Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to BBVA Argentina's First Quarter 2021 Results Conference Call. We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the company presentation. After company remarks are completed, there will be a question-and-answer session. At that time, further instructions will be given. [Operator Instructions]. First of all, let me stress that some of the statements made during this conference call may be forward-looking statements within the meaning of the safe harbor provisions found in Section 27A of the Securities Act of 1933 under U.S. federal securities law. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Additional information concerning these factors is contained in BBVA Argentina's annual report on Form 20-F for the fiscal year 2020 filed with the U.S. Securities and Exchange Commission. Today with us, we have Mr. Ernesto Gallardo, CFO; Mrs. Ines Lanusse, IRO; and Ms. Belén Fourcade, Investor Relations. Ms. Fourcade, you may begin your conference. Belén Fourcade: Good morning, everyone, and welcome to BBVA Argentina's first quarter 2021 earnings conference call. Before we begin our formal remarks, let me remind you that certain statements made during the course of the discussion may constitute forward-looking statements, which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to materially differ, including factors that may be beyond the company's control. For a description of these risks, please refer to our SEC filings and earnings release, which are available at our Investor Relations website, ir.bbva.com.ar. Speaking during today's call will be Ines Lanusse and Mr. Ernesto Gallardo, our Chief Financial Officer, who will be available for the Q&A session. Please note that starting January 1, 2020, as per Central Bank regulation, we have begun reporting results applying hyperinflation accounting, pursuant to IFRS rule IAS 29. For ease of comparability, 2020 figures have been restated to reflect the accumulated effect of inflation adjustment for each period through March 31, 2021. I would also like to add that following the application of Central Bank's Communication "A" 7211, as of this earnings release, we are again able to present figures of the last 5 quarters expressed in current currency. Now let me turn the call over to Ines.

Thank you, Belén, and thank all of you for joining us on the first quarter 2021 conference call. Let me start by commenting that despite some incipient signs of economy recovery, uncertainties remain in regards to the resolution of negotiation of the national battle with the IMF and the economic plans linked to the results of such arrangements. The evolution of the pandemic, the additional measures that may be taken by the government and the next midterm elections further complicate the current situation. In this context, with silos of the financial sector, it's critical to be able to add equity and safely provide banking products and services to society. BBVA Argentina has proven this adaptive capacity through a modern branch network and an efficient and safe operating scheme from a sanitary point of view, as our retail and wholesale clients continue to adopt the use of digital channels to access to our products and services. In line with this, the digitalization of our offer has evolved in such way that at the end of March 2021, the penetration of our digital clients reached 73% from 68% in the prior year, while that of mobile clients reached 62% from 56% a year before. In terms of responsible banking, BBVA Argentina keeps working towards a sustainable model, supporting responsible business actions regarding inclusion, financial education and environmental protection as part of its compromise with the country. I will now comment on the bank's first quarter 2021 financial results. BBVA Argentina first quarter 2021 net income, including inflation adjustment effects totaled ARS3.0 billion, growing 821.6% quarter-over-quarter and 50.8% year-over-year. Quarterly results are mainly explained by: one, an adequate operating cost management; two, the reduction in loan loss allowances; three, the recovery of a provision recorded in 2017 in the frame of the legal…

[Operator Instructions]. Our first question comes from Gabriel Nóbrega with Citigroup. Gabriel Nóbrega: So during the first question -- sorry, so during the first quarter, we saw that the NPLs started to deteriorate. I understand that the bank has a soft guidance, so when consuming the excess coverage throughout the year, which we built over 2020. But still, given uncertainties surrounding Argentina, with midterm elections coming up, IMF agreement as well, I just wanted to understand if, at this moment, is there any segment of your loan book that maybe is starting to worry you? Or is everything on a normal pace, and we should continue to see this consumption of coverage over the upcoming quarters? And I'll ask a second question afterwards.

Gabriel, yes, as you mentioned, you saw some peak in the first quarter of the NPL. Basically, as we mentioned in the press release, it's the waivers that were implemented by the COVID measures on the credit card business fell in -- the first one fell in January. So you had some peak in January on the retail portfolio. Then the situation stabilized in February and March. If we would exclude the Central Bank waivers, our NPL as of March would be 2.5%, that is full IFRS 9. And we are projecting towards the end of the year, assuming the way the full waivers are removed from the NPLs, to reach around 3.62%. Just to mention, our deferred book is only 11% overbooked. It has been decreasing. It's mainly credit card business, and we are quite comfortable in the way the NPL is performing. Regarding coverage, basically, you saw a decrease in coverage. Mainly, it's -- that has to do with the increase of the denominator, the NPLs, as I mentioned before, and a reduce in allowances. We are projecting our coverage towards the end of 2021 at around 147%. I think that answers your question, sir. Gabriel Nóbrega: Yes, Miss. This was very clear. And as for my second question, we saw the reversal of the tax provisions on which you generated in 2016. And so I just wanted to understand if you have already done all of this reversal, are there maybe more tax reversals planned throughout the year? How should we think of your effective tax rate going forward as well?

