Good afternoon, welcome to Banco de Chile's Second Quarter 2026 Results Conference Call. If you need a copy of the financial management review, it is available on the company's website. Today with us, we have Mr. Rodrigo Aravena, Chief Economist and Institutional Relations Officer, Mr. Pablo Mejía, Head of Investor Relations, and Daniel Galarce, Head of Financial Control and Capital. Before we begin, I would like to remind you that this call is being recorded, the information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, actual results may differ materially. Please refer to the detailed note in the company's press release regarding forward-looking statements. I will now turn the call over to Mr. Rodrigo Aravena. Please go ahead. Good afternoon, everyone. Thank you for joining this quarterly conference call, where we will discuss the overall performance of the bank, as well as the main trends observed in the business environment. We have completed an outstanding quarter, performing well in several key strategy areas such as profitability, demand deposit market share in local currency, and asset quality, while maintaining both the largest coverage ratio and the soundest capital adequacy among relevant peers. We also achieve important milestones in non-financial areas, such as the increased adoption of digital tools, the materialization of new commercial alliances, productivity gains, and advances in ESG, which we'll discuss in more detail throughout this presentation. As in previous conference calls, before reviewing our performance during the quarter, I'd like to briefly discuss the macroeconomic environment we are facing. Please turn to slide number three. The Chilean economy has evidenced lower-than-expected dynamism. As shown in the chart on the upper left, activity declined during the first five months of the year, leading to a weak expansion of 0.1% year-on-year in the second quarter after a 0.5% contraction in the first quarter. As a result, the GDP declined by 0.2% year-on-year in the first half. That said, we expect this negative growth to be temporary and activity to rebound from the third quarter onwards. There are several reasons behind this assessment. The first is the composition of growth, since the contraction activity has been driven mainly by supply-side sectors, which tend to be more volatile and more exposed to temporary factors that reverse faster. Mining, for instance, has been one of the main contributors to lower activity after contracting 3.1% and 5.2% year-on-year in the first and second quarters, respectively, reflecting how this sector has decoupled from the rest of the economy, as shown in the chart on the other right. Other supply-side sectors, including fishing and manufacturing, have also paused decline, partly offset by sectors more closely linked to demand, such as retail and services, which grew 2.7% and 1.2% in the second quarter respectively. At the same time, we have also seen correction of macroeconomic imbalances. This is particularly clear in the external accounts, where the evolution of domestic demand, together with positive terms of trade, with copper price reaching record levels and averaging $5.92 per pound in the first half of the year, allowed the trade balance to accumulate a surplus of CLP 30 billion over the last 12 months, contributing to narrow the current account deficit. Despite the temporary slowdown in activity, leading investment indicators continue to contribute to a positive outlook. The chart on the lower right shows the outward trend in investment projects in the country, which, according to the Capital Goods Corporation registry, have continued to rise to their highest level in recent years, with a strong participation from mining, public works, and energy. These sectors should support both growth and employment, reinforcing our expectation of a recovery over the coming quarters. Please move to slide four to review recent developments in prices and interest rates. After the increase in inflation between March and May, when the CPI accumulated an increase of 2.4%, the June figure showed a significant moderation with a new monthly variation. As shown in the chart on the other left, this was mainly related to energy prices, which accumulated a rise of 15.9% over that period, following the increase in international oil prices. Even though there is no evidence of significant pass-through or second-round effect in core inflation so far, this dynamic has increased annual inflation higher from 2.4% in February to 4.3% in June, broadly in line with development observed in other countries. Since the main source of short-term inflationary pressures is energy prices, which is a highly unpredictable variable given the uncertainty related to the geopolitical conflict in the Middle East. Inflation expectations in Chile, implied in financial asset prices, have been highly volatile over the last quarter. As the chart on the lower left shows, they have not only moved significantly in recent months but have also remained closely correlated with international oil prices. In this context of high uncertainty, the central bank has maintained a cautious stance, keeping the monetary policy rate unchanged at 4.5%. The central bank board has not provided explicit guidance, this monetary decision was made despite less favorable employment data and weaker local activity figures, reflecting continued concerns about inflationary pressures, mainly from the supply side. Please move to the next slide to review our baseline scenario for the year. We have revised our economic growth forecast downwards, as you can see on the last column of this table, from 2.1% in the previous quarter's conference call to 1.3%. This revision does not reflect a weaker outlook for activity going forward but instead the impact of subdued GDP growth in the first half of the year, mainly due to the performance of mining. The new forecast is consistent with growth close to 2% in the second half of the year, with domestic demand making a larger contribution than net exports, which would help the economy to gain some momentum. For 2027, we believe GDP growth would approach 3%. The recovery should be supported by the potential reversal of temporary factors that affected supply-side sectors such as mining, manufacturing, and fishing, as well as by a recovery in disposable income, as inflation is expected to decline in the second half of the year. A further factor that should gradually and sustainably support stronger dynamism in the country will be the implementation of the reconstruction bill. Among the main measures approved by both chambers of Congress are the reduction in the corporate income tax rate from 27% to 23%, which would bring Chile closer to OECD tax rates. The implementation of tax viability regime for investment, reducing future tax uncertainty, and substantial improvements to the permits and licensing framework for investment projects, reducing bureaucracy and shortening the time for implementing new projects, which is particularly positive for long-term investments. Recent shocks, including the expected higher intensity of El Niño and geopolitical conflict, remain