. Meanwhile, low-cost products, such as stable deductible loans to the public sector employees and mortgages, have remained stable at 12% and 22%, respectively. This shift has allowed the cost of risk from retail to reduce around 340 basis points from its peak a year ago, down to below our internal appetite levels. It has also impacted on the NPL coverage ratio for retail, resulting in a lower coverage ratio when compared to a year ago, an effect which is purely due to the mix of the portfolio and not (inaudible) in each specific retail product, as consumer products continue to have over 200% coverage.

第二，今年我們實際上一直在增加低風險產品，並改變我們的零售投資組合。信用卡和個人貸款有所減少，目前佔總貸款的18％。儘管到了第四季度，我們看到了略微的改善。同時，面向公共部門員工的穩定抵扣貸款和抵押貸款等低成本產品分別保持穩定在 12% 和 22% 的水平。這一轉變使得零售風險成本較一年前的高峰下降了約 340 個基點，降至低於我們的內部偏好水準。這也影響了零售業的不良貸款覆蓋率，導致覆蓋率與一年前相比有所下降，這種影響純粹是由於投資組合的組合，而不是（聽不清楚）每個特定的零售產品，因為消費品的覆蓋率仍然超過200％。

Finally, we are taking advantage of our analytic capabilities, enhancing our strategy in origination and risk management, aiming to promote growth in a healthy manner. Consequently, the right allocation of loans will result in a cost of risk within our risk capital.

最後，我們利用我們的分析能力，加強我們的發起和風險管理策略，旨在以健康的方式促進成長。因此，正確的貸款分配將導致我們的風險資本中的風險成本。

On slide 16, we had a positive year in terms of the cost of funds as the downward trade was constant throughout the year. This was due to: First, lower market rates as the short duration of interest-bearing deposits allows for faster reprising especially in local currency deposits. Second, due to a better funding mix as the efficient funding or low-cost funding has gained relevance, improving from 33% in 2023 to 36% in 2024. Deposits have become a more relevant part of our funding structure, increasing from 78% to 81% in the last 12 months. As a result, our cost of funds improved by 100 basis points on a year-over-year basis and 40 basis points in the full-year comparison.

在投影片 16 上，從資金成本來看，我們度過了積極的一年，因為全年的交易都在持續下降。原因在於：首先，由於計息存款期限較短，市場利率較低，可以實現更快的再融資速度，尤其是本幣存款。其次，由於資金組合改善，高效率融資或低成本融資變得越來越重要，從 2023 年的 33% 提高到 2024 年的 36%。存款已成為我們融資結構中更重要的一部分，在過去 12 個月中從 78% 增加到 81%。結果，我們的資金成本較上年同期改善了 100 個基點，較全年同期改善了 40 個基點。

The emphasis on low-cost funding and the synergies with Izipay has shown results as we continue to grow deposits faster than our competitors, reaching an annual growth rate of 11.2% compared to 10.8% of the banking system. Additionally, we have been working to enhance our value proposition to clients, aiming to increase primary banking relationships which has positively impacted our deposits. Our market share in retail deposits has consistently grown over the past few years to 14.6% as of December 2024, positioning Interbank as the third largest bank in retail deposits and also in total deposits. Finally, our loan-to-deposit ratio of 96% is in line with the industry's average.

對低成本融資的重視以及與 Izipay 的協同作用已取得成效，我們的存款成長速度繼續快於競爭對手，年增長率達到 11.2%，而銀行系統的年增長率為 10.8%。此外，我們一直致力於提升對客戶的價值主張，旨在增加對我們的存款產生正面影響的主要銀行關係。過去幾年，我們在零售存款領域的市佔率持續成長，截至 2024 年 12 月已達到 14.6%，使 Interbank 成為零售存款和總存款領域的第三大銀行。最後，我們的貸存比為96%，與產業平均一致。

On slide 17, we wanted to take a closer look at the efficient funding strategy of Interbank which primarily focuses on capturing savings deposits and current accounts with low interest rates. To achieve this, we have implemented various initiatives aimed at enhancing the value-added services provided to clients. For example, the synergies with Izipay have enabled us to offer a more comprehensive service to our clients, thereby increasing the flow that Interbank receives from Izipay and generating rise in transactional deposits. Additionally, the growth of new clients through the Impulso MyPeru Program has also positively impacted mids-ized and small companies. All this contributes to a 15% increase in commercial low-cost funding year over year.

在第 17 張投影片上，我們想仔細研究 Interbank 的有效融資策略，該策略主要側重於獲取低利率的儲蓄存款和活期帳戶。為了實現這一目標，我們實施了各種舉措，旨在增強為客戶提供的增值服務。例如，與 Izipay 的協同作用使我們能夠為客戶提供更全面的服務，從而增加了 Interbank 從 Izipay 收到的流量並增加了交易存款。此外，透過 Impulso MyPeru 計畫增加的新客戶也對中型和小型公司產生了積極影響。所有這些使得商業低成本融資年增15%。

Retail low-cost funding has also seen an 11% increase year over year, driven by several strategies. Firstly, we capture 20% of the private pension funds withdrawals, successfully retaining 13% of these balances by year end. Secondly, we are working on providing additional benefits to clients who have anchor problems such as payroll accounts. And finally, we are continuously enhancing the customer experience to foster primary banking relationships. As a result, we achieved a 16% year-over-year increase and a 12% compound annual growth rate from 2016 in our low-cost funding, raising its share of funding from 28% in 2019 to 36% in 2024.

在多種策略的推動下，零售低成本融資也較去年同期成長了 11%。首先，我們捕獲了20%的私人退休基金提款，並在年底前成功保留了13%的餘額。其次，我們正在致力於為存在薪資帳戶等主要問題的客戶提供額外福利。最後，我們不斷提升客戶體驗，以促進主要銀行關係。結果，我們的低成本融資實現了同比增長16%，自2016年以來複合年增長率為12%，其融資份額從2019年的28%提高到2024年的36%。

Now moving to insurance on slide 18. On a yearly basis, we see an increase in the contractual service margin of 18% and that was mostly driven by individual life annuities, partially offset by credit life due to a cleanup in the database. In the fourth quarter, we observed growth in individual life and annuities reserves of 28% and 22%, respectively, driven by the generation of new business which surfaces the monthly amortization of the CSM. The results from investments increased in the last quarter of the year to 6.1%, mainly due to better real estate valuation. On the other hand, the year-over-year reduction is mainly explained by the extraordinary gains of the fourth quarter of 2023.

