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 2024 Results Conference Call. We would like to inform you that, this event is being recorded, and all participants will in listen-only mode during the company presentation. After the company remarks are completed, there will be a question-and-answer section. [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 20F for the fiscal year 2023, filed with the U.S. Securities and Exchange Commission. Today, with us we have Ms. Carmen Morillo Arroyo, CFO; Ms. Ines Lanusse, IRO; and Ms. Belen Fourcade, Investor Relations. Ms. Fourcade, you may begin your conference.

Good morning and welcome to BBVA Argentina's second quarter 2024 result 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, our Investor Relations Officer and Carmen Morillo Arroyo, 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 2023 and 2024 figures have been restated to reflect the accumulated effect of the inflation adjustment for each period through June 30, 2024. Now let me turn the call over to Ines.

Thank you, Belen and thank you all for joining us today. In the second quarter of 2024, the significant fiscal consolidation, the relative FX rate stability and the sharp contraction in economic activity have led to a gradual moderation of inflation in recent months. Despite the uncertainty and related risks, according to BBVA Research, it is likely that these ongoing adjustments, eventually complemented by additional measures, could set the basis for an inflation slowdown along the year. On the other hand, although the deterioration of economic activity could be reversed by mid-year, it is expected that after falling by 1.6% in 2023, GDP will decrease by 4% in 2024 and 135% inflation is expected by 2024 year end, with a downward tendency versus 211% as of December 2023. Now moving into business dynamics, as you can see on Slide 3 of our webcast presentation, a service offering has evolved in such a way that by the end of June 2024, new customers acquisitions through digital channels reached 81% versus 76% a year ago. The response on the side of customers has been satisfactory and we are convinced this is the path to pursue in the aim of sustaining and expanding our competitive position in the financial system. Retail digital sales measured in units reached 93.1% in the second quarter of 2024 and represent 74% of the bank's total sales measured in monetary value. Moving to Slide 4, I will now comment on the bank's second quarter 2024 financial results. BBVA Argentina's second quarter 2024 net income was ARS112.9 billion, increasing 178.8% quarter-over-quarter. This implied a quarterly ROE of 19.5% and a quarterly ROA of 4.7%. On the other hand, operating income in the second quarter of 2024 Washington ARS446.7 billion, 40.3% lower quarter-over-quarter. This fall in the quarterly operating result…

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

The conference has now concluded. You may now disconnect your lines. Have a great day.