Welcome to the second quarter 2021 consolidated results conference call. My name is Hilda, and I will be your operator during this conference call. At this moment, all participants are in a listen-only mode. At the end of the presentation, we will conduct a question- and- answer session. Please note that this conference is being recorded. We now ask that you take the time to read the disclaimer included on page two. When applicable, in this webcast, we refer to trillions as millions of millions and to billions as thousands of millions. Thank you for your attention. Mr. Alejandro Figueroa, CEO of Banco de Bogotá, will be the host and speaker today. Mr. Figueroa, you may begin your conference. Good morning, ladies and gentlemen, and welcome to Banco de Bogotá's Q2 2021 earnings call. Thank you all for joining us today. We hope that you and your families have continued to stay safe. Second quarter performance led to remarkable results, paving the path to recovery and normalization of our operation, proving much more Banco de Bogotá resilience. Powerful economic activity both in Colombia and Central America for most of the quarter has led to better business dynamics and the recovery of our trade portfolio despite the challenging context posed by new contagion rates and social unrest demonstrations in Colombia. Attributable net income for Q2 2021 was COP 863.4 billion, increasing 21% quarterly and more than double our results in Q2 2020. The profitability for the quarter grew on to 1.8% return on average assets and 16% return on average equity, surpassing our long-term profitability expectations. These results were supported by an increase in our net interest income, solid fee income contribution, continued normalization in our provision expenses, and sustained control on operating expenses. Regarding key performance ratio, I would like to highlight net interest margin increased 36 basis points in the quarter to 4.9%, as a result of our stable lending mix and positive market dynamics that supported investment revaluation. Fee income continues to stand above COP 1.2 trillion, leading to a 31.8% ratio for Q2 2021. Efficiency ratio came in at 49.8%, an annual improvement of more than 300 basis points, demonstrating our commitment to continually enhance efficiency. Cost to asset ratio was stable at 3.4%. Regarding our balance sheet, gross loans totaled COP 145 trillion as of June 30th, 2021, growing 2.9% annually and 2.3% quarterly. Isolating foreign exchange impact grew over 3% and 1.2% respectively. Deposits reached COP 158.9 trillion, presenting a 7.1% annual increase excluding foreign exchange, driven by much liquidity preference for demand deposits. Our deposits to net loan ratio remains at 1.16 x. In terms of credit quality, our 90-day past due loan ratio has slightly increased 80 basis points to 6.3%, which is below our initial expectation as per the expiration of Programa de Acompañamiento a Deudores. Net cost of risk decreased 24 basis points in the quarter to 2.2%, proving that our prudential reserve build up throughout 2020 has been more than sufficient to endure loan deterioration while supporting cost of risk converges to our historical levels. On capital adequacy, total Tier 1 ratio was 10.2% for the quarter, leading to a total solvency ratio of 12.5%, maintaining comfortable buffers above regulatory minimums and supporting our healthy capital position. It is worth mentioning that with the recently announced Porvenir deconsolidation, our solvency ratio will continue to strengthen in the following quarters.. Finally, our guidance for 2021 is for loan growth, we expect around 8%-10%. Our net interest margin target is around 5%. Cost of risk will be between 2.25%-2.5%. Our fee income ratios will be close to 35%. Our efficiency ratios will be around 50%. In terms of profitability, our return on assets and our return on equity should come in around 1.3% and 12% respectively. Before I continue with our result presentation, I would like to take a moment to thank Mr. Julio Rojas Sarmiento for his many contributions along his five-year tenure at Banco de Bogotá. He played a pivotal role in our banca digital transformation and in designing and executing our overall business strategy, targeted at maintaining profitable and sustainable growth. Mr. Rojas will be stepping down from his executive vice president position at the end of this month. The board of directors and myself personally in all gratitude wish him the best for his future endeavors. The board of directors has named Mr. Germán Salazar as Executive Vice President. Mr. Salazar has had a successful career at Banco de Bogotá for more than four decades, more recently serving as International and Treasury Vice President. He also previously served as Vice President of Banco de Bogotá Trust Company in New York and President of the First Bank of the Americas. To Germán, I extend my sincere congratulations. I will turn the presentation over to Germán to comment on the reason for the new shareholders agreement and to provide an update on our digital strategy. Thank you, Alejandro, and good morning to every who has joined our call today. I would like to start by providing an update of Porvenir recently signed shareholders agreements, which provides that Banco de Bogotá cedes direct control to Grupo Aval, and we no longer consolidate its operation on its financial statements. The rationale behind the