Welcome to the Davivienda First Quarter of 2025 Earnings Conference call. I'm Karen, and I'll be your operator for today's call. Today's presentation is for investors and analysts only. Therefore, questions from the media will not be addressed. Today, Mr. Javier Suárez, Chief Executive Officer; Mr. Álvaro Cobo, Chief Risk Officer; and Mr. Pedro Bohórquez, Vice President of Strategic Risk and Financial Planning, will join us to discuss the quarterly results that have been released. If you have not yet received a copy of the earnings report and presentation, please visit Davivienda's Investor Kit or the Financial Information section at ir.davivienda.com. All participants are in a listen-only mode at this time. Please note that this conference is being recorded. Afterwards, management will be available for a question-and-answer session. Before proceeding, let me mention that any forward-looking statements are being made under the safe harbor provided by the Securities Litigation Reform Act of 1995. Actual performance could differ materially from anticipated in any forward-looking statements due to macroeconomic conditions, market risks, and other factors beyond our control. For the Q&A session, please remember the following instructions. Please follow these instructions once the management presentation has ended. If you're over the phone and have any questions, 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. For webcast participants who wish to send questions through chat, click the button through the question mark at the bottom of the webcast screen. If you have multiple questions, we recommend sending a single message with all your questions. I am now pleased to turn the call over to Mr. Javier Suárez, Chief Executive Officer. Mr. Suárez, the floor is yours. Welcome, everyone, and thank you for joining us this morning for the Davivienda's earnings conference call. This quarter showcased solid progress and improved results, underscoring the effectiveness of our strategies and our leadership in the region. We are steadily advancing towards profitable growth and sustained value creation despite ongoing challenges such as local fiscal uncertainty, still high interest rates, and a complex international landscape. On Slide 3, we have an overview of the macroeconomic environment in Colombia. The Economic Activity Index recorded an average annual growth of 2.2% during the first two months of 2025, mainly driven by public administration, defense, and entertainment activities. Inflation fell from 5.2% in December 2024 to 5.1% in March 2025, but picked up again in April, reflecting that the pace of reaching the central bank's target range of 2%-4% will be slower than expected due to the significant increase in the minimum wage and high food prices. Therefore, we estimate annual inflation to close around 4.45% this year. Consequently, the central bank maintained the monetary policy rate at 9.5% during the first quarter and announced a 25 basis points cut by the end of April. Similarly, although we are counting on the monetary policy rate to decrease further to around 7.25% by the end of the year, the pace will depend on the course of fiscal consolidation and inflation's evolution. Supported by this expansionary policy, increased confidence, and consumer expenditure, we expect Colombia to continue on an economic recovery with a 2.6% GDP growth for this year. As for the exchange rate, it appreciated by around 5% during the first quarter, in line with the US dollar depreciation against global currencies as a consequence of the potential impact of the U.S. proposed tariffs. We expect the exchange rate to be affected in the remainder of the year by Colombia's fiscal measures, the effect of U.S. policies on global growth, and potentially lower oil prices. As you can see, the Colombian economy is exposed to internal and external risk factors that could generate volatility throughout the year, such as the diplomatic and commercial relations with the U.S., Colombia's fiscal situation, and upcoming elections in 2026. We'll keep monitoring potential impacts going forward. Please move on to Slide 4, where we will see some figures of the Colombian financial system. In the top left chart, we can see that the system's total loan portfolio showed an annual growth of 3.8% as of the first quarter, driven by higher economic activity. Regarding loan interest rates, following a significant decline driven by the cap rate reduction in 2023 and 2024, the pace of this downward trend began to slow during the quarter, following the central bank's monetary policy stabilization. As a consequence, the system [PDL] over 90 days decreased in the first two months of 2025, reaching 3.4%, with improvements across all segments. In general terms, we're expecting better growth dynamics this year, with the total credit portfolio of the system increasing by around 6%. Moving on to Slide 5. During the first months of 2025, Central America demonstrated a relatively moderate economic performance, reflecting the region's stability and adaptation capabilities to navigate global economic headwinds. We expect the region's GDP to grow around 3.2% this year. Inflation in the different countries continued to improve. In the case of Honduras, despite the increases seen in the intervention rate during 2024, the central bank has kept its monetary policy rate stable at 5.75% since inflation is already within its target range. In Costa Rica, the central bank maintained its intervention rate at 4% as inflation is approaching the lower bound of its target. Regarding credit ratings, Fitch upgraded El Salvador's