Banco Bradesco SA (BBD) 2023 Q3 法說會逐字稿

Hello. Good day, everyone. Thank you for participating in our video conference call to discuss third quarter earnings results. It is a pleasure to have you on board. In the initial point of the event Octavio will present the results of the bank. Then we are going to start the Q&A session. If you want to ask a question, you can send them via email or use WhatsApp in the address and phone number that you see on the screen. The presentation will be in Portuguese with simultaneously interpreting into English. And you can select the audio preference directly in the window that you're watching.

你好。今天是個好日子。感謝您參加我們的視訊電話會議，討論第三季的獲利結果。很高興您的加入。在活動開始時，奧克塔維奧將介紹銀行的業績。接下來我們將開始問答環節。如果您想提出問題，可以透過電子郵件發送或使用螢幕上顯示的地址和電話號碼使用 WhatsApp。演示將以葡萄牙語進行，並同時翻譯成英語。您可以直接在您正在觀看的視窗中選擇音訊首選項。

I'd like to remind you that the presentation and other materials are available for download in our Investor Relations website. I now turn the floor to Octavio who will start presenting the results. I'll see you again momentarily in the Q&A session. See you later.

我想提醒您，簡報和其他資料可以在我們的投資者關係網站上下載。現在請奧克塔維奧發言，他將開始介紹結果。我們稍後會在問答環節再次見到您。回頭見。

Thank you, Firetti. Good morning, everyone, and thank you for joining us on our earnings video conference call. We will start our presentation with the highlights slide with the main numbers of the third quarter. Then we will talk about some strategic initiatives that aim not only to control costs, but mainly the increase in revenue. And finally, we will talk about the quarter's numbers.

謝謝你，費雷蒂。大家早安，感謝您參加我們的財報視訊電話會議。我們將以包含第三季主要數據的亮點幻燈片開始我們的簡報。然後我們將討論一些策略性舉措，這些舉措不僅旨在控製成本，而且主要旨在增加收入。最後，我們將討論本季的數據。

So Bradesco had a net income of BRL 4.6 billion, up 2.3% compared to the previous quarter. With operating income growing 5%. ROE was 11.3% in the quarter, still below the level we would see as appropriate.

因此佈拉德斯科的淨利為46億雷亞爾，比上一季成長2.3%。營業收入成長5%。本季 ROE 為 11.3%，仍低於我們認為合適的水平。

As you will see during the presentation, we have made progress on several key points, but we are fully aware of the challenges ahead. The portfolio of the book loan or the loan book grew 1% driven mainly by large corporates. Delinquency rates were down, which reflects an NPL creation, falling BRL 1.6 billion and lower credit provision expenses by BRL 1.1 billion. Our 90-day delinquency indicator improved by 10 bps with reduction in large corporate and individuals despite the portfolio shrinking, which has an important denominator effect on the ratio. In small- and mid-size enterprises, the indicator still grew. But we are now seeing an improvement in 15 to 90 day delinquency ratios and in the quality of the most recent credit vintages. Basel ratio Tier 1 rose 55 bps.

正如您在演示中看到的那樣，我們在幾個關鍵點上取得了進展，但我們充分意識到未來的挑戰。帳面貸款或貸款帳面投資組合成長了 1%，主要由大型企業推動。拖欠率下降，反映出不良貸款的產生，減少了 16 億雷亞爾，信貸撥備費用減少了 11 億雷亞爾。儘管投資組合收縮，但我們的 90 天拖欠指標改善了 10 個基點，大型企業和個人的數量有所減少，這對該比率具有重要的分母效應。在中小企業中，該指標仍然增長。但我們現在看到 15 至 90 天的拖欠率和最近信貸年份的品質有所改善。巴塞爾一級資本比率上升 55 個基點。

Finally, the insurance group continued to show a good level of result, making a significant contribution to the bank's performance.

最後，保險集團繼續展現出良好的業績水平，為銀行業績做出了重大貢獻。

I'd like to speak a little about BRADigital. We had an important addition in our innovation system, a new technology hub and innovation that we just implemented to more than 600 employees working at this hub in Helsinki with total connection with the universities, the academia, proximity of partnering companies, projects using emerging technologies as blockchain, cloud and gen AI. In addition we had important acquisitions in the world of payments analytics and in gen AI such as hiring (inaudible) companies specialized in these technologies. We also have excellent partnerships. We have more than 300 data scientists and around 500 models that use generative artificial intelligence Bradesco experience, which is an area in Bradesco which has a mandatory presence in all of the organization's squads, has the objective of making the client's journey always more current, fluid and enjoyable, and has been recognized by clients and from publications and awards specialized in this subject.

我想談談 BRADigital。我們的創新系統中有一個重要的補充，即一個新技術中心和創新，我們剛剛向在赫爾辛基這個中心工作的600 多名員工實施了該創新，與大學、學術界、合作夥伴公司的緊密聯繫、使用新興技術的專案建立了全面的聯繫例如區塊鏈、雲端和人工智慧。此外，我們在支付分析和人工智慧領域進行了重要收購，例如僱用（聽不清楚）專門從事這些技術的公司。我們也擁有良好的合作關係。我們擁有300 多名資料科學家和大約500 個使用生成式人工智慧Bradesco 經驗的模型，這是Bradesco 的一個領域，在該組織的所有團隊中都有強制存在，其目標是使客戶的旅程始終更加及時、流暢且令人愉快，並得到了客戶以及該主題專業出版物和獎項的認可。

Now talking about focus on digital. This entire transformation leads us to a process of rapid evolution in our digital channels with very significant numbers. In individuals, for example, on average clients that access our individual account at 20 times a month and there are now over 60 million accesses per day. BIA Bradesco artificial intelligence is a pioneer among Brazilian banks capable of giving your transactions. And it continues to evolve with the slogan, make it easier with Bradesco, which is already in the media.

現在談論專注於數位化。整個轉變導致我們的數位管道快速發展，數量非常可觀。以個人為例，客戶平均每月造訪我們個人帳戶的次數為20次，目前每天的造訪次數超過6000萬次。 BIA Bradesco 人工智慧是巴西銀行中能夠為您提供交易服務的先驅。它隨著口號“讓布拉德斯科變得更容易”而不斷發展，這已經出現在媒體上。

(inaudible) to all the products and services already running, it is now doing PIX instant transactions using WhatsApp and working to prevent fraud in case of suspicious transactions through messages to our clients. Everything we are doing in digital gives us certainty about the path we are following with our clients, allowing greater autonomy with a better experience and for us much more business and with a lower cost to serve.

（聽不清楚）對於已經運行的所有產品和服務，它現在正在使用 WhatsApp 進行 PIX 即時交易，並努力透過向客戶發送訊息來防止可疑交易中的詐騙。我們在數位領域所做的一切都讓我們對與客戶一起走的道路更加確定，從而獲得更大的自主權和更好的體驗，並為我們帶來更多的業務和更低的服務成本。

Along those lines, we also developed Bradesco Global Solutions in this constant pursuit to enhance experience for our services and channels. We are reinventing and improving the way we connect to our clients by launching Global Solutions, a new open, connected, customized multi-channel platform. Our client journey is showing tangible digital transformation in wholesale banking, which began a few years ago. Our proposal is to offer a unique experience in the banking industry. Global Solutions is monitoring our clients' needs so that we can always offer companies the best solutions for financial management, such as cash management, payroll, cards, insurance on a multilingual multicurrency and multi-bank platform, fully customizable for each company with the advantage of visualization across multiple companies in the same conglomerate.

沿著這些思路，我們也發展了 Bradesco 全球解決方案，不斷追求增強我們的服務和通路體驗。我們正在透過推出全球解決方案（Global Solutions）來重塑和改進我們與客戶的聯繫方式，這是一個新的開放、互聯、客製化的多通路平台。我們的客戶旅程展示了幾年前開始的批發銀行業務的實際數位轉型。我們的建議是提供銀行業獨特的體驗。 Global Solutions 正在監控客戶的需求，以便我們始終能夠為企業提供最佳的財務管理解決方案，例如多語言、多貨幣和多銀行平台上的現金管理、工資、銀行卡、保險，並可根據每個公司的優勢進行完全客製化同一集團內多家公司的視覺化。

In our high-income vertical in the slide, we show some numbers and details. A big key point for our strategy, something we have discussed a lot with you, i.e. our performance in the high-income segment, our goals to increase our share of wallet, gaining principality in the customer relationship. In Bradesco Prime we have more than 4,000 client relationship professionals and more than 2,000 investment specialists working to enhance services for this segment, constantly focusing on delivering a differentiated experience for our clients.

在幻燈片的高收入垂直部分中，我們顯示了一些數字和詳細資訊。我們策略的一個重要關鍵點，我們已經與您討論了很多，即我們在高收入細分市場的表現，我們增加錢包份額的目標，在客戶關係中獲得主導地位。 Bradesco Prime 擁有 4,000 多名客戶關係專業人員和 2,000 多名投資專家，致力於增強該細分市場的服務，並持續致力於為客戶提供差異化的體驗。

Agora, our brokerage house currently has BRL 81 billion in assets under custody and around 1 billion clients. In order to further enhance this experience and deliver advantages we are now charging -- we are not charging any brokerage fee for trades made through Agora's [Appen] website.

我們的經紀公司 Agora 目前託管著 810 億雷亞爾的資產和約 10 億客戶。為了進一步增強這種體驗並提供優勢，我們現在開始收費——對於透過 Agora 的 [Appen] 網站進行的交易，我們不收取任何經紀費。

On another area, Bradesco Asset is a key actor this year with over BRL 700 billion assets under management, positive net funding for the year and outperforming the industry in terms of growth. Bradesco's asset manager has earned recognition in the form of several financial industry awards. A highlight would be bond funds, which in addition to good returns posted material growth and funding totaling more than BRL 240 billion under management.

另一方面，Bradesco Asset 是今年的關鍵參與者，管理超過 7,000 億雷亞爾的資產，今年的淨融資為正值，並且在成長方面優於行業。 Bradesco 的資產管理公司贏得了多個金融業獎項的認可。其中一個亮點是債券基金，除了取得良好回報外，還實現了實質成長，管理資金總額超過 2,400 億雷亞爾。

We cannot forget to mention our newest asset (inaudible) focused on alternative funds and which currently has BRL 34 billion in asset under management. The bank that stands with you.

我們不能忘記提及我們專注於另類基金的最新資產（聽不清楚），目前管理著 340 億雷亞爾的資產。與您站在一起的銀行。

These initiatives in our high income vertical evolve in Brazil and also extend to our offer of international products and services. A good example of this is the My Account, the international digital account that we launched in July of this year to ensure convenience to our clients. It has already reached more than 100,000 accounts at Bradesco Bank. And on the other hand the private bank operation also continues to expand with 45% increase in client assets and liabilities, reflecting the evolution on real estate loans, cards and investment portfolios.

這些措施在我們的高收入垂直領域在巴西不斷發展，也延伸到我們提供的國際產品和服務。我的帳戶就是一個很好的例子，這是我們於今年 7 月推出的國際數位帳戶，旨在確保為客戶提供便利。 Bradesco 銀行的帳戶數量已超過 10 萬個。另一方面，私人銀行業務也持續擴張，客戶資產和負債增加了 45%，反映了房地產貸款、信用卡和投資組合的演變。

Bradesco Bank's operation is also transforming its digital journey to add agility, autonomy and convenience for our clients. At Global Private Bank, which includes our operations in Miami, Luxembourg and Cayman our customer satisfaction indicator, NPS, stands out in the market. It is also worth mentioning the international awards that highlight our team's quality. For the fourth consecutive year, we have been named Brazil's best wealth management advisor.

布拉德斯科銀行的營運也在轉變其數位化之旅，為我們的客戶增加敏捷性、自主性和便利性。在全球私人銀行（包括我們在邁阿密、盧森堡和開曼的業務），我們的客戶滿意度指標 NPS 在市場上脫穎而出。另外值得一提的是突顯我們團隊素質的國際獎項。我們連續第四年被評為巴西最佳財富管理顧問。

I would also like to touch on the cards area. I should highlight two new novelties in the cards segment. For some time now we have focused on partnerships that create value and centrality for our clients with principality to the fore. We have recently announced an exclusive partnership with Amazon and we are the Amazon's, the Amazon card's issuers (inaudible). This partnership has already posted excellent numbers in its initial months. And it is part of our strategy of associating with companies and brands of great value for clients. We have a complete portfolio, the only one that covers all major card brands.

我還想談談卡片領域。我應該強調一下卡片領域的兩個新奇事物。一段時間以來，我們一直專注於為客戶創造價值和中心地位的合作夥伴關係，並將原則放在首位。我們最近宣布與亞馬遜建立獨家合作關係，我們是亞馬遜、亞馬遜卡的發行人（聽不清楚）。這種合作關係在最初幾個月就已經取得了出色的業績。這是我們與對客戶具有巨大價值的公司和品牌合作策略的一部分。我們擁有完整的產品組合，是唯一涵蓋所有主要卡品牌的產品組合。

We also have just launched Bradesco Centurion American Express, which boasts the best benefits and value a card can deliver for the most demanding clients. Again, principality, followed by principality. We have focused on repositioning in the high income segment and these cards currently account for 64% of individual revenues first contributing to our 2-digit growth in card revenues.

