Banco Santander Brasil SA (BSBR) 2023 Q2 法說會逐字稿

[Interpreted] Good morning. I am Camila Toledo, Head of Investor Relations and Market Intelligence of Santander Brazil. Thank you for joining us this morning for the presentation of our second quarter 2023 results. This event is being broadcast live directly from our headquarters in Sao Paulo and will be divided into 3 parts.

[翻譯]早安。我是卡米拉‧托萊多 (Camila Toledo)，巴西桑坦德銀行投資者關係與市場情報主管。感謝您今天早上加入我們，介紹我們 2023 年第二季的業績。本次活動從我們位於聖保羅的總部直接進行現場直播，並將分為三個部分。

First, our CEO, Mario Leao will talk about the key topics of the quarter and also the strategies that are driving our growth for the next quarters and also in 2024. Next, our CFO, Gustavo Alejo will present a detailed analysis of our performance and the results for the quarter. And at the end, we will hold a Q&A session when the analysts will have the opportunity to interact directly with our leadership.

首先，我們的執行長 Mario Leao 將討論本季的關鍵主題以及推動我們下幾個季度和 2024 年成長的策略。接下來，我們的財務長 Gustavo Alejo 將詳細分析我們的業績和本季度的結果。最後，我們將舉行問答會議，屆時分析師將有機會直接與我們的領導層互動。

Before we proceed, I would like to give you some instructions to help you make the most out of this event. For those watching us today, there are 3 audio options on your screen. You can listen to the entire session in Portuguese, listen to it in English or get the original audio. Simultaneous translation will be available in the first few options. To choose your audio preference, just click in the icon in the center at the bottom of your screen. (Operator Instructions)

在我們繼續之前，我想向您提供一些說明，以幫助您充分利用本次活動。對於今天觀看我們節目的觀眾，螢幕上有 3 個音訊選項。您可以收聽整個會議的葡萄牙語版、英語版或取得原始音訊。前幾個選項將提供同聲翻譯。要選擇您的音訊首選項，只需點擊螢幕底部中央的圖示即可。 （操作員說明）

Once again, simultaneous translation is available in both cases, or you can also choose the original audio option. Today's presentation is available for download at our IR website.

同樣，這兩種情況都可以使用同聲翻譯，或者您也可以選擇原始音訊選項。今天的簡報可在我們的 IR 網站上下載。

Now I'll hand the floor over to Mario Leao, who will start the presentation. Mario, please go ahead.

現在我將發言權交給 Mario Leao，他將開始演示。馬裡奧，請繼續。

[Interpreted] Thank you, Camila. Good morning, everyone, and thank you for joining us today for our earnings results call of the second quarter 2023. I would like to start by highlighting the performance and resilience of our net interest income, particularly in the context where we still experience pressure on revenues, given the decision to tighten lending 18 months ago and the focus on higher rating clients more collateralized products. We expect this positive trend that we show you again to continue and accelerate over the coming quarters as we regain our risk appetite, always choosing products and correct clients to expand.

[翻譯]謝謝你，卡米拉。大家早安，感謝大家今天參加我們的 2023 年第二季收益電話會議。我首先要強調一下我們淨利息收入的表現和彈性，特別是在我們仍然面臨壓力的情況下。考慮到18 個月前收緊貸款的決定以及對更高評級客戶更多抵押產品的關注，收入增長。我們預計，隨著我們恢復風險偏好、始終選擇產品和正確的客戶來擴展，我們再次向您展示的這種積極趨勢將在未來幾季繼續並加速。

This performance is the directors of the increase in our market NIR, reflecting the continued repricing our commercial portfolio and a substantial increase in volumes, mainly of liabilities. We will elaborate on these points later during our presentation. We continue to demonstrate good asset quality given the continued positive performance of the new vintages, which give us the ability to continue resuming growth in the business lines we have defined as strategic. In addition, we had some nonrecurring items during the quarter which had a net neutral impact on our results as we will detail throughout this presentation.

這一業績是我們市場 NIR 成長的主導因素，反映了我們商業投資組合的持續重新定價以及交易量（主要是負債）的大幅成長。我們將在稍後的演示中詳細闡述這些要點。鑑於新年份的持續積極表現，我們繼續展現出良好的資產質量，這使我們有能力繼續恢復我們定義為策略的業務線的成長。此外，本季我們還有一些非經常性項目，這些項目對我們的業績產生了淨中性影響，我們將在本簡報中詳細介紹。

Thus, we ended the quarter with a net income of BRL 2.3 billion, which means an increase of 8% quarter-on-quarter and equivalent to an ROE of slightly above 11%. Our strategic priority for the year remains focused on maximizing the profitability of our customer base through greater loyalty and in this sense, our high-income segment, Select and the entire corporate segment will play an even more important role in our portfolio.

因此，本季末我們的淨利潤為 23 億雷亞爾，這意味著環比增長 8%，相當於略高於 11% 的 ROE。我們今年的策略重點仍然是透過提高客戶忠誠度來最大限度地提高客戶群的獲利能力，從這個意義上說，我們的高收入部門、精選部門和整個企業部門將在我們的投資組合中發揮更重要的作用。

In addition, we remain steadfast in our commitment to expand our strategic businesses, leveraging a complete ecosystem of numerous cross-selling opportunities and seeking to meet the demand of our customers throughout the consumer cycle. And this expansion will be supported by our great capacity for innovation and use of data, generating an increase in productivity and great operating efficiency, which allow us to deliver high quality and increasingly assertive and problem-solving services with an obsessive view vis-a-vis our customers.

此外，我們仍然堅定地致力於擴大我們的策略業務，利用眾多交叉銷售機會的完整生態系統，並尋求滿足客戶在整個消費週期的需求。這種擴張將得到我們強大的創新和數據使用能力的支持，從而提高生產力和營運效率，這使我們能夠以執著的觀點提供高品質、日益自信和解決問題的服務。拜訪我們的客戶。

On the next slide, Slide 5, we'll give you more details about our strategy. Today, Santander is already something that we'd like to call digital bank with stores and strategy that is aligned with the vision of a Santander Group as a whole with an aligned strategy that is even more focused in 2 major pillars: multilaterality and centricity. We dedicated a few years to focus in discipline, not only capturing important efficiencies but also maintaining a very single strategy of the Santander brand, to be the best consumer company being whatever the client prefers be it on digital and physical stores, ours or those partners such as Webmotors and Consumer Finance. Our focus is to promote a differentiated services where, how and when our clients prefer through our multichannel digital ecosystem, offering a wide range of products and services designed to cater to the needs of our clients.

在下一張投影片（投影片 5）中，我們將向您提供有關我們策略的更多詳細資訊。如今，桑坦德銀行已成為我們所謂的數位銀行，其門市和策略與桑坦德集團的整體願景一致，其策略更加專注於兩大支柱：多邊性和中心性。我們花了幾年時間專注於紀律，不僅提高了重要的效率，而且保持了桑坦德品牌的單一策略，成為最好的消費品公司，無論客戶喜歡什麼，無論是在數位商店還是實體商店，無論是我們的還是那些合作夥伴的例如 Webmotors 和 Consumer Finance。我們的重點是透過我們的多通路數位生態系統在客戶喜歡的地點、方式和時間推廣差異化服務，提供旨在滿足客戶需求的廣泛產品和服務。

We have made significant process in the massive user data. We have a digital system that provides an enriched flow which added to our extensive capacity to process this data, allow us to format the best journey and offer for clients in search of principality. These touch points allow us to use a significant number of variables to support our decision-making process from granting all the way to credit recovery.

我們對海量的用戶資料做了重大的處理。我們擁有一個數位系統，可以提供豐富的流程，增強了我們處理這些數據的廣泛能力，使我們能夠為尋求主權的客戶制定最佳旅程和服務。這些接觸點使我們能夠使用大量變數來支援從授予一直到信用恢復的決策過程。

One example of this ecosystem is a 32 million hits per month on our Webmotors and Consumer Finance portal and 10 million hits a month on Esfera, Sim, emdia and Return that are all part of this major Santander ecosystem. And the use of deep learning within our organization is nothing new. To illustrate, we can mention speech to text and natural language processing in phone calls in our remote channel which has yielded excellent results for the credit recovery business of the chatbot with a resolution rate of 73%. And we are already moving forward with generative artificial intelligence to support our service teams.

這個生態系統的一個例子是我們的 Webmotors 和 Consumer Finance 入口網站每月有 3,200 萬次點擊，Esfera、Sim、emdia 和 Return 每月有 1000 萬次點擊，這些都是桑坦德銀行主要生態系統的一部分。在我們的組織內使用深度學習並不是什麼新鮮事。為了說明這一點，我們可以提到遠端通道中電話中的語音轉文字和自然語言處理，這在聊天機器人的信用恢復業務中取得了出色的成果，解決率高達 73%。我們已經在推進生成人工智慧來支援我們的服務團隊。

Slide 6, our next slide, highlights the metrics that reinforce our customer centricity strategy and the pursuit for principality, underscoring our focus on improving customer experience and satisfaction at all times. This is our obsession, and we will increasingly talk to the market about how we are addressing this topic. Through more assertive approach to consumer acquisition, we have managed to grow our client buys -- client base by 13% in just 12 months, and this growth has been sustainable. It's worth noting that the majority of these clients were acquired within our digital banking system, resulting in a higher rate of qualified clients.

我們的下一張投影片 6 重點介紹了加強我們以客戶為中心的策略和追求原則的指標，強調了我們始終致力於改善客戶體驗和滿意度。這是我們的痴迷，我們將越來越多地與市場討論我們如何解決這個話題。透過更有自信的消費者獲取方式，我們成功地將客戶購買量在短短 12 個月內增加了 13%，而且這種成長是可持續的。值得注意的是，這些客戶大部分是在我們的數位銀行系統內取得的，導致合格客戶的比例較高。

A crucial indicator of our success is the number of loyal clients that find us. So those who own 6 or more products and who currently represent half of our active account holders. Our goal is to grow this into further while at the same time, increasing our base of active clients who are also account holders. To this end, we are investing in enhancing our CRM and prioritizing hyper-personalization. Moreover, we are continuously refining our value proposition through outstanding customer service and a wide range of products and services, including our loyalty programs, Esfera and our investment platform, AAA. These efforts have yielded highly positive results in terms of consumer loyalty with revenue per loyal customer increasing by 12% over the last 12 years.

