Intercorp Financial Services Inc (IFS) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Intercorp Financial Services first-quarter 2025 conference call. All lines have been placed on mute to prevent any background noise. Please be advised that today's conference is being recorded. (Operator Instructions)

早上好，歡迎參加 Intercorp Financial Services 2025 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。（操作員指示）

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

現在我很高興將電話轉給 InspIR Group 的 Ivan Peill 先生。先生，您可以開始了。

Thank you, and good morning, everyone. On today's call, Intercorp Financial Services will discuss its first-quarter 2025 earnings. We are very pleased to have with us Mr. Luis Felipe Castellanos, Chief Executive Officer of 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.

謝謝大家，早安。在今天的電話會議上，Intercorp Financial Services 將討論其 2025 年第一季的收益。我們非常高興地邀請到 Intercorp Financial Services 執行長 Luis Felipe Castellanos 先生、Intercorp Financial Services 財務長 Michela Casassa 女士、Interbank 執行長 Carlos Tori 先生、Interseguro 執行長 Gonzalo Basadre 先生和 Inteligo 執行長 Bruno Ferreccio 先生。

They will be discussing the results that were distributed by the company yesterday. 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 on (646) 940-8843.

他們將討論公司昨天發布的結果。本次電話會議中也提供了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 上獲取，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。

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.

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，不會回答媒體的提問。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狀況、產業狀況、公司的未來表現或財務結果。

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.

因此，所做的陳述是基於一些可能改變的假設和因素，導致實際結果與目前預期有重大差異。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。卡斯特利亞諾斯先生，請繼續。

Thank you. Good morning, all, and welcome to our 2025 first-quarter earnings call. First, I want to thank you for attending our call today.

謝謝。大家早安，歡迎參加我們 2025 年第一季財報電話會議。首先，感謝您參加我們今天的電話會議。

We have started the year with a positive sentiment of serving stability in the Peruvian economy with several consecutive quarters of growth exceeding 3%. This growth is driven by increased dynamism in sectors that are linked to consumption and the sustained momentum of private investments, which is projected to grow by 6.7% year over year as of March 2025.

我們以正面的情緒開啟了新的一年，為秘魯經濟的穩定服務，連續幾季的成長率都超過了 3%。這一增長是由與消費相關的行業活力增強和私人投資持續增長的推動力，預計截至 2025 年 3 月，私人投資將同比增長 6.7%。

We remain moderately optimistic about the future growth of Peru as private investments and consumption continued a positive trend. Consequently, the forecast for GDP growth is 3.2% according to the Central Bank. Nevertheless, before, we're cautious given that 2025 is a pre-electoral year, which could generate some volatility.

由於私人投資和消費繼續保持積極趨勢，我們對秘魯未來的成長仍然保持適度樂觀。因此，央行預測GDP成長率為3.2%。儘管如此，我們在此之前仍持謹慎態度，因為 2025 年是選舉前一年，可能會產生一些波動。

We are also aware of external factors that could impact global growth, which we expect could be offset by persistent high commodity prices. But moreover, the International Monetary Fund has recently updated its growth estimates, adjusting global growth downward by 0.5%, while increasing Peru's GDP estimate by 0.2%, positioning Peru as one of the highest-growing countries in the region for the year.

我們也意識到可能影響全球成長的外部因素，我們預計這些影響可能會被持續的高商品價格所抵消。此外，國際貨幣基金組織近期更新了成長預測，將全球經濟成長下調了0.5%，而秘魯的GDP成長預測上調了0.2%，使秘魯成為今年該地區經濟成長最快的國家之一。

The first quarter of the year -- of 2025 was positive for IFS with our ROE exceeding 16%. This performance aligned with our expectations and sets us on a path towards achieving our long-term targets. We believe the positive trend should continue throughout the year.

2025 年第一季度，IFS 取得了積極的成果，我們的 ROE 超過 16%。這一表現符合我們的預期，並使我們走上了實現長期目標的道路。我們相信這一積極趨勢將持續全年。

At Interbank, we had better-than-expected start to the year. We managed to increase our market share in loans, strengthening our position as the third largest bank in the country. This growth has been mainly driven by our commercial banking business, where we gained over 120 basis points in market share. Moreover, we believe we are on the right path for the recovery of our consumer portfolio.

在銀行同業拆借方面，我們今年的開局比預期好。我們成功提高了貸款市場份額，鞏固了我們作為國內第三大銀行的地位。這一成長主要得益於我們的商業銀行業務，我們的市佔率增加了 120 多個基點。此外，我們相信，我們的消費產品組合正走在復甦的正確道路上。

As we are seeing more cash loan disbursements, thanks to our improved underwriting standards and the more benign macro environment. However, we are not there yet. 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.

由於我們承保標準的提高和更溫和的宏觀環境，我們看到現金貸款發放量增加。然而，我們還沒有到達那一步。Izipay 和 Interbank 繼續共同抓住商業機會，而 PLIN 則不斷提高用戶參與度，培養更多主要銀行關係並支持成長。

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. Our Wealth Management segment in Inteligo continues a positive dynamic with clients as assets under management reached a new all-time high, growing by 16% year over year. We want to reaffirm our conviction to place our customers at the center of our decisions.

在 Interseguro，我們的核心業務取得了相關成長，主要是個人壽險和年金，我們繼續保持市場領先地位。Inteligo 的財富管理部門繼續與客戶保持積極的互動，管理資產規模創下歷史新高，年增 16%。我們希望重申我們的信念：將客戶置於我們決策的中心。

As such, our key strategic priority at IFS is to achieve digital excellence for our customers and fostering primary relationships. Our ambition is to become a leading digital platform with a clear focus on key businesses and profitable growth, always providing a comprehensive suite of services supported by a world-class digital experience and leveraging analytics as our competitive advantage.

因此，IFS 的關鍵策略重點是為客戶實現數位化卓越並建立主要關係。我們的目標是成為領先的數位平台，明確專注於關鍵業務和獲利成長，始終提供由世界一流的數位體驗支援的全面服務，並利用分析作為我們的競爭優勢。

Going forward, we continue to be optimistic about IFS' prospects, which have proven to be resilient through the bottom part of the credit cycle. Our outlook on the back of the continued expected recovery of Peru's fundamentals is positive. As such, we continue executing our long-term strategy.

展望未來，我們繼續對 IFS 的前景持樂觀態度，事實證明，該公司在信貸週期的底部具有韌性。我們對秘魯經濟基本面持續復甦的預期持樂觀態度。因此，我們繼續執行我們的長期策略。

Now let me pass it on to Michela for further explanation of this quarter's results. Thank you.

現在，讓我將其傳遞給 Michela，以進一步解釋本季的結果。謝謝。

Thank you, Luis Felipe. Good morning, and welcome again, everyone, to Intercorp Financial Services 2025 first-quarter earnings call. We would like to start with our key messages for the quarter.

謝謝你，路易斯費利佩。早上好，再次歡迎大家參加 Intercorp Financial Services 2025 年第一季財報電話會議。我們想先介紹一下本季的關鍵資訊。

First, we had a solid start to the year as we observe a good trend in earnings and profitability. Our net income reached PEN446 million at IFS level and ROE exceeds 16%. Second, we are strengthening our commercial and payments ecosystem as internal share of Izipay now stands at 40%, allowing us to increase our market share in commercial banking by more than 120 basis points in the last year. Moreover, our consumer portfolio has stabilized in the past two quarters and started to grow back in the last three months, including April.

首先，我們今年有一個良好的開端，因為我們觀察到收益和獲利能力的良好趨勢。我們的淨收入以 IFS 水準計算達到 4.46 億秘魯索爾，ROE 超過 16%。其次，我們正在加強我們的商業和支付生態系統，因為 Izipay 的內部份額現在已達到 40%，這使得我們在去年的商業銀行市佔率增加了 120 多個基點。此外，我們的消費投資組合在過去兩個季度已經趨於穩定，並在包括四月在內的過去三個月開始回升。

Third, our quarterly cost of risk stood at 2.8%, which is 190 basis points below last year. Although it is 20 basis points higher than the previous quarter due to the Telefonica impact on provisions. Excluding this effect, the cost of risk would have been 2.5%, driven by the constant reduction in the retail cost of risk. Fourth, the cost of funds remained stable this quarter, although showing an improvement on a year-over-year basis of 80 basis points. This improvement is primarily due to a fast repricing and improving funding mix.

