Morning. Welcome to Banco de Bogotá's first quarter 2026 consolidated results conference call. My name is Karen, and I'll be your operator for today's conference call. At this time, all participants are in a listen-only mode. Afterwards, management will be available for a question and answer session. Please note that this conference is being recorded. We also advise you to read the disclaimer available on slide number three. 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. Juan Carlos Echeverry, CEO of Banco de Bogotá, will be the host and speaker today. Mr. Echeverry is a former Minister of Finance of Colombia and CEO of Ecopetrol, the largest company in the country. He will be joined by Mr. Sergio Sandoval, CFO, and Javier Dorich, Head of Investor Relations and Corporate Development. Mr. Echeverry, the floor is yours. Thank you, Karen. Good morning, and welcome to Banco de Bogotá's 2026 first quarter conference call. I was appointed as CEO of Banco de Bogotá in March and took office early this month. We'll review the bank's strategy and its implementation, and if large material revisions are needed, we'll let the market know. I want to emphasize that there will be no drastic changes into advanced management and strategy at this time. For now, I am pushing a cultural change within the bank with an emphasis on higher velocity and a shift in focus towards fostering value creation, team collaboration, and problem-solving. We need a culture that enables the bank to compete in a challenging competitive environment in a market with idiosyncratic elements. We are two days from Colombia's first round of presidential elections. The political landscape remains uncertain. We believe a second round of elections on June 21st is highly likely. The elected government's view on handling the fiscal deficit, fostering economic growth, and in general, restoring confidence among businesses and investors will be crucial. We are confident that Colombians will vote with responsibility and wisdom. Regarding the macroeconomic environment, our economic research team expects real GDP growth of 2.4% for 2026. This figure is below the economy's long-term growth capacity and the long-term trend for Colombia. This expectation reflects a volatile economic environment. Our economic research team expects inflation at the end of the year to be around 6.2%, leading to higher central bank rates. The bank has been preparing for these challenges. Our NIM sensitivity to interest rate changes is close to zero, implying it is not expected to suffer from further central bank rate increases, which could go as high as another 75 basis points, bringing the policy rate to 12%. Also, our cautious approach to consumer lending will yield benefits as we don't expect a significant deterioration in loan quality due to higher interest rates. These are the first quarter's highlights. Net income attributable to shareholders was COP 313 billion, resulting in a return on equity of 7.4%. NIM was 4.5%, and the cost of risk was 1.6%. Loans reached COP 97 trillion, increasing by 1.8% this quarter. Deposits reached COP 103 trillion, a 5.3% increase in Q1 2026. On slide five, we present the size of the local market as well as Banco de Bogotá's market share. Please note that these figures are standalone and therefore do not consolidate Banco de Bogotá Panamá. We're striving to increase market share this year. We believe that technology will eventually enable a more inclusive financial system in which our client base grows strongly. Where we choose to grow in terms of segments, product, and funding will depend on short and medium-term consideration. On slide six, we introduce the concept of a fortress balance sheet for Banco de Bogotá. We believe the bank is prepared to face challenges arising from shocks to the international and Colombian economies. We want to focus on being financially prepared for whatever hardships may come. For now, we'd like to highlight the bank's strong capital position, with total capital adequacy between 3.5 percentage points and 4 percentage points above regulatory minimums, including buffers. The bank has ample liquidity, as evidenced by its liquidity coverage ratio and a large buffer of liquid assets. The final stronghold for our fortress balance sheet is the discipline of our risk team. Banco de Bogotá was one of the best-positioned banks in 2022 and 2023 when interest rates and inflation peaked due to prudent decision-making and models that reflected our low risk tolerance. We have strict control of markets and interest rate risk. Sergio Sandoval, Banco de Bogotá's CFO, will continue with digital transformation. Sergio, please proceed. Thank you, Juan Carlos, and good morning. Let's move on to slide seven. The quarter