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    Ernesto Gabilondo • Bank of America Merrill Lynch

    Ernesto Gabilondo's questions to Grupo Supervielle SA (SUPV) leadership

    Ernesto Gabilondo's questions to Grupo Supervielle SA (SUPV) leadership • Q2 2025

    Question

    Ernesto Gabilondo from Bank of America inquired about Grupo Supervielle's asset quality, asking if the cost of risk had peaked in Q2 and what the trend might be for the next year, given the NPL ratio is still below historical highs. He also asked for expectations on the Return on Equity (ROE) for 2026.

    Answer

    Chairman and CEO Patricio Supervielle acknowledged the NPL increase to 2.7% as part of an industry-wide credit normalization and a customer learning curve in a low-inflation environment. CFO Mariano Viglia confirmed that the net cost of risk likely peaked in Q2 at 4.5% and is expected to range between 5-5.5% for the year and into 2026. Regarding ROE, Mr. Viglia projected it could reach 15% for 2026, potentially ranging between 15-20% as monetary policy stabilizes.

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    Ernesto Gabilondo's questions to Grupo Supervielle SA (SUPV) leadership • Q1 2025

    Question

    Ernesto Gabilondo from Bank of America Merrill Lynch questioned the drivers behind the rise in the NPL ratio and cost of risk, asking if specific corporate sectors like agriculture were in distress and seeking clarity on the cost of risk evolution for the rest of the year.

    Answer

    Chairman & CEO Julio Patricio Supervielle and CFO Mariano Biglia explained the increase as a normalization of credit quality driven by the strategic and rapid expansion of the higher-margin retail loan portfolio, not by distress in corporate sectors. They confirmed the Q1 cost of risk was elevated but expect it to decrease through the year to meet the full-year guidance of 4.0% to 4.5%.

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    Ernesto Gabilondo's questions to Intercorp Financial Services Inc (IFS) leadership

    Ernesto Gabilondo's questions to Intercorp Financial Services Inc (IFS) leadership • Q2 2025

    Question

    Ernesto Gabilondo of Bank of America Merrill Lynch inquired about Intercorp's outlook on Net Interest Margin (NIM) for H2 2025 and beyond, the trajectory for cost of risk as consumer lending recovers, and the expected growth rate for operating expenses.

    Answer

    CFO Michela Casassa Ramat explained that NIM should improve in H2 2025 due to a normalizing loan mix and reduced excess liquidity. She also noted the cost of risk is currently low but will rise slightly with renewed consumer loan growth. EVP & Interbank CEO Carlos Tori Grande attributed higher expenses to strategic investments in technology and talent, while CEO Luis Felipe Castellanos López-Torres confirmed this trend across all subsidiaries.

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    Ernesto Gabilondo's questions to Intercorp Financial Services Inc (IFS) leadership • Q1 2025

    Question

    Ernesto Gabilondo of Bank of America inquired about the competitive landscape and the evolution of the credit card portfolio, asking how Intercorp's performance compares to its competitors in a recovering market.

    Answer

    Executive Luis Castellanos López-Torres responded that after a challenging credit cycle, there is a renewed appetite for consumer loan growth across the banking system. He noted that Intercorp is beginning to see growth in its own credit card book and that the market as a whole is recovering, though some competitors are more aggressive than others.

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    Ernesto Gabilondo's questions to Bancolombia SA (CIB) leadership

    Ernesto Gabilondo's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Ernesto Gabilondo of Bank of America Merrill Lynch inquired about Colombia's political landscape, the expected normalization of Net Interest Margin (NIM), strategies to protect NIM such as loan mix adjustments, and the sustainable long-term level for the cost of risk.

    Answer

    President & CEO Juan Carlos Mora Uribe addressed the political outlook, noting early election noise but a lack of clarity until early next year. He and Chief Economist Laura Clavijo explained that the Central Bank's cautious stance on inflation could delay interest rate cuts, supporting NIMs in the near term. Mr. Mora confirmed the strategy to grow consumer loans and projected the cost of risk to be around 1.6% for the year, with a sustainable level near 1.8-1.9%.

