Welcome to the Davivienda Second 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, and Mr. Álvaro Cobo, Chief Risk Officer, will join us to discuss the quarterly results that have been released. If you haven't 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. Afterward, 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 Mitigation 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. If you're over the phone and have any questions, please follow these instructions once the management presentation has ended. Press the star button and number five to access the Q&A feature. If you use a speaker phone, 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 with 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. With this, I'm now pleased to turn the call over to Mr. Javier Suárez, Chief Executive Officer. Mr. Suárez, the floor is yours. Good morning, everyone, and thank you for joining us today for the Davivienda's Second Quarter Earnings Conference Call. We are pleased to present the financial results for the second quarter of 2025, which confirm the solid progress we have achieved across our core business. These results reflect effective risk and cost management, along with particularly strong performance in some lines of our P&L. We expect 2025 to continue demonstrating the successful execution of our strategies and the strength of the capabilities we've built, showing a consistent path toward Davivienda's potential for growth and value creation, even amidst an uncertain environment that continues to present mixed signals both globally and locally. On slide three, we have an overview of the macroeconomic environment in Colombia. During the second quarter, the global economy continued to show signs of deceleration. Rising trade tensions are prompting a reconfiguration of global supply chains and leading many countries to adopt more protectionist policies. Turning to Colombia, recent data confirms the gradual recovery of domestic economic activity. According to the Economic Activity Indicator, ISE, the economy grew by 2% year-over-year in April and May, supported by strong performance in sectors such as commerce, transportation, and financial services. Inflation continued its downward trend. As of June, annual inflation stood at 4.82%, its lowest level since late 2021. This decline has been driven mainly by lower regulated prices and a continuous slowdown in food inflation. From a fiscal standpoint, the updated medium-term fiscal framework confirmed the activation of the fiscal rules escape clause for the next three years. This decision reflects the structural rigidity of public spending and lower-than-expected tax revenues. Consequently, Colombia's sovereign credit rating was downgraded by Moody's to Baa3 and by S&P to BB. In this context, the Central Bank has maintained a conservative approach, decreasing the monetary policy rate by 25 basis points in its April meeting and keeping it unchanged at 9.25% in July. This is aimed at preserving monetary stability in the current environment, which still presents both domestic and international risks. Regarding consumer sentiment, between March and June, consumer confidence showed a moderate decline. However, the perception that it is a good time to take on financial obligations remained relatively high, highlighting a stable credit sentiment. In terms of the exchange rate, the Colombian peso appreciated by 3% quarter- over- quarter, supported by the global weakness of the U.S. dollar. Despite the current uncertain context, we expect GDP to grow around 2.5% in 2025, still supported by higher government spending and employment levels. We anticipate annual inflation closing the year in the 4.7% - 4.8% range, and the monetary policy rate reaching 8.75% by year-end. Looking ahead to 2026, uncertainty remains mainly related to the pursuit of a fiscal consolidation process and the upcoming electoral cycle. Please move on to slide four, where we will see some figures for the Colombian financial system. During the second quarter, gross loans in the Colombian financial system grew by 4.8% year-over-year, supported by higher disbursements across all segments. The consumer portfolio returned to positive territory with an annual growth of 1% after 19 consecutive months of contraction. In terms of credit quality, credit risk indicators continue to improve. As of May, the [90-day] PDL ratio for the system dropped to 3.3%, the lowest since March 2023, driven by lower past-due loan formation and stronger performance in consumer lending. The cap rate for June was set at 25.6%, with lower levels during April and May and increases in June, reflecting higher volatility since the methodology change. Lending rates in Colombia continue to trend downward across most segments during the second quarter. The most significant decrease was seen in consumer rates, influenced by the cap rate. Commercial mortgage loan rates declined slightly due to competitive pressures seen across the system. However, the rebound in long-term rates and higher consumer disbursements suggest limited room for material declines in the cap rate going forward. Moving on to slide five. During the second quarter of 2025, Central America maintained a moderate pace of growth, with some signs of deceleration across countries. Inflationary pressures remain mostly contained, while monetary authorities kept their policy rates stable or made marginal adjustments in response to external and local conditions. Looking at specific countries, in Costa Rica, GDP grew by 4% in the first quarter of 2025, slightly below the first quarter. Inflation remained in negative territory at -0.2%, and the Central Bank lowered its policy rate to 3.75% in July. The exchange rate depreciated slightly during the quarter, and credit rating agencies maintained their ratings with positive outlooks. In El Salvador, GDP grew 2.3% in the first quarter, slowing compared to year-end 2024. Inflation stayed negative, and the IMF approved a new disbursement under its program, reflecting ongoing progress in macroeconomic management. In Honduras, GDP grew by 5.3% in the first quarter, with higher inflation at 4.7%. The Central Bank maintained its policy rate at 5.75%, and the Lempira continued its gradual depreciation. The IMF approved another disbursement aimed at increasing macro stability. Finally, in Panama, GDP grew 5.2% in the first quarter, but monthly indicators show a slowdown to 3.5% in April and May. Inflation remained in negative territory for the 10th straight month, mainly due to lower fuel prices. Looking ahead, we expect the countries in which we operate to maintain similar growth levels in 2025, while inflation will likely face upward pressure due to stronger domestic demand and rising external costs. Now, let's move on to the quarter's main financial results on slide six. Our loan book grew by 1% during the quarter and close to 4% annually, demonstrating solid growth in commercial and mortgage loans, alongside a continued recovery in the consumer segment. Most lines in our P&L continue to reflect positive trends. The net interest margin, including FX and derivatives, expanded to 5.83% this quarter, supported by a particularly strong performance of the investment portfolio and our FX strategy. Our cost of risk for the quarter closed at 2.7%, in line with our efforts to strengthen coverage across the book. Additionally, the bottom line also improved due to a lower income tax, primarily explained by the application of tax-exempt