was defined by the consolidation of digital channels and the broader ecosystem as the primary driver of scale, monetization, and leadership in instant payments. The bank accelerated growth across segments, deepening relationships with retail customers through simpler, more personalized solutions while advancing the digitalization of credit, deposits, and cash management in the corporate segment to strengthen funding and capture high-value transactional flows. Digital channel adoption continued to accelerate, driven by the evolution of the broader ecosystem. By the end of the quarter, the bank had a 61% adoption rate across the customer base. Bre-B surpassed 29 million operations and COP 6.6 trillion in volume, a 21% quarterly increase supported by initiatives such as QR payments. Active Bre-B keys reached 5.8 million users, an 8% increase quarter-over-quarter, reinforcing the bank's leadership within the instant payments ecosystem. The evolution of digital functionalities is also driving the credit card business, generating tangible value for customers through solutions such as personalized installment restructuring, alongside sustained growth in payments via PSE. In consumer lending, personal loan disbursements grew 14% during the quarter, reflecting strong business momentum. In our retail partner program, where customers access financing directly through the bank's commercial allies, our optimized pricing model was deployed, enhancing competitiveness without manual intervention. Through the bank's cross-selling engine, savings accounts were incorporated into the bundle offering, driving digital penetration and strengthening customer engagement through integrated solutions. In mortgage lending, disbursements increased 6% quarter-over-quarter. During this quarter, a pilot for a new digital document signing flow was launched for new housing units. On the deposit side, the digital time deposit offering was strengthened through competitive rates and greater flexibility in terms, driving digital conversion and consolidating this product as a key funding lever. Digital voluntary insurance fees grew 28% in the quarter, supported by greater commercial productivity. The bank delivered strong growth momentum in the corporate segment, leveraging digital solutions across credit, deposits, and cash management to improve conversion, strengthen funding, and capture high-value transactional flows. In commercial lending, the bank continued to digitalize the credit cycle through the development of an online origination and approval process, enabling automatic self-service approvals in under five minutes. The bank advanced the mass adoption of digital checking accounts for businesses, with a focus on SMEs. During the quarter, more than 1,200 accounts were opened, reaching an 8% digital share, reflecting rapid adoption in the segment. In cash management, the bank progressed in implementing a digital, scalable, and automated model for the collection and distribution of local taxes, strengthening its value proposition in the government segment. Moving on to Slide eight. Our sustainability strategy continued to advance across multiple fronts. The sustainable portfolio closed the first quarter exceeding COP 23.8 trillion. The green portfolio reached COP 7 trillion, growing 9% this quarter, while the social portfolio, comprised of social housing and SME loans, surpassed COP 16.8 trillion. Within this segment, COP 4.8 trillion corresponds to women-led SMEs, representing 41.4% of the small and medium enterprises portfolio, reinforcing our commitment to promoting equity and expanding access to credit. The bank's Ecotech program launched its third edition, receiving around 170 applications from startups across the country. 30 companies were chosen to receive mentorship and specialized advisory support from 15 senior bank specialists, including department heads, directors, and managers. The program's purpose is to improve the growth and sustainable focus on technology startups through mentorship. Financial education efforts remained active during the quarter through initiatives such as Global Money Week and the Mobile Classroom, the latter in partnership with Bogotá's Education Bureau. The bank reached more than 5,000 students across 10 schools. We remain committed to advancing our long-term sustainability strategies, contributing to a more inclusive, resilient, and prosperous future for Colombians. Moving on to Slide nine. Let me summarize the local macroeconomic context. The Colombian economy registered a growth of 2.2% in the first quarter of the year as a result of the weakening of several key sectors. In particular, the performance of the agriculture, mining, manufacturing, and construction sectors largely explains