Andres Soto : Good morning to all. And thank you for the presentation. My question is regarding your asset quality outlook vis-a-vis Peru’s current political and social environment. Which areas are you concerned about? You before mentioned on tourism as a scenario that may suffer in the current context. So I would like to understand better where do you — are you concerned about if this situation prolongs beyond the first quarter that you mentioned, which pockets of your business may start to suffer be that this exposure to industry or how concerned are you also on your microfinance exposure? Thank you.
Gianfranco Ferrari : Yeah. Basically, in the wholesale market, I mean, we are somewhat concerned what might happen in the tourism industry as well in the commercial real estate. Having said that, those portfolios are well collateralized. We have real estate behind it. So it’s a matter of patience and providing those plants with the necessary helps to go through this crisis. And we hopefully will see better times in the following months. That’s basically on the wholesale market. In terms of retail, of course, the specific low segments of both consumers and SME portfolios are the most affected, but we did in the pandemic contacting them very aggressively to provide them the necessary help in different ways. I mean, the experience on the COVID crisis helped us a lot in defining some different alternatives that at the end resulted in a much lower default revenue than we initially expected.
So those are the segments that probably are going to be most exposed to this current crisis. But I remember, as Cesar mentioned, those are loans that generate better margins than the traditional segments on both consumer and SME portfolios.
Andres Soto : Thank you very much. And on that, the dimension on the tourism and commercial real estate, how much of your loan book is exposed to these segments?
Gianfranco Ferrari : It’s not — I don’t have a precise number today, but this is not that big. I mean, there are specific cases and we have basically hotels all over the country, but basically concentrated in Lima. So I mean, we — the effect is quite manageable for the industry as a whole. And as we’ve seen before, it’s basically a matter of time and providing them the necessary time to go through the crisis.
Andres Soto : Understood. Thank you very much.
Operator: Our next question comes from Tejkiran Kannaluri Magesh with White Oak Capital. Please go ahead.
Tejkiran Kannaluri Magesh: Hi, good afternoon. I have two questions. The first is a bit of understanding of the provision flows. So we have around PEN730 million provisions in absolute terms this quarter, which is higher than last quarter, which was around PEN460 million. But the overall stock of allowance for loan losses on the balance sheet has gone down to 7.87 billion from 8.03 billion. And the write-offs also on a consolidated Credicorp basis is lower than last quarter by 754 — at PEN754 million. So we have higher provision but lower write-offs and lower allowance for loan losses. So could you please help me understand where the extra provisions have gone? That’s my first question. I’ll come back with my second. Thank you.
Gianfranco Ferrari : I don’t know if I got your question correctly. Basically, I mean, we’ve grown with the provisions because of the reasons we have explained. Remember that some of the provisions that are required for specifically the wholesale segment it’s well collateralized, we have guarantees and a good coverage ratio, requires less provisions than the retail segment. And at the retail segment, it’s usually written off a lot faster than the other portfolios that have collaterals behind. So that’s basically the general macro explanation of the questions if I got it right.
