Financial Report. First Half 2023

During the first half of 2023, the Venezuelan economy experienced a correction that met expectations in the final months of 2022. Instead of moderate and sustained growth, economic actors felt an opposite sense of improvement and imminent recovery. The beginning of the year was characterized by a slowdown in economic activity, inflation and recession in many areas. The economy is not growing at the expected rate, due to exchange rate restrictions, depreciation and decrease in public spending. There is the perception of a new period of imminent slowdown. Strategic planning included rationalizing risk while maintaining profitable and efficient decisions. Shareholders invested in technology, large projects, corporate strengthening, talent and compliance with legal regulations. They focused on social responsibility, sustainability and well-being of employees and their families. Businesses related to food and medicine have maintained acceptable performance despite the decline in production and commercial activity. These sectors have highly valued clients. Banks in Venezuela had to restructure due to the country's economic situation, Banesco Banco Universal, C.A., has reviewed and addressed the key factors of the financial system to guarantee a transparent and solid exercise for its shareholders, clients and interested parties based on its experience 30 years in the sector. The planning guidelines for this period had three fundamental aspects: the first was to do everything.