現在轉到第 18 張投影片上的保險。從年度來看，我們看到合約服務利潤率增加了 18%，這主要得益於個人壽險年金的增長，但由於資料庫清理導致的信用壽險則部分抵消了這一增長。在第四季度，我們觀察到個人壽險和年金儲備分別增加了 28% 和 22%，這得益於新業務的產生，這反映了合約服務成本的每月攤銷。今年最後一個季度，投資業績成長至 6.1%，主要原因是房地產估值改善。另一方面，年減主要由於 2023 年第四季的非經常性收益。

Finally, in wealth management, we continue to see growth in assets under management with a yearly growth of 17% and a quarterly growth of 2%, reaching again a historical maximum of $7.3 billion which have led to the recoveries in fee income.

最後，在財富管理方面，我們看到管理資產持續成長，年增 17%，季度成長 2%，再次達到 73 億美元的歷史最高水平，這帶動了費用收入的回升。

Interfondos' current important year as the digital developments with ERNI have allowed us to grow more than 45% in the last year, outperforming our peers, hence gaining market share which is now at 16.5%. Additionally, market volatility and clients' interests in shifting from time deposits to market positions has also driven the recovery of fee income. Overall, fee income showed 28% year-over-year growth and 17% full-year growth.

今年是 Interfondos 的重要一年，與 ERNI 合作的數位化發展使我們在去年實現了超過 45% 的成長，超越了我們的同行，從而獲得了目前 16.5% 的市場份額。此外，市場波動以及客戶從定期存款轉向市場部位的興趣也推動了費用收入的回升。整體而言，費用收入較去年同期成長28%，全年成長17%。

Now let's move on to the digital update. On slide 21, we have a full-scale digital platform with world-class and scalable digital propositions, continuously developing solutions to meet our clients' needs. For instance, our clients can open fully digital accounts and utilize the piggy bank features for savings. They can also use Izipay and Plin for payments and have the flexibility within the app to adjust their credit card limits, complementing the physical and e-commerce business offerings with (inaudible).

現在讓我們繼續進行數位更新。在第 21 張投影片上，我們擁有一個全面的數位平台，該平台具有世界一流且可擴展的數位主張，不斷開發解決方案以滿足客戶的需求。例如，我們的客戶可以開設完全數位帳戶，並利用存錢筒功能進行儲蓄。他們還可以使用 Izipay 和 Plin 付款，並可以在應用程式內靈活調整信用卡限額，從而補充實體和電子商務業務產品（聽不清楚）。

In terms of insurance, our offering is diverse, including travel insurance, digital SOAT, life insurance, Rumbo, and credit card insurance, among others. For investments, ERNI enables our clients to onboard and subscribe to mutual funds entirely digitally. Finally, our clients have access to the Shopstar marketplace and various loyalty products.

在保險方面，我們提供的產品多種多樣，包括旅遊保險、數位 SOAT、人壽保險、Rumbo 和信用卡保險等。對於投資，ERNI 使我們的客戶能夠完全以數位方式加入和認購共同基金。最後，我們的客戶可以訪問 Shopstar 市場和各種忠誠度產品。

On slide 22, we continue to highlight the positive trends in our digital indicators compared to the previous year. Interbank's digital experience is defined as everything you need in a single app. We have made significant progress in our journey towards becoming more digital, developing necessary capabilities to meet our customers' needs, and providing them with the best experience. As a result, we have seen substantial growth in both retail and commercial digital customers, increasing from 75% to 82% and from 69% to 73%, respectively.

在投影片 22 上，我們繼續強調與前一年相比我們的數位指標的正面趨勢。Interbank 的數位體驗定義為您在單一應用程式中所需的一切。我們在數位轉型、開發必要能力以滿足客戶需求以及為他們提供最佳體驗的旅程中取得了重大進展。結果，我們看到零售和商業數位客戶都大幅成長，分別從 75% 增加到 82% 和從 69% 增加到 73%。

In the case of retail, the number of digital customers has increased by 17%. The digital self-service (inaudible) 80% (inaudible) on communication actions which focus on educating customers about new self-service functionalities through the app and our virtual assistant. Finally, during the last quarter, we experienced a negative impact on our NPS in the yearly analysis due to a one-time issue with app functionalities. However, we have already seen a recovery during January as our internal estimate is to be above 60 points in NPS.

就零售業而言，數位客戶數量增加了 17%。數位自助服務（聽不清楚）80%（聽不清楚）用於溝通活動，重點是透過應用程式和我們的虛擬助理向客戶介紹新的自助服務功能。最後，上個季度，由於應用程式功能的一次性問題，我們的 NPS 在年度分析中受到了負面影響。然而，我們已經看到 1 月的復甦，因為我們的內部估計 NPS 將超過 60 點。

As part of our digital value-added proposition on slide 23, we believe we are creating significant value in primary banking relationship through Plin. Plin serves as an accelerator evidenced by the fact that 60% of the average monthly transactions of customers that use Interbank as their primary bank are explained by transactions sent and received with Plin. We have been implementing commercial action scopes on increasing usage and transactions through various campaigns which have resulted in accelerated growth for Plin. The number of transactions increased 2.3 times in the full-year comparison, with active users increasing by more than 22% and the average number of transactions per user rising by 37%. At Interbank, the proportion of primary banking clients increased to approximately 34% of all retail clients in 2024. These clients have 1.6 times more products, 1.4 times more deposits, 97% less churn, and 3 times higher NPS.