第三，我們的季度風險成本為2.8%，比去年同期低190個基點。儘管由於西班牙電信對撥備的影響，該數字比上一季高出 20 個基點。排除此影響，風險成本將為 2.5%，這是由於零售風險成本不斷降低。第四，本季資金成本維持穩定，但年比有所改善，為80個基點。這種改善主要歸功於快速重新定價和改善的資金組合。

Fifth, we are increasing primary banking relationships to a top digital experience as a result of retail primary banking customers grew 15% in the past -- in the last year. Sixth, we have continued with strong growth in our insurance and wealth management core businesses. The retail premiums grew 36%, driven by annuities and life insurance and assets under management below 16%.

第五，由於去年零售主要銀行客戶成長了 15%，我們正在將主要銀行關係提升到頂級數位體驗。第六，保險和財富管理核心業務持續保持強勁成長。零售保費成長 36%，受年金和人壽保險推動，資產管理規模成長低於 16%。

Finally, this result includes an impact of around PEN144 million in provisions due to Telefonica deterioration even including this effect, the results are above our expectations, marking a strong starting point for the year and setting us on the path to our medium-term ROE goal.

最後，這一結果包括了由於西班牙電信公司業績惡化而計入的約 1.44 億秘魯索爾的撥備影響，即使包括這一影響，結果仍然超出我們的預期，標誌著今年的一個強勁開端，並使我們走上了實現中期 ROE 目標的道路。

Let's start with our first key message. On slide 4, the improvement in macroeconomic indicators has been steady over the last 12 months, primarily driven by investment in consumption. Consequently, GDP grew around 3.5% for the first two months of the year, marking several consecutive quarters with growth above 3% as Luis Felipe mentioned. Over the past year, most sectors have experienced growth with the most significant contributions coming from manufacturing, trade, other services, agriculture, and fishing.

讓我們從第一個關鍵訊息開始。在第 4 張投影片中，宏觀經濟指標在過去 12 個月中穩步改善，主要得益於消費投資。因此，今年前兩個月的GDP成長率約為3.5%，正如路易斯·費利佩所提到的，連續幾季的成長率都超過3%。過去一年，大多數行業都經歷了成長，其中以製造業、貿易、其他服務業、農業和漁業的貢獻最為顯著。

In February, the primary sector contributed 2.3% while the non-primary sector contributed 2.5%. Regarding monetary policy, the Central Bank has successfully controlled inflation and currently within its target range with an expectation of 2% for 2025. The Central Bank has been proactive in managing the reference grade.

2月份，第一級產業貢獻率為2.3%，非第一產業貢獻率為2.5%。貨幣政策方面，央行成功控制通膨，目前處於目標區間，預估2025年通膨率為2%。央行一直積極主動地管理參考等級。

As of yesterday, it surprised the market having an additional 25 basis points, standing now 4.5% with no spread above the Fed rate. Additionally, the currency has remained steady throughout the year, both inflation and the exchange rates are expected to remain stable in 2025.

截至昨日，該利率令市場感到意外地增加了 25 個基點，目前為 4.5%，且與聯準會利率之間沒有利差。此外，貨幣全年保持穩定，預計 2025 年通膨和匯率都將保持穩定。

Looking ahead to 2025, the Peruvian economy is projected to grow by around 3.2%. This growth is anticipated to be stronger in the first half of the year due to the pre-electoral period, which typically reduces the dynamism in the second half. Additionally, the IMF updated its growth estimates, increasing Peru's growth by 20 basis points to 2.8% despite reducing global growth by 0.5%.

展望2025年，秘魯經濟預計將成長約3.2%。由於選舉前期的影響，預計上半年的成長將會更加強勁，而選舉前期通常會降低下半年的成長活力。此外，國際貨幣基金組織更新了其成長預測，儘管全球經濟成長率降低了 0.5%，但秘魯的成長率仍提高了 20 個基點，達到 2.8%。

On slide 5, consistent with the previous one, indicators show optimism in the labor market and private investment, where the key driver for growth has been the improvement in private consumption. Consumer confidence continues its positive trend, aligning with economic optimism and labor market recovery. As of February, formal employment and real formal wages have shown a year-over-year growth positively impacting private consumption.

在第 5 張投影片中，與上一張一致，指標顯示勞動市場和私人投資持樂觀態度，其中成長的主要驅動力是私人消費的改善。消費者信心持續保持正面趨勢，與經濟樂觀情緒和勞動市場復甦保持一致。截至2月份，正規就業和實質正規薪資均呈現年增，對私人消費產生了正面影響。

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. Analysts estimate a 6.7% growth in private investment in the first quarter.

全年商業信任保持穩定和積極。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。分析師預計第一季私人投資將成長6.7%。

Regarding mining, several projects are planned for the upcoming years with total investments expected to surplus $50 billion by 2028, some examples include Tia Maria and Yanacocha. According to ProInversión, there are more than 80 infrastructure projects in the pipeline for the next two years with an estimated total investment of $17 million, mainly in the transportation and telecom sectors. Finally, although the fiscal deficit is above 3% of GDP, it is still better when compared to the region and the expectation for it is to return to 2.2%, which is within the fiscal group.

在採礦業方面，未來幾年計劃開展多個項目，預計到 2028 年總投資將超過 500 億美元，其中包括蒂亞瑪麗亞和亞納科查。據ProInversión稱，未來兩年將有80多個基礎設施項目正在籌備中，預計總投資額為1700萬美元，主要集中在交通運輸和電信領域。最後，儘管財政赤字佔GDP的3%以上，但與該地區相比仍表現較好，預計將回到2.2%，處於財政組之內。

On slide 6, we are closely monitoring the evolution of economic policy in the United States, which is generating uncertainty in the business environment. In this context, we wanted to review the current status of Peru's trade.

在第 6 張投影片上，我們正在密切關注美國經濟政策的演變，這正在為商業環境帶來不確定性。在此背景下，我們想回顧一下秘魯貿易的現況。

Firstly, it is important to note that the United States is no longer Peru's primary commercial partner, and the second representing approximately 13% of our total exports. Secondly, our main export products to the United States are agricultural goods, which have low price sensitivity. Therefore, we do not anticipate a significant impact of these products from tariffs. Finally, our main export products, copper and gold remain at high historic levels in terms of price, which should provide additional support for investment and GDP growth.

首先，值得注意的是，美國不再是秘魯的主要商業夥伴，出口額約佔秘魯出口總額的13%。其次，我們對美出口的主要產品是農產品，對價格的敏感度較低。因此，我們預計關稅不會對這些產品產生重大影響。最後，我們主要的出口產品銅和黃金價格仍處於歷史高位，這應該會為投資和GDP成長提供額外的支持。

We believe that in the short term, the direct impact of these policies will be mild. However, as the trade war escalates and affects global growth, it could have repercussions in Peru's growth for 2026 and beyond.

我們認為，短期內這些政策的直接影響是溫和的。然而，隨著貿易戰升級並影響全球經濟成長，它可能對秘魯2026年及以後的成長產生影響。

On slide 7 and moving to the results and the good start of the year for IFS, IFS achieved earnings of PEN446 million, which is 3.2x last year's results. The ROE reached 16.3%, surpassing our short-term expectations and setting us on a path towards our medium-term ROE goal. The year-over-year improvement is primarily linked to banking results as both the cost of risk and the cost of funds have significantly declined. Furthermore, insurance results had a positive quarter when compared to the negative first quarter of 2024.