sovereign credit rating as they observed a reduction in financing needs and an easing of financial constraints, supported by regained market access and the recently announced IMF program. As for Costa Rica, Fitch Ratings assign a positive outlook. According to the agency, despite some moderation in fiscal gains, the country is showing solid growth, improvements in its external position, a gradually declining debt trajectory, and a continued achievement of primary surpluses. Moving on to the quarter's main financial results on Slide 6. Our loan portfolio closed at around COP 144 trillion, reflecting an annual growth of 6% and showcasing higher dynamics across our business lines. During the quarter, the loan book decreased by 1.3% due to temporary impacts such as the peso appreciation, prepayments, and modest credit demand. Additionally, we continue to observe positive trends across all main lines of our P&L. The net interest margin, including FX under rebates for the quarter, expanded by 19 basis points, and the cost of risk continued to decrease, closing at 2.41%, reflecting a substantial improvement compared to a year ago. These trends have broadened risk-adjusted margins, reflecting improved income generation capacity. Non-financial income grew by nearly 2% during the quarter, and operating expenses decreased by approximately 3%, contributing to a net profit of COP 291 billion, a three-month annualized return on average equity of 7.19%, and a CET1 of 11.18%. As you can see, our results reflect that we have started 2025 on the right track. In line with the strategy we shared with you last quarter, I would like to highlight some areas of progress. We continue focusing on our growth initiatives across the different business segments, and given the consistently strong asset quality achieved in consumer originations, we see the possibility of further accelerating disbursements and seizing growth opportunities in the coming periods. During the quarter, we continued executing our funding strategy to optimize costs. This included the natural repricing of liabilities and replacing high-cost deposits with more stable and lower-cost sources, such as retail and SMB funds, helping us improve our funding profile and margins. Additionally, we maintain a strong focus on customer experience with simplified digital and hybrid flows and the continuous evolution of our platforms and apps with increased security and resiliency. In terms of efficiency, we've been advancing our initiatives, which are reflected in real-time expense growth. These efforts, supported by our comprehensive multi-channel offering, will enable us to achieve our objective of becoming our customer's primary bank. In line with this goal, in the next slide, I want to dive deeper into our strategy of moving people's and businesses' money. This strategy serves two purposes: providing an integral set of solutions for our customers so they choose Davivienda as their bank, and increasing our share in monetary transactions, improving our funding costs. At Davivienda, we remain committed to enhancing our clients' experience by providing secure and hybrid solutions that simplify how individuals and businesses move their money primarily in five verticals: sell, collect, buy, pay, and transfer. Our strategic priorities include developing robust offerings and integrated platforms, expanding acceptance and interoperability, and enabling a seamless flow across multiple systems and networks. Starting with the buy and sell verticals, we currently provide the most robust acceptance offering in the market in the acquiring end, coupled with account-to-account instant payments and new e-commerce payment solutions through ePayco, which allows us to support businesses of different sizes in their quest to increase their sales while guaranteeing fully digital flows and strong security standards for individual purchases. Enabled by these capabilities, we have increased our process volumes in the commerce end by 12% and by 14% in the individuals end on an annual basis. In terms of the pay and collect verticals, we've built sector-specific solutions for businesses and government entities to collect resources, along with customized portals and multiple alternatives to connect the bank with enterprises' core systems, achieving an overall 15% growth in collections annually. Conversely, we enable every type of payment, from utility bills to taxes and providers' payments, while strengthening our physical channels to ensure accessibility and coverage, reaching a 12% increase in paid volumes over the past year. Finally, our multi-channel approach supports transactions in Colombia and abroad, expanding access and financial inclusion. We are pioneers in enabling transfers made through instant payment methods, and we lead the market in remittances, reflected in the 15% annual increase in the number of transactions sent and received through Davivienda and DaviPlata accounts. As you can see, we're advancing towards an enriched portfolio of solutions in payments and transfers, which will leverage our capabilities to reach more customers. Please move on to Slide 8 to see DaviPlata's main results. DaviPlata continues to be an effective platform to acquire customers, capture low-cost funding, and generate additional income. Over the last 12 months, performance has been strong across all key figures, with customers increasing by 6%, deposits above 20%, transactions by 28%, purchases by 31%, and income by 4%. There were some contractions on a quarterly basis due to a seasonal effect of usually high transactionality by year-end. In terms of DaviPlata's