我們也剛推出了 Bradesco Centurion American Express，它擁有一張卡可以為最挑剔的客戶提供的最佳優惠和價值。再次是公國，其次是公國。我們專注於在高收入領域重新定位，這些卡目前佔個人收入的 64%，首先為我們的卡收入帶來了兩位數的成長。

Another important point is to speak about agri business. Farm loans are on the rise. We are a leading bank in this area. We continue to evolve in our offering and structures to deliver outstanding customer service. Last quarter I shared with you the launch of our e-agro platform with you. For this quarter I highlight our BRL 19.5 billion volume dispersed, which was 100% up compared to the previous quarter. Our structure focused on agri business has 1,000 points of services distributed across Brazil in addition to 14 agri business platforms. And we are hitting another 4. We have more than 100 specialists who help our clients with consultancy and advice. Due to the importance of this segment for the bank and for Brazil, we will continue to strengthen our structures and operations.

另一個要點是談論農業企業。農業貸款呈上升趨勢。我們是該領域的領先銀行。我們不斷發展我們的產品和結構，以提供卓越的客戶服務。上個季度我與大家分享了我們的電子農業平台的推出。對於本季度，我重點介紹了我們 195 億雷亞爾的分散交易量，與上一季相比增長了 100%。我們專注於農業業務的結構除了 14 個農業業務平台外，還擁有分佈在巴西各地的 1,000 個服務點。我們正在達到另外 4 個目標。我們有 100 多名專家為我們的客戶提供諮詢和建議。由於該部門對銀行和巴西的重要性，我們將繼續加強我們的結構和運作。

Well then here are the details for our third quarter. Net income was up 2.3%, reaching BRL 4.6 billion for the quarter. On the annual comparison, we had an 11.5% decrease. Our credit provision expenses fell BRL 1.1 billion and delinquency ratios have already shown improvement. Client NII for the quarter was lower mainly due to the product mix effect. On the other hand, market NII has continued to show evolution. It was already positive in this quarter and will continue to improve and be positive in the fourth quarter and along the year 2024.

那麼這是我們第三季的詳細資訊。本季淨利成長 2.3%，達到 46 億雷亞爾。與年度比較相比，我們下降了 11.5%。我們的信貸撥備費用減少了 11 億雷亞爾，拖欠率已有所改善。本季客戶NII 較低，主要是由於產品組合效應。另一方面，市場NII持續呈現演變。本季度已經是積極的，並將在第四季度和 2024 年繼續改善和積極。

Our insurance group continues to post excellent results and will be ending the year with revenues greater than BRL 100 billion and over 23% ROE, but will be showing more details in the next slides.

我們的保險集團繼續取得優異的業績，到年底收入將超過 1000 億雷亞爾，淨資產收益率超過 23%，但將在下一張幻燈片中展示更多詳細資訊。

Now let's talk about our loan portfolio. In corporate clients, it was a 1.8%, mainly driven by large corporate that was up by 3.2%. And SME segment posted a 1.1% contraction. But we are still very restricted for credit origination to small companies. Given the economic situation in this segment, which is experiencing higher delinquency ratios, we are set to increase origination in the segment in the fourth quarter. We are already increasing it. And due to the credit policy adjustments, our individuals portfolio were down by 0.1% even though credit origination was growing in the third quarter when compared to previous quarters. And we will continue to increase credit origination in the fourth quarter. As interest rates fall, we see demand for loans improving in the lower risk segments such as vehicles, payroll deductible loans and real estate loans. The daily average of total landing in this quarter was 14% higher than the previous quarter, being 26% higher in individuals and 11% higher in corporates. Even considering that we grew during the quarter and we have not yet recovered in all portfolios by the same pace.

現在讓我們談談我們的貸款組合。在企業客戶中，成長了 1.8%，主要是由成長 3.2% 的大型企業推動的。中小企業板塊收縮 1.1%。但我們對小公司的信貸發放仍受到嚴格限制。考慮到該細分市場的經濟形勢，拖欠率較高，我們計劃在第四季度增加該細分市場的資金來源。我們已經在增加它了。由於信貸政策調整，儘管第三季信貸發放較前幾個季度有所增長，但我們的個人投資組合仍下降了 0.1%。我們將在第四季繼續增加信貸發放。隨著利率下降，我們看到車輛、工資可扣除貸款和房地產貸款等低風險領域的貸款需求有所改善。本季日均總登陸量較上季成長14%，其中個人高出26%，企業高出11%。即使考慮到我們在本季度的成長，但我們尚未以相同的速度恢復所有投資組合。

It is a fact that lower origination and lower rates mix are still squeezing the client NII. We believe that we will get to normalized origination levels throughout the third quarter and throughout the year '24. At this moment, we are operating below the guidance range.

事實上，較低的來源和較低的費率組合仍在擠壓客戶的NII。我們相信，我們將在整個第三季和 24 年全年達到正常化的起始水準。目前，我們的操作低於指導範圍。

All our reviews and reevaluation of credit models and policies have shown important results. The new credit vintages are still performing 50% better than the 2021 vintages. And we continue to monitor these delinquency ratios in the short run and the volumes. The new vintages already account for 57% of the individual's portfolio in the retail banking segment.

我們對信貸模型和政策的所有審查和重新評估都顯示出重要的結果。新信用年份的表現仍比 2021 年年份好 50%。我們將繼續監控這些短期拖欠率和數量。新年份已佔個人零售銀行業務投資組合的 57%。

The quarter's ALL was BRL 9.2 billion. For credit provision expense it was 10.9% lower than the previous quarter, so this lowered the cost of risk to 4.2%. The year's guidance range goes from BRL 36.5 billion to BRL 39.5 billion. At this time we are expecting to end the year close to the top as we indicated previously. Despite the improvement, we are still operating with a high level of cost of risk because this is a long-tailed process.

該季度的總收入為 92 億雷亞爾。信貸撥備費用比上一季下降 10.9%，因此風險成本降至 4.2%。今年的指導範圍為 365 億雷亞爾至 395 億雷亞爾。正如我們之前指出的，目前我們預計今年年底將接近頂峰。儘管有所改善，但我們的營運風險成本仍然很高，因為這是一個長尾過程。

The total credit provision balance was basically stable and quite robust, standing at n 59 billion, accounting for 9.4% of the loan portfolio. Our coverage ratio for over 90 days fell to 155%. However, excluding 100% provisioned loans, this ratio remained practically flat at 239%. As we have been saying, we see the reduction in the level of coverage as something natural for the end of the credit cycle and at a moment when credit origination still low. Our cover coverage ratio is certainly starting to improve with lower NPL and increased credit origination.

信貸撥備餘額總額基本穩定且相當強勁，為590億蘭特，佔貸款組合的9.4%。我們90多天的覆蓋率下降到155%。然而，不包括 100% 撥備貸款，這一比率實際上保持在 239%。正如我們一直所說的，我們認為覆蓋水準的下降是信貸週期結束且信貸發放仍然較低的時刻的自然現象。隨著不良貸款的下降和信貸發放的增加，我們的覆蓋率肯定開始提高。

Speaking about NPL creation, that it was the highlight of the quarter. There was improvement across all segments. It reached BRL 10 billion, which was a significant drop when compared to the previous quarter. In terms of individuals, total BRL 6.5 billion and with companies accounted for BRL 3.5 billion. NPL creation is set to continue to improve over the next quarters.

談到不良貸款的產生，這是本季的亮點。所有細分市場都有所改善。達到100億雷亞爾，與上一季相比大幅下降。就個人而言，總額為 65 億雷亞爾，公司總額為 35 億雷亞爾。不良貸款的產生將在未來幾季繼續改善。

Our 90-day delinquency ratio was down by 10 basis points with the same level of improvement for individuals and large corporates. In the SME segment, there was still a worsening in the ratio, but less than in recent quarters despite an unfavorable denominator effect due to the declining in the portfolio. We believe that SME delinquency will at least stabilize in the fourth quarter since the vintages have been posting much better performance.

我們的 90 天拖欠率下降了 10 個基點，個人和大型企業的改善程度相同。在中小企業領域，該比率仍然惡化，但低於最近幾個季度，儘管由於投資組合下降而產生了不利的分母效應。我們認為，由於各年份的表現要好得多，中小企業的拖欠率至少會在第四季穩定下來。

Now, short-term delinquency, you can see that there was an improvement across all segments, 30 basis points in total delinquencies, 20 basis points in individuals, 40 in SMEs, and 80 basis points in large corporates. This performance should continue to benefit longer delinquency in the coming quarters, that's for sure.

現在，短期拖欠率，您可以看到所有細分市場都有所改善，總拖欠率提高了30個基點，個人提高了20個基點，中小企業提高了40個基點，大型企業提高了80個基點。可以肯定的是，這種表現應該會在未來幾季繼續有利於更長的拖欠率。

Total NII for this quarter stood at BRL 15.9 billion. Market NII has turned positive showing an improvement of BRL 1.3 billion in comparison to the same period of the previous year. And it will continue to evolve during the fourth quarter and also throughout 2024. Client NII fell by 9.6% in the annual comparison, reflecting lower volume of loans and a 0.6 percentage points decrease in average spread, which stood at 9.1% due to the mix of lower spread and therefore lower risk. We are below our total NII guidance range. Fee and commission income poses a challenge, reflecting regulatory aspects in the competition with new entrants that still have regulatory symmetries. As the capital market reopened, we posted excellent underwriting performance that grew more than 100%. In terms of asset management, the changes that we have made to our strategy are already beginning to produce effects.

本季NII 總額為159 億雷亞爾。市場NII轉正，與去年同期相比增加了13億雷亞爾。這一情況將在第四季度以及整個2024 年繼續發展。與年度比較相比，客戶NII 下降了9.6%，反映出貸款量減少，平均利差下降0.6 個百分點，由於混合因素，平均利差為9.1%點差較低，因此風險較低。我們低於總 NII 指導範圍。費用和佣金收入構成了挑戰，反映出與仍具有監管對稱性的新進入者競爭中的監管方面。隨著資本市場重新開放，我們的核保績效表現出色，增幅超過100%。在資產管理方面，我們策略上的改變已經開始產生效果。

In cards, the trend is to continue to improve due to the expansion and new products in the high-income segment. In relation to guidance, we posted at improvement and got closer to the range we had previously indicated. Total operating expenses were up 8.1% in the annual comparison. However, personnel and admin expenses together grew by just 0.6%. The large contribution to higher total expenses came from other operating expenses line due to the low comparison base in 2022. In the fourth quarter other expenses comparison base will be normalized, thus reducing the total expenses line's annual growth.

在卡片領域，由於高收入領域的擴張和新產品的推出，趨勢將繼續改善。在指導方面，我們公佈了改進情況，並接近我們先前指出的範圍。總營運費用較去年同期成長 8.1%。然而，人員和管理費用合計僅成長 0.6%。由於2022年的比較基數較低，總費用較高的貢獻主要來自其他營運費用項目。第四季度其他費用比較基數將正常化，從而減少總費用項目的年度成長。

The collective bargaining agreement of 4.58% came into effect as of September, so it impacted our personnel expenses line at the end, the final part of the quarter. Compared to the third quarter of '22, this line showed a fall of 0.2%. Admin expenses in the same period only grew 1.4% as a result of our efficiency initiatives. We are promoting a far-reaching review of our service model with a focus on reducing the cost to serve. This involves adjusting our physical presence which will continue in the coming quarters and has the strategy of Bradesco Digital as one of its main levers.

4.58%的集體談判協議於9月生效，因此影響了我們季度末的人事費用線。與 22 年第三季相比，該線下降了 0.2%。由於我們的效率舉措，同期管理費用僅增加了 1.4%。我們正在推動對我們的服務模式進行深遠的審查，重點是降低服務成本。這涉及到調整我們的實體存在，這將在未來幾季繼續進行，並將 Bradesco Digital 策略作為其主要槓桿之一。

The income from insurance for the quarter was BRL 4.6 billion. Year-to-date growth is 25.6%, at the top of the guidance. The quarter's net income was steady at BRL 2.4 billion showing a almost 24% ROE. Premiums continue growing, reaching BRL 28.2 billion in the quarter and BRL 79 billion in the year-to-date numbers. The period's result also benefited from improved operating efficiency and acquisition cost ratio in addition to financial income.