income. These combined effects led to profits of COP 434 billion for the quarter, translated into an annualized ROE of 10.65%. Our CET1 reached a solid 11.38%, improving 21 basis points quarterly and 125 basis points annually. This reflects capital replenishment supported by positive results over the past 12 months. In early July, we successfully issued $500 million in Tier 2 subordinated debt in the international market. We are very pleased with the outcome. The transaction received strong demand with a three-times over subscription and participation from investors in over 24 countries. Although the issues will be reflected in July's financial statements, performer figures show an increase of 159 basis points in our Tier 2 capital ratio and total capital ratio. These even stronger capital levels provide a solid foundation to continue supporting our growth strategy and anticipate future Tier 2 maturities. Please move on to slide seven to see DaviPlata's main results. We continue to observe positive results in DaviPlata's dynamics, with average deposits increasing by 5% quarterly and 18% annually. This reflects the platform's potential as a low-cost funding source. Additionally, the strategies we have implemented have allowed us to expand our credit business, aiming to gradually transform it into an interesting source of income. Moreover, we continue to observe positive trends in DaviPlata's transactional income, which has increased consistently quarter after quarter. This performance reflects strong dynamics in both purchases and transactions, reinforcing our confidence in the sustainability of this income stream. Beyond its financial performance, DaviPlata plays a key role in our strategy to move money across the ecosystem, one of our main strategic focuses over the past few years. In this sense, DaviPlata reinforces Davivienda's position in the payments front by contributing to debit card issuance and purchases, acting as an authorizer in payment gateways, interoperable codes, or physical terminals across both consumer and merchant channels. DaviPlata also acts as a pivotal collection channel within the bank, facilitating digital payments for public and private utilities, mobile top-ups, fines, and taxes. Most importantly, DaviPlata anchors on asset flows by retaining payroll, supplier payments, subsidies, and P2P transfers within the Davivienda ecosystem. This strengthens internal liquidity flows and supports the growth of stable low-cost funding for the organization. Now, I'll hand it over to Álvaro to go into more detail on our financial performance during the quarter. Thank you, Javier. Please move on to slide eight, where we will analyze the evolution of assets. Our total assets reached COP 189.5 trillion as of June 2025, slightly decreasing by 0.2%. However, excluding FX impacts, assets will have increased by 1.1%. Annually, total assets grew by 3.4%, primarily driven by the credit and investment portfolio. Cash and interbank balances decreased by 10.1% during the quarter, given lower foreign currency balances, partially offset by increased activity in the local money market. The investment portfolio totaled COP 23.1 trillion, decreasing by 2.1% compared to the previous quarter due to the maturities of fixed income instruments, particularly in Colombia. Annually, the investment portfolio expanded by 8.4%, driven by a higher position in local and international sovereign bonds, anticipating positive performance. By the end of June, Colombia's operations represent approximately 74% of our consolidated assets, with Central America accounting for the remaining 26%. Please, let's turn to slide nine. Our gross loan portfolio closed at approximately COP 145 trillion, expanding by 1% quarterly and 30.9% annually. This performance reflects continued growth in the commercial and mortgage segments, although at a more moderate pace than in previous quarters. The consumer portfolio has shown signs of stabilization, supported by our credit model, which has consistently enabled increased disbursements, as we will see later in the presentation. Analyzing each region's performance, the loan book in Colombia grew 2.1% quarterly and 4.4% annually, driven by stronger disbursements in the construction, industrial, energy, and hydrocarbon sectors, and positive credit demand for mortgages, primarily in non-low-income housing. In Central America, gross loans in dollars increased by approximately 1% quarterly and 4.2% annually, mainly due to mortgage loans. Costa Rica and El Salvador have demonstrated the highest growth basis, reflecting positive macroeconomic trends in both markets. On slide 10, we will review our past-due loans and coverage ratios. The total PDL ratio stood at 4.46%, remaining relatively stable compared to the fiscal quarter and decreasing by 20 basis points during the year. The commercial PDL increased by 14 basis points, primarily due to some specific clients in Colombia in sectors such as services, residential, construction, and agriculture. Despite the temporary pressure from the ratio, we expect the commercial PDL to improve during the second half of the year, supported by the stabilization signs we're already observing among SMEs and our reinforced monitoring, coupled with early management measures and client reviews. Consumer PDL is slightly increased by four basis points compared to the previous quarter, explained by some pressure in Central America's ratio due to adjustments in write-off policy in Costa Rica and some federation in El Salvador and Honduras. However, we have been taking the respective corrective measures and expected ratios to adjust in the remainder of the year. It is important to mention that asset quality in Colombia continues to improve, as new disbursements maintain sound risk profiles, as we will see in the following slide. The mortgage portfolio continued to show improvements, both 90 and 120 days PDLs decreased during the quarter, reflecting better credit quality in recent vintages, as well as some write-offs. The consolidated coverage remained stable compared to the first quarter, reflecting the continued efforts we have made to strengthen the ratio, which are particularly evident in the consumer portfolio, where coverage has been increasing for over 18 months. Despite some temporary impacts on commercial and mortgage coverage during the quarter, the underlying trend signals a gradual improvement. We remain focused on rebuilding these levels and expect the total coverage ratio to exceed 90% by year-end. Please note that when including collaterals, coverage reaches 140%. Now, let's look at slide 11. Consumer disbursements in Colombia increased during the quarter, supported by our analytics capabilities to reach customers within risk appetite under current interest rate limits, while tapping into opportunities in our existing customer base. This approach has been gaining momentum over the past months, and we continue to observe healthy early delinquency indicators across recent vintages. We are expecting to continue on this track, which should gradually translate into a higher share of consumer loans within our total portfolio. Please move on to slide 12. Provision expenses for the quarter totaled COP 982 billion, reflecting a cost of risk of 2.71%. For the remainder of the year, we will continue working to improve coverage while meeting our four-year guidance for cost of risk, which ranges between 2.4% and 2.6%. In addition, we continue to see improvement in the risk profile of the