credit business, we've been increasing disbursements as seen in the bottom right graph, supported by our underwriting capabilities and asset quality control, which will enable us to strengthen the credit offering through a platform. We're excited by DaviPlata's business generation potential and will continue to work to increase customer activity through user experience enhancement and AI tools. Let me turn now the call over to Álvaro to continue with the presentation. Thank you, Javier. Good morning, everyone. Please move on to Slide 9, where we will analyze the evolution of assets. Our total assets close at COP 190 trillion, increasing by [0%] during the year, reflecting the positive evolution of our business and the dynamics we have added to our credit portfolio over the past months. When excluding the impact of the Colombian peso appreciation, assets will have grown by around 1% during the quarter, mainly supported by the investment portfolio in line with our liquidity management strategies in response to market expectations. By the end of March, Colombia's operations represent around 73% of our consolidated assets, and Central America represents the remaining. Please move on to Slide 10. During the last 12 months, our consolidated loan portfolio has grown by 6%, supported by improved credit demand in Colombia and stable performance in our international operations. However, during the quarter, the book showed a 1.3% contraction, mainly explained by the peso appreciation, which impacted the growth in all business lines. In terms of the performance by segment, the commercial loan book remained stable when excluding FX impact, mainly due to some prepayment in Central America. The mortgage portfolio continued to show solid performance, growing by around 2.4% when excluding FX, supported by steady disbursements in more favorable interest rate conditions for customers. Finally, the consumer portfolio decreased during the quarter, in line with the natural dynamic of payments, maturities, and some write-offs. However, it is important to note that the rhythm of contraction has been slowing down, reflecting the strategy we have put in place to gradually increase disbursements, which we will cover in more detail later. In terms of our international operations, the loan portfolio has grown 4.9% in dollars during the last 12 months, mainly driven by mortgages and consumer loans. During the quarter, it decreased by 0.6% in dollars due to commercial customers' prepayments, seasonal FX, and adjustment in our origination policies to support asset quality. Moving on to Slide 11, we present an update on our PDLs and coverage ratios. As shown in the top-left graph, the total PDL ratio remained stable at 4.4%. This behavior aligns with the trend we anticipated: continuous improvement in the consumer portfolio asset quality and some pressures in the commercial and mortgage books. In the commercial segment, we observed a slight deterioration during the quarter, particularly related to a few corporate clients in the construction, industrial, and services sectors. However, they have started to stabilize, and we expect improvement to be reflected in the second half of the year. The mortgage PDL showed improvements in both 90 and 120-day ratios due to the better origination standards, adjustments in collection strategies, and a favorable interest rate environment, which has supported clients' payment capacity. We expect this positive performance to continue going forward. In this sense, total PDLs shall continue improving throughout the year, continuously supported by improvements in consumer asset quality and stabilization in the commercial and mortgage segments. As shown in the bottom right graph, we have been working to increase provision for all portfolios, which has translated into quarter-on-quarter improvements in coverage for all segments since March last year. However, total coverage has decreased annually due to the book's mix, with the commercial and mortgage portfolios increasing their share. In any case, we will continue rebuilding coverage and expect the total ratio to close above 90% in 2025. Please remember that when including collaterals, coverage increases to around 141%, reducing the potential negative impacts on the P&L. Please move on to Slide 12, where we will see the evolution of the consumer portfolio in more detail. As shown in the bottom graphs, we continue to observe strong performance in the early PDLs across recent consumer vintages, along with a consistent decline in provision expenses. These facts reflect that we have achieved a significant improvement in the risk profile of the consumer book, which enabled us to pursue new growth opportunities in this segment. In recent quarters, we have gradually increased disbursements, with a strong focus on maintaining controlled risk levels, supported by targeted strategies to reach new segments and deepen relationships with existing customers. As macroeconomic and individual conditions continue to improve and our models perform consistently, we expect to see a gradual acceleration in disbursement over the coming quarters and, therefore, an increase in the consumer book share among the total loan portfolio. Please move on to Slide 13, where we will see the evolution of the cost of risk, provision expenses, and loans by stages. The cost of risk for the quarter was 2.41%, decreasing by 7 and 276 basis points compared to the fourth and fifth quarters of last year, respectively. This places us around the pre-pandemic levels, more aligned with Davivienda's history. In general terms, we are expecting similar cost