本季保險收入為 46 億雷亞爾。年初至今的成長率為 25.6%，處於指導值的頂端。本季淨利潤穩定在 24 億雷亞爾，淨資產收益率 (ROE) 接近 24%。保費持續成長，本季達到 282 億雷亞爾，年初至今達到 790 億雷亞爾。除財務收入外，該期間的業績還受益於營運效率和收購成本率的提高。

Now turning to capital, we posted a 55 bps increase in our tier 1 Basel ratio, reaching 13.4% and 50 bps in total base Basel, which achieved 16%. We continue to make full provisioning of interest on shareholders equity, which has now reached BRL 8.6 billion for the year. Our liquidity position remains quite comfortable with LCR closing at 183%. So this is the end of the presentation. Thank you so much. And once again, thank you for joining us. And now I will join Cassiano and Firetti for our Q&A session. See you soon.

現在轉向資本，我們的巴塞爾一級比率增加了 55 個基點，達到 13.4%，巴塞爾總基準比率增加了 50 個基點，達到 16%。我們繼續全額提列股東權益利息，目前全年已達86億雷亞爾。我們的流動性狀況仍然相當舒適，LCR 收在 183%。演示到此結束。太感謝了。再次感謝您加入我們。現在我將與卡西亞諾和費雷蒂一起參加我們的問答環節。再見。

Hello, I am back now. And now joining me is aa Octavio and Cassiano. We also have the CEO of the insurance company. We will initiate now the Q&A session. Questions can be asked in either Portuguese or English. Answers will always be in Portuguese. And you can also resort to the simultaneous translation feature that you find in the platform.

你好，我現在回來了。現在加入我的是奧克塔維奧和卡西亞諾。我們還有保險公司的執行長。我們現在開始問答環節。可以用葡萄牙語或英語提問。答案將始終是葡萄牙語。您還可以利用平台中的同聲翻譯功能。

Our first question is from Renato Meloni from Autonomous. You may proceed, sir.

我們的第一個問題來自 Autonomous 的 Renato Meloni。您可以繼續了，先生。

Good morning. It's nice to see you again and thank you for taking my question. You had a very important de-risking of the book this quarter. I would just like to understand whether this already places the bank in a position where you can resume growth as soon as the market improves? And what does that mean in terms of client NII for next year and for the coming quarter?

早安.很高興再次見到您，感謝您提出我的問題。本季您對這本書進行了非常重要的去風險化處理。我只是想了解這是否已經使銀行處於可以在市場好轉後立即恢復成長的情況？這對於明年和下一季的客戶 NII 意味著什麼？

Hello, Renato, good morning. Good morning, everyone. It's a pleasure to be with you. Thank you for your question. Yes, Renato, you're right, we had to make some adjustments to our loan portfolio due to the delinquency levels that we noticed, especially coming from small- and micro-size companies. But looking at the numbers, we may be sure that we already reached the peak of delinquency. And from now on, we will continue to grow. I mean, we never cease to operate. We continue to operate normally. But the fact is that we were trying to work with safer portfolios with lower delinquency levels. And we are now looking at the growth of mortgage loans and payroll loans and rural loans. But the more riskier portfolios had to be put on hold for a while. And mainly also transactions involving small- and micro-sized companies. But we've already experienced some growth, which you could notice from the presentation. There was an important origination growth both in terms of individuals and also companies. Therefore, from now on, I mean growth has been resumed, is returning to normal levels. Throughout the fourth quarter I think this should continue. And the same thing goes for the year 2024. It's also natural that as there hasn't been any strong growth in the loan portfolio, it was a very modest growth of our loan portfolio, and this is something that happened maybe across the board amongst all financial organizations. So client NII is a bit hurt and it takes a longer time to resume that margin. I mean, based on all the operations that we are generating. But as I was saying, we didn't stop to operate. We are still operating with clients with a better score, with a better risk profile. And this gives us a certain comfort in terms of the results. This will pick up with time. And in addition to that, there are also some other growth levers in terms of client NII. And it's important to mention the underwriting performance that we had this third quarter that has been performing well. It grew almost twice as much. Therefore the work we've been doing at Bradesco Asset is already showing some significant results, more than BRL 770 billion of assets under management. And this is also posting positive results to our company in addition to Bradesco Financiamentos, Consorcio and the insurance company which remains an important lever. And it is certainly contributing to the results of the bank. All of these different levers as we move them, they are here to improve our final results in addition to all of our work in terms of cost control. Therefore the expectation going forward is to see the growth of this portfolio. Thank you.

你好，雷納托，早安。大家，早安。很高興和你在一起。謝謝你的問題。是的，雷納托，你是對的，由於我們注意到拖欠水平，特別是來自小型和微型公司的拖欠水平，我們必須對我們的貸款組合進行一些調整。但從這些數字來看，我們可以確信我們已經達到了犯罪率的頂峰。並且從現在開始，我們將不斷成長。我的意思是，我們永遠不會停止營運。我們繼續正常運作。但事實是，我們正在嘗試使用更安全、拖欠率更低的投資組合。我們現在正在關注抵押貸款、薪資貸款和農村貸款的成長。但風險較高的投資組合必須暫時擱置。而且主要還是涉及小微企業的交易。但我們已經經歷了一些增長，您可以從演示中註意到這一點。個人和公司都出現了重要的創始成長。因此，從現在開始，我的意思是成長已經恢復，正在恢復到正常水平。我認為整個第四季這種情況應該會持續下去。 2024 年也是如此。很自然，由於貸款組合沒有出現任何強勁增長，因此我們的貸款組合增長非常溫和，這可能是全面發生的事情所有金融組織。因此，客戶 NII 受到了一些傷害，並且需要更長的時間才能恢復該利潤。我的意思是，基於我們正在生成的所有操作。但正如我所說，我們並沒有停下來進行操作。我們仍在與評分較高、風險狀況較好的客戶合作。這讓我們對結果感到一定的安慰。這會隨著時間的推移而恢復。除此之外，在顧客NII方面還有一些其他的成長槓桿。值得一提的是，我們第三季的核保業績一直表現良好。它幾乎增長了一倍。因此，我們在 Bradesco Asset 所做的工作已經取得了一些重大成果，管理的資產超過 7,700 億雷亞爾。除了 Bradesco Financiamentos、Consorcio 和保險公司之外，這也為我們公司帶來了積極的成果，保險公司仍然是一個重要的槓桿。這無疑對銀行的業績做出了貢獻。當我們移動所有這些不同的槓桿時，除了我們在成本控制方面的所有工作之外，它們還可以改善我們的最終結果。因此，未來的預期是看到該投資組合的成長。謝謝。

Our next question is from Mario Pierry with Bank of America. Good morning, Mario. You may proceed

我們的下一個問題來自美國銀行的 Mario Pierry。早安，馬裡奧。您可以繼續

I'd like to focus a little on the guidance. You had provided a guidance in August. And you are below the guidance in several lines, particularly margin, fees, the loan growth and revenue. And I would like to understand why is it that you're below the guidance, particularly regarding credit? Do you have the perception that the problems are greater than what you thought in August and you had to make a more dramatic adjustment, and whether you're going to maintain your guidance for the rest of the year?

我想稍微關心一下指導。您在八月提供了指導。您在幾個方面都低於指導，特別是保證金、費用、貸款成長和收入。我想了解為什麼你們低於指導，特別是在信用方面？您是否認為問題比您在 8 月想像的要嚴重，您必須做出更大的調整？您是否會在今年剩餘時間維持您的指導？

Hello, Mario. Thank you. Good morning. Indeed in some lines of the guidance, we are below the expectation. We are in perhaps in the low range of the guidance. But it was absolutely to make an adjustment in loan granting, particularly for small and midsize enterprises, Mario, because like I said, these are the loans that give us the best margins with best rates and you can add new services. So that became a little tighter for us to pursue the guidance. But we have an expectation also given the growth of loans in the recent quarter. The evolution of credit, as I mentioned, our expectation is to grow. We should target, I have to tell you, for the lower range of the guidance, but we are working on it. Well, credit, I think we can talk about this. We had to adjust the market NII, as we mentioned, and this was solved, it's water under the bridge. And this will be solved in 2024. We still have a large delinquency in SMEs and also for individuals. This bothered us. We had to make some necessary adjustments for that. And when we make these adjustments, we reduce the speed of loan granting. We had to slow down. We continue to operate, yes, but with companies with a better risk rating and better guarantees. But we kind of hold back those operations that have no guarantee and that offer a credit NII that is better. So that's an ongoing work that we do to maintain the loan book at a normal acceleration. Q4 should show a credit acceleration in all lines, for large corporates, individuals or even SMEs. So it was necessary, it was responsible on our part to make that adjustment, Mario, so that we could control delinquency. In the 90-day delinquency we could see a reduction. When we look at shorter delinquency, we can also see a reduction in all lines, significant reductions in the shorter term delinquency in all lines. And when the shorter delinquency will become an over 90-day pass due delinquency, the expectation is that this will improve. And this will improve all the interest rate curves. That is the word that we tried to do. 2 days ago we ended the month of October and we can see SME's delinquency reducing it. We posted a lower delinquency than in Q3. So our expectation is to continue to work hard to achieve at least the lower range of the guidance.

你好，馬裡奧。謝謝。早安.事實上，在指導的某些方面，我們低於預期。我們可能處於指導的較低範圍內。但這絕對是要對貸款發放進行調整，特別是對中小企業，馬裡奧，因為就像我說的，這些貸款為我們提供了最好的利潤率和最好的利率，你可以添加新的服務。因此，我們追求指導的要求變得更加嚴格。但考慮到最近季度貸款的成長，我們也有一個預期。正如我所提到的，信貸的演變是我們的期望是成長。我必須告訴你，我們應該以較低的指導範圍為目標，但我們正在努力。好吧，信用，我想我們可以談談這個。正如我們所提到的，我們必須調整市場NII，這個問題已經解決了，這是橋下的水。這個問題將在 2024 年解決。中小企業和個人的拖欠率仍然很高。這讓我們很煩惱。我們必須為此做出一些必要的調整。當我們進行這些調整時，我們會降低發放貸款的速度。我們不得不放慢速度。是的，我們繼續運營，但與風險評級更高、擔保更好的公司合作。但我們會阻止那些沒有擔保且提供更好的信用 NII 的業務。因此，這是我們正在進行的一項工作，旨在維持貸款帳簿的正常加速。第四季度，大型企業、個人甚至中小企業的所有信貸領域都將出現信貸加速成長。因此，馬裡奧，我們有必要、有責任進行調整，以便我們能夠控制不良行為。在 90 天的拖欠率中，我們可以看到減少。當我們觀察短期拖欠率時，我們也可以看到所有行的短期拖欠率均有所減少，所有行的短期拖欠率均顯著減少。當較短的拖欠變成超過 90 天的逾期拖欠時，預計情況會有所改善。這將改善所有利率曲線。這就是我們試圖做到的。兩天前，我們結束了十月份，我們可以看到中小企業的拖欠率減少。我們的拖欠率低於第三季。因此，我們的期望是繼續努力，至少實現指引的下限。

Octavio, if I may, I'd like to add to your answer. Mario, as we have been saying it's something important. Our RPS insurance expenses guidance and even AAL -- ALL on guidance will achieve the guidance. Like you said, we do have a challenge. And as Octavio mentioned, it is important for credit and client NII as a whole. And Octavio mentioned about this transition. When we adjusted the guidance in the end of the first half, we had a better expectation for SMEs, but this improvement came in October Octavio mentioned. Then for SMEs (inaudible) important for our margin. They had more items in our balance sheet such as insurance, revenues, fees, et cetera. So there's this movement. Perhaps it was somewhat more detached in Q3 compared to the guidance due to the SMEs. But all other lines overall are moving forward full, almost all of them full. And this is what we are pursuing to start 2024 in full speed in all lines to increase the credit NII in this new normal. We have to remember that we are starting with a smaller base, but our growth will be according to expectations in 2024. This is what we expect.

奧克塔維奧，如果可以的話，我想補充你的答案。馬裡奧，正如我們一直所說的，這是一件很重要的事。我們的 RPS 保險費用指南甚至 AAL - ALL 指南都將實現該指南。正如您所說，我們確實面臨挑戰。正如 Octavio 所提到的，這對整個信貸和客戶 NII 都很重要。奧克塔維奧提到了這一轉變。當我們在上半年末調整指引時，我們對中小企業有更好的預期，但這種改善是在奧克塔維奧提到的10月份出現的。那麼對於中小企業（聽不清楚）來說，這對我們的利潤很重要。他們在我們的資產負債表上有更多項目，如保險、收入、費用等。於是就有了這個運動。與中小企業的指引相比，第三季的指引可能更加獨立。但總體而言，所有其他線路都在滿員運行，幾乎全部滿員。這就是我們在2024年開始所追求的目標，在新常態下全線全速增加信貸NII。我們必須記住，我們的起步基數較小，但 2024 年我們的成長將符合預期。這是我們的預期。

If I may ask a follow up question. What were the changes in the credit model that you have that would give you confidence to again start accelerating growth? Clearly I think there was a problem because delinquency was much higher than expected. But what were the internal changes that you promoted to contain the problem?

