Grupo Aval Acciones y Valores S.A. ADR (Each representing 20 preferred shares)

Welcome to Grupo Aval's first quarter 2020 consolidated results conference call. My name is Hilda, and I will be your operator for today. Grupo Aval Acciones y Valores S.A., Grupo Aval, is an issuer of securities in Colombia and in the United States. As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval Financial Conglomerate. The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-GAAP measures, such as ROA and ROAe, among others, are explained when required in this report. This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as may, will, should, expects, plans, anticipates, believes, estimates, predicts, potential, or continue, or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as the consequences of changes in general, economic, and business conditions, changes in interest and currency rate, and other risks described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC. Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time. but we expressly disclaim any obligation to review, update, or correct the information provided in this report, including any forward-looking statements, and do not intend to provide any update for such material developments prior to our next earnings report. The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description. When applicable, in this document, we refer to billions as thousands of millions. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. I will now turn the call over to Mr. Luis Carlos Sarmiento Gutierrez, Chief Executive Officer. Mr. Sarmiento Gutierrez, you may begin.

Thank you, Hilda. Good morning, and thank you all for joining our first quarter 2020 conference call. Allow me to start by expressing my sincere hope for the well-being of all of you and your friends and families. The first quarter of this year can be divided in two. January and February were months filled with optimism that pointed towards a strong performing year, a year of economic consolidation and growth. However, two events marred the month of March. the oil war between Russia and Saudi Arabia, and the globalization of the coronavirus pandemic. These events became evident to the world in the last few weeks of March, and since, most of the countries in the world and Colombia have not been the exception. I've been experiencing the pain of overwhelmed health systems, collapsed markets, and economies grinding to a halt. I must say that in contrast, It appears that Colombia has fared comparatively well up to now, both in COVID-19 contagions as well as in the economic downturn. Today, I would like to invest our time in the following points. A macro review of the economy during the first quarter and some reflections for the remainder of 2020. A review of the actions that we have implemented to conduct our business during this juncture. The actions we've taken to support our stakeholders and our contributions to the countries in which we operate. a review of the government's public policy actions implemented during the pandemic, the main highlights of our own performance in the first quarter of 2020, an update regarding the legal processes of Ruta del Sol, and finally, an update on the status of the acquisition of the Panamanian Bank Multibank. As I said before, up until the end of February, the fundamentals of Colombia's economy, where almost 70% of our consolidated business resides, were strong. Data showed a positive momentum in consumer spending and private investment. Retail sales had been growing at an annual rate of 10.3% and industrial production at 4.2%. And then came March. Although the oil war only started early in March and the pandemic was only really felt in the last two weeks of the quarter, the impact in the economy was such that GDP growth for the full quarter was only 0.4%, adjusted for seasonality, down from 2.8% a year earlier. Annual inflation softened to 3.5% by the end of April 2020 as weakening consumer demand pressed prices downward after rising to 3.8% at the end of 2019 and to 3.9% in March 2020 as food prices temporarily rose due to disruptions in supply chains. The central bank has taken several measures to continue with its expansionary monetary policy. So far this year, it has reduced its interest rate by 100 basis points, taking it from 4.25% to 3.25%, the lowest level since 2014. To further irrigate liquidity into the economy, the central bank has also announced its intention to purchase government securities and private debt from the financial sector for a total of up to 14 trillion pesos. As expected, employment has been one of the most affected variables by the current juncture. The average unemployment rate for the last 12 months ending on March was 10.7%, up from 10% a year earlier and from 10.5% for year end 2019. The unemployment figure for the month of March 2020 was 12.6%, 180 basis points higher than in March 2019. This is one of the first palpable consequences of the mandatory quarantine. In 2020, the exchange rate has depreciated by approximately 20%, mainly driven by the effects of the decrease in oil prices and the consequent trade imbalance. In fact, the exchange rate at year-end 2019 was 3,277 pesos per dollar, and had