a key source of uncertainty for the inflation outlook. Our 4% estimate for the year assumes a moderate decline in oil prices and no significant additional depreciation of the exchange rate. Under this scenario, we do not expect changes in the central bank policy rate, which currently stands at 4.5%. The main risks to our scenario come from the external environment, particularly the evolution of the geopolitical conflict and its implications for both global GDP growth and inflation. Other factors should also be closely monitored, including growth in China, our main trade partner, which has slowed in recent months, as well as the evolution of tariffs. In Chile, the lagged response of the labor market remains one of the key variables to watch going forward. Before moving to the bank analysis, I would like to review the main trends observed in the local banking industry. Please move to the next slide, number six. As illustrated in the chart on the slide, the banking industry recorded net income of CLP 2 trillion in the second quarter and a return on average equity of 21%. This performance continues to reflect the sector's capacity to generate solid profitability, supported by the positive impact of the temporary pickup in inflation on revenues. Turning to asset quality, non-performing loans for the industry remained stable at 2.5%, with a coverage ratio of 159%, including additional provisions, consistent with figures seen in recent quarters. On the credit side, the loans-to-GDP ratio continued at 74% as of June 2026, showing no signs of recovery. In more detail, industry total loans reached CLP 255 trillion, growing 4.3% in nominal terms and 0.4% in real terms. Commercial loans continue to underperform, decreasing 1.1%, while consumer loans grew 1.7% and residential mortgage loans rose 2% in real terms. Looking forward, we have slightly modified our baseline scenario for the industry. As GDP growth has been revised down and inflation is expected to be at 4%, we now expect industry loan growth to be around 4% in nominal terms by year-end 2026, from the 4.5% forecast last quarter. Also, we maintain the NIM guidance for the industry in the range of 3.6%-3.8%, while NPLs are projected to end the year between 2.3%-2.4%, and credit loss expenses are stable at 1.2%-1.3%. Now, I will turn the call over to Pablo to discuss Banco de Chile results for the quarter. Thank you, Rodrigo. Please turn to slide eight. This slide summarizes our strategy that is committed to excellence and is proven by results. Our strategy rests on three pillars that we execute consistently: customer centricity, efficiency and productivity, and sustainability. These three pillars shape the way we work, the way we deploy resources, and the way that we generate value for our stakeholders. In the center of the slide, you can see how these pillars translate into six core priorities, and on the right-hand side, we show how all these strengths come together to sustain our solid profitability track record. Our midterm targets are displayed at the bottom of this slide. Our aspiration is to hold the leading positions in profitability in local currency DDA balances and in commercial and consumer lending, together with a cost of income ratio that's below 40%, a net promoter score that's above 73%, and a top three ranking in corporate reputation. To sum up, our strategy is disciplined, consistent, and resilient, and importantly, it is already noticeable in our operating and financial performance. Please turn to slide nine, which summarizes our key financial and commercial highlights for the first half of 2026. The metrics at the top of the slide provide an overview of our performance, which we will discuss in greater detail over the rest of the presentation. Total loans reached CLP 40.3 trillion in June 2026, increasing 2.3% year-on-year. Operating revenues totaled CLP 922 billion in the second quarter, increasing 20.9% year-on-year, supported by both a 5.8% net interest margin as a result of higher inflation and net fee income growing 10.7% year-on-year during the second quarter. On the risk side, our cost of risk, excluding additional provisions, stood at 1.15% with an NPL ratio that remains stable on a sequential basis at 1.6%, while our CET1 ratio remains solid at 13.9%. Thanks to the strength of our operating margin and our firm cost discipline, our efficiency ratio reached 31.3% this quarter. All in all, this generated a bottom line for the second quarter of CLP 391 billion, equal to a return on average capital of 29.1% and a return of average equity of 27.9%. In the middle of this slide are the highlights of some of our commercial and operational advances achieved during the first half of 2026. First of all, we would like to highlight that our commercial momentum remained at healthy levels. We originated 8% more consumer loans year-on-year and 18% more installment loans to SMEs compared to the first half of 2025, supported by our digital initiatives and strengthened commercial capabilities across channels. Customer acquisition was also positive as digital current accounts expanded 34% year-on-year. Total current account openings increased 17%, and FAN Emprende openings rose 12% over the same period. On efficiency, our cost control and productivity initiatives, together with continued technology and digitalization efforts, kept real year-on-year expense growth below inflation, consistent with our longstanding commitment to operational efficiency. We also continued expanding our value proposition through new business initiatives. We launched B Startup, a new service model for startups and science technology-based companies, supported by strategic alliances with UDD Ventures and Amazon Web Services. Furthermore, we established new partnerships with Linze for vehicle financing, with Despegar to enhance our loyalty program, and with Fingo to enhance our SME value propositions to digital factoring solutions. We will discuss how we expect to benefit from these initiatives in greater detail on the next slide. Before moving forward, I want to review our updated guidance for 2026. Based on weaker-than-expected macroeconomic performance during the first half, we've revised our nominal loan growth to around 6% from around 7% last quarter. We also expect our net interest margin to remain at approximately 4.6% by the year-end, while cost of risk is expected to be in a range between 1.2% and 1.3%, which recognizes the establishment of additional allowances in the second quarter. This should be partially offset by tight cost control and solid revenue generation, which we expect to drive further improvements in our efficiency ratio to around 37% by December 2026, from the 38% forecasted last quarter. As a result, our return on average capital and reserves is expected to be on the range of 21%-22% by December 2026. This incorporates the additional allowances established in the second quarter but excludes the potential effects of further non-recurring events in the coming quarters. Please turn to slide 10, where we highlight several strategic alliances and new initiatives that are expanding our reach and strengthening our value propositions. Starting