我可以問一個後續問題嗎？您的信貸模式發生了哪些變化，可以讓您有信心再次開始加速成長？顯然，我認為存在問題，因為拖欠率遠高於預期。但是您為遏制問題而推動的內部變革是什麼？

Well, Mario, we are a bank with a footprint all over Brazil. We are present in all states, in all municipalities of Brazil actually. And there are different situations in different municipalities in each one of these different cities where we have clients. Some are more impacted by a higher interest rate. Actually the whole country is impacted by a higher interest rate. Others are impacted by perhaps local issues. So the changes made were not just to the credit model. And I'm referring here to the mathematical model where we had some fine-tuning. But we had changes in our credit policy in terms of the appetite in which to operate, perhaps not operating with this client or operating with this client only if they can provide a guarantee of some sort. So there are a number of variables. I cannot really list them all here. But we basically had a more adequate adjustment in our risk appetite geographically speaking, also according to sector, so that we can -- we could have a greater accuracy in defining the models. It's hard to mention one variable or another, but the accuracy of the model now is very much directed to the right pricing, adequate guarantees, geo location so that we can be more correct with our model. In addition, we brought many of the operations. When we saw this detachment of the delinquency curve we brought many operations in to be analyzed in the traditional model. In other words, what is it that we need to adjust the model here and there, where do we need to adjust the model. And that's the work that we did to it, adjust the credit policy and the credit modeling. And this was solved.

嗯，馬裡奧，我們是一家足跡遍佈巴西的銀行。我們的業務遍及巴西所有州、所有市鎮。我們有客戶的每一個城市的不同市鎮都有不同的情況。有些受較高利率的影響較大。事實上，整個國家都受到高利率的影響。其他人可能會受到當地問題的影響。因此，所做的改變不僅僅是信用模式。我在這裡指的是我們進行了一些微調的數學模型。但我們的信貸政策在經營意願方面發生了變化，也許不會與該客戶合作，或者只有在他們能夠提供某種擔保的情況下才與該客戶合作。所以存在著很多變數。我無法在這裡將它們全部列出。但我們基本上對地理上的風險偏好進行了更充分的調整，也根據行業進行了調整，這樣我們就可以更準確地定義模型。很難提及一個或另一個變量，但現在模型的準確性很大程度上取決於正確的定價、充分的保證、地理位置，以便我們的模型更正確。另外，我們也帶來了很多操作。當我們看到拖欠曲線的這種分離時，我們在傳統模型中引入了許多操作來進行分析。換句話說，我們這裡那裡需要調整模型的是什麼，哪裡需要調整模型。這就是我們所做的工作，調整信貸政策和信貸模式。這已經解決了。

And let me add to what Octavio said. And even the cohorts this year changed. We've been speaking about the cohorts. The cohorts already reflected these policies that Octavio mentioned. And the cohorts give us peace of mind that we are on the right track with the exception of SMEs that required more adjustment in Q3, improving in October. But the cohorts give us some peace of mind that now we have the policies coherent to the macroeconomic scenario that we are envisioning for the rest of the year and next year. Of course we have the high interest rates, we have to have the country growing again, credit origination again. And NPO creation is good news. When we had a reduction in almost BRL 2 billion in the quarter. This was very important to show that the right things we did. And these were quite big, both in origination and in credit policy. All of that gives us comfort so that since July we've been improving. And as mentioned, in addition to all these specific points mentioned by Octavio, if there is one point where perhaps we went wrong was perhaps maintaining our risk appetite perhaps a little longer during the cycle. I think that perhaps it was the wrong timing to adjust our risk appetite. And we reflected a lot on that. We adapted our processes and reviewed our policies.

讓我補充一下奧克塔維奧所說的話。甚至今年的群體也發生了變化。我們一直在談論隊列。這些群體已經反映了奧克塔維奧提到的這些政策。這些群體讓我們安心，我們正走在正確的軌道上，除了中小企業需要在第三季度進行更多調整，並在 10 月有所改善。但這些群體讓我們感到安心，因為我們現在製定的政策與我們為今年剩餘時間和明年設想的宏觀經濟情景相一致。當然，我們有高利率，我們必須讓國家再次成長，再次信貸起源。非營利組織的成立是個好消息。當我們在本季減少了近 20 億雷亞爾時。這對於顯示我們做了正確的事情非常重要。無論是在發起方面還是在信貸政策方面，這些都是相當大的。所有這些都讓我們感到安慰，因此自七月以來我們一直在進步。正如所提到的，除了奧克塔維奧提到的所有這些具體點之外，如果有一點我們可能出錯了，那就是在周期中維持我們的風險偏好的時間可能會更長一些。我認為也許現在調整我們的風險偏好的時機不對。我們對此進行了很多反思。我們調整了流程並審查了我們的政策。

Our next question coming from Tito Labarta with Goldman Sachs.

我們的下一個問題來自高盛的蒂托·拉巴塔（Tito Labarta）。

My question is your ability to improve profitability in sort of the current competitive environment, right? You've gotten a bit more cautious with lower -- in the lower-income segment and you also have digital competitors there with low cost to serve. And then now you're moving up to higher income. We incumbent competitors with historical advantages and other competitors with the strong investment platforms. So just want to think about how you will fit into this sort of new competitive environment. And when we look at the ROE, not on a consolidated basis, but your insurance ROE has been fairly healthy in the mid-20s banking ROE mid single digits sort of at best. How do you think about the ROE of those two segments in particular? You know, ability to improve the banking ROE and then with insurance next year perhaps some headwinds with lower rates, will that insurance ROE kind of normalize a bit? So that could also be a little bit of a challenge.

我的問題是，你們有能力在當前的競爭環境下提高獲利能力，對吧？在低收入群體中，你變得更加謹慎，而且那裡也有服務成本較低的數位競爭對手。現在你的收入正在上升。我們的老牌競爭對手有歷史優勢，其他競爭對手有強大的投資平台。所以只想考慮一下你將如何適應這種新的競爭環境。當我們看 ROE 時，不是在綜合基礎上，但你的保險 ROE 相當健康，在 20 多歲左右，銀行 ROE 充其量是個位數左右。您如何看待這兩個細分市場的淨資產收益率？你知道，提高銀行業淨資產收益率的能力，然後明年的保險業可能會遇到一些利率較低的阻力，保險淨資產收益率會稍微正常化嗎？所以這也可能是個挑戰。

Thank you, Tito. And as regards profitability and the competitive environment, we are operating in growing on our growing lower income, difficulty to grant loans for this population and cost to serve. There are some important aspects to mention here. This ability of increasing the profitability of our clients in this competitive environment I think that Bradesco has an important geographic footprint present in all municipalities of Brazil as I mentioned before.

謝謝你，蒂托。就獲利能力和競爭環境而言，我們的營運是在收入不斷下降、向這一人群發放貸款的困難和服務成本的背景下實現的。這裡有一些重要的方面需要提及。正如我之前提到的，我認為布拉德斯科在巴西所有城市都有重要的地理足跡，這種在競爭環境中提高客戶獲利能力的能力。

We have to adjust this, and we've been doing this. In the last 2 to 3 years we've been working to reduce our cost to serve in the different geographic distribution of our branches. In this presentation, you could observe the size of the adjustment we made in our headcount and also in our physical structures, the physical branches of the bank, rethinking the structure of the branches, their size, whether they should remain open or not in the different locations, vis-a-vis their ability to create results, the GDP of that region, that municipality, that city we are operating in. So these variables we are assessing. Obviously we are Brazilian bank. We have a responsibility with all of these municipalities. But today people have changed their habits. The way clients relate with the banks has changed. There are some digital banks that don't even have branches, but these are banks that are well-positioned in the market. So it is necessary, it is absolutely necessary, Tito, that we make adjustments, adjustments we've been making and will continue to make in 2024 like them. And working hard on this because it is important, the physical cost serve is quite high in our bank and we have to make adjustments. In January, Bradesco Digital will be fully implemented together with Next, so that we can serve these clients that open checking accounts with Bradesco, that come to Bradesco, and we want to serve them 100% digitally as long as they want this without the need for the clients to go to the physical branch of the bank. Unless they need some kind of advice, consultancy or such things. So these branches will be complete of sale. They'll be a lot smaller without all the associated costs of armored cars, of guards, et cetera. All of the costs linked to a brick and mortar agency or branch. So that's number one. Now of course, we still have an appetite to continue to grow in all audiences and also in low-income because that's a characteristic of Bradesco Bank, it's a characteristic of our bank. We always operated. We are a retail bank and will continue to operate in this segment with the adequate risk appetite for each one of these audiences and with the right pricing. Prices defined according to geography, like I said, prices defined according to type of guarantee, prices defined according to profitability, relationship with the client, principality that the clients have with our bank, but always with the adequate price. So that's regarding low-income segment. For higher income, like I said, everyone wants to operate in higher income. But with Bradesco, we believe we have a competitive and competitive advantage. Firstly, because we can serve the higher-income audience in all places of the country. We have 1,300,000 clients that are in higher income. Bradesco Prime, not to mention private banking, which is going on growing. Now we have more than 250,000 high-income clients which are spread all over Brazil. And they do not have yet a manager serving them. And you all know that when we have a checking account with an exclusive bank manager for this client via this client becomes a lot more profitable. We can bring the client's principality to our management. And of course this client will be a lot more profitable. So you were right, this is an extremely competitive market, but we have a blue ocean to work with these higher income clients. Also the bank, the corporation itself enjoys a competitive advantage of being able to provide all products and services. We have an insurance company, a consortium with company and asset actually too now with Tivio. So 2 asset management companies. We have another financial company. So we have all products to serve the needs of these higher-income clients. In addition to cards, like I mentioned, we have a card geared to higher income, the Amazon card. So a lot of products in our shelf to offer to these clients. Always respecting a customer-centric approach, the right product at the right time in the moment, in the life moment of those clients. All of that will allow us to compete better in these competitive landscape. Like I said, the insurance company is coming strong, delivering a very adequate ROE, contributing sizably for the earnings of the bank. And of course the ROE of the bank will consequently be a lot greater. Of course, we're not happy with the ROE that we are recording. It is inadequate. This is explained by delinquency in market NII in the past. But we are recovering the ROE. The insurance company as well as all of the other companies of our organization are important in forming the result. So looking forward, our expectation is that with all the work we are doing, with verticals, with the higher-income segment, adjusting the structures and important adjustment, Tito, to our structures or with the related companies, Bradesco Insurance, Bradesco Asset, cards, all of the different levers that we can work with, with all this will bring better results to the organization, will improve our ROE, not only because of the increase in the loan book, but because of all of the products and services that we can offer to these clients. Thank you for the question, Tito.

我們必須對此進行調整，而且我們一直在這樣做。在過去的 2 到 3 年中，我們一直致力於降低在不同地理分佈的分支機構中提供服務的成本。在本次簡報中，您可以觀察到我們在員工人數以及實體結構、銀行的實體分行中所做的調整規模，重新考慮分行的結構、規模，以及是否應該在銀行中繼續營業。不同地點，相對於他們創造成果的能力、該地區、城市、我們所在城市的GDP。所以我們正在評估這些變數。顯然我們是巴西銀行。我們對所有這些城市都有責任。但今天人們已經改變了他們的習慣。客戶與銀行的關係方式已經改變。有些數位銀行甚至沒有分支機構，但這些銀行在市場上處於有利地位。因此，鐵托，我們有必要、絕對有必要做出調整，我們一直在進行調整，並將在 2024 年繼續像他們一樣進行調整。並在這方面努力工作，因為它很重要，我們銀行的實體成本服務相當高，我們必須做出調整。一月份，Bradesco Digital 將與 Next 一起全面實施，這樣我們就可以為這些在 Bradesco 開設支票帳戶、來到 Bradesco 的客戶提供服務，我們希望為他們提供 100% 的數位化服務，只要他們願意，不需要以便客戶前往銀行的實體分行。除非他們需要某種建議、諮詢或類似的東西。因此，這些分支機構將完成銷售。如果沒有裝甲車、警衛等相關費用，它們會小得多。所有費用均與實體機構或分公司相關。所以這是第一。當然，現在我們仍然希望在所有受眾以及低收入群體中繼續成長，因為這是布拉德斯科銀行的特點，也是我們銀行的特點。我們一直在經營。我們是一家零售銀行，並將繼續在這一領域開展業務，為每位受眾提供足夠的風險偏好並提供合適的定價。正如我所說，價格根據地理位置定義，價格根據擔保類型定義，價格根據盈利能力、與客戶的關係、客戶與我們銀行的關係定義，但始終具有足夠的價格。這就是低收入群體的情況。為了獲得更高的收入，就像我說的，每個人都希望在更高的收入中經營。但有了布拉德斯科，我們相信我們擁有競爭優勢。首先，因為我們可以為全國各地的高收入受眾提供服務。我們有 1,300,000 名收入較高的客戶。 Bradesco Prime，更不用說正在成長的私人銀行業務了。現在我們擁有超過25萬名高收入客戶，遍布巴西各地。而且他們還沒有為他們服務的經理。你們都知道，當我們透過該客戶擁有專屬銀行經理的支票帳戶時，利潤會更高。我們可以把客戶的利益交給我們的管理。當然，這個客戶的利潤會更高。所以你是對的，這是一個競爭極其激烈的市場，但我們有一個藍海可以與這些高收入客戶合作。銀行、企業本身也享有能夠提供所有產品和服務的競爭優勢。我們現在擁有一家保險公司、一個擁有公司和資產的財團，實際上還有 Tivio。所以有2家資產管理公司。我們還有另一家金融公司。因此，我們擁有所有產品來滿足這些高收入客戶的需求。除了卡片之外，就像我提到的，我們還有一種針對更高收入的卡，即亞馬遜卡。因此，我們貨架上有很多產品可以提供給這些客戶。始終尊重以客戶為中心的方法，在客戶的生命時刻、在正確的時間提供正確的產品。所有這些都將使我們能夠在這些競爭格局中更好地競爭。正如我所說，保險公司正在走強，提供了非常充足的淨資產收益率，為銀行的利潤做出了巨大貢獻。當然，銀行的淨資產收益率也會因此而提高很多。當然，我們對所記錄的交戰規則並不滿意。這是不夠的。這是透過過去市場NII 的拖欠行為來解釋的。但我們正在恢復 ROE。保險公司以及我們組織中的所有其他公司對於形成結果都很重要。因此，展望未來，我們的期望是，透過我們正在做的所有工作，垂直行業，高收入細分市場，調整結構和重要調整，蒂托，對我們的結構或相關公司，布拉德斯科保險，布拉德斯科資產，卡，我們可以使用的所有不同槓桿，所有這些將為組織帶來更好的結果，將提高我們的股本回報率，不僅因為貸款簿的增加，而且因為所有產品和服務我們可以為這些客戶提供。謝謝你的提問，蒂托。

