Yuri Fernandes : No, that’s super clear, and thank you for all the color and explanation. And just a final one on efficiency like — and I guess already discussed this in previous calls, but what should be the target, let’s say, two years from now, like do you see this efficiency going to 40? Like — because, as you said, there are some components here. They are kind of — they are not structural expenses, right? You were doing some kind of CapEx and developing products. So at some point, we should see G&A coming down to more inflation like levels, right? So when that happens, what is the level we should expect for Credicorp?
Cesar Rivera: Yeah. I am going to provide you a figure that reflects that we have already communicated to the market on the Digital Day and is around and around 43%. That reflects a number of changes in our composition, including the relative weight of the disruptive initiatives in our P&L that continues to have the factor that I mentioned more efficient by itself, but bigger in relative terms to the whole portfolio.
Yuri Fernandes : Got it. Thank you.
Operator: Our next question comes from Juan Recalde with Scotiabank. Please go ahead.
Juan Recalde : Hi, good morning. Thank you for taking my question. My question is related to deposits and funding. So the deposits had been relatively flat year-on-year in 2022. And at the same time, we saw low cost deposits decreasing as a percentage of total funding and interest-bearing deposits increasing. So how should we think about deposit growth and the funding breakdown evolution for 2023? And what role do you think Yape can play in the deposit growth and breakdown?
Gianfranco Ferrari : Okay. I think to understand the short-term dynamics, we need to come back to the pandemic period. Because previous to the pandemic, we had a certain structure in the funding base and the relative sizes of the low-cost deposits in the financial system and during the pandemic, that was a significant infusion of low-cost deposits if I can remember in relative terms. We have the impact of Reactiva. As you remember, we’re almost PEN 60 billion of Reactiva with PEN 50-something billion funds of the Central Bank that is recirculating the economy and end up being very much transactional deposits, significant short-term imposed from that. Another source was the impact of — the releases of the Peru pension funds, five releases.
A lot of these funds temporarily went to short-term deposits. And finally, during some period of time, the people who had income didn’t have the opportunity to spend much money due to the restrictions in the economy. The combination of these three factors increased the floating, the transactional deposits in the economy and at record high levels, and we capitalize that using our transactional capabilities. So we not only captured our share, but we increased our market share. When we start to normalize the economy, all these factors are starting to dilute or reverse. For example, the people started spending money again. There were not significant disbursement from the pension funds. And more importantly, the Reactiva were paid. So at this point, around 50% of the initial Reactiva funds, 55% Reactiva funds has already been paid.