the low growth. In the absence of investment, private consumption and public spending are consolidating as the driving forces of the Colombian economy. For households, in a scenario of double-digit wage growth and lower inflation for goods than for services due to the appreciation of the peso, families have maintained their spending levels on durable goods, with some sectors of industry and commerce being the biggest beneficiaries. Meanwhile, despite this moderation, due to the rapid and high increase in prices, household consumption of services remains positive, favoring sectors such as lodging and food services, entertainment, and professional activities, among others. Given that household spending is driven by income levels and not necessarily by borrowing, the financial sector continues to experience low growth. In fact, the continued weakness in investment due to elevated uncertainty and higher interest rates poses challenges to the sector's performance. For the remainder of the year, amidst the impact of the war in the Middle East, tighter local financial conditions, a prolonged period of challenges for key sectors, and electoral uncertainty, the Colombian economy is projected to register economic growth of 2.4%. On Slide 10, turning to prices, inflation picked up from 5.1% at the end of 2025 to 5.7% in April 2026 due to increased pressures in non-rental services, food, and goods. For the remainder of the year, the upward trend in inflation is expected to continue due to the lagged effect of the minimum wage increase, higher energy commodity prices resulting from the conflict in the Middle East, the expectation of strong droughts, and the potential depreciation of the peso. Inflation is expected to end 2026 at around 6.2% before slowly moderating toward the target starting in 2027. On the fiscal front, a slight improvement is projected compared to the previous year. In 2026, for the first time in four years, the government is expected to meet its revenue target, thanks to the adjustments made to its financial plan. Regarding spending, the failure to approve the 2025 financing law would force the government to implement a COP 16 trillion expense cut if it cannot secure sufficient revenue to support it. However, this cut will be insufficient to improve public finances. Thus, a primary fiscal deficit of 3.1% of GDP is estimated for 2026, lower than the 3.5% of GDP observed in 2025, representing a marginal improvement that does not alter the structural situation of the fiscal front. In fact, S&P Global lowered Colombia's rating from BB to BB-, adjusting the outlook from negative to stable. Given the improvement in revenue and a containment of spending, the government has had sufficient liquidity to implement debt management operations, including dollar purchases to close the total return swap, buybacks and redemptions of domestic and external debt, as well as internal debt swaps. Thus, the performance of several local assets has been influenced by the government's actions, particularly the exchange rate, public debt, and liquidity. Against this backdrop, with expected inflation rebounding and the fiscal situation remaining vulnerable, the central bank raised its interest rates by 200 basis points in the first quarter. However, amid the political uncertainty surrounding the elections, the central bank's board unanimously opted to pause the rate hiking cycle in April, though this does not imply the end of adjustments. According to our economic research team, the central bank would have additional room to increase its interest rate by between 50 and 75 basis points, which would bring the benchmark rate to around 12% by the end of the year. With a scenario of higher domestic interest rates and a favorable result of the March Congress elections, which confirmed the absence of absolute majorities in Congress, the local exchange rate extended its downward trend, reaching its lowest level since 2021, near 3,500 pesos per dollar. This trend was contained by dollar purchases made by the government. The uncertainty surrounding the presidential elections diluted the appreciation trend of the Colombian peso. The election results are increasingly becoming the main catalyst for the future of the country's economy and institutions. High uncertainty persists just days before the first round. In a potential second round, the results appear quite close. Therefore, only after the elections will the proposed macroeconomic scenario be validated. Now, I will turn over the presentation to Javier Dorich, Head of Investor Relations and Corporate Development. Thank you, Sergio. Good morning, everyone. Starting on Slide 11, we present the highlights of the bank's balance sheet in the first quarter of 2026. Total