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

Welcome to Grupo Aval's second quarter 2025 consolidated results conference call. My name is Regina, and I will be your operator for today's call. Grupo Aval Acciones y Valores SEA, Grupo Aval is an issuer of securities in Colombia and in the United States SEC. 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. Unconsolidated financial information of our subsidiaries in the Colombian banking system are presented in accordance with Colombian IFRS as reported the Superintendency of Finance Details of the calculations of non-IFRS measures, such as ROAA 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 a consequence of changes in general economic and business conditions, changes in interest and currency rates, and other risks described from time to time in our filings with the Registro Nacional de Valores y Emisores in 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. With us today are Ms. Maria Lorena Gutierrez-Bocero, Chief Executive Officer, Mr. Diego Solano, Chief Financial Officer, Ms. Paola Duren, Corporate VP of Sustainability and Strategic Projects, and Mr. Camilo Perez, Banco de Bogotá's Chief Economist. I will now turn the call over to Ms. Maria Lorena Gutierrez-Bocero, Chief Executive Officer. Ms. Maria Lorena Gutierrez-Bacero, you may begin.

Thank you very much. Good morning, everyone, and thank you for joining us for our second part of the 2025 conference call. I am here with Diego Solano, our CFO, Camilo Perez, Chief Economist of Banco de Bogota, and Paula Duran, Corporate VP of Sustainability and Strategy. During the first half of the year, we reached a net income of 856 billion pesos, 1.7 times higher than in the first half of 2024. Net income for the quarter was 494.9 billion pesos. The highest quarter in three years, growing 37% of the quarter, 142% over three years. Results of our banking segment continue consolidating positive trends in core business metrics. Our net interest margin reached the 4% level for the first time in three years, with our consolidated mean on loans at 4.5%. This level of mean on loans that we have in the third quarter of 2022. At that time, the average central bank is still at 8.83%, relative to this quarter's average of 9.33%. The cost of risk for the quarter was 1.7%, and the yields were for The lowest level since the first quarter of 2023. Growth growth grew 3.2% year-over-year, while deposits grew 6.8%. Long-growth dynamics have been tougher than we initially anticipated. However, activity has picked up in June and July. Our banks deployed plans to support the flow during the second half of the year, particularly in commercial loans, working closely with advanced banking industries. During the quarter, our investment portfolios performed well, driving an expansion in inbound investment. The performance of Forvenir's stabilization reserve positively contributes to this quarter's results. Now, regarding the progress of our strategic priorities, I'd like to highlight a few areas. Our banks have continued working on improving their deposit mix toward retail funding. The share of PESO-denominated deposits held by individuals improved during the quarter from 16.7% in the first quarter of this year to 18.2% in the second quarter of 2025. Regarding the payment business, we continue complementing our offer of products and services to individuals and companies through both payments. recently authorized by the Supreme Tendency of Finance as a low-value payment management entity, both for instant payments and traditional payments. This will allow us to accelerate the design and go to market to value other products for our current and potential customers. We are on the track to adopt, in breve, the central bank instant payment system when it starts operating in September. We have already been certified to use KIN in the centralized directory and in process to be certified by construction service. On the senior design efficiencies front, we conducted an analysis of the potential synergy between the processes of group of entities. As a result, The first wave of implementation will continue through the second half of this year, focusing on seven key areas. Procurement, talent attraction and selection, payroll management, property management, facility management, physical security, and physical challenge management. In the procurement front, we implemented the Procurement Synergy Center, six efficiencies, economies of scale, and a more competitive and sustainable value chain. This center will operate on an expanding base of 4.3 trillion pesos, 4,200 contracts, and 16,000 creditors. We expect to track capture efficiencies that will result in initial savings more than 10% of a 2.1 trillion pesos manageable spending day, and a reduction in contracting times of 40%. In target attraction and selection, we will deal with talent management centers which will allow us to attract the best students, accelerate onboarding processes, and promote internal mobility. As a significant milestone, next month we will launch a digital employment platform that will become the largest job opportunity portal in the country. Integral management centralization will not only generate operational efficiencies, but also allow us to deploy people analytics practices across the board. This will give us an integrated view of talent. facilitated identification of trends at the corporate level, and improved data-driven decision making. With this, we will be able to anticipate risks, such as talent attrition, risking and up-skilling needs, or drops in productivity, among others. This has already been implemented by Avai Valor Compatido for Banco de Bogotá, and will be rolled out during the new year to our other three column events. Now, I will invite Paola to go over our ESG achievements for this year.

