Q2 2024 Banco Davivienda SA Earnings Call Transcript
Key Points
- Loan portfolio expanded by 3% during the quarter, driven by commercial and mortgage sectors.
- Net interest margin (NIM) increased by 20 basis points to 5.91%.
- Cost of risk decreased by 91 basis points to 4.6%.
- Capital structure remains strong with CET1 at 10.12%, above the 7% minimum requirement.
- Efficiency strategy yielded positive results, reducing operating expenses despite high inflation.
- Annual inflation rate stagnated at 7.17%, impacting financial performance.
- Colombian peso depreciated by 8% quarterly, influenced by dollar appreciation.
- Consumer portfolio showed a marginal decline due to higher interest rates.
- Commercial and mortgage portfolios continue to face upward pressure on asset quality.
- Net result for the quarter was a loss of COP74 billion, reflecting challenging conditions.
Welcome to Davivienda second quarter of 2024 earnings conference call. I'm Karen, and I will be your operator for today's call. Today's presentation is for investors and analysts only. Therefore, questions from the media will not be addressed.
Today. Mr. Javier Suarez, Chief Executive Officer, and Mr. Badger Bourke, Strategic Risk and Financial Planning Director, will join us to discuss the quarterly results that have been released. If you haven't received yet a copy of the earnings report and presentation, please visit Davivienda's investor kit or the financial information section at ir.davivienda.com.
All participants are in a listen only mode at this time. Please note that this conference is being recorded. Afterwards management will be available for a question and answer session. Before proceeding, let me mention that any forward-looking statements are being made under the safe harbor provided by the Securities Litigation Reform Act of 1995. Actual performance could differ materially from anticipated and any forward-looking statements due to macroeconomic
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