Walter Rojas, central business manager of Cusco boxreveals the keys behind the growth of more than 100% of the utilities of the box and the new milestones achieved.
The profits of the boxes have grown more than double in the first 6 months of the year. What factors are behind?
I will give you three fundamental keys. The first is the reduction of interest rates. The entire financial system, including the boxes, captures funds to be able to place them, and currently the cost of money has dropped due to the decrease in the reference rate of the BCR and the inflation control. This allows us to reduce our passive rates. Last year, Caja Cusco registered a weighted rate of between 6% and 7%, while now between 4% and 5%. That reduction of one or two points is very significant.
What is the second variable?
The second variable is related to provisions. Last year there were still reprogrammed wallets in the boxes and throughout the financial system. However, towards December that portfolio had almost completely reduced, representing between 1% and 3% in some cases. When this situation is normalized, provisions have been released. In addition, with the reactivation of the economy, the placements have been growing and the level of breach has been reduced. This allows you to recover income, since default does not show significant deterioration.
What is the third factor?
The third factor is income from financial services. Before they were almost exclusive to banking, but now microfinance entities, especially the boxes, have learned to take advantage of this source. We are doing it through the sale of microseguros and, above all, through electronic or alternative channels, which today generate an important part of these income.
In the case of Caja Cusco, what were the milestones reached?
In Caja Cusco we have achieved a relevant milestone: to achieve greater utilities with a lower portfolio balance. This has been possible thanks to the fact that we maintain the lowest blackberry indicator, not only within the box system, but also compared to entities such as Mibanco or Comparte financial. Another important advance is the development of our digital wallet, similar to YAPE, through which we already grant digital loans of small amounts. The client only enters, makes the application and, being pre -approved, can immediately disburse the credit.
What other milestones did they reach?
Another important milestone is in the composition of our portfolio: more than 5% corresponds to green credits, green and certificated lines. On the liability side, this year we broadcast sustainable bonds, becoming the first box to do so, in addition to issuing deposit certificates. These advances have given us visibility in the capital market, both in Peru and abroad.
How do you expect you to go to the business in the second part of the year?
We expect a better performance. With the real July and August we can project that the second half of the year will be more favorable than the first semester.
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