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    Andrés Soto • Santander Investment Securities Inc.

    Andrés Soto's questions to Credicorp Ltd (BAP) leadership

    Andrés Soto's questions to Credicorp Ltd (BAP) leadership • Q2 2025

    Question

    Andrés Soto from Santander asked for details on the 10% revenue target for digital initiatives by 2026 and questioned if the new 19.5% sustainable ROE target was conservative. He also inquired about the new efficiency target associated with this higher ROE.

    Answer

    Chief Innovation Officer Francesca Raffo confirmed the 10% revenue target for the innovation portfolio is for the full year 2026. CEO Gianfranco Ferrari explained that setting a specific efficiency target is tricky because fast-growing new ventures like Yape, while profitable, have higher initial cost-to-income ratios, which can negatively impact the consolidated figure even as they boost ROE. Chief Risk Officer César Ríos added that scaling new lending is a 'discovery process' of testing and scaling profitable segments. Management also revealed that the balance of Yape's loans is now 50% in multi-installment products.

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    Andrés Soto's questions to Credicorp Ltd (BAP) leadership • Q1 2025

    Question

    Andres Soto asked for an update on Yape's lending business, specifically inquiring about the current mix of multi-installment loans versus single-installment loans and the company's expectations for the ramp-up of lending in either the individual or SME segments.

    Answer

    Chief Innovation Officer Francesca Raffo responded that the current focus for Yape lending is on individuals, though the ambition is to eventually serve SMEs. She clarified that while single-installment loans still represent the largest share of disbursements, multi-installment loans are becoming more relevant in the outstanding balance. She expects the outstanding balance to be mainly composed of multi-installment loans by the end of the year.

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    Andrés Soto's questions to Credicorp Ltd (BAP) leadership • Q3 2024

    Question

    Andres Soto asked about the pro-forma capital and cash position at the holding company after the extraordinary dividend and Banmedica acquisition, and questioned if a 1.5x loan growth multiplier to GDP is reasonable for 2025.

    Answer

    Chief Executive Officer Gianfranco Piero Ferrari de Las Casas explained the Banmedica payment will come from the holding company, which maintains a cash buffer and had already accounted for the transaction when declaring the dividend. He stated that while loan growth will be positive in 2025, he would not commit to a specific multiplier at this time, promising more detailed guidance in February.

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    Andrés Soto's questions to Bancolombia SA (CIB) leadership

    Andrés Soto's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Andrés Soto from Santander Investment Securities Inc. requested a deep dive into the economics of Neki's lending business, asking about its cost of risk, margins, average loan size, scalability, and potential market penetration. He also followed up on average loan duration and new disbursement volumes.

    Answer

    President & CEO Juan Carlos Mora Uribe detailed Neki's loan economics, noting an average loan of COP 2.5 million, a cost of risk around 9-10%, and a 30-day past-due rate of 5%, which is profitable given the low cost of funds. VP of Strategy & Finance Mauricio Botero Wolff added that the average duration is 28 months. Mr. Mora emphasized the significant growth potential within Neki's 25 million user base, with growth being managed carefully based on risk performance.

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    Andrés Soto's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Andrés Soto of Santander Investment Securities Inc. requested a deep dive into the economics of NEKI's lending business, asking about its cost of risk, margins, average loan size, scalability, and potential market size. He also inquired about the average duration of these loans.

    Answer

    CEO Juan Carlos Mora detailed NEKI's loan economics, stating the average loan is COP 2.5 million with a 30-day past-due level of around 5% and a cost of risk of 9-10%, which is profitable given the low cost of funds. He highlighted the significant growth potential within NEKI's 25 million user base. CFO Mauricio Botero Wolff added that the average loan duration is 28 months.

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    Andrés Soto's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Andrés Soto from Santander inquired about the detailed economics of Neki's lending business, including its margins, cost of risk, average loan size, duration, and overall scalability.

    Answer

    President & CEO Juan Carlos Mora Uribe detailed Neki's loan economics, noting an average loan of COP 2.5 million, a 30-day past-due level around 5%, and a cost of risk of 9-10%, which still results in profitability due to high margins. VP of Strategy & Finance Mauricio Botero Wolff added that the average loan duration is 28 months. Mr. Mora emphasized the significant growth potential within Neki's 25 million user base, with risk management being the key focus for scaling.