Just 1 quick follow up. On the insurance ROE, is it fair to assume that there could be some pressure from a lower rate environment? Or how do you think about ROE versus interest rates for insurance in particular?

只需 1 次快速跟進。就保險股報酬率而言，假設較低利率環境可能會帶來一些壓力是否公平​​？或者您如何看待保險的淨資產收益率與利率之間的關係？

Tito, Bradesco Insurance posted and is posting a significant resolve this year. This is not new. You know the insurance company really well. The insurance group has been posting recurring results for Bradesco. And this year in particular this happened. Of course there were benefits of the interest rate, of the portfolio being managed by the insurance group, with interest rates and the [GPM IPCA] indicators. And that benefited even more the financial result of the insurance company. Although we do see declining interest rates by the Brazilian Central Bank, the insurance company will certainly end the year with more than BRL 100 billion in revenue. So it's all about working the claims ratio. We have to continue to work with the assets we have in the insurance group, the pension plans, and in the private -- healthcare insurance for the insurance group. So will this be challenging for the insurance company? Yes, as it is for any company. But I understand that the insurance company has important assets, managerial ability. Ivan conducted a beautiful reorganization of the insurance company with an update of systems, systems to interact with clients. The digital platform of the insurance group is doing really well this year. To give you an idea, the insurance company will end with about 3 million items sold only over mobile. So there's this whole framework in the insurance group. We believe that despite the lower interest rates, GPM IPCA insurance group will continue to deliver significant and sustainable ROEs over time.

布拉德斯科保險公司 (Bradesco Insurance) 的蒂托 (Tito) 今年發布了並將發布一項重大解決方案。這並不新鮮。你對保險公司非常了解。該保險集團一直在發布布拉德斯科的經常性結果。今年尤其發生了這種情況。當然，利率、由保險集團管理的投資組合、利率和 [GPM IPCA] 指標都有好處。這更有利於保險公司的財務表現。儘管我們確實看到巴西央行利率下降，但保險公司年底的收入肯定會超過 1,000 億雷亞爾。所以這一切都是為了計算索賠比率。我們必須繼續利用我們在保險集團、退休金計劃以及保險集團的私人醫療保險中擁有的資產。那麼這對保險公司來說會是個挑戰嗎？是的，對於任何公司來說都是如此。但我了解保險公司有重要的資產、管理能力。伊万對保險公司進行了一次漂亮的重組，更新了系統和與客戶互動的系統。保險集團的數位平台今年表現非常好。給您一個想法，保險公司最終將僅透過行動裝置銷售約 300 萬件商品。所以保險集團有整個框架。我們相信，儘管利率較低，但隨著時間的推移，GPM IPCA 保險集團將繼續實現顯著且可持續的股本回報率。

Our next question from Rafael Frade with Citibank (sic) [Citigroup]. Good morning. You may proceed.

我們的下一個問題來自花旗銀行（原文如此）[花旗集團] 的 Rafael Frade。早安.您可以繼續。

I would like to revisit the topic of your NIM. You had a significant reduction in NIM in the quarter. And you also showed how much of each component accounted for that drop. When we look at the mix, it was quite relevant in the half year, in 1 year I think it represented about BRL 1 million. In this half year alone BRL 700 million. I want to know whether this was just due to SME or there is any other element that impacted the quarter's result. And how should we expect the recovery maybe in the fourth quarter? Maybe this has been a very significant drop this quarter and maybe we could see some relevant recovery at NIM or maybe this would be more gradual.

我想重新討論一下你們的 NIM 主題。本季的淨息差大幅減少。您還顯示了每個組件佔該下降的比例。當我們查看組合時，它在半年中非常相關，在一年中我認為它代表了大約 100 萬雷亞爾。光是這半年就達 7 億雷亞爾。我想知道這是否只是中小企業造成的，還是有其他因素影響了本季的業績。我們該如何預期第四季的復甦？也許本季這是一個非常顯著的下降，也許我們可以看到 NIM 出現一些相關的復甦，或者這可能會更加漸進。

Thank you, Rafael. It's good to hear from you. Rafael, in fact you described our results in terms of the NII or NIM. There was reduction in on the average spread that came down to 9.1%. And as you put it quite well, this was mainly due to the mix. This reduction in business, in loans to SMEs is quite relevant in terms of putting together the spread. Just to give you an idea, throughout the year you may notice that there was a drop of almost BRL 10 million in that portfolio. And this has a major impact in the overall result. But this matter has been solved. We have appetite to operate further. And you know that the formation of NII depends on your growth, therefore it doesn't happen in the immediate month after that or in the subsequent quarters. So the portfolio has to evolve so as to see any improvement in NII. And the mix of the portfolio had an impact, especially in terms of SMEs. But we already saw some growth in loans. We saw their numbers throughout this last quarter. And in October there has been further progress. We have to make adjustments all the time. We have to have the adequate pricing for every type of product so that at that margin we can see a significant recovery. But this is a gradual process, Rafael. We look at this every month, every operation to see the recovery on that line. But we know that it is possible for us to recover it because these transactions at this level of clients, it's just natural that spreads are naturally better. So what we have to do now is resume these operations, but certainly with a good degree of caution. And also having in mind the size of loan that we are giving to these clients, but we don't want to lose them. And all of these loan transactions usually come with other products and services in terms of the client principality, in terms of collection loans, credit cards. And all of that plays into having a more robust NII throughout the fourth quarter and also throughout 2024. Therefore we have just to go after the improvement of this financial of this NII or NIM.

謝謝你，拉斐爾。很高興收到你的來信。 Rafael，事實上，您用 NII 或 NIM 描述了我們的結果。平均利差下降至 9.1%。正如你說得很好，這主要是由於混合造成的。就利差而言，中小企業貸款的減少非常重要。僅供您參考，您可能會注意到全年投資組合減少了近 1,000 萬雷亞爾。這對整體結果有重大影響。但這件事已經解決了。我們有興趣進一步開展業務。而且你知道NII的形成取決於你的成長，因此它不會發生在緊隨其後的一個月或隨後的幾個季度。因此，投資組合必須不斷發展，才能看到 NII 的改善。投資組合的組合產生了影響，特別是對於中小企業而言。但我們已經看到貸款有所成長。我們在上個季度看到了他們的數字。十月又取得了進一步的進展。我們必須時時做出調整。我們必須為每種類型的產品提供適當的定價，這樣我們才能看到顯著的復甦。但這是一個漸進的過程，拉斐爾。我們每個月、每次操作都會查看該線路的恢復情況。但我們知道我們有可能收回它，因為這些交易在這個級別的客戶中，點差自然會更好。因此，我們現在要做的就是恢復這些操作，但一定要非常謹慎。也要考慮到我們提供給這些客戶的貸款規模，但我們不想失去他們。所有這些貸款交易通常伴隨著客戶主體方面的其他產品和服務，如託收貸款、信用卡。所有這些都有助於在整個第四季度以及整個 2024 年擁有更強勁的 NII。因此，我們必須追求 NII 或 NIM 財務狀況的改善。

Thank you, Rafael. Our next question is from Daniel Vaz from Safra. You may proceed, Daniel.

謝謝你，拉斐爾。我們的下一個問題來自 Safra 的 Daniel Vaz。你可以繼續了，丹尼爾。

You already talked a lot about SMEs, but in fact this is a segment that is worth elaborating a bit more because usually there is volatility, but the margins are usually higher. And in 2020 and 2021 with the (inaudible) recovery of credit is not so easy. You have to know how to operate in this universe of small and micro-size companies. And I think that NPL hasn't yet gone back to normal. Do you think that this is more related to a movement in the industry? Do you see other sectors with worse delinquency or some that have better delinquency numbers? How do you see the health of clients and how difficult it is to collect? And what is the behavior of the new vintages and what do you expect going forward to 2024?

您已經談論了很多關於中小企業的內容，但實際上這是一個值得進一步闡述的細分市場，因為通常存在波動性，但利潤率通常較高。而在 2020 年和 2021 年，隨著（聽不清楚）信貸的恢復，就沒那麼容易了。你必須知道如何在這個充滿小型和微型公司的世界中運作。我認為不良貸款還沒有恢復正常。您認為這與業界的動向更有關係嗎？您是否認為其他行業的拖欠率更嚴重，或者某些行業的拖欠率更高？您如何看待客戶的健康狀況以及收集的難度？新年份的表現如何？您對 2024 年有何預期？

Well, thank you, Daniel. Good morning and thank you for the question. In fact, this segment of small and micro-size companies, it's a good segment, but it's very complex to work with it. I mean, this is not a simple task, but we see that the industry has even higher delinquency depending on the segment and depending on the focus of every financial organization, or whether it's more located in the southeast or spread around the country. It's not very simple to operate in this segment. And this segment is also affected, as you well know, by the economic cycle, higher interest rates, issues related to growth. These companies face difficulties during the pandemic. Some recovered better than others. And some others even ceased to exist. And so this industry, as you put it yourself, it's a complex industry to work with. It's difficult for us to develop some work with them. That's why we are always very cautious. And that's why we are taking a very close look to small and micro-size companies. The managers are closer to the companies. Regional managers are being more selective as well. I don't see any specific industry being more or less affected. But when I look at mid-size companies that we call, that are with corporate one, we see stable NPL, delinquency is stable, and companies that gross more than BRL 30 million. So in these cases delinquency is more stable with no concern going forward. I think the cause for concern is with SMEs. Average-size companies, no concern. We will just do business as usual. And the focus indeed is more with small and micro-size companies without leaving aside individuals. That's always a very sensitive issue in terms of the loan book and the impact of interest rates, especially if you look at some portfolios like personal loans and credit cards. Therefore, when you add all of these factors together, you can then see our capacity to increase our loan grants. But we are becoming more stringent in terms of keeping the controls in place, but we are very certain that delinquency is under control. Thank you, Daniel.

好吧，謝謝你，丹尼爾。早安，謝謝你的提問。事實上，小微公司的這個細分市場是一個很好的細分市場，但與之合作非常複雜。我的意思是，這不是一項簡單的任務，但我們發現該行業的拖欠率更高，具體取決於細分市場和每個金融組織的重點，或者是位於東南部還是遍布全國各地。這個細分市場的操作並不是很簡單。如您所知，這一領域也受到經濟週期、利率上升以及與成長相關的問題的影響。這些企業在疫情期間都面臨困難。有些人比其他人恢復得更好。還有一些甚至不復存在。因此，正如您自己所說，這個行業是一個複雜的行業。我們很難和他們一起做一些工作。這就是為什麼我們總是非常謹慎。這就是為什麼我們非常密切地關注小型和微型公司。管理者與公司的關係更加密切。區域經理也變得更加挑剔。我沒有看到任何特定行業受到或多或少的影響。但當我觀察我們稱之為第一公司的中型公司時，我們看到不良貸款穩定，拖欠率穩定，而且公司總資產超過 3000 萬雷亞爾。因此，在這些情況下，拖欠行為更加穩定，今後無需擔心。我認為令人擔憂的是中小企業。中等規模的公司，不用擔心。我們會照常做生意。確實，重點更多的是小微型企業，而不排除個人。就貸款帳簿和利率的影響而言，這始終是一個非常敏感的問題，特別是如果您查看個人貸款和信用卡等一些投資組合。因此，當您將所有這些因素加在一起時，您就可以看到我們增加貸款補助的能力。但我們在保持控制方面變得更加嚴格，但我們非常確定違法行為已得到控制。謝謝你，丹尼爾。

Our next question is from Thiago Batista with UBS. Go ahead, Thiago.