of risk for the next quarters, allowing us to reach our guidance of 2.4%-2.6% for the full year. Regarding loans by stages, we observe an increase in stage one and three exposure and a decline in stage two, particularly in the commercial portfolio. This reduction is associated with a shift in the portfolio's composition. In In the consumer segment, risk has normalized, while in commercial, we saw some transition to stage three. Coverage levels remain relatively stable across stages. The decrease in stage two coverage is explained by the portfolio mix already mentioned and a lower need for provision, given the collateral levels of customers recently classified under these stages. Please move on to Slide 14. During the first quarter, we continue to strengthen our funding base, supported by the strategies Javier shared with you before, which have allowed us to increase low and mid-cost deposits among the total mix. Additionally, we have been actively managing institutional demand and term deposits to optimize the overall cost of funding. In this sense, despite seeing an increase in CDs during the quarter, the overall base is being renewed at lower rates, enabled by their short duration. Bonds decreased quarterly and annually, driven by maturities, and credit decreased in the quarter due to exchange rate effects. In general terms, our liquidity levels remain solid, as reflected by both short and long-term ratios, which align with our risk appetite framework and are supported by our ample liquidity reserve. Please continue to Slide 15, where you will see our capital structure. Our CET1 ratio stood at 11.18%, reflecting a quarterly increase supported by profit generation and a reduction in risk-weighted assets, particularly commercial and consumer loans. Our Tier 2 and AT1 levels decreased slightly, mostly due to the appreciation of the Colombian peso during the quarter, which affected the value of subordinated debt issued in foreign currency. However, our total capital adequacy ratio reached a solid 15.62%, providing sufficient room to support the execution of our strategy. Please move to Slide 16, where we present our margins. As shown in the lower right graph, our quarterly NIM, including FX and derivatives, reached 5.68%, increasing by 19 basis points compared to the fourth quarter. The overall margin performance remained strong despite a lower contribution from derivatives due to the peso appreciation. The main positive driver was the inflation index portion of our loan book, which contributed positively due to the higher monthly inflation ratings during the early part of the year. However, this is a cyclical effect that had one-off impacts on margin this quarter, and it is not expected to persist going forward. Instead, we anticipate more stable loan income dynamics for the remainder of the year. Investment income also contributed to margin expansion during the quarter, growing by around 6% as a result of higher exposure to fixed income instruments and a higher interest rate. Additionally, the liability side continued to reprice efficiently, as described. Please continue to Slide number 17. Non-financial income totaled COP 620 billion, growing by 1.9% compared to the previous quarter, mainly due to the seasonal effect of dividends received from non-controlled entities. Fee income declined slightly due to the fourth quarter seasonality, which typically reflects higher transactional activity, especially in card usage and payment. Expenses decreased by 2.8% quarterly, mainly due to our continued efficiency efforts and a usually higher base of expenses in fourth quarters. The annual salary adjustments and performance bonus explained the 9% increase in personal expenses. We continue to execute on our efficiency and productivity imperative, which is shown by real OpEx growth. Please note that our cost control efforts are not fully reflected in 12-month efficiency ratios, as growth and margins have remained modest. Please move on to Slide 18 to analyze the bank's results. We continue seeing a positive trend in the bank's profitability. In fact, in the fifth quarter of 2025, profits reached COP 291 billion, equivalent to a quarterly annualized ROE of 7.2%. This recovery has been driven by the resilience of the net interest margin, the continued reduction in credit risk expenses, and strict cost control. Out of the total profit, approximately 74% came from the Colombian operation, while 26% was contributed by our Central American subsidiaries. To finish the presentation, please move on to Slide 19, where we will share our expectations for 2025 on Davivienda's standalone business. In general terms, we are maintaining the guidance provided last quarter since some factors, such as U.S. Policies and local fiscal situation could impact the economic activity in the countries where we operate. We expect our consolidated loan book to grow between 6%-8% this year, with the commercial and consumer portfolio growing by around 7%-9% and the mortgage segment growing between 4%-6%. We expect asset quality to keep improving, with a total 90-day PDL ratio between 3.5%-4% by year-end. Our net interest margin should close between 5.6%-5.8%, and the cost of risk should significantly improve compared to 2024 levels to 2.4%-2.6%. We expect non-financial income to grow between 4%-6% and OpEx between 5%-6%. As a result, we expect our return on average equity to close between 5.5%-7.5%, considerably improving compared to 2024 and 2023 figures. Regarding capital ratio, we expect to close with a CET1 around 11% and a total capital ratio around 15%. Thank you. We can move on to the