Good morning. Welcome to Banco de Bogotá's second quarter 2026 consolidated results conference call. My name is Karen, and I will be your operator for today's conference call. Currently, 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. Sergio Sandoval, CFO, and Javier Dorich, Head of Investor Relations and Corporate Development, will join him. Mr. Echeverry, the floor is yours. Thank you, Karen. Good morning and welcome. Colombia suffered a devastating earthquake last week with huge consequences to human life and infrastructure. At Banco de Bogotá, we are deeply moved by this tragedy. The government has organized an effective response with the local authorities and the private sector. Grupo Aval is already implementing plans to bring aid to the affected population through donation channels. Grupo Aval will also help affected clients, and we will review each client case by case to support them in their time of need. In the second quarter, Colombia conducted its presidential elections. The new government led by Abelardo de la Espriella took office on August 7, as you all know. We remain confident in President de la Espriella's ability to steer the nation in a constructive direction by appointing proven technocrats and experts to critical government roles and policy leadership positions. We also believe this administration will prioritize responsible, sustainable decision-making that supports long-term stability and growth. The economy is currently at a pivotal juncture. Economic growth, as measured by GDP, is driven primarily by government and consumer spending. Inflation is expected to decline in 2027. In this context, the Colombian central bank is likely to raise rates to 12.5% before the year end. The peso has appreciated against the dollar to levels not seen since 2019, driven by the economy's high interest rates and a change in the political environment. This macroeconomic environment presents challenges for banks. There is growing concern that high interest rates, inflation, an appreciating peso, and recent minimum wage increases may adversely affect certain sectors. Fortunately, at Banco de Bogotá, our position is predominantly NIM neutral, and we anticipate that interest rate increases will not adversely affect our results. We will monitor specific sectors, particularly labor-intensive export sectors, subject to combining impact of wage increases and the peso appreciation. As part of the group's strategic realignment efforts, we undertook a specific operation this quarter regarding the Corficolombiana shares held by Grupo Aval and its banks. Grupo Aval, Banco de Bogotá, Banco de Occidente, Banco Popular transferred the Corficolombiana shares to Ficentro, a Panamanian entity. Each institution now retains an ownership interest in Corficolombiana through Ficentro, and its intrinsic investment in Corficolombiana remains unchanged. Ficentro now holds 52.8% of Corficolombiana's shares. Following this transaction, Banco de Bogotá's book value for this investment decreased by COP 2.2 trillion as the assessed value of Ficentro was realigned with Corficolombiana's. This transaction was reflected as a reduction in retained earnings. Javier will provide further insights on this matter. The following are the second quarter's highlights. Net income attributable to shareholders was COP 390 billion, resulting in a return on equity of 10%. NIM was 5%, and the net cost of risk was 2.1%. Loans reached COP 100 trillion, increasing by 3.3% this quarter. Deposits reached COP 104 trillion. Cost-to-assets remained at 2.7%. On August 1st, Banco de Bogotá completed its acquisition of Banco Itaú's retail banking loans and deposits, a key transaction to strengthen its universal banking strategy. Javier will expand on this in more detail. On the next slide, we present the size of the local banking sector and Banco de Bogotá's market share. These figures are standalone. By the end of May, banks in Colombia held COP 770 trillion in deposits and COP 755 trillion in gross loans. The bank had a market share of 13.4% in deposits and 12.7% in gross loans during that period. The bank has a bias toward commercial loans, where it holds a 15.1% market share. In terms of funding, the bank stands out in checking accounts, where it holds 19.1% of this deposit type. Market share has been stable so far this year, but we will strive to increase these types of financial figures both organically and inorganically, namely Itaú's transaction in the second half of this year. Now, Sergio Sandoval, Banco de Bogotá's CFO, will continue with digital transformation. Sergio, please proceed. Thank you, Juan Carlos. Let's move on to digital transformation. We advance our instant payments strategy as a simultaneous driver of deposit growth and transactional fee income, enabling interoperable QR codes for individuals and extending this capability to the corporate segment through Bre-B key transfers from the business mobile banking platform. Customers now receive real-time payments autonomously, which increases transactional activity, accelerates the turnover of funds, and strengthens account balances, turning the payment experience into a stable source of funding. Regarding customers, digital origination is now the main growth vehicle. Its share of total personal loan disbursements rose from 75% in the first quarter to 80%, confirming that