second highlights call. ever. we regions to I of quarter loan Good of to pleasure Today, morning, the clients, reliefs trust doing the conference efforts main the will of strongest is progress macroeconomic cover on status healthy. our our families all an you financial the our environment quarter XXXX and it joining thank operate, digital performance. present the the of your our of and granted keeping the so, our are following: and where update for all that I In you my
macroeconomic few scenario over the with months. last start the Let's
depending effectiveness year, vaccination however, the to these the the on the recover. of quarter second countries global There continued are, countries' in of differences of material the During economy programs. recoveries
of plus the virus appear. variants Gamma to new the as Additionally, more and, the variant recently, such continue Delta
effective now, the variants. For new administered are that apparent these vaccinations against being it is
have vaccination been than has the country and recovery mostly been to case, any is exception program. clear the evidence would along of be the during May. than of To curtailed. April dropped. not the where strikes to the devoid XX although of vaccination Colombia XX However, progress million date, not and doses of economic people or programs million lethality economy. recovery the continue effectiveness that infected, months plagued administered program, this get in This immunized. recoveries well-administered resides not case, the This to the fact In conditions, external been the have have better a the specifically been of violent vaccination and headwinds, Colombian more with that the the has of virus demonstrations has more drastically recovery boosted in the economic fully people the
business such July, after as its level. towards of start in since suggests has drop unemployment prices better pandemic, as such campaign, a vaccination May, and oil. and that by the recovered not commodities the and export April demand, commercial confidence activity supported coffee now level as of numbers, advancing energy is higher and data, the renewed of its of activity High-frequency pre-pandemic this However, the consumer highest at during progress surprisingly is indicator
for own its its in GDP now XXXX. its to the the latest of of in X% raise analysts economy estimates result, growth raise bank outcome a the expected growth for projections X.X% XXXX, XXXX. forecast growth forecast GDP have approximately example, forecasts OECD, to X.X%. Aval, The As grow positive we of during IMF to continued Colombia and given In the forecast their a months. recent now will the is X.X% that August from in revised meeting, And central for
the fell In jobs to rate to during June, to the was unemployment The XX% number second unemployment of XX.X% market. and labor on year and a XX.X% XXX,XXX. average first the the quarter the increased Moving during XX.X% rate compared by earlier. quarter
need recovered, still between are this X% on to mentioned the still is and of there there approximately go levels that course, recovered Of a X% X.X bring improvement, would experience the jobs pre-pandemic us to country unemployment. employment. Despite of these drop back jobs a still the were way to front. be million to long If in
factors as by XXXX. effect. year's the when base and unemployment XX-month reached XX% XXXX. continues, of average expect further to XXX a In now, recovery the end, basis during This we June, rate inflation process statistical by higher for in inflation mainly supply compared For an been X.XX%, by number XX.X% driven points has to reaching decline year's
of surge prices the of the and fact, of the arose was in In triggered X.X% May that from by supply disruptions strikes. food logistics
had July, leisure such prices, as was rose restaurants, by XX which of points by X.XX%. and versus XX points; basis driven as hotels, sectors industries, recreation a result basis higher prices to activity risen by service XX-month culture. food of inflation As in and June by in increase higher This
X% reach pass-through offset We the will prices commodity by higher XXXX shipping that of inflation as revert, costs. for prices food expect and
point Although medium-term weaker consumer the of recent In rate will the we peso X bank prospects, at given tightening will well growth start its scenario, repo a with quarter that remain surge that prices, year. the increase from monetary the hikes the X.XX% current X.XX% to inflation before level. expectations last of end the expect the central probability a basis X%, in the cycle and anchored XX in policy high
seek markets owing weakened of in few the Delta of the in dollar premium. in by has COP investors high last as caused strengthening the also the exchange as per spread the variant shelter in weeks, to rate, as dollar the assets and to to X,XXX renewed saved due Regarding peso increase the due Colombia's uncertainty the the risk to international