作為第 23 張投影片上數位增值主張的一部分，我們相信我們正在透過 Plin 在主要銀行關係中創造重要價值。Plin 發揮加速器的作用，事實是，使用 Interbank 作為主要銀行的客戶的平均每月交易中有 60% 是透過 Plin 發送和接收的交易來解釋的。我們一直透過各種活動實施商業行動範圍來增加使用量和交易量，加速了 Plin 的成長。交易筆數年增2.3倍，活躍用戶數成長超過22%，每位用戶平均交易筆數成長37%。在銀行間，主要銀行客戶的比例到 2024 年將增加到所有零售客戶的約 34%。這些客戶的產品數量增加了 1.6 倍，存款增加了 1.4 倍，客戶流失率減少了 97%，NPS 提高了 3 倍。

We have continued working to generate further synergies as we encourage the growth of our payment ecosystem, focusing on increasing transactional volumes, offering merchants value-added services, and using Izipay as a distribution network for Interbank products as well as a source to increase growth. As such, the Interbank share of Izipay flows is about 40%. The results are evident as we follow four key figures: Around 30% yearly increase in Izipay cash flow coming to Interbank accounts and 39% increase in flow from merchants, 2.7 times yearly increase in transactional volumes, and 63% growth in flow from micro merchants thanks to IzipayYA.

我們一直致力於創造進一步的協同效應，鼓勵我們的支付生態系統發展，專注於增加交易量，為商家提供增值服務，並使用 Izipay 作為銀行間產品的分銷網絡以及增加增長的源泉。因此，Izipay 流量的銀行間份額約為 40%。從四個關鍵數據來看，結果顯而易見：Izipay 流入銀行間帳戶的現金流量每年增加約 30%，來自商家的現金流量增加 39%，交易量每年增加 2.7 倍，得益於 IzipayYA，來自微型商家的現金流增加 63%。

Finally in this section on slide 25, insurance and wealth management digital indicators show positive developments as well as digital (inaudible) increase in insurance. During this year, we have focused on enhancing the digital experience for our clients and expanding our distribution network to new digital channels like WhatsApp. The development of internal capabilities has allowed us to increase digital self-service to 69%, from 59% of the previous year. Similarly, SOAT digital sales have reached 85%.

最後，在本節第 25 張投影片中，保險和財富管理數字指標顯示出正面的發展以及保險的數字（聽不清楚）成長。今年，我們致力於提升客戶的數位體驗，並將我們的分銷網絡擴展到 WhatsApp 等新的數位管道。內部能力的發展使我們的數位自助服務從前一年的 59% 提高到了 69%。同樣，SOAT 數位銷量也達到了 85%。

Moreover, digital life premiums experienced an important growth, although slowly gaining relevance, reaching 15%. In wealth management, Interfondos digital transactions reached 53% and early users now account for 27% of total Interfondos customers. To achieve these results, we have focused and will continue to work on enhancing communication and sales through digital channels and on development of products with special characteristics tailored for digital clients. And as mentioned before, results of the digital strategy are reflected also in higher assets under management and higher fees.

此外，數位人壽保險費經歷了重要增長，儘管增長速度較慢，但達到了 15%。在財富管理方面，Interfondos 數位交易達到 53%，早期用戶目前佔 Interfondos 總客戶的 27%。為了實現這些成果，我們集中精力並將繼續致力於透過數位管道加強溝通和銷售，並開發針對數位客戶量身定制的特殊產品。如同先前所提到的，數位化策略的成果也體現在更高的管理資產和更高的費用上。

Now let me move to the final part of the presentation where we will provide some takeaways and the guidance for 2025.

現在，讓我進入演講的最後部分，我們將提供一些要點和 2025 年的指導。

On slide 27, let me give you the guidance for this year. The first point is on capital. Capital ratios should remain at some levels with a total capital ratio above 15% and the core equity Tier 1 ratio above 11%. Our guidance for 2025 ROE is to be around 16%, expecting a significant improvement compared to the full-year 2024 of 12.6% and closer to the 18% midterm target by the end of the year. Although the ROE for the last quarter of 2024 was above 18%, this was due to some positive impact from the regular seasonality of banking results and the good performance of the Inteligo investment portfolio which we don't expect to be repeated in each quarter.

在第 27 張投影片上，讓我為您提供今年的指導。第一點是關於資本。資本適足率應維持在一定水平，總資本適足率應維持在15%以上，核心一級資本適足率應維持在11%以上。我們對 2025 年 ROE 的預期是 16% 左右，預計與 2024 年全年的 12.6% 相比有顯著改善，到年底將更接近 18% 的中期目標。儘管 2024 年最後一個季度的 ROE 超過 18%，但這是由於銀行業績的季節性和 ​​Inteligo 投資組合的良好表現帶來的一些積極影響，我們預計這種表現不會在每個季度都重複。

For loan growth, we expect a high single-digit growth surpassing 2024's growth driven by a commercial banking and the recovery of the consumer portfolio. We expect this to be above system average growth as to continue gaining market share in key businesses. In that line, we expect a slight recovery of NIM for Interbank to be above 5.4% as the cost of funds continue to improve due to a better funding mix and the yield of loans recovery in line with the consumer portfolio growth.

對於貸款成長，我們預計在商業銀行和消費者組合復甦的推動下，貸款將實現高個位數成長，超過 2024 年的成長。我們預計這將高於系統平均成長率，以繼續在關鍵業務中獲得市場份額。在這一方面，我們預期銀行間淨利差將小幅回升至 5.4% 以上，因為資金成本因更好的融資組合而繼續改善，且貸款收益率與消費者投資組合的成長保持一致。

Cost of risk for banking is expected to remain sound at around 3%, below the 3.6% of full-year 2024, and in line with our midterm cut. We continue to focus on efficiency at IFS as we expect a cost-to-income ratio of around 37% driven by the improvement in the top line income.

預計銀行風險成本將維持在 3% 左右的穩健水平，低於 2024 年全年的 3.6%，與我們的中期降幅一致。我們繼續關注 IFS 的效率，因為我們預計成本收入比將在 37% 左右，這得益於營業收入的提高。

Let me finalize the presentation with some key takeaways. First, strong recovery of earnings and profitability for IFS. Second, low cost of risk at the banking segment. Third, better funding mix and cost of funds. Fourth, we have strengthened our commercial and payments ecosystem. Fifth, double-digit growth in individual, life, and annuities. And sixth, a strong increase in assets under management in wealth management, gaining market share in Intercorp.