Paola? Thank you, Maria Lorena. This quarter, Group 1 made significant progress in advancing our ESG agenda. We updated our double materiality assessment with input from 280 stakeholders, identifying 10 priority topics, including economic development, cybersecurity, innovation, sustainable finance, corporate governance, social impact, and climate change. Annual goals in these areas are now under review to ensure full alignment with our strategy. In terms of corporate governance, we had significant development. For the first time, we held a joint meeting with the boards of directors of Group of Life and its subsidiaries. The event brought together more than 130 directors for two days in May to address global and local challenges, share perspectives, and foster collaboration. A key milestone during the event was the launch of the Aval Board of Directors Guidelines, a guidance framework for good governance, setting principles regarding the roles of board members, effective and efficient board management, and board evaluations. We also updated our corporate policies, guidelines, and codes, aligning them with international standards and best practices in corporate policy. These updates reinforce our compliance with Colombia's regulatory framework and reaffirm our commitment to ethical transparency and sustainable management. They also send clear messages to our entities regarding the minimum standards expected in their ERG management. In environments, our entities advance in implementing the TCF supported by Global Cognosciency, ERM, in aid in progress, climate risk management, and target states. We also have standard sustainable mobility initiatives with over 5,700 employees adopting low-emission transport, avoiding 300 tons of CO2 emissions. In terms of social impact, we foster collaborative action in the municipality of Amaleno. Corte Colombiana and Organización Pajonal join efforts to promote sustainable tourism, education, and sports. While Banco de Bogotá, the financial education initiative, positively impacted nearly 500 community members. In addition, we continued delivering on our commitments under the Nición Aguajira initiative, with six new water purification plants, reaching a total of 81 communities now benefiting from social energy solutions. We also enabled free internet zones and announced new strategic partnerships with Colombia, providing free connectivity to over 70 communities, the government of La Guajira, National Seals Registry, and UNICEF, among others. This quarter, we participated in WeTrade, the largest diversity and inclusion fair in Latin America, offering more than 1,000 job opportunities and contributing to the academic agenda with the participation of leaders and HR teams from our institute. Our entities will also recognize some of the top 10 of the 2025 ranking of inclusive organizations in Latin America by the Chamber of Diversity. We remain committed to ensuring that ESG is not just a component of our strategy, but a driver of long-term value creation for our stakeholders. Thank you.

Thank you, Paula. Now, on the macro side, let me share some present developments during this course. High-frequency data indicates that in the second quarter of the year, the Colombian economy continues to perform positively, driven by increased household demand. The main sectors during growth remain public administration, entertainment, and commerce. For this year, we expect the economy to grow by 2.7%. Inflation, we're 4.9% in July 2025, driven by service prices, as inflation is still high in Brent, and other services are pressured by the elevated increase in minimum wage. We experienced inflation with close this year around 4.9%. Despite the positive inflation outlook, the country's fiscal outlook was driven The central bank's policy raised the decision. In July, the central bank opted to keep rates unchanged at 9.25%, maintaining a cautious stance due to both external and internal risk. We expect the central bank's rate to end 2025 at 8.5%. However, recent information could imply an upward pressure on this figure. The biggest challenge facing the economy is fiscal sustainability. In June, the government triggered the case close of the fiscal growth and raised its fiscal deficit estimate to 7.1% for this year, 200 basic points above the original target that was 5.1%. Our estimates point towards a fiscal deficit closest to 8% of GDP. We anticipate pressure and short-term rates to stem from the need to finance liability management operations and underlying pressures on long-term interest rates to unfold in the upcoming months. Despite rising political noise in the pre-election year, we remain confident in Colombia's economy economic resilience, and encourage the business sector to stay focused on executing their strategy. Camilo, welcome. Camilo will now elaborate on our economic outlook.