improvements in customer experience translate into higher conversion, greater commercial efficiency, and sustained migration of the business toward digital channels. Digitalization is also generating value beyond origination. The self-service collections portal consolidated its role as a key tool for loan normalization, enabling the recovery of COP 120 billion in provisions so far in 2026, with simultaneous improvements in customer experience, operational efficiency, and portfolio quality. In partnership with Visa, we developed a new scheme for large commercial banking transactions with preferential pricing, allowing us to compete for flow that previously faced cost barriers in electronic payments. In parallel, we advanced toward the final phase of the launch of the group's new acquiring processor that will reduce the cost per transaction by up to 35%, a structural improvement in the profitability of the business. In cash management, we transformed corporate collections with Bre-B QR codes, a solution already used by 1,500 active companies that allows them to receive instant payments from any financial institution, a solution that reduces operating costs compared to physical channels. End customers pay in seconds with no additional steps while companies gain greater control over their liquidity and cash flow. We complemented our offering with a new digital treasury suite for businesses, leveraging cooperation with fintechs. This integration allows companies to manage their payments, payroll, and liquidity from a single ecosystem, expanding our reach in the segment, deepening relationships with SMEs, and turning treasury operations into a new source of transactional activity, deposits, and customer engagement, while positioning the bank as a strategic partner in the growth of Colombian businesses. Turning to sustainability, the second quarter saw continued solid progress in our sustainable finance strategy. Let me highlight some key achievements. First, the continued growth of our sustainable loan portfolio. As of the end of the second quarter, our total sustainable portfolio reached COP 24.5 trillion. The green portfolio amounted to COP 7.5 trillion, representing a 16.7% growth so far this year. Meanwhile, the social portfolio exceeded COP 17 trillion. A key highlight was our women SME portfolio, which reached COP 4.8 trillion and now accounts for over 41% of our total SME portfolio. Second, we executed strategic transactions that further strengthen our leadership in sustainable financing. During the quarter, in partnership with IFC, we announced financing of up to $150 million to support the energy transition, strengthen SMEs, and promote sustainable construction in Colombia. This transaction represents the first transition loan in the region and received independent verification from S&P regarding the framework governing the use of proceeds. In addition, we financed an energy infrastructure project worth COP 120 billion that enabled the complete replacement of gas transportation through a direct connection to the distribution network. As a result, the project is expected to eliminate the consumption of around 150,000 L of diesel per year, reducing emissions, improving operational efficiency, and lowering the logistical risk associated with fuel supply. Third, on the social front, we expanded our financial education and entrepreneurship initiatives, reaching more than 2,000 people during the quarter. We also completed Ecotech's third cohort program and launched a fourth, moving closer to our goal of supporting 100 ventures by 2026. Finally, we joined with WE Finance Code Colombia, an initiative led by Asobancaria and IDB Invest, in partnership with Colombia's National Financial Inclusion Strategy, CoreWoman, and Colombia's banking and securities regulator. We aim to expand access to financing for women-led businesses by addressing gender gaps, improving the use of information, strengthening capabilities, and fostering collaboration among key stakeholders across the financial sector. On the next slide, let me summarize the local macroeconomic context. In the second quarter of 2026, growth, while positive, was supported by temporary factors. The first of these is the increased household spending associated with the 2026 FIFA World Cup. This event boosted economic activity through greater dynamism in commerce, clothing, entertainment, restaurants, and sports betting. Likewise, the public administration continued to support economic activity due to increased personnel to handle the local elections, as well as higher budget execution, which reached a four-year high, significantly contributing to the growth of national activity. Another sector that performed well was utilities, driven by the increased energy demand from households due to the intensive use of air conditioning and refrigeration systems, given the high temperatures experienced in several cities across the country. In contrast to these sectors, agriculture, mining, manufacturing, and construction continued to exhibit weak or negative results. In agriculture, the weather and high input costs were detrimental. In construction, high interest rates and the slow execution of major infrastructure projects weakened the sector. In mining, the decline is structural, and in manufacturing, the appreciation of the peso has harmed the sector's