Daer Labarta : Yeah. No, that’s very helpful. Maybe just to try to triangulate everything. Any color you can provide, like on the fee income growth and also expenses. I know you gave the guidance for efficiency. But just any color just on the specific growth in those segments, particularly, I guess, on expenses because just given all the IT investments that you’re doing, any color you can give on the growth that you expect in those lines?
Cesar Rivera: Yeah. Probably, additional comments. In terms of fees, we mentioned at the beginning of last year that we have experienced a significant rebound in specific lines of fees related, for example, in Mibanco to the comeback of disbursement that are aligned with the specific commissions in the case of BCP transactional activity that rebounds very significantly well above pre-pandemic levels propelled by our digital capabilities. But this significant rebound has already occurred. And now what we are going to have is an increase more aligned with business volumes in the asset side and increased digitalization and transactional capabilities on the deposit side, but not at the same pace that at the beginning of 2022. For this reason as a whole, the fee income is going to grow less than the net interest margin.
And in terms of expenses, I think the general trends are going to be similar but with different rates that in 2022 and a slight increase in variable compensation and a significant increase in two or three accounts. IT expenses to increase product offering, transactional activity, volumes that are growing significantly and market associate expenses. And lastly, the disruptive initiatives that are growing income faster than expenses, but as a whole still impacts the core — the efficiency ratio being more significant in relative terms.
Daer Labarta : Okay. Great. Thank you, Caser.
Operator: Our next question comes from Geoffrey Elliott with Autonomous. Please go ahead.
Geoffrey Elliott: Hello, thank you very much for taking the question. I wanted to dig in a little bit more detail into the Mibanco vintages that you mentioned. Can you give us a little bit more detail on those loans when they were originated, what the characteristics of the customers were and also help us understand why are we seeing the increased provisions now if it seems like this has been a known issue for a couple of quarters new adjusted underwriting I think you said back in the second quarter? Thank you.
Gianfranco Ferrari : Reynaldo?
Reynaldo Llosa: Yeah. In terms of the specific vintages, we had — as you have seen in the first semester, quite important growth in the Mibanco portfolio. And we’re quite optimistic on the evolution of the performance of those segments in the market. Having said that, we identified by the end of the first semester, some specific risk increase in the quality of those segments. So we decided to put us out on our strategy on the second semester. Our growth expectations for the portfolio helped by that event. And that’s basically what has happened. These vintages have been maturing and we are ending up the process of identifying the losses associated with those segments. That’s basically what has happened.
Geoffrey Elliott: Great. Thanks very much.
Operator: Our next question comes from Yuri Fernandes with JPMorgan. Please go ahead.