讓我用一些關鍵要點來結束本次演講。首先，IFS 的獲利和獲利能力強勁復甦。二是銀行業風險成本低。三是優化資金結構，提高資金成本。第四，我們加強了商業和支付生態系統。第五，個人、壽險、年金險均達到兩位數成長。第六，財富管理資產管理規模強勁成長，在 Intercorp 的市佔率不斷擴大。

Additionally, we would like to provide you with an update of the buyback program that we have. As you are aware, we have a buyback program in place that was approved by the General Shareholders' Meeting in 2023 for up to $100 million amount, of which, we have already purchased approximately $75 million. The Board has currently approved a new buyback program which is subject to being discussed and approved in the next General Shareholders' Meeting.

此外，我們也想向您提供我們回購計畫的最新情況。如您所知，我們已製定回購計劃，該計劃已獲 2023 年股東大會批准，回購金額最高可達 1 億美元，其中我們已經回購了約 7,500 萬美元。董事會目前已批准一項新的回購計劃，需在下次股東大會上討論和批准。

Thank you very much. Now, we welcome any questions you might have.

非常感謝。現在，我們歡迎您提出任何問題。

Thank you. At this time, we will open the floor for your questions. First, we will take the questions from the conference call and then the web chat questions. (Operator Instructions) We will pause momentarily to compile a list of questioners.

謝謝。現在，我們將開始回答大家的提問。首先，我們將回答電話會議中的問題，然後回答網路聊天中的問題。（操作員指示）我們將暫停一會兒，以編制提問者名單。

Ernesto Gabilondo, Bank of America.

美國銀行的埃內斯托·加比隆多 (Ernesto Gabilondo)。

Thank you. Hi. Good morning, Luis Felipe, Michela, Carlos, and good morning to all your team. Congrats on your fourth-quarter results and 2025 guidance. My first question would be in (inaudible). So considering you're expecting higher loan growth in '25, how should we think about fee income growth? Would it also be supported by Izipay, Inteligo's funds, cash management? How much of your fees or total revenues are coming from digital channels? And I don't know if you have like an interim target or how much digital revenues will represent of total revenues? So that's for my first one.

謝謝。你好。早安，路易斯費利佩 (Luis Felipe)、米歇拉 (Michela)、卡洛斯 (Carlos)，以及你們團隊的所有人早安。恭喜您第四季的業績和 2025 年的指引。我的第一個問題是（聽不清楚）。那麼考慮到您預計25年貸款成長率會更高，我們該如何看待費用收入成長？它是否也會得到 Izipay、Inteligo 的資金和現金管理的支持？您收取的費用或總收入中有多少來自數位管道？我不知道您是否有一個中期目標或數位收入在總收入中佔多少？這是我的第一個。

My second one would be on the wealth management business. As you pointed out, we continue to see a recovery in this business. So just wondering what would be the variables that we should monitor to see this further in '25? I don't know, the inflation rates, anything that you can provide us some color will be very helpful. And the last question is on your effective tax rate. We saw it was kind of low in '24 when compared to historical levels. So what should be the level we should expect in '25 and in the next years? Thank you.

我的第二個想法是關於財富管理業務。正如您所指出的，我們看到該業務持續復甦。所以只是想知道我們應該監控哪些變數才能在 25 年進一步了解這一點？我不知道通貨膨脹率，如果您能為我們提供一些資訊將會非常有幫助。最後一個問題是關於您的有效稅率。我們發現，與歷史水準相比，24 年的水準有點低。那麼，我們對 25 年及未來幾年的預期水準應該是多少呢？謝謝。

Okay. Thank you, Ernesto, for your kind words. We are also very happy with the recovery and performance in the 4Q. We expect to continue consolidating this trend in the coming year. I'm going to go on the number one. I'm going to hand over to Michela. After that, we can go to Bruno, please, for the wealth management business. And maybe Michela can touch upon the number one and three questions.

好的。謝謝你，埃內斯托，謝謝你的善意言辭。我們對第四季的復甦和表現也感到非常滿意。我們預計來年將繼續鞏固這一趨勢。我要去第一名。我要把麥克風交給米歇拉。之後，我們可以去找布魯諾處理財富管理業務。也許米歇拉可以談談第一點和第三個問題。

Good morning, Ernesto. First of all, talking about fees, we are expecting fees to grow at, I mean, between high single digits and maybe low double digits. And this is mainly due to the composition of our fees. As you have seen, when you see IFS as a whole, fees have been growing nicely in some of the business segments like for example, Inteligo. And they have also been growing nicely in commercial bank. The portion of fees that was impacted during 2024 was the one related to the consumer loan book, so credit and debit cards.

早安，埃內斯托。首先，談到費用，我們預計費用將以高個位數到低兩位數的速度成長。這主要歸功於我們的費用組成。正如您所看到的，當您從整體上看 IFS 時，您會發現某些業務部門（例如 Inteligo）的費用一直在穩步增長。而且它們在商業銀行領域也發展得很好。2024 年受影響的費用部分與消費者貸款帳簿有關，因此包括信用卡和金融卡。

Given that now we are expecting a recovery of that business, we are expecting that fees to be the one that impacts positively and makes us grow faster than what you have seen during 2024. You talked about digital fees, I guess, for us, it is difficult to split it because most of the fees that we have today are coming from digital because of the higher incidence of the digital plays, as you have seen. With the 80% retail clients and 70% commercial clients.

