Cesar Rios: The instantaneous effect to change in the composition of the portfolio is that if you have the inter portfolio and you reduce at once 100 basis points, the impact through the year is 25 basis points with a combination of maturities, sensitivity and for one.
Sergey Dubin: Okay. I understand. Okay. That’s fine. Thank you.
Operator: [Operator Instructions]. Next question will come from Andres Soto with Santander. You may now go ahead.
Andres Soto: Good morning Gianfranco and team, most of my questions have already been answered, but I would like to take the opportunity to ask for an update regarding the strategic plan for investment banking and wealth management. In the past, you commented that you wanted to implement a plan to increase scale, specifically in the wealth management business that may potentially include M&A activity. I would like to get a sense of how that’s shaping up and when can we expect news about that?
Gianfranco Ferrari: Yes. Sure, Andreas. We shared — [indiscernible] actually who runs a business share in data at the Investor Day, basically, the plan is to focus in wealth and asset management. We’re in that process. We already — we’re pulling off that most of the investment banking business. Part of it is we’re closing basically the M&A businesses in Colombia and Chile. Obviously, it has to — it’s not a onetime as if you have to pull off — as we finish the mandates we have and we already transferred the lending business that we had improved to BCP. So today, I would say that by year-end, we will have positive results in terms of — we will have finished all the cost reductions we expected and be very in shape to start growing both organically and if there are opportunities inorganically in that business going forward.
Andres Soto: Understood. Thanks again and congratulations on the strong results despite the challenging environment.
Gianfranco Ferrari: Thank you.
Operator: This concludes your question-and-answer session. I would like to turn the conference back over to Gianfranco Ferrari for any closing remarks.
Gianfranco Ferrari: Thank you all for your questions. As Cesar noted, our GDP growth expectation considers sales of weak to moderate El Nino Costero. As well as announced government reactivation plans. Additionally, while the macro scenario will likely improve in the second half, we still expect to see a lag effect, which is reflected in our credit risk management approach and expectations for full year structure on loan growth and cost of risk. Importantly, we’ve been managing efficiently better than initially expected despite accelerating investments to strengthen our future businesses. All in all, we maintain our ROE guidance at around 17.5% while noting potential downside risk mainly associated to asset quality deterioration and El Nino Costero.
Looking ahead, we remain confident in delivering a longer-term ROE of approximately 18%. This is underpinned by Peru’s strong fundamentals and our emphasis on broadening noninterest income via disruptive investments to decouple from the macro, complemented by our potential to leverage our bad brand strength, expand our client network and seize structural growth opportunities as they reemerge. These efforts are fortified by our strategic advantage in acquiring low-cost profit and realizing efficiency improvements through transformational investments. Now I’d like to give you a better understanding of how we are currently helping our clients and investing in a more prosperous future for Peru. We’re working across our organization and leveraging synergies to develop and deliver vacational content and support in the face of telematic threats through both mass distribution channels and targeted individual actions.