increased to a maximum of 4,154 pesos per dollar by mid-March. During the last weeks, the exchange rate has somewhat recovered and has hovered around 3,900 pesos per dollar. As we look towards the rest of the year, some dark clouds are already apparent. Energy demand declined 11% year-on-year in April, and consumer confidence fell from minus 41% from minus 24% in March. The purchasing managers index dropped to 27 in April from 49 in March, showing a sharp contraction in manufacturing activity. However, I will say that there are so many different economic predictions for 2020 from analysts and economists and such divergence between them that it is truly hard to provide a macro guidance with any degree of certainty. It now seems obvious that the economy will not grow this year, but predictions range between 0% growth and a 7% contraction. There is, however, an emerging consensus around a restart of the economy during the latter part of 2020, consolidated in 2021. The IMF, for example, expects a contraction of the economy close to 2.5% in 2020 and a recovery of 3.8% in 2021. Some of the most negative views have come from our own central bank, which provided different scenarios, with GDP growth ranging between minus 2% to minus 7% for 2020. Inflation will be lower than last year's, but it isn't clear whether it will be closer to 2% or then 3%. Most analysts have cut their year-end inflation forecast below 3%. The central bank will probably lower its repo rate again but even they are waiting to see how the economy reacts to what they have already done before moving further. With growth expectations deteriorating and inflation forecasts falling, the market expects that the central bank will cut interest rates further to a 2.25% to 2% range before year-end. Unemployment is a key variable going forward. We know that it will rise materially, but it is hard to predict whether it will reach 20% where some analysts are placing it before year end. Under the current scenario, the government has eased the fiscal deficit goal for 2020 in order to secure resources to, one, contain the social impact of the crisis, two, increase the capacity of the health system to provide care for people affected by COVID-19, and three, stimulate the economy. Fiscal deficit is expected to widen from 2.5% in 2019 to 6.1% in 2020, consistent with the initial target of 2.2% of GDP plus an expected declining tax revenues of 1.3% of GDP and higher spending of 2.7% of GDP. We consider that this is an appropriate time to run a higher fiscal deficit in order to provide support to the private sector and speed up recovery. The current juncture is putting additional pressure on the country's current account, driven by a decrease in exports, lower remittances, and a deterioration of the dollar-denominated component of GDP. According to the IMF, Colombia's current account deficit could reach 4.7% of GDP this year. The exchange rate seems to have found a new comfort range between 3900 and 4100 pesos per dollar. at the same time that the price of oil seems more comfortable in the 30s than the 20s, but only time will tell what oil demand will look like once countries go back to work and vehicular mobilization resumes. In conclusion, the success of public policy to decipher the delicate balance between containment of contagion and a progressive lifting of the quarantine and the effectiveness of monetary, fiscal, and regulatory stimuli will determine the country's growth for 2020. Moving on to Central America, we expect that the contraction for the region in 2020 will be driven by the contraction in the United States and the consequent decrease in remittances. According to the IMF, the region should contract 3% in 2020, motivated by contractions in all countries, including Nicaragua contracting 6%, El Salvador 5.4%, Costa Rica, 3.3%, Honduras, 2.4%, Panama, 2.1%, and Guatemala, 2%. In the meantime, we have been working hard on different fronts. The health of our employees, the execution of our contingency plans to assure the continuity of our operations, the design and offering of opportune and sensible debt relief packages for our clients, the protection of other key stakeholders like our suppliers, and several other corporate and personal contributions in the countries where we operate. Allow me to refer in little detail to some of these. Since the beginning of the crisis, we have put forth all possible and necessary efforts to protect the health of our employees via home office programs and online health advice. In fact, 94% of our administrative employees are currently working from home. Those that support our branch network are following strict social distancing and sanitary protocols. We have proven the effectiveness of our contingent plans for business continuity. Periodic digital meetings with our CEOs and key executives have allowed me to keep informed on a day-to-day basis of the company's operations. I've also been conducive to obtain consensus around the design, and implementation of action plans in response to different situations that arise as a result of the current juncture, and also have proven helpful in jointly assessing the challenges that our businesses are facing. In turn, each one of our corporate functions