鑑於我們現在預計該業務將會復甦，我們預計費用將產生正面影響，並使我們的成長速度比 2024 年更快。您談到了數字費用，我想，對於我們來說，很難分攤它，因為正如您所見，由於數位劇的發生率較高，我們今天的大部分費用都來自數位劇。其中80％為零售客戶，70％為商業客戶。

And as for the tax rate is concerned, I mean, tax rate actually varies a little bit depending on the weight of two things. The weight of bank versus insurance versus wealth management. That is one of the factors that impacts the tax rate of higher risk. But the second one that has impacted specifically the tax rate of the bank is the mix between the, let's say, the portion of the earnings or the income of the bank that comes from tax exempted instruments. Okay? So basically, especially at the beginning of the year, the tax rate for Interbank was particularly low because of the mix. And that has been going up to more normalized level as of the fourth quarter. So I guess when you look at the tax rate as a whole, during 2025, you should see a slightly higher tax rate when you put everything together, Ernesto, for IFS as a whole. So with the high risk of the bank as a whole and of the core business in earnings.

至於稅率，我的意思是，稅率實際上會根據兩件事的權重而略有不同。銀行、保險和財富管理的權重。這是影響高風險稅率的因素之一。但對銀行稅率產生具體影響的第二個因素是銀行獲利或收入中來自免稅工具的部分。好的？因此基本上，特別是在年初，由於這種組合，銀行間同業拆借的稅率特別低。自第四季度起，這一水平已上升至更正常的水平。因此，我想，當你從整體上看 2025 年的稅率時，你應該會看到，對於整個 IFS 而言，稅率會略高一些，Ernesto。因此，銀行整體及核心業務的獲利風險都很高。

Yeah. May maybe moving to the wealth management question, Bruno, I don't know if you have a comment there.

是的。也許可以轉到財富管理問題，布魯諾，我不知道你對此是否有評論。

Good morning, Ernesto. In regards to wealth management, we've already seen good growth in fees all 2024. We expect that to continue to be the case during 2025. The first half was a little slower in terms of portfolio returns with a good performance in the second half. So we would expect a normalization on that end. I'm sure you know, but the last, probably 18 months, we're very volatile and a couple of quarters were affecting results. But again, the fourth quarter was very solid and we expect that to normalize during the year.

早安，埃內斯托。在財富管理方面，我們已經看到 2024 年全年費用呈現良好成長。我們預計 2025 年這種情況將持續存在。上半年投資組合報酬率稍慢，下半年表現良好。因此，我們希望這方面能夠正常化。我確信您知道，但在過去大概 18 個月裡，我們的狀況非常不穩定，有幾個季度對業績產生了影響。但第四季的表現非常穩健，我們預計年內將會恢復正常。

Perhaps the one thing that wasn't that great during '24 was NIM. We were expecting rates to fall or Fed rates to come down a little bit faster than we saw last year. But as those rates continue to go down a little bit, we expect NIM to recuperate and do better this year as opposed to last. So I would say continued growth in (inaudible), better NIM, and more stable results in the portfolio should be the explanation for this year's results.

也許 24 年唯一不太順利的事情就是 NIM。我們預計利率將會下降或聯準會利率下降的速度將比去年略快一些。但隨著這些利率繼續小幅下降，我們預計今年的 NIM 將恢復，並且表現將比去年更好。因此，我認為 (聽不清楚) 的持續成長、更好的淨利差和更穩定的投資組合結果應該是今年業績的解釋。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Nicolas Riva, Bank of America.

美國銀行的尼古拉斯·里瓦 (Nicolas Riva)。

Thanks, Michela and Luis Felipe, for the opportunity to ask questions. I have only one question about the Tier 2 bonds of Interbank. So last week, you raised the $350 million with the new 2035 bonds. I wanted to ask about the plan regarding the call option on the 2030 Tier 2s in July. I would assume given the new issue last week that you're going to be calling the 2030s in July. But if you can discuss your thoughts on that, that would be helpful. Thanks.

感謝 Michela 和 Luis Felipe 給予我們提問的機會。我只有一個問題，關於銀行間二級債券。因此，上週您透過新的 2035 年債券籌集了 3.5 億美元。我想詢問有關 7 月份 2030 Tier 2 看漲期權的計劃。根據上週的新問題，我推測您將在 7 月迎來 2030 年代。但如果你能討論一下你的想法，那將會很有幫助。謝謝。

Yeah. Thanks, Nicolas. That is very simple. We're planning to execute that goal. That's the reason of the use of proceeds of the issues we did. So you're right.

是的。謝謝，尼古拉斯。這很簡單。我們正計劃實現這一目標。這就是我們所做發行所得收益用途的原因。所以你是對的。

Thanks, sir.

謝謝，先生。

Thank you.

謝謝。

Yuri Fernandes, JPMorgan.

摩根大通的尤里費南德斯。

Hey guys. Thank you. Good morning and congrats also for the 18% ROE. I have a question actually on these on your guidance for ROEs on the 60%. I understand the cost of risk was very low this quarter and you also have the Inteligo help on high ROE. But 16% for next year, it's not embedding a lot of recovery, right? Like, I know versus the full year, yes, it's a recovery. But versus the pace we are seeing on the first Q. So I'm trying to understand it for being a little bit more conservative. If it is the tax rate going up a little bit? Is it just the cost of risk in the first Q, that is not a good and safe point and should converge the 3% of your guidance? Just trying to understand because not saying 16% is not bad. But I know your goal at some point was to return to 18%. And I don't know, I just would like to understand a little bit (inaudible) towards like a higher (inaudible) ROE.Thank you.

嘿，大家好。謝謝。早安，同時恭喜 ROE 達到 18%。實際上，我對您對 60% ROE 的指導有疑問。據我所知，本季度的風險成本非常低，而且 Inteligo 也幫助實現了較高的 ROE。但明年的 16% 的成長率，並沒有帶來很大的復甦，對嗎？就像，我知道與全年相比，是的，這是一個復甦。但與我們在第一季看到的速度相比，我試圖理解它有點更保守。如果稅率稍微調高一點呢？這只是第一季的風險成本，這不是一個好的安全點，應該收斂到您指導的 3% 嗎？只是想了解一下，因為沒有說 16% 還不錯。但我知道你的目標是回到 18%。我不知道，我只是想稍微了解一下（聽不清楚）如何實現更高的（聽不清楚） ROE。

Yeah. Okay. Thanks very much. That's a very good question. Actually, we're very happy with the results of this quarter, obviously. And as you know, there's some seasonality in the results of IFS, especially at Interbank. It usually wraps up the last quarter, especially December, normally the highest point of the year in terms of returns. And as you mentioned, Inteligo had very strong investment results. I think they booked like 28% ROE. We're targeting more like 20% is our sustainable in terms of where we are looking at. So if you do those types of adjustments, you'll get to lower numbers than the 18% that we specifically booked on the specific quarter.