在第 7 張幻燈片中，我們談到 IFS 的業績和今年的良好開局，IFS 實現了 4.46 億秘魯索爾的收益，是去年業績的 3.2 倍。ROE達到16.3%，超出了我們的短期預期，並使我們朝著中期ROE目標邁進了一步。年比成長主要與銀行績效有關，因為風險成本和資金成本都大幅下降。此外，與 2024 年第一季的負成長相比，本季保險業績呈現正成長。

In banking, during the last quarter, net income has remained stable, which is positive considering the seasonal effect on banking results in the fourth quarter due to the high level of activity in December of every year and to the fact that in the first quarter of 2025, we had around $41 million impact related to our indirect exposure to Telefonica.

在銀行業務方面，上一季的淨收入保持穩定，考慮到每年 12 月的業務量較大，第四季度銀行業績受到季節性影響，且 2025 年第一季我們對西班牙電信的間接敞口產生了約 4100 萬美元的影響，這一數據是積極的。

In the insurance business, our core operations remained solid with annuities and life insurance continue to grow. Moreover, this is the first quarter where the disability survivorship premiums acquired from the Peruvian private pension system started. The increase in earnings in the first quarter of 2025 is also attributed to a good performance in the portfolio despite the impact of around PEN63 million due to Telefonica.

在保險業務方面，我們的核心業務依然穩固，年金和人壽保險持續成長。此外，這是秘魯私人退休金體系開始收取殘障生存保險費的第一個季度。2025 年第一季收益的成長也歸因於投資組合的良好表現，儘管受到西班牙電信約 6,300 萬秘魯索爾的影響。

Finally, in the Wealth Management business, the positive dynamic with clients continues. Additionally, Investment portfolio performed well on a year-over-year basis.

最後，在財富管理業務中，與客戶的積極互動仍在繼續。此外，投資組合表現較去年同期良好。

On slide 8, we have positive news as revenues increased 14% in the last year, the good performance in the three operating companies. First, we see a 37% increase in revenues from Interseguro as we see most of their business clients, highlighting the disability and survivorship as mentioned before came into effect. Second, there has been an important improvement in various Interbank on a year-over-year basis, driven by a reduction in the cost of funds and increase in fee income and other income. Finally, we continue to see strong performance in the core business at Inteligo, with better returns from the investment portfolio compared to the previous year.

在第 8 張投影片上，我們聽到了正面的消息，因為去年收入成長了 14%，三家營運公司的表現良好。首先，我們看到 Interseguro 的收入成長了 37%，因為我們看到他們的大多數商業客戶都強調了先前提到的殘疾和生存權的生效。二是各類銀行間同業拆借餘額年比有明顯改善，主要得益於資金成本下降、手續費收入及其他收入增加。最後，我們繼續看到 Inteligo 核心業務表現強勁，投資組合的回報率與前一年相比有所提高。

To conclude this section, we would like to share with you the key businesses in which we have focused our growth efforts. We continue to see strong growth in our commercial business, showing a 19% year-over-year increase. Moreover, small businesses have shown 60% increase in loans and an 18% growth in deposits. Both have been boosted by our synergies with Izipay, the strong focus on sales financing as well as our digital capabilities.

在本節的最後，我們想與大家分享我們重點關注的關鍵業務。我們的商業業務持續強勁成長，年增 19%。此外，小型企業貸款增加了60%，存款增加了18%。我們與 Izipay 的協同效應、對銷售融資以及數位能力的高度關注都促進了這兩方面的發展。

On the retail side, consumer loans, excluding payroll-deductible loans, have stabilized. Meanwhile, mortgages are showing a 7% increase gaining market share and now ranking number three in the system. In insurance, we continue to grow our contractual service margin, 27% in the last year as long-term insurance, such as life insurance, annuities, and credit life show a positive path. Finally, wealth management will continue to grow with assets under management increasing 17% in a year-over-year basis.

在零售方面，不包括工資扣除貸款的消費貸款已經穩定下來。同時，抵押貸款的市佔率成長了 7%，目前在系統中排名第三。在保險領域，由於人壽保險、年金和信用人壽等長期保險呈現積極發展勢頭，我們的合約服務利潤率在去年繼續增長了 27%。最後，財富管理將持續成長，管理資產規模將年增 17%。

Now let's move on to our second key message. Over the last quarters, we have observed a significant change in trend in the credit cards and personal loans portfolio, as the last three months, including April, have shown growth. Our focus has been on exploring different growth avenues within specific segments.

現在讓我們繼續討論第二個關鍵訊息。在過去的幾個季度中，我們觀察到信用卡和個人貸款組合的趨勢發生了顯著變化，包括四月份在內的過去三個月都呈現成長態勢。我們的重點是探索特定領域內的不同成長途徑。

Additionally, we have seen a reactivation in cash loan disbursements, which have increased by 27%, and credit card turnover, which has risen by 11% over the past year. We are growing with a better risk profile, as we can see from the constant improvement in cost of risk of retail during '24 and 2025. The enhancement of our internal models, including customer-centricity mission is allowing us to address growth in a healthy manner.

此外，我們也看到現金貸款發放量重新活躍起來，增加了 27%，信用卡交易量在過去一年中增加了 11%。我們正以更好的風險狀況成長，正如我們從 2024 年至 2025 年期間零售風險成本的不斷改善所看到的那樣。我們內部模式的增強，包括以客戶為中心的使命，使我們能夠以健康的方式應對成長。

On slide 12, we observe a year-over-year total loan growth of 8.2% in a context where the overall market has grown only around 2%. On the retail side, we experienced nice growth in mortgages with around 7% year over year. The consumer portfolio has still decreased by 4.8% on a yearly basis, although it has been stable in the last two quarters. The commercial loan book experienced significant growth this year, with a 19% year-over-year increase. It has gained relevance in the mix rising from 44% to 48% getting closer to our 50-50 balance portfolio target.

在第 12 張投影片上，我們觀察到，在整個市場僅成長 2% 左右的情況下，貸款總額年增 8.2%。在零售方面，我們的抵押貸款業務取得了良好的成長，年增約 7%。儘管過去兩季消費組合保持穩定，但年比仍下降了 4.8%。今年商業貸款規模大幅成長，年增19%。它在投資組合中的比重從 44% 上升到 48%，越來越接近我們 50-50 的平衡投資組合目標。

During 2024, we leveraged the Impulso MyPeru program, although we did not use the program in the first quarter of 2025. Mid-sized companies gained over 270 basis points in market share, now consolidating as third in the market. Sales finance remains one of our key products with market share growing from 16.9% just 12 months ago to more than 18%, ranking second in the market. Therefore, the commercial banking portfolio has outperformed the system, gaining 120 basis points in market share, reaching almost 11%, which is our all-time high.

2024 年，我們利用了 Impulso MyPeru 計劃，儘管我們在 2025 年第一季沒有使用該計劃。中型公司的市佔率增加了 270 多個基點，目前穩居市場第三位。銷售融資仍然是我們的主要產品之一，市佔率從12個月前的16.9％增長到18％以上，位居市場第二位。因此，商業銀行投資組合的表現優於系統，市佔率增加了 120 個基點，達到近 11%，這是我們的歷史最高水準。

As part of our strategy, we continue to strengthen our payment ecosystem with PLIN and Izipay. We have continued working to generate further synergies as we encourage the growth of our payment ecosystem, focusing on increasing transaction and volumes offering merchants value-added services and using Izipay as a distribution network for Interbank products as well as a source to increase growth. In this manner, our digital retail customers have grown by 16% and our PLIN active users by 20% over the last year.

作為我們策略的一部分，我們將繼續透過 PLIN 和 Izipay 加強我們的支付生態系統。我們將繼續努力創造進一步的協同效應，鼓勵我們的支付生態系統發展，專注於增加交易量和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。透過這種方式，我們的數位零售客戶在過去一年中成長了 16%，PLIN 活躍用戶成長了 20%。

Moreover, IzipayYA and Izipay continue to gain traction with volumes from IzipayYA increasing 2.8x, resulting in more flow coming to Interbank. Consequently, small business deposits have grown by 18% and Interbank share of Izipay flows now stands at 40%.

