Intercorp Financial Services Inc (IFS) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Intercorp Financial Services second-quarter 2025 conference call. (Operator Instructions) Please be advised that today's conference call is being recorded. (Operator Instructions)

早上好，歡迎參加 Intercorp Financial Services 2025 年第二季電話會議。（操作員指示）請注意，今天的電話會議正在錄音。（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 集團的 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 second-quarter 2025 earnings. We are very pleased to have with us Mr. Luis Felipe Castellanos, Chief Executive Officer, Intercorp Financial Services; Ms. Michela Casassa, Chief Financial Officer, Intercorp Financial Services; Mr. Carlos Tori, Chief Executive Officer, Interbank; Mr. Gonzalo Basadre, Chief Executive Officer, Interseguro; and 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 年第二季的收益。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。本次電話會議期間也將提供網路直播視訊演示來配合討論。如果您尚未收到簡報或收益報告，現在可以造訪公司網站 ifs.com.pe 取得。如果您今天需要任何協助，請致電紐約 InspIR 集團，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. As such, statements made are based on several assumptions and factors that could change, causing actual results to materially differ from the current expectations.

我想提醒大家，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、公司的未來業績或財務結果。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。

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

有關前瞻性陳述的完整說明，請參閱昨天發布的收益報告和報告。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, and welcome to our 2025 second-quarter earnings call. First, I want to thank you for attending our call today.

謝謝。早上好，歡迎參加我們的 2025 年第二季財報電話會議。首先，感謝您今天參加我們的電話會議。

We continue to see a positive performance of the Peruvian economy with an accumulated growth of 3.1% as of May. This momentum is driven by increased dynamism in sectors that linked to consumption and sustained private investment, which is projected to grow by 5% this year.

我們持續看到秘魯經濟表現良好，截至5月累計成長3.1%。這一勢頭是由與消費相關的行業活力增強和持續的私人投資推動的，預計今年私人投資將增長 5%。

We continue to operate in a low inflation environment with a very stable exchange rate and with positive momentum for investments, projects expected for the following months. We remain moderately optimistic about Peru's growth outlook as both private investment and consumption continue to trend positively. Consequently, the Central Bank has changed its internal demand forecast from 3.5% to 4.5% with a GDP growth of 3.1% for 2025.

我們繼續在低通膨環境中運營，匯率非常穩定，投資勢頭良好，預計未來幾個月將有專案開展。由於私人投資和消費持續呈現正面趨勢，我們對秘魯的成長前景仍保持適度樂觀。因此，央行已將內部需求預測從 3.5% 調整為 4.5%，2025 年 GDP 成長率為 3.1%。

While the international context and next year's presidential elections in Peru could introduce some volatility, we expect persistently high commodity prices to help offset external pressures. In this environment, Peru remains well positioned in the region as one of the fastest-growing economies.

儘管國際情勢和明年秘魯總統大選可能會帶來一些波動，但我們預計持續的高商品價格將有助於抵消外部壓力。在這種環境下，秘魯仍然是該地區成長最快的經濟體之一。

Now talking about IFS. At IFS, we delivered a strong year-over-year recovery with an ROE exceeding 20%. This quarter's results were driven by solid performance in the core businesses across our subsidiaries with particularly strong investment returns. These gains have allowed us to maintain a healthy ROE and reinforce our long-term targets.

現在談論 IFS。在 IFS，我們實現了強勁的同比復甦，ROE 超過 20%。本季的業績得益於我們各子公司核心業務的穩健表現以及尤其強勁的投資回報。這些收益使我們能夠保持健康的 ROE 並強化我們的長期目標。

Interbank continues to show solid momentum in commercial banking with a clear focus on midsized companies and strong synergies with Izipay, resulting in a gain of 90 basis points in market share within the segment.

Interbank 在商業銀行業務中繼續表現出強勁勢頭，明確關注中型企業並與 Izipay 形成強大的協同效應，從而使該領域的市場份額增加了 90 個基點。

In line with improved internal consumption, we're seeing greater dynamism in consumer activity, reflected in higher cash loan disbursements and increased credit card turnover. These trends signal early signs of growth in the consumer portfolio, although the pace remains slower than expected. As a result, NIM has remained stable, while cost of risk is performing better than anticipated in line with improved household purchasing power, contributing to an increase in risk-adjusted NIM.

隨著內部消費的改善，我們看到消費活動更加活躍，這體現在現金貸款支出增加和信用卡交易量增加。這些趨勢預示著消費組合出現成長的早期跡象，儘管成長速度仍低於預期。因此，淨利差保持穩定，而風險成本的表現優於預期，符合家庭購買力的提高，有助於風險調整後的淨利差增加。

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. Interseguro continues to grow its business with notable expansion in private annuities and life insurance as we continue to be market leaders.

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。Interseguro 繼續發展業務，在私人年金和人壽保險領域顯著擴張，並繼續保持市場領先地位。

Our Wealth Management segment, through Inteligo, delivered very strong results this quarter. The continued positive engagement with clients led assets under management to reach new highs, growing 14% year over year. In addition to this, investment results were particularly strong, driving ROE to high levels.

我們的財富管理部門透過 Inteligo 本季取得了非常強勁的業績。與客戶的持續積極互動使管理資產達到新高，年增14%。除此之外，投資績效特別強勁，推動ROE達到高水準。

We remain committed to place our customers at the center of our decisions. As you know, our key strategic priority at IFS is to achieve digital excellence for our customers, fostering private relationships. Our ambition is to become the leading digital platform in the country with a clear focus on key businesses and profitable growth, providing a comprehensive suite of services powered by a top-tier customer experience and advanced analytics as our competitive advantage.

我們始終致力於將客戶放在決策的中心。如您所知，IFS 的關鍵策略重點是為客戶實現卓越的數位化，培養私人關係。我們的目標是成為國內領先的數位平台，明確專注於關鍵業務和獲利成長，提供以頂級客戶體驗和先進分析為支撐的綜合服務，作為我們的競爭優勢。

Looking ahead, we remain optimistic about IFS's prospects. The company has demonstrated resilience during the down cycle and the ability for a fast (technical difficulty). We are confident in our delivery to continue executing our long-term strategy.

展望未來，我們仍然對 IFS 的前景持樂觀態度。該公司在經濟下行週期中表現出了韌性，並有能力快速（技術難度）。我們有信心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 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, everyone, to Intercorp Financial Services second-quarter 2025 earnings call. We would like to start with our key messages for the quarter. We had a strong second Q, continuing with the positive trends in our core businesses. Moreover, second Q was boosted by solid investment results. Our net income reached PEN580 million at IFS with an ROE of around 21%.

謝謝你，路易斯費利佩。早上好，歡迎大家參加 Intercorp Financial Services 2025 年第二季財報電話會議。我們想先介紹一下本季的關鍵資訊。我們第二季表現強勁，核心業務持續保持正面趨勢。此外，第二季也受到穩健投資績效的推動。我們的淨收入在 IFS 達到​​ 5.8 億秘魯索爾，股本回報率約為 21%。

Second key message, our commercial and payments ecosystem is growing as evidenced by a number of indicators, one of which is our market share in commercial banking growing more than 90 basis points in the last year. Third, our quarterly cost of risk stood at 2.5%, which is 150 basis points below last year, stable at low levels while maintaining a relatively stable NIM.