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    Ernesto Gabilondo's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Ernesto Gabilondo of Bank of America Merrill Lynch inquired about Colombia's political landscape, the expected normalization of Net Interest Margin (NIM), and the sustainable long-term level for the cost of risk.

    Answer

    President & CEO Juan Carlos Mora Uribe addressed the political situation, noting that clarity on the upcoming elections would likely emerge by early 2026. He linked NIM performance to the Central Bank's cautious stance on inflation, which could delay rate cuts and support margins. Chief Economist Laura Clavijo added that strong economic activity justifies the central bank's cautious approach. Mr. Mora concluded that the sustainable cost of risk is 1.8-1.9%, but could be near 1.6% for 2025 due to positive economic trends and improved asset quality.

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    Ernesto Gabilondo's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Ernesto Gabilondo of Bank of America Merrill Lynch inquired about Colombia's political landscape ahead of the elections, the normalization outlook for Net Interest Margin (NIM), strategies to protect NIM such as loan mix adjustments, and the sustainable long-term level for the cost of risk.

    Answer

    CEO Juan Carlos Mora addressed the political situation, noting early election noise with more clarity expected by early next year. He and Chief Economist Laura Clavijo explained that while NIM will face pressure, a cautious Central Bank stance on inflation might delay rate cuts, supporting margins in the near term. Mr. Mora confirmed the strategy to increase consumer loans will also help NIM. He stated the cost of risk is trending positively towards 1.6% for the year, below the sustainable level of 1.8-1.9%, due to strong economic activity.

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    Ernesto Gabilondo's questions to Banco de Chile (BCH) leadership

    Ernesto Gabilondo's questions to Banco de Chile (BCH) leadership • Q2 2025

    Question

    Ernesto Gabilondo inquired about Chile's political landscape, including presidential polls and potential regulations on taxes and banking. He also asked for the outlook on Net Interest Margins (NIMs) for the upcoming year and the bank's medium-term Return on Equity (ROE) target, along with the desired minimum Common Equity Tier 1 (CET1) ratio.

    Answer

    Chief Economist Rodrigo Aravena discussed the political scenario, noting a likely second-round election and a growing consensus on pro-growth policies. He projected the policy rate to fall to around 4.25%. Head of IR Pablo Mejia addressed NIMs, suggesting a medium-term range of 4.5%-4.7%, and stated the bank's aspiration is to lead the industry in ROE. Head of Financial Control Daniel Galarce added that the bank aims to maintain a CET1 buffer of at least 1% above regulatory minimums once growth resumes.

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    Ernesto Gabilondo's questions to Banco Santander-Chile (BSAC) leadership

    Ernesto Gabilondo's questions to Banco Santander-Chile (BSAC) leadership • Q2 2025

    Question

    Ernesto Gabilondo from Bank of America Merrill Lynch inquired about the future contribution of consumer loans, the sustainable cost of risk for Santander Chile, the bank's long-term sustainable ROE, and the corresponding Common Equity Tier 1 ratio.

    Answer

    Andrés Sansone, Chief Economist, responded that healthy demand from credit cards is expected to drive consumer loan growth slightly above the portfolio average. He projected the cost of risk to improve to around 1.35% for the year, with a gradual normalization toward 1.2% in subsequent periods. Sansone also confirmed a long-term ROE target above 20%, supported by digital transformation and efficiency, while maintaining a comfortable CET1 ratio near the current 11% level.

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    Ernesto Gabilondo's questions to Banco Santander-Chile (BSAC) leadership • Q2 2025

    Question

    Ernesto Gabilondo from Bank of America Merrill Lynch inquired about the future contribution of consumer loans, the sustainable cost of risk, the long-term sustainable ROE, and the associated CET1 ratio.

    Answer

    Andrés Sansone, Chief Economist, stated that consumer lending demand is expected to grow slightly above the average loan growth. He projected the cost of risk to be around 1.35% for 2025, with a gradual normalization toward 1.2% in subsequent periods. Sansone affirmed a long-term ROE target above 20%, supported by digital efficiencies, and expressed comfort with the current CET1 ratio of approximately 11%.

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