我們成功的關鍵指標是找到我們的忠實客戶的數量。那些擁有 6 種或更多產品的人目前占我們活躍帳戶持有者的一半。我們的目標是進一步發展這項業務，同時增加我們的活躍客戶群（同時也是帳戶持有人）。為此，我們正在投資增強 CRM 並優先考慮超個人化。此外，我們透過卓越的客戶服務和廣泛的產品和服務，包括我們的忠誠度計畫 Esfera 和我們的投資平台 AAA，不斷完善我們的價值主張。這些努力在消費者忠誠度方面取得了非常積極的成果，在過去 12 年中每位忠誠客戶的收入成長了 12%。

When it comes to customer satisfaction, I want to reinforce that we are fully committed to delivering the highest quality of service. As proof of this commitment, we have seen significant improvements in our Net Promoter Score, our NPS across physical, digital and remote channels over the past year. We are not yet at the level we want to be, and we'll continue to climb. But these advances already serve as a clear demonstration of our dedication to continuously improving our customer satisfaction.

談到客戶滿意度，我想強調的是，我們完全致力於提供最高品質的服務。作為這項承諾的證明，過去一年我們的淨推薦值（NPS）在實體、數位和遠端通路上都有顯著改善。我們還沒有達到我們想要的水平，我們將繼續攀登。但這些進步已經清楚地表明了我們致力於不斷提高客戶滿意度的決心。

On Slide 7, we present additional information on our strategy for the high-income market. I've been continuously saying this to the market. And this year, we celebrated a decade since Select was established. And we could not be happier with the results we achieved. We ended the quarter with almost 900,000 clients, up 42% vis-a-vis a year ago. Our goal is to reach 1 million clients by the end of this year, and we will not stop there. We want to increase our share of the high-income segment with principality. At Select, we have promoted a major revamp in the segment, and we are working on several initiatives to attract and also retain these clients. Our focus is to offer personalized service, aiming to increase transactionality through an unparallel offer to the market. We provide specialized financial advice through AAA and now we are launching transaction with investment solutions abroad to further enrich our value proposition. The high-income segment plays a very important role in generating profitability in new businesses.

在投影片 7 中，我們提供了有關高收入市場策略的更多資訊。我一直在對市場這麼說。今年，我們慶祝了 Select 成立十週年。我們對所取得的成果感到非常滿意。截至本季末，我們擁有近 90 萬名客戶，比一年前成長了 42%。我們的目標是在今年年底達到 100 萬客戶，而且我們不會止步於此。我們希望增加公國在高收入群體中的份額。在 Select，我們推動了該細分市場的重大改革，我們正在製定多項措施來吸引並留住這些客戶。我們的重點是提供個人化服務，旨在透過向市場提供無與倫比的服務來提高交易性。我們透過 AAA 提供專業的財務建議，現在我們正在與海外投資解決方案進行交付，以進一步豐富我們的價值主張。高收入細分市場在新業務獲利方面發揮著非常重要的作用。

Just to illustrate, Select clients are 3x more loyal compared to retail individual clients. And revenues derived from this segment grow at a 3x faster pace. All this growth and progress is accompanied by a high NPS in the segment, which ended the quarter at 63 points and we expect it to continue rising.

舉例來說，精選客戶的忠誠度是零售個人客戶的 3 倍。該細分市場的營收成長速度是原來的三倍。所有這些成長和進步都伴隨著該細分市場的高 NPS，該季度結束時為 63 點，我們預計將繼續上升。

Now Slide 8, I would like to draw your attention to our ecosystem. We've been talking about the Santander ecosystem. The idea here is to show how this plays an increasingly important role when it comes to customer principality, spanning 12 business sectors and offering a diverse range of services. This includes our investment model, a robust technological and operating structure, consumer solutions and services as well as initiatives in the culture and social domains.

現在幻燈片 8，我想提請您注意我們的生態系統。我們一直在談論桑坦德銀行的生態系統。這裡的想法是展示它如何在涉及客戶主體時發揮越來越重要的作用，涵蓋 12 個業務部門並提供多樣化的服務。這包括我們的投資模式、強大的技術和營運結構、消費者解決方案和服務以及文化和社會領域的舉措。

Here are some examples of our most effective cross-selling models, starting with our cardholders. After activating the benefits of our Esfera loyalty program, these customers increased their average spending by 50%, which is very relevant. In the Auto segment, we have seen a 26% penetration rate of digital insurance offers in the financial sector through Santander Auto. Our efforts to extract more value from our ecosystem are not limited to cross-selling opportunities because we are also seeking to monetize our holdings.

以下是我們最有效的交叉銷售模式的一些範例，首先是我們的持卡人。在啟動我們的 Esfera 忠誠度計畫的好處後，這些客戶的平均支出增加了 50%，這是非常相關的。在汽車領域，我們發現 Santander Auto 在金融領域的數位保險產品滲透率達到 26%。我們從生態系統中獲取更多價值的努力不僅限於交叉銷售機會，因為我們也在尋求將我們的資產貨幣化。

This quarter, we acquired 100% of Toro stake and divested part of our 40% stake in Webmotors, taking our ownership now to 30%. In 2002, we made our initial investment in Webmotors and after a decade, we formed a strategic partnership with Carsales in Australia, which allows us to further strengthen our position in the market. Now after 20 years, we have reduced our stake in Webmotors at a price/earnings ratio of 42x, but we maintain our exclusivity with Carsales, meaning that we will continue to grow our products and services to an ever-stronger Webmotors.

本季度，我們收購了 Toro 100% 的股份，並剝離了 Webmotors 40% 的部分股份，目前我們的持股比例達到 30%。 2002年，我們對Webmotors進行了初步投資，十年後，我們與澳洲Carsales建立了策略合作夥伴關係，這使我們能夠進一步鞏固我們在市場上的地位。 20 年後的今天，我們以 42 倍的本益比減持了 Webmotors 的股份，但我們保持了對 Carsales 的獨家經營權，這意味著我們將繼續發展我們的產品和服務，使 Webmotors 變得更加強大。

And this week, more specifically, on Monday night, we announced a partnership between ben, our food and meal benefits company and Sodexo, now called Pluxee, which is designed to add even more value to the products and services offered by both companies. We will come in further on ben's transaction with Pluxee in the next quarters. In addition, we launched Tool Digital Services, an operating structure with ambitious plans to expand the service offer to the market in 2024.

本週，更具體地說，在周一晚上，我們宣布了我們的食品和膳食福利公司Ben 與Sodexo（現稱為Pluxee）之間的合作夥伴關係，旨在為兩家公司提供的產品和服務增加更多價值。我們將在接下來的幾季進一步討論 Ben 與 Pluxee 的交易。此外，我們還推出了 Tool Digital Services，這是一個雄心勃勃的營運結構，計劃在 2024 年將服務範圍擴大到市場。

On Slide 9, we comment on how we are continuously enhancing our investment platform to offer full and much more personalized services as well as a new digital experience. Our strategy of escalating up in liabilities have been generating positive results, with net spending reaching BRL 11.2 billion in the first half of this year. In addition, our revenues posted a good 12% increase year-on-year. On this front, we reinforce our positioning with the acquisition of 100% of Toro, as I mentioned before, a company with ultrafast customer growth, reaching 1.3 million customers by June 2023. In addition, Toro has a predominantly young customer base, opening up the possibility to position ourselves before a potential and good quality audience.

在投影片 9 中，我們評論了我們如何持續增強我們的投資平台，以提供全面且更個人化的服務以及新的數位體驗。我們的負債升級策略已產生正面成果，今年上半年淨支出達到112億雷亞爾。此外，我們的營收年增了12%。在這方面，我們透過收購Toro 100% 的股權來鞏固我們的定位，正如我之前提到的，這家公司的客戶成長速度超快，到2023 年6 月客戶數量將達到130 萬。此外，Toro的客戶群以年輕為主，正在開放能夠將自己定位在潛在的優質觀眾面前。

We also highlight here our progress with AAA, which achieved new growth in net spending per adviser, reaching BRL 2.6 million in the quarter, almost BRL 1 million a month and which is an increase of 35% compared to the fourth quarter of 2022. This differentiated model of specialized investment advisory services implied in an accelerated expansion plan, which allowed us to reach the market of 1,300 advisers this quarter with the presence in 90 municipalities after the success of this initial stage, we set the goal of having 2,000 advisers in 120 cities by the end of first quarter of '24, we want to draw even more from AAA. And finally, our performance in the private segment remains very positive with consistent growth in the net funding over the last 2 years and a satisfaction rating of 85 points, reaffirming our commitment to offering high-quality services to all of our clients.

我們也在此強調我們在AAA 方面的進展，每位顧問的淨支出實現了新的增長，本季度達到260 萬雷亞爾，每月近100 萬雷亞爾，與2022 年第四季度相比成長了35%。加速擴張計畫中隱含的專業投資諮詢服務的差異化模式，使我們能夠在本季度進入擁有1,300 名顧問的市場，在90 個城市開展業務。在初始階段取得成功後，我們設定了在120 個城市擁有2,000 名顧問的目標到 2024 年第一季末，我們希望從 AAA 中獲得更多。最後，我們在私人領域的表現仍然非常積極，過去兩年淨資金持續成長，滿意度達到 85 分，重申了我們為所有客戶提供高品質服務的承諾。

Slide 10 here, we describe our corporate business, where we are building a benchmark financial services platform in the market. This quarter, we surpassed the 1.3 million active clients mark with the portfolio higher than BRL 200 billion. In wholesale, we continue to grow our specialized team, which brought about good results, such as the 7% growth in revenues and an increase of 21% in loan operations in 12 months. In addition, we highlight the quality of the portfolio whose share of wallet continues to grow among the best ratings.