agreement was to reinforce Grupo Aval's nature as a financial conglomerate while allowing Banco de Bogotá to focus on its banking operations, as well as better reflecting the performance of its core business in the consolidated financial statements. Moreover, Porvenir's deconsolidation allows Banco de Bogotá to optimize its capital structure, as I will explain in a few moments. It is important to highlight that, first, Porvenir's ownership structure will not change as a result of this new agreement. Second, Banco de Bogotá's bottom line will continue to benefit from the business diversification provided by Porvenir as its resilient results will be accounted through equity methods. Now, let me address the main financial impact derived from this corporate transaction. As an unconsolidated subsidiary, the starting of Q3 2021, our investment in Porvenir will be reflected as an investment in associates and joint ventures, while our investment and trading assets will register a reduction related to the deconsolidation of Porvenir's portfolio and its valuation reserves, along with small variations on other accounts. Consequently, Porvenir's liabilities will also be deconsolidated, and the non-controlling interest accounts in our equity will no longer reflect the stake of Porvenir that we do not own. As mentioned before, Porvenir's results will no longer be included on an account level basis, and its bottom line will be recognized via equity method in its proportion according to Banco de Bogotá's 46.9% ownership. Simultaneously, the operation will present a profit of COP 1.3 trillion that will enhance our equity and will lead to higher CET1 levels. Our solvency ratios will improve from the transaction as, one, it will add CET1 capital. Two, we will have lower goodwill deductions, and three, reduce RWA. These factors will offset an increase in the deduction of unconsolidated investments, leading to an estimated 96 basis points increase in our CET1 level to 9.9% and a total solvency ratio of 13.6%. Finally, I would like to add that this operation will also improve our capital metrics for most rating agencies, further solidifying our credit worth. On slide five, we present our digital strategy results for this quarter. One of the pillars of our digital strategy is its permanent evolution, as the nature of digitalization is ever-changing. Our strategy spans over different dimensions: client-facing operations, core digital transformation, and data analytics. In all of these, we hold key differentiating factors that support our consistent digital growth. From a client standpoint, our focus has been on continuously fine-tuning our digital portfolio so that changing preferences of our customers, which notably shifted during 2020. We had a strong digital infrastructure and faced increasingly digitalized operations. We did not stop there, as we continue to improve and provide the best customer experience possible. Just to mention a few examples. During Q2 2021, we upgraded digital components on our deals and payroll loans, mortgages, microcredit products, as well as enhanced our virtual banking platform for enterprise banking customers. Our digital portfolio is 100% cloud-based, easing continued enhancement of existing products and services while promoting testing and development of new ideas. Also, we strive to integrate our new product ideas with our ESG framework. Last May, we launched our Amazonia Debit Card supporting reforestation efforts led by NGO Saving the Amazon. This card allows our customers to donate 1% of their purchases to support this purpose, complementing our previously launched initiative of financing the planting of one tree for each digital term deposit opened in Colombia. For every two trees planted with customer donations from the Amazonia Debit Card, Banco de Bogotá commits to finance the planting of an additional one. As I mentioned, digital transformation of our core operations has always been a priority. In fact, it is the cornerstone of our strategy. Cloud migration of our processes started a few years back, leading to 100% cloud integration of our data platforms, positively impacting process efficiency, market penetration, and rapid reaction. Regarding our last dimension, data analytics, digitalized operations provide a wealth of information points regarding customer interactions with our channels, which informs clearer strategies focused towards the products and services more relevant to our clients. Increased digital adoption and profitable long-term relationships are only made possible by a thorough understanding of your needs, which we support through our data analytics tools. In terms of results of our strategy, digital sales growth in Q2 2021 came in at 57.1% annual growth rate since 2019, proving that demand for digital solutions have steadily increased, positioning our digital channels as the leading sales point. During the first half of 2021, we sold 881,000 digital units, 2.4 x our 2019 first semester sales, leading to a 70% digital sales share of Colombia and close to 30% in Central America. With our traditional banking, our digital growth is based on a disciplined value creation focus, where every segment is analyzed in their capacity to generate profitable business when comparing customer lifetime value with acquisition costs, thus ensuring that our digital strategy is profitable, scalable, and sustainable. Our active