第二個關鍵訊息是，我們的商業和支付生態系統正在不斷發展，這由一系列指標證明，其中之一就是我們在商業銀行的市佔率在去年成長了 90 多個基點。第三，本季風險成本為2.5%，比去年同期低150個基點，穩定在低位，淨利差保持相對穩定。

Fourth, the cost of funds remained stable this quarter, although showing an improvement of 40 basis points on a year-over-year basis, primarily due to a better funding mix. Fifth, we are strengthening primary banking relationships and as a result, our retail primary banking customers grew 10% in the last year.

第四，本季資金成本保持穩定，但年比改善了 40 個基點，主要得益於資金組合改善。第五，我們正在加強與主要銀行的關係，因此，去年我們的零售主要銀行客戶成長了 10%。

Last, we had solid core results in Wealth Management, boosted by investments performance with other income growing 5.3 times in the last year. Additionally, insurance continues in a solid path of growth as written premiums increased by 77% year over year due to the growth in private annuities and life insurance.

最後，我們在財富管理方面取得了穩健的核心業績，這得益於投資績效的推動，去年其他收入成長了 5.3 倍。此外，由於私人年金和人壽保險的成長，保險業持續保持穩健的成長勢頭，保費收入較去年同期成長 77%。

Let's start with our first key message. Let me share an overview of the macroeconomic environment. GDP growth showed a slight deceleration in the second quarter, though it remains above consensus with an expected rate around 3%. May growth was 2.7%, bringing year-to-date expansion to 3.1%. Primary GDP contracted by 0.3%, while non-primary GDP grew 3.2%. Sector performance includes construction led with 6% growth, followed by agriculture, services and commerce, especially lodging and restaurants, all above 5%.

讓我們從第一個關鍵訊息開始。我先來介紹一下宏觀經濟環境。第二季GDP成長率略為放緩，但仍高於預期，約3%。5 月成長率為 2.7%，年初至今的成長率達到 3.1%。初級GDP萎縮0.3%，非初級GDP成長3.2%。建築業是表現最亮眼的產業，成長率達 6%，其次是農業、服務業和商業，尤其是住宿和餐飲業，成長率均超過 5%。

Inflation continues under control and the reference rate stands at 4.5%, aligned with the Fed and it is the lowest and most stable currency in the region. With a real rate near 2.2%, the Central Bank has room to ease, though it's likely to wait for the Fed to move first.

通貨膨脹繼續受到控制，參考利率為 4.5%，與聯準會保持一致，是該地區最低且最穩定的貨幣。目前實際利率接近 2.2%，央行有放鬆政策的空間，儘管它可能會等待聯準會先採取行動。

In 2024, Peruvian Sol depreciated less than 1% and has since appreciated by around 5% amid global uncertainty. GDP forecast is at 3.1%. The 2026 projection holds at 2.9%, keeping Peru among the region's fastest-growing economies.

2024 年，秘魯索爾貶值不到 1%，此後在全球不確定性的影響下升值了約 5%。GDP預測為3.1%。2026 年的預測成長率為 2.9%，秘魯仍是該地區成長最快的經濟體之一。

On the same line, business expectations remain stable in the optimistic range, while consumer confidence continues to improve, supporting domestic consumption. In fact, the Central Bank revised its 2025 internal demand forecast upward from 3.5% to 4.4%, driven by strong private consumption and investment.

同時，企業預期維持穩定在樂觀區間，消費者信心持續改善，支撐國內消費。事實上，受強勁的私人消費和投資推動，央行已將2025年內部需求預測從3.5%上調至4.4%。

Private investment is supported by self-construction, improved financial conditions and higher business confidence on top of the extensive pipeline of projects to come in mining and infrastructure.

私人投資受到自建項目、改善的金融條件和更高的商業信心以及採礦和基礎設施領域大量項目的支撐。

Private consumption remains dynamic, fueled by wage growth and employment recovery, which is helping households to receive tangible improvements in their economic situation. While labor market growth has moderated, it remains positive.

受薪資成長和就業復甦的推動，私人消費依然保持活力，幫助家庭經濟狀況得到實際改善。儘管勞動力市場成長放緩，但仍保持積極態勢。

Formal job creation continues across sectors with notable growth in services 4%, commerce 4%, and agriculture 26%. Despite this, loans have yet to show significant growth with year-over-year and year-to-date expansion at system level below 2%. Liquidity events such as severance funds withdrawals have not supported credit growth and banks remain cautious.

各產業持續創造正式就業機會，其中服務業成長顯著，成長 4%，商業成長 4%，農業成長 26%。儘管如此，貸款尚未出現顯著成長，系統層級的年比和年初至今的擴張均低於 2%。遣散費提取等流動性事件並未支持信貸成長，銀行仍保持謹慎。

The second quarter was slightly more dynamic for commercial lending but still below expected levels given the macro backdrop. We expect a more dynamic second half for the financial system with total loans growing around 5%, mainly driven by retail lending, although momentum may soften due to further withdrawals.

第二季商業貸款略有活躍，但考慮到宏觀背景，仍低於預期水準。我們預計下半年金融體系將更加活躍，貸款總額將增加 5% 左右，主要由零售貸款推動，但由於進一步提款，成長動能可能會減弱。

On slide 6, we have some positive news to share. In the second quarter, we delivered strong earnings of PEN580 million, double what we reported a year ago and 30% higher than the last quarter. This brought our ROE to 20.7%.

在第 6 張投影片上，我們有一些正面的訊息要分享。第二季度，我們實現了 5.8 億秘魯索爾的強勁盈利，比去年同期增長了一倍，比上一季增長了 30%。這使我們的 ROE 達到 20.7%。

On the banking side, results continue to improve with earnings growing 1.5 times over the past year. While the growth of the consumer portfolio has been slower than initially expected, the current portfolio mix continues to positively influence cost of risk, which remains at low levels. Additionally, increased client transaction volumes is contributing to fee generation.

銀行業務方面，業績持續改善，過去一年獲利成長了 1.5 倍。雖然消費者投資組合的成長速度低於最初的預期，但目前的投資組合組合持續對風險成本產生正面影響，風險成本仍維持在較低水準。此外，客戶交易量的增加也促進了費用的產生。

On insurance, we continue to deliver strong results with good trends in its core business, especially in private annuities, which benefited from synergies with Inteligo and in mandatory annuities and finally, due to the disability and survivorship portfolio.

在保險方面，我們繼續取得強勁的業績，核心業務呈現良好趨勢，尤其是私人年金，受益於與 Inteligo 的協同效應和強制性年金，最後得益於殘疾和生存者組合。

Finally, our Wealth Management business delivered a very strong performance this quarter. The core business continues to grow steadily, supported by consistent asset under management expansion. Additionally, we benefited from strong investment results this quarter. All in all, this was a strong quarter across IFS with investment gains and resilient core operations driving profitability.