在投影片 10 中，我們描述了我們的企業業務，我們正在該業務中建立市場上的標竿金融服務平台。本季度，我們的活躍客戶突破了 130 萬大關，投資組合超過 2,000 億雷亞爾。在批發方面，我們不斷壯大專業團隊，帶來了良好的業績，例如12個月內營收成長7%，貸款業務成長21%。此外，我們還強調了投資組合的質量，其錢包份額在最佳評級中持續增長。

This quarter, we announced a strategic partnership with SAP to streamline product digitalization and solution customization, thus improving client bank connectivity. In addition, we continue to lead the market in our main business lines, such as trade finance, where we have a share of 25% and foreign exchange operations, which we maintained the leadership for the ninth consecutive year according to the BACEN ranking.

本季度，我們宣布與 SAP 建立策略合作夥伴關係，以簡化產品數位化和解決方案定制，從而改善客戶銀行的連結性。此外，我們在貿易融資等主要業務領域繼續保持市場領先地位，佔25%；在外匯業務方面，根據BACEN排名，我們連續第九年保持領先地位。

With regards to SMEs where we have a huge focus on expansion, we continue to focus on winning new customers, reaching more than 45,000 new accounts opened every month. We also continue to focus on the loyalty of our base with 53% of our active customers already in loyal. In addition, we are seeking to increase transactionality in the segment, focusing on cash commissions and consortium which increased 10% and 26% in the year, respectively. In the quarter, the SME portfolio reached BRL 63 billion, up 7% year-on-year, maintaining our strategy of clients selectivity with 44% of this portfolio represented by higher turnover clients. We continue to closely monitor the evolution of the macro scenario in order to further accelerate growth here. And we have a very strong vision on that.

對於我們非常注重擴張的中小企業，我們繼續專注於贏得新客戶，每月開設的新帳戶超過 45,000 個。我們也持續關注我們基礎的忠誠度，53% 的活躍客戶已經保持忠誠度。此外，我們正在尋求增加該領域的交易性，並專注於現金佣金和財團，今年分別成長了 10% 和 26%。本季度，中小企業投資組合達到 630 億雷亞爾，年成長 7%，維持了我們的客戶選擇性策略，其中 44% 的投資組合為高營業額客戶。我們將繼續密切關注宏觀情勢的演變，以進一步加速成長。我們對此有非常強烈的願景。

On Slide 11 shows our Agro ecosystem. Last quarter, we shared our ambition to reach BRL 50 billion portfolio. And we have been working diligently on several fronts to achieve this goal. This quarter, our portfolio has already totaled BRL 42 billion with 79% of this total coming from our free resources. We continue to invest in technology and processes and continue to expand our specialized team.

第 11 張幻燈片展示了我們的農業生態系統。上季度，我們分享了實現 500 億雷亞爾投資組合的雄心。為了實現這一目標，我們一直在多個方面努力工作。本季度，我們的投資組合總額已達 420 億雷亞爾，其中 79% 來自我們的免費資源。我們繼續投資於技術和流程，並繼續擴大我們的專業團隊。

In the last 5 years, our team has tripled in size and now has more than 300 specialists, several of them being agronomists. Our strategy revolves around specialized and quality services, understanding the value of being close to farmers and meeting all of their needs. Also apply sophisticated risk models that incorporate economic, geographic environmental and structural data, very specific to the clients' operations. The success of our strategy is clear on the cross-selling side. In just 1 year, we have increased the number of Agro clients in our Select segment by threefold and by 22% in private, where we have already started this cross-selling for longer.

在過去 5 年裡，我們的團隊規模擴大了兩倍，現在擁有 300 多名專家，其中幾位是農藝師。我們的策略圍繞著專業化和優質的服務，了解貼近農民並滿足他們所有需求的價值。也應用複雜的風險模型，其中包含經濟、地理環境和結構數據，非常適合客戶的營運。我們策略的成功在交叉銷售方面是顯而易見的。在短短一年內，我們精選細分市場的農業客戶數量增加了三倍，私人客戶數量增加了 22%，而我們已經在該領域開始了更長時間的交叉銷售。

Our Agro belt has been further strengthened by digital transformation. By leveraging the technology for document recognition, we have substantially reduced hiring time and operating risks resulting in a much agile innovation pipeline.

我們的農業帶透過數位轉型進一步加強。透過利用文件識別技術，我們大大減少了招募時間和營運風險，從而形成了更敏捷的創新管道。

On Slide 12, we present a quick evolution of some strategic businesses. In cards, we maintain our strategy of client selectivity with 97% of new acquisitions coming from existing clients of the bank and with a better risk profile. In Consorcios, we invested in digitalization, expansion of the offer multichannel distribution and improvements in after sales. This resulted in an increase in the origination volume of this product, which grew by 66% in 2 years. With a market share of 22%, our consumer finance business continues to hold its leading position in the market, seeking for an increasingly secure and profitable portfolio. 84% of new originations were made to the consumer and high credit stores. Here too, we are closely monitoring the macro landscape to return to faster growth in the coming years. We are confident that we can gain market share very soon.

在投影片 12 上，我們展示了一些策略性業務的快速演變。在信用卡方面，我們維持客戶選擇性策略，97%的新收購來自銀行現有客戶，且風險狀況較好。在 Consorcios，我們投資於數位化、擴大產品多通路分銷以及改善售後服務。這導致該產品的首發量增加，兩年內成長了 66%。我們的消費金融業務市佔率達22%，持續維持市場領先地位，尋求日益安全且獲利的投資組合。 84% 的新產品是針對消費者和高信用商店生產的。我們也密切關注宏觀形勢，以期在未來幾年恢復更快的成長。我們有信心很快就能獲得市場佔有率。

In line with our ambition to BRL 75 billion in the payroll loans portfolio by the end of this year, we totaled BRL 63 billion this quarter, 13% year with a higher origination level than the market and increasing our share of wallet among both loyal and unloyal clients. We will continue to focus on digitalization and maximizing the profitability of the agreements.

與我們今年年底在工資貸款組合中實現750 億雷亞爾的目標相一致，本季度我們的總額為630 億雷亞爾，同比增長13%，發放水平高於市場，並增加了我們在忠實客戶和客戶中的錢包份額。不忠誠的客戶。我們將繼續專注於數位化和最大化協議的獲利能力。

On Slide 13, we detail how technology is at the heart of our strategy to power our business and our customer focus. We remain dedicated to business transformation and high-quality customer service through F1RST, our technology division and part of a global system of innovation and transformation. Our technologies focus on building this digital ecosystem with stores, multichannel, generating business and ensuring the best customer experience. We launched the new technology operating model and today, we have 27 communities, our business domains dedicated to support transformation and innovation, with teams fused with the business, ensuring agility, efficiency and quality for our business and customers.

在投影片 13 中，我們詳細介紹了科技如何成為我們推動業務發展和以客戶為中心的策略的核心。我們仍然致力於透過 F1RST 實現業務轉型和高品質的客戶服務，F1RST 是我們的技術部門，也是全球創新和轉型系統的一部分。我們的技術專注於建立具有商店、多通路的數位生態系統，創造業務並確保最佳的客戶體驗。我們推出了新技術營運模式，如今，我們擁有 27 個社區，我們的業務領域致力於支援轉型和創新，團隊與業務融合，確保我們的業務和客戶的敏捷性、效率和品質。

New deployments have grown by 40% in the last 12 months with more quality and stability. All of this transformation and data use has gained momentum with open finance, which maximizes opportunities for principality gains. We received around 4.1 million active consents, 1.5x more than those [sents]. Currently, 91% of the bank's operations are already in our multiclient environment with the emphasis on the private cloud of our data center in Campinas, ensuring scalability and sustainability to our operation. This very robust technological infrastructure has greatly increased our flexibility and simplified our processes, resulting in greater speed, productivity and operating efficiency. As a result, we have cut our unit cost in half while almost tripling the total number of transactions when compared to 5 years ago.

過去 12 個月內，新部署量增加了 40%，且品質更高、更穩定。所有這些轉型和數據使用都透過開放金融獲得了動力，從而最大限度地提高了公國收益的機會。我們收到了大約 410 萬份主動同意書，是[發送的]數量的 1.5 倍。目前，該銀行 91% 的業務已在我們的多客戶端環境中進行，重點是坎皮納斯資料中心的私有雲，確保了我們營運的可擴展性和永續性。這種非常強大的技術基礎設施極大地提高了我們的靈活性並簡化了我們的流程，從而提高了速度、生產力和營運效率。因此，與 5 年前相比，我們的單位成本降低了一半，交易總數幾乎增加了兩倍。

[Interpreted] After covering all our strategies and growth levers, I will now invite Gustavo Alejo, our CFO, to present the highlights of the second quarter of 2023.

[解讀]在介紹了我們所有的策略和成長槓桿之後，我現在邀請我們的財務長 Gustavo Alejo 介紹 2023 年第二季的亮點。

[Interpreted] Thank you, Camila and Mario. Good morning to you all. We will start with Slide 15, where we present our P&L. The first quarter of 2023 brought the continuity of our focus on clientele activity and its effect on our revenue generation. It's important to highlight the beneficial effects of the new credit vintages and asset repricing which are already starting to be reflected in a progressive improvement of our provisions and margins with the market. We expect this trend to continue and to intensify over the coming quarters. Our fee income grew compared to the previous quarter, mainly driven by the improved performance of capital markets and insurance.

[翻譯] 謝謝卡米拉和馬裡奧。大家早安。我們將從投影片 15 開始，展示我們的損益表。 2023 年第一季度，我們持續關注客戶活動及其對我們創造收入的影響。重要的是要強調新的信貸期限和資產重新定價的有益影響，這些影響已經開始反映在我們的撥備和市場利潤率的逐步改善中。我們預計這一趨勢將在未來幾季持續並加劇。我們的手續費收入較上季有所成長，主要是由於資本市場和保險績效的改善。

Regarding recurring ALL, we saw an improvement of 12%, thanks to the new vintages mentioned before. Despite the impact of the collective bargaining agreement and inflation, our expenses increased slightly by 1% in the quarter which was a positive result that reflects higher admin expenses due to the seasonality of the first quarter.