此外，IzipayYA 和 Izipay 繼續獲得關注，其中 IzipayYA 的交易量增加了 2.8 倍，從而為 Interbank 帶來了更多流量。因此，小型企業存款成長了 18%，Izipay 流量的銀行間份額目前達到 40%。

As a result of the synergies mentioned, we see positive trends in four key indicators, as you can see in slide 13. Around 30% yearly increase in Izipay cash flow coming to Interbank accounts, a 52% increase in flows from merchants. And 2.8x yearly increase in transactional volumes, and 66% growth in flows from micro merchants, thanks to IzipayYA.

由於提到的協同作用，我們看到四個關鍵指標呈現正面趨勢，正如您在投影片 13 中看到的那樣。Izipay 銀行間帳戶現金流量每年增加約 30%，來自商家的現金流量增加 52%。由於 IzipayYA，交易量每年增加 2.8 倍，小商家流量增加 66%。

Following with the third message, we continue to see a positive trend in cost of risk. On slide 16, we wanted to highlight that the cost of risk and NPLs continue to be at low levels at 2.8% and 2.2% -- 2.5%, respectively. If we exclude the Telefonica effect, the cost of risk would have been 2.5%, continuing the positive trend in this indicator. In general, both indicators have followed a downward trend over the last year, thanks to the improvement in economic indicators and better payment behavior from clients.

從第三條資訊可以看出，我們持續看到風險成本呈現正面趨勢。在第 16 張投影片上，我們想要強調的是，風險和不良貸款成本繼續處於較低水平，分別為 2.8% 和 2.2% - 2.5%。如果我們排除西班牙電信的影響，風險成本將為 2.5%，延續該指標的正面趨勢。總體而言，由於經濟指標的改善和客戶付款行為的改善，這兩個指標在過去一年中均呈下降趨勢。

The main driver for this positive trend has been the improvement in the retail risk profile. Over the last 12 months, credit cards and personal loans have decreased its size, now representing 18% of the total loan book, down from 22% a year ago. The new vintages are healthier as the better macro environment is having a positive impact on the payment behavior of our customers. This has allowed cost of risk from retail to reduce consistently during the last 12 months to 4.1%, which is 380 basis points below the levels of a year ago.

這一積極趨勢的主要驅動力是零售風險狀況的改善。在過去 12 個月中，信用卡和個人貸款規模縮小，目前佔貸款總額的 18%，低於一年前的 22%。由於更好的宏觀環境對我們客戶的支付行為產生了正面的影響，新年份的業績更加健康。這使得零售風險成本在過去 12 個月內持續下降至 4.1%，比一年前低 380 個基點。

Regarding commercial banking, the cost of risk was impacted by provisions made due to letters of guarantee held by Telefonica. Excluding this effect, the cost of risk would have been 0.3%. This segment has performed well over the last year, with approximately 11% of the commercial portfolio backed by guarantees from the Impulso MyPeru program. Finally, the NPL coverage ratio has remained stable above 140%.

對於商業銀行業務而言，風險成本受到西班牙電信公司持有的擔保函所做準備的影響。排除此影響，風險成本將為 0.3%。該部門在過去一年中表現良好，約有 11% 的商業投資組合由 Impulso MyPeru 計劃提供擔保。最後，不良貸款覆蓋率穩定維持在140%以上。

On slide 17, NIM has remained relatively stable, while risk-adjusted NIM improved by 120 basis points on a year-over-year basis in line with the improvement in cost of risk mentioned in the previous slide. The risk-adjusted NIM, excluding the Telefonica effect, has remained stable in the last quarter. There continues to be an impact on yields due to the lower market rates and the shift of the loan book mix. Consequently, we see lower yield of loans of 80 basis points in the annual comparison, reaching 10% in the first quarter. This trend should improve as we continue to grow the consumer portfolio.

在第 17 張投影片中，NIM 保持相對穩定，而風險調整後的 NIM 同比提高了 120 個基點，與上一張投影片中提到的風險成本的改善一致。剔除西班牙電信的影響後，風險調整後的淨利差在上個季度保持穩定。由於市場利率下降和貸款組合發生變化，收益率繼續受到影響。因此，我們預期貸款收益率年減 80 個基點，第一季達到 10%。隨著我們不斷擴大消費者組合，這一趨勢應該會得到改善。

Now we will deep dive into the cost of funds improvement. On slide 19, the cost of deposits continues a positive downward trend not only due to lower market rates as we continue to reprice our liabilities, but also due to a better funding mix as the low-cost funding has gained relevance, representing 35% of our funding. It is important to mention that deposits have become a more relevant part of our funding structure, increasing from 78% to 81% in the last 12 months with growth in both retail and commercial deposits.

現在我們將深入探討資金改善的成本。在投影片 19 上，存款成本持續呈現正面的下降趨勢，這不僅是因為我們繼續重新定價負債導致市場利率下降，還因為隨著低成本融資變得越來越重要（占我們融資的 35%），融資組合得到了改善。值得一提的是，存款已成為我們融資結構中更重要的組成部分，在過去 12 個月中，隨著零售和商業存款的增長，存款佔比從 78% 增長到 81%。

As a result, our cost of funds improved by 80 basis points on a year-over-year basis, although stable in the last quarter. Finally, our loan-to-deposit ratio stands at 97%, in line with the industry's average.

因此，我們的資金成本與去年同期相比改善了 80 個基點，儘管上一季保持穩定。最後，我們的貸存比率為97%，與產業平均值一致。

On slide 20, we wanted to take a closer look at the low-cost funding strategy of Interbank, which primarily focuses on capturing saving deposits and current accounts with low to zero interest rates. To achieve this, we have implemented various initiatives aimed at enhancing the value-added services provided to our clients.

在第 20 張投影片上，我們想仔細看看 Interbank 的低成本融資策略，該策略主要側重於獲取低利率甚至零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。

For example, the synergies with Izipay has enabled us to offer a more comprehensive service to our clients, thereby increasing the flow that states at the Interbank accounts from Izipay in generating a rise in the transactional deposits. This has contributed to a 16% increase in commercial low-cost fund.

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 Izipay 銀行間帳戶的流動資金，從而增加交易存款。這有助於商業低成本基金增加16%。

Additionally, we continue to work on the engagement of clients and enhancing the customer experience to foster primary banking relationships in retail. Consequently, retail low-cost funding has seen a 10% increase over the year. As a result, we achieved a 14% year-over-year increase, raising our share of low-cost funding from 32% to 35% in the last year.

此外，我們持續致力於吸引客戶並提升客戶體驗，以促進零售領域的主要銀行關係。因此，零售低成本融資年增了 10%。結果，我們實現了年增 14%，去年我們的低成本融資份額從 32% 提高到 35%。

Moving on to our digital strategy. We believe we are creating significant value and primary banking relationships through our digital development and PLIN. Over the last year, we have been able to increase our retail primary banking customers by 15%, now representing more than [36%] of our retail client base. To achieve this, we have been implementing commercial actions focused on increasing engagement and transactions, which have resulted in accelerated growth for PLIN.

繼續討論我們的數位策略。我們相信，透過數位化開發和 PLIN，我們正在創造巨大的價值和主要的銀行關係。在過去的一年裡，我們的零售主要銀行客戶數量增加了 15%，現在占我們零售客戶群的 [36%] 以上。為了實現這一目標，我們一直在實施旨在增加參與度和交易量的商業行動，這加速了 PLIN 的成長。

The number of transactions doubled in the year-over-year comparison with active users increasing by more than 19% and the average number of transactions per user rising by 40%. Additionally, we believe we have solid key performance indicators that continue to improve. For example, our inflow payroll accounts hold around 14% market share. Retail deposits are approximately 15% market share in credit card accounts for about 26% market share. All of these metrics are supported by an NPS of 58, reflecting our commitment to customer satisfaction and loyalty.