competitiveness. This suggests that the economic recovery maintains a pattern in which some sectors improve while others continue to lag. For the remainder of the year, tighter local financial conditions, the diminishing effects of transitory factors, the impact of the war in the Middle East, the arrival of droughts, and the expectation of fiscal adjustments are projected to lead the Colombian economy to register economic growth of only 2.5% throughout 2026. Turning to prices, inflation rose from 5.6% at the end of March to 6.1% in June 2026, its highest level since July 2024, before moderating slightly to 6% in July. Services dependent on the minimum wage saw a variation exceeding 9%, while rents maintained an inflation close to 5%, more evidence of the indexation problem. Meanwhile, inflation in regulated goods accelerated due to higher fuel prices resulting from the war in the Middle East. Additionally, energy and gas prices increased as a result of greater use of thermal power plants for electricity generation as a precaution against the arrival of droughts. In the food sector, fertilizer prices and weather conditions also exerted upward pressure. For the remainder of the year, the upward trend in inflation is expected to continue given the intensification of the aforementioned factors, ending the year at 6.8%. On the fiscal front, the government finalized the total return swap, or TRS, operation in May and updated the medium-term fiscal framework in June. With the closure of the TRS and other debt management operations during the quarter, the government carried out a significant swap of external debt for domestic debt. As of June, the share of external debt in total debt was 22.9%, the lowest in the 21st century, also supported by the appreciation of the peso. Regarding the fiscal framework, while the revenue forecast for 2026 is reasonable, the expense forecast is not. Higher spending pressures are expected, leading to a total fiscal deficit of 6.7% of GDP in 2026, above the target of 5.3% of GDP. Given this outlook with high inflation expectations, and a still vulnerable fiscal situation, the Colombian central bank raised its policy rate by 75 basis points in June and left them at 12% in July and will remain at 12% at least until September. The central bank may continue raising rates as it seeks to bring inflation back to our target after six consecutive years of overshooting it. With a scenario of higher domestic interest rates and a favorable reading of the elections, which confirm a change in government, the local exchange rate extended its downward trend, reaching levels around COP 3,100 per dollar. Following the election results, the country's risk premium fell to 150 basis points, near its lowest level since 2021. This lower premium reflects investors' expectations that under the new government, Colombia will implement macro-prudential measures, contain the fiscal deficit, oversee negotiated minimum wage increases, and promote investment incentives among other policies that foster a better business environment and strengthen the local currency. However, passing reforms in a highly divided Congress will be crucial to meeting these expectations and their corresponding impact on the economy and local assets. Now, I will turn over the presentation to Javier Dorich, Head of Investor Relations and Corporate Development. Thank you, Sergio, and good morning, everyone. As we mentioned on previous calls, the bank had been negotiating with Banco Itaú to acquire its retail banking loans as well as deposits and clients, both in Colombia and in Panama. We are glad to announce that this transaction took place on August 1st. Financial statements in this call do not include this transaction, as it happened after the second quarter's closure. Please note that the figures for this transaction are estimates as of now, and final figures may vary slightly. In Colombia, Banco de Bogotá received COP 6.4 trillion in assets, mainly consumer loans and mortgages. The bank also received COP 4.5 trillion in liabilities. In Panama, the bank received $4.8 million in assets and $103.4 million in deposits. The bank has been focused on making this transition for Itaú clients as smooth as possible. We worked hard to ensure clients had a warm welcome into Banco de Bogotá with as few inconveniences as possible. These types of operations are challenging, and behind this one, there is a great effort on our part. We are now working on keeping the new clients and fulfilling their level of expectation for our products and services. On the next slide, we present an operation related to Corficolombiana's ownership. In June 2026, Grupo Aval, Banco de Bogotá, Banco de Occidente, and Banco Popular transferred all their common shares of Corporación Financiera Colombiana, or Corficolombiana, to Corporación Financiera Centroamericana, or Ficentro, a member of the Aval financial conglomerate. Banco Popular will continue to act as the consolidating entity for Corficolombiana by consolidating Ficentro pursuant to a shareholders' voting agreement among the contributing entities. Grupo Aval and its banks now hold 100% of Ficentro's capital. Banco de Bogotá transferred its entire equity stake in Corficolombiana to Ficentro. In return, the bank received shares in Ficentro representing 65.76% of Ficentro's outstanding equity, thereby indirectly