對於重複出現的 ALL，我們看到了 12% 的改善，這要歸功於前面提到的新年份。儘管受到集體談判協議和通貨膨脹的影響，我們的費用在本季度小幅增長了 1%，這是一個積極的結果，反映出由於第一季的季節性因素導致管理費用增加。

The quarter was also marked by some nonrecurring effects that canceled each other out. Among them, the gain from the sale of part of Webmotors already mentioned, which totaled BRL 1.1 billion before taxes, a tax liability arising from the recent Supreme Court decision on PIS and Cofins of BRL 2.7 billion and the reversal of part of the additional ALL we recognized in Q1 of BRL 1.5 billion. As a result, our net income in the second quarter amounted to BRL 2.3 billion, up 8% when compared to the previous quarter, resulting in an ROE of 11% for both the semester and the year-to-date.

本季也出現了一些相互抵銷的非經常性影響。其中，已經提到的出售部分Webmotors的收益總計11億雷亞爾，最高法院最近對PIS和Cofins的判決產生的27億雷亞爾的納稅義務以及部分額外ALL的沖銷我們在第一季度確認了15 億雷亞爾。因此，我們第二季的淨利潤達到 23 億雷亞爾，比上一季成長 8%，本學期和年初至今的 ROE 均為 11%。

Let's move now to Slide 16, in which we talk more about our net interest margin. While our spreads have been impacted by our selectivity in loan origination which is part of a known and expected design, our client NII grew in the quarter. This growth can be attributed to the higher average balance and the benefit we had of having more calendar days when compared to the previous quarter. In addition, our market NII continues to show a gradual and positive evolution, thanks to the repricing of our banking book. For the coming quarters, we expect even more favorable results in this line as previously mentioned in previous quarters.

現在讓我們轉到幻燈片 16，其中我們更多地討論我們的淨利差。雖然我們的利差受到我們對貸款發放的選擇性的影響（這是已知和預期設計的一部分），但我們的客戶 NII 在本季度有所增長。這一增長可歸因於平均餘額較高，以及與上一季相比我們擁有更多日曆天數的好處。此外，由於我們的銀行帳戶重新定價，我們的市場NII繼續呈現漸進和積極的演變。對於未來幾個季度，我們預計這一領域將取得更有利的結果，正如前幾季所提到的。

On Slide 17, we take a deeper dive into the evolution of fees and expenses. Over the quarter, there was a 2.5% increase in fees. This growth comes from higher revenues generated from insurance and cards and the rebound of the capital markets. Now shifting the focus to expenses. We continue to demonstrate our commitment to cost management. While expenses increased marginally, this was mainly driven by strategic investments in technology and the overall growth of our business.

在投影片 17 中，我們更深入地探討了費用和支出的演變。本季費用增加了 2.5%。這一增長得益於保險和信用卡收入的增加以及資本市場的反彈。現在將重點轉移到支出。我們繼續展示我們對成本管理的承諾。雖然費用略有增加，但這主要是由技術策略投資和我們業務的整體成長所推動的。

On the next slide, we present the indicators of the loan portfolio and balance sheet segments. This quarter, we saw a reduction in demand for credit in some segments as well as the impact of the exchange rate variation, mainly in the large corporate segment. However, the positive evolution of Agro matched to an important increase in the rural product loans portfolio in the quarter of 24%, and our securities portfolio also grew by 13%. And as a result, the expanded portfolio reaches 2% at the end of the quarter.

在下一張投影片中，我們展示了貸款組合和資產負債表部分的指標。本季度，我們看到某些領域的信貸需求減少以及匯率變化的影響，主要是在大型企業領域。然而，農業的積極發展與農村產品貸款組合在本季度大幅增長 24% 相匹配，我們的證券組合也增長了 13%。結果，擴大後的投資組合在本季末達到了 2%。

In the individual segment, we continue to focus on secured products such as payroll and mortgage loans, which performed well during the quarter in terms of the portfolio. Approximately 66% of our total portfolio of loans to individuals, including the financial portfolio is already secured. Regarding our funding activities, we saw a growth in funding through time deposits, LCI and LCA with retail representing an important share. Total funding increased 3.4% in the quarter, and this reflects our strategy of increasing liabilities.

在個人細分市場中，我們繼續專注於工資和抵押貸款等擔保產品，這些產品在本季度的投資組合中表現良好。我們向個人提供的貸款總額（包括金融投資組合）中約 66% 已獲得擔保。關於我們的融資活動，我們看到透過定期存款、LCI 和 LCA 進行的融資有所增長，其中零售業佔據了重要份額。本季總資金成長 3.4%，這反映了我們增加負債的策略。

Finally, our CET1 ratio stood at 10.6% at the end of the period. Although there was a slight decrease compared to the previous quarter due to risk-weighted assets, it is worth remembering the implementation of Resolution 229 effective July 1, which will be officially reflected in the next quarter. Considering this effect, because it's already effective, we would have reached 11.2% Tier 1 capital, returning to our target ratio of between 11% and 12%.

最後，期末我們的 CET1 比率為 10.6%。儘管由於風險加權資產較上季略有下降，但值得記住的是，7月1日生效的第229號決議的執行情況將在下個季度正式體現。考慮到這一影響，因為它已經有效，我們的一級資本將達到11.2%，回到我們11%至12%之間的目標比率。

Slide 19 illustrates the evolution of our asset quality. As expected, our NPL indicators continue to show favorable trends. In particular, our 15 to 90 days NPL showed an improvement of 30 basis points, mainly in the individual segment corroborating the higher quality of the most recent vintages. However, the over 90-day NPL showed a deterioration concentrated in individuals, reflecting the impact of older vintages and the renegotiated portfolio. We expect a good performance of the most recent vintages to contribute to the continued improvement of our cost of credit throughout the year.

投影片 19 說明了我們資產品質的演變。如預期，我們的不良貸款指標持續呈現良好趨勢。特別是，我們的 15 至 90 天不良貸款顯示出 30 個基點的改善，主要是在個別部分，證實了最近年份的更高品質。然而，超過 90 天的不良貸款顯示，惡化集中在個人身上，反映出較舊年份和重新談判的投資組合的影響。我們預計最近年份的良好表現將有助於我們全年信貸成本的持續改善。

Regarding our credit recovery operations, this quarter was posted by -- we posted the best performance in our history in this area, leveraged by artificial intelligence and massive user data. Finally, the despite a decline during the first half of the year, our coverage ratio remains quite healthy at 214%. This drop is partially attributed to the partial reversal of the additional provision for nonperforming loans.

關於我們的信用回收業務，本季我們在人工智慧和大量用戶數據的推動下，在該領域取得了歷史上最好的業績。最後，儘管上半年有所下降，但我們的覆蓋率仍保持在 214% 的健康水平。這一下降的部分原因是部分不良貸款撥備的額外撥回。

Finally, on Slide 20, I would like to share with you some indicators that prove the effectiveness of the credit appetite adjustments we implemented at the end of 2021. The focus on clients with higher credit ratings and secured products has resulted in sequential improvement in the loss absorption of products such as cards and also personal loans. New vintages already represent 59% of the total portfolio. And currently, around 66% of our personal loan portfolio is backed by some form of collateral.

最後，在投影片20中，我想與大家分享一些指標，證明我們在2021年底實施的信貸偏好調整的有效性。對信用評級較高的客戶和有擔保產品的關注，導致了信貸偏好的連續改善。卡和個人貸款等產品的損失吸收。新年份葡萄酒已佔總投資組合的 59%。目前，我們約 66% 的個人貸款組合由某種形式的抵押品支持。

Moreover, the superior quality of these new vintages has translated into a more favorable performance of our nonperforming loan indicators. In fact, the short-term NPLs of these new vintages are 100 basis points lower than those of older vintages, confirming the positive impact of our credit adjustments.

此外，這些新年份酒的卓越品質也轉化為我們不良貸款指標的更有利表現。事實上，這些新年份的短期不良貸款比舊年份的短期不良貸款低100個基點，證實了我們信貸調整的正面影響。

And with that, I would like to turn the floor back over to Mario for his closing remarks. Mario, you may proceed, please.

說到這裡，我想把發言權交還給馬裡奧，讓他發表閉幕詞。馬裡奧，請繼續。

[Interpreted] Thank you, Gustavo. And to conclude our presentation, I would like to reinforce some highlights of the quarter and especially some trends for the coming periods. Our loan portfolio continues to grow with growth in the strategic businesses such as corporate and payroll loans where we chose to grow, we are growing strongly, represented better margin performance where we expect sequential improvements further on. New vintages with a healthier client mix, we continue to positively impact the cost of credit. These trends, coupled with the obsessive pursuit of customer experience and principality of customers, supported by technology and increasing use of data makes us confident, and I am confident that we have a good capacity to grow our portfolio and the business over the next 12 to 18 months.

[翻譯]謝謝你，古斯塔沃。在結束我們的演講時，我想強調本季的一些亮點，特別是未來時期的一些趨勢。我們的貸款組合隨著企業和薪資貸款等策略業務的成長而持續成長，我們選擇在這些業務中成長，我們成長強勁，代表了更好的利潤率表現，我們預計將進一步改善。新的年份和更健康的客戶組合，我們繼續對信貸成本產生積極影響。這些趨勢，加上對客戶體驗和客戶主體的執著追求，加上技術的支援和數據使用的增加，讓我們充滿信心，我相信我們有良好的能力在未來12 到12 年內發展我們的產品組合和業務。18 個月。

And with that, I pause, and I turn the floor over to Camila to initiate our Q&A session.

說完，我停了下來，然後將發言權交給卡蜜拉開始我們的問答環節。

[Interpreted] Thank you, Mario, and thank you, Gustavo. We will now start the Q&A session. (Operator Instructions) Our first question comes from Bradesco BBI from Gustavo Schroden.