交易筆數較去年同期成長一倍，活躍用戶數成長超過19%，平均每位用戶交易筆數成長40%。此外，我們相信我們擁有穩健且持續改善的關鍵績效指標。例如，我們的流入工資帳戶佔有約 14% 的市場份額。零售存款約佔15%的市場份額，信用卡約佔26%的市佔率。所有這些指標都得到了 58 的 NPS 支持，反映了我們對客戶滿意度和忠誠度的承諾。

On slide 23, we continue to highlight the positive trends in our digital indicators compared to the previous year as we are continuously developing solutions to meet our customer needs. As a result, we have seen substantial growth in retail digital customers increasing from 77% to 82% as our commercial digital clients stand at 72%. The digital self-service indicator and digital sales have risen to 78% and 70%, respectively, thanks to our always-on communication actions, which focus on educating customers about new self-service functionalities through the app and our virtual assistants.

在第 23 張投影片上，我們繼續強調與前一年相比我們的數位指標的正面趨勢，因為我們正在不斷開發解決方案來滿足客戶的需求。結果，我們看到零售數位客戶大幅成長，從 77% 增加到 82%，而商業數位客戶則達到 72%。由於我們始終在線的溝通行動，數位自助服務指標和數位銷售額分別上升至 78％ 和 70％，這些行動的重點是透過應用程式和虛擬助理向客戶介紹新的自助服務功能。

Finally, our EPS has recovered during the last quarter from 55% to 58%. Finally, the sixth message is that there is strong growth in insurance and wealth management.

最後，我們的每股盈餘在上個季度從 55% 恢復到 58%。最後，第六個訊息是保險和財富管理成長強勁。

Moving to insurance on slide 25. On a yearly basis, we see an increase in the contractual service margin of 27%, mostly driven by individual life and annuity. In the first quarter, we observed growth in individual life and annuities, reserves of 36% and 38% respectively, driven by the generation of new business, which surpasses the monthly amortization of the CSM.

轉到第 25 張投影片討論保險。從年度來看，我們看到合約服務利潤率成長了 27%，這主要得益於個人壽險和年金。在第一季度，我們觀察到個人壽險和年金儲備分別增加了 36% 和 38%，這得益於新業務的產生，超過了合約服務條款 (CSM) 的月攤銷額。

Also, we see an increase in short-term insurance premiums of 124%, mainly due to disability and survivorship premiums acquired from the Peruvian private pension system to a 2-year bidding process. The result from investments increased to 35% year over year. The return on investment portfolio reached 6.2%, mainly due to better real estate and investment funds valuation, offsetting the PEN63 million provision due to Telefonica.

此外，我們還看到短期保險費增加了 124%，這主要是由於從秘魯私人退休金體系獲得的殘障和生存保險費改為 2 年的招標程序。投資效益較去年同期成長35%。投資組合回報率達到 6.2%，主要由於房地產和投資基金估值提高，抵消了西班牙電信公司撥付的 6,300 萬秘魯索爾的準備金。

In insurance, we continue to focus on enhancing the digital experience for our clients and expanding our sales from digital channels. The development of internal capabilities has allowed us to increase digital self-service to 69% from 63% of the previous year. Also, bancassurance digital sales have reached 30% of total bancassurance premiums and direct digital sales continue to grow, reaching PEN23 million in the quarter, up 15% from last year.

在保險領域，我們持續致力於提升客戶的數位體驗並擴大數位管道的銷售。內部能力的發展使我們的數位自助服務從前一年的 63% 提高到 69%。此外，銀保數位銷售額已達到銀保總保費的 30%，直接數位銷售額持續成長，本季達到 2,300 萬秘魯索爾，比去年成長 15%。

On Wealth Management, assets under management continued to grow at an annual rate of 16% and 3% on a quarterly basis reaching a new all-time high of $7.5 billion despite a slight impact on market valuations due to global volatility. Interfondos had an important growth as the digital development with the act, earning, have allowed us to grow more than 43% when compared with the previous year. This growth continues to support strong fee generation, which remains steady at PEN46 million for the quarter.

在財富管理方面，儘管全球波動對市場估值產生了輕微影響，但管理資產規模繼續以每年 16% 和季度 3% 的速度增長，達到 75 億美元的歷史新高。Interfondos 的數位發展和獲利能力顯著提升，與前一年相比，我們的收入成長了 43% 以上。這一成長持續支持強勁的費用產生，本季費用保持穩定在 4,600 萬秘魯索爾。

On the digital front, we continue to enhance our Interfondos app with the goal of shifting its role from a transactional platform to approve digital adviser for our mutual fund clients. As a result, we have seen a sustained increase in both the app adoption with a seven-point year-over-year increase in digital transactions, transactions, which grew by 9 points annually and now represent more than half of all client transactions.

在數位方面，我們繼續增強我們的 Interfondos 應用程序，目標是將其角色從交易平台轉變為批准共同基金客戶的數位顧問。結果，我們看到應用程式採用率持續成長，數位交易量年增 7 個百分點，交易量每年增長 9 個百分點，目前佔所有客戶交易量的一半以上。

Now let me move to the final part of the presentation where we provide some takeaways. On slide 30, we wanted to give you a summary of our strategy, which focuses on three key strategic priorities. First, we aim to become a leading digital platform with profitable growth. IFS has demonstrated solid recovery during 2024 and continues to perform well during the first quarter of 2025 with a net income 3.2x larger than the same period last year.

現在，讓我進入演示的最後部分，我們將提供一些要點。在第 30 張投影片上，我們想向您概述我們的策略，並專注於三個關鍵策略重點。首先，我們的目標是成為一家獲利成長的領先數位平台。IFS 在 2024 年表現出穩健的復甦，並在 2025 年第一季繼續表現良好，淨收入比去年同期增長 3.2 倍。

Second, we strive to build primary relationships by placing the customer at the center of our decisions and offering the best digital experience. As a result, NPAs -- the retail banking NPS at 58 are a top left, and our retail digital clients are more than 80%.

其次，我們努力將客戶置於決策的中心並提供最佳的數位體驗，從而建立主要關係。因此，NPA——零售銀行 NPS 為 58，位於左上角，我們的零售數位客戶超過 80%。

Third, we continue to focus on our key businesses, maintaining a significant market share in consumer banking above 21% ranking second in the market. Retail deposits are around 15% market share, ranking third in the market, and commercial banking holds approximately an 11% market share, growing its relevance in the market. In annuities, we are the leader over 30% market share. Finally, wealth management, asset under management continued to grow at double-digit rates reaching a 17% year over year and surpassing previous margins.

第三是繼續聚焦重點業務，個人銀行業務市佔率維持較高水平，達21%以上，位居市場第二位。零售存款佔約 15% 的市場份額，位居市場第三位，商業銀行佔約 11% 的市場份額，在市場中的重要性日益增強。在年金領域，我們佔據超過 30% 的市場份額，處於領先地位。最後，財富管理，管理資產繼續以兩位數的速度成長，年增 17%，超過了先前的利潤率。

On slide 31, let me give you a review of the operating trends of the first quarter. Capital ratios remain at sound levels with a total capital ratio above 17% and the core equity Tier 1 ratio close to 12%. Let's remember, we issued a Tier 2 bond for Interbank in January. Our ROE for the first quarter was 16.3%, in line with our guidance for 2025, setting us on the correct path to achieve our long-term goal. For loan growth, we grew 8.2% year over year, in line with our guidance of high single-digit growth.

在第31張投影片上，我給大家回顧第一季的營運趨勢。資本適足率維持穩健水平，總資本適足率超過17%，核心一級資本適足率接近12%。請記住，我們在一月份為銀行間發行了二級債券。我們第一季的 ROE 為 16.3%，符合我們對 2025 年的預期，這為我們實現長期目標指明了正確的方向。就貸款成長而言，我們年增 8.2%，符合我們預期的高個位數成長。

The first quarter was driven by commercial banking. We expect this trend of total loan growth to continue as we resume growth in the consumer portfolio. We expect a recovery of NIM for the rest of the year as the cost of funds improved due to a better funding mix and the yield on loans recovers in line with the consumer portfolio growth. Cost of risk remains in line with guidance. And we continue to focus on efficiency of IFS as our cost to income was around 35% below [that].