assets reached COP 142 trillion, representing a reduction of 8.9% this quarter. Likewise, liabilities decreased 9.5% this quarter. Multi Financial Group, or MFG, was reflected in the balance sheet as non-current assets and liabilities held for sale at a net price close to the final transaction. Multi Financial Holding, the seller, was paid the difference of the assets and liabilities held for sale. Net loans remain the main asset, with 65.1% of assets, followed by fixed income portfolios of 13%, equity investments of 8.5%, and other assets of 13.4%. Gross loans reached COP 97.2 trillion, representing a growth of 1.8% during the quarter or 7.6% year-on-year. This quarter's growth was led by mortgages, which increased by 4.9%, or COP 666 billion. Consumer loans increased by 2.6%, and commercial loans increased by 0.8% during the quarter. We expect loan growth to be around 14% this year, with 6%-8% being inorganic. In slide 12, we present the bank's funding. Total funding reached COP 121.9 trillion, increasing 2.4% during the quarter. Deposits comprise 84.7% of funding, followed by banks and others with 7%, bonds with 4.3%, and interbank loans with 4%. Deposits increased by 5.3% this quarter to COP 103 trillion. The largest quarterly increase was in savings accounts, where growth was 10.2%. Time deposits increased by 1.5% this quarter, and checking accounts increased by 4.6%, although checking accounts increase was smaller in absolute terms. It is noteworthy that time deposits as a percentage of total deposits seem to be stabilizing and present similar levels as those of three years ago. Deposits to net loans ratio reached a 1.11 times figure above our target. This figure will most likely normalize with the loan purchase at the second part of the year. Let's move on to slide 13, where we present equity and capital adequacy levels. On the top left, we observe equity. Shareholders' equity reached COP 16.5 trillion, increasing 0.3% year-over-year and decreasing 4.5% this quarter. The decrease in equity is mainly explained by the general shareholders' assembly's decision for dividends to increase to COP 178 per share per month. Negative results in fixed income markets negatively impacted other comprehensive income in COP 317 billion as the government's fiscal deficit reaches more alarming levels and government bonds rates increase accordingly. On the top right, we observe the tangible capital ratio and the leverage ratio. Both figures increased by 0.5 percentage points. The tangible capital ratio stands at 10.7%, and the equity over assets ratio stands at 11.6%. On the bottom, we show you capital adequacy figures under consolidated and standalone financial statements. After the sale of MFG, consolidated capital adequacy will look similar to standalone capital adequacy as the main difference were the risk-weighted assets of MFG. In the bottom left corner, we observe consolidated capital adequacy. This quarter, CET1 capital decreased by 3.6% due to lower equity because of the accrued dividends from the shareholders' general assembly. Tier 2 capital decreased 50.5%, mainly due to a change in weight of the 2026 subordinated bonds. Credit risk-weighted assets decreased 18% this quarter, or COP 17.7 trillion, mainly due to the sale of Multi Financial Group, which was accounting for RWAs at a density of 100%. The CET1 and Tier 1 ratios stood at 15.7%, having increased by 184 basis points this quarter. Tier 2 ratio decreased by 64 basis points to 0.9%. Total consolidated capital adequacy increased by 120 basis points to a level of 16.5%, five percentage points above regulatory minimums, including buffers. On the bottom right, we show standalone capital adequacy figures, as the sale of Multibank has made these two sets of variables much more similar. For standalone figures, CET1 capital stood at COP 13.7 trillion, while Tier 2 capital stood at COP 975 billion. Credit risk-weighted assets were COP 80.8 trillion, market risk-weighted assets were COP 2.1 trillion, and operating risk-weighted assets were COP 7.4 trillion. CET1 and Tier 1 ratios stood at 15.2%, while total capital adequacy stood at 16.3%. Let's move to our P&L performance ratios, starting with the net interest margin on slide 14. Loan yields stood at 11.7%, decreasing 14 basis points. Commercial loan yields increased by nine basis points on average. Consumer decreased by 77 basis points, while mortgage yields decreased by 33 basis points. The investment yield stood at 9.8%, increasing 1.7 percentage points. Investment NIM reached 2.9%, an increase of 1.5 percentage points in the quarter and 90 basis points year-over-year. Cost of funds increased 19 basis points during the quarter and remains at the same level as a year ago, 6.7%. The cost of funds decreased in bonds, time deposits, and credits from banks, but was offset by increases in checking accounts, savings accounts, and interbank loans. Loan NIM decreased by 38 basis points to a level of 4.8%. As loan yields decreased by 14 basis points in the quarter and cost of funds increased. Total NIM remained at 4.5%, the same as the past quarter and 15 basis points less than the past year. In this case, investment NIM partially offset the decrease in loan NIM. We expect total NIM to be around 4.7% for 2026. On slide 15, we present the loan portfolio quality by segments, as well as PDL formation and coverage. As you may observe, the loan portfolio quality has continued improving steadily. 