Ernesto Gabilondo: Perfect. Thank you very much. And just second question related to the ROE of your subsidiaries you have a nice chart in your report showing all the ROEs per subsidiary. And we can see that BCP stand-alone Grupo Pacifico Prima ASB Bank. All of them continue to deliver ROEs above 20%. But on the other side, when looking to BCP Bolivia, Mibanco, Credicorp Capital, we continue to see ROEs at most at 10%. So what are the strategies that you’re implementing to improve the ROEs across the subsidiaries? And I don’t know if you have like a medium target in each of them?
Cesar Rios: Yes. Thank you for your question, Ernesto. Let me go one by one. Actually, how we manage core capital and ASP if we manage them as a business unit — and correct some wrong about that business is with an ROE of 17%. So it is close to what the ROEs were expecting for that business. Having said that, this first half, we have had some nonrecurrent positive impact that helps, obviously, the ROE. But going forward, we have established a transformation plan for that business, aiming to have an ROE of between 16% to 17% by 2025. Regarding Mibanco, both Mibanco Peru and Mibanco Colombia, the microfinance business is a much more volatile business and we are definitely in the downturn of the business. But we’re working both in the short run and the long run.
The short run basically focused on risk. And in the long run, we need to revisit the whole business model so as to go back to the ROEs of over 20% we have had in the past in that business. And finally, Bolivia, Bolivia is Bolivia. That’s my answer. We’re doing whatever the best we can do in Bolivia –The ROEs are — if you compare our ROEs to the banking system in Bolivia, they are quite good. There’s not much more to do in that business.
Ernesto Gabilondo: Excellent. Thank you very much.
Operator: Our next question will come from Juan Recalde of Scotiabank. You may now go ahead.
Juan Recalde: Hi. Good morning. Congratulation on strong results and thank you for the opportunity. My questions are related to Yape. So first, the fee income generating monthly active users have been increasing as a percentage of total users. So I was wondering if you can provide some color on what are the drivers here and how you are increasing monetization. And the second question is related to the strong growth in payment volumes that we saw in Jape and also related to the growth in the services payments. So my question there is how much of the TPV growth has been driven by the service payments? And what are the other drivers of TPV growth?
Gianfranco Ferrari: Sure. Francesca, are you there?
Francesca Raffo: Yes. Thank you for the question. Yape, as mentioned in the Investor Day has plans on meeting monetization and business. So the growth in terms of TPV is growth basically around P2P transactions, contraction in basis and by merchant and also on the line transaction. So that’s the mean volume in terms of frequency patent. On the modernization side, growth is mainly around usage where we see an NDRC, utility experience that is beginning to go follow transactions that we have and also the online payments around digital. Having said that, we will tightly export the bench is growing. We see an increase in the number of transactions and also on average amount in per customer. The promotions that Reynaldo mentioned as an engagement tool that there’s also a take rate that is also growing.
And we are actually exploring ticket sales gains and different very useful growth that are coherent with Yape’s [indiscernible] in terms of whatever being — whatever we can be in activity and engagement.
Juan Recalde: Then I had another question related to fee income, which was quite strong this quarter held by the Bolivian operations. So how much of the fees in Bolivian are one-off and how sustainable are these levels.
Gianfranco Ferrari: Cesar?