digital clients at a consolidation level presented annual growth rate of 31% in Q2 2021 to a total over 2.7 million who performed over 526 million digital transactions during the quarter, representing 36.3% share of total transactions. As digitalized operations become the new normal, we continue to streamline our physical footprint. By the end of June 2021, our storefront count was 757, down 21% from 2019, in order to support the self-funding nature of our digital strategy by capturing digitalization cost benefits in our resource allocation. Progress on our digital transformation process has been instrumental in the execution of our corporate strategy. With our customers at the center, we continue to improve our NPS scores, reflecting increased satisfaction and evolving on our bank's perception. Also, digital results have consistently contributed to our sustainable growth, mainly increasing our customer and mortgage solutions. Such expansion is supported by improved risk management through inclusion of more and better data, as well as it has reinforced our cost control efforts. In turn, we remain focused on positively impacting the communities where we operate through our innovative solutions developed to answer to customers' needs. Now, I will turn the presentation over to our Head of Corporate Development, FP&A and IR, Diego Rojas, who will provide a macroeconomic review, as well as a review of our financial results in further detail. Thank you, Germán, and good morning, everyone. I would like to start by providing a macro overview in Colombia presented on slide six. The Colombian economy faced multiple shocks during the second quarter. The third wave of the pandemic started in April and lasted for about three months, while social distancing measures were only implemented during April, thus minimizing economic impact. In May, economic activity was heavily affected by road blockades during the national strike. With this scenario, the economy slowed down significantly but continued to show positive variations due to statistical base effects. Moreover, real-time indicators show that the greatest impact occurred in the first two weeks of May, and the economy quickly showed signs of recovery, reversing the shock in June and July. For the second quarter, our economic research team projects an economic growth of 18.5% annually. For 2021, our economists reaffirmed their growth forecast of 7% but recognized favorable dynamics of the economy, which translates in an upward bias in the projection that could take activity to pre-pandemic levels at the end of the year. The rebound in the economy has surprised rating agencies and multilateral entities, which improved their 2021 growth forecast. However, the recovery of the economy has only partially benefited the labor market, which registered 20.5 million employees in May, recovering 70% of the jobs lost due to the pandemic. The seasonally adjusted unemployment rate in June was 15.1%, still above the level registered in the same month of 2019. Although the economy could return to pre-pandemic levels in 2021, the labor market will take longer at the current rate of improvement. Inflation began an upward trend in the second quarter, closing 4% in July after reaching the minimum for the year in March of 1.5%. Monthly results repeatedly surprised, causing an upward revision in market expectation and analyst consensus. The statistical base effect impacted prices, but road blockades also had an important effect, more than doubling annual food inflation to 9.8%. The core measure, excluding food, remained below 3%, closing the quarter at 2.9%. Our economic research team expects inflation of 4% at the end of 2021. The Central Bank has continued with its interest rate stability policy at 1.75%. However, accelerating inflation and the recovery of the economy have adjusted consensus on market expectations with rate increases projected before year end. Our economic research team forecasts three 25-basis point increases during the remainder of the year, starting in September and closing 2021 at 2.5%. The weak recovery in coal and oil production has impacted the behavior of exports. Imports have benefited from investment goods, causing a current deterioration in the trade balance, which registered a 12-month deficit of more than $11 billion in May. The deterioration will continue in June with a trade deficit of almost $13 billion, the largest in five years. The pandemic caused an increase in public spending and a weakening in fiscal accounts, prompting the government to present a second alternative for a tax reform in July after its failed attempt in April. The Ministry of Finance presented a new reform with wider endorsement from businesses and political parties, which seeks to increase tax revenues by COP 15 trillion. The new tax reform focuses on corporate tax increases, austerity, and the fight against tax evasion. Part of the resources will be directed to social programs that were created in the pandemic, such as subsidies for the vulnerable population and payroll subsidies for companies. The project also presented improvements to the fiscal rule, establishing a ceiling for public debt of 71% of GDP and a long-term target of 55% of GDP. The new tax reform has greater political support and is expected to be approved in Congress between August and September. In July, Fitch Ratings downgraded Colombia's rating from BBB- to