是的。好的。非常感謝。這是一個非常好的問題。實際上，我們顯然對本季的業績非常滿意。如您所知，IFS 的業績具有一定的季節性，尤其是在銀行間。它通常在最後一個季度結束，尤其是 12 月，一般來說是一年中回報的最高點。正如您所說，Inteligo 的投資表現非常強勁。我認為他們的 ROE 達到了 28%。就我們所關注的而言，我們的目標是可持續的 20%。因此，如果您進行這些類型的調整，您將獲得低於我們在特定季度特別預定的 18% 的數字。

However, we all need to understand we are rebuilding the consumer group. If that happens faster in a more efficient way in terms of cost of risk, depending on the performance of the economy, probably, we have some upshot risk potential in terms of the numbers that we have guided. It's not that we are being extremely conservative. I think we are being cautious because there are some unknowns around next year. But obviously, we'll be trying to get on to each opportunity that comes up. So the combination of the seasonality, the way that we're going to ramp up the recovery, and the strong results from investments are the ones that explain a little bit why we are still getting a little bit below that.

然而，我們都需要明白，我們正在重建消費者群體。如果從風險成本角度來看，這個過程能夠以更快、更有效的方式實現，那麼根據經濟的表現，從我們所指導的數字來看，我們可能會面臨一些潛在的風險。這並不是說我們過於保守。我認為我們之所以要謹慎，是因為明年還存在一些未知數。但顯然，我們會盡力抓住出現的每一個機會。因此，季節性因素、我們加速復甦的方式以及投資的強勁業績可以在一定程度上解釋為什麼我們的收入仍略低於這一水平。

What we do see is that the last -- probably, the last part of the year, we will be at those 18% levels. However, the question mark will be how we build into the first half of next year.

我們確實看到，最後——很可能是今年最後半年，我們將達到 18% 的水平。然而，問題在於我們如何實現明年上半年的業績。

Got it. So 18% still the target maybe for the first half of next year. Is that correct understanding?

知道了。因此 18% 可能仍是明年上半年的目標。這種理解正確嗎？

Yes. So it's going to be lower in the first half and then building up in the second half.

是的。因此，上半年將會較低，下半年將會上升。

Super clear. Can you also provide some guidance on the ROE of the subsidiaries, the 20% on Inteligo, like as a more normalized, is a good guidance. Can you say on the insurance and the bank division? How the (inaudible) ROE on those units also?

非常清晰。您能否對子公司的 ROE 提供一些指導，Inteligo 的 20% 作為一個更規範的指導，是一個很好的指導。您能談談保險和銀行部門的情況嗎？這些單位的 ROE 又如何呢？

Yeah. We're talking about medium term targets and maybe I can pass it on to Michela for specific. We don't go that detail, I think, on guidance. Okay? But our medium targets for ROE, again, is for IFS as a whole, 18%. And that will be built up by 20% and 24% Inteligo and Interseguro. And 18% Interbank. But I think we're still (inaudible) going in like year-by-year detail. It's just the overall number that you should focus on.

是的。我們正在討論中期目標，也許我可以將具體目標轉達給 Michela。我認為，我們不會詳細地提供指導。好的？但我們對 ROE 的中期目標，對於整個 IFS 來說，是 18%。其中，Inteligo 和 Interseguro 將分別貢獻 20% 和 24% 的份額。以及18%的銀行間利率。但我認為我們仍然（聽不清楚）在逐年進行詳細討論。您應該關注的只是總體數字。

No, no, no. Super clear. Yeah, I understand. And just a second topic here, just (inaudible) growth. It's pretty good high single digits. But I'd like to understand, how do you see the competition? You should see other players also like, I don't know, with this mision to grow high single digits or basically, IFS getting market share, like trying to understand the competitive book. Thank you.

不，不，不。非常清晰。是的，我明白。這裡的第二個話題是（聽不清楚）成長。這是相當不錯的高個位數。但我想了解，您如何看待競爭？您應該看到其他參與者也一樣，我不知道，他們的使命是成長高個位數，或者基本上是 IFS 獲得市場份額，例如試圖了解競爭對手的書。謝謝。

Yeah. Obviously, a competitive landscape, we feel it's very strong brew. I think we've proven year in, year out, we've built a franchise that can gain, (inaudible) able to gain, scratch market share from competitors or an idea in a system that does not grow that aggressively is to continue scratching a market share on a reasonable and sustainable way. But that's our aim. Obviously, there are businesses where we have a higher chance of doing that and others where we already have a large footprint. It will be a little bit more difficult. But our aim is to year in, year out, continue to grow market share over our competitors. And this is particularly about banking. So maybe I can pass it on to Carlos, if you want to complement anything on how you particularly are seeing the competitive landscape for banking accounts.

是的。顯然，在這樣的競爭格局中，我們覺得情況十分嚴峻。我認為，我們年復一年地證明，我們建立了一個能夠獲得、（聽不清楚）能夠獲得、從競爭對手手中奪取市場份額的特許經營權，或者在一個增長不那麼積極的系統中，一個想法就是繼續以合理和可持續的方式奪取市場份額。但這就是我們的目標。顯然，在某些業務上我們更有可能這樣做，而在其他業務上我們已佔有較大的市場份額。這將會稍微困難一些。但我們的目標是年復一年地繼續擴大市場份額，超越我們的競爭對手。這尤其與銀行業有關。因此，如果您想補充有關您如何特別看待銀行帳戶競爭格局的話，也許我可以將其轉達給卡洛斯。

Yeah. Thank you, Luis Felipe. I would say the same thing. I don't know if we would enter and discuss each competitor. But the way we look at this is we're expecting the market to grow probably around -- the system to grow around somewhere between 5% to 7% which is 2 times multiplier our expected GDP. And we've been growing higher than that for the last several years. Possibly, as Luis Felipe mentioned, we aim to recover a bit of the consumer finance book and maybe a little more growth there. We've seen in 2024 we grew more in commercial banking where the system didn't grow. We aim to continue to grow a little bit higher than the system. So yes, we gain market share. That is our aim. It won't be crazy. It will probably be a little above the market, particularly in consumer.