total portfolio, with stage one increasing to represent over 89% of the book and stage two decreasing to 5.7%. Let's turn to slide 13. Our total funding sources reached over COP 163 trillion, slightly decreasing during the quarter due to seasonal effects on demand deposits and maturity of bonds and credits. However, liquidity ratios remain at solid levels and are aligned with our internal frameworks. We have been working for some time in optimizing our funding mix to improve our cost of funds and have positively advanced on that goal. In terms of demand deposits, we have seen an increase in low-cost funds in Colombia of about COP 1.5 trillion in the quarter and close to COP 6 trillion in the year, as reflected in Colombia's funding mix breakdown. Additionally, we have been carefully managing institutional funds, term deposit renewals, and retainers to guarantee an efficient repricing of liabilities. In this sense, despite the increase in CDs, their average costs continue to improve. We are also advancing in our efforts to strengthen our position in the transactional ecosystem for individuals and companies. We believe that our enhanced capabilities in payment and transfers, along with the industry progress on instant payments, will continue to support our strategy and help us further optimize our funding costs over the medium term. As Bre-B becomes fully operational, we are deploying complementary strategies to strengthen all five verticals of our move-my-money strategy: buying, selling, paying, collecting, and transferring. While this unlocks enormous potential to reach a higher transactional base of individuals, we are also developing new capabilities to serve businesses through Bre-B We are ready to scale our ecosystem even further, fully aligned with the future of digital payments in Colombia. On slide 14, we will review our capital structure. Our CET1 ratio closed at 11.38%, increasing by 21 basis points during the quarter, supported by profits and lower risk-weighted assets, particularly in market and operational risk components. The annual trend underscores capital replenishment. Additional Tier 1 capital decreased due to the peso appreciation against the U.S. dollar and Tier 2 capital due to the lower weight of subordinated bonds and FX. As a result, our total capital adequacy ratio reached 15.58%. Additionally, the leverage ratio stood at 8.22% and risk-weighted asset density declined to 67.4%, which represents around 520 basis points of annual improvement, mainly explained by lower operational risk. Please move to slide 15, where we will present our margins. Our quarterly annualized NIM, including FX and derivatives, stood at 5.83%, 15 basis points up from the previous quarter. This performance was supported by strong results from both our investment portfolio and FX and derivatives, coupled with lower financial expenses, which outpace lower loan income. Treasury income was particularly high for the quarter, benefiting from an increased valuation of fixed income securities. FX and derivatives also had a good performance driven by the Costa Rican colon depreciation, as well as our FX strategy in Colombia. Financial expenses decreased by 2.1%, supported by our active management of cost of funds, the natural repricing of liabilities, and maturities across bonds and credits. Please continue to slide number 16. During the second quarter, non-financial income reached COP 597 billion, decreasing by 3.7% compared to the previous quarter due to a base effect related to dividends from non-controlled entities received during the first quarter. However, fee income grew by 2.4%, mainly driven by higher revenues from insurance sales and increased transactional activity. Operating expenses decreased by 1.1% compared to the previous quarter. Personal expenses declined by 1.3%, mainly due to a base effect related to performance bonuses paid in the first quarter, and operating and other expenses fell by 1%, driven by lower insurance renewal costs and a reduction in fees. The quarter's cost to income ratio was 52.9%, decreasing by 239 basis points versus the previous quarter. Let's turn to slide 17 to analyze the bank's results. Net profit for the quarter reached COP 434 billion, increasing by 49.2% compared to the first quarter, supported by the recovery trend of our core business, some abnormally high treasury and derivatives income, and lower taxes related to higher tax-exempt income from low-income housing. As a result, our return on average equity for the quarter was 10.65%. Colombia contributed 83% of the quarter's consolidated profit and Central America with the remaining 17%. Please move on to slide 18, where we will share our expectations for 2025 on Banco Davivienda 's consolidated business. In light of the results from the first half of the year and considering updated macroeconomic assumptions and a still uncertain environment, we have updated our guidance for this year. We continue to expect our consolidated loan book to grow between 6% and 8%, with commercial and mortgage portfolios as the main drivers, growing by around 7% - 9%, followed by the consumer portfolio expanding between 4% and 6%. We continue to expect asset quality to gradually improve with the 90-day PDL ratio closing between 3.5% and 4%. Our net interest margin, including FX and derivatives, is expected to close between 5.6% - 5.8%, while the cost of risk is expected to range between 2.4% and 2.6%. We anticipate non-financial income growth between 3% and 5% and operating expenses to increase by 4% - 5%, reflecting continued cost discipline and efficiency initiatives. As a result, we now expect our return on average equity to close between 7% and 8.5%, which reflects the continued consolidation of our recovery track. Finally, on capital ratios, we expect stability in our CET1, closing the year at around 11%, and a total capital adequacy ratio of 16.5%, incorporating the effect of the recently issued Tier 2 subordinated bond. Now, I will hand it back to Javier to go over the most recent developments in our corporate structure. Thank you, Álvaro. Now, please move on to slide 19. I'll start by explaining the main steps of our corporate structure transformation. As we shared in late June, our Board of Directors has approved Davivienda Group to be the new holding company for up to 100% of Banco Davivienda. This important step marks the beginning of a new stage in our evolution, aimed at enabling greater flexibility for the future and allowing us to integrate BNS operations. Davivienda Group has already been established in Panama by Grupo Bolívar and some of its companies and will have its effective administration in Colombia. Therefore, it will comply with Colombia's tax regime. It will be part of Grupo Bolívar's financial conglomerate, which is supervised by Colombia's Superintendents of Finance. The first step is to receive the regulators' approvals for the defined structure and the BNS transactions, which are progressing in line with the expectations we shared during previous communications of having all of them during this year. We have already received authorizations, no objections, from Panama and El Salvador and are in the process of obtaining the remaining regulatory approvals. Once we are authorized, we can begin the structure's implementation process, which includes the following main steps. Davivienda Group's common and preferred shares will be listed on Colombia's national registry, and Davivienda Group's preferred shares will also be