第一季主要受商業銀行業務推動。我們預計，隨著消費組合恢復成長，貸款總額的成長趨勢將持續下去。我們預計，由於資金組合改善導致資金成本改善，且貸款收益率隨著消費者投資組合的成長而回升，今年剩餘時間內淨利差將出現回升。風險成本與指導保持一致。我們繼續關注 IFS 的效率，因為我們的成本收入比低於[那]。

On slide 32, we highlight our sustainability performance in the first quarter of 2025. On the environmental pillar, we continue to drive impact to sustainable finance. Our outstanding sustainable portfolio has grown to $380 million, representing a $40 million increase compared to 2024. Regarding our own environmental footprint, we have verified our 2024 carbon emissions, achieving a significant reduction of 27% compared to previous years alongside a 4% decrease in energy consumption, a key driver of our financial stores and main offices efficiencies.

在第 32 張投影片上，我們重點介紹了 2025 年第一季的永續發展績效。在環境支柱方面，我們持續推動對永續金融的影響。我們優秀的可持續投資組合已成長至 3.8 億美元，與 2024 年相比增加了 4,000 萬美元。關於我們自身的環境足跡，我們已經驗證了 2024 年的碳排放量，與前幾年相比大幅減少了 27%，同時能源消耗減少了 4%，這是我們金融門市和主要辦公室效率提高的關鍵驅動力。

On the social pillar, we are consistently empowering entrepreneurs through our digital wallet IzipayYA, which reached over 47,000 entrepreneurs this quarter, totaling 1.1 million users. Furthermore, underscoring our commitment to financial indication, we have provided financial training to over 2.5 million clients and non-clients. Our inclusive insurance offerings also saw growth with more than 1,800 new sales of Rumbo and Vida Cash policies during this quarter.

在社交支柱方面，我們不斷透過數位錢包 IzipayYA 為企業家提供支持，本季該錢包覆蓋超過 47,000 名企業家，總用戶數達 110 萬。此外，為了強調我們對財務指示的承諾，我們已為超過 250 萬名客戶和非客戶提供了財務培訓。我們的全包保險產品也實現了成長，本季 Rumbo 和 Vida Cash 保單新銷售超過 1,800 份。

On the governance and transparency pillars, IFS has been included in the Dow Jones Sustainability Yearbook 2025 for the second consecutive year. We have also published a comprehensive IFS sustainability report in accordance with GRI and SASB standards. Finally, to foster collaboration and develop an entire sustainability strategy across IFS, we have established an eco-efficiency committee with the representation from each of our subsidiaries.

在治理和透明度支柱方面，IFS 連續第二年被納入《道瓊斯永續發展年鑑 2025》。我們也根據 GRI 和 SASB 標準發布了一份全面的 IFS 永續發展報告。最後，為了促進合作並制定整個 IFS 的可持續發展策略，我們成立了一個生態效率委員會，由我們每個子公司的代表組成。

Let me finalize the presentation with some key takeaways. First, we have had a solid start to the year. Second, growing commercial and payment ecosystem while stabilizing the consumer portfolio. Third, positive trend in cost of risk continues. Fourth, improved funding costs continues driven by growth in deposits. Fifth, we are increasing primary banking relationships to a top digital experience. And sixth, important growth in insurance and wealth management continues.

讓我用一些關鍵要點來結束本次演講。首先，今年我們有了一個好的開始。第二，在穩定消費者結構的同時，發展商業和支付生態系統。三是風險成本繼續保持向好的趨勢。四是存款成長帶動融資成本持續改善。第五，我們正在提升主要銀行關係，以實現頂級數位體驗。第六，保險和財富管理業務持續保持重要成長。

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。

(Operator Instructions)

（操作員指示）

Andres Soto, Santander.

安德烈斯·索托，桑坦德。

Hi, good morning. Thank you for taking my question [after] the presentation. My question is related to your guidance and your expectations for 2025. During the call, you mentioned you except 15% ROE. I would like to confirm if that's still your expectation? And given that you're already at that level in the first quarter, which typically is seasonally low, what prevents you to expect a higher level for this year?

嗨，早安。感謝您在演講後回答我的問題。我的問題與您的指導和對 2025 年的期望有關。在通話中，您提到您接受 15% 的 ROE。我想確認這是否仍是您的期望？鑑於第一季的水平已經達到這一水平（通常屬於季節性低點），是什麼阻止您預期今年的水平會更高？

Andres, thanks very much for your question. Yes, at this point, we continue maintaining our guidance views. Obviously, we had a solid start to the year. However, we're not going to change it yet. So we're remaining at that level, and hopefully, we'll have risk to the upside, but still early in the year to tell.

安德烈斯，非常感謝你的提問。是的，目前我們繼續維持我們的指導觀點。顯然，我們今年有一個好的開始。然而，我們暫時不會改變它。因此，我們仍保持在該水平，並且希望我們能夠面臨上行風險，但仍需在今年年初做出判斷。

Thank you, Luis Felipe. And regarding specifically loan growth, do you have any updated view on that front? You mentioned across the presentation, significant improvement in investment and also consumer sentiment. Can we expect upward revision to your initial expectations for loan growth? Or how you are seeing this year evolving?

謝謝你，路易斯費利佩。具體到貸款成長，您對此有什麼最新的看法嗎？您在整個演講中都提到了投資和消費者情緒的顯著改善。我們是否可以預期您對貸款成長的最初預期會上調？或者您如何看待今年的發展？

Yes. it's the same as mentioned before, Andres. So we are seeing positive trends. However, this has to consolidate and materialize. So as you see the consumer portfolio has not recovered yet, even though there is a positive sentiment, I guess, Peruvians are not looking to get in debt now. There's been lots of liquidity events in the market. There's talks about CTAs being released again. There's talks about pension funds that might have another release. That's been in discussion in Congress. So there are many moving parts towards the materialization of recovery of consumer credit activity.

是的。和之前提到的一樣，安德烈斯。所以我們看到了正面的趨勢。然而，這必須鞏固並實現。所以，正如您所看到的，儘管存在積極情緒，但消費者投資組合尚未恢復，我想，秘魯人現在並不想負債。市場上出現了很多流動性事件。有傳言稱 CTA 將再次發布。有傳言稱，退休基金可能會再次獲得釋放。國會一直在討論此事。因此，實現消費信貸活動復甦需要許多因素。

We do see a healthy growth in the commercial book. And as you've seen for the last quarters, we'll be putting more focus on that portfolio and getting traction. So that continues to be the main driver of what we expect will happen this year and the consumer portfolio is still -- we're starting to see traction. However, we are not where we would like to see it yet. And we are going to be very aware (inaudible) enough as to change our use rate.

我們確實看到商業圖書的健康成長。正如您在上個季度所看到的，我們將更加關注該投資組合併獲得發展動力。因此，這仍然是我們預期今年將發生的事情的主要驅動力，而消費者組合仍然——我們開始看到牽引力。然而，我們尚未達到我們所希望的程度。我們將非常清楚（聽不清楚）如何改變我們的使用率。

Understood. Thank you, Luis Felipe. Congratulations on the results.

明白了。謝謝你，路易斯費利佩。恭喜你取得這樣的成績。

Thank you, Andres.

謝謝你，安德烈斯。

Alonso Aramburu, BTG.

阿隆索·阿蘭布魯，BTG。

Hi, good morning. Thank you for the call. Two questions on my end. First, I wanted to ask if you expect any additional potential provisions for impairments from Telefonica or are you basically comfortable with the provisions you did in the first quarter?

嗨，早安。謝謝您的來電。我有兩個問題。首先，我想問一下，您是否預計西班牙電信公司會做出任何額外的潛在減損準備，或者您是否對第一季所做的準備感到滿意？

And second, regarding your cost of risk, you have been around 2.5% in the last couple of quarters. I believe the guidance was closer to 3%. I suspect that with the growth of consumer loans, cost of risk can trend higher, assuming that happens. So just wondering if you can give us some color whether you expect this cost of risk to remain closer to 2.5%, and not 3%? Thank you.