maintaining the same ownership of Corficolombiana. This transaction primarily aims to simplify Corficolombiana's ownership structure by consolidating the stake into a single jointly controlled vehicle within Grupo Aval. From an accounting perspective, the carrying amount of the investment in Corficolombiana before the transaction was COP 6.9 trillion. However, the investment in Ficentro must be recognized at Corficolombiana's book value of COP 4.7 trillion. The resulting difference of COP 2.2 trillion is recognized as a reduction in equity reflected in return earnings. This transaction lowered total capital adequacy by 200 basis points, as it affects both common equity Tier 1 capital and credit risk-weighted assets. Turning to assets, let us review the bank's balance sheet performance for the second quarter of 2026. Total assets stood at COP 141 trillion, reflecting a 0.8% quarter-over-quarter decline and a 7.9% decrease from the same period last year. The quarter-over-quarter decrease is mainly explained by Corficolombiana's share transaction and the maturity of the May 2026 subordinated notes. The loan portfolio remained the bank's principal asset category, constituting 67.9% of total assets on a net basis, followed by fixed income investments at 13.4%, other assets at 11.6%, and equity investments at 7.2%. Gross loans totaled COP 100.4 trillion, representing a growth of 3.3% during the quarter and 10.2% year-over-year. This growth was driven by broad-based expansion across segments, with the mortgage portfolio increasing by 3.6%, the commercial portfolio growing by 3.3%, equivalent to COP 2 trillion, and the consumer portfolio rising by 3.1%. Our guidance for loan growth in 2026 is in the 14% range, including inorganic growth. On the next slide, we present the bank's funding. Total funding reached COP 122 trillion, up 0.1% during the quarter. Deposits continued to grow as a share of total funding, accounting for 85.3%, followed by banks and other funding sources at 6.8%, interbank borrowings at 5.3%, and bonds at 2.6%. In May, the bank's subordinated international bonds issued in 2016 matured. It is worth remembering that in the first quarter, the bank repurchased a total of $487 million, demonstrating an active approach to liability management, strengthening its maturity profile and optimizing its funding structure in line with its financial and liquidity strategy. In the local market, the bank also issued COP 250 billion in bonds, further supporting its funding diversification and long-term funding goals. Total deposits stood at COP 104 trillion, increasing 0.7% quarter-over-quarter. Savings accounts and time deposits grew solidly during the period, while checking accounts declined by 6%. The deposit- to- net- loans ratio reached 1.09x, remaining above our target level despite loan growth outpacing deposit growth during the quarter. Let's move on to equity and capital adequacy. In the top left, total equity and shareholders' equity decreased by COP 1.7 trillion this quarter. This effect is mainly due to the previously mentioned operation involving Corficolombiana shares, which reduced book value by COP 2.2 trillion. The period's results were COP 392 billion, and OCI improved by COP 148 billion this quarter, partially offsetting the effects of the Corficolombiana share operation. In the top right, we show the tangible capital ratio and the equity- to- assets ratio. Both variables decreased by around 110 basis points this quarter. In the bottom left, we present the consolidated capital adequacy, which reached its peak in the first quarter of 2026, then in the second quarter, declined to levels similar to those of December 2025. The first quarter peak was due to the sale of Multi Financial Group or MFG, which reduced credit risk-weighted assets without significantly affecting CET1 capital. This quarter, with the operation regarding Corficolombiana shares, CET1 capital decreased in COP 1.5 trillion. Therefore, CET1 capital stood at COP 13.3 trillion, down 9.9% quarter-on-quarter, even after offsetting profits and improvements in OCI. Tier 2 capital fell 4.1% this quarter, mainly due to peso appreciation against the U.S. dollar to COP 802 billion. Risk-weighted assets remained relatively stable this quarter. Credit risk-weighted assets increased by 0.4%, market risk-weighted assets decreased by 0.3%, and operating risk-weighted assets increased by 1.6% this quarter for a total increase of 0.5%. CET1 and Tier 1 ratios were 14%, while total capital adequacy was 14.9%. These figures are 5.5 percentage points and 3.4 percentage points above regulatory minimums, including buffers. Finally, in the bottom right corner, we observe the bank's standalone capital adequacy. CET1 capital stood at COP 12.2 trillion at quarter end. Meanwhile, Tier 2 capital totaled COP 946 billion. In addition, total risk-weighted assets decreased slightly by 1% quarter-over-quarter. As a result, the CET1 and Tier 1 ratios in the standalone scenario reached 13.6%, while the total capital ratio stood at 14.7%. The standalone capital position remains comfortably above regulatory requirements. Specifically, the Tier 1 ratio is 5.1 percentage points above the regulatory minimum, including buffers, and total capital adequacy is 3.2 percentage points above regulatory minimums. Now, let's move to our P&L performance ratios, starting