on the left-hand side, we entered into a new partnership with Linze that integrates Banco de Chile's vehicle financing directly into the digital automobile purchase process. Through this alliance, customers can select a vehicle and access financing within the same digital journey, delivering a simpler and more convenient experience while maintaining our high security standards. This allows us to get involved in the auto loan market by widening the value proposition for our personal banking customer base while attracting new customers looking for car financing. We also formed a strategic alliance with Despegar, the largest online travel agency in the region, to reinforce the value proposition of our travel loyalty program. This partnership provides our customers with an enhanced travel platform powered by Despegar that combines a customer-centric booking experience with our loyalty program benefits, making it easier to plan and book flights, hotels, travel packages, and car rentals. In addition, we recently established a commercial alliance with Fintech Singo to expand access to factoring solutions for smaller SMEs through a streamlined digital model. This initiative combines Banco de Chile's commercial capability with a more agile and efficient operating model, supporting customer acquisition, business growth, and productivity. On the right-hand side shows B Startup, a new tailored service model designed to support startups and science and technology-based companies throughout their development. B Startup combines a specialized commercial team, financial products designed for specific needs of startups, and a service model that blends digital capabilities with dedicated relationship management. The initiative also connects clients with a broader innovation ecosystem through alliances with leading incubator accelerators and strategic partners such as UDD Ventures and Amazon Web Services, through which our startup clients can access acceleration and scaling programs as well as cloud-related benefits and support to help them grow. Together, these initiatives reflect how we're leveraging partnerships to broaden and strengthen the value propositions for our diversified customer base. While it's still in the early stages, we believe that these alliances have meaningful potential to support business growth, enhance customer experience, reinforce customer loyalty, and improve efficiency over time. Please turn to slide 11 to discuss the evolution of our loan portfolio. Total loans reached CLP 40.3 trillion as of June 2026, growing 2.3% year-over-year. This figure includes a one-time effect related to the migration of our outsourced credit card processing platform during this quarter. Until May, early payments made by credit card customers were booked as other demand deposits until the credit card billing due date. Beginning June 2026, those payments are immediately deducted from the credit card loan balance. Therefore, this change resulted in a one-time decrease in both credit card loans and other demand deposits by approximately CLP 210 billion, which affects the year-on-year loan growth comparability. When excluding this effect and looking at the portfolio on a pro forma basis, total loans would have grown 2.9% year-over-year, which represents a clear view of the evolution of our loan book. By product, growth varied across our portfolio. Consumer loans increased 0.6% year-over-year, but 5.3% on a pro forma basis when excluding the migration effect mentioned earlier, supported by enhanced value propositions for targeted customer segments. Residential mortgage loans grew 3.4% year-over-year due to our aim to improve lending margins in some segments. Meanwhile, commercial loans increased 2% year-over-year, up from 0.8% in the first quarter, reflecting a recovery in new corporate lending operations and continued momentum in core SME lending, as shown in the chart at the bottom left. In terms of total loan composition, the chart on the right shows a balanced portfolio. Retail banking represents 66% of total loans, while wholesale banking accounts for the remaining 34%. Within retail banking, we have a broad mix composed of individuals and SMEs, while in the wholesale banking, exposure is spread across large companies, corporate clients, and multinationals. This mix allows us to capture opportunities across customer segments and economic cycles while reducing dependence on any single source of growth As recent quarters have shown, momentum in some areas can help offset weaker activity in others, supporting more stable portfolio performance and a balanced risk profile. The chart at the bottom right reinforces this point by showing the diversification of our commercial portfolio across multiple economic sectors. This broad exposure helps mitigate sector-specific risks and support asset quality through different phases of the economic cycle. Overall, the combination of business scale, a customer-centric approach, disciplined risk management, firm cost control, and balanced lending exposures across all business segments and economic sectors provide solid fundamentals for profitable long-term growth and consistent performance. Please turn to slide 12. A resilient, low-cost funding structure supported by our leading local currency deposit franchise and strong capitalization is one of our most important competitive advantages. As shown in the chart on the left, loans are the core component of our balance sheet, representing over 70% of total assets. On the funding side, demand deposits play a central role, accounting for 26% of total funding, complemented by time deposits, long-term debt issuance, and our solid capital base. This is further illustrated in the top right chart, where the relationship between demand deposits and total loans stands at 36% as of June 2026, the highest ratio among our major peers, representing one of the main drivers for our competitive funding costs and high margins. This reflects both the strength of our customer franchise and the confidence of depositors in our financial soundness. In fact, as of June 2026, we continued to hold the leading market share in local currency demand deposits among private banks, reaching 19.7%, as shown in the bottom left chart. This position is a direct result of the depth of our customer relationships and the continued success of value propositions we provide to both individuals and companies. Finally, our capital position remains among the strongest in the industry. As shown in the bottom right chart, our Basel III ratio reached 17.6%, including a CET1 ratio of 13.9%, comfortably above regulatory requirements and ahead of all of our main competitions. This provides significant financial flexibility to support business growth when economic activity reactivates, absorb potential volatility in the short term, and continue creating value for shareholders while maintaining a prudent risk profile. Overall, the combination of a leading deposit franchise, a diversified funding structure, and a best-in-class capital position remains a key differentiator for Banco de Chile. Together, these competitive strengths reinforce the resilience of our