listed on Colombia's stock exchange. After that, and with the corresponding authorization from the Superintendents of Finance, Davivienda Group will launch public share offerings for both common and preferred shares, allowing Banco Davivienda shareholders to become Davivienda Group shareholders by paying with their current shares on a one-to-one basis. At that time, we will officially invite our shareholders to participate in the offering and will be able to disclose further information on ownership rights, performer figures for the new structure, and expectations for Davivienda Group. Through this process, current Banco Davivienda shareholders who decide to participate in the offerings will be able to get the benefits of the new structure by becoming Davivienda Group shareholders. After the share issuance process, Davivienda Group will effectively become the new holding company for all of Davivienda's businesses. Please move on to slide 20. Both Davivienda and BNS will need to execute some steps to prepare their structures to continue with the process. Once both structures are ready, BNS will contribute its operations in Colombia, Costa Rica, and Panama to the structure in exchange for around a 20% stake in Davivienda Group. This will be a combination of newly issued preferred and common shares, whose final mix is still to be defined. This step will represent the closing of the BNS transaction. As a result, Banco Davivienda in Colombia will consolidate BNS operations in Panama and Costa Rica through Holding Davivienda Internacional. Meanwhile, BNS operations in Colombia will be consolidated directly by Davivienda Group. Additionally, given BNS's contribution of the Costa Rica and Panama operations, Davivienda Group will have a direct participation in Holding Davivienda Internacional, HDI, and therefore, Banco Davivienda will dilute its share participation in HDI. It is important to mention that Banco Davivienda will maintain a controlling position in HDI, and the value of its investment will remain the same as a result of its participation in a larger business. As we have shared with the market previously, in the first stage, the entities in Colombia and Costa Rica will operate independently. This intermediate step will allow us to begin to materialize synergies, evaluate next steps for the structure, and align best practices while ensuring business continuity and quality service for our customers. In Panama's case, Davivienda Panama will receive BNS assets and liabilities in the country, immediately integrating the operations on the legal day one. Let's now discuss the benefits unlocked by the creation of Davivienda Group. This new structure allows us to anticipate the benefits of integrating Scotiabank's operations into Davivienda by gaining centralized control early on without the requirement of an immediate merger. By managing both banks under a unified holding company, we can align governance and operational processes from the outset, reducing execution risk and accelerating the capture of value. This structure also gives us the possibility to evaluate the next phases of the integration in an orderly and strategic way and to plan on effective execution of synergies. Furthermore, the holding company allows us to adopt best practices from both worlds while preserving their individual strengths. This includes implementing the necessary adjustments to the operating model, harmonizing risk and compliance frameworks, integrating technology platforms, and leveraging complementary capabilities in retail, corporate, and investment banking. Davivienda Group will also enhance capital efficiency. As a holding company, it will centralize capital decisions, optimize allocation, and channel resources to the subsidiaries and business lines where they generate the highest return. It will also broaden our access to debt or capital at the holding level and allow us to eventually deploy strategic tools such as shared buybacks. Another key benefit is the increased flexibility we will gain in the long term. By having shareholders above Banco Davivienda in the group, they can participate directly in the value generated by all subsidiaries, both current and future. Additionally, this design makes it easier to incorporate new businesses, jurisdictions, or partnerships without complex restructurings and to adapt our corporate structure to future needs while protecting shareholder value. Finally, the group structure strengthens our ability to capture synergies across regions, align long-term business planning, and manage risk holistically. This is particularly relevant as we integrate new markets and operations into a single vision, enhancing our operational resilience and our capacity to respond quickly to changes in the economic and regulatory environment. Davivienda Group will have a solid financial profile and healthy capital levels reflected in leverage and indebtedness levels within the adequate ranges for holding companies. We're very excited about this process, which is a transformational step for the bank. We believe it will give us the flexibility to execute our strategy and advance toward our long-term vision while creating value for all our stakeholders. Thank you. We can now move on to the Q&A. Thank you. With that, we will begin the question and answer session. We will first take the questions from our phone 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 speaker phone, 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. For our webcast participants who wish to send questions to chat, 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 those questions that haven't been previously answered. Right now, we're standing by for questions. Once again, it seems like we have one question from our phone line. In the meantime, we're going to read the instructions. 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 speaker phone, you may need to pick up your handset before pressing the numbers. If you have any questions, please remember to press the star button and then press number five to access the Q&A feature. For those 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 or those questions that haven't been answered. Right now, we have Mr. Nicolas Riva from Bank of America. Mr. Riva, the floor is yours. Okay, thanks very much for the chance to ask questions, Javier and team. I have two questions. The first one is on the Tier 2 that you issued in July, the $500 million. I think you show in the slides your capital ratio pro forma for that, total capital ratio of 17.2%. My question is, what's the use of proceeds of the $500 million? It seems to be that you're going to have quite a level of excess capital after that compared to the minimum requirement of 11.5%. Again, use of proceeds of the $500 million if you consider making any acquisition with that money. The second question is on the corporate structure after consolidating the Scotiabank assets, which you have in slide 20. My question is if you can confirm that all of the Central American assets are going to be under the Colombian bank, under Banco Davivienda, because there have been other Colombian banks, such as Bancolombia, for example, that have spun off the Central American assets and now they have a cleaner, just Colombia-only bank with a balance sheet basically all in Colombian pesos. If you can clarify whether the Central American assets are going to be all under Banco Davivienda, and also what was the reason why you are separating the Scotiabank Colombia