其次，關於你們的風險成本，過去幾季你們的風險成本一直在 2.5% 左右。我認為指導值更接近 3%。我認為，隨著消費貸款的成長，風險成本可能會呈現上升趨勢（假設這種情況發生）。所以我只是想知道您是否可以告訴我們您是否預計風險成本將保持接近 2.5% 而不是 3%？謝謝。

Okay. Thank you so much for the questions. Regarding Telefonica, based on the information we have now and our analysis of the situation what we have in the books is our best understanding of the level will be needed for the short to medium term unless something drastically changes in terms of the process. As Michela mentioned, our -- we have exposure into two of our subsidiaries.

好的。非常感謝您的提問。關於西班牙電信，根據我們目前掌握的資訊和對情勢的分析，除非流程發生重大變化，否則我們對短期至中期所需水準的最佳理解是。正如 Michela 所提到的，我們的——我們已經涉足了我們的兩家子公司。

One is very straightforward. This is Interseguro that has bonds issued and we're more than 50% covered on that front. That's where our models are saying. And then in the bank, it's a little bit tricky because it's not direct exposure. I think Michela mentioned as well. It's a contingent letter of credit subject to certain procedures with the tax authority. So the probability of that becoming real obligation, it's not that direct. I mean it will probably take some time.

一是很簡單。這是已發行債券的 Interseguro，我們在這方面的覆蓋率已超過 50%。這就是我們的模型所說的。而在銀行，這有點棘手，因為它不是直接風險敞口。我想 Michela 也提到了這一點。這是一種有條件信用證，需與稅務機關履行一定的程序。因此，這成為真正義務的可能性並不是那麼直接。我的意思是這可能需要一些時間。

However, we've been cautious and we've done a big chunk of what could be done, at some point, in direct exposure. So based on what we have now, we feel comfortable, again, it's early in the process as well. Our standing is that, we are well-covered. However, if something drastically changes, we'll do something out and we'll obviously communicate as soon as we can.

然而，我們一直很謹慎，並且在某些時候，在直接暴露的情況下，我們已經做了大量可以做的事情。因此，根據我們目前所擁有的條件，我們感到很放心，而且這也還處於過程的早期階段。我們的立場是，我們受到很好的保護。然而，如果情況發生重大變化，我們會採取措施，並且會盡快溝通。

And regarding cost of risk, maybe I can pass it to Carlos or Michela, but I guess, that 3% seems our growth of the consumer are not the recovery of the credit cards and the cash loans portfolio. And I don't know, Carlos tell us maybe you can probably help with it?

至於風險成本，也許我可以將其轉嫁給卡洛斯或米歇拉，但我猜，3% 似乎我們的消費者成長並不是信用卡和現金貸款組合的復甦。我不知道，卡洛斯告訴我們也許你可以幫忙？

Yes, definitely. So we have started to grow in the credit card portfolio and cash portfolio. The last two months, we have grown not as much as we would have liked. However, the growth, Alonso, I think when we look at credit cards, there's two things that are very important. The first one is whether our value proposition is working and clients are using our cards, and that is happening. We're seeing -- we have seen over 10% growth in turnover with our cards, and that is good. Our value proposition is working. We're seeing traction. So that is good.

是的，當然。因此，我們的信用卡投資組合和現金投資組合已開始成長。過去兩個月，我們的成長並沒有達到我們所希望的程度。然而，阿隆索，我認為當我們看信用卡時，有兩件事非常重要。第一個問題是我們的價值主張是否有效，客戶是否在使用我們的卡，而這些正在發生。我們看到—我們的卡的營業額成長了 10% 以上，這是件好事。我們的價值主張正在發揮作用。我們看到了動力。這很好。

However, as you have seen over the last couple of quarters, our vintages have been focused on lower-risk and higher-profile clients. So those clients are paying faster their loans, and it's harder to grow the portfolio. So even though we have been seeing good results in the value proposition, we have not been able to grow the portfolio as much.

然而，正如您在過去幾季所看到的，我們的業務重點一直集中在低風險和高知名度的客戶上。因此，這些客戶償還貸款的速度更快，而且投資組合的擴大也更加困難。因此，儘管我們在價值主張方面看到了良好的結果，但我們無法大幅擴大投資組合。

The later vintages, the last couple of months, we have started to increase the level of risk likely. We're being very conservative on how we do this, we want to go on the other side. And there are certain things that obviously help prepayment, which is, as Luis Felipe mentioned, the CTA, obviously, in December, Peruvians get a double salary. So that kind of lowers the amount of our portfolio.

後期年份，也就是過去幾個月，我們可能已經開始增加風險水準。我們對如何做到這一點非常保守，我們想走另一條路。有些事情顯然有助於預付款，正如路易斯費利佩所提到的，CTA 顯然在 12 月，秘魯人可以獲得雙倍工資。因此這會降低我們的投資組合數量。

But we have seen this trend reverse, and we will continue to monitor. If we increase risk, you will see two effects. It will affect NIM positively, obviously, but also maybe a little bit of increase in the cost of risk taking us closer to the 3% that was on our guidance.

但我們已經看到這種趨勢逆轉，我們將繼續監測。如果我們增加風險，你會看到兩種影響。顯然，這將對 NIM 產生正面影響，但也可能會稍微增加風險成本，使我們更接近預期的 3%。

Maybe if I just complement one thing related to what we were expecting and what we are seeing, we are growing the portfolio 8%. So this is what we were expecting, mainly the mix is being a little bit different. So in the mix, we are seeing a little bit less consumer lending. So in the numbers that you see, there is a little bit of pressure in NIM but also improvement in cost of risk. So at the end, the NIM after risk is the one that is performing better than what we expected, and that is also helping the ROE.

也許，如果我只補充一件與我們的預期和所見有關的事情，我們的投資組合就會成長 8%。這就是我們所期待的，主要是混合有點不同。因此，從整體來看，我們看到消費貸款略有減少。因此，從您所看到的數字來看，淨利差 (NIM) 有一點壓力，但風險成本也有所改善。因此，最終，扣除風險後的淨利差表現優於我們的預期，這也有助於提高淨資產收益率。

Absolutely.

絕對地。

Perfect. Thank you. Very helpful.

完美的。謝謝。非常有幫助。

Thank you, Alonso.

謝謝你，阿隆索。

(Operator Instructions)

（操作員指示）

Ernesto Gabilondo, Bank of America.

埃內斯托·加比隆多，美國銀行。

Thank you. Good morning, Luis Felipe, Michaela. Congrats on your results despite the impact of Telefonica. Most of my questions have been answered. So just a question in terms of competition and also the evolution in terms of the credit card portfolio.

謝謝。早安，路易斯費利佩、米凱拉。儘管受到西班牙電信的影響，你們仍然取得了良好的成績。我的大部分問題都已得到解答。所以這只是一個關於競爭以及信用卡組合演變的問題。

As you are mentioning, it's in a gradual recovery expected to accelerate in the second half. But how are you seeing also this evolution in your competitors? I believe in the past conference call, you were saying that you were trying to see to be relatively flat or experience a smaller decline when compared to the competition. So I just want to compare that. I know how you're seeing competition and the evolution of the credit card portfolio? Thank you.

正如您所說，經濟正在逐步復甦，預計下半年復甦將會加速。但是您如何看待競爭對手的這種演變呢？我相信在過去的電話會議中，您曾說過，與競爭對手相比，您試圖實現相對平穩或經歷較小幅度的下降。所以我只是想比較一下。我知道您如何看待競爭和信用卡組合的演變？謝謝。

Thanks for the question. I guess, yes the business competition are same. After the impact of the credit cycle that was -- I was looking at some numbers, of course, in the last 10 years, everybody went to the culture's perspective in portfolio. And we are starting, given the positive macro backdrop that we are experiencing, more appetite towards growth in the consumer book, including credit cards.