Thank you, Madeline. Good morning. In the second quarter, household consumption continued to be the main driver of growth for the government economy. Despite growing domestic and external uncertainty, Consumer confidence reaches this level in three years, a situation that has supported domestic demand. This increase in household confidence has been supported by the strength of the labor market, where the unemployment rate reaches this level in almost 20 years. Quarter more alternative sources of income have trained. Remittances, which are at record high in the second quarter, while coffee and tourism exports continue to rise. In addition to higher incomes, household demand is now being leveraged by credit, which for the first time since 2023, grew during the second quarter. In this context, the best performing economic sectors continue to be those most dependent on private consumption, such as commerce, entertainment, transportation, lodging, manufacturing, food services, and finance. Meanwhile, agricultural supply continues to rise due to lower input prices and favorable weather conditions. In fact, all other sectors, with the exception of mining, construction, and public services, experience an outlaw. In the case of mining and construction, probably the implementation of public policy key to both sectors, explaining part of the rate performance. But construction investment in housing and infrastructure is lagging. In second quarter, imports of machinery and equipment, as well as corporate loans, continue to rise, suggesting that the Colombian businesses, amid high domestic demand, have modestly expanded their investment funds. Given the favorable context for recognizing global risks, and the uncertainty leading up to the election next year, economic growth of 2.7% is expected for 2025. Those with potential levels are higher than those recorded in 2023 and 2024. Turning to prices, the inflationary process resumed in the second quarter, as inflation fell from 5.1% to 4.8% between March and June, its lowest level since October 2021. In July, inflation picked up to 4.9%, and no significant significant gains are expected by the end of the year, which is expected to end slightly below 5%. Once again, outside the target range set by the central bank. Meanwhile, thanks to gains in inflation and expectations, as well as a more complacent global environment towards emerging markets, the central bank cut its interest rates by 25 basis points to 9.25% in April. Accumulated gains in inflation and a table of global financial conditions are expected to give Columbus Central Bank a space to cut interest rates to around 8.50% by the end of the year. Nevertheless, recent inflation data in Diana brought pressure on the figure, and the central bank's move on rate cuts is not brother to the persistent fiscal challenges. In June, with the suspension of the fiscal rule, the governor in reality has assumed fiscal deficit of 2025 from 5.1% to 7.1% of GDP, and for 2025 from 5.2%. 4.3% to 6.2% of GDP, the latter depending on the approval of a tax reform. Even in salvaging outlook, Moody's and Standard & Poor's lowered the country's credit rating. The most significant decision came from Standard & Poor's, which not only assigned the country the lowest credit rating of the three rating agencies, the OB, but also maintained its negative outlook. Despite the complex fixed outstanding between March and June, the exchange rate went from 4,181 pesos to $4,100 per dollar, following the global weakening of the greenback. In any case, the golden peso appreciated against the dollar by only 2%, compared to an average of 6.5% for major Latin American economies. For the remainder of this year, the exchange rate will be volatile, with competitive forces. As the dollar remains weak globally, the country's premium could be affected by fiscal and electoral pressures. Furthermore, with a widening external deficit, The year-end exchange rate of around 4,200 pesos per dollar is expected. Specifically, the current account deficit is forecasted to fall from 1.8% of GDP in 2024 to 3.6% of GDP in 2029, due to a stronger recovery in imports and exports, both in goods and services, where the terms of trade will be affected by lower commodity prices. This wraps up the macroeconomic outlook. Thank you. I'll see you, my friend.

Thank you, Camilo. Given that economic outlook, let me say that we are pleased to report continued signs of recovery in the Colombian market. Low demand has strengthened with growth in real terms turning positive for the first time in nearly two years. Also, we're continuing to trend downward, supporting improved profitability across the system. Only 6,000 of 29 banks reported net losses as of May 2025, compared to 11 in the interior last year, highlighting a sustained improvement in financial performance. Now, I would like to pass the call to Diego, who will give you details on our results. Diego?