with the net interest margin. The central bank rate increased 75 basis points during the second quarter. Consequently, the bank's cost of funds increased by 67 basis points to 7.3%, driven by higher costs on time deposits, savings accounts, and obligations with other banks. The yield on loans increased by 105 basis points this quarter to 12.7%, driven primarily by higher interest rates on consumer and commercial loans, and to a lesser extent, mortgages. The yield on investments increased to 10.9% this quarter, up 67 basis points from the first quarter, driven by higher net gains on trading investments, partly due to presidential election results. Loan NIM increased by 44 basis points this quarter to 5.3%, as loan yield increased more than the cost of funds. Investment NIM was 3.4%, up 6 basis points from the previous quarter due to gains on trading investments mentioned earlier. Therefore, total NIM came in at 5%, up 38 basis points from the previous quarter and 25 basis points from the previous year. We expect total NIM to be around 4.7% for 2026. On the next slide, we present the loan portfolio quality by segments, as well as PDL formation and coverage. 90-day PDLs remained stable at 3.6%, while 30-day PDLs increased 21 basis points this quarter to a level of 5.1%. In the commercial segment, loan quality improved by 9 basis points this quarter in 90-day PDLs and deteriorated 9 basis points in 30-day PDLs. Overdrafts showed the most improvement in both metrics, while financial leases and commercial credit cards showed the highest deterioration. In consumer loans, 30-day PDLs deteriorated 47 basis points and 90-day PDLs deteriorated 19 basis points. Personal loans, credit cards, and payroll loans deteriorated in both metrics. Vehicle loans and overdrafts improved in quality on both metrics this quarter. On mortgages, 30-day PDLs increased by 35 basis points this quarter to 6.8%. For 90-day PDLs, this segment deteriorated by 6 basis points to 4%. In the bottom left, we observe that new 30-day PDL formation was higher than in previous quarters as higher inflation and interest rates especially affected consumer loans. New 90-day PDL formation was also slightly above the past year's average. On the next slide, we present gross loans by stages and segments, along with their coverage ratios. In general terms, there was a slight deterioration in quality as Stage 1 loans decreased their share by 28 basis points this quarter while Stage 2 increased its share by 24 basis points, and Stage 3 increased by 4 basis points. As you may observe, in all segments, there was a slight decrease in Stage 1 loan share, while Stage 2 and Stage 3 increased or maintained their share. In the bottom left, overall coverage decreased by 5 basis points to 4.6%. Stage 1 coverage decreased by 7 basis points to 1.1%, while Stages 2 and 3 decreased coverage by 59 basis points and 48 basis points, respectively. Moving on to the next slide, we present the net cost- of- risk and charge-off ratios. At the top, one can observe that the net cost of risk was 2.1% this quarter, up from 1.6% last quarter. It is worth noting that our guidance was around 2% in the last calls, and the previous quarter net cost of risk was an outlier. The commercial segment's net cost of risk increased 60 basis points to 0.9% as cost of risk increased for most products, excluding credit cards and overdrafts. The consumer cost of risk increased 38 basis points to 5.8%. Deterioration was most notable in personal loans and credit cards, which tend to carry the highest credit risk and no collateral. Nevertheless, the increase in the cost of risk for these products are slight compared with two years ago and are expected given the macroeconomic environment. In mortgages, net cost of risk decreased by 23 basis points this quarter to a level of 0.9%. We expect the net cost of risk to be in the 2% range for all of 2026. Charge-offs increased this quarter relative to average loans and 90-day PDLs. The first quarter's charge-offs were abnormally low, and this quarter's charge-offs are in line with those of recent periods. On the next slide, we present the fee income structure and details on other income. Gross fees for the quarter amounted to COP 405 billion, a 4% decrease from the first quarter. The decrease came from lower banking, credit cards, and logistic fees, each down by similar amounts. As we mentioned in our previous call, fiduciary fees are no longer consolidated as of this year, as Fidubogotá transferred its fiduciary business to Aval Fiduciaria, a company we don't consolidate but rather hold as an associate and receive its profits through equity method income. Total income decreased by 4.9% this quarter, with an increase in assets and liabilities held for sale. As a result, the fee income ratio came in at 20.7%, slightly below our 21% guidance for the year. We expect the fee income ratio to be around 21% in 2026. Other income came in at COP 501 billion, up 63% from the first quarter of 2026, mainly due to higher net investment profits. Equity method income came in at COP 189 billion, 4.9% above last quarter, and net derivatives and FX was also higher than in the past quarters and positive. Moving forward, we present efficiency ratios measured as cost-to-income and cost-to-asset ratios. Total expenses for the quarter came in at COP 955 billion, down 6.4% from