is central monetary will GDP. and that a as in to bank the in be rate next freezing measures in likely start proposed will as expected, with and XXXX. reducing This GDP tightening it approved cease reform sector, trillion of surcharge XXXX, next legal new In This reducing the to continue to projection with the However, few would reform of increasing expenses, seek additional months. XXXX. was expected deductible however, government rate presented in components originate X,XXX meantime, by pay XXXX surcharge the XX the approves The XXXX Congress support reform The it few a tax the X.X% the that Congress mainly tax the include in revenues GDP. months. spending. refer expected tax of tax X.X% reform to X.X% XX% the government reform. tax Colombian a new the will revenue primary of level strengthening has a deficit from instead starting X% new increase tax the Other COP of seeks tax peso minute, a The dollar evasion of tax I fiscal per in corporate tax cycle to deficit to corporate to a is or XX% to at over political by expects greater if, reach approved financial to which the to and the fight has close until government will COP that
that should from X.X% up GDP the X.X% Regarding widen a the observed larger to priced economy by into year's translate larger X.X% GDP respect growth account the of deficit, be end, Pent-up and end region's deficit in to current demand trade coffee offset XXXX. the expects partially of it With at will by exports. a oil IMF the America, is XXXX. Central to better expected of and of
of U.S. greatly America Central from the benefits cash as Storms reconstruction certain invest in discussed highly are economy these the that infrastructure dependent the As the States. heavily need past, positively be sector United and affected Iota recovery remittances to on region of the by should the countries works. incoming Economic by American in from the Eta impacted as countries were Central growth
hub of and storms. the surged trade global of have the an consequential growth Honduras. Annual Costa growth economic year-on-year economic XX.X%. before, as transportation said the sectors the Guatemala Honduras the Rica in months GDP Salvador, of estimated reactivation first Panama as Remittances Costa During X the first a XX.X% by and during in estimated investment, increase XX% in El GDP second Rica, same levels. infrastructure X XX.X% the reconstruct from canal in forward activity. and period, In will quarter, maritime benefits estimated El reached XX.X% boosted, production global second the months given of after in XX% its Panama of Honduras. and And quarter was XX.X%. and role spending XX fiscal in damaged growth pre-pandemic in I for be out mentioned growth annual XX% Guatemala of increases Salvador, Guatemala in to X
growth limited leading during economic the in and be the months favorable could by year-on-year reached Nicaragua Finally, of first conditions, external Nicaragua based indicators, in internal on context. challenging growth estimated economic political the X second XX.X% Despite quarter.
status to our programs. loan the Moving of on relief
June represent in we approximately XX, total XX.X portfolio as those by those reliefs more half due relief of reliefs Colombia, of currently were X.X% or our Colombian all loan reliefs loans to June, or portfolio, both representing structural past X.X% These agreements approximately days for region's COP geographies loans. represented COP active currently of and portfolio. consolidated driven loan trillion trillion As amounted our consolidated XX.X% reliefs. represent periods, In of had of trillion, days of amounted region's the loan the have more XX COP Of XX.X X% the COP the America in portfolio. portfolio, more consolidated active concluded or of that to in Panama, active due our total Central or loan XX including trillion with of reliefs America, Central X accounted X.X past in clients. only which than XX.X% In total
related as reflects these risk, of it's of unwinding programs. relief booked, estimation losses cost complete Our the of been to our
We our our continue Allow me expectations. to with in execute accordance strategy elaborate. digital to
yield core have additional sales digitalization As those via in efforts I transformation and core products into both revenues of digital before, that will believe additional the have savings. the our and our income We net banks. solutions mentioned of we processes cost prioritized
products and currently which substantially. without represent concluded in In the nondigitalized digitalization out has those sales retail led are end-to-end of our Colombia, These now those are of and In developed, XX% our We retail been have sales our products. of almost through digital This has sales banks. successfully digitalized solution all sales are sales our for conducted products, rolling XX% to increase of XX% digital of total approximately most a XX% intervention. retail digital all retail of sold. of the of bank are applications, to process and America, products digitalized digitalized sales total Central the human of us
part Allow IT infrastructure scale traditional transformation and is As effort cloud-based, IT of our process, digitalization to cheaper up allowing faster us with to than our models. me explain.