最後，我們的財富管理業務本季表現非常強勁。在資產管理規模持續擴張的支持下，核心業務持續穩定成長。此外，本季我們也受惠於強勁的投資業績。總而言之，本季 IFS 表現強勁，投資收益和有彈性的核心業務推動了獲利能力。

On slide 7, we show you the continuous positive quarterly earnings and ROE trends. Since early 2024, we've seen a positive trend in both earnings and ROE. As of the first half of 2025, earnings are 2.4 times higher than the same period last year, and our accumulated ROE stands at 18.4%.

在第 7 張投影片上，我們向您展示了持續積極的季度收益和 ROE 趨勢。自 2024 年初以來，我們看到收益和 ROE 均呈現正面趨勢。截至2025年上半年，獲利較去年同期成長2.4倍，累計ROE達18.4%。

At the bank, the recovery remains on track. While NIM and consumer loan growth are progressing slower than planned, we are seeing encouraging trends in other areas, particularly low levels of cost of risk and improvement in fees. Moreover, Inteligo has delivered very strong results, along with good performance from Interseguro's real estate portfolio.

就銀行而言，復甦仍在進行中。雖然淨利差和消費貸款成長速度低於計劃，但我們在其他領域看到了令人鼓舞的趨勢，特別是風險成本水平較低和費用改善。此外，Inteligo 取得了非常強勁的業績，Interseguro 的房地產投資組合也表現良好。

Another positive highlight is the growing diversification of IFS earnings. In the first half of the year, the bank contributed less than 70% of total earnings, showing the increasing relevance of our other segments.

另一個積極的亮點是 IFS 收益日益多樣化。今年上半年，銀行業務貢獻的獲利不到總獲利的70%，顯示我們其他業務部門的相關性日益增強。

Let's now turn to slide 8, where we take a closer look at IFS revenues, which grew 19% year over year. At the bank level, we continue to see stability of NIM, mainly due to slower-than-expected growth in the consumer portfolio, which impacts average yield, offset by ongoing improvement in the cost of funds and by a low cost of risk aligned with the portfolio mix.

現在讓我們翻到第 8 張投影片，仔細看看 IFS 收入，其年增了 19%。在銀行層面，我們繼續看到淨利差的穩定，這主要是由於消費者投資組合的成長低於預期，從而影響了平均收益率，但資金成本的持續改善以及與投資組合相適應的低風險成本抵消了這一影響。

On the fee side, the bank posted 14% growth, supported by both commercial banking fees and increased retail activity, particularly higher credit card purchases. Inteligo also delivered a 17% increase in fees, reflecting continued AUM growth and the strength of its core business. Interseguro and Inteligo had both strong revenue trends, as mentioned before.

在費用方面，該銀行實現了 14% 的成長，這得益於商業銀行費用和零售活動的增加，尤其是信用卡購買量的增加。Inteligo 的費用也增加了 17%，反映了其 AUM 的持續成長和核心業務的強勁成長。如前所述，Interseguro 和 Inteligo 的營收趨勢都很強勁。

On slide 9, expenses at IFS grew 10% year over year, reflecting strategic investments aimed at supporting long-term growth. These include accelerated spending in technology focused on resilience, user experience, cybersecurity, increased capacity and AI as well as efforts to strengthen leadership across key teams, recognizing the importance of talent in executing our strategy. As a result, the cost-to-income ratio at the bank level reached 42%, while at the IFS level, strong top-line performance kept the ratio at a benchmark level of 36%.

在第 9 張投影片上，IFS 的支出年增了 10%，反映了旨在支持長期成長的策略投資。這些措施包括加速對技術的支出，重點關注彈性、使用者體驗、網路安全、提高容量和人工智慧，以及努力加強關鍵團隊的領導力，並認識到人才在執行我們的策略中的重要性。因此，銀行層級的成本收入比達到了 42%，而 IFS 層級強勁的營收表現使該比率維持在 36% 的基準水準。

Now let's move on to our second key message. On slide 11, we wanted to give you an update on the consumer portfolio. The current mix continues to lean towards lower risk segments, supported by growth in affluent clients and improved risk profile in the mass market segment, while this has helped keep the retail cost of risk at low level. As of June [25], cash loan disbursements increased by 80% year over year. In credit cards, transactional activity continues to grow as turnover rose 15% year over year, although this hasn't translated into higher balances.

現在讓我們繼續討論第二個關鍵訊息。在第 11 張投影片上，我們想向您介紹消費者組合的最新情況。目前的組合繼續傾向於較低風險部分，這得益於富裕客戶的成長和大眾市場風險狀況的改善，同時這有助於將零售風險成本保持在較低水平。截至 6 月 [25] 日，現金貸款發放量年增 80%。在信用卡方面，交易活動持續成長，營業額年增 15%，儘管這並沒有轉化為更高的餘額。

The share of full payers increased from 22% in the second quarter of 2024 to 30% in the second quarter this year. We started to see some growth in the overall consumer portfolio, which expanded by 0.6% in the last quarter, a trend that has accelerated in July. However, the pace remains slower than expected, reflected both supply and demand dynamics.

全額付款人的比例從 2024 年第二季的 22% 增加到今年第二季的 30%。我們開始看到整體消費組合有所成長，上個季度成長了 0.6%，這一趨勢在 7 月有所加速。然而，步伐仍然低於預期，反映了供需動態。

On the supply side, we've maintained a cautious approach to ensure healthy growth. On the demand side, ongoing liquidity events such as the severance funds withdrawals have provided extra liquidity to clients. While consumption remains active, many clients are still not ready to take on additional credit. That said, we continue to explore higher-yielding segments, but always with a prudent approach.

在供應方面，我們保持謹慎的態度，確保健康成長。在需求方面，遣散費提取等持續的流動性事件為客戶提供了額外的流動性。儘管消費依然活躍，但許多客戶仍未準備好承擔額外的信貸。儘管如此，我們仍將繼續探索收益較高的領域，但始終採取謹慎的態度。

On slide 12, we show you the evolution of loan growth and market share. Total loans grew 6% year over year, outperforming the system by a multiple around 3 times and resulting in a gain of 30 basis points in total market share.

在第 12 張投影片上，我們向您展示了貸款成長和市場份額的演變。貸款總額年增 6%，超出系統約 3 倍，總市佔率成長 30 個基點。

In Commercial Banking, we've gained 90 basis points of market share, supported by three key drivers. First, sales finance remains a strategic focus, growing by 20% year over year, consolidating our position as the second largest player in the system. Second, we continue to deepen customer relationships, offering more products and growing our balances with our most relevant clients, reflected in a 240-basis-point gain in midsized companies market share. And third, our synergy with Izipay is helping us reach more clients with a strong value proposition, both in midsized companies and small companies through IzipayYa, where we have gained 30 basis points market share and still see room to grow.

在商業銀行業務方面，由於三大關鍵驅動因素，我們的市佔率增加了 90 個基點。一是銷售金融持續維持策略重點，年增20%，鞏固了我們作為系統內第二大參與者的地位。其次，我們繼續深化客戶關係，提供更多產品，並增加與最相關客戶的餘額，這反映在中型公司市佔率增加了 240 個基點。第三，我們與 Izipay 的協同作用幫助我們透過 IzipayYa 接觸到更多具有強大價值主張的客戶，無論是中型公司還是小型公司，我們在 IzipayYa 上已經獲得了 30 個基點的市場份額，並且仍然有成長空間。

On the retail side, we were almost were up 1.2% year over year, led by high-income segments. Mortgage continues to grow steadily, while consumer lending remains more challenging, especially in a more competitive environment.