is constantly cooperating with our business units. As part of this activity, our CRO and her team, together with our subs, have strengthened their risk monitoring routines, focusing on those that could affect our operations during the current juncture. For example, we measured consolidated and individual market risk and liquidity risks on a daily basis. Regarding our customers, starting in March, we launched a relief program for companies and individuals affected by the crisis, including deferral of installments, credit lines at preferential rates for companies to effect payroll payment and protect employment, reduction of fees charged on electronic channels, and others. As of last week, we had granted reliefs in Colombia for approximately 32.5 trillion pesos, representing 26% of the total aggregated portfolio of our four banks. 89% of those reliefs were requested by customers, and 11% were granted automatically. In Central America, we have granted reliefs for approximately $7.8 billion, representing 46% of the total aggregated portfolio of the region. 71% of those reliefs have been made automatically, and 29% have been requested by customers. 95,000 retirees who were accustomed to collecting their pension payments physically at our branches have opened digital savings accounts and have started to use alternative channels where physical proximity is minimized. AvalPay Center, our digital platform, through which customers pay utilities, loans, and others, experienced a 73% increase in transactions. Our web pages and mobile banking apps experienced 50% and 24% increases in transactions, respectively. We have temporarily waived fees and funds transfers originated from our mobile banking or virtual banking. Handling the increasing activity while implementing social distancing has been a challenge for our call centers. Monthly average calls to our banks have grown by close to 70%, tripling in certain days compared to pre-COVID levels. Those social distancing in turn implied reducing 35% our installed capacity. To deal with this challenge, we enabled additional operator desks in temporary locations, relocated some to work from home, and outsourced others. To support our SME suppliers, We are paying five days or less in order to provide them with fast liquidity and to protect their businesses and their employees. We have also tried to contribute on a national scale. An 80 billion pesos donation by our controlling shareholder, Mr. Sarmiento Angulo, is being used in Colombia to purchase groceries for 400,000 families in need, 300,000 diagnostic tests for COVID-19, and ventilators and other medical equipment. Through Promigas, our 22 billion pesos donation was made to benefit the most vulnerable population in the Caribbean region. Additionally, through our banks, we donated to the cities of Bogota and Cali. In my case, as a pilot, I've offered my services to the government and to the Civil Air Patrol, a non-for-profit organization to which I have belonged for the last 15 years, to flight testing kits and fly-back samples, and to transport groceries to remote places not currently being serviced by airlines while the skies remain closed for commercial traffic. Public policy will be key to mitigate the effects of COVID-19 on the economy. The full impact of this crisis will depend mainly on two factors. One, how long do health-driven restrictions, mainly the current mandatory quarantine, constrain the normal functioning of the economies? And two, the effectiveness of public policies intended to mitigate the impact of the crisis, such as the flexibilization of fiscal policy, increase and redirection of government spending, a more expansionary monetary policy, and banking regulation. Obviously, the success of a few of these policies depend on similar decisions made in the world and by our trading partners. With respect to the first factor, Colombia has already begun to reopen certain sectors of the economy and hopefully the country will be open for a significant portion of its business by the end of June. As for the second factor, we believe that the actions taken by the government and the central bank are on the right track. As of now, some of the most relevant actions are the declaration of an economic state of emergency, which allows the national government to adopt, through legislative decrees, measures necessary to face the crisis and prevent the extension of its effects. Secondly, allocating resources to, one, increase the capacity of our health system, two, directly subsidize those who lost their sources of income, three, provide guarantees for up to 90% of loans extended by banks to companies, SMEs, and independent workers for payroll payments and working capital loans, four, Grant agribusiness credit lines through Banco Agrario and loans to other sectors through Bancodex. Five, temporarily suspend pension contributions. And six, postpone tax returns and tax payments. The central bank has taken several measures to support the economy, such as the reduction of its intervention rate, injections of liquidity to the economy by, one, decreasing the reserve requirement on deposits, two, extending liquidity auctions, REPOs, and granting access to various participants of the financial