balance sheet and support our capacity to grow through different market environments. In fact, at Banco de Chile, we like to say that our liabilities are our most important assets, as this allows us to generate higher and more stable returns at a lower risk level. Please turn to slide 13. Operating revenues reached CLP 922 billion in the second quarter, denoting a 20.9% increase compared to the same period last year. A significant increment from the CLP 749 billion recorded in the previous quarter. As shown in the chart on the left, this performance was largely explained by higher inflation during the quarter, together with sustained growth in customer income supported by loan expansion, solid cross-selling, resulting from higher fee income generation. Based on these drivers, our operating margin, measured as total operating income over average interest earning assets, reached 6.8% as of June 2026, comfortably above our main competition. Importantly, this leadership is not a one-off, instead, it has been sustained consistently throughout our recent history, reflecting the structural strength of our business model that combines the resilience of customer income with our ability to benefit from favorable changes in market factors. The bottom right chart presents our net operating margin, which incorporates the expected credit losses. Here again, we lead the industry, reaching 5.7% as of June 2026, ahead of our main peers. This is particularly relevant because it demonstrates that our superior margins are not the result of taking higher risks. Even after absorbing credit costs, we maintain the leading margin. Overall, this evidence reflects the quality and resilience of our income generation capacity, which is based on diversified revenue, a competitive funding structure, and prudent risk management that allows us to deliver industry-leading margins consistently through the cycle. Please turn to slide 14. In further detail, I'd like to highlight the key drivers of our net interest margin leadership and earning generation capacity. Our NIM reached 4.9% during the first half of 2026, well above peers, supported by improved lending spreads, increased net fee income, and well-oriented adaptive asset and liability management, which enabled us this quarter to maximize the earnings contribution from the higher inflation environment. The chart on the right provides a breakdown of our net financial income. As you can see, net financial income totaled CLP 736 billion during the second quarter, increasing 25.3% year-over-year. This performance was driven by two sources of income. First, non-customer financial income increased significantly as the management of our financial gaps in the banking book allowed us to capture the benefit of higher inflation during the quarter. As a result, at the bottom of the chart, UF variation reached 2.5% in the second quarter, compared to 1% in the same period of 2025, providing an important boost to revenues. The chart on the bottom left shows the evolution of our UF gap position in the banking book, which reached approximately CLP 9.1 trillion at the end of June. This position reflects both our structural inflation index exposure, which hedges the real value of our shareholders' equity, and the active management of market opportunities by our treasury team through directional positions in fixed income securities and increased revenues from sales and structuring related to hedging solutions offered to corporate customers. These actions enable us to offset lower revenues from our trading portfolio due to less favorable evolution of interest rates in the second quarter 2026 compared to last year. Second, customer income remained highly resilient at CLP 473 billion, reflecting stronger income from loans supported by improved lending spreads, particularly in retail banking. This extends the positive trend we have observed since the post-pandemic normalization of margins and is particularly relevant in light of subdued loan growth. By product, the main contributor was consumer loans, which recorded an increase of CLP 9.7 billion year-over-year, driven mainly by wider spreads and higher average balances. To a lesser extent, commercial loans contributed by rising CLP 3.5 billion over the same period, also supported by improved spreads and a slight increase in the average balances. Overall, the combination of resilient recurring customer income, active balance sheet management, and leading funding base continues to be the main support for our superior margins, allowing us to consistently outperform peers across different interest rate and inflation environments. Please turn to slide 15. Fees continue to be an important and recurring source of revenues for us, supported by our expanding customer base and the increasing contribution of our subsidiaries. One of the main drivers of this performance is our growing customer base, which continues to deepen the use of our products and services. In the second quarter, we reached 2.9 million active customers and 2.6 million bank accounts, while current accounts expanded 7.1% year-over-year, and total fees grew 10.7%. This reflects the continued success of our digital value proposition and the ongoing enhancements of our bank ecosystem. Importantly, we have achieved this expansion while maintaining the highest standards of customer service, as reflected in our NPS of 77.6%, the leading score in the local industry. The main drivers of our fee income expansion are listed on the left. Notably, net fee income from transactional services rose 20.4% year-on-year, supported by a 5.7% increase in credit card transactions and an 11.9% rise in debit card transactions. This reflects greater customer activity, supported by the continuous enhancements of our value propositions, including our new alliance with Despegar and the ramp-up of Banchile Pagos, our acquiring and processing business. Our other subsidiaries also performed well, with fee income from mutual funds going up 6.4%, in line with the 8.7% expansion in assets under management, while our insurance brokerage business advanced 2.8% over the same period on the grounds of improved business mix. The chart on the bottom left illustrates the diversification of our fee base. Transactional services remain the largest contributor, representing 35.6% of total fees, followed by mutual funds and insurance brokerage. Importantly, the weight of transactional services has continued to increase over time, underscoring the recurring and sustainable nature of this income stream. Finally, the chart on the bottom right compares our fee margin over interest-earning assets with that of our peers. As of June, our fee margin reached 1.4%, ahead of both our main peers, confirming our leadership in fee generation and cross-selling capabilities. Overall, the combination of a broader customer base, a well-diversified fee structure, and the solid performance of our subsidiaries continue to support robust fee income, reinforcing the quality and sustainability of our earnings. Please turn to slide 16. Prudent risk management is the core to our business and is reflected in everything we do at Banco de Chile. Through