在零售方面，我們幾乎比去年同期成長了 1.2%，其中高收入細分市場的銷售額領先。抵押貸款持續穩定成長，而消費貸款仍然更具挑戰性，尤其是在競爭更加激烈的環境中。

As part of our strategy, we are strengthening our payment ecosystem with Plin and Izipay. We have continued working to generate further synergies as we encourage in 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 float.

作為我們策略的一部分，我們正在透過 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，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浮動資金的來源。

In this manner, Plin active users grew 13% over the last year and our digital retail customers reached 83%. Moreover, IzipayYa and Izipay continue to gain traction with volumes from IzipayYa increasing 1.7 times, resulting in more flow coming to Interbank. Consequently, small business deposits have grown by 20%, now representing around 10% of our wholesale deposits and 24% of our wholesale core deposits. Finally, Interbank share of Izipay flows now stands at around 39%.

透過這種方式，Plin 的活躍用戶在過去一年中成長了 13%，我們的數位零售客戶達到了 83%。此外，IzipayYa 和 Izipay 繼續獲得關注，其中 IzipayYa 的交易量增長了 1.7 倍，從而為 Interbank 帶來了更多流量。因此，小型企業存款成長了 20%，目前約占我們批發存款的 10% 和批發核心存款的 24%。最後，Izipay 流量的銀行間份額目前約為 39%。

Following with the third message, we continue to see a low cost of risk and relatively stable NIM. On slide 15, we'd like to highlight the continued strength of our asset quality metrics. Cost of risk remains low across segments. In retail, it stands at 4.2%, a level that is 300 basis points below last year.

繼第三則訊息之後，我們繼續看到較低的風險成本和相對穩定的淨利差。在第 15 張投影片上，我們想強調我們的資產品質指標的持續強勁。各領域的風險成本仍然較低。零售業的成長率為 4.2%，比去年低 300 個基點。

In Commercial Banking, cost of risk remained stable at around 0.6%. These trends reflect both an improving macroeconomic environment and healthier client payment behavior. In fact, the 2.5% consolidated cost of risk for the second quarter is aligned with the first quarter, excluding the one-off impact from Telefonica. In Commercial Banking, that effect drove a temporary decline in the quarter. Without this effect, we see a slight increase in cost of risk still within expected level.

商業銀行風險成本維持穩定在0.6%左右。這些趨勢反映了宏觀經濟環境的改善和客戶支付行為的更健康。事實上，第二季 2.5% 的綜合風險成本與第一季持平，不包括西班牙電信的一次性影響。在商業銀行業務中，這種影響導致本季出現暫時下滑。如果沒有這種影響，我們會看到風險成本略有增加，仍在預期水準之內。

In retail, we stand at 4.2%, mainly driven by the portfolio mix, which has shown a meaningful improvement versus last year with the consumer portfolio going down from 11.7% cost of risk to 7.2%. This aligns with the improved client risk profile and product mix discussed earlier. New vintages are also showing stable early indicators. Within the total portfolio, credit cards and payable loans have maintained an 18% share for three consecutive quarters. Finally, NPL ratios remain stable and coverage levels are solid above 140%.

在零售業，我們的佔比為 4.2%，主要受投資組合的推動，與去年相比，投資組合有了顯著改善，消費者投資組合的風險成本從 11.7% 下降到 7.2%。這與前面討論的改善的客戶風險狀況和產品組合一致。新年份的葡萄酒也表現出穩定的早期指標。在整個投資組合中，信用卡和應付貸款連續三個季度保持18%的份額。最後，不良貸款率維持穩定，覆蓋率穩定在140%以上。

On slide 16, we show the evolution of yields and margins. Loan yields declined 70 basis points year over year, reaching 9.9% in the second quarter, but stable versus the first quarter. This was mainly due to the lower market rates and loan book mix. That said, the good news is that yields stabilized during the last quarter, supported by some improvement in consumer portfolio and a positive trend in small business lending.

在投影片 16 上，我們展示了收益率和利潤率的演變。貸款收益率年減70個基點，第二季達9.9%，但與第一季相比保持穩定。這主要是由於市場利率和貸款組合較低。儘管如此，好消息是，在消費者投資組合有所改善和小型企業貸款呈積極趨勢的推動下，上個季度收益率趨於穩定。

Despite the pressure on yields, NIM has remained relatively stable in the last year, thanks to the reduction in cost of funds, which offset the decline in asset yields. It's also worth noting that we carried additional cash during the quarter in preparation for the call of Interbank subordinated bond, which had an 8-basis-point impact on NIM this quarter. Thus, we will start to see an improvement in NIM in the coming quarters.

儘管收益率面臨壓力，但由於資金成本的降低抵消了資產收益率的下降，淨利差在去年保持相對穩定。另外值得注意的是，我們在本季度持有額外現金，以準備贖回銀行間次級債券，這對本季的淨息差產生了 8 個基點的影響。因此，我們將在未來幾季開始看到 NIM 的改善。

All in all, risk-adjusted NIM improved 80 basis points year over year, in line with the lower cost of risk we mentioned earlier. On a quarter-over-quarter basis, risk-adjusted NIM improved 10 basis points.

總而言之，風險調整後的淨利差比去年同期提高了 80 個基點，與我們先前提到的風險成本降低一致。與上一季相比，風險調整後的淨利差提高了 10 個基點。

Now we will deep dive into the cost of funds and funding mix. On slide 18, the cost of deposits declined by 60 basis points year over year, supported by lower market rates and a healthier funding mix. Cost of deposits remained stable quarter over quarter, but the annual trend is clearly positive, and we see further potential for reduction going forward. Deposits have also become a more relevant part of our funding structure now at around 80%.

現在我們將深入探討資金成本和資金組合。在投影片 18 中，受較低的市場利率和更健康的融資組合的影響，存款成本比去年同期下降了 60 個基點。存款成本環比保持穩定，但年度趨勢明顯向好，我們認為未來還有進一步下降的潛力。存款也已成為我們融資結構中更重要的一部分，目前約佔 80%。

Growth has come from both retail and commercial segments with total deposits up 7.4% year over year, well above the systems 4.8%, resulting in a market share gain reaching 13.9% of total deposits. As a result, our overall cost of funds fell by 40 basis points compared to last year, although it remained stable during the quarter. Finally, our loan-to-deposit ratio stands at 96%, in line with the industry average.

零售和商業領域均實現了成長，總存款年增 7.4%，遠高於系統 4.8% 的增幅，導致市佔率成長至總存款的 13.9%。因此，儘管本季我們的整體資金成本保持穩定，但與去年相比下降了 40 個基點。最後，我們的貸存比率為96%，與產業平均值一致。

On slide 19, we take a closer look at Interbank's low-cost funding strategy. Our approach focuses on capturing saving deposits and current accounts with low or zero interest rates, supported by initiatives that enhance the value-added services we offer to clients.