system. Three, extending the maturities of REPOs on public and private debt instruments. Four, direct purchases of private debt instruments issued by credit institutions. And five, authorizing direct purchases of Colombian sovereign debt, the TES. Central American governments, excluding Nicaragua, have also adopted measures aimed to mitigate the negative effect of coronavirus in their local economies including the postponement of tax payment dates, enabling banks to temporarily defer loan payments without negative consequences on credit scores or payment records, and in some cases, direct financial aid to individuals. Although Diego will refer in detail to our financial performance, these are a few highlights for the quarter. Our consolidated assets grew by 24.1% versus the first quarter of 2019 and 14.9% versus the fourth quarter of 2019. Consolidated gross loans grew by 19% versus the first quarter of 2019 and 11.8% versus the fourth quarter of 2019. And consolidated deposits grew by 24.5% versus the first quarter of 2019 and 15.8% versus the fourth quarter of 2019. The quality of our loan portfolio improved slightly to 3.14%, albeit aided by the superintendence of finance regulation mandating banks to classify refinanced loans due to the pandemic as current. Cost of risk increased slightly to 2.15% from 2.07% in the last quarter of last year. Total NIM decreased to 4.78% versus 5.63% in the fourth quarter of 19, driven mostly by a 364 basis points drop in NIM on investments. Corficolombiano's non-financial sector investments contributed strongly to the quarter's result, especially from its toll road concessions and promigas. Aval's consolidated cost-to-income efficiency ratio improved to 47.1% from 52.1% a quarter earlier and the cost to assets ratio improved to 3.4% from 4.1%. The quarter ended with strong funding and liquidity positions as evidenced by the deposits to net loans ratio of 1.04 times and the cash to deposits ratio of almost 20%. Net income for the quarter was 700.2 billion pesos or 31.4 pesos per share and our return on average equity was 14.2%. The negative impacts to our banks during 2020 will come mainly from an increase in cost of risk and a deceleration of growth. Additionally, for the next few months, we expect lower fee income and lower income from a couple of our non-financial businesses, such as the roads and hotels. Starting in March, we have conducted a review of all economic sectors and how each might be affected by the present juncture. Furthermore, we have analyzed our exposure to each of these sectors and classified our loans according to incremental risk. Regarding our consumer portfolios, we're running predictive models to try to quantify additional provisions necessary according to different economic scenarios. Because we opted to offer refinancing mostly to clients who requested it rather than automatically we are using client feedback to better estimate the possible deterioration in the quality of our consumer loan portfolios once the reliefs granted come to an end. We booked some additional provisions in March, but a noticeable increase in cost of risk will only be apparent in the second quarter results. A first estimate shows the potential for additional cost of risk of up to 35% this year versus last year's. We have started to book provisions for our exposure to Avianca, which is, I'm sure you know, filed for Chapter 11. Our current gross exposure to Avianca is approximately $185 million, and our net exposure is approximately $160 million after already having booked provisions for approximately $25 million. 73% of this debt is secured by dollar credit card receivables, 20% is secured by the company's headquarters in Bogota, and 7% is unsecured. We will continue making provisions as Avianca's legal and financial situation unfolds. As part of the COVID-19 related measures, subject to very limited exceptions, Colombia's Supreme Court of the Judiciary, El Consejo Superior de la Judicatura, declared the suspension of judicial terms and the cancellation of public hearings from mid-March until May 24. The suspension has been extended on multiple occasions, consistently with the extension of the quarantine. Accordingly, there is no certainty on whether terms will resume after May 24. As a result of the foregoing, there are no relevant developments to report regarding ongoing legal matters related to Ruta del Sol. We recently announced that Banco de Bogota, through its sub, Leasing Bogota S.A. Panama, and MFG, Multibank's parent company, its controlling shareholders, had mutually agreed to amend the purchase agreement for up to 100% of the outstanding common shares of MFG signed last October. after certain conditions present were not met in a timely manner before the originally scheduled closing on April 28, 2020. The most important amendments consisted in an extension of the closing deadline and a reduction in purchase price from $732 million to $449 million. Total shareholders' equity at closing including $110 million represented in preferred shares, is estimated at $520 million. The transaction has obtained the required regulatory approvals and is now expected to close next week. And now Diego will explain in more detail our business results.