assets from the rest of Banco Davivienda? Thanks. Nicolas, good morning. Thank you very much for your questions. Let me start by the Tier 2 question. As you mentioned, we're getting to a very comfortable capital position with north of 17% on a total equity ratio. You have to take into account that we will have some maturing Tier 2 instruments in the coming months and years. We wanted to take care of that in advance, make sure that we have a strong capital position. From the capital position point of view, we wanted to have the certainty that we had a very good position. We see we have a trend of lowering that capital ratio during the next couple of years due to how the old Tier 2 that were issued many years ago are going to mature. It's just management of, on the capital side, it's management of the Tier 2 portfolio. Let me be clear that we are not looking for any more acquisitions at this time. We have our hands full. We believe that our focus has to be on making sure that we capture all the synergies with the Scotiabank transaction. The use of profits in terms of capital is to maintain the position and be in a strong position to take advantage of the opportunities of growth, organic growth with the operations once we have them consolidated. We believe that the consolidation of the operations will give us the opportunity to grow with a stronger presence in the markets in which we will be operating. With respect to the second question on corporate structure, as you can see on slide 19, actually slide 20, which is the post-integration structure, you can see that Holding Davivienda Internacional is a subsidiary that has two shareholders. One is Banco Davivienda and the other one is Davivienda Group. That's going to happen because Banco Davivienda, today, the controlling shareholder is actually the only shareholder of Holding Davivienda Internacional with 100% of our current investments in Central America. What is going to happen is that the operations of Scotiabank in both Panama and Costa Rica will be part of Holding Davivienda Internacional and they will be included in the transaction through Davivienda Group. They will not be included through Banco Davivienda. The new Holding Davivienda Internacional will have an increase in capital due to what Scotiabank is bringing us to the transaction. With those numbers, still more than 50% of Holding Davivienda Internacional will be controlled by Banco Davivienda. For that reason, those numbers will be part of Banco Davivienda Colombia numbers. They will consolidate under Banco Davivienda Colombia. We are looking at this as an intermediate step. We are focusing on the transaction with Scotia. We don't want to go into spin-offs at the Davivienda structure. The complexity of the transaction with the three countries in which we have to integrate the operations is significant. We want to focus on making sure that the execution is the right one. We are looking for new steps. Once we finish the consolidation of the transaction, we might come back and look into a cleaner version of this structure in which eventually some of those assets could come out of Banco Davivienda. For the coming months, we're focusing on the transaction, making it a smooth transition from the Scotia operations to Banco Davivienda. That's why, in the meantime, we're not thinking of spinning off those operations. The structure, having Davivienda Group, gives us the option to do that at a later stage. In terms of. Thank you very much, Javier. I think. Then the Central. Yeah, go ahead. The Central American assets are going to be more than 50% owned and consolidated by Banco Davivienda, by the Colombian bank. Yes, because the existing American assets are larger than the ones that Scotia is bringing to the transaction. Okay, thank you very much, Javier. Thank you, Nicolas. Thank you very much. With that, we'll move on to our second question on our phone line. Our second call comes from Mr. Brian Flores from Citibank. Mr. Flores, the floor is yours. Hi, team. Thank you for the opportunity to ask questions. I have two. They are a bit related. I just wanted to understand your guidance a bit because you reiterated most of the lines to increase or change your expectations in non-financial income, and you also changed operating expenses. However, the level of ROE switched importantly. I just wanted to understand if the main driver of this is what you could achieve in terms of controlling expenses, because that seems to be the case. I just wanted to clarify if that is the case or if you are seeing something better, because again, the rest of the lines were not revised upwards. If you could also elaborate on what in your vision is the bank's sustainable ROE. Thank you. Thank you, Brian, for your questions. We're actually updating the ROE, as you mentioned, to the 7% - 8.5% range. That's supported by the expectation that we have of better operating expenses, better management of operating expenses. Even though we haven't changed the other lines on the guidance, we believe some improvements within those ranges. In some of them, we will be a little bit better than what we were expecting. You may not see changes specifically in any of the lines, but internally within those guidances, we believe that we will have a better performance in some of them. The ROE guidance that we had before had an expectation on taxes also that were higher. We're expecting taxes to be lower, and that's also part of the reason why we're improving our ROE. Let me take on the question on taxes. The reason is that for the first quarter, for the guidance that we gave at the first quarter call, we had the expectation of not necessarily being incapable of using 100% of the tax exemption for low-income housing, the low-income housing portfolio. We were being quite conservative on our assumptions on taxes. What we saw during the first quarter, and especially during the second quarter, is stronger profits along those two quarters that gave us a high degree of certainty of our ability to use the tax exemption for the full year. That's why you see a decrease in taxes on the second quarter as compared to the first quarter. That's because we were actually using the tax exemption for both the first and second quarter during the second quarter. It was kind of a catch-up. For the third and fourth quarter, we're expecting the ability to use the average tax exemption for those quarters. When you factor that in, the fact that we were catching up to the tax exemption of the first quarter with this second quarter, and also that we will have the expected tax exemption for the third and fourth quarter, that gives us room also for improvement on the ROE expectations. In terms of sustainable ROE, we are moving upwards. We are expecting to be in double digits for next year. We have an expectation of a range of 14% - 16% once we go through the process of integrating the Scotiabank operations. We have the integration costs behind us, as well as the synergies. Sustainable ROE is around those 14% - 16% ROEs. Very clear. I just wanted to maybe clarify. In terms of the, I would say, the working assumption for 2025 of effective tax rate, should we be looking at, do you have a range or a certain expectation? Yes. It's actually the average of the tax rates that we've had for the first and the second quarter. What we expect for this year is an effective tax rate around 25%. If you look at the first quarter, it was very high, and the second quarter was close to zero. On