謝謝你的提問。我想，是的，商業競爭是一樣的。在信貸週期的影響之後——我查看了一些數字，當然，在過去的 10 年裡，每個人都從文化的角度來考慮投資組合。鑑於我們正在經歷的積極的宏觀背景，我們開始對包括信用卡在內的消費帳簿的成長產生更大的興趣。

So again, that very different trends than we have described for our portfolio, we are starting to see growth in our book, and we are also seeing the system as a whole recover. Some competitors being more aggressive than others, some are still adjusting to late vintages where they put the brakes than others. But overall, the trends continue to be the same.

因此，與我們描述的投資組合趨勢非常不同，我們開始看到帳面價值的成長，我們也看到整個系統正在復甦。一些競爭對手比其他競爭對手更具侵略性，一些競爭對手仍在適應晚熟葡萄酒，因此他們比其他競爭對手更慢。但總體而言，趨勢仍然相同。

Perfect. Thank you very much, Luis Felipe.

完美的。非常感謝，路易斯費利佩。

You're welcome.

不客氣。

At this time, we will take webcast questions. I will now turn the call over to Mr. Ivan Peill from InspIR Group.

現在，我們將接受網路直播提問。現在我將電話轉給 InspIR Group 的 Ivan Peill 先生。

Thank you, operator. The first question comes from Daniel Mora of CrediCorp Capital.

謝謝您，接線生。第一個問題來自 CrediCorp Capital 的 Daniel Mora。

What is the status of the Telefonica corporate case? Did you reach the desired level of coverage? Or can we expect higher provisions in the upcoming quarters? And what would be the normalized figure of net profits and return on average equity in the first quarter if we clean for this effect?

西班牙電信公司案的進展如何？您是否達到了所需的覆蓋範圍？或者我們可以預期未來幾季會有更高的撥備嗎？如果我們清除這個影響，第一季的淨利潤和平均股本回報率的標準化數字會是多少？

Hi, Daniel, I guess we already answered that question. Again based on our models and our analysis and the current status of the Telefonica case, we think we're well-covered. If something drastically changes, we'll probably have to do more or if something improves, obviously, we could release some of the provisions.

嗨，丹尼爾，我想我們已經回答了這個問題。再次，根據我們的模型和分析以及西班牙電信案的現狀，我們認為我們已經做好了充分的準備。如果情況發生劇烈變化，我們可能需要採取更多措施，或者如果情況有所改善，顯然我們可以放寬一些規定。

But based on the information we have now, we are comfortable with the level of issues that we have. We don't expect to be anything in the short term. And if you take off that one time where you want to see that way, probably our earnings will have been north of PEN500 million.

但根據我們目前掌握的信息，我們對所面臨的問題的程度感到滿意。我們並不期望短期內發生任何事情。如果您按照您希望的方式去掉那一次，我們的收益可能就會超過 5 億秘魯索爾。

(technical difficulty) Is there further room for a cost of funds improvement considering the recent decrease in the Central Bank rates? What are the mean expectations for the rest of the year due to the funding repricing but still weak consumer segment dynamics?

（技術難度）考慮到近期央行利率的下降，資金成本是否還有進一步改善的空間？由於資金重新定價但消費領域動態仍然疲軟，今年剩餘時間的平均預期是多少？

Sure. Let me pass it on to Michela, so she can help us with that answer.

當然。讓我把它傳給 Michela，這樣她就可以幫助我們找到答案。

Yes, there is still room -- that is little room to improve the cost of funds, okay? There is space because of the decrease in the reference rate. But on the other side, we have also issued some medium-term financing with higher rates than the ones we used to have before. So I mean I guess the big part of the cost of funds in improvement is already there, but we still expect some minor decreases in the future. The NIM should recover, I mean, based on [these] but mostly based on the mix in the improvement of the numbers.

是的，還有空間──也就是資金成本改善的空間很小，好嗎？由於參考利率下降，因此還有空間。但另一方面，我們也發行了一些中期融資，利率比以前高。所以我的意思是，我猜改進資金成本的大部分已經存在了，但我們仍然預計未來會有一些小幅下降。我的意思是，NIM 應該會恢復，基於這些，但主要基於數位改善的混合。

The next question comes from Santiago Martinez of Credicorp Capital. We saw the consumer loan portfolio contracting 4.8% year over year in first quarter '25, mostly due to a 9% decline in credit cards. You've mentioned the recovery is expected in the second half of the year. What key indicators are you monitoring to support this view? And do you expect consumer loan growth to be strong enough to meaningfully support NIM and overall profitability in the second phase?

下一個問題來自 Credicorp Capital 的 Santiago Martinez。我們發現 2025 年第一季消費貸款組合年減 4.8%，主要原因是信用卡數量下降了 9%。您提到預計下半年經濟將復甦。您正在監測哪些關鍵指標來支持這個觀點？您是否預計第二階段的消費貸款成長將足夠強勁，從而對淨利差和整體盈利能力形成有力支持？

Hi. Thanks for the question. I guess, there's not a specific indicator. It's just the overall performance of the economy, how salaries evolved. And also, as mentioned, it's just not a matter of us increasing our risk appetite, it's a matter of the consumer preferences as well. There's lots of liquidity in the system right now.

你好。謝謝你的提問。我猜，沒有具體的指標。這只是經濟的整體表現以及薪資如何變化。而且，如同前面提到的，這不僅是我們增加風險偏好的問題，也是消費者偏好的問題。目前系統中有大量流動性。

But kind of a general overview. Let me pass it on to Carlos, who is more engaging the detailed strategy of the actions we're taking in our commercial strategy, so he can give you clarity on your question?

但這是一種總體概述。讓我把它轉交給卡洛斯，他更了解我們在商業策略中採取的行動的詳細策略，這樣他就可以清楚地回答您的問題？

Yes. I guess it's similar to what I mentioned earlier. The first thing is how many people use our card things. And we have seen an increase in the use of our cards over the last couple of months. Some of that is being prepaid and some of that is being kept as a revolver. We have seen growth over the last two months. So that is positive. It's still small, but it's a reverse in the trend that you mentioned in your question. So that is good.

是的。我想這和我之前提到的類似。第一件事是有多少人使用我們的卡片。在過去的幾個月裡，我們發現我們的卡片的使用量增加。其中一部分是預付的，一部分是作為循環付款保留的。過去兩個月我們看到了成長。這是積極的。它仍然很小，但它是你在問題中提到的趨勢的逆轉。這很好。

We have seen an improvement in salaries -- in formal salaries and formal employment, which usually is a good indicator. And then there are other forces that work against the growth of the portfolio, as I mentioned, which are if there's a lot of liquidity in the system due to the releases of CTA or if there's an AFP release again, that might make clients prepay some loans.

我們看到工資有所提高——正式工資和正式就業都有所提高，這通常是一個很好的指標。然後，正如我所提到的，還有其他因素阻礙投資組合的成長，如果由於 CTA 的發布而導致系統出現大量流動性，或者如果再次發布 AFP，則可能會導致客戶提前償還一些貸款。

But in general, we're seeing good trends in terms of usage, in terms of preference, and also some increases in balance with very -- or with good cost of risk. So in general, those are the things we look at, and it's trending positively, not hugely positive but positive trends. So that's something that we're monitoring closely.

但總體而言，我們在使用方面、偏好方面看到了良好的趨勢，與風險成本的平衡也有一些增加。總的來說，這些都是我們所關注的事情，而且趨勢是正面的，雖然不是非常積極，但趨勢是正面的。所以這是我們正在密切關注的事情。

Thank you, guys.

謝謝你們。

At this time, there are no further questions. I would like to turn the call over to the operator.

目前，沒有其他問題。我想將電話轉接給接線生。

Thank you. There appear to be no further audio questions as well. I would like to turn the floor back over to Ms. Casassa for any closing remarks.

謝謝。似乎也沒有其他音訊問題。我想將發言權交還給卡薩薩女士，請她做最後發言。

Okay. Thank you very much. Just to summarize that we are very happy about a strong beginning of the year, and we'll see you all again in our second quarter earnings call. See you. Bye-bye.

好的。非常感謝。總而言之，我們對今年的強勁開局感到非常高興，我們將在第二季財報電話會議上再次見到大家。再見。再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。