Operator

Good morning, and welcome to Grupo Supervielle's First Quarter 2026 Earnings Call. I'm Ana Bartesaghi, Treasurer and IRO.

[Operator Instructions] [Foreign Language] Today's conference call is being recorded. Speaking today are Patricio Supervielle, our Chairman and CEO; Gustavo Paco Manriquez, CEO of Banco Supervielle; and Mariano Biglia, our CFO. Diego Pizzulli, CEO of invertironline, will also be available during the Q&A session. [Foreign Language]

Before we begin, please note this call may include forward-looking statements. Please refer to our earnings release and SEC filings for further details. Patricio, please go ahead. [Foreign Language]

Julio Patricio Supervielle
Founder, Chairman of the Board & CEO

Thank you, Anna. Good morning, everyone, and thank you for joining us today. The first quarter marked an early but important step in our earnings recovery with underlying profitability returning to positive territory, excluding extraordinary severance charges.

We maintain a disciplined approach to growth. Loans declined sequentially, reflecting seasonally lower demand in local currency lending and our continued focus on selective origination. U.S. dollar loans grew 13% in original currency terms, although peso appreciation masks growth when reported in local currency.

We also further optimized our funding mix by reducing higher-cost wholesale deposits and strengthening deposit quality. Asset quality showed early signs of stabilization, while the NPL ratio stood at 5.6% at quarter end, delinquency trends improved slightly through March following the February peak.

In parallel, cost of risk improved