在第 19 張投影片上，我們仔細研究了 Interbank 的低成本融資策略。我們的方法著重於取得低利率或零利率的儲蓄存款和活期帳戶，並透過增強我們向客戶提供的增值服務的舉措來提供支援。

Synergies with Izipay have played a key role, allowing us to deliver a more comprehensive service and increase the float retained in Interbank accounts. This has contributed to a 12% increase in commercial banking low-cost funding. Institutional accounts have also supported this growth, benefiting from personalized services and efficient funding solutions.

與 Izipay 的協同作用發揮了關鍵作用，使我們能夠提供更全面的服務並增加銀行間帳戶中保留的浮動資金。這使得商業銀行低成本融資增加了12%。機構帳戶也支持了這一成長，受益於個人化服務和高效的融資解決方案。

On the retail side, we continue to strengthen customer engagement and improve the customer experience to foster primary banking relationships. As a result, retail low-cost funding grew 8% year over year and the share of time deposits over total retail deposits declined from 34% to 32%. Altogether, these efforts led to a 12% year-over-year increase in total low-cost funding, raising its share from 32% to 34%.

在零售方面，我們持續加強客戶參與並改善客戶體驗，以促進主要銀行關係。結果，零售低成本融資年增 8%，定期存款佔零售存款總額的比重從 34% 下降到 32%。總體而言，這些努力使低成本融資總額年增 12%，佔比從 32% 上升至 34%。

Moving on to our digital strategy. On slide 21, we continue to create significant value in primary banking relationships through our digital developments and Plin. Over the last year, we have been able to increase our retail primary banking customers by 10%, now representing more than 33% of our retail client base. Plin reached 2.4 million active customers monthly, each making an average of 25 transactions, up 25% compared to last year.

繼續討論我們的數位策略。在第 21 張投影片上，我們繼續透過數位發展和 Plin 在主要銀行關係中創造重大價值。在過去的一年裡，我們的零售主要銀行客戶數量增加了 10%，目前占我們零售客戶群的 33% 以上。Plin 每月活躍客戶數達到 240 萬，平均每位客戶進行 25 筆交易，比去年增加 25%。

In total, we closed the second quarter with a 44% increase of monthly transactions year over year. A key driver of this engagement is our focus on P2M payments, which now represent 70% of total transactions. Within this, QR POS payments grow steadily, reaching 2.2 million monthly transactions, up 51%. We also launched Plin Metropolitano, expanding our use cases and accelerating adoption.

總體而言，第二季我們的月交易量年增了 44%。這次合作的關鍵驅動因素是我們對 P2M 支付的關注，目前 P2M 支付佔總交易量的 70%。其中，二維碼POS支付穩定成長，每月交易量達220萬筆，較去年同期成長51%。我們還推出了 Plin Metropolitano，擴展了我們的用例並加速了採用。

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 at approximately 15% market share, and credit cards about 26%. All of these metrics are supported by an NPS of retail banking of 54, reflecting our commitment to customer satisfaction and loyalty.

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，我們的流入薪資帳戶佔有約 14% 的市場份額，零售存款佔約 15% 的市場份額，信用卡佔有約 26% 的市場份額。所有這些指標都得到了零售銀行 54 的 NPS 的支持，反映了我們對客戶滿意度和忠誠度的承諾。

On slide 22, we continue to see good trends in our digital indicators compared to last year as we remain focused on developing solutions that meet our customers' evolving needs. As a result, we've seen steady growth in digital adoption. Our retail digital customer base increased from 80% to 83%, while commercial digital clients now stand at 74%.

在第 22 張投影片上，與去年相比，我們的數位指標持續呈現良好趨勢，因為我們仍然專注於開發滿足客戶不斷變化的需求的解決方案。因此，我們看到數位化應用穩步成長。我們的零售數位客戶群從 80% 增加到 83%，而商業數位客戶現在佔 74%。

We've also made progress in self-service and digital sales. Our self-service indicator reached 78% and digital sales climbed to 71%. These improvements are supported by our always-on communication strategy, which focuses on educating customers about new self-service features through the app and our virtual assistant. While the latest NPS reading we have corresponding to April showed a drop, our internal data fully reflects a clear recovery.

我們在自助服務和數位銷售方面也取得了進展。我們的自助服務指標達到78%，數位銷售額攀升至71%。這些改進得益於我們始終在線的溝通策略，該策略專注於透過應用程式和虛擬助理向客戶介紹新的自助服務功能。雖然我們四月份的最新 NPS 讀數顯示有所下降，但我們的內部數據充分反映了明顯的復甦。

Finally, solid results with growth in the core business of wealth management and insurance. On page 24, we highlight the strong performance in our Wealth Management business this quarter. Inteligo continues to show solid momentum. Assets under management have grown at double-digit pace, reaching new highs and now totaling $7.8 billion.

最後，財富管理和保險核心業務取得了穩健的成長。第 24 頁，我們重點介紹了本季財富管理業務的強勁表現。Inteligo 持續展現強勁勢頭。管理資產以兩位數的速度成長，達到新高，目前總額達 78 億美元。

Fee income continues to improve, up 19% year over year, adding to the positive trend in results. Additionally, other income grew 5.3 times year over year and 2.4 times quarter over quarter, supported by a 12-month return on investments of 17%. That said, for the second half of the year, we anticipate a normalization towards more typical levels. As of June, Inteligo's accumulated ROE stands at 31%. For the full year, we expect results to normalize and remain within our guidance range.

費用收入持續改善，年增 19%，進一步增強了績效的正面趨勢。此外，其他收入年增 5.3 倍，季增 2.4 倍，這得益於 12 個月投資報酬率 17%。也就是說，我們預計今年下半年將恢復到更典型的水平。截至 6 月，Inteligo 的累計 ROE 為 31%。我們預計全年業績將正常化並保持在我們的指導範圍內。

On the digital front, we continue to enhance our Interfondos' app, which is our mutual funds app, with the goal of shifting its role from a transactional platform to a true digital adviser for our mutual funds clients. As a result, we have seen a sustained increase in both the app adoption with a 7-point year-over-year increase and digital transactions, which grew by 6 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，即我們的共同基金應用程序，目標是將其角色從交易平台轉變為我們共同基金客戶的真正數位顧問。因此，我們看到應用程式採用率和數位交易量均持續成長，年增 7 個百分點，數位交易量每年增長 6 個百分點，目前佔所有客戶交易的一半以上。

Now moving to insurance on slide 26. We continue to see good momentum in the contractual service margin, which grew 17% year over year, mainly driven by Individual Life. In the second quarter, reserves for Individual Life and annuities increased by 31% and 14%, respectively, supported by strong new business generation that more than offset the monthly amortization of the CSM.

現在轉到第 26 張投影片上的保險。我們繼續看到合約服務利潤率的良好勢頭，年增 17%，主要受個人壽險的推動。第二季度，個人壽險和年金儲備金分別成長了 31% 和 14%，這得益於強勁的新業務成長，超過了合約服務邊際成本的每月攤銷。

Individual Life remains a key focus for us given its low market penetration. Although traditional channels keep growing at high rates, we've been also diversifying our distribution strategy to include digital ones and simplifying the product to reach new segments and keep supporting growth.