30-day PDLs decreased by six basis points this quarter, and 90-day PDLs improved by 13 basis points this quarter. Only commercial loans show a slight 16 basis point deterioration in 30-day PDLs and remained at the same level as last quarter in 90-day PDLs. All other segments show improvements both in the quarter and against Q1 2025 for 30 and 90-day PDLs. The consumer segment continues to show the best improvement, where personal loans and overdrafts improved by more than 100 basis points in 30-day PDLs this quarter. Mortgages improved as well by 35 basis points this quarter in 30-day PDLs and by 26 basis points in 90-day PDLs. On the bottom left, we show PDL formation. 30-day PDL formation was the lowest since Q4 2024, while 90-day PDL formation was the lowest since Q4 2021. On slide 16, we present gross loans by stages and segments, as well as their coverage ratios. Overall, stage 1 increased its share of total loans by 46 basis points to 90.9%. Stage 2 loans increased by four basis points this quarter, and stage 3 loans decreased their share by 50 basis points to 5.6%. Improvement in loan quality by stages happened in all segments, having increases in stage 1 loans and decreases in stage 3 loans, with mixed cases in stage 2 loans. Overall coverage decreased 13 basis points, ending at 4.7%. Stage 2 coverage decreased from 18.8% to 18.5% this quarter. Stage 1 coverage increased four basis points to 1.2%, stage 3 coverage increased by 162 basis points to 53%. On slide 17, we present the net cost of risk and charge-off ratios. On the top, net cost of risk decreased by 37 basis points this quarter to a level of 1.6%. For mortgages, net cost of risk increased 44 basis points this quarter to a level of 1.1%. Even though mortgages improved their quality with respect to PDLs, provisioning is based on a probability of default and a loss given default, which look forward under IFRS. Probabilities of default increased slightly in the forward-looking models due to expectations of higher central bank rates and inflation. For commercial loans, cost of risk decreased 40 basis points this quarter to a level of 0.3%. For consumer loans, improvement was of 13 basis points to a level of 5.5%. On the bottom of the slide, charge-offs over 90-day PDLs and over average loans decreased this quarter to a level of 52.1% and 1.9%, respectively, both being relatively low figures, yet within normal ranges. For 2026, we expect the net cost of risk to be in the 2% area. On slide 18, we present fee income structure and details on other income. On the top of the slide, gross fees decreased this quarter by 12.5%. As explained in the previous call, this January, Fiduciaria Bogotá yielded its fiduciary business in favor of Aval Fiduciaria. The bank now owns 41.2% of Aval Fiduciaria in return as an associate company and does not consolidate it. Banking fees remained stable at COP 385 billion this quarter, while logistical fees from Almaviva increased by 4.2% this quarter. Total income came in at COP 2 trillion, increasing 2.6% this quarter. Therefore, the fee income ratio stood at 21%. Other income totaled COP 329 billion, an increase of 122% on the quarter. Equity method income increased by COP 80 billion to COP 180 billion, driven mainly by higher results from Corficolombiana and profits from Aval Fiduciaria. Other income increased by COP 87 billion, specifically for the increase on net gains from investments to a level of COP 83 billion. Finally, derivatives and FX net expenses was COP 24 billion. We expect the fee income ratio to be around 21% in 2026, in line with this quarter results and future expectations. On slide 19, we present efficiency ratios measured by cost to income and cost to assets. Operating expenses came in at COP 1.02 trillion this quarter, a 2.1% increase with regards to the previous quarter. Total income came in at COP 1.9 trillion, having increased by 4.4% this quarter. Cost to income ratio is 53.2% this quarter. This quarter, the tax on equity was accrued and is reflected in operating expenses. The direct tax on