of already the or our in all XXX% are cloud digital First, products cloud-native.
a result, the do to products we're further not migrate infrastructure invest there. to As the need to already digital cloud we because our of
data our Secondly, is acquire costs among Augusta currently efficient believe marketing digital us advanced what customer cross-selling, allowed more increase a reduce penetration. clients allowed in analytical client data processes, as the Matilde in adds lowest capabilities This also has to platform, labs centralized cost of market. allowing which are of client us operational digital our us and our acquisition, new Augusta, we in has Matilde to the the others, the improve our and cost our and which platforms our be cloud, retention platform, in is to acquisition mitigation, through at models. such risk to
rate clients increasing clients as effort million, objective. necessary to is this the have digital long-term for adding associated profitable a users number acquisition transaction of June those XX of the last usury one a costs XX% In fees monetized. difficult be to primary of customers. net sustainable platforms in active Colombia, approximately it products low watchful lack that restrictions, will have no of be loss we strict of Even active our led digital digital value result with with clients the step regardless sell growth transactional digital months. High digital country As where a banking XXXX, though find us of denominated totaled with potential is or or Obtaining X.X to transformation. very
profitable adding with profitability America, In ecosystems our are digital auto increase users. afford other transactional app been valuable digital recently websites XX% of Aval Among ecosystems payroll digital products the that Kash been of of and a to are ways further banking has has XXX,XXX to to those, million region as than these acquire opportunity not These leveraging have in launched and to we with our more We solution. Colombia, our working services popular transactions provide to profitability additional products. currently add loans of are part that Metrocuarao XXX,XXX the meet alternative K, serve loans, to first, ecosystems redesign ecosystems goal to Elempleo to part that digital clients clients, new our our to a products, growth. banks Labs bank Being and clients, those more available XX including mortgages, clients already of Central Carolla, clients, criteria, across which that date. digital such existing working over products the in Digital banks through
our family not year-end to will app digital and to profitable least but This only available us also remittances' app. allow Soon, our acquire remittances XXX,XXX be make profitable. clients our through fee at Kash income to additional increase will by
the Colombia, at Banco more next have design customer has needs. the XX% beginning banking their that XX% refer In call Banco experience. are preferred and the launched and modern, and have customers' conducted channel better year, focus digital adopted in of to make primarily Popular service. These second our XX% have digital XXXX. its secure regarding a up to our handled been will we the the we're finish couple queries of will apps our client and to through detail America, centers launch Central been quickly financial mobile and our those a Villas In during the Occidente new apps months. next app on results, customer of contribute Diego channels through others. requests. XXXX, better intuitive expect interactions improving Customers of and quarter financial in and channels resolved the in de intervention. by means Almost chatbots Finally, AV as fit Banco To human our to performance picked our recently of without to
excellent However, successfully of a to and Aval's was registered book. on the highlight first half approximately the the mainly XX.X% for for X.XX Among with, its of our results for banking I year XX.X% discipline following. income Aval XXXX Grupo attributable resulted defend the in business, the through been while would pure start equity XXX loan with me attributable billion. quarter of First, of reasons principal for COP XXXX trillion. has COP To during best average income quarter intermediation allow been growing results, to semester. return net ever the net This in where these with have able include the following: results spread pricing a we our a
resulting Our in risk. than portfolio expected, better behaving been better of loan has cost
pre-pandemic In moved near fact, to has risk cost of levels.
and momentum income portfolio return income well-structured the resulting from benefited sector contribution very and a nonfinancial our regain in within yields. bottom line. pre-pandemic fixed to terms was our a able period, activity in of short we recovery quickly significant have Fourthly, to Thirdly, to of durations
has pension successful healthy from portfolios its and our fund leadership, Next, it in in the managing market administers. in manager been obtaining defending costs yield
pass do I stress detail attention, our reduction results. the Diego continue who to a on now explain containment all business companies, cost and and/or to our thank throughout culture. cost Lastly, your for the will importance we of presentation you in I'll
good have a You day.