Thank you, Luis Carlos. I will now move to the consolidated results of Grupo Aval under IFRS. Rupa Weill's first quarter results were overall positive. Although the current scenario is challenging worldwide, we believe we have a strong starting point to face the upcoming challenges derived from it. Our solid return on assets relative to our peers, the positive trend in quality of our loan portfolio over the last few quarters, our liquidity position, the regional and business line diversification of our income, and our historic bias towards lower-risk consumer banking products in our portfolio would give us an advantage relative to other financial institutions under the current scenario. Even though we will not provide guidance on this call, I will highlight some of the effects that the current juncture can have on our key drivers. Starting on page 13, asset growth was strong during the quarter, driven by an increase in cash and fixed-income investments, strong loan growth, and the effect of U.S. dollar appreciation against the Colombian peso. Asset grew 24.1% over the year and 14.9% during the quarter with a strong increase in cash in both regions as a result of our strengthening liquidity profile and that proceeds from the 2030 U.S. dollar denominated bond issuance. Colombian assets grew 19% over the year and 10.1% during the quarter while Central America delivered 6.4 and 2.1 growths in dollar terms over the same periods. Annual and quarterly end of period depreciations of 27% and 24% raise annual and quarterly growths of Central America to 36% and 26% when translated into Colombian pesos. This explains as well the increase of the wage of this region from 30% to 33% of our book. Moving to page 14, loans excluding repos grew 19% over the year and 12% during the quarter. Growth during the quarter was sprung in both geographies, and in addition, the depreciation of the Colombian peso and its effect on our dollar-denominated loans further contributed to growth. Lockdowns established by the governments to mitigate the COVID pandemic were put in place during the second half of March with low impact on our overall loan portfolio growth during the quarter. Even though we experienced a slowdown in consumer loan growth in March, this was compensated by a strong performance of our commercial loan portfolio throughout the quarter. Our Colombian gross loan portfolio grew 12% over the year and close to 6% during the quarter. This reflected a strong performance of our Colombian corporate loan portfolio, which had the best dynamics in recent quarters. Its growth, excluding repos, reached 8% over the quarter and over 12% over the year. Consumer and mortgage businesses continued to be dynamic in Colombia, expanding 10.3% and 14.5% respectively over 12 months. Quarterly growth was consistent with this performance at 2.6% and 3.2% respectively. Loans portfolio in Central America increased 6.2% in dollar terms over the year and 1.3% during the quarter. Nicaragua, that weighs 5.8% of our Central American assets, damped the 12-month performance, contracting close to 12%, while the rest of the region expanded over 7%. Loan growth in Central America incorporated a 4.6% growth of commercial loans and a 2% contraction of our consumer loan portfolio, reflecting a seasonal credit card use and the effect of lockdowns throughout the region. We expect the lockdowns and their effects to reduce loan growth over the following quarters. On pages 15 and 16, we present several loan portfolio quality ratios. As mentioned over this call, COVID-19 had a mild effect on first quarter 2020 results given the late timing of its arrival to the regions in which we operate. Even though the magnitude is still uncertain, we expect a pickup in delinquency once the effect of lockdowns unfolds and release expire. Provision expenses could increase as well, as our forward-looking macroeconomic components of expected credit losses are adjusted over the following quarters. Delinquency metrics continue to improve during the quarter, driven by our consumer loan portfolio, reflecting the positive trend that had been established over the previous quarters. Loan relief applied during March added to this trend. Delinquency ratios for consumer loan portfolios showed an improvement over the quarter. In Colombia, 30 days consumer PDLs improved by 56 basis points to 4.3%, while 90-day PDLs improved five basis points to 3.1%. In Central America, 30 days consumer PDLs improved by 87 basis points to 3.8%, while 90-day PDLs improved 23 basis points to 2.1%. Our commercial loan portfolios showed an improvement of 12 basis points to 3.5% on a 90-day PDL basis and deteriorated 16 basis points to 4.1% on a 30-day PDL basis over the quarter. In Colombia, Our 90-day commercial PDLs were materially stable at 4.5% and deteriorated 33 basis points to 5.2% on a 30-day basis. Ruta del Sol, which is yet to be charged up, weighed 97 basis points on these ratios. In Central America, 90-day commercial PDLs remained flat at 0.6% while 30-day PDLs deteriorated 23 basis points to 1.2%. Finally, mortgage PDLs were stable on a 90-day basis and improved on a 30-day basis. Partly past due loan formation incorporates FX components of $407 billion in a 30-day basis and of $210 billion on a 90-day basis. Our cost of risk deteriorated eight basis points over the quarter. For comparison purposes, I will remind you that Ruta del Sol accounted for 19 basis points of fourth quarter 2019 cost of risk. Our overall cost of risk benefited from a lower cost of risk in Central America, partially explained by the seasonal contraction of credit cards. As mentioned by Luis Carlos, provisions for Avianca were one of the initial impacts of COVID-19 and cost of risk. Consolidated exposure to the Avianca group is $185 million equivalent to 750 billion pesos as of March 31st, 2020. 