Thank you, Maria Lorena. I will start on pages 9 and 10 in the three charts showing growth rates and quality portfolio relative to the rest of the Colombian banking system. For comparability reasons, these are unconsolidated figures under Colombian IFRS as published by the Superintendent of Finance. Starting on page 9, with four months ending on May 2025, commercial loans and mortgages for the system grew 1.3%, while consumer loans contracted 5.1% in below terms. Year-on-year, our banks have gained 112 basis points of market share in consumer loans, 206 basis points in mortgages, and lost 109 basis points in commercial loans. This yielded year-on-year 10 basis points lower market share in total loans. Our performance in commercial loans was proven by aggressive price competition in the market. The past three months, loans grew 1.7% in the system. Even though dynamics continue to show signs of recovery, real growth was stagnant considering the 1.7% quarterly inflation. Mortgages grew 2.3% on commercial loans, 1.6% in nominal terms over the quarter, while consumer loans returned to growth with 1.3% increase for the quarter. On page 10, loan quality for both the system and the allied banks showed an improvement during the quarter for all loan categories. Our banks continue to achieve better or equal loan portfolio quality in all main categories. I will now move to the consolidated results of Group 1 under IFRS. On KGB, assets grew 6% over the year and 1.8% on the quarter to $236 billion. Most loans which account growing 3.2% year-on-year and 0.3% over the quarter. Retail loans have driven our growth. Consumer loans grew 3.6% year-on-year and 0.5% in the quarter with payroll loans. TLS recovery increased 4.8% year-on-year and 0.6% in the quarter. Personal loans growing at 4.3% year-on-year and 1% over the quarter. Auto loans growing 3.9% year-on-year and contracting 0.92%. during the quarter. Mortgages, the second part of our retail loans, will continue to be underweighted, 20% year-on-year and 2.8% during the quarter. Finally, commercial loans expanded from 3% year-on-year and contracted from 3% over the quarter. Our dynamics during the quarter will reflect aggressive price competition from some of our peers. We expect 2025 loan growth to be close to 7%. On page 12, we present the evolution of funding and deposits. Total funding increased 6.3% year-on-year and 1.5% to the quarter. Deposits that account for three-fold server funding grew 6.8% year-on-year and 1.9% quarter-on-quarter. Our deposits to net loans ratio closed at 110%. over the quarter and 6.2% year-on-year, while our tributary equity increased 3.4% over the quarter and 6.2% year-on-year. Total solvency and P1 ratio evidence of sliding increases in most of our banks. On page 14, we present our yield unknowns, cost of funds, spreads, and means. Total gain increased 52 basis points to 4% quarter to 2 basis points growth over the quarter. mainly driven by an improvement in NIMAN investments to 2.4%. Our consolidated NIMAN loans expanded 28 basis points year-on-year and 7 basis points quarter-and-quarter to 4.5%. This incorporates a 17 basis points year-on-year expansion of NIMAN return loans to 6% and a 34 basis points year-on-year contraction of NIMAN and commercial loans to 3.3%. Focusing on our banking technique, NIMAN loans of our banking technique This is incorporating a 10 basis points increase in non-return loans to 6.5% and 6 basis points increase on commercial loans to 3.9% during the quarter. The overall name of our banking segment expanded 38 basis points of the quarter to 4.6% due to the same dynamics that affected our consolidated needs. The consolidated basis, the added shield and loans to the quarter increased from basis points quarter and quarter to 11.7%. While the average 3-in-1 IVR decreased 12 basis points to 9.2%. So, the ended cost of funds was materially stable, falling 3 basis points quarter-on-quarter to 6.8%. Finally, by the previous results, the central bank stood flat at 9.25% during the second quarter. With this slow rate cut implying longer adjustment periods than previously anticipated in this scenario, Our naming will continue to expand, though, at a slower pace. On page 15, U16, we present our non-corporeal quality ratios. Starting on page 15. Non-corporeal quality ratios further strengthen during the quarter. PDR metrics continue to improve in all categories. The PDR formation for the quarter was the lowest since second quarter 2022. For 19 years, PDR formation reached the lowest level of the last three years. 30 APLs were 4.89% of 37 basis points improvement over three months and 99 basis points improvement over 12 months. 90 APLs were 3.51%, 33 basis points improvement over the quarter and 73 basis points improvement over 12 months. Commercial 30 APLs were 12.37% of non-basis points improvement quarter-on-quarter, and 80 basis points improvement year-on-year. 90 APLs were 3.87% of 90 basis points improvement over the quarter, and 53 basis points improvement over the year. Consumer 30 APLs increased their non-basis points over the quarter to 5.07%, while 90 APLs decreased 30 basis points to 2.84%. and 20 basis points respectively over the quarter. Finally, the ratio of charge-offs to average 1980 Ls was 0.35 times. On page 16, the share of our portfolio classified as Stage 1 remains stable at the 8.5% of Stage 3 for the consecutive quarter to 6.1%, given by improvements across all portfolios. And that is all. of water. On page 17, cost of risk in area recovery continues to show the improvement in the quality of our portfolio. We've decreased 3100 points to 1.7%. We expect 25% cost of risk to be in the 1.95% area. Cost of risk in area for commercial At least 18% net heat and other income. The fee income grew 3.5% year-on-year and slightly increased 0.3% quarter-on-quarter. Net heat income increased 1% and 1.1% respectively over these periods. A recent report from the non-financial sector was around 80% of that recorded in second quarter 2024 due to lower contribution from the energy and gas infrastructure sectors. Finally, at the bottom of the page, from the reuse and effects, and OCI realizations from Columbia government fund exchanges that position a portfolio with higher yields going forward. These were partially offset by stronger powder ordering. On page 19, we present some efficiency ratios. Total expense will be 2.4% quarter-on-quarter and 9.2% year-on-year. Cost-to-assets for the quarter were 2.8%, increasing increases from quarter-to-quarter and takes place at points year-on-year. Our quarterly cost-to-income slightly deteriorated to 52% over the quarter. Finally, on page 20, we present our net income and profitability durations. Attributed net income for the quarter was $195,000. using 36.9% relative to first quarter 2025 and being the highest in the last 12 quarters. A return on average assets and a return on average equity for the quarter was 1.1 and 11.3% respective. I will now summarize our general guidance here now through the start of the presentation. We expect a 2025 return on average equity to be in the 10.5% avenue. You feel it's on a low flow In the 3rd percentile, we see commercial loans growing in the 5th percentile, and return loans growing in the 9th percentile. Our consolidated needs in the 4th percentile, we see unloans in the 4.5th percentile. Minimum direct income in the 4.7th percentile, we see unloans in the 5.3th percentile. Cost of risk net of recoveries at 1.9, 95% average. Household assets in the 20-quarter area, the income from the non-financial sector of 90% at the end of 2024, and the income ratio at the 21% area.