average, what it's coming up is to around 25%. That's our expectation also for the third and fourth quarter. That's super clear. Thank you. Thank you, Brian. Thank you. Our next question comes from Mr. Andres Soto from Banco Santander. Mr. Soto, the floor is yours. Thank you, Javier and Álvaro, for the presentation. Just a follow-up on the tax issue. Thanks for the clarification that this is related to affordable housing mortgages. Do you guys also have any tax credit related to the losses that the company posted over the past year, or how do you expect the effective tax rate to be in 2026? Is it going to be the same 25% that you are expecting in the second half of the year, or is there any room for improvement based on those previous losses? Thank you, Andres, for your questions. We're expecting actually a little bit higher tax rate for next year, around 29%- 30%. That's because as we see a trend in the results of the bank, low-income housing will have a lower share of the profits on the total bank. We will have profits that will be taxed at a marginal rate, so our average rate will go up to 29%, 30%. In terms of tax credits, yes, we do have tax credits from the last couple of years. From an accounting perspective, what we see is that we're actually expecting taxes to be cost at the rates that I just mentioned because we took the benefit of those tax credits during the last couple of years. In terms of our P&L, we will see the tax rates that are the ones in the code with the exemption that I just mentioned. The benefit that we're seeing is that that's in accounting terms. In terms of cash flow, what we're seeing is actually we are not having to pay any taxes because we can use the tax credits in terms of payments of taxes to the tax administration. We're using the tax credit that is on our balance sheet as an asset, and it is becoming actually cash, as we don't have to have a cash disbursement to pay for taxes for this year and the coming years. That is very helpful. What is the size of that tax credit? It's around COP 3 trillion. Perfect. Thank you, Javier. The question that I actually had before we enter into the tax discussion was related to the timeline for the corporate restructuring. Do you have any? You already mentioned that you got approval from Panama and El Salvador, and I guess Colombia is coming up. Can you provide your expectation of when this will be completed? You made a comment saying that you are not expecting to integrate the Colombian operations yet. How long is it going to be for those two operations to operate on a separate basis? Considering that, what are your expectations for synergies and how long those synergies will take to materialize? In terms of authorizations, as you mentioned, we already have a couple of them issued. We're waiting for two more, and one of them, of course, is the Colombian authorization, which we have public information that the Superintendence of Banking or Finance has already mentioned publicly that he's very comfortable with the transactions. We're expecting that to come before the end of this year. We would expect to complete the first phase of the transaction before the end of the year, which would be the change of control of the operations of the Scotiabank operations that will be controlled by Davivienda Group. At the same time, the issuance of shares to the benefit of Bank of Nova Scotia in Canada, also by the end of the year. At that point in time, the Panama operations will be part of Davivienda Panama. That's because the operations that BNS has in Panama are a subsidiary of the Canadian bank. Those assets and liabilities will move towards our Panamanian operation right away at the time of the closing of the transaction. Costa Rica and Colombia are different. We will have the separate operations, the separate banking operations in both countries. We are already working on plans to integrate those operations, but we don't expect that to happen before the end of next year. We are being very careful in terms of making sure that we have the best experience for our customers. We are carefully planning that transaction, and we expect that to happen before the end of next year. We will be materializing some synergies along the way. We don't expect to have all the synergies materialized by the end of the year. It's something that will happen anywhere in 2027. A significant portion of the synergies will be actually achieved during 2026. At the same time, we will have an integration cost that will offset some of those synergies. 2026 will be a transition year in which we will have both integration costs and partial synergies along the way. It's still a year in which the numbers will not be very clear in terms of the benefits. 2027 will be a much cleaner year in terms of synergies, with some of them eventually being captured along the way during 2027. The first year in which we expect to have 100% of the synergies and all the integration costs behind us will be 2028. That's very helpful. Thank you, Javier. Our next participant in line is Mr. Ernesto Gabilondo from Bank of America. Mr. Gabilondo, the floor is yours. Thank you. Hi. Good morning, Javier and Álvaro. Congrats on your results and your revised software ROE guidance. I have three questions on my side. The first one is a follow-up in terms of your ROE expectations. I just wanted to double-check, when are you expecting the sustainable ROE after integration of Scotiabank operation of around 14%- 16%? Is this something in 2027 or in 2028 after achieving the cost and revenue synergies? What would be the other drivers behind it? I don't know if it's long road, retail expansion, better asset quality, OpEx under control. Anything else that you can elaborate? Additional synergies will be very helpful. My second question is if you can give us some color on what was the evolution of the earnings under Central American operations and the ROEs that you have in the Central American operations. I don't know if you already have numbers for Scotia. I don't know for first quarter, this second quarter, how has been the evolution in each of the countries they have exposure. My last question is related to this integration. You were saying that the new shares will be in the Colombian exchange stock. I just wanted to double-check if you're exploring an ADR at some point or if we can discard that already. Thank you. Ernesto, thank you for your questions. In terms of ROE, as I was mentioning before, 2028 will be the first year in which we will have full visibility of the synergies and the integration costs behind. We are expecting the long-term ROEs by that time, that 14% - 16%, and some of the drivers, of course, are the synergies of the transaction. If you look at a pro forma standalone Davivienda without the transaction, we're also seeing some drivers of improvement. One of them is cost of risk. Cost of risk is still improving, and we expect these numbers to keep improving by the end of the year, as our guidance shows, 2.4%- 2.6% cost of risk for the end of this year. We expect those numbers to actually keep improving for next year. You have to take into account that our loan mix is changing. We're actually growing our commercial portfolio share of and, but at this year, we still have some provisions coming from the consumer portfolio that we issued a couple of years ago. Even though that residual is coming down, it's still there. It's still having an effect on our cost of risk. Looking forward, we have a different mix with a lower