this approach, we have maintained stable levels of cost of risk and contained levels of NPLs in our recent history. Specifically, as shown in the chart on the left, expected credit losses reached CLP 165 billion in the second quarter, of which CLP 50 billion represented the establishment of additional provisions in May 2026. As a result, our cost of risk stood at 1.65% for the quarter. Nevertheless, excluding these additional provisions, cost of risk would have been 1.15%, basically flat compared to the first quarter 2026, confirming that the underlying performance of our portfolio remains stable. The decision to strengthen additional provisions reflects a more cautious forward-looking stance and macroeconomic environment that remains uncertain, with external factors becoming increasingly relevant. In particular, geopolitical conflicts have gained complexity and duration, continuing to weigh in on global growth and inflation. So far, the local economy has been able to absorb these effects relatively well, but their impact could become more significant if that capacity weakens or conflicts last for longer than expected. Domestic factors also deserve attention, as activity and employment have evolved below expectations and could affect future evolution of household income. Against this backdrop, we prudently reinforced our coverage rather than responding to any deterioration already observed in the portfolio. Looking at the underlying dynamics, the year-on-year increase in credit loss expenses was concentrated in retail banking, as shown on the chart on the bottom right, where delinquency in consumer loans moved from 1.8%-2.1% over the last 12 months, tracking the gradual deterioration in unemployment. This was partly offset by lower risk expenses in commercial loans from wholesale banking, given the improved financial condition of some customers. Turning to the chart on the top right, our total delinquency ratio reached 1.6% in June, broadly stable compared to the first quarter of 2026, and once again, the lowest amongst our main competitors. This represents a favorable gap versus the industry and reflects the consistency of our underwriting standards and portfolio monitoring throughout the cycle. Given these trends, our coverage remains robust. Loan loss allowances represent 2.1% of total loans and cover 127% of past-due loans, rising to approximately 230% when additional allowances are included. This provides a meaningful buffer to absorb potential deterioration without compromising our earnings capacity. Looking ahead, we continue to expect delinquencies to converge gradually towards more normalized levels, although the pace may be uneven across products while the labor market and activity remain weak. Please turn to slide 17. As shown on the chart on the right, total expenses rose below inflation at 2.8% year-on-year in the second quarter of 2026. Despite continued investments in technology, digital capabilities, and business growth, our cost base keeps on growing below inflation. This performance reflects the benefits of our ongoing efficiency initiatives and the digital transformation efforts, which we continue to generate structural improvements in productivity and profitability. As a result, our loans per employee ratio improved 1.7% to CLP 3.6 billion. Our fees to expenses ratio increased 335 basis points to 59%, and our efficiency ratio declined to 34.5% as of June 2026, well below the industry and among the best in the system. These results reflect the benefit of a broad range of initiatives focused on technology optimization, improved vendor management, facilities efficiency, and organizational simplification. On the technology front, we continued to capture efficiencies through automation, process streamlining, infrastructure optimization, cloud and licensing rationalization, and the integration of capabilities across the organization. These efforts are helping us reduce external costs while enhancing productivity and scalability. At the same time, the continued digitalization of customer processes is allowing us to operate with a leaner and more efficient service model. Consumer loan originations increased 8% year-over-year in the first half of 2026, while personnel expenses remained essentially flat and administrative expenses grew below inflation, as shown in the chart on the bottom left. This demonstrates our ability to support business growth without a proportional increase in costs. In addition, the number of branches declined 4.5% year-over-year, reflecting our efforts to align our distribution network with changing customer behavior and increasing digital adoption. Overall, our focus remains on delivering sustainable productivity gains through technology, process simplification, and operational model transformation, allowing us to support growth while maintaining a disciplined cost structure and industry-leading efficiency levels. Please turn to slide 18. As shown throughout this presentation, we continue to deliver industry-leading profitability supported by a differentiated business model and consistent execution. During the second quarter, net income reached CLP 391 billion, reflecting the combined benefits of strong recurring customer income, active balance sheet management, disciplined cost control, and a resilient asset quality. These fundamentals continue to translate into superior returns. As of June 2026, our return on average assets reached 2.4% and our return on average equity reached 22.9%, both comfortably above industry levels and among the highest in the Chilean banking sector. Importantly, these results are not only driven by a single business line or temporary factor. They reflect the strength of a diversified franchise supported by a leading funding base, robust fee generation, prudent risk management, and a strong focus on productivity and efficiency. As we move into the second half of the year, we remain focused on executing our strategy, strengthening customer relationships, advancing our digital transformation agenda, and delivering sustainable value creation for our shareholders. Please turn to slide 19. Before taking your questions, I'd like to highlight four messages from this presentation. Beginning with the economy, we see the weakness in the first half of this year as transitory since it was concentrated in the supply side sectors, mining above all. Our GDP forecast is approximately 1.3% for the year, consistent with growth close to 2% in the second half, and 2027 should be stronger with activity approaching 3%. Inflation in this environment should close the year near 4%, keeping the policy rate at 4.5%, and in 2027 it should reach a level around 3%. On profitability, we delivered net income of CLP 391 billion this quarter with a return on average equity of 27.9% in the period, well above the industry. It's important to highlight that we achieved this while at the same time establishing additional provisions. This reflects the earnings capacity of our franchise, which allows us to deliver strong results and reinforce our balance sheet at the same time. On efficiency, total year-to-date expenses grew 2.6% year-on-year, meaning our cost