BB+, adjusting the outlook from negative to stable. The decision was expected after Standard & Poor's move in May. Now, two agencies have removed the investment grade from Colombia. Meanwhile, Moody's has mentioned that its decision on the sovereign rating will be made after the tax reform and budget for the 2022 term are approved. Local and external factors impacted the exchange rate in the second quarter, taking it to the highest level of the year. The extension of the roadblocks, social protests, and the downgrade of the sovereign rating generated an uptrend in the exchange rate to levels between COP 3,900 and COP 4,000. In addition, the expectation of an early normalization of monetary policy in the United States and the new variants of the coronavirus in the world negatively impacted risk assets, including emerging market currencies. The vaccination process in Colombia started slowly, as in other emerging markets, but accelerated in the second quarter. Additionally, private companies began the immunization process for their employees with 2.1 million doses. At the end of last week, the country has applied over 31 million vaccines, which represents 60% of one-shot doses in relation to the size of the population, while 13.5 million people have completed their vaccination scheme, which means more than a fifth of the population, positioning the country as one of the most dynamic in Latin America. Moving to page seven, we present the economic outlook in Central America. The IMF forecasts that the Central American economy will grow 5.7% this year and 3.8% in 2022. The global recovery, the vaccination rollout in the region, and the easing of the confinement measures support the improved outlook after the pandemic shock. The region benefits from the strong U.S. recovery, the region's main trade and investment partner, as well as its main source of remittances. Activity performed favorably at the beginning of the year. In April 2020, Central America activity shrank -12%, and latest figures show growth of 15% at a divergent pace among countries due to their own particularities. Last year, Panama, El Salvador, and Honduras registered the largest activity contraction in the region due to their dependence on international trade. However, this now supports their strong recovery. Meanwhile, remittances quickly recovered, and in fact, today, their amount exceeds pre-pandemic levels in all countries. Most Central American countries have demonstrated economic reactivation. El Salvador revealed in April annual growth of 22%, and in May, Panama, Costa Rica, Guatemala, Honduras, and Nicaragua show an annual activity surge of 19%, 7.9%, 11.8%, 9.6%, and 5.4% respectively. Growth drivers include remittances increase and dynamic government spending, which has generated reactivation in key sectors such as construction, manufacturing, and exports. Advances in vaccination programs that have allowed mobility normalization have also favored reactivation and consumption. Since 2020, when monetary policy was sharply relaxed in response to the global health emergency, all central banks in the region have maintained their expansive stance. This remains despite the fact that there are already several emerging economies that have begun to moderate their ultra dovish stance. In line with the global perspective of a reversal of low inflation from the previous year, an inflationary rebound is registered in Central America that could pressure central banks to anticipate the normalization of their monetary policy. For the time being, Costa Rica, Guatemala, and Honduras, which are the countries where the interest rate is the main instrument of monetary policy, have kept their interest rates stable, with possible increases throughout the remainder of the year, in line with action from other central banks in the region. Rating agencies' outlooks continue to reflect the impacts of the pandemic in the region, given persistent fiscal pressures and doubts on the ability to meet recovery forecasts for 2021. Sustained recovery of fiscal metrics, public debt, and fiscal deficit will support outlook stabilization in the midterm. In particular, Costa Rica's risk premium has moderated since the agreement with the IMF. The National Assembly has already approved the IMF loan, which in turn represents fiscal consolidation progress. Disbursement depend on the materialization of the macroeconomic plan, and fiscal evolution depends on Congress approval of a set of bills, including the reform of public employment. In El Salvador, authorities are holding conversation with the IMF to obtain financing for an additional $1.3 billion, which will surely be subject to a fiscal and macroeconomic adjustment plan. Discussions include issues about financial stability and the implementation of the cryptocurrencies law. In conclusion, reactivation seems to be the common factor across the region, which we expect will contribute to strengthen the recuperation path of our operation in Colombia and Central America. Before moving into our results presentation, please keep in mind the following. First, as Porvenir's consolidation took place in July, our Q2 2021 results still include Porvenir's operation, and our guidance estimation reflects the operating balance sheet structure at the end of the quarter. Second, Multi Financial Group's contribution to our consolidated figures is no longer isolated for comparison