Q&A. Thank you very much. With that, we will begin the question-and-answer session. We will first take the questions from the phone call and then read the webcast questions. If you're over the phone line and have any questions, please press the star button and number five to access the Q&A feature. If you use a speakerphone, you may need to pick up your handset before pressing the numbers. Once again, if you have any questions, please press the star button and then press number five to access the Q&A feature. For webcast participants who wish to send questions through chat, please click the button with the question mark at the bottom of a webcast screen. If you have more than one question, we recommend sending a single message with all your questions and sending questions that have not been previously answered. Right now, we are standing by for questions. Once again, if you are over the phone line and have any questions, 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. For webcast participants who wish to send questions through chat, please click the button with the question mark at the bottom of the webcast screen. If you have more than one question, we recommend sending a single message with all your questions or questions that have not been previously answered. Our first question through our phone line comes from Mr. Nicolas Riva from Bank of America. Mr. Riva, the floor is yours. Hi, and thanks very much for the chance to ask questions. I have two questions. The first one, if you can comment, I know you have the guidance for the full year, and in the first quarter, your ROE came in very close to the upper end of the guidance, 7.2% ROE in the first quarter. If you can discuss your expectations specifically for the coming quarters, basically for the second quarter, and if you expect ROE to improve throughout the year, again, given that your 7.2% ROE just in the first quarter is very close to the upper end of the guidance, the 7.5%. My second question, if you can give us an update in terms of getting the approvals for the acquisition of the Scotiabank assets in Colombia, Costa Rica, and Panama. What I remember, what I seem to recall, is that you had said that you expected the transaction to close, to get all the approvals and close it by the end of this year. If you can give us a comment where you are regarding approvals and when you expect the transaction to close. Thanks very much. Thank you very much, Nicolas. It is a pleasure to have you on the call. Regarding your first question on ROEs, yes, we are actually at the upper end of our guidance. We believe that the quarter, the first quarter, was a strong quarter because of the reasons that I mentioned during the remarks in terms of NIM expanding and credit losses coming down as we expected. We did better than what we were expecting for the first quarter. Part of it is there's a seasonal effect with the inflation, part of the inflation-linked part of the portfolio, which is called the UVR, which is inflation-linked loans that accrued at a higher rate, and that's a seasonal effect that usually happens during the first couple of quarters. We expect that to be different for the second half of the year. Regardless of that, we believe that we could be somewhere at the top of the guidance. We don't want to change the guidance at this time because of all the uncertainty that we have in the environment on the international side and the Colombian internal side in terms of the fiscal situation of the country, how growth is expected, the fact that we're going to have uncertainty due to a political cycle. We wanted to be cautious on maintaining the guidance without any change and waiting for a few months until we see a clear path in terms of an update of the guidance. We are confident that the numbers are coming strong. Regardless of the seasonality that I mentioned, we believe that the numbers are coming well. Yet, we expect we want to be cautious because of all the uncertainty around us and wait a few months to update our guidance and see how things evolve during the following three months. In terms of the approvals, the approval process is going with no difficulty so far. We've already filed for approval in the different jurisdictions in Colombia, Costa Rica, and Panama, which are the ones that are involved with the transaction with Scotia. Also, we've already filed with El Salvador and Honduras, which also have to approve the transaction due to the fact that Scotia will be an indirect shareholder of the operations that we have in those countries. Those filings have been made. The feedback that we've got from the regulators is very positive in all of the jurisdictions. Our schedule of having the authorizations before the end of the year and then closing the transaction before the end of the year is still in line. Let me remind all of you that when we close the transaction, we will be still operating the banks, particularly in Costa Rica and Colombia, as separate entities, and then we will have a process of merging the operations. It's a two-phase approach in which in the first one, there will be a new shareholder composition, a new control for the different operations, but the integration, the actual integration in terms of operations will be something that we'll see during next year. Thanks very much. Thank you, Nicolas. Thank you very much. We'll read the instructions once again. If you're over the phone line and have any questions, please press the star button and number five to access the Q&A feature. If you use a speakerphone, you may need to pick up your handset before pressing the numbers. Now, for the