由於個人壽險市場滲透率較低，因此其仍是我們關注的重點。儘管傳統通路保持高速成長，但我們也一直在實現分銷策略多樣化，包括數位管道，並簡化產品以覆蓋新的細分市場並繼續支援成長。

Additionally, short-term insurance premiums grew by over 110% driven by the disability and survivorship premiums acquired through a two-year bidding process from the Peruvian private pension system. On the investment side, results remain stable. The return on the investment portfolio reached 6.1%, primarily supported by interest increase from fixed income portfolio and investment funds.

此外，透過兩年的招標程序從秘魯私人退休金體系獲得的殘疾和遺屬保險費推動短期保險費增加了 110% 以上。投資方面，業績維持穩定。投資組合報酬率達6.1%，主要受固定收益組合及投資基金利息成長支撐。

In insurance, we continue to focus on enhancing the digital experience as well for our clients and expanding our sales from digital channels. The development of internal capabilities has allowed us to increase digital self-service to 68% from 66% of the previous year and the direct sales to grow 11% in the 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 66% 提高到 68%，直接銷售額在去年增長了 11%。

Now let me move to the final part of the presentation where we provide some takeaways. Before we move on to our operating trends, we'd like to share where we are focusing our growth efforts. On the retail side, we continue to see growth in mortgages as we continue to gain market share now at 15.8%.

現在，讓我進入演示的最後部分，我們將提供一些要點。在討論我們的營運趨勢之前，我們想分享一下我們的成長重點。在零售方面，我們的抵押貸款業務持續成長，市佔率持續成長，目前已達到 15.8%。

We're beginning to observe early signs of recovery in the consumer loan portfolio. That said, the pace of recovery has been slower than we initially expected. In Commercial Banking, we are seeing solid progress supported by three main strategies. In Insurance, we are maintaining our focus on long-term products. While the market remains challenging, Individual Life have shown encouraging growth this past quarter.

我們開始觀察到消費貸款組合復甦的早期跡象。儘管如此，復甦的速度比我們最初預期的要慢。在商業銀行業務方面，我們在三大主要策略的支持下取得了堅實的進展。在保險方面，我們繼續關注長期產品。儘管市場依然充滿挑戰，但個人壽險在過去一個季度表現出令人鼓舞的成長。

Finally, in Wealth Management, assets under management continues to grow at a healthy pace, up 14% year over year, reaching a new record level, a reflection of both market performance and continued client engagement.

最後，在財富管理方面，管理資產持續以健康的速度成長，年增 14%，達到新的創紀錄水平，這反映了市場表現和持續的客戶參與度。

On slide 30, let me give you a review of the operating trends of the first half. Capital ratios remain at sound levels with a total capital ratio of around 17% and the core equity Tier 1 ratio close to 12%. Our ROE for the first half of the year was 18.4%, above our guidance. As mentioned before, we expect the second half to go back to more normal levels and the year-end ROE to be closer to 17%.

在第30張投影片上，我跟大家回顧上半年的經營趨勢。資本充足率維持在穩健水平，總資本充足率約為17%，核心一級資本充足率接近12%。我們上半年的 ROE 為 18.4%，高於我們的預期。如前所述，我們預計下半年將恢復到更正常的水平，年底的 ROE 將接近 17%。

For loan growth, we grew 6% as of June, in line with our guidance and above the system. We expect a slight recovery in NIM over the remainder part of the year, although it continues to face some pressure. On the positive side, cost of risk is expected to remain well below guidance, helping to offset lower margins. As a result, we anticipate a slight improvement in our risk-adjusted NIM for the full year. Finally, we continue to focus on efficiency at IFS as our cost to income was around 36% within guidance.

就貸款成長而言，截至 6 月份，我們的貸款成長了 6%，符合我們的預期，並且高於系統水準。我們預計今年剩餘時間內淨息差將略有回升，儘管它仍面臨一些壓力。從積極的一面來看，風險成本預計將遠低於預期，有助於抵消利潤率的下降。因此，我們預計全年風險調整後的淨利差將略有改善。最後，我們繼續關注 IFS 的效率，因為我們的成本收入比在指導範圍內約為 36%。

On slide 32, we highlight our strong sustainability performance for the second half of 2025. On the environmental front, our sustainable loan portfolio reached EUR400 million, supporting projects with measurable environmental benefits. We also advanced our renewable energy efforts with 33 financial stores now IREC certified.

在第 32 張投影片上，我們重點介紹了 2025 年下半年強勁的永續發展表現。在環境方面，我們的永續貸款組合達到4億歐元，支持具有可衡量環境效益的項目。我們也推進了再生能源工作，目前有 33 家金融商店獲得 IREC 認證。

Additionally, all corporate banking executives managing the agricultural portfolio have been trained in Climate Technologies, an important step in our sustainable finance strategy. On the social side, we continue to promote inclusive growth. Interbank ranked number two in the Great Place to Work Diversity, Equity and Inclusion ranking with Interseguro and Inteligo Group also recognized.

此外，所有管理農業投資組合的公司銀行主管都接受過氣候技術培訓，這是我們永續金融策略的重要一步。在社會方面，我們持續推動包容性成長。Interbank 在「最佳工作場所多元化、公平性和包容性」排名中位居第二，Interseguro 和 Inteligo Group 也獲得認可。

Interbank and Interseguro were also ranked among the Top 10 Best Places to Work for Women. Through IzipayYa, we are supporting over 1.2 million entrepreneurs while more than 1,600 Peruvians are now covered by our inclusive insurance products, [Vida] Cash and Rumbo. Additionally, over 3,600 entrepreneurs have received financial training through Escuela, Izipay's education platform.

Interbank 和 Interseguro 也被評為最適合女性工作的十大公司之一。透過 IzipayYa，我們為超過 120 萬名企業家提供支持，同時超過 1,600 名秘魯人現在享受我們的綜合保險產品 [Vida] Cash 和 Rumbo 的保障。此外，超過 3,600 名企業家透過 Izipay 的教育平台 Escuela 接受了金融培訓。

Finally, we published our Equator Principles report, reaffirming our alignment with international standards for responsible environmental and social risk management in project finance.

最後，我們發布了赤道原則報告，重申我們在專案融資中遵守負責任的環境和社會風險管理的國際標準。

Let me finalize the presentation with some key takeaways. First, we had a strong second quarter. Second, growing commercial and payment ecosystem while consumer portfolio is starting to slowly recover. Third, low cost of risk continues and stable NIM. Fourth, there is a positive trend in funding mix. Fifth, we are strengthening primary banking relationships. And sixth, we've had solid results in wealth management and insurance.

讓我用一些關鍵要點來結束本次演講。首先，我們的第二季表現強勁。其次，商業和支付生態系統不斷發展，而消費者組合開始緩慢恢復。三是風險成本持續低位，淨利差維持穩定。四是資金結構呈現向好態勢。第五，我們正在加強主要銀行關係。第六，財富管理和保險業務取得了紮實的成績。

Thank you very much. Now we welcome any questions you may have.

非常感謝。現在我們歡迎您提出任何問題。

(Operator Instructions) Ernesto María Gabilondo Marquez, Bank of America.

（操作員指示）美國銀行 Ernesto MarÃa Gabilondo Marquez。

Thank you. Hi, good morning, Luis Felipe, Michela, Carlos, and good morning to all your team. Congrats on your results and the recovery of the Wealth Management business and the good asset quality trends. And thanks for the opportunity to ask questions.