我們的下一個問題來自瑞銀集團的蒂亞戈·巴蒂斯塔。繼續吧，蒂亞戈。

My question is a follow up to Tito's question regarding the profitability of your retail business. When we look at the ROE in the last 2 to 3 quarters, about 11%, 12% in the consolidated number, insurance, 25. So doing a simplistic calculation, we think that the ROE of the banking business is between 5 and 10. We see other players in the wholesale having an ROE of 20% plus. So in the best-case scenario your would be 0. Other banks have done there, for example, mentioned that they lose money in low-income retail. And I'd like to understand from you what is availability of the retail business, particularly with a focus on low-income. Can you really have a return or not?

我的問題是蒂託有關零售業務盈利能力問題的後續問題。當我們看最近2到3個季度的ROE時，大約是11％，合併數字中的12％，保險，25。所以簡單地計算一下，我們認為銀行業務的ROE在5到10之間。我們看到其他批發商的ROE 超過20%。因此，在最好的情況下，您的收益將為 0。其他銀行也這樣做過，例如，提到他們在低收入零售業中虧損。我想從您那裡了解零售業務的可用性，特別是針對低收入者。真的能有回報嗎？

Thank you, Thiago, for the question. Actually it's a very good observation you made. When we work at the segments in the financial industry, the financial sector and in the bank, the profitability of the wholesale bank is doing quite well, above the cost of capital, the profitability of the high income bank here including Prime private, also doing well, above cost of capital. The insurance company, we don't even say it, you observed it yourself. But we have a challenge in retail bank. You see retail here at Bradesco or any other bank historically retail was always a segment providing good results. But this segment went through some processes, some challenges over time. Regulatory challenges, the fact that people are opening checking accounts with no tariffs, the cost to open a bank or branch, having a brick and mortar branch in a certain place in a certain city or region. So we face additional challenges in retail. But it is a very big volume of people. When we looked 2 years ago, the segment was given results ROE above the cost of capital. But we entered a phase, a cycle of very fast increase in interest rates. Social benefits provided by the pandemic ended, those government aids, and people got more indebted. And Thiago this is very common, you have probably observed this, low-income people today now have 2, 3, 4, 5, 6 credit cards in their wallet because it's very easy for them to have access to credit, either opening checking accounts in mobile phones or asking for a card digitally. They don't even have to go to a brick and mortar branch and speak to a manager to get a card. So it became very easy for them to get credit. And this is a determining factor for this longer delinquency cycle we've been observing in addition to the interest rates that we will want. Right, having said that, with that scenario in mind, we still aren't convinced, and this is based on studies, it's not my personal opinion, that retail is possible to be profitable with a profitability above the cost of capital. However, we have to have a more adequate cost and we have to select our audience to be served. Thus, digital is fundamental at this moment so that we can serve this client without the need to be physically present with a bank branch or even with a physical structure of people. And if we do have a physical structure, you should be very much geared to business than to just, to just have them pay your water bills, electricity bills or (inaudible). We cannot do that anymore. Indeed, we cannot be profitable if we have a bank branch just to serve this kind of transaction. So you in saw the presentation, on the right side of the screen you could see the size of the adjustment we've made in our physical structure and the size of adjustments in our personnel structure, in our headcount. This adjustment is all well planned out and it will continue, will continue much more vigorously along 2024 because we definitely have to adjust our costs to serve because the sense Thiago that this is the new normal as you observed yourself, Thiago. So this is the new normal in this cost to serve this adverse selection that existed. Well, we had to adjust to that. We and the whole market, that's the challenge for all incumbent banks, right? To make adjustments, eliminate the symmetries or mitigate symmetries so that also in the retail bank or we can have a return above the cost of capital. And this is possible because this population needs to be served. Brazil should be growing 3% it's GDP this year. We have an expectation that the country will be growing in the coming years given everything that has been happening, the tax reform that is coming. So if the country continues to grow for several consecutive years, we'll have higher income, more income, more people with income available for us to be more profitable, particularly in the retail segment. So there is an important challenge for all of us incumbent banks and especially for Bradesco.

謝謝蒂亞戈的提問。事實上，你的觀察非常好。當我們在金融業、金融部門和銀行的細分市場工作時，批發銀行的盈利能力表現得相當好，高於資本成本，包括Prime Private在內的高收入銀行的盈利能力也表現出色嗯，高於資本成本。保險公司，我們不說，你自己觀察到的。但我們在零售銀行面臨挑戰。您將看到布拉德斯科銀行或任何其他銀行的零售業歷史上零售業始終是一個提供良好業績的部門。但隨著時間的推移，這個細分市場經歷了一些過程和一些挑戰。監管挑戰，人們在沒有關稅的情況下開設支票帳戶，開設銀行或分行的成本，在某個城市或地區的某個地方擁有實體分行。因此，我們在零售方面面臨額外的挑戰。但人數非常多。當我們兩年前觀察時，該部門的淨資產收益率高於資本成本。但我們進入了一個階段，一個利率快速上漲的週期。疫情提供的社會福利結束了，那些政府援助結束了，人們負債更多。蒂亞戈，這很常見，你可能已經觀察到了，現在低收入人群的錢包裡有 2、3、4、5、6 張信用卡，因為他們很容易獲得信貸，要么開立支票帳戶在手機中或以數位方式索取卡片。他們甚至不必去實體分行並與經理交談即可獲得卡片。因此，他們獲得信貸變得非常容易。除了我們想要的利率之外，這是我們一直觀察到的較長拖欠週期的決定因素。是的，話雖如此，考慮到這種情況，我們仍然不相信，這是基於研究的，這不是我個人的觀點，零售業有可能以高於資本成本的盈利能力盈利。然而，我們必須有更充足的成本，我們必須選擇要服務的受眾。因此，數位化在此時此刻至關重要，這樣我們就可以為該客戶提供服務，而無需親自到銀行分行，甚至無需人員親自到場。如果我們確實有一個物理結構，你應該非常適合商業，而不僅僅是讓他們支付你的水費、電費或（聽不清楚）。我們不能再這樣做了。事實上，如果我們只設立一個銀行分行來服務這種交易，我們就無法獲利。所以你在看到這個演示的時候，在螢幕的右邊你可以看到我們的物理結構調整的幅度，以及我們人員結構調整的幅度，我們的人數。這種調整都是經過精心計劃的，並且會繼續下去，並且會在2024 年更加有力地繼續下去，因為我們肯定必須調整我們的服務成本，因為蒂亞戈感覺這是新常態，正如你自己觀察到的那樣，蒂亞戈。因此，這是服務於存在的逆向選擇的成本的新常態。好吧，我們必須適應這一點。我們和整個市場，這是所有現有銀行面臨的挑戰，對吧？要進行調整，消除對稱性或減輕對稱性，以便零售銀行或我們也可以獲得高於資本成本的回報。這是可能的，因為這個群體需要被服務。巴西今年的 GDP 應該會成長 3%。鑑於所發生的一切以及即將到來的稅收改革，我們預計該國將在未來幾年內實現成長。因此，如果國家連續幾年持續成長，我們將擁有更高的收入，更多的收入，更多的人可以讓我們獲得更多的利潤，特別是在零售領域。因此，我們所有現有銀行，尤其是布拉德斯科銀行都面臨重大挑戰。

Thank you, Thiago. Our next question comes from Bernardo Guttmann with XP. Bernardo, go ahead.

謝謝你，蒂亞戈。我們的下一個問題來自 XP 的 Bernardo Guttmann。貝納多，繼續吧。

I have 1 question regarding credit quality. This reduced delinquency perhaps as the big positive highlight for the quarter. But it's still high. On the other hand, the coverage ratio posted another quarterly reduction, getting to a low historical level. So my question is, what is the space you see ahead of you to reduce provisions even with a lower NPL? If you, perhaps will have to rebalance that equation. And if you will allow me, is there any ideal value that you pursue in terms of coverage ratio?

我有 1 個關於信用品質的問題。拖欠率的減少也許是本季最大的正面亮點。但它仍然很高。另一方面，覆蓋率再次出現季度下降，創歷史新低。所以我的問題是，即使不良貸款較低，您認為減少撥備的空間有多大？如果你，也許必須重新平衡這個方程式。如果您允許的話，您在覆蓋率方面有追求的理想值嗎？

Thank you, Bernardo. Indeed the coverage ratio is reduced to 155 now. Credit with 100% covered to the ratios at 240. It was a small reduction, but it is only natural, Bernardo, that at the end of a cycle of slightly higher delinquency that will consume provisions. Actually we provision exactly to use when we go through a different or tighter credit cycle in the company or in the country. And this is exactly what happened. At the moment that we resume our portfolio growth and improvement in the margin, it is only natural that the coverage percentage will be adjusted and will be increased. There's no magical number for us. I will say okay at this percentage, we cannot be below that magical number. No, with our provisions or according to what we expect because IFRS will kick in, in 2025. So we are very comfortable with the level of provisions. We have BRL 59 billion, almost BRL 60 billion in provisions, an excellent percentage of provisions for those operations that are 100% provisioned for, adequate provisioning above 90 days, delinquency rates dropping not as much as we would have liked. But when we observe short-term delinquency, these rates are falling in a robust fashion. And of course that will have a reflection in 90-day NPL. So everything that we are observing points to good direction, we don't have a magic number, a target to give you. There should be no more or no increase in ALL. The ALL, we have, there is a provision that we have, gives us confidence that we have the correct coverage for the portfolio that we have today. And this reflects the growth of the loan book. We are going to (inaudible) the loan book. This will bring an increase in ALL. It's good ALL because it's good operations that are coming in. But with the IFRS, this aspect will change, which is the expected loss. It is with this model that we are working to define the provisions that we can make, to increase or even reduce ALL.

謝謝你，貝爾納多。事實上，現在覆蓋率已降至155。信貸覆蓋率為 240，比率為 100%。這是一個小幅減少，但貝爾納多，在拖欠率稍高的周期結束時，這將消耗準備金，這是很自然的。實際上，當我們在公司或國家經歷不同或更緊縮的信貸週期時，我們剛好準備使用。而這正是發生的事情。當我們恢復投資組合成長和利潤率改善時，調整和提高覆蓋率是很自然的。對我們來說沒有神奇的數字。我想說的是，以這個百分比，我們不能低於這個神奇的數字。不會，根據我們的規定或根據我們的預期，因為國際財務報告準則將於 2025 年生效。因此，我們對規定水準非常滿意。我們有590 億雷亞爾，將近600 億雷亞爾的準備金，對於那些100% 準備金的業務，準備金比例很高，90 天以上的充足準備金，拖欠率下降得沒有我們希望的那麼多。但當我們觀察短期拖欠率時，這些比率正在強勁下降。當然，這會反映在 90 天不良貸款中。因此，我們觀察到的一切都指向好的方向，我們沒有一個神奇的數字，也沒有一個目標可以給你。 ALL 不應再增加或不再增加。我們擁有的 ALL，我們擁有的一項條款，讓我們有信心我們今天擁有的投資組合擁有正確的覆蓋範圍。這反映了貸款帳面的成長。我們要去（聽不清楚）貸款簿。這將帶來 ALL 的增加。這一切都很好，因為正在引入良好的營運。但隨著國際財務報告準則的實施，這方面將發生變化，即預期損失。正是透過這個模型，我們正在努力定義我們可以製定的規定，以增加甚至減少 ALL。

And one specific comment, we are one of the few banks that are treating specific clients as delinquency. If it went for this effect and the additional part of credit that is considered delinquent in Q3, if it weren't for that, the coverage ratio would have stayed stable. And the point that Octavio mentioned regarding the origination of new loans, this is what is going to lead to an improvement in the coverage ratio as we originate new loans that are performing well with no delinquency, we'll rebuild the coverage ratio during the cycle.

一項具體評論是，我們是少數將特定客戶視為拖欠行為的銀行之一。如果考慮到這種影響以及第三季被視為拖欠的額外部分信貸，如果不是這樣，覆蓋率將保持穩定。奧克塔維奧提到的關於發放新貸款的觀點，這將導致覆蓋率的提高，因為我們發放了表現良好且沒有拖欠的新貸款，我們將在周期內重建覆蓋率。

Our next question is from Eduardo Rosman with BTG. Good morning, Rosman, you may proceed.