expected cost of risk, and some of the cost of risk from the transition on the consumer portfolio are also getting behind. That 2.4% - 2.6% is actually a high number for our expectations for next year, for 2026 and going forward. One of the drivers that we have is cost of risk. In terms of NIM, we're also expecting working on transactional deposits, and we are actually doing a good job in transactional deposits. If you look at the numbers, transactional deposits have grown, have funded most of the growth of the loan portfolio this year over the last 12 months. We expect NIM improvements, which will take time. It will be a trend. It's not going to happen overnight, but it's a trend that we're working on. In terms of expenses, there are a lot of operational improvements that we're working on through analytics, through artificial intelligence, and other initiatives that we have internally that will also be drivers for improvements on ROEs. In terms of earnings on Central America, this is a year of adjustment. Also, in our general comments, we mentioned that Central America, as a region, is growing at reasonable rates. The GDP growth is reasonable. This year, we're having some adjustments on our portfolios with cost of risk that are higher than what we were expecting. That implies that we should be expecting ROEs for Central America at around 7%, 7.5%. Our expectation for next year is an improvement in ROEs. We would be looking at double-digit ROEs for Central America for next year. We have a plan to keep improving those numbers for the future years. In terms of Scotia recent figures, I'm not allowed to disclose numbers on Scotia, but our expectation is that the Central American operations are going through the same phase that we are having on our own operations. We would expect them to have the behavior of the Costa Rican and Panamanian operations in line with ours. With that in mind, the numbers should be a little less on the positive side because of this adjustment on the cycle. I'm just extending our comments on our operations to expectations on them because we don't have the possibility to share those numbers. In terms of the Colombian operation, which are public numbers in the Superintendency of Colombia, what we're seeing is a strong recovery on the Colombian operation. The cost of risk is actually coming down significantly, which is a driver of value that we were anticipating when we enter into the transaction. That's coming along in the right way. With those numbers, with the public numbers that we know, our expectation is that the Colombian operations will have a good year, probably better than what we were anticipating. In terms of ADRs, the structure that we are actually moving to, in which Davivienda Group will be the holding company, that's what we have our expectations of all the shareholders moving there. That's the company that we will be capturing the synergies for the transaction. It will be listed in the Colombian Stock Exchange to make sure that the transition for the existing shareholders is a smooth transition, preserving the type of investment that they have in listed shares in the Colombian Stock Exchange in Davivienda towards listed shares on the Colombian Stock Exchange of Davivienda Group. Eventually, with the size of the combined operations, as well as improvements in the operational numbers, the ADRs is something that we will consider at a later stage. At this time, we are focused on the transition that we're going through with the integration of these Scotiabank operations. At a later stage, we would probably consider ADRs. If we do that, that will be at the Davivienda Group level. No, this was super helpful. Thank you very much. Thank you, Ernesto, for your questions. Thank you. We will now move on to our webcast questions. Our first message comes from Mr. Olavo Arthuzo from UBS. His message is, "Thank you for the opportunity. My first question is on which credit segment should accelerate along with 2H 2025, assuming the bank will meet the guidance for the year, as it is currently running slightly below the lower part of the range. My second question is related to the fintech environment in Colombia. Could you update us on your view in terms of competition? Thank you. Thank you very much for your questions. In terms of the growth for the second half of the year, we expect trends to be similar to what we're seeing in the first half in terms of commercial and mortgage books in a 7% - 9% range for the year. We expect that trend to continue. In the consumer portfolio, you see quarter after quarter, we have a negative growth rate that is decreasing. We're expecting actually to move to positive territory very soon. Once we move to positive territory, we would expect that to be in the range of 4% - 6%. It's a very competitive environment. We are actually disbursing higher volumes than what we had last year. If you look at new loan origination, it's going along our plan, a little bit behind in consumer, but showing a good trend in terms of larger originations in the second quarter. Our expectation for the third quarter is actually going along those lines. The fact that we have a very good quality portfolio and the vintages that we are originating over the last 18 months, including this year, are performing very well is allowing us to be a bit more aggressive on the origination side. That's why we believe that we could still see some growth for the consumer portfolio. At the end of the year, in terms of competition and the fintech environment, it's a very active environment. We are seeing competition for both legacy banks, which I think is a term that is not very accurate. We are seeing competition for established banks that is very much on the digital front with very good value propositions for our customers, as well as new entrants in the market also with new value propositions for specific segments of the market. It's a healthy environment with a lot of competition. We embrace it. We believe that's a good thing. We've been working hard on having a lot of innovations coming to the market and maintaining our competitive position. Our digital offer is one of the best in the markets, if not the best, in terms of the strength of our digital proposition on the retail side with more than 150 services in our super app for the Davivienda customers. Also on DaviPlata, we have a lot going on in our pipeline. We're very excited to see what's going to happen with DaviPlata, with entering into new credit lines and the transaction volume also growing. I will say it's active. It's a very active fintech environment. We are collaborating with some of the fintech players, but we're also competing with them, and it's very good. Just to give you an example, our ePayco acquisition by the end of last year, there's a lot in our pipeline that will be hitting the market in the second half of the year with new services for merchants that come from actually incorporating the Payco capabilities into Davivienda 's offer to our customers. Yes, it's actually an active environment and we're very happy with it. Thank you, Olavo, for your question. Thank you very much. Our second question comes from Mr. Daniel Mora from Credic orp Capital. His message goes, can you provide further color on the NPL performance in Colombia and Central America? I would like to understand the commercial scenario in Colombia and the consumer scenario in Central America. Do you see corporate cases in Colombia that lead to higher provisions? I