Credicorp Ltd.

Good morning, everyone. I would like to welcome all of you to the Credit Court Limited third quarter 2023 conference call. A slide presentation will accompany today's webcast, which is available in the investor section of Credit Corp's website. Today's conference call is being recorded. As a reminder, all participants will be in a listen-only mode. There will be an opportunity for you to ask questions at the end of today's presentation. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you have connected to the call using the HD web phone on your computer, please use the keypad on your computer screen. If you are using a speaker phone, please make sure your mute function is turned off to allow your signal to reach our equipment. Now, it is my pleasure to turn the conference over to Credit Corp's IRO, Milagros Siguenas. You may begin.

Thank you and good morning everyone. For today's call, our Chief Financial Officer, Cesar Rios, will be providing the introductory comments in addition to his usual discussion of the macro environment and financial performance, as our CEO Gianfranco Ferrari could not be with us today. In addition, speaking on today's call will be Raimundo Morales, CEO of IAPE, who will give us an update on IAPE's progress. Finally, participating in the Q&A session will also be Francesca Raffo, Chief Innovation Officer, Reynaldo Llosa, Chief Risk Officer, Cesar Rivera, Head of Insurance and Pensions, and Carlos Sotelo, CFO at MiBanco. Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain forward-looking statements which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. and I refer you to the forward-looking statement section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. Cesar, please go ahead.

Thank you, Milagros. Good morning, everyone. Thank you for joining us in our third quarter 2023 conference call. While the macro environment has been more challenging than expected, Credit Corp. has continued to demonstrate its distinctive resilience in Peru, thanks primarily to our diversified and prudently managed loan portfolio and funding advantage. Strong NNI is complemented with an increasing share of the core non-interest income streams, including those from insurance and YAPI, which are partially mitigating the impact of the loan portfolio deterioration. While there is still work to be done, we are pleased with the progress in increasing core non-interest income, which is a key part of our strategy of the copying from the macro. Our strong track record demonstrate our ability to successfully navigate complex environments. We have built a diverse portfolio of businesses, most of them benefiting from robust brand recognition and a strong customer loyalty. This privileged position further solidifies our leadership, especially in challenging conditions. We are registering healthy margins even after high provisions, supported by long mix shifts, a stricter rejuvenation in vulnerable segments, dynamic pass-throughs, and our funding advantage. Our solid capital base represents a strength, particularly within a challenging credit cycle, where the impact of soft macro conditions on payment performance in specific segments is evident. As we have already stated, we believe strongly in the importance of continuing to invest in both the technological transformation of our core businesses and in disruptive initiatives to maintain and enhance our strong competitive modes and future sustainability. Please, next slide. By embracing our agile and self-disruptive mindset, we are building a diverse business capturing synergies. maximizing our main profit pools, targeting new client segments, and developing our own disruptors as we seek to retain a healthy and sustainable ROE. Our focus on gaining a deep understanding of both present and upcoming market trends allow us to meet our customers' changing needs, solidify our leadership, and increase penetration in new markets. Raimundo will now provide an update on the sustained progress at IAPE, which in just over seven years has become the main payment network in Peru and is the most mature example of our disciplined approach to disruption and innovation as we advance towards our goal of decoupling from the macro. Raimundo, please go ahead.