是的。謝謝你，路易斯費利佩。我也會說同樣的話。我不知道我們是否會參加並討論每個競爭對手。但我們看待這個問題的方式是，我們預期市場可能會成長約——系統成長大約在 5% 到 7% 之間，這是我們預期 GDP 的兩倍。過去幾年來，我們的成長速度一直高於這一水平。可能正如路易斯費利佩所提到的那樣，我們的目標是恢復部分消費金融業務，並可能實現更多的成長。我們已經看到，到 2024 年，商業銀行業務在系統未成長的領域實現了更大成長。我們的目標是繼續比系統稍微高一點地成長。所以是的，我們獲得了市場份額。這就是我們的目標。這不會太瘋狂。它可能會略高於市場價格，特別是在消費者方面。

Super clear. Thanks and congrats again on the quarter.

非常清晰。再次感謝並恭喜本季取得的成績。

Thank you.

謝謝。

Alonso Aramburu, BTG.

阿隆索·阿蘭布魯，BTG。

Yes. Hi. Good morning and thank you for the call. Two questions on my end. The first one, a little bit of a follow-up on the previous question. Just trying to reconcile a little bit how you get to a 19% ROE, specifically at Interbank. You had a 16% ROE this quarter with a cost of risk of 2.6%. So if you're saying that your cost of risk is going to be 3%, it seems like something else has to improve materially for the ROE to go to 18%. So I'm just wondering whether that is margins, is there efficiency? I mean, how do you get there?

是的。你好。早安，感謝您的來電。我有兩個問題。第一個問題，稍微延續上一個問題。只是想稍微解釋一下如何實現 19% 的 ROE，特別是在銀行間。本季您的 ROE 為 16%，風險成本為 2.6%。因此，如果您說您的風險成本為 3%，那麼似乎其他方面必須有實質改善才能使 ROE 達到 18%。所以我只是想知道這是否是利潤，是否有效率？我的意思是，你怎麼去那裡？

And then my second question is if you can give us some color on the mark-to-market gains at Inteligo specifically which securities were the ones that had those gains? Thank you.

然後我的第二個問題是，您能否向我們介紹一下 Inteligo 的市價收益，具體來說是哪些證券獲得了這些收益？謝謝。

Okay, Alonso. To your first question, it's basically just seeing how our consumer book has shrunk. So by rebuilding the consumer book and bringing in the yields of the consumer book and more activity, you'll have both the positive impact of higher yielding loans plus more fee income because of activity and a bit of the counter-balance will be that these changing needs will increase cost of risk. But obviously, what we're planning is that the equation has to be positive. That will bring NIM up.

好的，阿隆索。對於你的第一個問題，這基本上只是看到我們的消費者帳本是如何縮水的。因此，透過重建消費者帳簿並帶來消費者帳簿的收益和更多的活動，您既會獲得更高收益的貸款的正面影響，又會因活動而獲得更多的費用收入，而這些變化的需求將會增加風險成本。但顯然，我們計劃的是該方程式必須是正數。這會使 NIM 上升。

Then we have some space improved cost of funds a bit more. I think we are still in the recovery phase of going back to cost of funds where we had some years ago. And focus on efficiency as well. I think there's still some some room. It will be more evidently seen because of the increase in revenues. But still, we plan to continue working efficiencies and cost control. So that equation should bring back ROEs of the bank at levels that we've seen before of around 18%.

那麼我們的資金成本就有一些空間改善了。我認為我們仍然處於恢復階段，資金成本正在回到幾年前的水平。並且注重效率。我認為還有一定的空間。由於收入的增加，這一點將會更加明顯。但我們仍計劃繼續提高工作效率並控製成本。所以這個等式應該會讓銀行的 ROE 恢復到我們之前看到的 18% 左右的水平。

And then, on Inteligo, I think it's tough to go specific in terms of what the instruments, where were the ones that brought the strong results. However, I would say the overall market sentiment for investments in last quarter was positive both for fixed income and what we have in equity. So it's been across the board. Maybe Bruno, you can complement if any particulars, but I think that's the overall sense that we have on the portfolio. Bruno?

然後，關於 Inteligo，我認為很難具體說明是哪些儀器帶來了強勁的結果。不過，我想說，上個季度的整體市場投資情緒無論是對固定收益還是股票都是正面的。因此這是全面的。也許布魯諾，你可以補充任何細節，但我認為這就是我們對投資組合的整體看法。布魯諾？

Yes. So like you were saying, Felipe, it was pretty much across the board, I think. In the fourth quarter, the main contributor was the equity part of our portfolio. And we have some investments in financials and technology stocks that performed well in the fourth quarter. And those had a good contribution to the overall performance of the portfolio.

是的。所以就像你所說的那樣，費利佩，我認為這幾乎是全面的。第四季度，主要貢獻者是我們投資組合中的股票部分。我們在金融和科技股方面的投資在第四季度表現良好。這些對投資組合的整體表現做出了良好的貢獻。

Okay. Thank you. Hope we answered your questions, Alonso.

好的。謝謝。希望我們回答了你的問題，阿隆索。

Yes. Thank you very much.

是的。非常感謝。

Thank you.

謝謝。

Andres Soto, Santander.

安德烈斯·索托，桑坦德。

Good morning, all, and thank you for the opportunity to ask questions. My question is a follow-up. I want to make clear if they gave numbers that you suggested in terms of the ROE for the business units, is that what you expect in 2025 or it's the medium term number? And specifically for 2025, what would be the target mostly for Interbank?