我們的下一個問題來自 BTG 的愛德華多·羅斯曼。早上好，羅斯曼，你可以繼續了。

I have 2 questions. My first question is about dividend payout. The bank has maintained a very high dividend payout close to 70%. But assuming that the bank intends to expedite growth next year and profitability its still below anticipated levels. I mean you're not building a lot of new capital. So what could we expect in terms of the payout next year? This would be my first question. I would just like to understand these payout dynamics or whether you wouldn't be worth it to do some buyback. And the second question is about cost of capital. We've been talking a lot about cost of capital. I think one of your competitors usually publishes how much they believe their cost of capital is. So in your view, what is Bradesco cost of capital today, considering the dynamics of interest rates going forward?

我有 2 個問題。我的第一個問題是關於股息支付。該銀行一直保持著接近70%的極高股息支付率。但假設該銀行打算明年加快成長，其獲利能力仍低於預期水準。我的意思是你沒有建立大量新資本。那我們對明年的支出有何期望呢？這是我的第一個問題。我只是想了解這些支出動態，或者您是否值得進行一些回購。第二個問題是關於資本成本。我們已經談論了很多關於資本成本的問題。我認為你的競爭對手之一通常會公佈他們認為自己的資本成本是多少。那麼在您看來，考慮到未來利率的動態，布拉德斯科今天的資本成本是多少？

In terms of dividend payout, this year we already provisioned for that. And I think the buyback is an important alternative, so much so that we just renewed our buyback program. That was just about a week ago. So that could be a good alternative. Even considering the value of the shares. So that buyback program is ready and renewed when the time comes. And for next year, even with lower results in comparison to what we would like to have, we will certainly try to remunerate our shareholders with a reasonable and adequate payout. Therefore, as I was saying, it does make sense to resort to buyback. In terms of cost of capital, maybe Firetti, you can say something.

在股利支付方面，今年我們已經為此撥備了撥備。我認為回購是一個重要的選擇，以至於我們剛剛更新了我們的回購計劃。那是大約一週前的事。所以這可能是個不錯的選擇。即使考慮到股票的價值。因此，回購計劃已準備就緒，並會在時機成熟時更新。明年，即使業績低於我們的預期，我們也一定會盡力以合理且充足的派息來回報我們的股東。因此，正如我所說，訴諸回購確實有意義。就資金成本而言，也許Firetti，你可以說些什麼。

Our cost of capital is very similar to what the analysts calculate, something ranging between 14% and 15%.

我們的資本成本與分析師的計算結果非常相似，介於 14% 到 15% 之間。

I just have another follow-up question now. Thinking about next year, do you think that the payout would be along the same levels? Do you think that you will remain having this high payout to have an additional benefit because I think this also has an impact on the tax rate.

我現在還有另一個後續問題。考慮明年，您認為支出會維持在同一水平嗎？您是否認為您會繼續擁有如此高的支出以獲得額外的福利，因為我認為這也會對稅率產生影響。

Okay. If the benefit remains, continues, I think so, we would probably try to use it and then have the full benefit because this would serve our shareholders well. But there are still some steps that are necessary until we see what will happen. There was an important change in terms of interest on capital that was being discussed at the Senate level. And that was an important adjustment that happened because with that shareholders will be more comfortable. But regardless of what may happen, our intention is always to make full use of interest on capital. I understand that the minimum would be 30% according to the bylaws, right? Yes.

好的。如果利益仍然存在，持續下去，我認為是這樣，我們可能會嘗試使用它，然後獲得全部利益，因為這將為我們的股東提供良好的服務。但在我們看到會發生什麼之前，仍然需要採取一些步驟。參議院層級正在討論資本利息方面的重大變化。這是一個重要的調整，因為這樣股東會更放心。但無論發生什麼，我們的目的始終是充分利用資本的利息。我知道依章程規定最低比例是30%，對嗎？是的。

Our next question is from Yuri Fernandes with JPMorgan. Good morning, Yuri. The floor is yours.

我們的下一個問題來自摩根大通的尤里·費爾南德斯。早安，尤里。地板是你的。

I have a question related to your NII. Looking at liabilities, on the liability side, things were performing well. I mean you had good funding in the quarter. But don't you think this was a pushback in your margin? I mean, demand deposits were down. Savings deposits also down in this scenario of high interest rates. But I just want to look at that liability line, whether this does not affect [II]. And in terms of SME, you're constantly talking about this mix that the company is working at that very closely, but there was a drop of 1% when NII was down by 5%. So the mix of SMI is very, very tight. Could you share with us something related to that segment of companies below BRL 30 million? And I think that the mix of SMI should be a little bit different.

我有一個與您的 NII 相關的問題。從負債來看，負債方面表現良好。我的意思是您在本季擁有良好的資金。但您不認為這對您的利潤造成了阻礙嗎？我的意思是，活期存款下降了。在這種高利率的情況下，儲蓄存款也會下降。但我只是想看看那個責任線，這是否不影響[II]。就中小企業而言，你經常談論公司正在密切合作的這種組合，但當 NII 下降 5% 時，你下降了 1%。所以SMI的組合非常非常緊密。您能否與我們分享一些與資產低於 3000 萬雷亞爾的公司細分市場相關的資訊？我認為 SMI 的組合應該有點不同。

Hi, Yuri. Good morning. It's a pleasure to have you here with us. Thank you for your question. In fact, I mean, if you look at the market as a whole, Yuri, the funding cost of the incumbent banks, I mean, our funding cost increased due to the competition coming from new platforms, smaller banks and other things. There are a series of factors that at the end benefited some. And in other instances, it increased the funding cost even because today it's very easy for our clients to choose where they want to invest their money. And this increases our funding cost. But anyhow, the reduction in savings account or even demand deposits, it's quite natural. Given the current situation of people, I mean, savings deposits are dropping, not only at Bradesco but in any other incumbent bank, this drop in savings deposits is across the board, maybe also because people are now choosing to invest in other instruments rather than savings account. And also because families need to use that money because of high interest rates, inflation issues. This is a cyclical phenomenon and it's very hard to avoid it. And demand deposits is pretty much along the same lines. Demand deposits were kind of inflated due to many government programs and benefits that the government offered. That's why I talked a lot about principality, the share of wallet of our clients. We talked a lot about that during the presentation. Because in fact this is a challenge that we face every single day when we go to work. We have to work the centrality of the client, the share of wallet because that allows us to improve the liability margin. We made important investments to make that possible. I talked to you about wealth management, more than 4,000 Prime clients and a lot of investment experts. I mean there we also grant loans to these people. Of course they take credit as well. But it's important that we bring the principality of the clients to our organization. We did some relevant work extensively recognized at Bradesco Asset. So this growth has been quite significant. We had more than BRL 770 billion of assets under management. And even private banking, we increased the liabilities on the private banking side. I believe that we are moving in the right direction to bring more investments from our clients, even with Agora, our brokerage firm. There are several levers that can be worked on to bring principality. And in turn, we will increase the liability NII through funds management or CDB or any other kind of investments in our trading transactions with clients using our own brokerage firm. This is the first step, and it has proven to be right. We are evolving in terms of the liabilities, and we are also making important strides towards improving client NII. When we had interest rates of 2% a year like we had in the past, maybe that liability NII wouldn't make a lot of difference, but this is important if you want to grow your loan book. But with an interest rate that reached 14% and 12 point something today, that liability NII makes a lot of difference. So I think that's it in terms of the liabilities. Now speaking about SME portfolio, and we have been talking about that extensively. In fact, you should know Bradesco has a very big geographic footprint. I'm not talking about 30 million upwards, but I'm talking about companies whose revenue was way below that. When you work with secured accounts, with receivables discount, et cetera. These are very profitable transactions. Now when we look at the fee comparison at the Central Bank, you see the size of the spread of these portfolios vis-a-vis a portfolio from a midsize company. There is a huge difference, which is natural because of the risk that these companies represent. So the margin of this mix of types of clients with whom we've been working with in terms of small and micro-sized companies is what made that difference. I don't know exactly what the percentage is, but Firetti and -- they can give you more details on the numbers.

嗨，尤里。早安.很高興您能和我們在一起。謝謝你的問題。事實上，我的意思是，如果你從整個市場來看，尤里，現有銀行的融資成本，我的意思是，由於來自新平台、小型銀行和其他因素的競爭，我們的融資成本增加了。有一系列因素最終使一些人受益。在其他情況下，它增加了融資成本，即使是因為今天我們的客戶很容易選擇他們想要投資的地方。這增加了我們的融資成本。但無論如何，儲蓄帳戶甚至活期存款的減少，都是很自然的事。我的意思是，考慮到人們目前的情況，儲蓄存款正在下降，不僅在布拉德斯科銀行，而且在任何其他現有銀行，儲蓄存款的下降都是全面的，也許也是因為人們現在選擇投資於其他工具而不是投資其他工具。儲蓄帳戶。而且因為高利率和通貨膨脹問題，家庭需要使用這筆錢。這是一種週期性現象，很難避免。活期存款也幾乎遵循同樣的思路。由於許多政府計劃和政府提供的福利，活期存款有點膨脹。這就是為什麼我談論了很多關於公國、我們客戶的錢包份額的原因。我們在演示期間對此進行了很多討論。因為事實上這是我們每天上班時都會面臨的挑戰。我們必須以客戶為中心，錢包份額為中心，因為這使我們能夠提高負債比率。為了實現這一目標，我們進行了重要投資。我跟大家聊了財富管理、4000多個Prime客戶和許多投資專家。我的意思是，我們也向這些人提供貸款。當然，他們也有功勞。但重要的是我們將客戶的主體帶入我們的組織。我們做了一些在 Bradesco Asset 廣受認可的相關工作。所以這個成長是相當顯著的。我們管理超過 7,700 億雷亞爾的資產。甚至是私人銀行，我們增加了私人銀行方面的負債。我相信我們正朝著正確的方向前進，為我們的客戶帶來更多的投資，甚至與我們的經紀公司 Agora 合作也是如此。有幾個槓桿可以用來實現公權。反過來，我們將透過基金管理或 CDB 或使用我們自己的經紀公司與客戶進行的任何其他類型的投資來增加 NII 責任。這是第一步，事實證明這是正確的。我們在負債方面不斷發展，並且在改善客戶NII 方面也取得了重要進展。當我們像過去一樣每年利率為 2% 時，也許負債 NII 不會產生太大影響，但如果您想增加貸款規模，這一點很重要。但如今利率已達到 14% 和 12 個點，負債 NII 的作用就大為不同。所以我認為就負債而言就是這樣。現在談論中小企業投資組合，我們已經廣泛討論了這一點。事實上，您應該知道布拉德斯科的地理足跡非常廣泛。我說的不是 3,000 萬以上，而是一家收入遠低於這個數字的公司。當您使用擔保帳戶、應收帳款折扣等。這些都是非常有利可圖的交易。現在，當我們查看中央銀行的費用比較時，您會看到這些投資組合與中型公司投資組合的利差大小。存在巨大差異，這是很自然的，因為這些公司所代表的風險。因此，我們一直與之合作的小型和微型公司的各種類型客戶的利潤率是造成這種差異的原因。我不知道具體的百分比是多少，但是 Firetti 和——他們可以為您提供有關數字的更多詳細資訊。

When we look at our SME portfolio, approximately 2/3s of that portfolio are clients below BRL 50 million. And this particular portfolio is a bit compensated by the midsized company portfolio.

當我們查看我們的中小企業投資組合時，該投資組合中約 2/3 的客戶規模低於 5,000 萬雷亞爾。這個特定的投資組合得到了中型公司投資組合的一點補償。

That is very clear. I just have one last follow-up. Funding, Octavio. How much is it today? I don't know whether you can break it down. I mean, average funding or CDI.

這是非常清楚的。我只有最後一次跟進。資金，奧克塔維奧。今天多少錢？不知道能不能破解我的意思是，平均資金或 CDI。

I think all of the incumbent banks struggle with it. There was a worsening of the numbers. Well, we do not release specific numbers. Our comments are more generic. But clearly there was an increase in funding cost. Part of it due -- if you look at the movements in our portfolio, part of that has to do with a more focused work using some investment experts at first. They looked at funding that were there in demand deposits. These are investment funds. So that had some minor adjustments. This is probably something that is behind some of the moves.

我認為所有現有銀行都在為此苦苦掙扎。數字不斷惡化。好吧，我們不公佈具體數字。我們的評論更加籠統。但顯然融資成本增加。部分原因是——如果你看看我們投資組合的變動，部分原因與首先使用一些投資專家進行更有針對性的工作有關。他們研究了活期存款中的資金。這些是投資基金。所以做了一些小的調整。這可能是一些舉措背後的原因。

Thank you, Yuri. Next question from Anahy Rios with Santander.

謝謝你，尤里。 Anahy Rios 向桑坦德銀行提出了下一個問題。

My question goes back to the guidance. But speaking more about fees, you were somewhat distant from the guidance. I'd like to understand which fee lines will drive growth so that you can meet the guidance in Q4.