謝謝。大家好，Luis Felipe、Michela、Carlos，還有你們團隊的各位早安。恭喜貴公司的業績以及財富管理業務的復甦和良好的資產品質趨勢。感謝給我提問的機會。

My first question will be on your NIM expectations. You were saying we can expect some NIM expansion in the second half. So can you elaborate a little bit more on that? And how do you see the trend next year, especially if credit card or the retail segment starts to accelerate?

我的第一個問題是關於您對 NIM 的期望。您說我們可以預期下半年淨利差會擴大。那你能詳細說明一下嗎？您如何看待明年的趨勢，特別是如果信用卡或零售領域開始加速發展的話？

My second question will be on asset quality. As you mentioned, you expect to remain below the guidance. I just want to double check if the guidance is around 3% for this year. And how should be the trend for cost of risk through the next years, especially as you resume growth in the retail segment?

我的第二個問題是關於資產品質。正如您所提到的，您預計該數字仍將低於指導值。我只是想再確認一下今年的指導值是否在 3% 左右。未來幾年風險成本的趨勢如何，特別是當零售領域恢復成長時？

And my last question is on expenses. We saw they came at double digit. As you mentioned, you have been investing in technology. But how should we think about the OpEx growth for the second half and for the next year? Next year should be growing more in line with inflation or 100 basis points above inflation. Just also wanted like to have an idea of the trend on expenses. Thank you.

我的最後一個問題是關於費用的。我們看到他們的得分達到了兩位數。正如您所說，您一直在投資科技。但我們該如何看待下半年和明年的營運支出成長呢？明年的成長應該會與通貨膨脹更加一致，或比通貨膨脹高出 100 個基點。只是想了解支出趨勢。謝謝。

Okay, Ernesto. Thanks very much. All your -- the first part of your questions are obviously related at the velocity of recovery of our consumer book that will touch upon NIM and asset quality. But let me pass it on to Michela and Carlos, so they can complement the answers given that they are mostly related to that.

好的，埃內斯托。非常感謝。您所有問題的第一部分顯然與我們的消費者帳簿的復甦速度有關，這將涉及 NIM 和資產品質。但請允許我將其傳遞給 Michela 和 Carlos，以便他們可以補充答案，因為它們大多與此相關。

So let me start with NIM and asset quality, and then I'll pass it on to Carlos. I mean, two main reasons pressuring NIM in the first half of the year, the first one is the portfolio mix. Now you have seen we have been growing nicely three times the market, though the mix of that growth has been slightly skewed towards more mortgages and commercial banking. Now so this is the first thing that has been pressuring NIM, we expect that trend to change a little bit in the second half of the year and I think more evident during 2026 as the consumer portfolio resumes growth.

因此，讓我先從淨利息收益率和資產品質開始，然後再將其傳遞給卡洛斯。我的意思是，上半年淨利差面臨兩個主要壓力，第一個是投資組合結構。現在你已經看到，我們的成長速度是市場的三倍，儘管成長的組成略微偏向於更多的抵押貸款和商業銀行業務。現在，這是對 NIM 施加壓力的第一件事，我們預計這種趨勢將在今年下半年發生一些變化，我認為隨著消費者投資組合恢復成長，這種趨勢在 2026 年會更加明顯。

We've seen a 0.6% growth in the second quarter. We have seen in July a little bit of acceleration on that, so that is the first thing that should change a little bit the trend in NIM. And second factor that has impacted NIM in the first half of the year is the fact that we've had some extra liquidity as we were preparing also to pay the sub bond that we had maturing on July. Now so we have calculated an impact which is, I mean, close to 10 basis points of impact on NIM because of that. That has been repaid during July, so we should see that impact in the third quarter.

我們看到第二季成長了0.6%。我們在 7 月看到這一趨勢略有加速，因此這是應該稍微改變 NIM 趨勢的第一件事。影響上半年淨利差的第二個因素是，我們有一些額外的流動性，因為我們也準備支付 7 月到期的次級債券。現在我們已經計算出影響，我的意思是，這對 NIM 的影響接近 10 個基點。這筆錢已於 7 月償還，因此我們應該會在第三季看到其影響。

So from the number you see today, we are expecting an improvement in NIM in the second half of the year . Ad not sure whether we will reach the target, the 5.4%, but we should be close to that. And what we expect for 2026, although we don't have the exact number as we have not given any estimates yet, we expect the trend of the portfolio mix with more consumer loans to continue to positively impact yields, thus NIM, as we still see some further -- even less than before, but we still see some further room for improvement also in the cost of funds.

因此，從今天看到的數據來看，我們預計下半年淨利差將有所改善。我們不確定是否能達到 5.4% 的目標，但應該接近這個目標。我們對 2026 年的預期是，儘管我們還沒有給出確切的數字，因為我們還沒有給出任何估計，但我們預計，投資組合中更多的消費貸款趨勢將繼續對收益率產生積極影響，因此淨息差也會有所增加，我們仍然看到一些進一步的——甚至比以前更少，但我們仍然看到資金成本還有進一步改善的空間。

And asset quality goes hand-in-hand with that explanation. 2.5% is a very low level of cost of risk, now when you compare that with the levels that we had pre-COVID, which were closer to 3%. At that point in time, the -- if you want the high-yield portfolio of credit card, personal loans, and small businesses accounted for more than 20%, close even to 25%, as of today, that accounts for 18%. So the portfolio mix is having also a say in the asset quality.

資產品質與此解釋密切相關。 2.5% 是一個非常低的風險成本水平，現在，當你將其與 COVID 之前的水平進行比較時，後者接近 3%。在那個時間點，如果你想要高收益的信用卡、個人貸款和小型企業投資組合，其佔比超過 20%，甚至接近 25%，那麼截至今天，這一比例為 18%。因此，投資組合組合對資產品質也有影響。

Guidance was to be around 3%. We have had stable cost of risk of 2.5%, excluding Telefonica in the first quarter and in the second quarter. As the consumer loan book resumes growth, we should see a slight increase in the cost of risk in the coming quarters and in 2026. But I guess that the doubt we have today is the speed at which that is going to take place quarter by quarter.

指導值為 3% 左右。第一季和第二季度，我們的風險成本穩定在 2.5%，不包括西班牙電信。隨著消費貸款帳簿恢復成長，我們預計未來幾季和 2026 年風險成本將略有增加。但我想，我們今天的疑問在於這項進程逐季推進的速度。

And maybe let me stop there and pass it to Carlo whether he wants to complement and also answer the expenses part.

也許我應該就此打住，然後把問題交給卡洛，他是否想補充並回答費用部分。

No, that was very detailed. Thank you, Michela. I mean, we will -- we have already started to grow the consumer book slowly, and that will continue. The good news is that credit card turnover and cash loan disbursements have increased. So 15% increase on card turnover, which eventually will become interest-earning assets. That takes a while, but that's good news.

不，那非常詳細。謝謝你，米歇拉。我的意思是，我們已經開始慢慢增加消費者帳簿，而且這種情況還會持續下去。好消息是信用卡交易額和現金貸款支出增加。因此，信用卡週轉率將增加 15%，最終將成為生息資產。這需要一段時間，但這是個好消息。

As Michela mentioned earlier, we -- the cost of risk is low, but that will increase slightly. At the end of the day, what we need to look at is income net of risk. So risk-adjusted NIM is probably a better measure, and that will continue to increase slightly. So on that front, I think that's a lot of detail.