base contracted in real terms while we continued investing in technology and digital capabilities. Our efficiency ratio reached 31.3% for the quarter and 34.5% for the first half, close to seven percentage points better than the industry. As a result, we have improved our full-year guidance to approximately 37%. On capital, we remain one of the best capitalized banks in the industry, closing the quarter with strong CET1 and total capital ratios. This gives us the flexibility to fund growth, sustain attractive dividends, and navigate a more uncertain environment from a position of strength. As I've said before, our strategy is straightforward: to serve our customers well, operate efficiently, manage risk properly, and maintain a solid capital base. This quarter's robust results reflect the consistency of that approach. Thank you, and if you have any questions, we'd be happy to answer them. Thank you. Our first question comes from Ernesto Gabilondo from Bank of America. Your line is open. Please go ahead. Thank you. Hi, good morning, Rodrigo, Pablo, and Daniel. Thanks for the opportunity to ask questions. Congrats on the results. A couple of questions from my side. The first one is on the tax reform. It's the same question I did to the rest of the banks. If we assume a normalized inflation of 3% over the next years, how should we think about the evolution of your effective tax rate with the new tax reform? That's my first question. On my second question is on your ROE guidance. I was a little surprised because you pointed out that the economy is looking much better in the second half. You have now the reforms likely being approved. Even though you reduced by around 50 basis points the ROE expectations of your guidance for the year. Just wondering why are you becoming a little bit more conservative from your previous guidance? How should we think about your long-term ROE and ROIC? What would be the sustainable level in the next years? Thank you. Hi, Ernesto. This is Daniel Galarce. Well, regarding your question about the tax reform, well, it's clear that we will have a benefit in the long run due to the lower tax rate, of course. This effect would be around CLP 40 billion per year or something like that from the third year onward. We expect also to have a first time, a one-time effect, negative effect when the law is actually enacted of around CLP 70 billion, CLP 69 billion in income tax in the first year. However, in the long run, as you say, with an inflation rate of around 3% normalized, we should expect an income tax rate, an effective income tax rate of around 20%. In the twenties, excluding any other tax deduction or tax surcharge, we should have something like that, 19%-20% of effective tax rates. Okay. This is Pablo speaking. Well, thanks for your question. In terms of ROE, the guidance, what happened there, it's important to note a few things. The guidance for cost of risk, we increased from 1.2%-1.3% from the previous numbers. Obviously, we also saw a reduction in inflation. Combining these two effects, it has a slight reduction in terms of our guidance, the overall guidance for the end-of-year return on average capital. In terms of our sustainable levels of ROE, we have to take into consideration the long-term effects occurring in Chile. The overnight interest rates are a little bit higher than they were in the past. Inflation should tend to be a little bit higher. Plus, if we look at other areas, we can continue to improve our mix, and we're looking at deploying the capital that we have. It's challenging to see an exact number today, our aspiration is to be number one in the industry. Our aspiration is to move to the number one position in profitability, as you saw in the slides. Rodrigo, did you want to? Well, thank you for the question. I'd like to add just a couple of ideas. Very important to be aware of the importance of the macro drivers here in our guidance for the long term. I'm saying this because we have different opposite forces. On the one hand, we have different risks in the rest of the world, mainly those related with the evolution of the geopolitical conflict, because Chile is a very open economy. We have free trade agreements with more than 90% of the global economy. More than 50% of the GDP is the trade total trade volume. That's why it's very important to analyze the evolution of, for example, in the almost trade, etc., because of the potential impact in key sectors, transportation, natural resources, etc. On the other hand, we have a better, more optimistic view about the evolution in Chile, because we think that there is room to increase the economic growth. In fact, we think that it's reasonable to expect an economic growth of around 3% for the next year. There will be a positive impact from the changes in taxes. There will be a positive impact from the reforms to the improvements in the permitting system in Chile. The lower inflation in the second half of the year will have a positive impact as well in disposable income for households. At the end of the day, what I'm trying to say is that we have a more optimistic view about the GDP, we have to pay attention to evolution to the risk in the rest of the world. At the end of the day, macro drivers will play an important role in our business in the future. Maybe I said it indirectly, but in terms of the change in cost of risk, that was due to the additional provisions and basically for our ROE guidance or return on average capital guidance, that's an impact of around 90 basis points. Okay. No, this is super helpful, Rodrigo, Pablo, and Daniel. Just to follow up in terms of the ROE or return on average capital with the reserves and dividends, how should we think about the trend for next year and the next years if inflation is going down, but at the same time, you are saying you have a more optimistic view, there are economic growth. How should we think about these sustainable levels? Should it be the level we are seeing today, a little bit better or lower because of inflation? I think one of the main uncertainties that we have today, we're seeing an improving economy. We should see more demand for growth in loans. We really need to deploy capital in order to see the evolution of our bottom line and the ROE figure. As I mentioned, our aspiration is to be number 1. We're comfortable with the levels that we have today. Obviously, it's a more profitable banking industry today than prior to the pandemic, when interest rates were lower, the yield curve was flatter. We should see, and as we have seen today, we have stronger net interest margins than we had in the past, but with a portfolio that's more focused on lower risks, lower margin products. We've been able to do that, thanks to market factors, and will be done into the future. We should be able to grow the portfolio. That should translate into a better bottom line, at the same time, we have to consider there should be a little bit more competition. Inflation should come down a little bit. We're comfortable with levels of around what we have, around 20% is aspirational. Above 18% is what we've always mentioned. It really depends in terms of the cycle, where