webcast participants who wish to send questions through our chat, please click the button with the question mark at the bottom of the webcast screen. If you have more than one question, we recommend sending a single message with all your questions and sending questions that have not been previously answered. Right now, we have one question through our phone line coming from Banco Santander. Please, the floor is yours. Mr. Andres Soto, from Banco Santander. Good morning. Thank you for the presentation. My question is regarding, again, on your guidance. I would like to understand what are the lines where you see potential risk to this. Again, it looks like you are tracking for stronger-than-expected results at the beginning of the year. I would like to understand regarding your NIM, if there is additional space to improve, or we may see some pullback there. In terms of cost of risk, given that your guidance suggests between 2.4% and 2.6%, if you see a space for additional deterioration. Andres, thank you for your questions. In terms of NIM, we're seeing, as I mentioned before, there's some seasonality effect on the inflation-linked part of the portfolio. We're not expecting that to happen over the second half of the year. We see still a path to improve NIM through the strategy of working on transactional deposits and lowering our cost of funds due to this strategy, which is actually working as expected. That is a structural improvement that we're working on. It's not something that we'll capture in just a single quarter. It's a medium-term process in which we are growing on those transactional deposits that will actually improve our NIM. There's also some uncertainty on the cap rate for the consumer book. The cap rate has come down, but it has stabilized over the last three months. If interest rates, if central bank interest rates come down, that could put some pressure on the cap rate that could come lower, and then that also could impact our NIM. That is on the risk side of our NIM, although we still have some room to reprice some liabilities. All in all, I think that we will be able to maintain our NIM levels and probably improve them, but there are risks. These are the risks that we are seeing in the short term. In terms of credit quality, we are definitely improving on the consumer side, and we keep improving. The numbers are coming the way that we were expecting, actually a little bit better than what we were expecting. In terms of the commercial portfolio, we're seeing some deterioration on loans that were fragile, loans that have some type of issues that are going through a P&L. We are not seeing new loans coming into difficulty. We're seeing a stabilization of that part of the portfolio. We're doing some work also on improving coverage. Cost of risk is also affected because we want to improve coverage on the commercial book. That's part of the reasons why on the commercial side, the cost of risk is going up. If you look at the overall PDLs, they're coming down, and we still are expecting them to come down. The fact that the commercial cost of risk is going up is partially due to the fact that we want to improve coverage in some operations in our portfolio, and we believe that's the best way to handle some of those loans that may have some issues later on. That is not a trend that we're seeing across the portfolio. The portfolio is stabilizing. The same is happening for the mortgage portfolio. We had an increase in delinquency in the mortgage portfolio, but that has stabilized also, and it's actually starting to come down. We still have some room to improve on cost of risk, but it's going to take a few quarters to keep improving. The consumer portfolio, on the contrary, is actually improving, and we see that happening for the remainder of this year. Thank you so much, Javier. When you think about potential medium-term ROE, let's think for now, excluding the Scotia deal, do you think how much improvement do you have from current levels considering the challenges that you mentioned regarding interest rate caps in Colombia? Andres, on medium-term ROEs, next year, as you mentioned, will be impacted by the integration with Scotia, not because we will be able to capture the synergies, but because we'll have the integration expenses. It's actually going to be a little bit tricky because of those expenses. On medium-term ROEs, we're expecting we're seeing a trend towards anywhere around 13%, and that could be higher when we integrate Scotia. That's going to take us a couple of years to get to those levels. We need to still grow on the loan book. For that, we need demand on the loan book that, with the current state of the Colombian economy, is slowing down. We're expecting that to take a couple of years on this steadily increase on ROEs to get to those levels. We're seeing the potential there on expenses. We're actually doing a very good job. The 9% expense growth that you see on the numbers is somehow affected by two factors that are non-recurrent. One of them is actually the Scotia transaction expenses. Some of it has to do with the fact that there's a change on our employee cost due to bonuses that we paid this year that we didn't pay last year. When you factor all those into account, you'll see that our 9% is actually lower. It's about 300 basis points lower. We're actually growing below the on expenses, below the loan portfolio growth. We still see room for the loan portfolio to grow at a faster rate. There's a potential to improve our ROE due to operational leverage. There's a potential due to NIM, and especially in a structural way through transactional