would like to clarify whether during the transition, shareholders would be required to become shareholders of Davivienda Group or if they can remain shareholders of Davivienda. Could this result in four shares, two for Davivienda and two for Davivienda Group? Thank you. Daniel, thank you for your question. With regard to NPL performance in Colombia and Central America, let's start with Colombia. In Colombia, we see the commercial loan portfolio actually improving in terms of formation of new NPLs. We are seeing a trend, both in SME as well as in medium size and corporates, actually improving. We are excited to see that the portfolio is actually, the trend is better than what we were seeing in the previous quarters. Specifically in the second quarter, we see a few cases that come from the past that have been in the portfolio for a few years that we are having expectations of a better performance, and that's not happening. Those few cases were actually going through a process of taking our provisions to a higher level. That is part of the reasons why you see the numbers of customers higher than expected in the second quarter, because of that. Those are specific cases that have been in the portfolio for many years. We're not anticipating any more of those cases, and most of the job is already done within this quarter. Actually, what we're seeing is a positive trend for the coming quarters. We are also in the process of improving our coverages. That is something that will happen during the second half of this year, and also it's our expectation for next year. That's one of the reasons we are not being a little bit more aggressive on ROE expectations, because we believe that we have to still do a little bit more on the coverage side, which is already included in our guidance. Our customer's guidance for the remainder of the year includes improvement in our coverage, even though what we're seeing is a better formation of NPLs. That in Colombia. In consumer in Central America, what we're seeing is, yes, the first half of the year has been a little bit higher in terms of provisions than what we were expecting in El Salvador, Costa Rica, and Honduras, actually in the three main countries in which we have operations. What we're seeing is we have already implemented new origination policies with changes that are the standard changes for the cycle. We don't see that as something that will be very significant in the coming quarters. We are seeing some signs of stability already on the portfolios. Of course, the level of provisions for that portfolio during the first half of the year has been higher than what we were expecting. With regards to the shares and the structure, we are aiming for Davivienda Group to be the entity that consolidates the shareholders of Davivienda, both on the preferred and on the common side. There will be an offer on a one-per-one basis for preferred shares of Davivienda Group in exchange for preferred shares of Banco Davivienda, and the same for common shareholders. We have the expectation of the common shareholders moving all the way up to the Davivienda Group, and we'll do the offer to the preferred shares. Our expectation is that the preferred shares on Davivienda Group will be the instrument that will consolidate the liquidity and the exposure to the market. It's where eventually ADRs will be considered, as I mentioned before. That's where the synergy will be captured. It's a transition, and even though technically, yes, there will be four types of shares, our expectation is a consolidation on Davivienda Group. Thank you, Daniel, for your questions. Very much. Our next question comes from Nik Dimitrov from Morgan Stanley Investment Management. The first question says, will Davivienda Group be regulated by the Panamanian regulator? The second question, will Davivienda Group be the debt issuing entity going forward, particularly for senior debt? The third question, what will be the capital impact for Banco Davivienda from the consolidation of BNS Panama and BNS Costa Rica? Finally, did you swap the $500 million Tier 2 debt to COP or kept it in USD? Thank you. Nik, thank you for your questions. In terms with the Panamanian regulator, what we're having is an agreement in which Davivienda Group will be regulated by and supervised by the Colombian Superintendency of Finance as the main regulator. Even though it's a Panamanian entity, the supervisor of origin will be Colombia because of the relevance of the Colombian operations. That's something that has already been discussed with the Panamanian regulators and the Colombian regulators, and they both agree that that's the best way to go. In terms of Davivienda Group being a debt issuing entity going forward, we're not expecting the use of significant double leverage at Davivienda Group. We may be opportunistic in some transactions to take advantage of opportunities in the market and also for some non-regulated investments that will eventually come at the Davivienda Group level. Our expectation is to have a double leverage level close to 100%. We don't expect that to be a source of capital or debt. We might do it at levels that are not very material for the structure of Davivienda Group in the near future. In terms of the impact of Banco Davivienda from the consolidation of BNS Panama and BNS Costa Rica, the impact is going to be quite small because those operations will be included through our holding in Panama, through Holding Davivienda Internacional. In terms of the consolidation, they will come with their equity at the same time. We don't expect that to be any significant reduction in terms of our capital levels at Banco Davivienda. In terms of the swap for the $500 million Tier 2 debt, part of that will be a portfolio of loans in dollars. That part of the portfolio, we're not swapping it. It's covered in a natural way with the asset that we are actually originating. The remaining, we're actually swapping it to Colombian pesos. Thank you, Nik, for your questions. Thank you very much. It seems that there are no further questions at this time. With this, I'd like to turn the floor back to Mr. Javier Suárez for any closing remarks. Thank you very much for being with us this morning. We are very excited on the trend of the bank in terms of results. As you see, we're in a mode of recovery of our full potential in terms of profitability in the different lines in terms of cost of risk, margins, efficiency, non-financial income. They are all behaving in the right direction. We're very happy with the results and the expectations that we have going forward. Beyond the numbers, we've been working hard. The team has been working hard on improving our comparative position in all the markets in which we operate, particularly in Colombia with the entrance of the Bre-B, the central bank systems of interoperable transactions. We're excited with that as an opportunity to have an even larger presence in the market. We are actually investing heavily in digital capabilities that will be deployed over the coming months to our customers. DaviPlata is also going in the right direction, so we're very happy with the expectations on what's coming in front of us. We look forward to share those results in the coming calls. Thank you very much, everyone, for being here with us this morning in the call. Have a good day. Thank you very much. Thank you, ladies and gentlemen. This concludes today's conference call. Thank you for participating. You may now disconnect from the call.