[翻譯]謝謝你，馬裡奧，謝謝你，古斯塔沃。我們現在開始問答環節。 （操作員說明）我們的第一個問題來自 Gustavo Schroden 的 Bradesco BBI。

[Interpreted] My first question relates to the quality of the portfolio. There was a provision reversal, which, in our view, is relevant. And on the other hand, we saw that you also sold BRL 2.6 billion in your portfolio. If you adjusted the 15 to 90 days, maybe you wouldn't have the improvement that you reported if we made the adjustment of the portfolio sale. I mean if you look at the 90-day NPL, there was still an increase, especially in regards to individuals. So my question to you refers to this move, is it backed in what more specifically? Is it backed on the better vintages because there was a relevant drop in the coverage ratio in our reading. So I would just like to get a better understanding about this provision and whether it was a bit anticipated. I mean, given the fact that we still see the current indicators at least in our own readings, that they remain a bit challenging.

[解讀]我的第一個問題涉及作品集的品質。我們認為，撥備逆轉是相關的。另一方面，我們看到您還出售了 26 億雷亞爾的投資組合。如果您將 15 天調整為 90 天，也許您不會獲得我們調整投資組合銷售時所報告的改善。我的意思是，如果你看看 90 天的不良貸款，仍然有所增加，特別是對於個人而言。所以我向你提出的問題是指這項舉措，它的具體支持是什麼？它是否支持更好的年份，因為我們的閱讀中覆蓋率有相應的下降。所以我想更了解這個規定，以及它是否有點令人期待。我的意思是，鑑於我們至少在自己的讀數中仍然看到當前的指標，它們仍然有點具有挑戰性。

My second question now refers to the reversal of your provisions because you had to revert the provision you did last month about PIS and Cofins and I think they still have some parts to be reversed. Can you tell us whether this will come next quarter as a nonrecurring effect, so that this will help us in our modeling.

我的第二個問題是指撤銷你們的規定，因為你們必須撤銷上個月關於 PIS 和 Cofins 的規定，我認為它們仍然有一些部分需要撤銷。您能否告訴我們這是否會在下個季度作為一次性影響出現，以便這將有助於我們的建模。

[Interpreted] Well, I will split this answer with Gustavo. I think it's important that we start with PIS and Cofins and then get that out of the way. And then I hope that -- I mean, of course, analysts can ask for the questions but -- okay. Yes, we restructured PIS/Cofins of all of the associated companies. We had shares of -- we had some cases, some losses from the bank, not only PIS, but PIS and Cofins and that we won the lawsuit, BRL 8 billion. So the Santander Banco, the Bank Santander SA had some PIS and Cofins losses. And today, together with this PIS lawsuit, we had PIS and Cofins lawsuits from the associated company. When the Supreme Court was favorable, I mean, was favorable to the government and unfavorable to the taxpayer, what they -- the final opinion was based on the merit and the merit applies to Santander and our associated company. So with that, for the associate companies, we had to make provisions for PIS and Cofins.

[解釋] 好吧，我將與古斯塔沃分享這個答案。我認為重要的是我們從 PIS 和 Cofins 開始，然後解決它們。然後我希望——我的意思是，分析師當然可以提出問題——但是——好吧。是的，我們重組了所有關聯公司的 PIS/Cofin。我們有一些案例，銀行有一些損失，不僅是 PIS，還有 PIS 和 Cofins，我們贏得了訴訟，損失 80 億雷亞爾。因此，桑坦德銀行、桑坦德銀行有一些 PIS 和 Cofins 損失。今天，除了這起 PIS 訴訟之外，我們還有來自關聯公司的 PIS 和 Cofins 訴訟。當最高法院有利時，我的意思是，對政府有利但對納稅人不利時，他們的最終意見是基於案情，而案情適用於桑坦德銀行和我們的聯營公司。因此，對於聯營公司，我們必須為 PIS 和 Cofins 做好準備。

But your question, and I think this applies to other analysts' questions, what about the other 8.5-plus, I mean, looking at the reversal of the first quarter and the remaining from the bank. In the case of the bank itself, our thesis, in addition to the discussion about the merit, there was also a procedural discussion. And that's what led us to win that Cofins discussion back in 2015, and this is a discussion that will remain, and that's why Gustavo and I believe that we would need to make other provisions for this quarter. And so while we -- while there is this dispute not -- no longer on the case of the merit, there is no provisions to be made.

但是你的問題，我認為這適用於其他分析師的問題，我的意思是，看看第一季的逆轉和銀行剩餘的情況，其他8.5+怎麼樣。就銀行本身而言，我們的論文除了優點的討論之外，還有程序上的討論。這就是我們在 2015 年贏得 Cofins 討論的原因，而且這個討論將繼續下去，這就是為什麼 Gustavo 和我認為我們需要為本季度製定其他規定。因此，雖然我們——雖然不存在這種爭議——不再討論案情的是非曲直，但沒有任何規定可以製定。

So we are not discussing whether we should discuss in 2 quarters that defeat, but that defeat was associated to the thesis based on the merit of PIS and Cofins. And again, as the associate companies, the associate companies through our ecosystem, there was a discussion solely based on the merit. So then we rebuild that provision. But for the bank, in addition to the merit dispute, we are still disputing the procedural ritual. And in terms of this procedure, we are very certain that we will win the case, that's why there are no provisions for that. And if you have any further questions, I can clarify them later.

所以我們不是在討論是否應該在兩個季度內討論那場失敗，而是那場失敗與基於 PIS 和 Cofins 的優點的論文有關。再次，作為聯營公司，透過我們的生態系統的聯營公司，進行了完全基於優點的討論。那我們就重建該條款。但對銀行來說，除了功績之爭，我們在程序儀式上也存在爭議。就這個程序而言，我們非常確定我們會打贏官司，這就是為什麼沒有這方面的規定。如果您還有任何其他問題，我可以稍後澄清。

Now in terms of our loan portfolio, now I'll try turn to -- will answer my part and then I'll turn it over to Gustavo. Why did we reverse BRL 1.45 billion in this quarter? Well, we reverted that provision for a few reasons. One, the ALL was generic in the first quarter, that was done because we wanted to be conservative because by reversing the entire thesis of PIS and Cofins, we created a positive extraordinary that could have gone through the line of results. But part of that provision was built up generic, and that was BRL 1.4 billion and that was because we were very conservative.

現在就我們的貸款組合而言，現在我將嘗試轉向——將回答我的部分，然後我將其移交給古斯塔沃。為什麼我們在本季扭轉了 14.5 億雷亞爾？好吧，我們出於幾個原因恢復了該規定。第一，ALL 在第一季是通用的，這樣做是因為我們想要保守，因為透過扭轉 PIS 和 Cofins 的整個論點，我們創造了一個積極的非凡，可以通過結果線。但該條款的一部分是通用的，即 14 億雷亞爾，這是因為我們非常保守。

Looking 3 months later, I mean, the continuous performance of our new portfolios and the possibility of recovering the older portfolios, we concluded that, that conservative position and the generic ALL was no longer necessary. That involved a deep discussion with me, our CFO and others and the conclusion is that we do not -- no longer need that additional overlay of BRL 1.45 billion because the extraordinary effect that generated that overlaid in the first quarter was in part, constituted now. So we thought that it was correct to do it now, given again that the performance of the portfolio is fundamentally better.

展望 3 個月後，我的意思是，我們新投資組合的持續表現以及恢復舊投資組合的可能性，我們得出的結論是，保守立場和通用 ALL 不再是必要的。這涉及到我、我們的財務長和其他人的深入討論，結論是我們不再需要 14.5 億雷亞爾的額外覆蓋，因為第一季度產生的額外覆蓋現在部分已經構成。因此，我們認為現在這樣做是正確的，因為投資組合的表現從根本上來說更好了。

Therefore, if we still remain more pessimistic in terms of the mix and the ratio of the new in relation to the whole, we could have held that for longer. But in our view, the performance is in line with what we expected and that 12% organic decline, if we look at organic ALL that had a 12% decline, that is also a very important number that is associated to the over-90 information. And even though that over-90 was deteriorated, this is also associated to the performance of the older vintages and the renegotiated portfolio that we are trying to reduce. And everybody asks us about that directly and we want to increase our representativeness of the new vintages. Okay. Gustavo, anything you would like to add?

因此，如果我們對新產品的結構和比例仍然保持更悲觀的話，我們可以堅持更長時間。但在我們看來，業績符合我們的預期，12% 的有機下降，如果我們看看有機 ALL 下降了 12%，這也是一個與 90 歲以上資訊相關的非常重要的數字。儘管 90 歲以上的年份有所惡化，但這也與較舊年份的表現以及我們試圖減少的重新談判的投資組合有關。每個人都直接向我們詢問這個問題，我們希望提高新年份的代表性。好的。古斯塔沃，您還有什麼要補充的嗎？

[Interpreted] Yes, that's precisely what you said. The fact that you mentioned the BRL 2.6 billion related to the sale of the portfolio because part of the portfolio was at a loss, and that part also impacts the 15- to 90-day NPL. So part of the NPL is included in the BRL 2.6 billion.

[解釋] 是的，正是你所說的。事實上，您提到的 26 億雷亞爾與出售投資組合有關，因為投資組合的一部分處於虧損狀態，而這部分也影響了 15 至 90 天的不良貸款。因此，部分不良貸款包含在 26 億雷亞爾中。

[Interpreted] We now have a question from Flavio Yoshida from Bank of America.

[解讀] 現在我們有來自美國銀行的 Flavio Yoshida 的問題。

[Interpreted] My question relates to your risk appetite. During your presentation, you talked a lot about your delinquency indicators that now are showing a better performance, that 15- to 90-day performance is improving. And in fact, this is a result of this greater selectivity that you started in 2021. But -- and I want to hear from you something about originating credit in a more intense way in terms of volume and also in terms of larger risk in your business lines. What we see is greater growth particularly in the more conservative lines in terms of delinquency like payroll loans and mortgage loans because the spread in these cases are lower. So what is your view in terms of accelerating origination?