equity was COP 89 billion. The operating expenses excluding one-offs was COP 931 billion, having decreased by 6.8% this quarter and having increased only 3.9% year-on-year. There was an indirect effect from the tax on equity, as associates and joint ventures had less consolidated net income due to the tax on equity. This effect amounted to COP 46 billion. This effect doesn't affect operating expenses, but affects total income, which would have been COP 1.96 trillion without the tax on equity. When subtracting the direct equity tax to operating expenses, and when adding the indirect effect to total income, adjusted cost to income for the quarter lies at 47.4%. Cost to assets was 2.7% this quarter, or 2.5% when adjusted for the direct effect of the tax on equity on the numerator. We expect the cost to income ratio to be in the 51% area, and cost to assets in the 2.6% area for 2026. On slide 20, we show the bank's profitability. This quarter exhibited a better than expected behavior in net cost of risk and in adjusted efficiency, which was partially offset by a lower than expected NIM and the tax on equity. The direct consolidated tax on equity was COP 89 billion, paid by Banco de Bogotá and its subsidiaries in Colombia, and reflected in P&L through operating expenses. The indirect effect suffered by associates in Colombia was COP 46 billion, reflected through lower equity method income. The total effect of the equity tax was COP 135 billion or around 85 basis points of 2026 ROE. This quarter, net income attributable to shareholders was COP 313 billion. Return on assets was 0.8% and return on equity was 7.4%. When adjusting for the one-off of the tax on equity, return on assets would have been 1.2% and return on equity would have been 10.5% this quarter. We expect return on equity to be between 7.5% and 8.5% in 2026. On slide 21, we present the guidance for 2026. Loan growth is expected to be in the 14% area, where inorganic growth could be between 6% and 8%. Net interest margin is expected around 4.7%. Net cost of risk is expected to be in the 2% area. Fee income ratio should come in close to 21%. Cost to income ratio is expected around 51%. Cost to assets should come in in the 2.6% area. Finally, return on average equity should be between 7.5% and 8.5%. Now we are open to your questions. Thank you very much. We will now begin the Q&A session. We can take your written questions through the Q&A chat box, live questions or by phone. Please note the following instructions. For the Q&A chat box, please type your question and we'll proceed to read it. After answering the questions received in the Q&A chat box, we'll proceed with live questions. If you wish to ask your question live, please place your request and we'll open your microphone and call your name accordingly. If you are connected by phone, please press the star button and number 5 to access the Q&A feature. If you're using a speakerphone, you may need to pick up your handset before pressing the numbers. Once again, for the Q&A chat box, please type your question and we'll proceed to read your question. If you wish to ask your question live, please place your request and we'll open your microphone and call your name accordingly. If you are connected by phone, please press the star button and number five to access the Q&A feature. If you're using a speakerphone, you may need to pick up your handset before pressing the numbers. Right now, we're standing by for questions. We'll start with our questions on the chat box. Our first question comes from Mr. Sebastian Gallego from Ashmore. He says, "Given the appointment of Juan Carlos as the new CEO, can we expect a potential merger of Bogotá with other banks of Aval? If not, what specific measures should the market expect in terms of strategy? Competition is stronger than ever, and the bank has lost ground over the past year against some peers and new fintechs, particularly on the digital and profitability front. Thank you. Thank you, Sebastian, for your question. This is Sergio here. The first part of the question regarding the potential merger of Bogotá with other banks. This is something that escapes our scope. This is a question that is always over the table. At this point, it is not part of our strategy. We have been building a strategy around customers. We do realize competition every day is tougher. As Juan Carlos mentioned at the beginning of the presentation, we are very focused, especially in creating new solutions, in creating new value for our customers. At this point, we are starting to create a model to accelerate speed of our developments of our value proposition to the market, and this is our focus for the rest of this year. Thank you very much. Our second question comes as well