purposes, as the acquisition happened more than a year ago. Now on slide eight, we present our balance sheet evolution during Q2 2021. Total assets amounted to COP 221.4 trillion, increasing 1.6% in annual terms and 1.7% on a quarterly basis. Isolating the FX effect, growth was 1.7% and 0.6% respectively. Regarding asset structure, our loan portfolio leads with 63.1% of total assets, followed by other assets with 20.3%, and fixed income and equity investment with 12.7% and 4% respectively. Consolidated gross loan portfolio grew 2.9% annually and 2.2% quarterly to a total of COP 145.9 trillion. Without the effect of FX, increase were 3% and 1.2%. The structure of the gross loan portfolio in terms of economic sector has not changed significantly, maintaining a healthy diversification. In terms of loan mix, the commercial portfolio represents 57.4% of our consolidated loans, as consumer and mortgage segments have slightly increased to 27.8% and 14.5% respectively. Quarterly growth in the commercial portfolio was 1.3%, or 0.5% excluding FX, reflecting increased market competition for high-quality borrowers. The retail portfolio presented healthy increases in line with our strategy of gaining market share in these segments. Consumer and mortgage loans grew 3.6% and 3.5% respectively during the quarter. Isolating the effect of foreign exchange, growth gained in 2.4% and 2% respectively. For 2021, we are returning to target loan growth between 8% and 10%, reflecting gradual recovery in consumer expectations, increased financing needs from our commercial customers, and positive mortgage market dynamics. On slide nine, we present our consolidated loan portfolio quality metrics. On the top left, our 30 and 90-day PDL ratio for Q2 2021 came in at 4.8% and 3.3% respectively, increasing 7 basis points and 8 basis points in the quarter. Stability in our ratios signal positive payment performance as economies continue to recover and clients have been able to resume payments. Net cost of risk for Q2 2021 was 2.2%, decreasing 24 basis points quarterly, equivalent to a net provision expense of COP 772.3 billion, reflecting its convergence to our historical levels. Pressures on provision expense have ceded as a result of our prudential and proactive reserve build up in 2020 and controlled deterioration on the loan portfolio. Results for the quarter support our 2021 guidance for cost of risk within a range of 2.25% and 2.5%, with an optimistic bias towards the lower limit. Now, moving to the bottom left, in Q2 2021, charge-offs were 0.64x our average 90 days PDLs, lower than our pre-pandemic historical average of 0.85 x. The lower charge-off activity is explained mainly by our Colombian operation, as we continue to allocate previously constituted provisions to problem loans in our retail portfolio in order to charge off low recovery exposures in the future. Lastly, on the bottom right, we present our allowances coverage metrics, which remain robust at approximately 1.1 x for 30 days PDLs and 1.6 x for 90 days. In Q2 2021, we maintain our allowance coverage at 5.2% of total gross loans. A significant part of this coverage was supported by our qualitative provisioning expense in 2020, derived from COVID-19 impacts on our loan portfolio. Continuing on slide 10, we present regional performance of our loan quality ratios. In Colombia, 30-day PDL ratio increased 30 basis points in the quarter, mainly from our commercial portfolio, while the 90 days ratio increased 41 basis points in Q2 2021 due to our unsecured consumer exposures. I explained before, loan quality deterioration is also explained by a reduction in our charge-off levels to 0.47 x over non-performing loans in the quarter, which is below our 0.6 x historical average. We continue to update our recovery expectations on these deteriorated exposures in order to charge off loans with low recovery estimations. It is also important to note that our Avianca exposure continues to impact our quality ratios. At the end of Q2 2021, total claims were COP 642.4 billion, of which 73.8% is secured by ticket sales receivables in Central America, 17.2% is backed by the headquarters building in Bogotá and is currently performing, and the remaining 9% is unsecured, on which we maintain adequate provisioning. Avianca's reorganization proceedings continue to move forward in U.S. courts, and we expect them to address creditors' claims in the upcoming resolution proposal. We feel optimistic about the final agreement, which will eventually positively impact our quality ratios. Regarding net cost of risk, we observed a 48 basis points reduction in the Q2 to 2.5%. This is the result of provision expense contractions I mentioned before, as well as a score improvement in some corporate clients. In terms of coverage, our allowances to gross loans ratio increased to 7.5%, while we maintain a 1.1x and 1.4 x coverage over 30-day and 90-day PDLs, respectively. Moving to Central America, 30-day and 90-day delinquency ratios quarterly decreased six and 14 basis points, respectively, largely due to economic reactivation supporting loan normalization in the region, mainly in Guatemala and Honduras. Cost of risk remains stable at 1.9%, reflecting controlled PDL formation in most countries and reserve built up in Panama, in line with expected low performance after the expiration of remaining forbearances. Charge-off levels remain stable at 1.1 x for Q2 