Okay. That was a particular one. As you know, the bank presented sort of lawsuit to the state for -- and we were obliged by the Central Bank to provision that less payment that we did for the income tax of 2016 that was accounted in 2017. And with a positive effect from the demand, we were able to reverse that provision and impacted in the income line tax. So that's the main effect. It's a onetime effect, so you shouldn't see more of those during the -- during 2000 -- during this year. It's difficult to predict the income tax. I know it's a difficult line to model. Probably, you should work around at 38%, but a lot of what happens with the income tax line is going to be related if there is changes in the actual regulation. As you know, today, our income -- our tax is at 30%, and there is a possibility that, that income tax goes to 35%. It Is something that's being discussed in the parliament. So depending mainly on what happens with that, it's going to be, at the end of the day, the income tax, you should calculate for your model.

Next question is from Alonso Garcia with Credit Suisse. Moving on, our next question is from Carlos Gomez with HSBC.

I wanted to follow up on the reversal of the tax provision, ARS1.2 billion. So what is the exact situation of that case? Have you succeeding and that is the reason why you can reverse it? So you will not have to pay those ARS1.2 billion in the future and whatever resolution there was, that is applied to other fiscal years or to other company. We would like to have a little bit of clarity over there. And second, on the dividend, if you could repeat what you spent. In the call, so you have available ARS7 billion, ARS11.34 per share. Can you repeat how much you have on the balance sheet? Just to clarify, the one that you have approved is not yet on the balance sheet. It's not -- has not come out of equity.

Carlos, let me see if I understood your question correctly. Let me start by the second question on dividends. We still have 2 pending dividends from 2019 that are already on the liability side for ARS14.5 billion. Those are pending of distribution. And on the April analyst shareholders' meeting of this year, 2020, an extra dividend of ARS7 billion was declared. And you will see it as of the second quarter getting out of the equity and passing into the liability side. So those are...

Sorry. So to clarify, continue. So right now, ARS14.5 billion are pending distribution and are not in the equity in your book value. And this new ARS7 billion are still in your book value, but they will not be after the second quarter.

Correct. In the second quarter, you're already going to see it in the liability side because the dividend has been declared.

Okay. But has it -- it has been declared but it has not been distributed to the shareholders. So shareholders are still entitled to that money once it is distributed.

Correct. Exactly. It has been declared, but we are -- we do need the authorization of the Central Bank to be able to distribute, okay? And regarding your other question on the tax side, as you -- what we did -- the bank did was for the 2016 income tax that we had to pay. The bank decided, because of this complication, the tax that was being paid was confiscatory. The bank decided to pay less, adjusting the amount that had to pay adjusted by inflation. So the Central Bank obliged the bank because when we had to pay that in 2017 or by to do a provision. So we had a neutral effect for nonpayment because we were going into a lawsuit with the state in 2017. That lawsuit had a positive effect this year in 2021, so we were authorized by the Central Bank to reverse that provision. So that was a onetime effect. We did the same for the income tax we had to pay for 2017 and 2019 with respective provisions in the following years, but we have no news regarding those -- the legal action continues its course, but it's difficult to predict when exactly we're going to have results on those losses. Obviously, having a positive effect on the 2016 lawsuit gives us some -- it's good news for us because we had a positive effect, but we need to see what happens with the 2017 and 2019 lawsuits.

But we expect to have a positive outcome from the law suit, okay?

Understood. And again, the resolution has been positive towards you. At what level of the court, is this the tax authority? Or the...

It's actually close. It's the final sentence, final decision.

So they cannot appeal.

Yes, exactly. They cannot. They decided to not appeal.

[Operator Instructions]. Showing no further questions, this concludes the question-and-answer section. At this time, I would like to turn the floor back over to Mrs. Lanusse for any closing remarks.

Thank you very much for your time. This concludes our call today, and look forward to answer your questions if you have. Thank you.

This concludes today's presentation. You may disconnect your line at this time, and have a nice day.

Thank you. Bye.