we are with inflation, where we are with interest rates, the evolution of the economy. The macro drivers at the end. Yeah. Okay. No, understood. Perfect. Thank you very much, Pablo. You're welcome. Thank you. Thank you very much. Our next question comes from Andrés Soto from Santander. Your line is open. Please go ahead. Good morning to all, and thank you for your presentation. My first question is regarding your GDP expectations for 2027. You mentioned it could reach close to 3%. When I look at Bloomberg consensus, it is showing 2.7%, not very different from what you guys are saying. To what extent, you see upside to this number to a 2.7% that the consensus expects based on the likely approval of the Reconstruction Law and other regulatory measures that the government is adopting? Hi, Andrés. This is Rodrigo Aravena. Just to be clear, our GDP expectation for this year is 1.3%, which is consistent with an economic growth on average of around 2% for the second half of this year. In the first half, there was a negative growth of -0.2%. What we are expecting is an upward trend in GDP growth over the next quarters. In the short term, the key drivers will be related with, first, the reversal of negative shocks that we saw in the first half of this year. For example, in the mining sector, we saw that there were negative growth of -10%, -12% in some months on a year-on-year basis in the mining sector because some specific and temporary shocks. For example, fishing decreased by almost 20% in the first quarter of this year. The industrial sector as well, there were contraction of almost 10%. We're expecting that these negative shocks will be reversed in the second half of this year. That's why we expect better cyclical courses in the second half of this year, ending the 2026 GDP growth of around 1.3%. For the next year, we expect an economic growth of almost 3%, which we see in line with the consensus according to different forces, because there will be a positive impact of the lower inflation rate on disposable income. We are not expecting negative shocks in the mining sector, in the infra sector. We will not have a negative impact, we expect, in the next year because El Niño. Also we expect a positive impact, a gradual positive impact from the Reconstruction Law, the bill today. There will be a positive impact in the next year, in 2028, attributable to the new law. Just to be clear, that 3% growth is our forecast for the next year, not for 2026, by the way. That's very clear. My question was if 2.7% for 2027 was even conservative. I understand the government has more optimistic estimates for the impact of the Reconstruction Law? Yes. The official estimate for the Reconstruction Law, attributable to that law, is an economic growth that will improve in potential terms from the current 2% potential growth to around 3.5%. In fact, we have a more conservative view, expecting a 3%. At the end of the day, it's reasonable to expect an improvement in investment rate, explaining at least 100 basis points of higher economic growth in the next year. Understood. On regulation, we saw already a draft for the proposal to change from individual models for risk-weighted assets and provisions, instead of the standard models provided by the regulator. I understand this is a medium-term driver, have you guys made any estimate on the potential impact in terms of additional capital that this change will imply for Banco de Chile? Hi, this is Daniel Galarce. Well, today we don't have a specific estimate. We are clear that this is going to benefit us given the asset quality of our loan portfolio. However, there is still some room to improve and precise some technicality in the regulation. Actually, this is a proposal for changes in the current regulation that is subject to comment for a three-month period. We need to check every specific detail in the regulation yet. We are certain that, of course, this will benefit us, given the quality of our loan book. Also it's important to mention that there is another proposal from the CMF now regarding market risk-weighted assets. As we mentioned in our press release, this will probably provide more capital adequacy for us of around 25 basis points of capital indicators once enacted, the final rule. This is basically at least, it is the minimum, considering that we also could benefit from the exclusion of some derivative transaction as well. Thank you, Daniel. Considering these regulatory tailwinds and your already strong capital levels, if all of these materialize, you guys will be running at a core equity tier one probably above 16%. How do you guys see your current capitalization level and the use of this capital, considering the expected growth for next year and that capital will continue to accumulate in your balance sheet? Well, as we have mentioned in the past, in the normal course of business, we work with the main assumption that is or a kind of specific dividend payout of around 60% in the long run. Of course, we have capital buffers and several capital gaps today that we expect to use in the future as long as the economy reactivates, and also given all the macro trends that Rodrigo already said. In the long run, using our capital, we expect to float around 100 - 200 basis points above the regulatory limits when we use the capital for loan growth and for business growth. Understood. Thank you very much. You're welcome. Thank you so much. Our next question comes from Neha Agarwala from HSBC. Your line is open. Please go ahead. Hi. Thank you for taking my question. What are your expectations for loan growth for next year? Where do you see the opportunities for a pickup? Any particular segments that you would like to highlight? My second question is, next year, inflation will probably ease slightly. What are the levers that you have in other business lines to offset a bit of NIM pressure that we might see, either on costs or fees, or anything that you would flag could be a catalyst for next year? Thank you. In terms of loan growth, as Rodrigo mentioned with the regulatory changes, we're expecting a stronger GDP for next year. This should translate into a much stronger demand for loan growth, is what we're expecting, especially in terms of commercial loans. We're expecting a stronger expansion because there should be a lot of loans in the pipeline, or demand in the pipeline for new loans. We should see stronger growth, especially in large corporate banking. In terms of SMEs and individuals with a stronger economy, better unemployment levels, this should also translate into stronger loan demand from these customer segments, which are our core or our focus areas of growth. Since we have a large amount of capital that we want to deploy, we have the capability to grow more quickly in these areas as well. There should be the demand, and we also have the desire to expand our growth next year. You can think of growth levels, it could be a surprise to the upside, but 7%-8% is reasonable, maybe even more. In the past, there were periods of times when growth was over 2 times loans to GDP growth. For the second question, can you repeat the second question, please? Levers for next