the previous quarter and 2.7% above a year ago. The lower expenses were mainly from general and administrative expenses. Total income came in at COP 1.9 trillion, decreasing by 4% this quarter, mainly due to higher interest expense and lower other income. As a result, cost to income for the quarter was 51.3%. The cost-to-asset ratio decreased by 4 basis points this quarter and remained at 2.7% as the 6.4% reduction in operating expenses was offset by lower average assets. We expect the cost-to-income ratio to be in the 52%-53% range and cost-to-assets to be around the 2.7% area for 2026. The next slide shows the bank's profitability. The increase in NIM to 5% was partially offset by a higher net cost of risk of 2.1% and lower gross fees of COP 17 billion. These variables resulted in net income of COP 392 billion for the quarter and net income attributable to shareholders of COP 390 billion. Therefore, the quarter's return on assets was 1.1% and return on equity was 10%. This is the first quarter in which we reached a double-digit ROE since the second quarter of 2025 and the first time since 2023 without an extraordinary event. We would have reached these levels last quarter had it not been for the impact of the equity tax. For the entire 2026, we expect return on equity in the 7%-8% range. Our guidance for ROE decreased by 0.5 percentage points due to higher expected expenses from integrating Itaú retail clients and products. We will continue striving to improve our results and place the bank as the best option for Colombians. Finally, we present the guidance for 2026. Loan growth is expected to be in the 14% area, including inorganic growth of around 7%. 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 between 52% and 53%. Cost-to-assets should come in in the 2.7% area. And finally, return on average equity should be between 7% and 8%. 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 will proceed to read it. After answering the questions received in the Q&A chat box, we will proceed with live questions. If you wish to ask your question live, please place your request and we will 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 are 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 will read it. If you wish to ask your question live, please place your request and we will 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 are using a speakerphone, you may need to pick up your handset before pressing the numbers. Right now, we are standing by for questions. Our first question comes from Mr. Santiago Zarate from Citi. His question is: What financial impact do you envision given the latest interest rate increase? Thank you. Hi, Santiago. This is Javier. Thank you for your question. You may be referring to what happened in June, where Banco de la República increased rates by 75 basis points, taking them to 12%. Since then, the interest rate has remained at that level and will do so at least until September. Our economic research team foresee that rates could increase a little more to 12.5%. About the financial impact, our balance sheet is mostly neutral, meaning that neither an increase nor a decrease in interest rates affect materially our NIM. Anyway, what we could see is a slight moderation in credit demand, but this could take some time to materialize. For now, growth is still robust and healthy, and we have not seen a material deterioration in our quality indicators. Thank you. Thank you very much. Our second question comes from Mr. Simón Londoño from Bancolombia. His question is: Good morning. Thanks for the presentation and for taking my questions. Could you briefly explain the main drivers behind the increase in provisions and the higher COR? Also, do you expect provisions to rise materially with the integration of the Itaú portfolio? Thank you. Hi, Simon, and thank you for your question. Regarding the first part, the thing is that if you see slide 18, in the first quarter, commercial cost of risk was atypically low at 0.3%. At the second quarter, it stabilized at a level that is still below 1%. That is most of the explanation of the increase in cost of risk. Of course, you also see an increase in consumer cost of risk, namely credit cards and personal loans, going from 5.5% to 5.8%. Regarding the second part of your question, the answer is no, we do not expect a deterioration regarding the Itaú portfolio. In fact, the credit quality in that portfolio is slightly better than the one we already have in the bank. Thank you. Thank you very much. Our third question comes from Mr. Alejandro Rojas from Citibank Colombia. He says: Thanks for the presentation. Could you elaborate on the factors that make Banco de Bogotá's loan NIM relatively neutral to interest rate increases in Colombia? Thank you. Yes, Alejandro, of course, and thank you for your question. A key there is our balance sheet structural breakdown in terms of our loan portfolio. If you see slide number 12, you can see that around 63% of our loan portfolio are commercial loans, which are mostly in variable rates, namely IBR. So, in a scenario of increasing rates, that is a natural hedge for us compared to the other side of the balance sheet in terms of the funding. So, we are mostly hedged in that matter. So, in any scenario of increasing rates, that is a cushion for us. Thank you. Thank you very much. We will move