Okay. Thank you, Diego. Before moving into questions and answers, I would like to share some final thoughts on Colombia and the following in December 2025. For the year to date, performance has been largely in line with our projection. Net income can be supported by a positive trend in cost of risk, a gradual improvement in our needs, and controlled spending. However, the speeds at which our need on loans has recovered is still modest, driven by high real central bank integration rates, changes in regulations that force lower interest rate caps for consumer loans, and an intense price competition from high-quality corporate clients. We are actively working to adapt to this environment to improve our margins under these higher or longer monetary policies. That said, the progress in our financial diversification efforts is yielding results. Three of our export banks have shifted their commercial focus toward higher and such as personal loans and credit cards. At the same time, we continue working towards low cost and stable deposits. Although long , we are already seeing a change in trends, which we expect to contribute in the second half of the year, especially in commercial loans. We are . by the topic we talked about before, which is toward our constructive view and trends in income and return on interest. We remain focused on sustaining double-digit profitability throughout the remainder of the year. With this, we are now open for questions.

Thank you. We will now begin the question and answer session. If you have a question, please press star, then 1 on your touch-tone phone. If you wish to be removed from the queue, press star then one again. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers. Again, if you have a question, please press star then one on your touchtone phone. Our first question will come from the line of Brian Flores with Citibank. Please go ahead. And that question has been withdrawn. Our next question will come from the line of Daniel Mora with Credit Corp Capital. Please go ahead.

Hi. Good morning, and thank you for the presentation I have. If I may, three questions. The first one is regarding the cost of risk. In this quarter, it was quite low, but was explained by high recovery rather than by lower provision. So, can you provide further color on this performance? Do you see this as a trend that can be repeated in the coming quarters, or should be considered a one-off in this particular quarter? That will be my first question. The second one is regarding other income. It had a solid performance, but I would like to understand what was the reason behind this number. It was the other income inside, the total other operating income. Thank you so much. And the third one is regarding NIM given the lower reduction of the monetary policy rate. How do you see the NIM evolving not only in 2025, but in 2026? Do you expect the recovery cycle of the banks to take longer than initially expected? Thank you so much.