deposits. On cost of risk, we're still going through a phase in which we're having a cost of risk that is higher than what we are expecting in the medium term. Perfect. That's very clear. Thank you, Javier, for your very complete answer. Thank you, Andres, for your question. Thank you very much. We will now proceed with our questions coming from our webcast platform. Our first question comes from Mr. Olavo Arthuzo from UBS. His question is, "Thank you for taking my question. On DaviPlata, one, what happened this quarter on the activity rate that dropped to 28% from past quarters above 30%? Two, could you provide what is the current ROAA, the operations is running, and what is the midterm target for DaviPlata? Thank you. Thank you, Olavo, for your questions on DaviPlata. There is a seasonality effect on DaviPlata because at the end of last year, we had, of course, the end of year is a season in which there is an increase in activity in DaviPlata. And one year ago, we were paying some government subsidies that programs, those are also seasonal programs that were not in place this year. There is a basis change on that front. If you look at the numbers in terms of the transactions and the number of how we measure how the platform's doing, you can see that in terms of transactions, of monetary transactions, we're going 28% year over year. In terms of purchases on the platform, it's growing at 31%. We're seeing in terms of low-amount deposits, it's actually growing on a 21%. The health of the platform is actually quite good. We're seeing an opportunity to grow on the credit side. We were very cautious on the credit side on DaviPlata because of the cycle that we were in. That has changed. The cycle has changed. We've put in place some underwriting tools that help us be more aggressive on the credit side with all the protections that we need for the portfolio. That is why you can see that disbursements on DaviPlata are starting to pick up. We are growing at a 66% rate quarter over quarter. We expect that to continue. We expect the disbursements on credits on DaviPlata and the platform to keep growing. That is going to increase the profitability of DaviPlata. We expect that to help us bring the platform to a breakeven point probably sometime next year. Thank you very much. Now we will move on to our second question coming from our webcast. This question comes from Mr. Daniel Mora from Credicorp Capital. He says, "Considering the positive profitability of the first quarter 2025 of 7.1%, what are the risks that Davivienda sees that could take the ROAE to lower the band of a guidance, or what are the positive factors in this quarter that would not repeat throughout the year?" Thank you. Thank you, Daniel, for your question. I've already gone through some of these reasons on the ROEs. On the expectations, as I mentioned before, there's the inflation-linked part of the portfolio that had a very good, strong performance during the first quarter. That will not be the case for the following quarters. On the other end, we still have some liabilities that will be repriced, as well as the enhancement of the transactional deposits base that is happening. All in all, there are risks of going to a lower NIM than that could actually lower our ROE. On the other hand, we're seeing an improvement in the structural NIM due to lower cost of funds in general. That could also imply that we could still be at the higher end of our guidance for the ROE. The trend that we're seeing is a good trend. If we keep consolidating the cost of risk in the way that it is going, we could actually be a little bit higher. As I mentioned before, we want to be cautious and keep the guidance unchanged until the next quarter. Thank you very much. Our next question comes from Mr. Alonso Aramburu. I'm sorry, from Arnon Shirazi from Citibank. He says, "Hi, my question is related to credit expectations. When could we see some acceleration in which segments, taking into account that delinquency trends are still mixed?" Thanks. Thank you, Arnon, for your question. What we're seeing now on the commercial book, we're seeing some demand is, of course, somehow impacted by the uncertainty that we're seeing on an international level, but also at the domestic level due to the fiscal situation and still some political uncertainty. There are mixed feelings among our customers in terms of going through with the investment projects. We're seeing some demand, and demand is peaking in some customers. Some other customers are still waiting to see how things evolve during the following months. Growth for the Colombian economy is actually improving. We're expecting 2.6% of GDP growth. As things become clear, probably in the following quarters, we'll see some demand pick up on the commercial book. On the consumer side, we're starting to see an improvement there. We were actually very cautious on disbursements last year because we have very good control of our cost of risk as of now. We're actually being a little bit more aggressive. We are expecting growth on the consumer side for the following quarters. We have been on a negative trend on decreasing the size of the portfolio on the consumer loans. That is actually changing. If you look at the trend, those numbers in a few months will be actually turning around, and we will be growing on the consumer segment. On the mortgage side, we are seeing a strong first half of the year. We are expecting that to slow down for the second half of the year because of the lack of subsidies from the government for social housing that was somehow fueling demand, but that is not going to be