on now to our on-stage questions. Our first question comes from Mr. Daniel Mora. Mr. Mora, the floor is yours. From Credicorp Capital. Mr. Mora, the floor is yours. Mr. Mora, we are standing by for your questions. If you could please open your microphone. Hi. Good morning. Thank you for the presentation. Can you hear me? Yes. Perfect. Thank you so much. I have a couple of questions. The first one is, can you provide further color or information about the one-time impacts that you expect due to the consolidation of the retail business of Itaú? Specifically, I would like to know if you will need to record a one-time expense of provision expenses related to the total portfolio that you will receive from Itaú. That would be my first question. If I may, the second one, I will do it after. Hi. Can you hear me? Yes. Thank you. I was mentioning, Daniel, that the answer is no. We will not have an impact in our P&L regarding provisions on Itaú. We bought that already considering those provisions. Regarding the impacts, the most impacts that you will see will be in our balance sheet and our market share. Remember that this transaction is more than COP 6 trillion in the loan portfolio. That is between 80 basis points and 90 basis points in market share and roughly 2 points in consumer and mortgages. And on the other side of the balance sheet is roughly COP 4 trillion in deposits, which will give us around 60 basis points- 70 basis points in deposits. Please go on with the second part of your question. Perfect. Okay. Very clear. Just to clarify, the portfolio that you got already considered the stock of provisions that were already constituted by Itaú. So, you don't have to make an initial recording of provisions to achieve a normal level of coverage for the portfolio that you are receiving. It's already net loans. That is correct. Perfect. The second question is regarding consumer deterioration. Are you worried that we could observe a new trend of deterioration considering the sharp increase in the new PDL formation and also the fact that interest rates and inflation will remain high for a while? Do you expect to maintain the cost- of- risk control at 2%, or we could observe an upward trend in the coming quarters? Thank you so much. That will be my second one. Okay. Regarding that, the answer is yes, there can be a slight deterioration in the second part of the year. That is already incorporated into our guidance, that if you see slide 22, is at 2%. If you take the average for the first two quarters or the first half of the year, is closer to 1.8%. So, it is included that we will have a slight deterioration, but there is still room to get to that 2%. If you see what happened two years ago, or maybe already three years ago, is that inflation got to higher than 13%, and also, the monetary policy interest rate got to 13%. This is a key difference, the usury or cap rate got to levels close to 50%. That was, maybe, one of the key main factors behind the deterioration in the consumer portfolio. This time, we think it is different. We have learned a lesson regarding the credit profiles that we give credit, but also, the macroeconomic environment is not that hard as it was like three years ago. Thank you, Daniel, for your question. Perfect. Thank you so much. Very clear. Thank you very much. Now on stage, we have Mr. Santiago Villanueva from Corredores. Mr. Villanueva, the floor is yours. Once again, we are calling on Mr. Santiago Villanueva from Corredores. Mr. Villanueva, the floor is yours. Yeah, sorry. Can you hear me? Yes, sir. Okay. Thank you. Good morning, and thank you for taking my question. I just have two questions. I see that the downward revision to the ROE guidance is attributed to an increase in operating expenses. I want to ask, why are you seeing this increase in operating expenses for the year, and i f you see any material opportunities for efficiency gains following the transaction with Itaú, and how much could these efficiency gains amount for the bank? Thank you. Thank you, Santiago, for the question. The reason is actually the transaction itself. We have some one-off expenditures to reflect in our P&L for the second quarter, and that is the reason we are expecting a little bit increase in efficiency ratio for the second quarter. As for the synergies or efficiencies to be captured by the transaction, definitely, it is a huge opportunity for us. It is a large portfolio, COP 6.4 trillion in loans. So, definitely, that was one of the drivers for this decision for us. About the amount, how much do you think can the efficiencies be in this transaction? We estimated when we made the business case for the transaction, we were able to capture around 20% or 30% of the cost of that kind of business. We estimate it's around between COP 50 billion- COP 100 billion per year. Okay, thank you. That's very helpful. [between COP 50,000- COP 100 million]. Thank you, Santiago, for your question. Thank you very much. There seem to be no further questions on either line, so 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. This quarter's results show improvement in profitability. Nevertheless, we remain committed to continuous improvement and delivering better results. We're working on several fronts, and we'll let you know our progress when the time comes. 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.