[解讀]我的問題與您的風險偏好有關。在您的演講中，您談到了許多拖欠指標，這些指標現在顯示出更好的表現，15 到 90 天的表現正在改善。事實上，這是你們在2021 年開始的這種更大選擇性的結果。但是，我想聽聽你們關於以更強烈的方式發放信貸的信息，無論是在數量上還是在更大的風險方面。業務線。我們看到的是更大的成長，特別是在工資貸款和抵押貸款等拖欠貸款方面更為保守的貸款，因為這些情況下的利差較低。那麼您對於加速原創有何看法？

And my second question relates to recovery revenue. This quarter, we saw a recovery -- a good recovery. Is this stemming from this new performance? I would just like you to give me a little bit more color about that.

我的第二個問題涉及恢復收入。本季度，我們看到了復甦——良好的復甦。這是源自於這次新的表演嗎？我只是希望你能給我更多關於這一點的資訊。

[Interpreted] Thank you, Flavio and it's a pleasure to talk to you again today. So I'll try to be brief. The message, after all, it's just a continuation of the same message we've been delivering in the last 5 quarters. And every time we've been talking about the same topics, with the same soundness and predictability. And every single quarter, we become more certain that we made the right decisions. The decisions were made at the right timing because after September 2021, things became clearer. So with that, not only we will accelerate the more secured portfolios because we want to continue growing our strategic business. Our growth that is quite safe, payroll loans, out of financing, I mean, out of financing, it's -- is not performing that much because of the current contract of the entire market.

[翻譯] 謝謝你，弗拉維奧，很高興今天再次與你交談。所以我會盡量簡短。畢竟，該訊息只是我們在過去 5 個季度中傳遞的相同訊息的延續。每次我們都以同樣的合理性和可預測性談論相同的話題。每個季度，我們都更加確信我們做了正確的決定。這些決定是在正確的時機做出的，因為 2021 年 9 月之後，事情變得更加清晰。因此，我們不僅會加速更安全的投資組合，因為我們希望繼續發展我們的策略業務。我們的成長非常安全，薪資貸款，缺乏融資，我的意思是，缺乏融資，由於整個市場當前的合同，表現不佳。

And now also, if you consider the cost of credit and new vintage as well, we are granting credit, but the borders are higher than what we had before. Every quarter that goes by, we are more confident because we say the portfolios that are growing, we will continue to grow them further. And in the portfolios, where are growing marginally or maybe credit cards is probably one of the most important example. We say, okay, probably it's now time for us to give more emphasis to these areas. I mean will we be comparable to what we did in 2021? I would say, absolutely not. We are not going to seek for our clients in the open sea, like we did in the past. We will continue to seek for principality, and this is something I've been talking constantly.

現在，如果您還考慮信貸和新年份的成本，我們將授予信貸，但邊界比我們以前的要高。每個季度，我們都會更有信心，因為我們說投資組合正在成長，我們將繼續進一步擴大它們。在投資組合中，邊際成長或信用卡可能是最重要的例子之一。我們說，好吧，也許現在是我們更重視這些領域的時候了。我的意思是，我們的表現能與 2021 年相比嗎？我想說，絕對不是。我們不會像過去那樣在公海上尋找客戶。我們會繼續追求君主制，這是我一直在講的事情。

New clients are always welcome, but we will try to be more selective, even in terms of the digital clients, we want to have more selectivity. And Toro makes a very good, qualified selection. So client acquisition, yes, but we try to look for loyal customers in our base. But credit card, I mean, because of all of the correct decisions we made, we lost share. We are not happy with that, of course. So I'm not saying this with joy. But from now on, I think we can probably stop that decline, become more stable and put more emphasis in our specific audiences, like in-house clients, but credit card is an example of an area where we want to grow. We want to grow earnings and everything associated to credit cards.

新客戶總是受歡迎的，但我們會努力更有選擇性，即使在數位客戶方面，我們也希望有更多的選擇性。 Toro 做出了非常好的、合格的選擇。所以，客戶獲取是的，但我們會努力在我們的基礎上尋找忠誠的客戶。但信用卡，我的意思是，由於我們所做的所有正確決定，我們失去了份額。當然，我們對此並不滿意。所以我並不是高興地這麼說。但從現在開始，我認為我們可能可以阻止這種下滑，變得更加穩定，並更加重視我們的特定受眾，例如內部客戶，但信用卡是我們希望成長的領域的一個例子。我們希望增加收入以及與信用卡相關的一切。

So the answer is yes. Every quarter, we want to increase origination. Again, not in that open sea as we did back in 2021, but in a more qualified and selective way. But certainly looking for a growth quarter-on-quarter, that's why we say that the margins will grow from now on, not only because the markets will improve, but also because we want to increase our customer base.

所以答案是肯定的。每個季度，我們都希望增加原創性。再說一遍，不是像 2021 年那樣在公海進行，而是以一種更有資格和選擇性的方式。但肯定會尋求季度環比增長，這就是為什麼我們說從現在開始利潤率將會成長，不僅因為市場將會改善，而且因為我們希望增加我們的客戶群。

[Interpreted] Flavio, it's great to see you again. Okay, recovery, as we mentioned in the past quarters, we use a lot of data intelligence in recovery. That's why recovery has been robust. We test different strategies, and we always find new strategies to increase collections. We are constantly seeking for new strategies. There was a benefit from some specific strategies where we acted more closely. So the trend is that our capacity will be increasingly higher in terms of collection, given the entire architecture and structure of our data modeling structure that we have in place. I mean this is something that has been built in the last 3 years. So we were able to make progress, and this is one of our strengths in this area.

[翻譯]弗拉維奧，很高興再次見到你。好的，恢復，正如我們在過去幾個季度提到的，我們在恢復中使用了大量的資料智慧。這就是復甦強勁的原因。我們測試不同的策略，並且總是找到新的策略來增加收藏。我們不斷尋求新的策略。我們採取更密切的行動的一些具體策略是有好處的。因此，考慮到我們現有的資料建模結構的整個架構和結構，趨勢是我們的收集能力將越來越高。我的意思是這是過去三年建造的東西。所以我們能夠取得進展，這是我們在這一領域的優勢之一。

[Interpreted] Now we have a question from Yuri Fernandes from JPMorgan.

[解讀] 現在我們有來自摩根大通的尤里·費爾南德斯 (Yuri Fernandes) 的提問。

[Interpreted] When you were talking about recurring...

[解釋]當你談論重複發生時...

[Interpreted] Yuri, I think that if you speak farther away from the microphone, we can hear you better.

[譯]尤里，我認為如果你說話離麥克風遠一點，我們就能聽得更清楚。

[Interpreted] Can you hear me better now? My question is about the other lines. I think that there were more funding and legal provisions. My question about others is whether in the funding line, I think you had some losses in the quarter. My second question is about the market line. I think it was an improvement. The NII -- the market NII improved. But what do you expect going forward? I would just like to understand the progress in terms of market NII.

[譯] 現在你能聽清楚我說話了嗎？我的問題是關於其他線路的。我認為有更多的資金和法律規定。我對其他人的問題是，在資金方面，我認為您在本季是否出現了一些損失。我的第二個問題是關於市場線的。我認為這是一個進步。 NII－市場NII有所改善。但您對未來有何期望？我只是想了解市場NII的進展。

[Interpreted] Yuri, your connection was not very good. But I think you were asking about that line of others and what explains that variation quarter-on-quarter on that others line. And then I think you asked about market NII. You see that there was an improvement and what we can expect going forward.

[翻譯]尤里，你的網路連線不太好。但我認為您是在詢問其他產品線，以及如何解釋其他產品線的季度環比變化。然後我想你問了市場NII。您將看到有所改進以及我們對未來的期望。

[Interpreted] Okay. Others line, I couldn't hear your question very well. Your connection was poor, but I think you already look at the explanatory notes. There was a provisioning for contingencies. There was some evolution in that regard. So basically, this is one of the major moves we see in the quarter.

[解釋]好的。其他人排隊，我聽不清楚你的問題。你的網路連線很差，但我想你已經看過解釋說明了。有應急準備。在這方面有一些演變。基本上，這是我們在本季看到的主要舉措之一。

[Interpreted] Yuri, you also asked about labor, I think. And you will find an explanation in the explanatory notes in our release. The judiciary had an opinion between the end of last year and early this year. So this line is growing more in a way once this is decided, we may resume to better levels. So that was -- this justifies the performance in that first quarter. We can give you more details if you want to.

[解讀]尤里，我想你也問到了勞動問題。您可以在我們新聞稿的解釋說明中找到解釋。司法部門在去年底和今年初就曾提出意見。因此，一旦決定，這條線在某種程度上會成長，我們可能會恢復到更好的水平。這證明了第一季的表現是合理的。如果您願意，我們可以為您提供更多詳細資訊。

Again, we've been constantly referring to the improvement that we expected to have. In this quarter, we are already delivering some improvements. So it's important that we are delivering to our expectations, and we see a convergence of this negative number that certainly, we don't like that. But as our balance sheet is structured, we expect that quarter-on-quarter, we expect to see continuous improvement. And in the short run, we expect to revert that line into a positive line. And then we will be able to have a positive contribution of the market NII to the market. So every quarter, we hope to show you that in more concrete terms.

同樣，我們一直在不斷提及我們期望的改進。在本季度，我們已經提供了一些改進。因此，重要的是我們要達到我們的期望，我們看到這個負數的收斂，當然，我們不喜歡這樣。但隨著我們的資產負債表結構調整，我們預期季度環比將持續改善。從短期來看，我們預計該線將恢復為正線。然後我們就能夠有市場NII對市場的正面貢獻。因此，每個季度，我們都希望以更具體的方式向您展示這一點。

[Interpreted] Now we will take a question from Pedro Leduc from Itaú BBA.

[口譯] 現在我們將回答 Itañ BBA 的 Pedro Leduc 的提問。

[Interpreted] I would like to talk about the SMEs, it's a relevant portfolio with higher spreads, with higher cross-selling potential. So what do you see going forward and even in 2024, combined to the broader strategy of the bank. That was the first part of my question on SMEs. And again, I think that you have NPLs more under control and maybe you can tell me a little bit more about the demand side. And my second question is related to Desenrola. So any information you can share with me, like impact on results, cause impact on cost of capital. Anything you can share is welcome.

