Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to BBVA Argentina’s Second Quarter 2022 Results Conference Call. We would like to inform you that this event is being recorded and all participants will be in a listen-only mode during the company presentation. [Operator Instructions] First of all, let me point out 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 2021 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 second quarter 2022 earnings conference call. Today's webinar will be supported by a slide presentation available on our Investor Relations website on the financial information section. Speaking during today's call will be Ines Lanusse and Ernesto Gallardo, our Chief Financial Officer will be available for a 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 2021 and 2022 figures have been restated to reflect the accumulated effects of inflation adjustments for each period through June 30, 2022. Now, let me turn the call over to Ines.

Thank you, Belén, and thank all of you for joining us today. In less favorable global context, facing the difficulties of correcting macroeconomic distortions and meeting the established objectives in the loan agreement reached in March 2022 with International Monetary Fund, market volatility has significantly increased especially in the FX market and local currency debt markets. A high uncertainty persists about the future development of economic policy. With COVID-19 pandemic situation under control, Argentina has been able to continue with its economic recovery, although within a context of persist great challenges with a sustained high inflation and a capped foreign exchange rate. BBVA Argentina has a corporate responsibility with society characteristic of the bank's business model, which encourages inclusion, financial education and support scientific research and culture. The bank works with the highest integrity, long-term vision and best practices and this presents through the BBVA Group in the main sustainability indexes. Moving into business dynamics, as you can see on Slide three of the webcast presentation, a service offering has evolved in such a way that by the end of June 2022 digital clients' penetration reached 62% remaining stable compared to a year back. While that of mobile clients reached 54% from 52% in the same period of last year. The response on the side of the customers has been satisfactory and we are convinced this is a bad to pursue in the aim of sustaining and expanding our competitive decision in the financial system. Retail digital sales have increased from 78.6% in the second quarter of 2021 to 82% of units and slightly increasing from 53.1% to 54%, measured as a percentage of sales. New customer acquisition through digital channels reached 66% in the second quarter of 2022 from 70% in the second quarter of 2021. The bank actively…

Ladies and gentlemen, at this time we'll begin the question-and-answer session. [Operator Instructions] And our first question today comes from Carlos Gomez from HSBC. Please go ahead with your question.

Hello, good morning. Thank you for taking my questions. Two of them. The first one is, if you can give us some more clarity as to the reason for the extraordinarily positive tax line as you refer to deferred taxes as some more guidance, minimal expenditure might be welcome. And also what do you expect your tax rate to be this year and next year apart from this effect? The second refers to your loan demand, we saw that your loan portfolio was actually flat year-on-year, that's another [indiscernible] declining. Do you expect positive loan demand for the rest of the year or the beginning of next year? Or we should consider this more of like a one off? Thank you so much.

Hi Carlos. Nice to talk to you. Okay, let me start by your second question regarding loan demand. Firstly, yes, as you mentioned year-over-year we have some net 1% real term growth. But in the quarter already saw 100% growth in real terms mainly coming from the commercial side that started to come. Going forward for 2022 we are seeing loan growth growing above equation mainly because you're starting to see more activity basically company started to demand a little bit more. And on the retail, the credit card basement. Going to your second question on taxes, [indiscernible] taxes function in Argentina. Taxes are paid on the difference between the fiscal and accounting valuation of the fixed asset. What we did is, we had fiscal valuations updated by inflation. And these differences between these two criterias were reduced, generating a lower deferred tax and a positive result in the income tax line in the P&L that you saw. Let me give you some background on why this happened now and didn't have it in the past. Consensus for this action was gaining momentum among peers. Since inflation adjusted was implemented in Argentina, and some of other banks have done this already in the past. Actually, there is another peer of us that has implemented this during this quarter as well. This particular thing that happened applies to fixed assets acquired before 2018. And we believed there was no reason to valuate this assets differently from those acquired after 2019. So basically what we did was, have the same country for all our fixed assets. And these gave us a positive result in the P&L. To give you some color on what would have been the effective tax rate, if we hadn't implied this changing criteria, you should think that the effective tax rate would have been between the mid and high 20s. And going forward for the year because of this particular effect, you're going to have actually a positive effective tax rate for 2022.

So, we understand this is one effect adjustments for the second half of the year should see normal tax rate in the high 20s?

Yes, but going forward, full year actually it’s going to be positive because you have this one time effect, the huge one time effects in the second quarter, but it should be normalized in the third and fourth quarter.

I guess my question is, this is one of that affecting only this quarter. So the third and fourth should have a normal taxation.

Yes. That was in the second quarter and you should have it normalized for the second and the third.

Is there anything else in the tax line that we should consider going forward? I mean, the past you had litigation that came out to your favor, now you have this adjustment, is there anything else we should keep in mind or from here on it should be normal taxation?

[Indiscernible] nothing else you should consider.

All right. And on the loan growth, okay, so you expect -- you have seen some recovery into do you expect it to continue, do you have an expectation of growing or not growing next year?

We are seeing loan growth growing above inflation till the end of 2022. There's more activity going on.

Right and for 2023?

Sorry. 2023, it's difficult to say in Argentina --

Is really far away?

Yes, it’s very far away.

All right. Thank you so much.

You are talking about in terms of June and we are now at the end of August, so only margin.

Thank you so much.

You are welcome.

[Operator Instructions]. Ladies and gentlemen, at this time, I’m showing no additional questions. We will conclude today's question-and-answer section. I'd like to turn the floor back over to Ms. Lanusse for any closing remarks.

Okay. Thank you for your time and let us know if you have further questions. Have a good day. Bye.

And thank you this concludes today's presentation. You may disconnect your lines at this time and have a nice day.