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CFO Alejandro Perez-Reyes clarified that the gain from the sovereign bond exchange was not subject to income tax. Regarding Yape, management confirmed the analyst's estimate of its current contribution was correct. They stated the goal is for Yape to become Credicorp's second-largest line of business within three to five years, driven by its lending business. However, CEO Gianfranco Ferrari declined to provide a specific future net income figure, prompting the analyst to do their own math based on the relative sizes of BCP and Pacifico.

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Chief Executive Officer Gianfranco Ferrari confirmed the positive outlook, stating that despite political noise, Peru's macroeconomic fundamentals remain solid. Chief Financial Officer Alejandro Perez-Reyes addressed rate sensitivity, stating a 100 bps parallel shift would impact NIM by about 17 basis points, with 16 bps of that coming from the dollar portfolio, as the local rate is considered near neutral.

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CFO Alejandro Perez-Reyes stated there are no plans to alter the expense recognition process and that spending on Tenpo next year will be similar to this year. CEO Gianfranco Ferrari added that Tenpo, which expects to be fully operational by Q4 2025, will require further capital investment both by regulation and to fund its operational ramp-up. He noted that overall, new ventures are expected to be near cash flow neutral in the coming year.

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Chief Executive Officer Gianfranco Piero Ferrari de Las Casas explained that the decision is to run the Banmedica business themselves, leveraging their extensive prior experience, with no current plans for a new partner. Chief Risk Officer Cesar Rios confirmed that Credicorp was not affected by the competitor's data breach and remains confident in its own cybersecurity posture.

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Group CEO Ian Lowitt expects the share count to remain very consistent, with a commitment to limit dilution to no more than 1% annually, and noted buybacks are not currently planned. Regarding RJ O'Brien, Lowitt confirmed they had conversations but concluded it was not a great cultural fit, preferring their current strategy of smaller, accretive acquisitions.

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CEO Ian Lowitt expressed his view that it is unlikely U.S. banks would use increased capacity to re-enter services like clearing, believing they would more likely focus on trading and lending, which could in turn make them larger clients for Marex. CFO Crispin Robert Irvin provided tax rate guidance for 2025, expecting it to be between 25% and 26%, down from 26.3% in 2024, with the final figure depending on the geographical split of profits.

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CEO Juan Carlos Mora stated that the new Grupo Sivest structure provides enhanced flexibility and clarity, and that Sura's focus on financial services with Bancolombia as its main investment should consolidate their relationship. He emphasized that the new corporate structure allows the group to explore any value-accretive growth opportunities, including potential changes to its international footprint, if they make sense for shareholders.

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President & CEO Juan Carlos Mora Uribe stated that the new Grupo Sivest structure provides flexibility and clarity for future corporate development. He noted that the relationship with Sura is consolidated, as Bancolombia is now the main investment in Sura's financial services-focused portfolio. He affirmed that the new structure allows them to explore all value-adding growth opportunities, which could include international expansion if it makes sense for shareholders.

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President & CEO Juan Carlos Mora Uribe explained that the new Grupo Sivest structure provides enhanced flexibility and clarity for stakeholders. He noted that Sura is now focused on financial services with Bancolombia as its main investment, which should consolidate their relationship. Regarding international expansion, he stated that the new structure allows the company to explore all avenues of growth that add shareholder value, and they will do so if opportunities make sense.

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CFO & Member of Executive Committee Gabriel Amado de Moura acknowledged that DCM spreads are tight but noted they are supported by strong market demand for credit instruments. For mortgages, he attributed the growth to strong client demand in more affluent segments and Itaú's competitive edge from its large volume of savings accounts, which provides a favorable funding base, allowing for disciplined but competitive pricing.

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CEO Milton Maluhy Filho stated that the new disclosure simply reflects how Itaú has always managed its book based on expected loss, so he does not anticipate it changing their strategy. On taxes, he noted that current discussions in Congress are focused on personal income tax and that there are no active proposals regarding IOC or a corporate tax hike for banks at this time.

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CEO Milton Maluhy Filho explained that the bank captures economic activity changes 'online' through its vast client network, adapting dynamically regardless of initial forecasts. Regarding the higher tax rate, he cited a combination of factors: the limited benefit of Interest on Capital (IOC) as profits grow, the mix of profitability across differently taxed business units, and upcoming regulatory changes.

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CEO Milton Maluhy Filho identified the DTA treatment related to new tax rules as the most prominent recent discussion. He noted that credit card regulation is an ongoing topic but is currently quieter, and there are no active discussions regarding IOC or capital gains reform. He also mentioned a clear signal from the government that it does not intend to hike the social contribution tax (CSLL) for banks.

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Insurance Group CEO Ivan Contigio expressed optimism for the insurance guidance, citing a consolidation trend in private health insurance and strong demand from the middle class. He noted that while the second half may see challenges from financial indexers, the operational trend of reducing medical loss ratios and gaining new lives is positive. IRO Andre Garvalho stated the cost of equity has oscillated between 14-16%, with the latest analyst median at 15.6%.

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An executive and Marcelo de Noronha addressed both points. For health insurance, the improvement is due to a lower claims ratio resulting from long-term investments and post-pandemic normalization. For corporate credit, the benign scenario is driven by high corporate liquidity and their use of capital markets for funding. This is expected to persist while interest rates remain high, as large corporations are generally well-leveraged.

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CFO/CTO Cassiano Scarpelli described the bank's ALM position as 'very balanced' with no specific directional bets, expecting healthy market NII if rates follow market expectations. On the macro front, IRO Andre Carvalho and Executive Marcelo de Noronha noted that while financial assets are impacted by uncertainty, real economic activity for 2024 remains solid. They expressed caution for 2025 if high rates persist and affirmed the bank's readiness to adjust its risk appetite accordingly.

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CEO Mario Roberto Opice Leão attributed the portfolio decline to challenges in the grains sector, which led to an increase in Chapter 11 filings that the bank is now managing. He noted other agro segments are performing well and expects to resume broader growth in the portfolio from 2026 onwards. Regarding the macro environment, he described it as 'marginally worse' due to the high Selic rate and global uncertainties, but he remains optimistic for the medium-to-long term.

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Chairman & CEO Julio Patricio Supervielle and Banco Supervielle CEO Gustavo Manriquez detailed a new remunerated account strategy to attract and retain retail and SME deposits, aiming to compete with fintechs and offset higher interest costs with expense reductions. CFO Mariano Biglia explained a regulatory change increased operational risk requirements, negatively impacting the Tier 1 ratio by 1.4%, but stated the bank is comfortable with an 11% Tier 1 ratio.

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Executive Artur Schunck reported that the first $250 million buyback program was completed and a new $200 million program is being executed opportunistically. Executive Ricardo da Silva acknowledged that the company serves some regulated gaming clients, describing the business as accretive but having a 'low single digit' and non-material impact on the company's bottom line.

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Executive Artur Schunck confirmed the completion of a $250M buyback and noted a new $200M program is partially executed. Executive Ricardo da Silva stated that while PagSeguro serves some regulated gaming clients, the exposure is marginal and not material to the bottom line, representing a very low single-digit percentage.

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