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    Lindsey Shema • Goldman Sachs

    Lindsey Shema's questions to Credicorp Ltd (BAP) leadership

    Lindsey Shema's questions to Credicorp Ltd (BAP) leadership • Q2 2025

    Question

    Lindsey Shema from Goldman Sachs followed up on cost of risk, asking where the ratio is expected to trend in the long term. She also requested a breakdown of the updated loan growth expectations by segment.

    Answer

    CFO Alejandro Perez-Reyes stated that after reaching a more representative level at year-end, the cost of risk is expected to increase for some years as the company strategically grows its higher-risk, higher-yielding portfolios, which will ultimately improve overall profitability. CEO Gianfranco Ferrari reiterated that the strategy is based on optimizing risk-adjusted NIM. Perez-Reyes also confirmed that the expected 6.5% end-of-period loan growth will be driven primarily by retail segments, specifically mortgages and consumer loans at BCP, as well as by Mibanco.

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    Lindsey Shema's questions to Vinci Partners Investments Ltd (VINP) leadership

    Lindsey Shema's questions to Vinci Partners Investments Ltd (VINP) leadership • Q2 2025

    Question

    Lindsey Shema of Goldman Sachs Group, Inc. questioned the timeline for the Fee Related Earnings (FRE) margin to expand to the low-thirties percent range and the specific levers driving this. She also sought clarity on the path of Performance Related Earnings (PRE) realizations leading up to 2027.

    Answer

    Bruno Zaremba, President of Finance & Operations, projected reaching a low-30s FRE margin by Q2 or Q3 of 2026, driven by cost synergies from the Compass combination, IT optimization, and the cycling off of non-recurring expenses. For PRE, he detailed a multi-stage cycle for closed-end funds: net income impact from appreciation starting 2026, distributable earnings from capital returns around 2027, and full PRE realization beginning circa 2028.

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    Lindsey Shema's questions to Bancolombia SA (CIB) leadership

    Lindsey Shema's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Lindsey Shema of Goldman Sachs Group, Inc. asked for a detailed breakdown of the revised loan growth guidance by segment and inquired about the weakness in commercial loans. She also questioned the pathway to maintaining a sustainable 16% ROE given expected future pressures on NIM and cost of risk.

    Answer

    VP of Strategy & Finance Mauricio Botero Wolff provided the loan growth guidance breakdown: commercial at 4.2%, consumer at 7%, and mortgages at 7.5%. He explained that the 16% sustainable ROE is achievable through a combination of operational improvements across all banking units and efficient capital structure management, including the ongoing share buyback program and managing the double leverage ratio.

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    Lindsey Shema's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Lindsey Shema from Goldman Sachs Group, Inc. asked for a segment-level breakdown of the revised, faster loan growth guidance. She also inquired about the strategy to maintain the sustainable 16% ROE target, given expected future pressures on cost of risk and NIM.

    Answer

    CFO Mauricio Botero Wolff provided a detailed breakdown of the 5.4% overall loan growth guidance: commercial loans at 4.2%, consumer loans at 7%, and mortgages at 7.5%. He explained that the 16% sustainable ROE will be maintained through a combination of operational performance improvements across all geographies and efficient capital structure management, including the ongoing share buyback program and management of the double leverage ratio.

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    Lindsey Shema's questions to Bancolombia SA (CIB) leadership • Q2 2025

    Question

    Lindsey Shema of Goldman Sachs requested a segment breakdown of the updated loan growth guidance and asked about the strategy for sustaining a 16% ROE amid expected pressures on margins and cost of risk.

    Answer

    VP of Strategy & Finance Mauricio Botero Wolff provided the updated 2025 loan growth guidance: 4.2% for commercial, 7% for consumer, and 7.5% for mortgage loans, for an overall growth of 5.4%. He explained that the sustainable 16% ROE is achievable through operational improvements, better asset quality, and efficient capital management, including the ongoing share buyback program and management of the double leverage ratio.

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    Lindsey Shema's questions to Banco de Chile (BCH) leadership

    Lindsey Shema's questions to Banco de Chile (BCH) leadership • Q2 2025

    Question

    Lindsey Shema asked for details on the specific cost control initiatives that led to lower-than-expected expense growth. She also questioned the future trajectory of expenses and the timeline for the efficiency ratio to approach the bank's stated target of below 42%.

    Answer

    Head of IR Pablo Mejia attributed the strong cost control to a significant reduction in the branch network, increased digitalization, and optimization of loyalty programs and marketing spend. He clarified that the 'below 42%' efficiency ratio is an upper limit, not a target to return to, and the bank will continue seeking incremental efficiencies. He noted the full-year 2025 guidance is for an efficiency ratio of around 38%.

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