我的問題又回到了指導。但多談費用，你與指導意見有些距離。我想了解哪些費用項目將推動成長，以便您能夠滿足第四季度的指導要求。

Anahy, good morning and thank you for joining us. All I know of fee income, it's improving quarter-on-quarter and quarter-by-quarter. This quarter we are still slightly below the guidance that we provided, but we have an expectation to increase this fee income line due to a number of aspects which I believe are important. We are having a substantial improvement as we showed you. In the wholesale bank, in underwriting operations, you saw the amount that grew, the percentage that grew. We have quite a good pipeline for Q4 and also for 2024 of these operations. We have a good expectation that companies will be renewing their debenture operations, the ones they have in the market and new operations that we're also doing. It is a natural movement by companies. They'll wait for a better market moment. The cost is still high, but operations are maturing and the companies will need to adjust. So there is a good outlook for the fees related to underwriting. There's a good expectation that is materializing regarding fees in Asset, in Bradesco Aset and now at Tivio, our new asset, that we have more geared to structured product performance. And there's good expectation there. Also a good expectation in Bradesco Financiamentos. Again, the loan lines are growing and also our loan book is improving. So it's again operating in a normal range. These are just some of the aspects, but I believe that there are a number of lines. Even the insurance company, the Bradesco consortium. So there are a number of companies, many businesses of the bank that will bring improvement to the fee income line item.

阿納希，早安，感謝您加入我們。據我所知，費用收入正在逐季度、逐季度改善。本季度我們仍然略低於我們提供的指導，但由於我認為很重要的許多方面，我們預計會增加這一費用收入線。正如我們向您展示的那樣，我們正在取得重大改進。在批發銀行的承銷業務中，您看到了成長的金額和成長的百分比。我們為第四季和 2024 年的這些營運準備了相當好的管道。我們對公司將更新他們的債券業務、他們在市場上的債券業務以及我們也在做的新業務抱有良好的期望。這是公司的自然運動。他們將等待更好的市場時機。成本仍然很高，但營運正在成熟，公司需要進行調整。因此，與承保相關的費用前景良好。對於 Asset、Bradesco Aset 以及現在我們的新資產 Tivio 的費用，人們的良好期望正在實現，即我們更加重視結構化產品的績效。那裡有良好的期望。對 Bradesco Financiamentos 也抱持著良好的期望。同樣，貸款額度在增加，我們的貸款帳簿也在改善。所以它再次在正常範圍內運作。這些只是一些方面，但我相信還有很多條線。就連保險公司，布拉德斯科財團。所以有很多公司、銀行的很多業務都會為手續費收入項目帶來改善。

Thank you, Anahy. Very well. We are going to have our last question by Pedro Leduc with Itau BBA. Pedro, good morning. Go ahead.

謝謝你，阿納希。很好。我們將由 Pedro Leduc 和 Itau BBA 提出最後一個問題。佩德羅，早安。前進。

Two quick questions. First, robust growth in the other business lines, if you could elaborate on that. Greater share in the crop plan. And my second question, going quickly back to SMEs, Firetti mentioned the concentration in small enterprises. Do you see acquiring as an important tool for you to have best cost to serve and to better manage delinquency in this segment? Is this well-oiled or would you have room for improvement?

兩個簡單的問題。首先，其他業務線的強勁成長，請您詳細說明一下。在作物計劃中所佔的份額更大。我的第二個問題，快速回到中小企業，Firetti 提到了小型企業的集中度。您是否認為收購是您獲得最佳服務成本並更好地管理該細分市場拖欠行為的重要工具？這是否順利，或者您還有改進的空間嗎？

Pedro, good morning. Thank you for joining us. Well, Pedro, you know this really well. You've been following us for many, many years. The agro business was always a flagship for Brazil. Also given the origin of our bank, 80 years ago, Bradesco grew following the growth of the agri business of Brazil, particularly in the countryside of Sao Paulo in the north of Parana state. So we were always focused on agro business. Among the private banks we are leaders in agro business. And if you get [BNDS], we are also leaders in disbursements for agribusiness operations via BNDS. In agri businesses a part of the Brazilian economy, which is an excellent growth driver for the Brazilian economy, not just today, it has been so for some years now. So more and more, we are giving special attention to the agro business industry in Brazil, particularly given the increase in the agricultural frontiers. There in the Midwest they are expanding. They are growing the Amazon biome and other Brazilian biomes (inaudible) and competition is moving fast now because agri business is not a small business. Agri business is a big, big business in Brazil with the volume of resources which is huge. So we specialized our team. We had 955 branches that were trained specifically, the whole team of these branches was trained in the last 3 to 4 years to serve our agri business clients in any of their needs, for their position of machinery, for planting their crops, in talking with agronomist engineers. So 955 specialized bank branches all over Brazil. And we have all of the agricultural regions being served by specialized people to serve the needs of agri business clients. In addition, we have a constant presence in all the main agricultural trade shows in Brazil. This year the business volume that we captured was double that of last year. And delinquency in farm loans is very, very small. So there is a moment when the farmers, they need to exchange the machines, their equipment. And equipment is becoming more and more sophisticated, the combined machines and -- all driving the business. And another initiative we had, we had about 5 to 6 separate business platforms that was 2 to 3 years ago. And then we were located basically in the Midwest, in the countryside of the state of Sao Paulo. The platforms, few platforms that we had, we expanded those to about 14. And in the main agricultural production, (inaudible) in Brazil, whatever the commodity they are growing, we have a platform there with a specialized team. And we grew this team of specialists. All of these platforms have agronomist engineers to give comfort to our farm clients. So this is a little bit of the growth we had in agri business. We'll continue to grow these platforms. Like I said, there are 14 platforms, will be opening another 4. Next year they should grow even more because there are other areas that are posting a lot of agri business growth. And with the change of the crops, they are moving from livestock to soybean to corn, and we're studying these moves so that we can provide the right advice to our clients. So agri business is a focus of Bradesco. We'll continue to focus on agri business. And the trend is that we'll grow this business even more. With regards to SMEs in the acquiring part of your question, we currently have an acquiring company, [Cielo], in a partnership with Banco do Brasil. It is working super well. Cielo, you will remember 3 to 4 years ago, had problems and difficulties in posting good results. But the adjusted CLO now has been posting good results. It's not just about the results. Most importantly is what Cielo means to the business, to the offering of products that a wholesale bank needs to have. It's Cielo, [Livelo], [Olelo]. All of the companies that we have in our ecosystem of benefits in the acquiring business. So today it is working really well. We have a good partnership with Banco do Brasil. Both banks use Cielo. And Cielo is just advantage of this Bradesco and Banco do Brasil desks. (inaudible) is perhaps losing some accounts that in the bottom line bring losses. But sometimes you can gain market share and not be profitable. So we had to make choices so that we could have profitability in our businesses with smaller companies. But you see, Pedro, it's all on the table. We have to look at Cielo, how important it is for our results, how we should look at that company in the portfolio of products and services that Bradesco has to offer to our clients. And acquiring is definitely very important for us to continue to grow. And again, maintaining the principality that we want to enjoy with our clients, cash management, (inaudible) to grow assets and reaches liabilities. So it's all on the table for us to look at it.

佩德羅，早安。感謝您加入我們。嗯，佩德羅，你很清楚這一點。您已經關注我們很多很多年了。農業業務一直是巴西的旗艦業務。同樣考慮到我們銀行的起源，80 年前，布拉德斯科銀行隨著巴西農業企業的發展而成長，特別是在巴拉那州北部的聖保羅鄉村。所以我們一直專注於農業業務。在私人銀行中，我們是農業業務的領導者。如果您獲得 [BNDS]，我們也是透過 BNDS 為農業企業營運支付的領導者。農業企業是巴西經濟的一部分，它是巴西經濟的優秀成長動力，不僅在今天，而且多年來一直如此。因此，我們越來越特別關注巴西的農業商業產業，特別是考慮到農業領域的擴張。他們正在中西部擴張。他們正在種植亞馬遜生物群落和其他巴西生物群落（聽不清楚），競爭現在正在迅速發展，因為農業企業不是小型企業。農業產業在巴西是一個非常大的產業，擁有龐大的資源。所以我們專業化了我們的團隊。我們有955 個分公司接受過專門培訓，這些分公司的整個團隊在過去3 到4 年裡接受過培訓，以滿足我們的農業企業客戶的任何需求，包括他們的機械位置、種植作物、與客戶交談農藝師工程師。巴西各地有 955 個專業銀行分行。我們所有的農業地區都由專業人員提供服務，以滿足農業企業客戶的需求。此外，我們經常參加巴西所有主要的農產品貿易展。今年我們的業務量是去年的兩倍。農業貸款的拖欠率非常非常小。因此，有時候農民需要更換機器和設備。設備變得越來越複雜，組合機器以及所有這些都在推動業務發展。我們的另一個舉措是，在 2 到 3 年前，我們擁有大約 5 到 6 個獨立的業務平台。然後我們基本上位於中西部，聖保羅州的鄉村。平台，我們擁有的平台很少，我們將其擴展到大約 14 個。在巴西的主要農業生產中（聽不清楚），無論他們種植什麼商品，我們都有一個擁有專業團隊的平台。我們壯大了這支專家團隊。所有這些平台都有農藝工程師為我們的農場客戶提供安慰。這是我們農業企業成長的一小部分。我們將繼續發展這些平台。就像我說的，有 14 個平台，將開設另外 4 個。明年它們應該會成長更多，因為還有其他地區的農業企業也出現了很大的成長。隨著作物的變化，它們正在從牲畜轉向大豆，再轉向玉米，我們正在研究這些變化，以便我們能夠為客戶提供正確的建議。因此，農業業務是布拉德斯科的重點。我們將繼續關注農業業務。趨勢是我們將進一步發展這項業務。關於您問題中的中小企業收購部分，我們目前有一家收購公司[Cielo]，與巴西銀行合作。它運行得非常好。 Cielo，你會記得三、四年前，在取得好成績時遇到了問題和困難。但調整後的CLO目前已經取得了不錯的成績。這不僅僅是結果。最重要的是 Cielo 對於業務、對於提供批發銀行所需的產品意味著什麼。這是 Cielo、[Livelo]、[Olelo]。我們在收購業務中受益的生態系統中擁有的所有公司。所以今天它運行得非常好。我們與巴西銀行有著良好的合作關係。兩家銀行都使用 Cielo。 Cielo 正是 Bradesco 和 Banco do Brasil 櫃檯的優勢。 （聽不清楚）可能會失去一些帳戶，最終帶來損失。但有時你可以獲得市場份額，但卻無法獲利。因此，我們必須做出選擇，以便我們能夠在與小公司合作的業務中獲得利潤。但你看，佩德羅，一切都在桌面上。我們必須看看 Cielo，它對我們的表現有多重要，我們應該如何在 Bradesco 向我們的客戶提供的產品和服務組合中看待該公司。而收購對於我們的持續成長絕對是非常重要的。再次，保持我們希望與客戶享有的原則，現金管理，（聽不清楚）以增加資產並達到負債。所以一切都擺在桌面上供我們研究。

With this, we conclude the Q&A session. All the questions that have not been answered will then be answered by our IR team. Before I turn the floor back to Octavio, I would like to remind you that in our Investor Relations website you will also find this presentation and all of the material related to this earnings release call in addition to other information. Octavio. Thank you. And let's move to your final remarks.

至此，我們的問答環節就結束了。所有尚未回答的問題將由我們的 IR 團隊回答。在我回到奧克塔維奧之前，我想提醒您，除了其他資訊之外，您還可以在我們的投資者關係網站上找到此簡報以及與本次收益發布電話會議相關的所有資料。奧克塔維奧.謝謝。讓我們開始您的最後發言。

Thank you. Thank you, Cassiano. Thank you, Firetti. Thank you very much to the entire team that helped us put this together. Thank you so much for joining us. Thank you for your time. I think we talked about several aspects related to the P&L of the bank. There are still some challenges. And you're very precise in terms of your diagnosis. We will improve. We will make important improvements. And I hope I was able to clarify your issues. But in case you still have any pending issues in mind, please get in touch with us, get in touch with anyone from our team because we really want to clarify any issue that is still pending. Thank you so much for your attention and for your kindness to join us today. I wish you a very, very good weekend. Thank you.

謝謝。謝謝你，卡西亞諾。謝謝你，費雷蒂。非常感謝幫助我們完成此任務的整個團隊。非常感謝您加入我們。感謝您的時間。我想我們討論了與銀行損益相關的幾個面向。仍然存在一些挑戰。而且你的診斷非常準確。我們會改進。我們將做出重要的改進。我希望我能夠澄清你的問題。但如果您仍有任何懸而未決的問題，請與我們聯繫，與我們團隊中的任何人聯繫，因為我們確實想澄清任何懸而未決的問題。非常感謝您的關注以及您今天加入我們的盛情。祝您週末愉快。謝謝。