from Mr. Sebastian Gallego from Ashmore. He says, "Could you please share new or additional measures given the appointment of Juan Carlos as the new CEO to gain market share in demand deposits with low cost of funding? Thank you. Thank you again, Sebastian, for this question. This is a linked question with the first one. However, it is more specific. We do recognize and realize that we need to strengthen our funding strategy, the funding mix in our balance sheet. We have been working for a couple of years, especially developing solutions, not only banking solutions, but going forward by going through the chain value of our customers. I'm talking about, for example, accounts payable, and we will be launching these kind of solutions this year. We do realize the challenge. It's a long-term challenge, changing the mix of the funding in our balance sheets. It's not easy. It's not fast. However, we know it's our big priority, our largest priority, and we do realize as well that the key for that is gaining the transactional principality for customers. We are working in that sense. Thank you very much. Our next question comes from Mr. Sebastian Gallego from Ashmore. He says, "Can you please discuss CET1 levels above 15% and whether this is a maximum level for the bank? The figure looks well above minimum regulatory requirements and peers. Thank you. Thank you, Sebastian, for that question. This is Javier. We are aware that our solvency and especially our CET1 right now is a little bit high against regulatory minimums and peers. We think that in the coming year, that will adjust downwards due to the growth of risk-weighted assets and 2027 dividends as well. Regarding optimization and filling the buckets of AT1 and Tier 2, the thing is that these instruments are expensive, with our cost in COP above 17% or between 10%-11% after tax. We need our ROE to be above these levels first before issuing Tier 2 or AT1 bonds. This leverage have a positive impact on ROE. We're working, as Sergio mentioned, to get there as soon as possible, hopefully in the second half of this year. Much. Our next question comes from Mr. Hugo Beltran from Acciones y Valores. He says, "What are your scenarios for the central bank policy rates affecting your results in next quarters? Is Banco de Bogotá's balance currently asset sensitive? Which is the percentage of assets indexed to variable rates like IBR or IPC? Thank you. Thank you, Hugo. As Sergio mentioned, our main scenario for this year is that the central bank will increase another 75 basis points. The monetary policy rate will get to 12% for year-end. We could get there in the next couple of months. Regarding the second part of your question, Banco de Bogotá is fairly neutral to changes in interest rates. The impact of that, every 100 basis points the central bank increases its rate has less than five basis point impact in our NIM. The third part of your question, what percentage of assets is indexed to variable rates, is slightly above 50%, but especially in the loan portfolio, is close to 60%, regarding our commercial loans especially, which are mostly indexed to IBR. Thank you very much. As a reminder, we can take your written questions through the Q&A chatbox, live questions, or by phone. Please note the following instructions. For the Q&A chat box, please type your questions and we'll proceed to read it. After answering the questions received in the Q&A chat box, we'll proceed with live questions. If you wish to ask your questions live, please place your request and we'll open your microphone and call your name accordingly. If you are connected by phone, please press the star button and number five to access the Q&A feature. If you're using a speakerphone, you may need to pick up your handset before pressing the numbers. We're now standing by for questions. Once again, we're standing by for questions. There seems to be no further questions on either of our lines. With this, we'll proceed now with the final remarks from Mr. Juan Carlos Echeverry, CEO of Banco de Bogotá. Mr. Echeverry, the floor is yours. Thank you, Karen. It is an honor to lead this institution. Banco de Bogotá predates several central banks, including Banco Nacional and Banco de la República in Colombia. It endured through civil wars, survived several economic crises, and will continue to survive and thrive through many more difficulties that will surely arise. We are aiming high in our purpose of transforming this bank into an absolute leader in the country in terms of agility, technology, client satisfaction, sustainability, and profitability. Thank you for joining us today. Have a nice day. Mr. Echeverry, thank you very much. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect. Have a nice day.