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    Brian Flores • Citigroup

    Brian Flores's questions to Banco Bbva Argentina SA (BBAR) leadership

    Brian Flores's questions to Banco Bbva Argentina SA (BBAR) leadership • Q2 2025

    Question

    Brian Flores of Citi asked for an update on guidance for key metrics like credit growth and ROE, and questioned the sustainability of the bank's market share gains. In a follow-up, he inquired about the net impact of recent high interest rates on the bank's treasury results.

    Answer

    CFO Carmen Arroyo confirmed guidance for approximately 50% real credit growth, low double-digit ROE, and a year-end capital ratio of around 17%, reaffirming the strategy to continue gaining market share. Head of IR Diego Cesarini later explained that the impact of high rates on treasury results is neutral to slightly negative in the very short term as liabilities reprice faster than assets, but the effect is expected to become neutral by September.

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    Brian Flores's questions to Banco Bbva Argentina SA (BBAR) leadership • Q2 2025

    Question

    Brian Flores of Citigroup Inc. asked for an update on the bank's guidance and the sustainability of its market share growth. In a follow-up, he inquired whether the recent high interest rate environment was a net positive or negative for the bank's treasury results.

    Answer

    CFO Carmen Arroyo confirmed that guidance remains unchanged, targeting approximately 50% real credit growth, low double-digit ROE, and a year-end capital ratio around 17%. She affirmed the strategy to continue gaining market share. Head of IR Diego Cesarini added that the impact of high rates on treasury results is neutral to slightly negative in the immediate short term, as liabilities reprice faster than assets, but this effect is expected to be offset quickly and become neutral by September.

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    Brian Flores's questions to Credicorp Ltd (BAP) leadership

    Brian Flores's questions to Credicorp Ltd (BAP) leadership • Q2 2025

    Question

    Brian Flores from Citibank asked for elaboration on the drivers behind the improved cost of risk guidance and inquired about Credicorp's long-term vision for its physical branch network, including potential monetization.

    Answer

    Chief Risk Officer César Ríos explained that the low cost of risk in the first half of the year resulted from restrictive origination measures taken in the prior year. He noted that in Q2, the company began originating higher-yielding, higher-risk portfolios, which will be reflected in the second half. CEO Gianfranco Ferrari added that the key metric is risk-adjusted NIM, not just cost of risk. Regarding branches, Ferrari stated that the network was reduced from 450 to 300 branches over the past few years, shifting their role from transactional to educational and commercial, with the bulk of the reduction already completed.

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    Brian Flores's questions to Credicorp Ltd (BAP) leadership • Q1 2025

    Question

    Brian Flores questioned why Credicorp is not updating its 2025 guidance given the strong Q1 performance, and asked if the company's sustainable ROE could realistically exceed the previously stated 18% target.

    Answer

    Chief Financial Officer Alejandro Perez-Reyes explained that the cautious stance on guidance is due to global uncertainties, such as potential trade wars and their impact on commodity prices, rather than Peru's domestic outlook. He indicated a guidance revision is possible once there is more global clarity. Regarding the long-term ROE, Perez-Reyes confirmed management feels they might be able to increase the 18% target but require a thorough review before committing to a new number.

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    Brian Flores's questions to Credicorp Ltd (BAP) leadership • Q4 2024

    Question

    Brian Flores from Citi requested more details on the provisioning for the Sartor case, including the base case for its evolution and timeline, and confirmation that the impact was isolated to Credicorp Capital.

    Answer

    CFO Alejandro Perez-Reyes clarified that a provision of PEN 259 million was made, primarily at Atlantic Security Holding, not Credicorp Capital. He expressed comfort with this provision level based on current information but noted the resolution timeline is uncertain as it depends on a liquidator. CEO Gianfranco Ferrari added that the full expected economic impact was registered in Q4 2024.

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    Brian Flores's questions to Credicorp Ltd (BAP) leadership • Q3 2024

    Question

    Brian Flores inquired about the drivers behind the significant increase in low-cost deposits and the sustainability of the improvements in cost of risk.

    Answer

    Chief Executive Officer Gianfranco Piero Ferrari de Las Casas and Chief Financial Officer Alejandro Perez-Reyes attributed the growth in low-cost deposits to a long-term strategy focused on enhancing transactionality and digital channels. They also affirmed that the cost of risk trend is sustainable, driven by fundamental economic improvements and internal risk management, not just the temporary liquidity from pension withdrawals.

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    Brian Flores's questions to Grupo Supervielle SA (SUPV) leadership

    Brian Flores's questions to Grupo Supervielle SA (SUPV) leadership • Q2 2025

    Question

    Brian Flores from Citi asked about the reasons for the downward revision in loan growth guidance, questioning if it was driven by funding constraints or capital levels. He also inquired about a potential timeline for Basel III implementation for their bank segment and the reasons for the decrease in active users on the Invertir Online platform.