大家早安，感謝你們給我這個提問的機會。我的問題是後續問題。我想明確一下，如果他們給出了您所建議的業務部門 ROE 數字，這是您預期的 2025 年數字還是中期數字？具體到 2025 年，銀行間的主要目標是什麼？

Yeah. What I referred to was the medium-term targets, Andres. And so that's the way we build the vision of our sustainable 18% ROE for IFS. So that's medium term. I think we're not going specifically subsidiary by subsidiary. Maybe we can do a follow-up on that. I think we don't have that info right now. I don't know, Michela, (inaudible).

是的。我提到的是中期目標，安德烈斯。這就是我們為 IFS 建立可持續 18% ROE 願景的方式。這是中期的。我認為我們不會逐一分析各個子公司。也許我們可以對此進行跟進。我認為我們現在還沒有這些資訊。我不知道，米歇拉，（聽不清楚）。

I mean, just to say, we have always started at the 18% ROE medium term which was a combination of 20% Interseguro, 20% Inteligo, and around 18% Interbank. So if you see what has happened in the fourth quarter of this year, the number that we have on the slides there, the 18.5% of IFS is a combination of a higher ROE of Interseguro, a high ROE of Inteligo, but Interbank still on 16% ROE and despite the seasonality that we have discussed. So basically, due to the mix of the portfolio and the fact that we are still in the recovery phase of that business, that is the ROE that is still not on the midterm range, if you look at the numbers that we have already provided to you. And when we target the 16% ROE of next year, I mean, what I can say is mainly, because the bank is not yet in our midterm ROE. So that's the way how it works and that should get to the 18% full-year most likely the year next to that because of the full recovery of the bank. I guess, maybe that can help the explanation.

我的意思是，我們一直以 18% 的中期 ROE 為起點，這是 20% 的 Interseguro、20% 的 Inteligo 和 18% 左右的 Interbank 的組合。因此，如果您看到今年第四季度發生的情況，我們在幻燈片上看到的數字是，18.5% 的 IFS 是 Interseguro 的較高 ROE、Inteligo 的高 ROE 的組合，但 Interbank 仍然有 16% 的 ROE，儘管存在我們已經討論過的季節性因素。因此，基本上，由於投資組合的組合以及我們仍處於業務復甦階段的事實，如果您查看我們已經提供給您的數字，那麼 ROE 仍然不在中期範圍內。當我們將明年的 ROE 目標定為 16% 時，我的意思是，我能說的主要是，因為該銀行尚未達到我們的中期 ROE。這就是它的運作方式，由於銀行的全面復甦，明年的全年成長率很可能達到 18%。我想，這也許有助於解釋。

That's clear. Thank you both. And when I look at your NIM guidance for next year, it looks a bit conservative considering the improvement in the funding costs and you expect already a recovery in consumer lending, so the mix should at least remain the same. What are your thoughts about the NIM? Is there any structural change in the system, in the bank that prevents you to have a higher NIM than the one that you currently have? Or is this the driver that is going to take the ROE to the 18% over the medium term?

這很清楚。謝謝你們兩位。當我查看您明年的淨利息收益率 (NIM) 指引時，考慮到融資成本的改善，該指引看起來有些保守，而且您預計消費貸款已經出現復甦，因此結構至少應該保持不變。您對 NIM 有何看法？銀行系統中是否存在任何結構性變化，導致您的淨利息收益率 (NIM) 無法高於當前水準？或者這是中期內推動 ROE 達到 18% 的驅動因素？

The idea is related to the pace of recovery of the consumer book. Again, we're happy the economy is improving, Andres. We're seeing that the salaries of Peruvians are improving. But this is a process. It's not going to be automatic. So it's not that for the first quarter of next year, we're going to see super growth in our consumer group. Again, we've been through cycles. We know that we are seeing some indicators of recovery. However, we're still being very cautious in our approach to going back with more strength into the market. We need to see more indicators of this consolidating. And then, our group will start to grow.

這個想法與消費者圖書的復甦步伐有關。安德烈斯，我們再次對經濟正在好轉感到高興。我們看到秘魯人的薪水正在提高。但這是一個過程。它不會自動發生。所以並不是說明年第一季我們的消費群就會出現超級成長。再說一次，我們已經經歷了週期。我們知道我們正在看到一些復甦跡象。然而，我們仍然採取非常謹慎的態度，以更強勁的勢頭重返市場。我們需要看到更多這種整合的指標。然後我們的團隊就會開始壯大。

And then in the second half, we have to be cautious because of the potential activity coming up from the pre-electoral year. It's still early to tell. But usually, we know how this moves in terms of investments being delayed until there's more clarity in the picture. So again, we're cautiously optimistic, but we're being cautious even in the way we think we're going to rebuild the book. If things turn out that this year that we get (inaudible) through crisis, obviously, we'll be ready to deploy more resources into growing our book faster. However, coming from the part of the great cycle that we've gone through, we'd rather be careful rather than aggressive at this point.

而在下半年，我們必須保持謹慎，因為選舉年之前可能會出現一些活動。現在說這些還為時過早。但通常情況下，我們知道投資將如何發展，直到情況更加明朗為止。因此，我們再次保持謹慎樂觀的態度，但即使在我們認為重建這本書的方式上，我們也保持謹慎。如果今年我們能夠渡過危機，那麼顯然我們將準備部署更多資源來更快地增加我們的庫存。然而，從我們已經經歷過的大周期來看，我們現在寧願謹慎行事，而不是採取激進行動。

That's good, Luis Felipe. Thank you so much and congratulations on the results.

很好，路易斯費利佩。非常感謝，並祝賀你所取得的成果。

Thank you.

謝謝。

Thank you. There appears to be no further questions at this time. So I'd like to turn the floor back to Ms. Casassa for closing remarks.

謝謝。目前似乎沒有其他問題。因此我想請卡薩薩女士作最後發言。

Okay. Thank you. And thank you, everybody, for being with us today. We will see everybody again during our first-quarter 2025 results.

好的。謝謝。感謝大家今天的到來。我們將在 2025 年第一季業績發表會上再次見到大家。

Thank you. This concludes today's conference call. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。現在您可以斷開連接並享受美好的一天。