there for the second half of the year. Overall, we're expecting around 6%, 6-8% growth on the portfolio based on the mix of the three books that I just mentioned. Thank you very much. Our next question by Mr. Alonso Aramburu from BTG Pactual has already been addressed by management. We'll move on by the question from Mr. Sebastián Gallego from Ashmore. He's got multiple questions. One, could you please share the ARPAC and cost to serve at DaviPlata? What is the evolution of these indicators over the last years? Two, can you provide more color on the potential client overlap with Scotia? Can you please share the process to integrate the core banking on both banks? How is the process to migrate the cloud once the integration is completed? Thank you. Sebastián, thank you for your questions. In terms of DaviPlata, what we're seeing is an ARPAC that is close to COP 1,900 per active customer. Those numbers are actually being steady. We expect them to increase because of the credit business that I mentioned before. Those numbers are the numbers that we have in, not considering the benefits of the credit business that we're starting to actually get into. We had a credit business, but we somehow were closed for a few months, and we're now beginning to pick it up. Those numbers do not include the benefits of the credit business that are significant. On the other hand, on cost to serve, it is close to COP 1,000, and it is coming down. It is coming down because of efficiencies, because of use of technology, automation, and some of the processes on serving our customers. We have expectations to lower significantly those numbers. We are seeing a first quarter in which some of these numbers are actually coming down close to COP 700. So we're on the right train to come down in terms of improving the cost to serve on DaviPlata. You have a question also on potential client overlap with Scotia. Of course, being the size that Davivienda has on Colombia, there's significant overlap. We have, in some lines of businesses, 15%-20% market share. So we're expecting an overlap that is around that. We don't have specific numbers because, as we are still not giving the authorizations, we cannot share customer information. But our expectation is that we will be able to continue to serve those customers through a combined operation with better value proposition for those customers. We expect to actually improve the offer to those customers that are already in Scotia and with new capabilities of Davivienda, regardless of whether they are Davivienda customers or not. We are expecting to limit churn on customers due to overlap. That is something that usually happens in these types of processes. We do not have specific numbers because of the reason I mentioned before. We are not allowed to share customer information at this stage in the process. You have also a question on the integration, on the operations, on the core banking. At this time, as I mentioned before, we are going through a process of being ready for what we call legal day one, which is the day in which we will be able to control the operations, which does not necessarily mean that we will integrate the operations. That's something that will happen at a later stage. What we're seeing is that technology has been evolving fast. We don't need to change the core banking systems to actually improve the value offered to these customers. There are many layers of technology that are on top of the core banking systems, which are on the channels and digital channels that are already cloud-based, that are the ones that have features that make the experience for our customers better. Those types of features are features that we will be able to connect to the existing Scotia on course at a faster rate than what we would have done a few years ago. The core banking systems is something that we will take on at a later phase. The situation is different in each country. For example, in Costa Rica, we were starting a process to move to a different core banking system. What we see is that Scotia has a solid core banking system. We will probably move towards their core banking system as opposed to acquiring a new one. There are different scenarios in each one of the countries. In Colombia, we're looking at the different components of the technology stack to make sure that we take the best path in terms of integration. That is going to take some time. It'll take us probably two or three years to put it all together. That does not mean that we will not capture the synergies for two or three years. It will be a phased approach in which we will be integrating components. Some components that are being used at this time will not be necessary any longer. That process is a step-by-step process. Thank you very much. At the moment, there seems to be no further questions. With this, I want to return the floor to Mr. Javier Suárez for any closing remarks. Mr. Suárez, the floor is yours. Thank you very much for being with us this morning. As you've seen, we're on the right track. We're on the right track to improve our profitability. We decided to maintain our guidance at the level that we are, although the trends that we're seeing are favorable. We prefer to be cautious due to the uncertainties that we have in the environment. We expect to give you better results for the second quarter as this trend continues to improve. Thank you very much for being here with us today. We expect to see you in August for our second quarter call. Thank you very much. Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. 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