    Answer

    Chairman and CEO Patricio Supervielle explained the slower growth is due to a restrictive monetary policy and peso scarcity, not capital constraints. CFO Mariano Viglia added that they are optimistic about a favorable Basel III regulatory change but cannot provide a timeline. Diego Pizzoli, CEO of Invertir Online, attributed the decline in active users to lower retail trading volumes in the Argentine stock market and the liberalization of FX markets, which is now shared with banks, rather than competitive pressure.

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    Brian Flores's questions to Grupo Supervielle SA (SUPV) leadership • Q1 2025

    Question

    Brian Flores from Citi raised concerns about Grupo Supervielle's capital position, noting the significant consumption of Tier 1 capital and questioning the bank's risk appetite and whether it would continue its aggressive growth strategy.

    Answer

    Chairman & CEO Julio Patricio Supervielle affirmed that the bank's risk appetite is unchanged, citing low debt levels in Argentina as a growth opportunity. He outlined a strategy to sustain capital by shifting the loan mix towards retail, implementing strict cost controls, and expanding leverage. CFO Mariano Biglia added that the 12-13% year-end CET1 ratio guidance is consistent with these plans.

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    Brian Flores's questions to Bancolombia SA (CIB) leadership

    Brian Flores's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Brian Flores from Citigroup Inc. asked about the sustainability of the company's low cost of funding in Colombia, which has remained stable relative to the reference rate. He also requested an update on capital distribution plans, specifically whether the share buyback program would be accelerated at current price levels.

    Answer

    CFO Mauricio Botero Wolff explained that the stable, low cost of funding is a result of a strong customer value proposition focused on transactionality, which drives growth in low-cost savings accounts. Regarding capital distribution, he stated that the strategy is guided by solvency ratios and that the current underleveraged capital structure (105% double leverage) provides ample capacity for both the ongoing buyback program and future dividend growth.

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    Brian Flores's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Brian Flores of Citi asked about the sustainability of the bank's low cost of funding, the potential for accelerating the share buyback program, and whether the long-term cost of risk guidance includes Neki's growth.

    Answer

    VP of Strategy & Finance Mauricio Botero Wolff affirmed the sustainability of the low cost of funding, attributing it to a strong value proposition focused on transactionality. He stated that capital distributions, including buybacks, are guided by solvency ratios and ample liquidity at the holding company level. He also confirmed that the structural cost of risk guidance of 1.8-1.9% already incorporates the expected growth from Neki's loan portfolio.

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    Brian Flores's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Brian Flores of Citigroup Inc. asked about the sustainability of the company's low cost of funding in Colombia and the specific efforts driving this stability. He also inquired about capital distribution, specifically whether the share buyback program might be accelerated at current price levels.

    Answer

    VP of Strategy & Finance Mauricio Botero Wolff explained that the low cost of funding is sustainable due to a strong customer value proposition focused on transactionality, which drives growth in low-cost savings accounts. Regarding capital, he stated that the 11% Tier 1 ratio for Bancolombia remains the key trigger for distributions and that the holding company's low leverage and liquidity provide ample room for both buybacks and real dividend growth. He also confirmed the structural cost of risk guidance includes Neki's growth.

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    Brian Flores's questions to Itau Unibanco Holding SA (ITUB) leadership

    Brian Flores's questions to Itau Unibanco Holding SA (ITUB) leadership • Q4 2024

    Question

    Brian Flores from Citigroup Inc. asked about the drivers behind the guidance for service and commission revenue growing below the portfolio, and how the 'One Itau' initiative factors into this outlook.

    Answer

    CEO Milton Maluhy Filho attributed the dynamic to a mix of factors: card revenue is impacted by portfolio derisking, while asset management and insurance show strong growth potential, and investment banking is expected to be weaker than 2024's record year. He reiterated that potential upside from 'One Itau' is not yet included in the guidance, as the priority is a quality migration before quantifying its significant cross-sell potential.

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    Brian Flores's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2024

    Question

    Brian Flores asked about the sustainability of the strong revenue from advisory services and brokerage, driven by a robust DCM market, and whether this line item is expected to normalize from its current high level.

    Answer

    CEO Milton Maluhy Filho acknowledged that the quarter was a record for DCM but stated that this revenue line is highly dependent on market conditions. While Itaú maintains a leading market share, he expects a degree of normalization in the coming quarters, suggesting that the exceptional performance of Q2 is unlikely to be sustained at the same rhythm, even if the market dynamic remains healthy.

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    Brian Flores's questions to Banco Bradesco SA (BBD) leadership

    Brian Flores's questions to Banco Bradesco SA (BBD) leadership • Q2 2024

    Question

    Brian Flores from Citigroup noted the improvement in Bradesco's cost of deposits as a percentage of the CDI rate. He asked for more details on the specific measures being taken on the liabilities side and for commentary on the competitive landscape for client funding.

    Answer

    CFO/CTO Cassiano Scarpelli attributed the improved funding cost to targeted commercial actions. He cited success in middle-market cash management, enhanced CRM utilization for low- and mid-income client deposits, and a specific CDB product that remunerates client balances. He stated this combination of initiatives has led to better optimization of the bank's cash, liquidity, and overall cost of funding.

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