to transfer our optimism on the economy and performance into guidance, but we prefer to be prudent at this point. Thank you. Our next question comes from YudiFernandez from JP Morgan. Hi all, uh, first congrats on the results, very good quarter. Uh, I have a, uh, a question on margins, uh, actually on the liability side. Um, I guess we are seeing logbook accelerating in Colombia, right? But my, my question is regarding this funding, um, do you think you'll be able to keep growing deposits at a healthy pace because over the last one, two years, we saw you and Colombian banks in general, having a very good funding structure, right? Like the demand deposits growing, the funding costs coming down. So my, my question is, should we see an inflection point for funding cost and we start to see funding cost slightly moving up and how that could affect margins, because that, that could be negative if that's correct, if that assumption that maybe funding cost would be higher, that can penalize a little bit the needs. But on the other hand, uh, maybe stage 3 loans will pick and that will help a little bit, you have higher rates in Columbus. So I guess the bottom line here, uh it's, what should we expect for inaudible, uh, in, in, in the coming, in the coming quarter for you? Thank you. Yeah. Eh, trying to, to… I, I'm gonna give you first the short, uh, answer, and then I can go into detail. The short answer is deposit growth, uh, we, we should expect to continue sustaining that. However, I mentioned somehow, or I hinted twice that we've had excess liquidity that has been a burden on our net interest margin that's been a prudent way to manage it, particularly in Central America where there's no central banks we've taken excess deposits to what would be the normal way to run the back. So a deposit growth, we will have at least some time where we have the leisure of having excess deposits so we can be picky on prices and that will help us over several quarters. Uh, regarding margins, uh, we suffer when rates come down, particularly those from the central bank and we benefit when those go up. Something that we have already started to feel is that the IBR from, the basically, the interbanking, uh, rate in Colombia has already started to pick up reflecting expectations on increase of profits. If you, eh, recall, um, what, eh, we have in our, in our commercial portfolio in Colombia is substantially floating, eh, loans based on IBR. So, eh, we've started to feel that already it's benefiting us and expect to see that in the future. Then the other side of deposits is our retail franchise where, eh, those deposits are not as elastic to what is happening with the central bank and that's the main source of improvement in margin when, eh, rates go up. Um, there's two different types of cycles, eh, some cycles where, eh, rates are going up because risk is going up therefore the, the cost of risk is built into the pricing of the banks. However, this time around we're looking into a cycle where rates are going up with an improvement in cost of risk. So, eh, I would say that will be benefiting our margins and more so our margins after cost of risk. If I may ask just a quick follow up, do you have a sensitivity on rates that you can provide? Like, uh, if there is… I, I know it's not, the main is not a reference rate, but just as approx, like if the rates move up 100 beeps, what should we see for your, your inaudible? Well, yeah, uh, you have to build in cost of risk into that. Uh, we've… In the past, we used to disclose some sort of sensitivity around the, the, the 20 basis points, uh, uh, or the 20 cents per dollar kind of, of sensitivity, but that was pure interest rate sensitivity. However, pricing has become growingly intelligent in Colombia and you have to build in as well, uh, the cost of risk into those. So, so that has, has made a difference and, and perhaps that was what I was pointing out out before and it says cycles where you're seeing increases in rates, combined with improvement in, eh, cost of risk, eh, are perhaps the most positive and more, most sensitive, or, uh, elastic cycles to, to interest rates. However, we, we, we have ceased to do that because of, of that last factor and, and it depends very much on the speed at which, um, the, the risk premiums are built into pricing. Oh, perfect. Thank you. And again, congrats on the quarter. And our next question comes from JulioAlsike from Davivienda. Please go ahead. Hi everyone. And first of all, congratulations for the results. I would like to know if you can give us a little bit more color of your expectation for the second half of 2020, like you think the earnings is gonna beha- are gonna behave the same as the first half of the year. And also, I would like to know if you can give us a little bit more color about, eh, what are your expectation on long growth? Like if you can, eh, give us, eh, like the consumption, the consumer, the, the market segments, how they will grow if you have this detail, thank you. Well, I, I think we, we covered many of the key points as a guidance for 20, by the way, not 20- 2021 incorporates what is gonna happen over the, the, the second half of the year. We are quite positive on how the second the year will behave. As I mentioned, still prudent on the cost of risk side. That's the reason why, eh, we're guiding into 15 to 15 and half percent ROE for the year in spite of having already over performed, eh, those numbers. So, eh, we are, we are prudent on, on that side because the, the, the cycle is not over yet, but, eh, we are quite positive on, eh, the core banking side of how things are, are behaving. And regarding, eh, long growth, just to, to, to repeat, eh, what, eh, I answered Sebastian at the beginning, we're looking into, eh, commercial lending growing somewhere in the six, eh, to 8% area and, eh, the consumer side, the retail side, growing more in the 12 to 14%, eh, area. Perfect. Our next question comes from Andreas Soto from Santander. Please go ahead. Good morning and thank you, thank you for the presentation. Uh, my question is related to expenses. Uh, when I compare expenses this quarter with the second quarter of 2019, there is, uh, an 14% growth. Obviously, we, you have inorganic growth in the middle, bu it's still, um, uh, you have, uh, real expense growth over that period. So I would like to, to understand, uh, if there is any strategy to, uh, achieve efficiency. In the past, uh,