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    Andrés Soto's questions to Banco de Chile (BCH) leadership

    Andrés Soto's questions to Banco de Chile (BCH) leadership • Q2 2025

    Question

    Andrés Soto questioned the potential for an extraordinary dividend, given the bank's CET1 ratio is significantly above its target buffer and its large holdings of additional provisions. He asked what conditions would need to be met for such a payout to be considered.

    Answer

    Head of Financial Control Daniel Galarce explained that a payout ratio higher than the standard 60% is possible only under specific circumstances, such as consistently lower-than-expected loan growth combined with higher-than-normal net income. Head of IR Pablo Mejia added that the additional provisions are intended for negative cycles and while a release is possible, there is no clear timeframe given current global uncertainties.

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    Andrés Soto's questions to Banco de Chile (BCH) leadership • Q1 2025

    Question

    Andres Soto from Santander questioned Banco de Chile's medium-term Return on Equity (ROE) target, asking if the bank expects to sustain levels around or above 20%. He also asked for the outlook on loan growth for 2026 and the expected loan-to-GDP multiplier.

    Answer

    Executive Pablo Ricci affirmed the bank's ambition to be the most profitable in Chile, leveraging its strong capital base for future growth. He revised the 2025 ROE forecast up to approximately 20%. Executive Rodrigo Aravena discussed the structural lag in Chile's loan-to-GDP ratio, suggesting significant pent-up demand. He projected a loan-to-GDP multiplier could normalize to around 1.4x-1.5x, which, combined with 2-2.5% GDP growth, could drive high single-digit loan growth for the system in the coming years.

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    Andrés Soto's questions to Banco de Chile (BCH) leadership • Q2 2024

    Question

    Andres Soto asked about the bank's plans for its CLP 700 billion in additional reserves, given only a small portion is needed for a regulatory update. He also sought management's view on the overall credit cycle in Chile and whether asset quality deterioration has peaked.

    Answer

    Executive Pablo Ricci explained that there is no clear trigger to release the majority of the additional provisions, aside from the CLP 66 billion earmarked for the new consumer loan model in 2025. He stated the decision depends on economic and political factors and is reviewed by the Board. Regarding the credit cycle, both Ricci and Executive Rodrigo Aravena conveyed that the worst has likely passed. They cited normalizing factors like a stabilizing labor market, positive real wage growth, and expected lower interest rates as supportive of more stable asset quality going forward.

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    Andrés Soto's questions to Intercorp Financial Services Inc (IFS) leadership

    Andrés Soto's questions to Intercorp Financial Services Inc (IFS) leadership • Q1 2025

    Question

    Andres Soto of Santander inquired about Intercorp's 2025 guidance, asking for confirmation of the ROE target and questioning why it wasn't being raised after a strong Q1. He also sought an updated outlook on loan growth given the improving consumer sentiment.

    Answer

    Executive Luis Castellanos López-Torres confirmed that the company is maintaining its current guidance for both ROE and loan growth. He explained that while the start to the year was solid, the positive macroeconomic trends need to consolidate further. He highlighted that the consumer portfolio has not yet fully recovered and that the commercial loan book remains the primary growth driver for the year.

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    Andrés Soto's questions to Intercorp Financial Services Inc (IFS) leadership • Q4 2024

    Question

    Andres Soto of Santander asked for clarification on whether the ROE targets for business units were for 2025 or the medium term. He also suggested the NIM guidance seemed conservative given expected improvements in funding costs and consumer lending recovery.

    Answer

    Executives Luis Castellanos López-Torres and Michela Ramat clarified that the subsidiary ROE figures are medium-term targets, not 2025 guidance, with Interbank's ROE still in a recovery phase. Regarding NIM, Castellanos López-Torres reiterated a cautious stance due to the gradual pace of consumer recovery and potential volatility from the upcoming pre-electoral year, prioritizing a careful approach over aggressive growth.

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    Andrés Soto's questions to Intercorp Financial Services Inc (IFS) leadership • Q3 2024

    Question

    Andres Soto questioned if IFS expects to continue outpacing the system's loan growth in the coming year or if growth would align more with the market. He also asked about the recent data breach, inquiring if it caused any short-term impacts like deposit outflows or account closures.

    Answer

    CEO Luis Castellanos López-Torres addressed both questions. He stated that there has been no material change in operations or customer behavior following the data breach and none is anticipated. Regarding loan growth, he affirmed that the company's strategic goal remains to sustainably grow faster than the market, leveraging ample room for growth in the commercial book and a recovery in the consumer portfolio. He did not provide specific 2025 guidance but maintained a positive outlook.

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