73% of this exposure is secured with international buildings and 20% is secured with Avianca's headquarter buildings in Bogota. Provision coverage exceeds at this point over 10% of our total exposure. Recoveries of charged-off assets were lower during the quarter as collection efforts have been negatively impacted by the lockdowns. Our PDL coverage of 90-day PDLs remained at 1.4 times. Moving to page 17, we present funding and deposit evolution. Funding growth during the quarter reflects a high liquidity strategy associated with strengthening our balance sheet under the COVID-19 environment. Part of this funding has been deployed in cash and liquid investments with a tall and nim. Figures for the quarter also reflect our February 4th, 2021 billion dollar international bond issuance with a 10 year maturity and a 4.38% coupon. Our deposits to net loans ratio improved to 104% while our funding structure remained materially stable with deposits accounting for 76% of total funding. Our liquidity position measured as cash to deposits was 20%. Deposits grew close to 16% in the quarter, accumulating 24.5% over 12 months. Colombia grew at 10.6% and Central America at 2.5% in dollar terms during the quarter. For the 12-month period, Colombia grew at 16% and Central America at 12.7% in dollar terms. On page 18, we present the evolution of our total capitalization, our total shareholders' equity, and the capital-equity ratio of our banks. During the year, our total equity grew 13.7%, while our total equity grew 12.3%, mainly driven by our earnings. Total total equity fell during the quarter as dividends were declared. Total equity contracted by 318 billion pesos, while our total equity fell close to 378 billion pesos. Dividends of 1.3 trillion pesos were declared at the Aval level during the quarter affecting atrial equity. And in addition, dividends of 784 billion pesos were declared by our businesses to their non-controlling interests. As of first quarter 2020, the banks show appropriate Tier 1 insolvency ratios. On page 19, we present our yield and loans, cost of funds, spread, and net interest margin. Our NIM performance during the quarter was driven by our NIM on investments as our portfolios priced in the negative performance of global markets. A positive trend was experienced during April. Even though uncertainty and volatility remain high, further recovery of our investment portfolios is feasible over the remainder of the year as waters settle down and the expansionary global monetary policy dominates. Net interest margin and loans compressed 30 basis points during the quarter, driven by competition under the dynamic environment that prevailed in the initial part of the quarter. In addition, the cost of increased liquidity explains over 10 basis points of this contraction. On page 20, we present net fees and other income. Gross fee income for the quarter grew 9.2% when compared to first quarter 2019. Growth fees in Colombia increased by 8.2% and decreased by 1.3% in dollar terms in Central America. Growth in Colombia was driven by pension fund fees. That still reflects the pre-COVID environment. In addition, banking fees in both geographies reflect the initial impact of the lockdown and fee reliefs granted to customers during March that add to a seasonal contraction during first quarter. The second quarter fees will reflect the full effect of the lockdowns and the impact on pension fees of Corvenir's poor performance of its investment portfolios during March. Performance of the non-financial sector was driven by strong results in our infrastructure and gas sectors, our two main non-financial businesses. Our infrastructure income was strong during the quarter as construction advanced and the appreciation of dollar-denominated future guaranteed payments increased margins. Energy and gas income benefited from the initiation of operations of additional gas pipelines completed by Promigas during 2019, and the high revenues from the dollar-denominated component of regulated prices. Hotels, the most affected sector in which we participate, is immaterial to our results as it contributes with less than 2% of our income from the non-financial sector. Moving forward, both the infrastructure and gas sectors could fare better than the rest of the economy. Although the lockdown in Colombia initially halted construction in our fourth key concessions, the government has already lifted most restrictions on this sector, allowing us to be optimistic on construction progress throughout the remainder of the year. We'll have to comply with strict biosecurity measures through the duration of the pandemic. Regarding gas, Promigas derives its profits from various lines of businesses, including some that have been insensitive or countercyclical to the lockdown, such as gas transportation and residential gas distribution. In addition, the industrial gas sales are picking up as the lockdown is raised in more productive sectors. Finally, on the bottom of the page, other income benefited from one seasonal contribution of dividends from unconsolidated investments, Two, OCI gains and investments in debt securities were realized. And three, sale of property, plant, and equipment carried out by Banco de Occidente contributed 25 billion pesos to gains on non-current assets held for sale and a 40 billion positive effect on aval's actual income when incorporating deferred tax benefits. On page 21, we present some efficiency ratios. Cost of income improved during the quarter to 47%. despite the drag of the contraction in net interest margin discussed before. Costful assets continue to improve to 3.4%. Finally, on page 22, we present our net income and profitability ratios. Total net income for first quarter 2020 was 700 million pesos, or 31 pesos per share. Return on average assets and return on average equity for the quarter were 1.8%, and 14.2% respectively. We are now available to address your questions.