[解讀]我想談談中小企業，這是一個具有較高利差、具有較高交叉銷售潛力的相關投資組合。那麼，結合銀行更廣泛的策略，您對未來甚至 2024 年有何看法？這是我關於中小企業的問題的第一部分。再說一次，我認為不良貸款得到了更多的控制，也許你可以告訴我更多有關需求方面的資訊。我的第二個問題與德森羅拉有關。因此，您可以與我分享的任何信息，例如對結果的影響，都會對資本成本產生影響。歡迎您分享任何內容。

[Interpreted] Thank you, Pedro. It's a pleasure to be with you again here. So the first part of your question, SME, that's something I briefly mentioned during my presentation, and I've been talking to analysts and investors about that as well. Well, this -- it is -- this is a big bet. It's not that it was small and then they became relevant. But it accounts for 12% of our loan portfolio. But the view that I have, and I take this opportunity to share with you, it's a business that for us is very relevant because it impacts our results. It has performed quite well.

[翻譯]謝謝你，佩德羅。很高興再次與您相聚。所以你問題的第一部分，中小企業，這是我在演講中簡短提到的內容，我也一直在與分析師和投資者討論這一點。嗯，這是一個很大的賭注。並不是說它很小，然後它們就變得相關了。但它占我們貸款組合的 12%。但我的觀點是，我藉此機會與大家分享，這是一項對我們來說非常重要的業務，因為它影響我們的業績。它的表現相當不錯。

In the corporate segment, not only SMEs, we had a record year last year. And the first half year has more challenges when compared with last year because the macro scenario is tougher now. But the corporate portfolio as a whole performs well. We grew less this first quarter in the corporate segment when compared to what we expected. We dedicated a lot of our time in the first quarter to the SME portfolio so that we could make new arrangements in our portfolio. We work hard to calibrate the portfolios, to lead the portfolios with the qualities and the ratings that we wanted.

在企業領域，不僅是中小企業，去年我們取得了創紀錄的成績。與去年相比，上半年面臨的挑戰更多，因為現在的宏觀情況更加嚴峻。但公司投資組合整體表現良好。與我們的預期相比，我們第一季企業部門的成長較少。我們在第一季將大量時間投入到中小企業投資組合上，以便我們可以在我們的投資組合中做出新的安排。我們努力校準投資組合，以我們想要的品質和評級來引領投資組合。

So by the end of this half year, we are very pleased with what we accomplished in terms of that portfolio. And in the second half, and from the second half onwards, we will certainly have a better performance. My view is that we will be able to double this business in the next 3 years. This will not be necessarily a nearly linear growth. I -- so if we have BRL 60 billion here, we have to look for BRL 120 billion in the next few years. Again, it will not be linear. But again, because for being prudent, we may decide not to grow as we did in the first half. But with everything we've been learning through our models, personalizing the offer and the dedication of limits to customers. I'm sure that these are strategic portfolios, and they will grow stronger from now on.

因此，到本半年末，我們對投資組合所取得的成就感到非常滿意。而下半場，以及下半場以後，我們一定會有更好的表現。我的觀點是，我們將能夠在未來三年內將這項業務翻倍。這不一定是近乎線性的成長。我——所以，如果我們這裡有 600 億雷亞爾，那麼我們必須在未來幾年內尋找 1200 億雷亞爾。同樣，它不會是線性的。但同樣，出於謹慎考慮，我們可能會決定不再像上半年那樣成長。但我們透過模型學到的一切，為客戶提供個人化的服務和奉獻的限制。我確信這些都是策略投資組合，從現在開始它們將會變得更強大。

And this Desenrola topic, I'll leave it for Gustavo.

至於德森羅拉這個話題，我就留給古斯塔沃吧。

[Interpreted] In terms of recoveries, and I will connect Desenrola to that aspect. We've always had this focus in the entire customer journey. So we always have different offerings to our clients. With Desenrola, on tranche 1, we don't have a lot of relevant audiences. Now tranche 2, conditions are not so different from the ones that we offer. What happened is that we saw people more inclined to negotiate their debt with us, and we've been there for them. In terms of the impact, I think it's maybe too soon to say anything. But we see lower portfolio volume on Level 1 and Level 2, we still have to see.

[解讀]在復原方面，我會將Desenrola與這方面連結起來。我們在整個客戶旅程中始終關注這一點。因此，我們總是為客戶提供不同的產品。對於第一階段的 Desenrola，我們沒有很多相關受眾。現在第二階段，條件與我們提供的條件沒有太大不同。所發生的情況是，我們看到人們更願意與我們談判他們的債務，而我們一直在為他們服務。就影響而言，我認為現在說什麼還為時過早。但我們看到 1 級和 2 級的投資組合交易量較低，我們仍需拭目以待。

[Interpreted] Now we have a question from Daniel Vaz from Credit Suisse.

[解讀] 現在我們有來自瑞士信貸銀行的丹尼爾·瓦茲 (Daniel Vaz) 的提問。

[Interpreted] First of all, well, my question is about loyalty and principality. And this sounds to me very similar to your competitors. So I think that the environment is more prone to a qualified growth. But it seems like margins from overdraft and credit cards makes a lot of difference for NII. So not only this seems to be an environment of portfolio growth in those smaller risky lines, but also growth to the industry as a whole, and this is important for the maintenance of margins. First question is whether you agree with that view? And the second question is what is the bank's view in terms of cost control vis-a-vis the importance of maintaining client principality.

[解讀]首先，我的問題是關於忠誠和公義的。在我看來，這與你們的競爭對手非常相似。所以我認為環境更容易有合格的成長。但透支和信用卡的利潤似乎對 NII 產生了很大影響。因此，這似乎不僅是那些風險較小的投資組合成長的環境，也是整個產業的成長，這對於維持利潤率很重要。第一個問題你是否同意這個觀點？第二個問題是銀行對成本控制和維護客戶主權的重要性有何看法。

[Interpreted] Daniel, this is a very broad question, and thank you for asking that. I'll try to shorten my answer because this is very much connected to our strategic view and the view that I have been emphasizing with you from day 1, which is to transform the bank into a view of a consumer company. We talk about stores, we've talked about clients, everybody talks about clients, but we are constantly seeking for different answers to increase principality. So what are we doing in terms of expenses. We don't think about expenses as an input per se but we are focusing on self-funding because I have to invest in people if I want to reach principality and loyalty. I'll mention a few examples.

[解釋]丹尼爾，這是一個非常廣泛的問題，謝謝你提出這個問題。我會盡量縮短我的答案，因為這與我們的策略觀點以及我從第一天起就一直向大家強調的觀點密切相關，即將銀行轉變為消費公司的觀點。我們談論商店，我們談論客戶，每個人都談論客戶，但我們不斷尋求不同的答案以增加公權。那我們在費用方面做了什麼。我們不認為費用本身就是一種投入，但我們專注於自籌資金，因為如果我想獲得原則性和忠誠度，我必須投資於人。我舉幾個例子。

We grow Select to a number of 1 million customers this year. Even though I'm very digital and even though I have a very robust app and even though I have -- I use artificial intelligence, et cetera, I need the human element to serve my Select customers. So I am hiring some Select's experts, and I get the funding from that through efficiency from other business lines. AAA, we started with a few hundred, a model that -- it was an old model that would not allow us to escalate and reach the numbers we have today. And everything now is related to investments and all of these investments refer -- I mean we are investing even though we had losses in the past, but now we are making an extremely good expense management.

今年，我們的 Select 客戶數量已增至 100 萬。儘管我非常數位化，儘管我有一個非常強大的應用程序，儘管我使用人工智慧等，但我需要人為因素來為我的精選客戶提供服務。因此，我正在聘請一些 Select 的專家，並透過其他業務線的效率從中獲得資金。 AAA，我們從幾百個開始，這是一個舊模型，不允許我們升級並達到今天的數量。現在一切都與投資有關，所有這些投資都指的是——我的意思是，我們正在投資，儘管我們過去有過虧損，但現在我們正在進行非常好的費用管理。

Our investment is about BRL 20 million a year, and that's a lot of money. So how do we earmark these expenses because even though things are not growing in material terms, but it's important that a channel that where matters, where customers need human contact when they need a mobile service that can be impeccable. And I have to constantly improve our app or maybe design a new app, et cetera. So the answer to expenditures is a way of getting to the top line and how do we get there? We get there by bringing customers closer.

我們每年的投資約 2,000 萬雷亞爾，這是一筆巨款。那麼，我們如何指定這些費用，因為即使物質方面沒有成長，但重要的是，當客戶需要無可挑剔的行動服務時，他們需要人際接觸的管道。我必須不斷改進我們的應用程序，或設計一個新的應用程序，等等。因此，支出的答案是達到頂線的一種方式，我們如何達到目標？我們透過拉近客戶的距離來實現這一目標。

So what are we doing in terms of credit cards and overdraft. I mean, we are just looking in-house. That doesn't mean that we do not have the option to grow because we are growing well quarter-on-quarter, and we continue to grow. But we -- this is not a race for who has the most clients. But the clients that I have, how do I bring them closer to us. It's, on average, clients have 5 accounts per client, more than 1 million accounts throughout the population. How can I be the #1 account? And these require several answers that go through CRM, payroll and the offering. We have to simplify the offer, and we will choose to do that in an impeccable way. So I hope I covered some of the elements of your question.

那我們在信用卡和透支方面正在做什麼呢？我的意思是，我們只是在內部尋找。這並不意味著我們沒有成長的選擇，因為我們季度環比成長良好，而且我們還在繼續成長。但我們——這不是一場誰擁有最多客戶的競賽。但是我擁有的客戶，我如何拉近他們與我們的距離。平均每位客戶擁有 5 個帳戶，整個人口中的帳戶數量超過 100 萬個。我怎樣才能成為排名第一的帳戶？這些需要透過 CRM、薪資和產品提供多個答案。我們必須簡化報價，並且我們將選擇以無可挑剔的方式做到這一點。所以我希望我已經涵蓋了你問題的一些要素。

[Interpreted] Now the question comes from Olavo Arthuzo from UBS.