Thanks for the questions, and let me try to take them in order, starting with perhaps the most important one, As mentioned in her closing remarks, we're actively focusing on expanding NIM beyond what happens with the monetary cycle. That's why we are changing our mix both on the deposit side and on the loan side. We have seen in Colombia as well has been some distortion that has been implied by changes in regulation. It's tough to have a precise number of what the indication of the changes in the formula for deeper state caps has been, but there could be a discussion between 300 and 400 basis points compared to the previous formula for the consumer side. That has pressed numbers lower and in fact has an implication in growth for consumer loans. On the other hand, on the corporate side, on the commercial side, you included a new to try to show what is going on in the Colombian market. And it is we're having an expected name expansion on the consumer side as cost of funds goes down. But on the commercial side, the lack of growth has forced a very intense price competition for the highest quality loans. As we have emphasized through a number of our previous calls, we are very disciplined in our pricing to make sure that we have profitable growth moving forward, and that's the reason that has given lower growth on the consumer side than we might have desired in the past. However, when you look at the numbers, the trend has changed dramatically. late May, June, and July, we're having better behavior in the market. That makes us positive, and I think we will go. To wrap up what's going on with NIM, what we're seeing is we expect NIM on the commercial side to start to pick up again to more levels closer to where Columbia should be operating at. and we expect to see the improvement on the consumer side to continue as rates go down. This is slower than what we could have anticipated earlier in Colombia a year ago, but monetary policy has been quite slow. So, I hope I didn't expand too much on that, but we are positive, and that is the phase for our guidance moving forward. In the cost of risk, you're right, this was a positive quarter on the cost of risk side. We have stuck to the guidance of 1.95% that we have given in the past, and the guidance for our own numbers hasn't. You know, this is positive. It does not change our view on what the numbers will look like. And finally, another income, we have a lot of different items going there. Some of those have to do with recoveries, some controversies we had that implied some positive income. Some of those have upsets on the higher expenses that we saw during this quarter. So, all in all, we have stuck to our overall guidance, perhaps doing changes like this, lower loan growth. and a slightly more positive non-financial, but overall, basically the same guidance that we gave on the last call.

Our next question will come from the line of Brian Flores with Citibank. Please go ahead.

Hi, Tim. Thank you for the opportunity to ask questions. I have a question on trading assets because on your balance sheet, it is clear that they are gaining relevance. Year-over-year, quarter-over-quarter. Just wanted to ask you, you can share your thoughts. Are you taking, you know, a tactical advantage here of certain market opportunities? If these have started to enhance yields, just to want to understand not only what is being achieved, because I think, as you see, trading is benefiting results, but also how you're managing risk here and the volatility on the segments. And a second maybe follow-up is if you could repeat the guidance. I'm a bit slow here in typing, so if you could repeat, it would be great. Thank you.

Okay. Regarding trading assets, there's two things going on. One is we are indeed using, taking advantage from the exchanges of funds that the Colombian government has done during this year, and what that does is we've given bonds that already had OCI that reduced up the price of those bonds in our book, but that . So some of what you see of our strategy there, thinking of expanding in, is we are refreshing those portfolios. The other piece that you might see there is we've been working overtime expanding our treasury business for clients and some of the growth that you see on the trading assets on the trading book have an offset with positions that we've taken with clients. So when you take into consideration all those positions from the risk management that I think was your second question that is taken care in that way. So we're not actually taking more risk on our portfolio even though you've seen some growth because of that treasury business with our customers.

Once again, for any questions, simply press star followed by the number one on your telephone keypad.

I think I didn't repeat guidance for Brian. I apologize for that. Brian, the ROE is in the 10.5% area. It's in the middle of the range that we have given out last time, the 10 to 11%. and that is building on loan growth in the 7% area with commercial loans growing 5% in the 5% area and consumer or retail loans in the 9% area. Then, NIM, consolidating NIM in the 4% area, NIM on loans in the 4.5%. And if you only look at the banking segment, NIM 4.7% area and NIM on loans 5.3% area. Cost of risk, as I mentioned before, 1.95% area. Cost to assets, two and three-quarters area. Income from the non-financial sector, 90% of that for 2024, and the income ratio in the 21% area. Super clear. Thank you.

Ladies and gentlemen, that will conclude our call for today. We thank you all for joining. You may now disconnect your lines.