正如米歇拉之前提到的，風險成本很低，但會略有增加。歸根究底，我們需要關注的是扣除風險後的收入。因此，風險調整後的淨利差可能是一個更好的衡量標準，並且它將繼續略有增加。因此，在這方面，我認為有很多細節。

On the expenses, as Michela mentioned in her presentation, we separated the increases in three different parts. So technology is one, personnel is the second one, and the third one is just marketing and others.

關於費用，正如 Michela 在她的演講中所提到的，我們將成長分為三個不同的部分。所以技術是第一，人員是第二，第三是行銷和其他。

I'll start with the third one, that's the easiest one. That will continue to increase with the business. So we see 15% increase in credit card turnover. That has some costs, miles and points and marketing. So it won't -- it always grows slower than what the turnover increases, and we'll continue to grow with the business. There's no change there.

我將從第三個開始，這是最簡單的一個。隨著業務的開展，這一數字還會持續成長。因此，我們看到信用卡交易額增加了 15%。這涉及一些成本、里程、積分和行銷。所以它的成長速度不會總是低於營業額的成長速度，我們將繼續隨著業務成長。那裡沒有變化。

Then in personnel, we had some senior positions open at the end of last year, and we have been filling those. Basically, there are some positions in technology, analytics, and both in the commercial banking and risk and retail banking as well, so those positions have been filled. And we will continue to look for talent in analytics and technology. So the rate of increase won't be the same. It will probably be lower, but there is some -- probably a little bit above inflation and mostly related to how the business grows.

在人事方面，我們在去年年底開放了一些高階職位，並且一直在填補這些職位。基本上，技術、分析以及商業銀行、風險和零售銀行領域都有一些職位，所以這些職位已經被填補。我們將繼續尋找分析和技術方面的人才。因此成長率不會相同。它可能會更低，但也有一些——可能略高於通貨膨脹率，並且主要與業務成長方式有關。

And then in technology, we're undergoing a good investment program, which is not only investment but has some expenses, both in personnel and just the process that will continue through the second half of the year. And also, we've been seeing a lot of transactions increase. We're growing a Plin at 50% per year. Plin didn't exist four years ago, so that's -- and that's probably a largest transaction that we have. So we continue to see an increase in transactions.

在技​​術方面，我們正在進行一項很好的投資計劃，這不僅是投資，而且還會涉及一些費用，包括人員費用以及將持續到今年下半年的流程費用。而且，我們也看到很多交易量在增加。我們的 Plin 每年以 50% 的速度成長。四年前 Plin 還不存在，所以這可能是我們最大的交易。因此，我們繼續看到交易量的成長。

So technology puts a little bit of pressure on expenses, but our target remains 40% efficiency ratio in the medium term, probably not for the second half of this year. But going forward, that's what we're looking at, and we need to grow the income to cover the expenses that we're doing in technology.

因此，科技對費用帶來了一些壓力，但我們的目標仍然是中期效率比達到 40%，可能不會在今年下半年實現。但展望未來，這就是我們所關注的，我們需要增加收入來支付我們在技術方面的開支。

Yeah. So sorry, to Carlos' point about personnel and technology go through also to the other subsidiaries. So Interseguro and Inteligo are also heavily investing in improving their value proposition for the digital platform. So that's the pressure that we're seeing all across the subsidiaries of IFS. Our focus is to be very diligent in how we do those investments and expenses and making sure that the business cases come aligned with relevant income. So that's kind of the target. So as Carlos mentioned, the medium target of efficiency for the bank, which is 40% for IFS, which is to be around below 37%, continues.

是的。非常抱歉，卡洛斯對人員和技術的觀點也適用於其他子公司。因此，Interseguro 和 Inteligo 也在大力投資改善其數位平台的價值主張。這就是我們在 IFS 所有子公司中看到的壓力。我們的重點是認真對待這些投資和支出，並確保商業案例與相關收入一致。這就是目標。因此，正如卡洛斯所提到的，銀行的效率中等目標，即 IFS 的效率為 40%，大約在 37% 以下，將繼續下去。

Thank you very much. Just a follow-up on this one, as you were explaining the trends for the second half. But looking beyond this year and thinking more in 2026, how should we think about the OpEx growth similar to the trends of the second half? Or do you think it should start to normalize a little bit more growing a little bit above inflation? How are you seeing that?

非常感謝。這只是對此的後續跟進，因為您正在解釋下半年的趨勢。但展望今年以後並進一步思考 2026 年，我們該如何看待與下半年趨勢類似的營運支出成長？或者您認為它應該開始稍微正常化，成長略高於通貨膨脹率？您怎麼看的？

So we've clearly had a step-up this year. So it probably won't be the same rate of increase, but it will continue to increase. It has a lot to do with how the business and the transactions increase rather than necessarily (technical difficulty). So if we continue to grow, the OpEx will continue to grow. We will -- we are investing in a lot of analytics and GenAI. That is more efficient than doing it in another way, but it brings additional OpEx. So it should be closer to the rate of increases that you have seen in the past. But yeah, it will depend on how our business grows.

因此，我們今年顯然取得了進步。因此，成長率可能不會相同，但會繼續成長。這與業務和交易的成長有很大關係，而不一定（技術難度）。因此，如果我們繼續發展，營運支出也會繼續成長。我們將在大量分析和 GenAI 方面進行投資。這比其他方式更有效率，但會帶來額外的營運支出。因此它應該更接近您過去看到的成長率。但是，是的，這將取決於我們的業務如何成長。

Michela, sorry, I think I cut you off. I don't know if you have something else to add there.

米歇拉，對不起，我想我打斷你了。我不知道您是否還有其他要補充的。

No, no, no, absolutely. That was it.

不，不，不，絕對不是。就是這樣。

Thank you, Ernesto.

謝謝你，埃內斯托。

(Operator Instructions) And at this time, we will take the webcast questions. I would like to turn the call over to Mr. Ivan Peill from InspIR Group. Please go ahead, sir.

（操作員指示）現在，我們將回答網路直播的問題。我想將電話轉給 InspIR Group 的 Ivan Peill 先生。先生，請繼續。

Thank you, operator. We don't have any questions at this time. We'd like to briefly prompt our investors and analysts to submit questions via the webcast, if you have any, please.

謝謝您，接線生。我們目前沒有任何問題。我們想簡要地提示我們的投資者和分析師透過網路廣播提交問題，如果您有任何問題，請。

There appear to be no further questions on the audio side or the webcast. I would like to turn the floor back over to Ms. Casassa for any closing remarks. Please go ahead.

關於音訊方面或網路直播似乎沒有其他問題。我想將發言權交還給卡薩薩女士，請她做最後發言。請繼續。

Thank you very much. Thank you, everybody, for attending our conference call today. And hopefully, we will see (technical difficulty) again during our third-quarter results conference call. Be safe. Bye-bye.

非常感謝。感謝大家參加我們今天的電話會議。希望我們能在第三季業績電話會議上再次看到（技術難題）。注意安全。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。