2021 and represent 1.8% of average loans in the region. Regarding coverage metrics, 30 days PDL coverage remains at 1.1 x, while 90 days has increased to approximately 2.1x. Allowances to gross loans coverage is 3.3% for Q2 2021. Moving to slide 11, we show our consolidated loan portfolio quality by segments. Commercial portfolio presents a stability on its 30 days PDLs at 4% for Q2 2021, and a slight quarterly increase of 5 basis points on its 90 days ratio, mainly from Colombia's portfolio. Consumer portfolio delinquency ratios quarterly increased 50 basis points for 30 days PDLs and 24 basis points for 90 days PDLs as a result of lower charge-off levels coupled with increased delinquency in unsecured exposures, both in Colombia and Central America. Mortgage loans 30 days PDL present a 2 basis points increase in the quarter, while 90 days PDL shows an 11 basis points reduction to 2.6%. On slide 12, we present an update on loan relief programs. At the end of Q2 2021, active forbearances were 4.3% of our consolidated loan portfolio, roughly half the level observed in quarter four 2020. Active grace periods are explained by Panama, where the local regulator has extended its relief program on three occasions, now ending in September 2021. It is important to highlight that each extension has increased application requirements and evidence of income reduction for applicants, thus allowing financial institutions greater autonomy to decide on relief's approval. When analyzing Panama's loan portfolio, 20.7% of the loan balance continue with an active grace period, in line with market levels, and down from 32% three months ago. After forbearances expire in most of our operating countries, we implemented a second-generation relief program, which constitutes a renegotiation of credit terms adjusted to the updated payment capacity of borrowers. On a consolidated level, 10.6% of our loans have been renegotiated. Since August 2020 in Colombia, we started implementing the Programa de Acompañamiento a Deudores, PAD, whereby 7.9% of the Colombian portfolio has adjusted its loan terms. Regarding Central America, we have implemented a similar initiative, leading to 12.8% of the loans in the region having been renegotiated, mainly in Costa Rica and Honduras. In Panama, we have started to offer this alternative to most impacted debtors coming off grace periods. As a reminder, the majority of second-generation reliefs do not constitute a forbearance. Hence, payment performance is adequately reflected on our quality metrics. At the bottom of the slide, you can observe that on a consolidated basis, our current loans have increased to 90.9% in Q2 2021 from 88.5% last quarter, and from 87.1% registered in quarter four 2020, reflecting payment trends continue to perform better than initially expected. Moving on to slide 13, we present our funding evolution in Q2 2021. The Bank's total funding has remained stable, amounting to COP 191.4 trillion. Annual and quarterly growth rates were both 1.3%. When excluding FX, growth was 1.4% and 0.3% respectively. Our funding structure breakdown is led by 83.1% from deposits, followed by 8.8% from banks and others, and 7% from long-term bonds. We have also observed a reduction in interbank borrowings to 1.1%, in line with higher liquidity levels in the market. Deposits grew 7% year-over-year and 2.6% quarter-over-quarter to COP 188.9 trillion. Isolating the FX effect, growth was 7.1% and 1.5% respectively. Time deposits contribute with 39.6%, presenting a small reduction, which has been transferred to savings accounts, which now have a 31.1% share on our deposit structure, while checking accounts and other deposits represent 29.1% and 0.3% respectively. The deposits to net loans ratio remains at 1.15 x, as increase in deposits has been matched with similar growth in the net loan portfolio. Turning to slide 14, we present our equity and solvency levels. Total equity for Q2 2021 was COP 23.5 trillion, increasing 4.2% quarterly and 4.7% annually when excluding FX impact. Growth is explained by COP 863.4 billion in attributable net income for the quarter and a COP 294 billion increase in OCI. Consequently, our tangible common equity increased to COP 14.4 trillion, representing a 7.7% quarterly growth, leading to a 7.4 ratio over tangible assets. Moving to our capital ratios, we continue to present a solid positioning by maintaining our buffers above regulatory minimums, 400 basis points for CET1 requirement and close to 350 basis points for total solvency. Total Tier 1 capital and total solvency ratios decreased 21 basis points and 33 basis points in the quarterly respectively due to, first, peso devaluation had an impact on higher goodwill deductions and higher risk-weighted assets from our U.S.