year to improve profitability given NIM could likely be softer. We have to take into consideration that the level of inflation for this year is 1% above the normal level of inflation. As we continue to grow in more profitable segments today, if you look at their loan book, the mix that we have today is more focused on lower risk segments. We had a period of time that we grew very quickly because of inflation during the pandemic in the mortgage loan book. Today, the proportion of mortgage loans to the total loan books is much larger than it was in the past, and our main key focus in growth is to grow in the segments which are consumer loans, SME loans. Even in corporate lending, they all have better margins than mortgage loans. This should help maintain the levels of NIM between our longer term, depending on interest rates, between 4.5%-4.7%. It's important to mention for the bottom line that the cost of risk and the delinquencies, we should start to see improvements most likely with a better economy, stronger employment figures. We should start to see slight improvements in terms of delinquencies across the board. Maintaining levels between around the 1%-1.1% is reasonable. Additional provisions. This year, we had additional provisions. If the economy is growing better, there's less uncertainty. Also, we shouldn't have that for next year. Obviously, all the digital initiatives are making everything that we do more efficient and productive for the bank. That should help maintain our efficiency levels below the 40%, which is our long-term level today, our target, helping us to maintain that strong bottom line. Super. Thank you so much. Thank you so much. Our next question comes from Juliana Ohara from Goldman Sachs. Your line is open. Please go ahead. Hi, everyone. Thank you for taking my question and congratulations on the results. I have a quick one. Some peers were discussing increased competition, which were pressuring fees, but you seem to be doing well in your transactional services. Could you share your strategy behind this and if double-digit growth in fees can be sustained through the year? Thank you. Hi. We've been growing strongly in terms of fees thanks to our customer segments and focused products. In terms of transactional products, we've had good growth in terms of cards purchases, which has been driving the activity in this product segment. Also, we have the new acquiring business, which was also adding income to the fee lines by Chilepagos. That's been an important help. It's also important to mention is the mix of customers that we have. We have a very important mix of upper-income individuals that use our bank as their primary bank, and one of the products that they use is our mutual fund business. The mutual fund business has also been deepening their share of wallet and we've been leveraging onboarding advisory for these customers. We've seen a strong level of AUM growth as well as fee growth from this segment. When analyzing the different banks, it also maybe affects the type of customers that we have. We're more of a bank that's focused on upper-income individuals, and we've seen good transactionality from our customers, which has been driving this above 10% or around 10% growth over the last quarters. In terms of the long term, everything that we've been focusing on in increasing digital onboarding, increasing our customer base, increasing or having a large customer base from the FAN Emprende digital accounts, it makes it easier for us to expand our customers into the bank. We've been maintaining more or less a level of customer growth, like high-quality customer growth, which is a customer with a current accounts package in the bank. If we look at the last 10 years or so, the growth has been around 7% and we're maintaining that. One of the key drivers for our growth in fees is that expansion of customers. Also for the next years, with a better economy, stronger growth, more demand from commercial loans, we should see more activity from M&A, more corporate banking fees as well. It should maintain our numbers in the low double digits or high single digit level of fee growth. Super clear. Thank you. You're welcome. Thank you so much. Our next question comes from Diego Márquez from J.P.Morgan. Your line is open. Please go ahead. Hi, Rodrigo. Pablo, Daniel. Thanks for the space for questions. Just two quick questions on my side. One on the lower tax rate that is expected for the next few years, could this drive change in deferred tax assets going forward? Basically, do you expect any impairment here? The second, which you kind of mentioned in your previous remarks, but given the additional provisions this quarter towards 2027, could we expect maybe lower provisions on a positive macro backdrop? That's it on my side. Hi, Diego, this is Daniel. Regarding the tax reform, as I said, that we will have two main effects, I mean, in the long run, when the tax rate becomes to 23%, we'll probably have a positive effect of approximately CLP 40 billion per year in terms of income tax or lower income tax. No? Also regarding deferred tax assets, of course, during the first year or the year of enactment of this law, we will have a negative effect of approximately CLP 7 billion of higher income tax. That will probably be in 2026, given that the reform was already passed and is expected to be enacted very soon. In terms of the additional provisions question, well, maybe the reason why we did additional provisions is because of our cautious stance in the macroeconomic activity that was uncertain. We had the external geopolitical tensions that Rodrigo mentioned, I believe. Domestically, we had everything that Rodrigo mentioned of the economic activity. Employment has been below expectations, and this could affect the household income. We decided to take these additional provisions in this period of time, a more conservative hope to ensure an adequate coverage. It's also worth noting that during this time, we had also extraordinary revenues from the high inflation. The second quarter was very strong. We had very strong operating income. Even despite that, we still had this prudent provisioning approach and a strong bottom line. Looking at the future, if the conflict in the Middle East is resolved quickly and the economic activity begins to improve, obviously we can't rule out that we could reassess the appropriateness of the levels of additional provisions that we have, and they would be consistent with our risk return approach. In the future, we have to be evaluating very closely in terms of what's occurring locally and internationally, and we'll take a decision based on that, on the evolution of our additional provisions, which would affect the overall provision number for future periods. Very clear. Thank you. Thank you very much. I'm not seeing any more questions. Perhaps I can hand it back to the Banco de Chile team for the closing remarks. Once again, thank you for being with us for this conference call, and we look forward to speaking with you again in the next quarter's results. This concludes the call for today. We are now closing all the lines. Thank you and have a nice day.