[解讀]現在這個問題來自瑞銀集團的奧拉沃·阿圖佐(Olavo Arthuzo)。

[Interpreted] I have only one question. I would like to draw your attention to the capital side of the bank. Because in the second half, in early July, there was a regulatory change in terms of products and further on, in 2025, there are some discussions related to RWA changes to the operational side. So my question is whether you could give me an idea of how much that first change that was enforced right now will impact the bank's capital in a positive way. And also whether you can give us an idea of how much this operating RWA change will impact the bank in 2025. And in the midst of all of that, how do you see a possible capital payout right now or whether you will be more conservative in terms of these 2 new resolutions?

[解釋]我只有一個問題。我想提請大家注意銀行的資本面。因為下半年，7月初，產品方面出現了監管變化，再往後，2025年，營運方面也有一些關於RWA變化的討論。所以我的問題是，您能否讓我了解現在實施的第一項變革將對銀行的資本產生多大的正面影響。另外，您是否可以讓我們了解這項營運 RWA 變更將在 2025 年對銀行產生多大影響。在這一切之中，您如何看待目前可能的資本支出，或者您是否會在這兩項新決議的條款是什麼？

[Interpreted] In terms of the first part of your question, in terms of Resolution 229, as I said before, the positive impact is of 60 basis points. So in our balance sheet, we have 10.6% effective July 1. This ratio will go to 11.2%, and this is within the range that we believe to be comfortable and adequate. This is the first part. Now, in regards to operating risk. I think it's a little too soon to tell you what the impact will be because this is an ongoing debate. We don't know what the ratio will be. And then after that, we will be able to evaluate whether we will change our payout policies -- dividend payout policies.

【解讀】你的問題第一部分，就229號決議而言，我之前已經說過，積極影響是60個基點。因此，在我們的資產負債表中，自 7 月 1 日起，我們的比率為 10.6%。這個比率將達到 11.2%，這在我們認為舒適且充足的範圍內。這是第一部分。現在，關於操作風險。我認為現在告訴你會產生什麼影響還為時過早，因為這是一個持續的爭論。我們不知道這個比例會是多少。然後，我們將能夠評估是否會改變我們的支付政策—股利支付政策。

[Interpreted] Now we have a question from Tito Labarta from Goldman Sachs.

[解讀] 現在我們有來自高盛的 Tito Labarta 的提問。

A couple of questions, I guess. Mario, you mentioned you're moving into higher income segments. Just wanted to ask you about how do you view the competitive environment, both in the high-income segment and the low income segment and following on previous questions, you talked about principality and gaining that. So I just want to see how you feel Santander is positioned relative to your peers in the 2 different segments? And also following up a little bit on the capital question, you're around 11% quarter 1, more or less, but with ROE around 11%, how do you feel you're positioned, particularly once rates start to come down for future growth in these segments from a capital perspective and your -- compared to your peers?

我想有幾個問題。馬裡奧，你提到你正在進入更高收入的領域。只是想問您如何看待高收入群體和低收入群體的競爭環境，在前面的問題中，您談到了公國和獲得公國的問題。所以我只是想看看您認為桑坦德銀行相對於您的同行在這兩個不同的細分市場中的定位如何？另外，關於資本問題，第一季的資本回報率約為 11%，或多或少，但 ROE 約為 11%，您覺得自己的定位如何，特別是當未來利率開始下降時從資本角度來看，這些領域的成長以及與同業相比？

Sure, Tito. So I'll kick it off with the [perspective on] (inaudible) our competitive landscape on high income, you ask about low income as well. So I'll cover both, and then Gustavo will comment on capital. So on high income and we talked about it a couple of months ago when we met in New York, how do you guys position yourselves? How do you guys differentiate? It's a very fair question. We ask ourselves every day. It's not obvious. And we keep -- we should keep asking and repeating the answers and enhancing them.

當然，蒂托。因此，我將從[視角]（聽不清楚）我們在高收入方面的競爭格局開始，您也會問到低收入問題。所以我將討論這兩個問題，然後古斯塔沃將對資本進行評論。那麼關於高收入，我們幾個月前在紐約見面時討論過這個問題，你們如何定位自己？大家如何區分呢？這是一個非常公平的問題。我們每天都會問自己。這並不明顯。我們應該繼續詢問、重複答案並增強它們。

There's a few answers. Our approach is as per why we believe we have a consolidated franchise. It's not that we're building something. We are reaping the benefits of having built through the last decade, and we are now reaping the benefits. We're not satisfied. We want to double. So we're going to be much bigger in high income. High income is less investments, right? So we cover clients in Select, which are not necessarily employee, but they are -- employed, but they are investors. So the approach is, a, the lowest load per adviser per IFA across the industry. So we kick off AAA with 100 clients per adviser. On average, competitors, both broker-dealers or banks, they have between 600, 700, sometimes even more. So obviously, it's a mathematical thing.

有幾個答案。我們的方法是根據為什麼我們相信我們擁有統一的特許經營權。這並不是說我們正在建造一些東西。我們正在收穫過去十年建設的成果，現在我們也正在收穫成果。我們不滿意。我們想要加倍。所以我們的高收入將會更大。高收入就是少投資，對嗎？因此，我們在 Select 中涵蓋客戶，這些客戶不一定是僱員，但他們是受僱者，但他們是投資者。因此，該方法是，a，整個行業每個 IFA 每個顧問的負擔最低。因此，我們以每位顧問 100 位客戶的方式啟動 AAA。平均而言，競爭對手（無論是經紀自營商還是銀行）的數量在 600 到 700 之間，有時甚至更多。顯然，這是一個數學問題。

When you have 100 clients you cover, you can cover much faster, much quicker, much closer. Obviously, we can enhance that low towards maybe close to 200, but we're always going to have in our operating model for AAA, a lower account load and therefore, much more principality derives from that relationship.

當您覆蓋 100 位客戶時，您可以更快、更快、更近距離地進行覆蓋。顯然，我們可以將這個低值提高到接近 200，但在 AAA 的營運模式中，我們始終會擁有較低的帳戶負載，因此，從這種關係中產生更多的公國。

We also invested a lot in digitality in the apps, what we call the investment platform. There's still a lot to be done, but we believe we are very passive with peers on the digital front. On the remote side, on being able to talk with a human, not necessarily with the bricks of a store, we offer 24/7 personal response via chat, via telephone and obviously, the stores in the open hours. So we believe we are a multichannel in our high income segment in a way that some of our competitors, which are, for example, fully digital, they cannot offer.

我們還在應用程式的數位化方面投入了大量資金，即我們所謂的投資平台。還有很多工作要做，但我們相信我們在數位領域與同行非常被動。在遠端方面，為了能夠與人交談，而不必與商店的磚塊交談，我們透過聊天、電話以及營業時間的商店提供 24/7 個人回應。因此，我們相信，我們在高收入領域是多通路的，這是我們的一些競爭對手（例如完全數位化的）無法提供的。

The behavior varies across the country, Tito, as you know well. But in most of the regions where we have Select stores, customers actually do like to go to the stores and talk to the specialists. So we believe those things combined are differentiating factors. And very soon, sharing the spoiler here, very soon, we're going to join the international account, debit card, et cetera, front and hopefully, with that, we're going to complement the offer even further.

蒂托，正如你所知，全國各地的行為各不相同。但在我們擁有精選商店的大多數地區，顧客實際上確實喜歡去商店與專家交談。因此，我們相信這些因素結合起來就是差異化因素。很快，在這裡分享一下劇透，很快，我們將加入國際帳戶、借記卡等，並希望透過這些，我們將進一步補充該優惠。

On low income, it's a different answer. Like I said before, we're not looking at open seas type of client acquiring and after that, becoming the principal bank. We have a lot of low-income clients in our base, which are the clients we are mostly focused on, payroll clients. There are a lot of payroll clients that based on the pyramids of all companies, they are low income on average. And with the knowledge we have about the employer, the behavior, the sort of fixed income type of approach on a risk perspective, we believe we can do much more in low-income clients, including credit cards, including [cheque especial], the overdraft accounts. And by that, we believe we can keep growing in our low-income segment in a much more controlled way than, again, we did in the other part of the cycle.

對於低收入，這是一個不同的答案。正如我之前所說，我們不考慮公海類型的客戶獲取，然後成為主要銀行。我們的基礎中有很多低收入客戶，這是我們最關注的客戶，薪資客戶。有很多薪資客戶基於所有公司的金字塔，平均收入較低。憑藉我們對雇主、行為、從風險角度來看的固定收益類型方法的了解，我們相信我們可以在低收入客戶中做更多的事情，包括信用卡，包括[特別支票]、透支帳戶。透過這一點，我們相信我們可以以比周期其他部分更可控的方式繼續在低收入領域實現成長。

And then capital, Gustavo?

然後首都，古斯塔沃？

Yes. Tito, as I just mentioned, we are within the range that we are -- we consider an important good range. Obviously, that in the future, we're going to see a better performance in depreciation and also in markets. And potentially, we are going to have room for more improvements in terms of profits. So all in all, we are comfortable with the range that we have and, in a perspective, even more.

是的。蒂托，正如我剛才提到的，我們處於我們所處的範圍內——我們認為這是一個重要的良好範圍。顯然，未來我們將看到折舊和市場的更好表現。潛在地，我們在利潤方面將有更多改善的空間。總而言之，我們對我們擁有的產品範圍感到滿意，從某種角度來看，甚至更多。

[Interpreted] With that, I would like to conclude today's conference call. I would like to thank you all very much for joining us this morning. And after this video conference, myself and the entire IR team from Santander Brasil will be available to clarify any further questions. Thank you all very much. Have a good day, and I'll see you soon.

[譯]我想結束今天的電話會議。我非常感謝大家今天早上加入我們。在這次視訊會議之後，我本人和巴西桑坦德銀行的整個 IR 團隊將可以澄清任何進一步的問題。非常感謝大家。祝你有美好的一天，我很快就會見到你。

Thank you all very much. I'll see you next time.

非常感謝大家。下次見。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]