-denominated assets. Secondly, lower contribution from accounts related with the OCI as we revised the interpretation of the application of Basel III with the Colombian regulators. The above impact were partially mitigated by a quarterly attributable net income of COP 863.4 billion. As mentioned earlier, Porvenir's transaction improves Banco de Bogotá's capital use. On the bottom chart, we included a pro forma estimation of the impact on our Q2 2021 solvency ratios. Total Tier 1 and total solvency will increase to 11.2% and 13.6%, respectively, because of, first, COP 1.3 trillion profit from the transaction. Second, goodwill from Porvenir's acquisition for COP 436 billion are no longer deducted from our CET1. Third, lower risk-weighted assets in COP 6 trillion, mainly from reduction in market risk-weighted assets. Fourth, aforementioned positive factors more than compensate a higher deduction for unconsolidated equity investment of COP 800 billion. Turning to slide 15, we present our net interest margin ratios. Net interest income in Q2 2021 was COP 2.1 trillion, growing 3.9% on a quarterly basis or 1.7% when excluding FX impact. Main drivers of growth were increased interest income in line with loan portfolio growth, combined with interest expense reduction. Consolidated NIM for the quarter was 4.9%, with a 36 basis points quarterly increase explained by a stability in lending NIM at 5.6% and a rebound in investment NIM. Specifically, investment margin had a 186 basis point quarterly increase, signaling recovery on Banco de Bogotá's and Porvenir's fixed income portfolios after a highly volatile Q1 2021. Lending NIM remains stable at 5.6%. Yield on loans presented a slight 9 basis points contraction as a result of two factors. First, increased market competition for loan repurchases at lower rates, and second, our focus on growing in secured lending. We will continue defending our loan portfolio profitability despite increased competition. Average cost of funds for the quarter remained at 2.5% as we mitigated the impact of a low rate environment through a proactive management of our funding sources. In terms of guidance, we maintain our 2021 NIM figure around 5% as a result of increased lending activity for the remainder of the year. Let's move on to slide 16, where we present details on our fee and other income. Gross fee income for the quarter remained above COP 1.2 trillion, contracting 3.6% quarter-over-quarter and leading to a fee income ratio of 31.8% as a result of, first, Q1 2021 was seasonally benefited by Porvenir's severance business. Second, larger net interest income, coupled with improved net gains on investment and foreign exchange position, increased the denominator side of the ratio. Regarding other operating income, we observed a 13.7% quarterly growth, mainly explained by an increase in investment gains, which came in at COP 77.1 billion for Q2 2021 compared to a COP 69.3 billion loss for Q1 2021. This was partially compensated by lower gains from sales of investments. Equity method was COP 187.3 billion for Q2 2021, presenting a small reduction due to lower dividend income from our other associates. We continue to expect a fee income ratio close to 35% for 2021. On slide 17, we continue with our efficiency metrics. Total operative expenses increased 3.7% quarterly, 1.2% excluding effects as a result of increased administrative expenses, mainly due to larger marketing, technological, and other personnel expense. Our efficiency ratio was 49.8% for Q2 2021, slightly increasing 43 basis points in the quarter, while we continue to see stability on our cost to asset ratio at 3.4%. In spite of the small increase, we continue to abide by our target of efficiency close to 50% in the remainder of the year. Lastly, on slide 18, we present our profitability returns for the quarter. Attributable net income was COP 863.4 billion in Q2 2021, representing a 21.6% quarterly increase as a result of a 4% increase in net interest income, a 9.8% reduction in net provision expense, and from investment gains on our securities portfolio. Continuing to signal rebound on our operations, our bottom line led to a remarkable quarterly pickup on our return on assets to 1.8%, while return on equity came in at 16%, surpassing our long-term goals. I want to highlight that Banco de Bogotá's year-to-date ROAE was around 15%. These results are a tangible proof our successful approach to overcoming the challenges imposed by the pandemic, and reassure us that our strategy is well cemented and aligned with the core attributes of our business. For the second half of 2021, we remain committed to providing the best financial solutions for our customers in a profitable, efficient, and risk-effective manner, contributing to our business organic growth. In terms of guidance for 2021, we expect an ROAA of 1.3% and an ROAE of 12%. Before starting our Q&A session, our guidance for 2021, without including the impact of Porvenir transactions, is loan growth between 8% and 10%, consolidated NIM around 5%, cost of risk between 2.25% and 2.5%, skewed towards the lower end of the range. Fee income ratio close to 35%, efficiency ratio to be around 50%, and regarding profitability, our ROAA and our ROAE should come in at around 1.3% and 12% respectively. Considering that Porvenir's deconsolidation present a significant change in our balance sheet structure and P&L figures, the following ratios from our aforementioned 2021 guidance are subject to change. Fee income ratio will be impacted given that fee income generated by Porvenir's pension fund administration and severance business will no longer be consolidated. Starting in quarter 3 2021, Porvenir's results will be recognized through equity method in our P&L. In a similar way, efficiency ratio is expected to improve around 2 to 3 percentile points as Porvenir's OPEX will no longer be included on an account level basis. Provided that the transaction generates a profit of COP 1.3 trillion, our 2021 ROAA and our ROAE are expected to increase to 1.8% and 18% respectively, also reflecting the transaction impact on our total assets and equity. Now we are open to questions. Thank you. We will now begin the question- and- answer session. Some of the answers may be provided in Spanish and will be immediately translated to English. If you have a question, please press star and then one on your touchtone phone. If you wish to be removed from the queue, please press the pound sign or the hash key. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers. At this time, we ask that you limit yourself to one question only. Once again, if you have a question, please press star and then one on your touchtone phone. We have a question from Sebastian Gallego from Credicorp Capital. Please go ahead. Hi. Good morning. Thank you for the presentation and congratulations on the results. I have three questions today. Can you comment on the expectations for charge-offs, particularly in Colombia, in the second half of the year? Maybe if you can elaborate a bit more on the rationale to stay a bit lower than the historical levels, particularly during the second quarter. 2nd question is regarding cost of risk. You didn't change your guidance on cost of risk compared to the previous call. I'm just wondering, what is the rationale for that? We have seen better economic numbers. We have seen better customer payment behavior. I'm just wondering, why do you stand with a conservative guidance on cost of risk? Maybe one final question on the guidance, just to clarify, the 12% versus the 18% ROE is just the extraordinary gain from the mark-to-market of the deconsolidation of Porvenir or if you can elaborate a little bit more on that, will be useful as well. Thank you. Good morning, Sebastián. Thank you very much for your questions. Starting with the first one about the charge-offs and why they are below our historical levels is that we were expecting how the Colombian portfolio behaves after the release measure expired at the end of last year and how this economy will evolve during this year, and we will continue to build up those provisioning. We are expecting that in a quarterly basis, we're going to be back in this second half to the historical levels of charge-offs in Colombia. With that, reaching our historical levels in charge-offs for the second half of the year. Regarding your second question about the cost of risk guidance and why we are maintaining our range, we are maintaining our range because we still have some expectations, or we want to see what happen in Panama after the relief measures expire at the end of September. However, as I mentioned before during the call, we are expecting that our cost of risk will be skewed to the lower level of our guidance. Will be something around 2.2%-2.3% for the whole year. As you mentioned, things continue to be improving, not only here in Colombia, but in Central America as well, and things are behaving better than initially expected. You're right, regarding your ROAE question, the 12% does not include the non-recurring profit of COP 1.3 trillion from the markup of Porvenir, related to the consolidation that was signed during July of this year. Thank you. Our next question comes from Nicolás Riva from Bank of America. Please go ahead. Thanks for taking my questions. I have two questions. The first one related to this transaction with Porvenir and Grupo Aval. My question is Grupo Aval going to pay Banco de Bogotá to acquire control of Porvenir? If so, how much? My second question on Julio Rojas Sarmiento leaving the company. I was reading now the press release from July announcing this, I wanted to ask you, is he taking another position at Grupo Aval? If so, if you can discuss at all what kind of position. Thank you. Hi, Nicolas. Thank you very much for your questions. Regarding your first question, no, Grupo Aval is not going to pay Banco de Bogotá. As you may know, Grupo Aval, before the transaction, has already have indirect control over Porvenir as they control the whole shareholders of Porvenir. They have a direct position of 20% of ownership over Porvenir. Through Banco Occidente, Fiduciaria Occidente, Banco de Bogotá, and Fiduciaria de Bogotá, they control the whole 100% of Porvenir. They are not paying any premium for that control because they already have that control over Porvenir. As Germán mentioned before, there is not going to be any changes on the ownership structure. We are not selling our ownership over Porvenir, so there is not going to be any money-related transaction in this operation. Regarding your second question about Julio Rojas, he will remain associated to Grupo Aval and Banco de Bogotá, although serving at different capacity than his previous Executive Vice VP position. He will be working on some projects at the Organización Luis Carlos Sarmiento Angulo level. He will remain in the group, in a manner of speaking, and he will be directly involved with Banco de Bogotá and Grupo Aval in other capacity. Thank you. As a reminder, if you have any questions, please press star one. At this moment, we show no other questions. I would like to hand the call over to Mr. Figueroa for closing remarks. Thank you very much to all of you for attending this meeting, and we are open to any other questions that you may have in the future. Thank you very much for attending our meeting. Thank you. This concludes today's conference. Thank you very much for your assistance. You may now disconnect.